Bitcoins are officially donkdown

[Gordman]

In the good old Donkdown days I had like 20 bitcoins, I believe value was like 1-2$ each, we just gave them away or played the occasional 1 bitcoin buyin sit&go if I remember correctly.

I should probably cry a little.

I was talking about a very similar situation to other people around me lately.

Like you, I was given some bitcoin around that time for about the same price.

I cant remember the exact circumstances on how I ultimately got it, but I do remember it was 20- 25 bitcoin. I think it must have been freeroll winnings on Hero Poker or Seals - im leaning toward Hero Poker

This is the part where I wish my ADHD would have really kicked in for me and I would have just forgotten about the proceeds and left it on my computer to only remember and find it years later.

Instead, I just immediately chunked it off on the cash tables.

Shit

[TheXFactor]

If they keep the printer running, it will just devalue the currency and the markets will keep going up?

Combine that with being able to borrow money for nothing........

How long can these companies keep going with no real revenue and zero profits?

What about SPAC (Special-purpose acquisition company)?

They merge with some other defunct business and voila it becomes a public company. It bypasses the traditional IPO process. These businesses are extremely shady and look very fraudulent. It will definitely help the stock market crash next year.

[sonatine]

wow down about .8% already, at this rate we're projecting estimated value of BTC to open at $206 on jan 1 2022.

[garrett]

wow down about .8% already, at this rate we're projecting estimated value of BTC to open at $206 on jan 1 2022.

I know this was (I hope) a troll post, or so I think.

When prices in anything get this high, the 'Top' of sorts does move up and down by a percentage of its whole. Which by percentage is getting larger here now obviously. In reality you just have the 'Top' wobbling atm. Thats normal its combination of things, none of those would be the new, and Long holding people. Anyway Bitcoin is going over 30k today, and me I dont suspect this Bull run to even slow down or stop into the Mid 30s. And honestly, at this point if it got closer to 50k quicker then anyone thought wouldn't surprise me either....


Anyway fun fun, any why, or what am I trying to accomplish explaining this to YOU of all people haha, idk but its fun haha....

[garrett]

And well maybe because its 5AM and im bored haha, but this is actually relveant also and I just came across this so ill post it here for you all to read up on if interested.

https://www.coindesk.com/number-of-p...pawning-season


This tells a pretty clear story actually, the recent general assumption that this historic rise in price is being driven by the "Professional" money. It is I think that's pretty clear at this point. What it also indicated indirectly in a weird way, is that the Professional Assets and money probably arent going to be so interested in traditional "Gold" they always have been. You know that actually, dirty stuff you get out of the ground lol.. This is the new gold, "Digital Gold" its smart, and literally Technology so it is something society once totally comfortable and realizing its totally ok, will want. This is a game changing point in all of Bitcoins history, and not because some Pie in the Ky idea or belief, no this is real, its understood where this is coming from and why this historic rise in price is happening, it Professional money and Wall St. themselves. So this Bull run actually makes sense, and with these type of Bitcoin acquiring entities I don't at all see a massive crash at all in any way shape or form happening now. These Institutions, and Wall St funds actually beginning to see and treat this as an Assett class of its own, and begin buying it is a total 100% game change in the Bitcoin world and its never happened before. This really is new money, leading us to these historic price points...

[garrett]

triple post lol (mistake) my bad, was trying to fix my previous post haha..

[chinamaniac]

I believe Micon has very little BTC.

He went all-in on Bitcoin Cash a few years ago. This is partially due to the fact that he worships Roger Ver, who is a prominent figure in the Bitcoin Cash scene. Remember when Micon was pictured on a private jet? That belonged to Roger Ver. I believe he traded all of his BTC in for Bitcoin Cash, around the time of the fork.

Unfortunately for Micon, Bitcoin Cash hasn't seen the 2020 appreciation which bitcoin has. Bitcoin Cash is actually LOWER now than it was in mid-February, but bitcoin has tripled since then.

I believe most of Micon's net worth came from accumulating BTC while running Seals (including its successor which was supposedly run by someone else). I don't believe it came from being an early adopter of bitcoin, and then sitting on them.

