Bitcoin became the victim of its own success

Discussion in 'Crypto Assets' started by Pekelo, May 9, 2022.

  1. Earlier tonight BTC was under 30k. I thought, there she goes! Going to be the next leg down of the liquidation cycle. Unfortunately a large wall of buyers rushed in, and now it's been propped back up over 31K.

    Fuck those Bulls!
    #61     May 9, 2022
  2. That guy in the luna video is one of the most hated Youtubers in crypto land. He was the one that made that PoS rug-pulled 'Million-Dollar-Token' or whatever you want to call it. Remember that shit-show? Million-Dollar-Coin or something.

    In any case, I don't mind his video on Luna's death-spiral. One of his better vids. I've been finding it fascinating how the arbitrage system has broken down the last few days.
    #62     May 9, 2022
  3. Pekelo


    Not a system at risk at all:

    • MSTR shares and BTC will be liquidated below 20k
    • Grayscale has so much BTC that any attempt of cashing out to maintain their ETF at on par levels will crash BTC, resulting in Grayscale BTC trading at 25% discount and holders literally not being able to cash out
    • TerraUSD uses BTC as collateral, despite stable coins usually being used to buy BTC, and having the arbitrage incentive token reliant on a 20% APR liquidity pool.
    • Miners, who everyone hates but are seen as heroes to crypto shills, are sitting on massive stockpiles of BTC/ETH, unable to cash out because if they did it would crash crypto.
    • And we all know about 3% cash backed Tether.
    #63     May 9, 2022
  4. Millionaire


    #64     May 9, 2022
  5. johnarb


    GBTC does not have redemption
    #65     May 9, 2022
  6. So, over the last 24 hours... ETH down 4%, but Luna down 43%


    Screen Shot 2022-05-09 at 10.45.29 PM.png
    #66     May 9, 2022
  7. lwlee


    :wtf: Something is going to give today?

    Damn Doge broke 10c. Bitcoin decisively broken 30k support level. That's bad!

    #67     May 11, 2022
  8. lwlee


    TechLead really f*cked up that campaign. If he had only wrapped that pump with good words, it would probably have mooned. Talk about the future projects, the environmental good, the decentralization that would take away the power from the evil Bezos and Zuckerberg. Instead, he used his slimy YouTube videos and sarcasm as a millionaire to pump it. It was doomed to fail. Btw, he also sucked as a daytrader, lost $350k trying to trade currencies.

    But in general, a really smart tech guy. Saw an interview with him and Stephen Graham. Came off pretty well. You can hate him but he's a polarizing figure just like Trump.
    #68     May 11, 2022
  9. Pekelo


    For the idiot who was arguing about BTC having no correlation to the markets:

    (WTF is with cryptofans that they argue simple facts?)

    #69     May 11, 2022
  10. newwurldmn


    yes. Or none do, but I think that’s unlikely.
    #70     May 14, 2022