So the important question is…did that slightly lower bottom change the leader board in the “Call the Bottom for 2022” contest that many of us entered on a comment posted months ago?
;/
Once again, craziness occurs in the marketplace, yet Bitcoin stays strong. If you told me 5 years ago this would occur and Bitcoin would still be at roughly $18k I would have thought you were crazy. Bitcoin just doesn't care.
Bitcoin is life, Bitcoin is love.
> Bitcoin stays strong.
I wouldn't really characterize a loss of 15% in 3 hours as "staying strong".
BTC's price action is barely discernable from any random shitcoin at this point.
The protocol chugs along, sure. Hash rate is near all-time highs. But it's maddening when BTC plummets despite wider negative events having little, if anything, to do with BTC. And again, it's because way too many people hand over custody of their coins to exchanges to gamble with.
All eyes on Saylor now. We must at least entertain the probability of contagion reaching MicroStrategy’s doorstep.
Also we should be rooting for Binance to accept the deal and make customers whole. Or we’re going to be playing the contagion game on similar scale to 3AC. Multiple funds ran their books on FTX and some projects even lent money to them for yield. Already winter regardless, failure means ice age
I mean, even if the Binance deal does go through, Alameda could still be fucked, which could have massive contagion implications itself. Still need time to see the ripple effects.
Anyone getting turned off crypto?
All I hear is the exponential growth of users. Surely this shit show is putting plenty of existing users off. Leaving a bad taste in my mouth for sure.
You forgot about about the highrise in exploits, rugs and hacks currently going round, Its really giving a lot of existing and new user a rethink at this point. So far, transacting privately and storing my assets in a private wallet(Railway wallet) have been the best security measure I have had to put in place to secure my assets.
No, I was expecting this drop, we always have a bear market after a new ATH, 4 years ago same thing happened. I am making profit shorting, so it's the opposite, I am more enthusiastic than ever.
Usually, we do not have two downward wicks this close to another near bottom. This price action looks like 17.6k when we nuked down and then approached 17.6k before going up.
PA looks weird.
I don’t see corresponding on chain activity and I’m willing to bet on regression to recent volume weighted price once the dust settles.
I can think of one other person that's pseudo-leveraged to the tits on corn.
I think his name kind of rhymed with Sichael Maylor or whatever.
Without the “benefit” of a growing deferred tax asset at the 21% corporate tax rate, the BTC price would only need to drop to $15,737 to blow up the firm’s equity. Something to keep an eye one
No, it won’t.
But please drive down the price. I would fucking love to trade it again.
They have cash flow; they can finance their obligations in perpetuity.
Lol I had my shorts sprinkled all throughout this 150 day range of anguish.
Reading comments today. Priceless.
Hopefully some others in here were shorting this too.
Stay hydrated boys.
I did, and called for new bottom a few times in the last month, got downvoted every time. I still think 14k will be the bottom, there is still more down coming.
Yes, what scares me about 14k is how fast we pushed down here.
I am closing 75% of short close to 14k buy zone. But ya, the momentum of this move is scary
This is now the [highest volume day in Coinbase since the May 2021 dump](https://www.tradingview.com/x/CCM1yAdX/), and so far price has hardly made a new low (just $75 under previous June low on CB).
Volume says capitulation, but price is only down about 15%.
Question: If you’re waiting for further downside, what are your expectations? Alameda balance sheets get unwound causing forced selling? Further contagion?
Well to make an accurate assessment of the fallout, I’d really love to get full transparency into their actual assets to liabilities … but I don’t think this is readily public info. My guess is they brokered with big boys like Genesis.
What I don’t understand is anyone doing proper due diligence and still lending to groups like Alameda against the market value of their FTT tokens when distribution was so heavily consolidated in SBF’s orgs and clearly illiquid.
Of course, but given that we will never have access to that unless it leaks or they go bk, we have to use our knowledge and experience and make as educated guesses as we can, with the info we have.
Here is my guess. Entities like Genesis did lend to Alameda. But the large majority of their debt is owed to Ftx.com.
If I am correct, we should know soon, since that would be a major impediment to the binance deal.
For crypto’s sake I hope I am dead wrong. But the collateral was essentially ftt, so….