Strangely enough, from what I knew of Micon's personality at the time, he could be astoundingly rich if he just didn't have a gambling problem. He was a staunch believer in bitcoin in 2011 when it was $5, but he shot off all or most of them gambling. Otherwise, he's totally the type who I could have seen holding them, believing they'd be worth $100k each one day. Amazingly, we're more than 25% of the way there.

I think he'd be broke if it weren't for Seals. However, since Seals fed him a constant stream of BTC, and BTC rose dramatically during that time, that probably set him up for life.

That's my best guess.

I believe Micon has a very large stash of BTC or crypto. Here is why

Reggiman came on here a few years back and said Micon has more BTC than anyone he knows or something like that and I have never known him to be a liar. I still know a few people close to Micon and it seems to be a general consensus that he is very wealthy from crypto and bitcoin "more than 8 figures easily"

Do you know for a fact he traded in all his BTC for BTC Cash? From what I gather , a lot of people close to that situation knew there was a pump coming and dumped a lot of the BCH at the peak. Remember if you held xxxx btc you got xxxx for "free" in BCH. That was a huge pump and dump but whether he went all in on BCH I have no idea. Seems when he went on Polks podcast he seemed to be giving advice of trying a little bit of this and that and wasnt all in on BCH unless I am not remembering correctly.

Today 10 Million is 300 BTC or so. Does anyone really find it hard to believe Micon has 300 BTC? Id guess way more

[garrett]

I believe Micon has very little BTC.

He went all-in on Bitcoin Cash a few years ago. This is partially due to the fact that he worships Roger Ver, who is a prominent figure in the Bitcoin Cash scene. Remember when Micon was pictured on a private jet? That belonged to Roger Ver. I believe he traded all of his BTC in for Bitcoin Cash, around the time of the fork.

Unfortunately for Micon, Bitcoin Cash hasn't seen the 2020 appreciation which bitcoin has. Bitcoin Cash is actually LOWER now than it was in mid-February, but bitcoin has tripled since then.

I believe most of Micon's net worth came from accumulating BTC while running Seals (including its successor which was supposedly run by someone else). I don't believe it came from being an early adopter of bitcoin, and then sitting on them.

Strangely enough, from what I knew of Micon's personality at the time, he could be astoundingly rich if he just didn't have a gambling problem. He was a staunch believer in bitcoin in 2011 when it was $5, but he shot off all or most of them gambling. Otherwise, he's totally the type who I could have seen holding them, believing they'd be worth $100k each one day. Amazingly, we're more than 25% of the way there.

I think he'd be broke if it weren't for Seals. However, since Seals fed him a constant stream of BTC, and BTC rose dramatically during that time, that probably set him up for life.

That's my best guess.

I believe Micon has a very large stash of BTC or crypto. Here is why

Reggiman came on here a few years back and said Micon has more BTC than anyone he knows or something like that and I have never known him to be a liar. I still know a few people close to Micon and it seems to be a general consensus that he is very wealthy from crypto and bitcoin "more than 8 figures easily"

Do you know for a fact he traded in all his BTC for BTC Cash? From what I gather , a lot of people close to that situation knew there was a pump coming and dumped a lot of the BCH at the peak. Remember if you held xxxx btc you got xxxx for "free" in BCH. That was a huge pump and dump but whether he went all in on BCH I have no idea. Seems when he went on Polks podcast he seemed to be giving advice of trying a little bit of this and that and wasnt all in on BCH unless I am not remembering correctly.

Today 10 Million is 300 BTC or so. Does anyone really find it hard to believe Micon has 300 BTC? Id guess way more

I hear Micon actually more than likely gave away hundreds of Bitcoins early on. He defiantly seemed very Libertarian minded/Free spirited with his "here's a Coin" (lol) days. He would apparently give out a lot of Bitcoin back when they were worth dollars lol. Stories stories, but id guess that Micon actually has given away more Bitcoin over time, then most here have ever bought or of course will ever own collectively. He was defiantly wayy ahead of the curve with Bitcoin and actually totally 100% believed in it, and was behind it, and me I respect that a lot actually. And obviously he was very right we see now.

[tgull]

I believe Micon has very little BTC.

