Bitcoin crash coming (34 Viewers)

[JustDave]

Anyone figure out how to short USDT?

 

[PlayerADK]

Anyone figure out how to short USDT?

I want to like this 100x

 

[JustDave]

I want to like this 100x

I can't figure out how to do it that isn't also in some exchange that would probably go belly up to. Like the only real thing I can think you can do is short Micro Strategy and hope it crushes BTC and they get crushed.

 

[PlayerADK]

9/21/2021 at TefiAlpha in NYC - "There's a decidedly strong preference among builders for decentralized stablecoins already. And I think that's going to percolate to retail so a lot of the people that are using centralized stablecoins will have a preference for decentralized versions. It's hard to put a time prediction on this but I'm going to say January. It sounds super fucking random, but you know what? I'm going to stand behind it. I think by January a lot of centralized exchanges are going to be behind UST. And I think there is going to be decided preference not among just builders, but among retail to use UST." - Do Kwon

 

[PlayerADK]

@steam would appreciate this quote as well.

Definitely one of the biggest Alpha predictions from the conference.

 

[JustDave]

If USDT was actually backed by USD I'd get it. But so much is coming out that makes it just look like a massive Ponzi scheme that it's hard to give it credibility.

 

[wuffle]

Anyone figure out how to short USDT?

1 way is to borrow USDT from defi platforms like Compound or Aave (with collateral posted). So if USDT goes to shit, you can buy USDT cents on the dollar and repay it back cheaply

 

[Lemonzest]

Everyone is profitable with bitcoin. All you had to do is not sell...

 

[Lemonzest]

USDT is scary. If/when it goes down there will be massive effects on the whole crypto eco-system. It is a lot more complicated then just not holding USDT.

 

[PlayerADK]

Observing that bitcoin has fallen from ~$63,000 to ~$32,000 in two months, I think it might be safer to say the whales aren't loading up. If anything, they are selling.

No telling if this is a good or bad time to buy bitcoin. You can get a 50% discount from April's price at the moment. How things will look by Labor Day is pretty hard to know.

Be careful out there -=- DrStrange

PS Anyone still HODLing Beanie Babies? In 1990s some of them were selling in excess of $5,000 each up from the original price of about $5. To the moon!??

32k looks like a nice 50% discount

 

[Darson]

My $60 - not quite back to it's $180 high but well on the way.

 

[JustDave]

I bought positions against MSTR and RIOT today.

 

[HaRDHouSeiNC]

USDT is scary. If/when it goes down there will be massive effects on the whole crypto eco-system. It is a lot more complicated then just not holding USDT.

IDK everyone was saying that in 2017 like Doug Polk said that oh USDT is gonna crash crypto.

I mean it’s a big market cap but it’s like 5 percent of the combined cap of ETH and BTC. I have never dug deep into it but after the audits were less and can’t show or can they show it’s backed dollar for dollar when they print more?

I’m not in love with it but I don’t see it crashing crypto it’s a pimple given it’s size.

Also if the US passed that BS with bank account tracking and digital dollar and then starts negative interest rates I say all my crypto sale proceeds will sit in USD coins

If you are scared of USDT I’d say the Binance dollar token would be pretty trusted if you trust BNB

 

[HaRDHouSeiNC]

Yeah, it's going to be a bloodbath. I've read where some hedges are into it as well.

Look at this bloodbath

Yup. I have sold 35% of my position and I have another 30% in sell orders at various prices. Not sure what to do...

Should have held brah

60k and climbing now
What if it passes 100k
Then what
200k before a major correction?

 

[mipevi]

 

[CraigT78]

Well - I now own $15 in Bitcoin.

Thank you Superbowl ad.

 

[HaRDHouSeiNC]

Buy the dip
There is a crypto dot com stadium in LA somewhere now

 

[L3urntout]

Buy the dip
There is a crypto dot com stadium in LA somewhere now

Implying I have dry powder left...

Also LFG Bengals!!!!