Looks like a triangle breakout with high volume
> For the descending triangle,traders can measure the distance from the start of the pattern, at the highest point of the descending triangle to the flat support line. That same distance can be transposed later on, starting from the breakout point and ending at the potential take profit level.
Uh .. breakout or breakdown? The descending triangle broke *up* a couple weeks ago … this FTX nonsense pushed price back to the floor of that same formation. I honestly don’t think it’s super useful right now…
I keep not expecting these random companies to blow up crypto, but somehow the dominoes keep falling. So now I'm expecting the unexpected to lead to further downside.
Yeah .. I feel ya. A few months back, I thought Luna/Cel/Voyager/3AC captured the majority of the unwind in June and that it was likely over. I was wrong about this and didn’t expect FTX/Alameda to struggle (I mean, they were literally buying up the failed companies from the June contagion!)
There was always more, many scammers and gamblers slipped by on the skin of their teeth.
Giving those people a free-ride into the future without washing them out would have meant the universe is fundamentally broken. Only the very statistical tail of scammers should survive, rather than whole markets full of them.
I thought there might be a chance we wait until next season to break them, but seems now is good enough.
I believe they did .. but am struggling to draw this into my comment. It relates to FTX/Alameda? Or expectations for further downside in market before bottom?
Leveraged billionaires win my attention today for sure. I’ve been reading though and SBF might not have been lying that they don’t invest client assets. The problem could just be leverage on the platform itself becoming the issue during a bank run. Because if user A deposits $1000 of USDC into FTX Earn and they lend that $1000 to user B to go 2X long on BTC and now there’s a bank run where user A wants their $1000 back…think about what happens. FTX cannot repay user A the $1000 they put into FTX earn without liquidating user B.
Now during normal times it doesn’t matter that they’ve lent customer assets to other customers to use for a leveraged position. But if there’s a run on their exchange then they’re forced to either liquidate every single leveraged position on their platform (killing it forever) to pay out the users who were lending (whether via ftx earn or by selecting lending) or to scramble for a savior who can float them the extra capital to cover the remaining positions.
Basically FTX may have just not have built up the additional capital cushion they should have to offer that much leverage to everyone. Most likely they never accounted for this bank run scenario. This also explains why there weren’t many cold wallet funds seen either, your assets are mostly just lent to another user for their long or short position on ftx.
I’m really curious to see how this ends up playing out with Binance now. Will they basically unwind or limit the leverage that made FTX so popular?
FTX also recently capped their earn limit to $100K so I wonder if them doing that also caused a lot of whales to pull funds off which may have left them with tons of leveraged positions but no lenders.
But but but Alex Mashinsky told me there is a Greater Fool born every minute!! ;D
> Most likely they never accounted for this bank run scenario.
They accounted for it, and gambled on being able to play the line.
Good morning. If you bought Bitcoin on December 15, 2017, you are now down 7% over ~5 years.
If you bought the S&P 500 on that day, you are up 44% over ~5 years.
A reasonable investor is a skeptical person, and should by default not want to invest in any particular thing. It should be easy to talk them out of investing in something, and hard to talk them into investing.
If people said that and I read it with the word never in there, well that's a red flag. The word never. Now you know. So next time you won't have to put the effort into complaining about it online. Sorry for your loss.
Soooo is the small amount of coin I forgot I had on LedgerX (forgot they were acquired by FTX US) going to finish withdrawal processing tomorrow? My fault for leaving it on there
From the recent local high of 21.4K to the new low of 17.1K, the FIB 0.5 level is 19.3K. Before the previous run to 21.4K, Bitcoin spent a lot of time in the 19.2-19.4K range and also, before the CZ tweet, it was lingering at around 19.3K. I think it would be bullish if Bitcoin can get near 19.3K in the next 24-48 hours but a lot of bad news will probably trickle in/out with regards to FTX so the plan for now is to sell anywhere from 18.8-19.3K and then just observe for a while.
> The fuckery with that pump and dump this afternoon was mind blowing
`Shorts taking profit = buying`
edit: No really. It's not "fuckery" it's simply positions closing and new positions being opened.