He went all-in on Bitcoin Cash a few years ago. This is partially due to the fact that he worships Roger Ver, who is a prominent figure in the Bitcoin Cash scene. Remember when Micon was pictured on a private jet? That belonged to Roger Ver. I believe he traded all of his BTC in for Bitcoin Cash, around the time of the fork.

Unfortunately for Micon, Bitcoin Cash hasn't seen the 2020 appreciation which bitcoin has. Bitcoin Cash is actually LOWER now than it was in mid-February, but bitcoin has tripled since then.

I believe most of Micon's net worth came from accumulating BTC while running Seals (including its successor which was supposedly run by someone else). I don't believe it came from being an early adopter of bitcoin, and then sitting on them.

Strangely enough, from what I knew of Micon's personality at the time, he could be astoundingly rich if he just didn't have a gambling problem. He was a staunch believer in bitcoin in 2011 when it was $5, but he shot off all or most of them gambling. Otherwise, he's totally the type who I could have seen holding them, believing they'd be worth $100k each one day. Amazingly, we're more than 25% of the way there.

I think he'd be broke if it weren't for Seals. However, since Seals fed him a constant stream of BTC, and BTC rose dramatically during that time, that probably set him up for life.

That's my best guess.

I believe Micon has a very large stash of BTC or crypto. Here is why

Reggiman came on here a few years back and said Micon has more BTC than anyone he knows or something like that and I have never known him to be a liar. I still know a few people close to Micon and it seems to be a general consensus that he is very wealthy from crypto and bitcoin "more than 8 figures easily"

Do you know for a fact he traded in all his BTC for BTC Cash? From what I gather , a lot of people close to that situation knew there was a pump coming and dumped a lot of the BCH at the peak. Remember if you held xxxx btc you got xxxx for "free" in BCH. That was a huge pump and dump but whether he went all in on BCH I have no idea. Seems when he went on Polks podcast he seemed to be giving advice of trying a little bit of this and that and wasnt all in on BCH unless I am not remembering correctly.

Today 10 Million is 300 BTC or so. Does anyone really find it hard to believe Micon has 300 BTC? Id guess way more

I posted a video here, like 8 years ago or so when Bitcoin was at $15. Micon was showing how Bitcoin worked on online-slots. He did a couple pulls on the virtual wheel and made like $5. He was going to pull it one more time and hesitated and said enough. It's in the archives. Point is he did not pull the wheel at $15 a coin. So he likely was a saver.

He earned it, he was an early adopter walking around those trade shows in Vegas bothering people with a bitcoin logo on his shirt. Everyone thought he was an annoying freak, he got the last laugh. Still though he lives on an island and has to be totally bored out of his mind, that is dangerous with money. Not sure if it will last for him. The pull of the poker tables might reel him back in. I don't care how much money you have, when you are bored things get sideways.

[TheXFactor]

Bitcoin at $34,000.

[Salty_Aus]

I have some vague memory that micon had a bet with someone a few years back for like a thousand bitcoin... pretty sure he lost and did pay up.
That's a lot of money at 30k a coin.

Ballin

[Dan Druff]

I believe Micon has very little BTC.

He went all-in on Bitcoin Cash a few years ago. This is partially due to the fact that he worships Roger Ver, who is a prominent figure in the Bitcoin Cash scene. Remember when Micon was pictured on a private jet? That belonged to Roger Ver. I believe he traded all of his BTC in for Bitcoin Cash, around the time of the fork.

Unfortunately for Micon, Bitcoin Cash hasn't seen the 2020 appreciation which bitcoin has. Bitcoin Cash is actually LOWER now than it was in mid-February, but bitcoin has tripled since then.

I believe most of Micon's net worth came from accumulating BTC while running Seals (including its successor which was supposedly run by someone else). I don't believe it came from being an early adopter of bitcoin, and then sitting on them.

Strangely enough, from what I knew of Micon's personality at the time, he could be astoundingly rich if he just didn't have a gambling problem. He was a staunch believer in bitcoin in 2011 when it was $5, but he shot off all or most of them gambling. Otherwise, he's totally the type who I could have seen holding them, believing they'd be worth $100k each one day. Amazingly, we're more than 25% of the way there.

