Bitcoin

[dscher]

I know a lot of institutional investors were moving into crypto last year and wealth management advisors were starting to develop ways to get their clients exposure. Two massive crashes in the last 6 months or so has got to be cooling institutional money and corporate adoption. Do institutions buy low or do they scrap their plans.

It's not a currency, inflation hedge, market hedge, or store of value. What is it?

Speculation until proven otherwise. Doesn't mean it won't come to serve a significant purpose in our global economy at some point. But at present, it is what it is. I think this will be a way of warming people to digital currency maybe in the form of a fed coin or something similar. I know the SDR is getting alot of attention currently. Now, if Bitcoin is part of that adoption.. we'll have to see if the confidence is maintained.

 

[Folster]

Speculation until proven otherwise. Doesn't mean it won't come to serve a significant purpose in our global economy at some point. But at present, it is what it is. I think this will be a way of warming people to digital currency maybe in the form of a fed coin or something similar. I know the SDR is getting alot of attention currently. Now, if Bitcoin is part of that adoption.. we'll have to see if the confidence is maintained.

There is just no way that Central banks sit back and cede control of monetary policy. That single fact has kept me on the sidelines. Authoritarian countries have already recognized the threat. China and soon Russia from reports. If it does implode first, the US will ban or regulate it to death.

 

[dscher]

There is just no way that Central banks sit back and cede control of monetary policy. That single fact has kept me on the sidelines. Authoritarian countries have already recognized the threat. China and soon Russia from reports. If it does implode first, the US will ban or regulate it to death.

Right. Or maybe it was never truly 'decentralized' like most believe. I've said that to some and the idea is so outlandish to them, it confirmed there might be something to it... Lol. The Fed is the only privatized entity (outside of the MAGAs and cash rich corps) that will survive anything that goes on with this next downturn IMO. Not only that, but they will control even more. That's why I think this fed coin, in whatever capacity, will be a thing inevitably.

 

[dscher]

Might reach 30k before Mondays open...

 

[dscher]

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[Finito]

Might reach 30k before Mondays open...

That’s a tasty dip

 

[dscher]

That’s a tasty dip

Still in falling knife category..but, it's not a bad area if one wants to get in on some action. IMO

 

[Folster]

Bitcoin finished up a whopping 14.55% today. Speculation is that Russians are pouring in crypto amid sanctions. While it might be good for bitcoin in the short term, the use of bitcoin to avoid sanctions might present long-term problems for the digital asset in my opinion.

 

[Folster]

Bitcoin market cap YTD.

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Tether Market cap YTD.

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hmmm.

 

[dscher]

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[Folster]

Bitcoin has dropped below 31K. We may finally see that test of 30K. If it can't hold above, we could see a price collapse with margin calls and panic sells. Bitcoin has no fundamentals, so all you have is price action.

 

[dscher]

Bitcoin has dropped below 31K. We may finally see that test of 30K. If it can't hold above, we could see a price collapse with margin calls and panic sells. Bitcoin has no fundamentals, so all you have is price action.

According to CNBC fast money (grain of salt taken) they had that previous margin call level around 21k. If we make it back there... The implosion could be beyond my understanding.

 

[dscher]

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Thanks Matt Damon!

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[dscher]

According to CNBC fast money (grain of salt taken) they had that previous margin call level around 21k. If we make it back there... The implosion could be beyond my understanding.

Nevermind. It was this...

Pretty fascinating.

MicroStrategy falls 24% as bitcoin inches closer to its margin call level of $21,000

Bitcoin has dropped 20% over the past week, dipping below $31,000, after it was rejected at a key resistance level of $40,000.

markets.businessinsider.com

 

[Folster]

Apparently one of the coin platforms Terra was offering a yield of 19.5% for lending on its stable coin that was pegged to the dollar. Well the peg failed and it dropped to 70¢. A yield of 19.5% when the Fed Funds rate was zero. Sounds legit with minimal risk.

 

[Finito]

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Thanks Matt Damon!

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That’s hilarious. Not that people lost money but I mean come on you couldn’t see that coming

 

[dscher]

That’s hilarious. Not that people lost money but I mean come on you couldn’t see that coming

It's sucky to say....but the ole saying a "sucker born every minute" is very accurate in any market. You could argue we've all been on that receiving end to a certain extent. Some just like to go full out yolo speculation...lol

 

[Folster]

Bitcoin is currently testing 30K. Coinbase had an awful quarter. A couple stable coins have lost their peg. If Tether loses its peg, bitcoin will crash

I can't believe Fidelity recently said they would add crypto as an option to 401Ks.

I heard from one of the Senators during the Yellen testimony that the crypto market is currently larger than the subprime market prior to the GFC.

 

[Russ Smith]

Not bitcoin but Crypto. I'd never heard of Luna but man insane

‘Life savings’ evaporate as major cryptocurrency collapses 98%

Users of popular crypto forum fear they will become homeless after wipeout

www.independent.co.uk

 

[Folster]

Not bitcoin but Crypto. I'd never heard of Luna but man insane

‘Life savings’ evaporate as major cryptocurrency collapses 98%

Users of popular crypto forum fear they will become homeless after wipeout

www.independent.co.uk

$40B in market cap wiped out with Luna collapsing. Apparently it was tied to a stable coin, Terra algorithmically and it crashed in spectacular fashion. There is a theory it was targeted and exploited with a short position and strategic liquidation that sent it into a death spiral that kept selling the Luna Coin to try to keep the dollar peg on Terra. I didn't know anything about either until this happened and I poked around.

Future of finance and decentralized currency for the win!

Regardless, it has caused a lot of instability within crypto.

 

[dscher]

$40B in market cap wiped out with Luna collapsing. Apparently it was tied to a stable coin, Terra algorithmically and it crashed in spectacular fashion. There is a theory it was targeted and exploited with a short position and strategic liquidation that sent it into a death spiral that kept selling the Luna Coin to try to keep the dollar peg on Terra. I didn't know anything about either until this happened and I poked around.

Future of finance and decentralized currency for the win!

Regardless, it has caused a lot of instability within crypto.

Maybe this is what self aware AI has in store for us... Instead of setting off tactical nuclear war (like the Terminator series/love those ) it will unravel our financial system by a nuclear implosion of AI algorithms being set off that humans themselves have given them permission to...

 

[Folster]

What do you guys make of this activity for the stable coin Tether?

7 day

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1 Year

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The market cap has never fallen like this. In fact I posted a chart of it a week or so a go showing the market cap was somehow still going up while bitcoin was falling in price. It's peculiar especially after the recent crash of Luna Terra.

I know Terra was an algorithm peg, and Tether is supposedly backed, but Tether is ran overseas by known scammers. I know a couple hedge funds are shorting Tether so I wouldn't be surprised if people are working to bring Tether down.

If Tether fails, it's game over for bitcoin and the rest of crypto.

 

[Devilmaycare]

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[elindholm]

I dumped my worst-performing bond fund today and moved the proceeds into gold. It can't do any worse than the bonds, and it should outperform cash, I hope.

 

[Folster]

I dumped my worst-performing bond fund today and moved the proceeds into gold. It can't do any worse than the bonds, and it should outperform cash, I hope.

Time to sell my gold. Haha!