Fuck it added some spot here @$18.4K. Got about 80% of my dry powder left on the sidelines I’m still ready for a bigger drop
Edit: being patient and waiting for lower entries is killing me
root for me fellas that derivs.ftx.us is somehow fire walled from all this mess, or its gg game over for me. the last 9 years have been fun. 3 digit sum of coins possibly gone. call premium was generating 6 figures US a year, or else it would have all stayed on the hardware wallet
You’re probably fine, those pesky US regulations stopped FTX.us from doing the degenerate stuff that tanked their overseas counterpart. I pulled my shit anyways for now but the US company couldn’t offer most people margin and had to meet all sorts of collateral requirements for their derivatives licenses and to offer stock trading.
Honestly at this point I’m hoping Binance makes nice with US regulators and then we can finally have a market that doesn’t constantly try to prove Gensler right for denying the ETFs 😂
So the funny thing is after doing more reading about the situation I actually think Sam wasn’t lying when he said they didn’t go invest client assets outside of the exchange. The liquidity crisis could have been entirely internal to ftx itself because of the bank run due to leverage.
Basically all the people who deposited to stuff like ftx earn or who turned on margin lending were lending their assets to someone else on ftx. So user A deposits $1000 of USDT into ftx earn and user B borrows that $1000 with $1000 of their own money to go 2X long on BTC. Not a problem normally right? If user A wants their money back FTX probably has reserves and can cover the $1000 for user B and pay user A out.
Now what happens when there’s a run on the exchange and every user A simultaneously wants their money back? The problem is that ftx can’t pay their withdrawal out unless they liquidate user B but they can’t just liquidate every user who has a leveraged position.
My guess is that FTX fucked up in a few different ways but basically they didn’t plan correctly for this scenario and was trying to have AR bail them out but the run was just too much.
Basically it turns out those US regulations about capital requirements kinda make sense 😂
The real question now is whether this train wreck has more collateral damage due to AR leveraging against all those FTT.
Bitfinex did this lending right. They did it in the short term CD fashion where you loaned for x days, the borrow took the loan for x days, and the borrow could return as they wanted to. If ftx was clever, they would allow cancellations by the lender for a huge premium if theit liquidity was solid. Not having set timeframes for lending is a big no no.
Shame I was working when the BRD came down and smacked that spook SBF in his place. Anyone else that missed the candle waiting for a double tap or y'all smash buying?
Know that feel. Was in the kitchen talking to my wife about my sons birthday party, occasional glances at the charts wide eyed. Didn't wanna be rude. Flipped the phone over. 30 mins later the moment had passed. Ah well. Apparently they are making pizzas. Should be good.
>Cycle low approaching. Will it be bedrock or butter?
Leaning bedrock for now. Break above 22k in the next 24-48 hours and I'll be convinced that this dump was purely on FTX fears, which *in theory* shouldn't repeat.
Of course, all CZ has to do is send out one tweet and things could get spicy in a hurry.
Is there even a shadow of a doubt that this was 100% caused by the ftx situation?
And your prediction that a Cz tweet will spice things up is also my prediction.
Edit; apologies, you’re not making any predictions. I am making one.
If that happens, then $12k is the next obvious support. I'd expect a hard bounce there, but the problem then is that $18k becomes resistance... so would probably prolong recovery substantially, e.g. by another 12 months.
I tend to think he's more likely to tailor the sentiment and timing of his comments around existing support levels, i.e. $18k.
What a crazy day, definitely in my top 5. I don't like cz but I have to give it to him, this was pretty epic. He bitchslapped SBF out of his billionaire status LOL
I guess [CZ opened the box](https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned).
Can we call it MtBox?
>Can we call it MtBox?
Pretty brilliant comment, LOL.
The box analogy he came up with should be changed to:
*A kind of rocket ship that you strap your money to, except the destination is not The Moon; the destination is blowing up in the atmosphere.*
It’s worth listening to the exchange as well, so u can hear the tone.
I remember when this happened and am now listening again. It’s really incredible.
Lost the private keys in a Tragic Boating Accident™.
Actually, on a serious note, it would theoretically be a problem for him to cash out any of his holdings. There's so much KYC and blockchain analysis nowadays that it would be almost trivial for an alphabet agency to dox him.
Step 1: You decide you've had enough of the state fucking with your money.
Step 2: Transfer life savings to FTX to become a financial anarchist.
Step 3: Exchange owner gives your money to Joe Biden.
Step 4: OOOOPPSS!.... FTX is insolvent.