 

[ekricket]

Curious as to what might happen to crypto when Russia starts using it to get around sanctions. Will it change or become subject to regulation?

 

[Tommy]

Curious as to what might happen to crypto when Russia starts using it to get around sanctions. Will it change or become subject to regulation?

This is probably best for the political section.

 

[ekricket]

This is probably best for the political section.

All I can say is that this thread is littered - from beginning to end - with what governments might or not might do in relation to crypto.

 

[HaRDHouSeiNC]

Curious as to what might happen to crypto when Russia starts using it to get around sanctions. Will it change or become subject to regulation?

You should look up the number one currency used for illegal stuff and black marketing

Also look up how hard it is to wash billions in BTC that’s marked by exchanges as ransomeware wallets and they will freeze if received.

This short sighted BS is tiresome

The Mexican cartels move more USD in a day than used for nefarious BTC STUFF in a year

 

[HaRDHouSeiNC]

This is probably best for the political section.

I’d say it’s probably good some people here read a book not take advice from MSNBC financial “xbperts”

 

[ekricket]

You should look up the number one currency used for illegal stuff and black marketing

Also look up how hard it is to wash billions in BTC that’s marked by exchanges as ransomeware wallets and they will freeze if received.

This short sighted BS is tiresome

The Mexican cartels move more USD in a day than used for nefarious BTC STUFF in a year

Ok. I’m just asking if this might change things in the crypto world but evidently it’s immune to any kind of political activity. Good to know.

 

[ekricket]

I’d say it’s probably good some people here read a book not take advice from MSNBC financial “xbperts”

You’ll have to tell us what they say, since it’s one of your sources evidently. You know a lot about what they say there it seems. I haven’t watched any of those alphabets in years.

 

[ekricket]

I don’t care what Russia is doing, I’m just asking that if a government starts using crypto in a fashion that other governments don’t like will the offended governments do anything about it?

 

[Forty4]

Curious as to what might happen to crypto when Russia starts using it to get around sanctions. Will it change or become subject to regulation?

Then it becomes tied to Rubles and the bottom really falls out.

 

[L3urntout]

I don’t care what Russia is doing, I’m just asking that if a government starts using crypto in a fashion that other governments don’t like will the offended governments do anything about it?

Just seems like a strawman lmao. Like obviously if it was somehow used to subvert sanctions at scale we can conjure theoretical regulation. But that suggestion seems like trying to drain your flooding basement with a sippy cup. Shrug. Capital capture via exit.vis crypto already requires kyc/aml etc.

 

[Darson]

The whole point of the blockchain is that everything is visible but immutable.

All transactions are stored and kept for history (the ledger) - the only bit of obfuscation is the link between the wallet address and the actual name of the owner. But for the huge wallets, it's pretty easy to work out who they are.

It's immutable because all transactions (the ledger) are decentralized and stored on multiple machines in multiple jurisdictions hence you can't falsify the record nor change it.

Trying to shut down a major cryptocurrency would be like trying to shut down the internet but it's actually easier to shut down the internet. We common folk access the internet through service providers. The service provider may be able to block your access to certain sites but VPN allows you to get around this. We common folk also access crypto through service providers (exchanges like coinbase, crypto.com etc) and while they can and have been prevented from offering certain currencies in certain jurisdictions, there are also decentralized exchanges where there is no such limitation.

BUT the value of the blockchain is proportional to the number of users. So while you can't kill it, if you make it very hard for people to use, the lack of users will make the demand and hence the value drop precipitously.

 

[DrStrange]

Read a Baron's story this week about Bitcoin being positively correlated with the US Equity markets. 0.6 on a scale of one to negative one. 0.6 is strong enough to offer substantial statistical significance

In plain language, for now Bitcoin doesn't offer strong diversification for your investments. Key to keep in mind, "for now". This is only based on a semi-short data set and might well be nothing but random noise.

Still, this departs from other thoughts about Bitcoin being negatively correlated with the equities. That isn't the case for now.