Bitcoin crash coming (34 Viewers)

[HaRDHouSeiNC]

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?

You’d have to be pretty naive to think sanctions At this point would mean anything. Putin himself is worth Billions in cash in banks around the world
Crypto is a joke he could go anywhere and have a mountain of cash at his disposal. The US would have to do REAL sanctions not this weak tea BS. And Europe would cry uncle before Russia when they freeze to death next year.

Next do you seriously think they would be effective? He can call up China and get anything they want done. They will just truck it all in from China and laugh. China is using them as their test case to see if they can just roll into Taiwan

So why not cut him off from tech and semi conductors. Why excellent idea. They call up China and say the US is being mean. China then invades Taiwan and takes over control of semiconductors. Now Russia has fast track access and the US can’t even get stuff to make a street light let alone maintain our cars and jets and phones. Again he could care less for himself about crypto. But he doesn’t want any citizen to have access to it and an escape chute if they decide to all defect and leave.

We’ve really painted ourself in a heck of a corner. Five stars to these twits in charge.

Here are the people who care about crypto.
When their own facist dictator try’s to seize everything they own. The little guy who needs 10k to eat and get through the next month cares. Govt leaders have billions in banks around the world who wouldn’t dare freeze them out. This logic is laughable

 

[ekricket]

Man, a person would have to be an idiot to think governments would try anything with crypto or that any geopolitical incident would affect it at all. It’s immune to tampering they say

https://www.coindesk.com/policy/202...s-crypto-rules-to-russian-sanctions-guidance/

Not a political post, just a post to reflect what’s affecting the price and possibly the future use of crypto.

For instance, acknowledging that there is an effect on the price may have led someone to invest a few days ago or divest if they thought it would be negative. But the advice was that crypto is immune to anything except it’s own market

 

[Darson]

So the US has included crypto in their Russian sanctions package and the crypto market is going up!

And the crypto market is going up while traditional markets are going down.

The only advice you can truly listen to is that anyone who gives you market advice is not worth listening to.

 

[grebe]

I am selling out if it tops $50K

 

[ekricket]

So the US has included crypto in their Russian sanctions package and the crypto market is going up!

And the crypto market is going up while traditional markets are going down.

The only advice you can truly listen to is that anyone who gives you market advice is not worth listening to.

It has been stated as incontrovertible fact that none of this can affect crypto. Some other mysterious force must be acting on it. Probably all fake news.

 

[Marius L]

Crypto market rising because russians are fleeing from rubles to BTC maybe? Rubles are down a lot to usd over the last few days

 

[DrStrange]

Can someone buy Bitcoin directly with Rubbles?

I never knew how that worked with anything but Dollars. Will any other currency do? How about trading coins for coins in a "like kind " sort of exchange.

Seems like a serious hurdle if the Russian masses need to get US Dollars first to get their way into crypto.

 

[HaRDHouSeiNC]

Can someone buy Bitcoin directly with Rubbles?

I never knew how that worked with anything but Dollars. Will any other currency do? How about trading coins for coins in a "like kind " sort of exchange.

Seems like a serious hurdle if the Russian masses need to get US Dollars first to get their way into crypto.

There are exchanges world wide

If you convert to dollars at WUnion you could buy then from some

 

[DrStrange]

So . . . . just how many dollars could there be in cash exchange places in a war torn nation? An epic shit ton likely, Dollars being the currency of choice when fleeing for your life. But enough to move crypto markets?

And then once you had dollars, they have to get into an electronic form. Hard to imagine feeding collars into a vending machine to get crypto currency. Currency controls / sanctions might be a problem too. Eletronic dollars seem ripe for seizure.

I was wondering if it is really plausible that people are seriously able to convert nearly worthless local currency into crypto. I have doubts, but I am ignorant as a stump regarding third world finance vis-a-vis bitcoin.

 

[Highli99]

Hard to imagine feeding collars into a vending machine to get crypto currency.

There is one of these in my local liquor store in Delaware. I don’t know how it works because I presumed the fees are high so I haven’t tried it. Now I’m intrigued and might so I can report back.

 

[HaRDHouSeiNC]

There is one of these in my local liquor store in Delaware. I don’t know how it works because I presumed the fees are high so I haven’t tried it. Now I’m intrigued and might so I can report back.

ATM fees are usually sky high

This is why you buy crypto BEFORE YOUR money goes Venezuela style worthless
I know Crypto talking heads that were telling their family to dump their money to crypto before Greece went insolvent

It’s gonna be hard for them to get rubles to anything now when the value keeps falling

The oligarch corupticrats will be fine
The little people will suffer

 

[Darson]

There are exchange pairing for a number of currencies. On coinbase USA you see trading pairs of bitcoin with dollars, pounds and euro but also with about 50 other crypto currencies. It looks like eToro has a Ruble stablecoin - a crypto pegged to the ruble - of course not available in our jurisdiction but perhaps available in Russia? Once you get your rubles in there you can trade to anything.