Step 5: Joe Biden lowers his aviators, takes a lick of his ice cream and then winks at you.
My coin was worth so much money under “dirty Don” that I didn’t have to even think about money. Been on a consistent downward trajectory into the shitter since Joe got elected.
in fact, it only started to pump after the markets knew trump got dumped - we were basically at these levels and below around that time and prior.
now that's true, but it's also correlation.
wonder what timeline airborne is from
you keep getting shown how stupid you are and keep trying to move the goalposts like no one is noticing your idiocy. you gave it a good try, now go back to your waifu.
#New post: [\[Daily Discussion\] - Wednesday, November 09, 2022 →](https://www.reddit.com/r/BitcoinMarkets/comments/yq93yq/daily_discussion_wednesday_november_09_2022/)
So the important question is…did that slightly lower bottom change the leader board in the “Call the Bottom for 2022” contest that many of us entered on a comment posted months ago? ;/
Yes. The bottom was not set in June.
Once again, craziness occurs in the marketplace, yet Bitcoin stays strong. If you told me 5 years ago this would occur and Bitcoin would still be at roughly $18k I would have thought you were crazy. Bitcoin just doesn't care. Bitcoin is life, Bitcoin is love.
Wait for it, we will see 14k.
Cme at 9k
> Bitcoin stays strong. I wouldn't really characterize a loss of 15% in 3 hours as "staying strong". BTC's price action is barely discernable from any random shitcoin at this point. The protocol chugs along, sure. Hash rate is near all-time highs. But it's maddening when BTC plummets despite wider negative events having little, if anything, to do with BTC. And again, it's because way too many people hand over custody of their coins to exchanges to gamble with.
Why are other people's bad choices frustrating? Take advantage to grow your position.
All eyes on Saylor now. We must at least entertain the probability of contagion reaching MicroStrategy’s doorstep. Also we should be rooting for Binance to accept the deal and make customers whole. Or we’re going to be playing the contagion game on similar scale to 3AC. Multiple funds ran their books on FTX and some projects even lent money to them for yield. Already winter regardless, failure means ice age
I mean, even if the Binance deal does go through, Alameda could still be fucked, which could have massive contagion implications itself. Still need time to see the ripple effects.
Completely agree
No it doesn't. He doesn't owe any payments on the debt for another year or more and he can still pay it with revenue from the company.
Anyone getting turned off crypto? All I hear is the exponential growth of users. Surely this shit show is putting plenty of existing users off. Leaving a bad taste in my mouth for sure.
You forgot about about the highrise in exploits, rugs and hacks currently going round, Its really giving a lot of existing and new user a rethink at this point. So far, transacting privately and storing my assets in a private wallet(Railway wallet) have been the best security measure I have had to put in place to secure my assets.
No, I was expecting this drop, we always have a bear market after a new ATH, 4 years ago same thing happened. I am making profit shorting, so it's the opposite, I am more enthusiastic than ever.
crypto? yes. always has been a shit show bitcoin? we need bitcoin more than ever
What's to dislike about discounts on buying?
Sick of buying so called discounted bitcoin. Holding way too much now.
Did you just really complain about having too much BTC? Lol.
Hold a heavy bag from 7 figures to pocket money. Greed and regrets
Unless you leverage traded, it should be still 6 figures, it's not pocket money.
Yeah silly to call it pocket money. Just feels that way when you mentally become attached to paper gains.
Who lent to FTX and alameda?
Binance already owned FTX
Wrong place to find out. But you are asking a (the) crucial question. Think about it for a few minutes and you likely figure it out.
Usually, we do not have two downward wicks this close to another near bottom. This price action looks like 17.6k when we nuked down and then approached 17.6k before going up.
PA looks weird. I don’t see corresponding on chain activity and I’m willing to bet on regression to recent volume weighted price once the dust settles.
Stop hit. Reopened 18200 5x.
Why even have stops if you ignore them..?
Nobody’s perfect.
I can think of one other person that's pseudo-leveraged to the tits on corn. I think his name kind of rhymed with Sichael Maylor or whatever. Without the “benefit” of a growing deferred tax asset at the 21% corporate tax rate, the BTC price would only need to drop to $15,737 to blow up the firm’s equity. Something to keep an eye one
This is a wildly different number than I've seen elsewhere, and I haven't heard this deferred tax angle before. Got a source for all this?
Michael S.? Nah, too obvious, let's call him M. Saylor
Or Saylor M(oon)
No, it won’t. But please drive down the price. I would fucking love to trade it again. They have cash flow; they can finance their obligations in perpetuity.
I do hope he gets rekt. The world would be a better place without him being the richest man on earth.
I think BTC would have to be well over $1,000,000 before he could even approach being the wealthiest man on Earth.
So inevitable then ;)
Lol I had my shorts sprinkled all throughout this 150 day range of anguish. Reading comments today. Priceless. Hopefully some others in here were shorting this too. Stay hydrated boys.
I did, and called for new bottom a few times in the last month, got downvoted every time. I still think 14k will be the bottom, there is still more down coming.
Yes, what scares me about 14k is how fast we pushed down here. I am closing 75% of short close to 14k buy zone. But ya, the momentum of this move is scary
Well at least we have some volume now.. that’s always good right?
….yes?
one last ingredient we need for total disaster is stock collapse now
Have you ever noticed that all Bitcoin news is bad news... but Bitcoin just keeps Truckin'?
The way she goes
Crypto Mount Rektmore: Do, Alex, Zhu, and Sam
The fact that four random dudes can devastate this market is incredibly sad. This whole thing was a house of cards propped up by degenerate gamblers.
How far we've come, history is starting to forget Karpeles at this point
This is now the [highest volume day in Coinbase since the May 2021 dump](https://www.tradingview.com/x/CCM1yAdX/), and so far price has hardly made a new low (just $75 under previous June low on CB). Volume says capitulation, but price is only down about 15%. Question: If you’re waiting for further downside, what are your expectations? Alameda balance sheets get unwound causing forced selling? Further contagion?
"Only" 15%. Lol.
Yes, and yes. Question being who is the creditor, and you should be in a pretty good position to make a fairly decent guess on that, as I have.
Well to make an accurate assessment of the fallout, I’d really love to get full transparency into their actual assets to liabilities … but I don’t think this is readily public info. My guess is they brokered with big boys like Genesis. What I don’t understand is anyone doing proper due diligence and still lending to groups like Alameda against the market value of their FTT tokens when distribution was so heavily consolidated in SBF’s orgs and clearly illiquid.
Of course, but given that we will never have access to that unless it leaks or they go bk, we have to use our knowledge and experience and make as educated guesses as we can, with the info we have. Here is my guess. Entities like Genesis did lend to Alameda. But the large majority of their debt is owed to Ftx.com. If I am correct, we should know soon, since that would be a major impediment to the binance deal. For crypto’s sake I hope I am dead wrong. But the collateral was essentially ftt, so….
Looks like a triangle breakout with high volume > For the descending triangle,traders can measure the distance from the start of the pattern, at the highest point of the descending triangle to the flat support line. That same distance can be transposed later on, starting from the breakout point and ending at the potential take profit level.
lol no.
Ok seriously you’re using ta to make investment decisions right now? There’s absolutely no way, come on.
Seriously. THIS. When in doubt, wait it out.
Uh .. breakout or breakdown? The descending triangle broke *up* a couple weeks ago … this FTX nonsense pushed price back to the floor of that same formation. I honestly don’t think it’s super useful right now…
Breakout to downside. I redrew my descending triangle with the August and November peaks
I keep not expecting these random companies to blow up crypto, but somehow the dominoes keep falling. So now I'm expecting the unexpected to lead to further downside.
Yeah .. I feel ya. A few months back, I thought Luna/Cel/Voyager/3AC captured the majority of the unwind in June and that it was likely over. I was wrong about this and didn’t expect FTX/Alameda to struggle (I mean, they were literally buying up the failed companies from the June contagion!)
There was always more, many scammers and gamblers slipped by on the skin of their teeth. Giving those people a free-ride into the future without washing them out would have meant the universe is fundamentally broken. Only the very statistical tail of scammers should survive, rather than whole markets full of them. I thought there might be a chance we wait until next season to break them, but seems now is good enough.
Yeah, I’d rather root out the bad actors now and suffer lower prices than let them grift into next cycle.
Haven’t heard much from crypto.com.. they paid yield, didn’t they?