And bear in mind that although rubles have fallen a lot, they're still worth something - from 80 rubles pre war to the USD to 110:1 now. Yes, a big drop but far from worthless. And given that Bitcoin has swung 30% in the last few days (from $35k to $45k) perhaps a comparable swing.

 

[Tommy]

Looking to move 10 x Solana for $1K. It's currently $102.50 per coin. PM if interested.

 

[Tommy]

Looking to move 10 x Solana for $1K. It's currently $102.50 per coin. PM if interested.

Gone

 

[HaRDHouSeiNC]

The market cap of BTC is now worth more than the entire value of the Ruble

This is why crypro is important

You can’t bypass sanctions for billions a day in oil the market cap and volume doesn’t exist
Any politician saying you can bypass savings for 20 billion a day to sell oil is a idiot
But that goes without saying for 90% of them

Venezuela tried that with the petro token
Except who’s gonna buy a sanctioned countries coin
Zero exchanges
The volume of crypto doesn’t exist as well


But for the average persons savings
It sure would be nice to have bought crypto in 2019 if you were Russian and actually still have your savings. The Ruble is essentially a junk bond now

World banks continue to and will remain the largest entity for money laundering. And the USD

Not enough BTC volume exists for the cartels to move a days worth of money to Mexico let alone a month

 

[Darson]

Not enough BTC volume exists for the cartels to move a days worth of money to Mexico let alone a month

This is the bull case for BTC

 

[HaRDHouSeiNC]

This is the bull case for BTC

Good for the common man to hedge a little of their savings though
Like god forbid the country’s money goes full Zimbabwe

 

[davin]

Is this the bottom ?

 

[johnjohn]

nope

 

[davin]

nope

It going to 0? Buffet said not even $25

 

[Stufflymcstuff]

There’s no way it completely collapses in the near future IMO.

Eventually I think we’ll hit the equilibrium where it’s primarily used for crime, porn and offshore gambling and the speculators will move on to their next get rich quick scheme but it’s over such a long time horizon. crypto bulls are incredibly psychologically committed to seeing this through. Eating losses and holding strong is a virtue. It’s a weird cultish thing where doubting it’s success is like doubting the existence of god. It’s in their mutual interest to suppress those doubts and certainly never express them publicly, and the lack of doubt expressed in their community strengthens their belief.

There are still a lot of events that could apply a significant upward pressure on price and there are many boom/bust cycles to come.

 

[JustDave]

I timed my plays against MSTR off by 3 months. Such is life.

 

[Taghkanic]

This is why crypro is important

I’ve taken some huge pots off crypros myself

 

[Jeff]

Fidelity is going to allow you to invest in Bitcoin in your Fidelity 401(k). They will take the extra 70-90 bps in fees for their product, but they won't take fiduciary resonsibility for offering it, though. That's up to your employer. There will be some restrictions on round trips, its supposed to be a long-term investment, not a trading account.

I'd be surprised if there's wide adoption. If you're in management at a company, this type of investment is pretty difficult to take fiduciary responsibility for as an employer. Hard to communicate to employees, extremely volatile, and very tempting to trading investors to chase return, buy at the wrong time and lose a ton of money. Prime fiduciary lawsuit profile.

 

[Stufflymcstuff]

Baiting people to roll the dice with their retirement savings for roughly a hundo in service fees - classy move fidelity. Bu bu bu… personal choice!!

 

[HaRDHouSeiNC]

Fidelity is going to allow you to invest in Bitcoin in your Fidelity 401(k). They will take the extra 70-90 bps in fees for their product, but they won't take fiduciary resonsibility for offering it, though. That's up to your employer. There will be some restrictions on round trips, its supposed to be a long-term investment, not a trading account.

I'd be surprised if there's wide adoption. If you're in management at a company, this type of investment is pretty difficult to take fiduciary responsibility for as an employer. Hard to communicate to employees, extremely volatile, and very tempting to trading investors to chase return, buy at the wrong time and lose a ton of money. Prime fiduciary lawsuit profile.

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Over a 5 year cycle it’s always made money
Anyone in their 30s getting a little is a no brainer
I’m still up over 10x on ETH and only 2+ years
If you have 5 years I’d be watching for a low to buy in

 

[khp]

How do you all feel about Tether? Legit or scam?

 

[buzzmonkey]

I wonder if part of the dip is nation states like Russia cashing in to fund operations.

 

[TeamNapoli]

i think since corporations and countries staring thier own digital currency(assume it to be centralized), regulations will be coming down on the crypto coins

 

[Rakrul]

Well, when you have players who borrow $3bn to dump BTC in order to rape LUNA/UST and earn $800M on shorting BTC with the ensuing panic, it's kind of outside our league.

https://twitter.com/x/status/1524006086147252227