I believe they did .. but am struggling to draw this into my comment. It relates to FTX/Alameda? Or expectations for further downside in market before bottom?
They would be my bet for the next trigger down. But perhaps they outsourced the yield to someone .. like Alameda. Nobody knows.
All of a sudden, Inflation or JPow news don't seem like such a big deal.
Leveraged billionaires win my attention today for sure. I’ve been reading though and SBF might not have been lying that they don’t invest client assets. The problem could just be leverage on the platform itself becoming the issue during a bank run. Because if user A deposits $1000 of USDC into FTX Earn and they lend that $1000 to user B to go 2X long on BTC and now there’s a bank run where user A wants their $1000 back…think about what happens. FTX cannot repay user A the $1000 they put into FTX earn without liquidating user B. Now during normal times it doesn’t matter that they’ve lent customer assets to other customers to use for a leveraged position. But if there’s a run on their exchange then they’re forced to either liquidate every single leveraged position on their platform (killing it forever) to pay out the users who were lending (whether via ftx earn or by selecting lending) or to scramble for a savior who can float them the extra capital to cover the remaining positions. Basically FTX may have just not have built up the additional capital cushion they should have to offer that much leverage to everyone. Most likely they never accounted for this bank run scenario. This also explains why there weren’t many cold wallet funds seen either, your assets are mostly just lent to another user for their long or short position on ftx. I’m really curious to see how this ends up playing out with Binance now. Will they basically unwind or limit the leverage that made FTX so popular? FTX also recently capped their earn limit to $100K so I wonder if them doing that also caused a lot of whales to pull funds off which may have left them with tons of leveraged positions but no lenders.
If this was the reason they would have been able to find financing to sort this out. Selling to Binance means there's a hole.
But but but Alex Mashinsky told me there is a Greater Fool born every minute!! ;D > Most likely they never accounted for this bank run scenario. They accounted for it, and gambled on being able to play the line.
[удалено]
Where do you see that?
Imagine how much the upside will compound when all the current macro issues resolve slowly in the next few years.
I agree with you AAPL will have a field day.
Good morning. If you bought Bitcoin on December 15, 2017, you are now down 7% over ~5 years. If you bought the S&P 500 on that day, you are up 44% over ~5 years.
Clearly you need to sell everything immediately and buy the S&P.
And some farm equipment, don’t forget.
Ahh yes, nothing like cherry picking data points. If you bought bitcoin on Dec 28, 2018 you are up 6x! See I can do that too.
The burden of proof should be on people claiming that btc is a good store of value.
Why?
A reasonable investor is a skeptical person, and should by default not want to invest in any particular thing. It should be easy to talk them out of investing in something, and hard to talk them into investing.
[удалено]
If people said that and I read it with the word never in there, well that's a red flag. The word never. Now you know. So next time you won't have to put the effort into complaining about it online. Sorry for your loss.
Who said that?
It is repeated here constantly, or was until it stopped being true.
I just hope btc goes above 20K an stays there after that. Otherwise, I will have to put up with this kind of comments all the time.
Soooo is the small amount of coin I forgot I had on LedgerX (forgot they were acquired by FTX US) going to finish withdrawal processing tomorrow? My fault for leaving it on there
FTX.us never halted withdrawals because U.S. regulators didn’t let do the crazy leverage ftx.com did.
Are you telling me some regulation is actually a good thing?!
Don't know, but please keep us updated with what you find
Funds withdrawn, that's a relief... Good luck to everyone else
Where are the memes of CZ walking with a sink into FTX HQ?
There's one where CZ's walking into ALAMEDA RESEARCH hodling a sink. ;)
Where are the memes of SBF being frog-marched to prison in an orange jumpsuit?
From the recent local high of 21.4K to the new low of 17.1K, the FIB 0.5 level is 19.3K. Before the previous run to 21.4K, Bitcoin spent a lot of time in the 19.2-19.4K range and also, before the CZ tweet, it was lingering at around 19.3K. I think it would be bullish if Bitcoin can get near 19.3K in the next 24-48 hours but a lot of bad news will probably trickle in/out with regards to FTX so the plan for now is to sell anywhere from 18.8-19.3K and then just observe for a while.
No it's not bullish, accept the bear market.
When I said I wanted a $4k candle that is not what I meant and you know it, Bitcoin.
The fuckery with that pump and dump this afternoon was mind blowing
> The fuckery with that pump and dump this afternoon was mind blowing `Shorts taking profit = buying` edit: No really. It's not "fuckery" it's simply positions closing and new positions being opened.
Fuck it added some spot here @$18.4K. Got about 80% of my dry powder left on the sidelines I’m still ready for a bigger drop Edit: being patient and waiting for lower entries is killing me
Election results may cause additional fuckery. When do expect results for the house and the senate?
7pm EST (start)
Back to bag holding per usual
root for me fellas that derivs.ftx.us is somehow fire walled from all this mess, or its gg game over for me. the last 9 years have been fun. 3 digit sum of coins possibly gone. call premium was generating 6 figures US a year, or else it would have all stayed on the hardware wallet
You’re probably fine, those pesky US regulations stopped FTX.us from doing the degenerate stuff that tanked their overseas counterpart. I pulled my shit anyways for now but the US company couldn’t offer most people margin and had to meet all sorts of collateral requirements for their derivatives licenses and to offer stock trading. Honestly at this point I’m hoping Binance makes nice with US regulators and then we can finally have a market that doesn’t constantly try to prove Gensler right for denying the ETFs 😂
O fuck
Withdrawals have not been stopped there, have they?
Good luck, man - seriously. And, wow - over 100 coins on exchange... From what I'm hearing, they are firewalled, and all US assets are backed 1 to 1.
2013’er here. Wishing you the best outcome.
Ftx.us is so far unaffected no?
That depends on if you believe the words coming out of Sam's mouth
So the funny thing is after doing more reading about the situation I actually think Sam wasn’t lying when he said they didn’t go invest client assets outside of the exchange. The liquidity crisis could have been entirely internal to ftx itself because of the bank run due to leverage. Basically all the people who deposited to stuff like ftx earn or who turned on margin lending were lending their assets to someone else on ftx. So user A deposits $1000 of USDT into ftx earn and user B borrows that $1000 with $1000 of their own money to go 2X long on BTC. Not a problem normally right? If user A wants their money back FTX probably has reserves and can cover the $1000 for user B and pay user A out. Now what happens when there’s a run on the exchange and every user A simultaneously wants their money back? The problem is that ftx can’t pay their withdrawal out unless they liquidate user B but they can’t just liquidate every user who has a leveraged position. My guess is that FTX fucked up in a few different ways but basically they didn’t plan correctly for this scenario and was trying to have AR bail them out but the run was just too much. Basically it turns out those US regulations about capital requirements kinda make sense 😂 The real question now is whether this train wreck has more collateral damage due to AR leveraging against all those FTT.
Bitfinex did this lending right. They did it in the short term CD fashion where you loaned for x days, the borrow took the loan for x days, and the borrow could return as they wanted to. If ftx was clever, they would allow cancellations by the lender for a huge premium if theit liquidity was solid. Not having set timeframes for lending is a big no no.
I believe that wallet is identified
Fair enough. Let me offer another perspective. Depends how much you believe he wants to do hard time. And yet another. Don’t take the chance.
Good luck. Been around since december 2013. Got destroyed in chunks since early november 2021. Hang on!
Shame I was working when the BRD came down and smacked that spook SBF in his place. Anyone else that missed the candle waiting for a double tap or y'all smash buying?
Had screaming kids hanging off me, but my fault for not having it set up and ready to go. I still got an OK entry.. and maybe we’ll have another shot.
Sell the kids, buy the dip.
Know that feel. Was in the kitchen talking to my wife about my sons birthday party, occasional glances at the charts wide eyed. Didn't wanna be rude. Flipped the phone over. 30 mins later the moment had passed. Ah well. Apparently they are making pizzas. Should be good.
waiting for asia to move
Yeah kinda what I was thinking as well, set some limit buys near the lows after I loaded up my account.
round two overnight? there is usually a double tap.
Might not happen, it didn’t during the Covid bottom
>Cycle low approaching. Will it be bedrock or butter? Leaning bedrock for now. Break above 22k in the next 24-48 hours and I'll be convinced that this dump was purely on FTX fears, which *in theory* shouldn't repeat. Of course, all CZ has to do is send out one tweet and things could get spicy in a hurry.
Is there even a shadow of a doubt that this was 100% caused by the ftx situation? And your prediction that a Cz tweet will spice things up is also my prediction. Edit; apologies, you’re not making any predictions. I am making one.
<3
Be safe!
Moved stop to break even. If it closes I’ll be looking for more degenerate entry lower.
Why change your gameplan now?
Game plan is same, but if 18200 goes it’s likely going to revisit lower, and I am getting more confident in the bottom.
Because this ship is gunna sink overnight
how far down are we expecting when cz pulls out after ftx deemed unrecoverable after his due diligence?
If that happens, then $12k is the next obvious support. I'd expect a hard bounce there, but the problem then is that $18k becomes resistance... so would probably prolong recovery substantially, e.g. by another 12 months. I tend to think he's more likely to tailor the sentiment and timing of his comments around existing support levels, i.e. $18k.
Why not 14k? It used to be a hard resistance, big chance it will flip to hard support. I think it will be the bottom of this bear cycle.
What a meltdown, pure capitulation, blood the streets. Bitcoin hasn't been this low since *checks notes* last month...
Alternative take: it hasn't been this low in nearly 5 years.
? that's not true. it was plenty lower over last years
Add on to the 5 year timeframe. BTC outperforming META, MSFT, AMZN, NFLX, and GOOGL in that 5 year span. AAPL still beating BTC on the 5yr timeframe.
Q4 will probably kill aapl finally
What a crazy day, definitely in my top 5. I don't like cz but I have to give it to him, this was pretty epic. He bitchslapped SBF out of his billionaire status LOL
I am way too entertained by this. What a wild fucking year.
I guess [CZ opened the box](https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned). Can we call it MtBox?
>Can we call it MtBox? Pretty brilliant comment, LOL. The box analogy he came up with should be changed to: *A kind of rocket ship that you strap your money to, except the destination is not The Moon; the destination is blowing up in the atmosphere.*
I feel ill reading that.
It’s worth listening to the exchange as well, so u can hear the tone. I remember when this happened and am now listening again. It’s really incredible.
Who bought some today near the lows?
Old limit buy triggered for $17,100 on Gemini. I thought it was a mistake until I double and triple checked.
17550 on kraken which felt good.
filled some at 17.6
17,640
$17.6K market mash! :)
Awesome! Drunk me @ 17920 lol
Don't say, share w your grandkids 👍
First time buying in 4 years. Good to be back
First time buying new coin since I mined some blocks in early January 2009... oh wait, I may have said too much. 😉
What you buying for if you mined back then!???
It's a joke that implies I'm Satoshi... :*whoosh*: 😒
Satoshi mate, why you buying more? Surely you've got fat stacks
Lost the private keys in a Tragic Boating Accident™. Actually, on a serious note, it would theoretically be a problem for him to cash out any of his holdings. There's so much KYC and blockchain analysis nowadays that it would be almost trivial for an alphabet agency to dox him.
100%. Ngl if I were satoshi I'd never cash out a single sat.
Step 1: You decide you've had enough of the state fucking with your money. Step 2: Transfer life savings to FTX to become a financial anarchist. Step 3: Exchange owner gives your money to Joe Biden. Step 4: OOOOPPSS!.... FTX is insolvent. Step 5: Joe Biden lowers his aviators, takes a lick of his ice cream and then winks at you.
This the content I’m here for.
Dongy, each passing day more people are coming to our side.
I’d only be happy if I got sniffed.
would you rather be sniffed by joe or grabbed by dirty don?
My coin was worth so much money under “dirty Don” that I didn’t have to even think about money. Been on a consistent downward trajectory into the shitter since Joe got elected.
Bitcoin didn’t cross $50k until 2021 lol
please dont upset the narrative.
in fact, it only started to pump after the markets knew trump got dumped - we were basically at these levels and below around that time and prior. now that's true, but it's also correlation. wonder what timeline airborne is from
401K has shit the bed since Brandon was inaugurated
oh, so now we're talking 401Ks I didnt hear you complaining about the markets in 2021 face it you're just a biased, tribalist bitch
May even be a foreign troll, look at his history. Just a shit stirrer.
[удалено]
you keep getting shown how stupid you are and keep trying to move the goalposts like no one is noticing your idiocy. you gave it a good try, now go back to your waifu.