I think he'd be broke if it weren't for Seals. However, since Seals fed him a constant stream of BTC, and BTC rose dramatically during that time, that probably set him up for life.

That's my best guess.

I believe Micon has a very large stash of BTC or crypto. Here is why

Reggiman came on here a few years back and said Micon has more BTC than anyone he knows or something like that and I have never known him to be a liar. I still know a few people close to Micon and it seems to be a general consensus that he is very wealthy from crypto and bitcoin "more than 8 figures easily"

Do you know for a fact he traded in all his BTC for BTC Cash? From what I gather , a lot of people close to that situation knew there was a pump coming and dumped a lot of the BCH at the peak. Remember if you held xxxx btc you got xxxx for "free" in BCH. That was a huge pump and dump but whether he went all in on BCH I have no idea. Seems when he went on Polks podcast he seemed to be giving advice of trying a little bit of this and that and wasnt all in on BCH unless I am not remembering correctly.

Today 10 Million is 300 BTC or so. Does anyone really find it hard to believe Micon has 300 BTC? Id guess way more

Not sure if you listened to radio tonight, but I think Micon has very little BTC and a lot of BTC Cash. He wasn't like the rest of us who just thought, "Oh sweet, I get another coin which automatically duplicates my BTC store". You and I sold it off, because we had no emotional connection to it. Micon became a good friend of Roger Ver, and kept going on circa December 2017 regarding how great BTC Cash was, and how terrible bitcoin was. He repeatedly bashed bitcoin on his Twitter.

He accurately predicted, "Public gonna get rekt in 2018" in late December 2017, but I think he felt BTC was going to crash, and that Ethereum and others were going to flop, but that BTC Cash was going to emerge king.

The last part didn't happen.

At the end of 2017, BTC Cash was worth roughly 20% of a BTC. Today it's worth about 1% of a BTC. That's a 20-fold difference!!!

If Micon converted all BTC to BTC Cash in late 2017 and sat on it, he has 20x less money than he'd have if he just sat on the BTC.

As I said on radio, I believe he has a lot of crypto, but I think most or all of it is in BTC Cash, which has had disappointing performance, especially in the past 11 months, where BTC quadrupled and BTC Cash held the same.

[Dan Druff]

I believe Micon has a very large stash of BTC or crypto. Here is why

Reggiman came on here a few years back and said Micon has more BTC than anyone he knows or something like that and I have never known him to be a liar. I still know a few people close to Micon and it seems to be a general consensus that he is very wealthy from crypto and bitcoin "more than 8 figures easily"

Do you know for a fact he traded in all his BTC for BTC Cash? From what I gather , a lot of people close to that situation knew there was a pump coming and dumped a lot of the BCH at the peak. Remember if you held xxxx btc you got xxxx for "free" in BCH. That was a huge pump and dump but whether he went all in on BCH I have no idea. Seems when he went on Polks podcast he seemed to be giving advice of trying a little bit of this and that and wasnt all in on BCH unless I am not remembering correctly.

Today 10 Million is 300 BTC or so. Does anyone really find it hard to believe Micon has 300 BTC? Id guess way more

I posted a video here, like 8 years ago or so when Bitcoin was at $15. Micon was showing how Bitcoin worked on online-slots. He did a couple pulls on the virtual wheel and made like $5. He was going to pull it one more time and hesitated and said enough. It's in the archives. Point is he did not pull the wheel at $15 a coin. So he likely was a saver.

He earned it, he was an early adopter walking around those trade shows in Vegas bothering people with a bitcoin logo on his shirt. Everyone thought he was an annoying freak, he got the last laugh. Still though he lives on an island and has to be totally bored out of his mind, that is dangerous with money. Not sure if it will last for him. The pull of the poker tables might reel him back in. I don't care how much money you have, when you are bored things get sideways.

You missed the other videos where he tilted off a bunch of BTC on slots.

[sonatine]

wow down about .8% already, at this rate we're projecting estimated value of BTC to open at $206 on jan 1 2022.

I know this was (I hope) a troll post, or so I think.

When prices in anything get this high, the 'Top' of sorts does move up and down by a percentage of its whole. Which by percentage is getting larger here now obviously. In reality you just have the 'Top' wobbling atm. Thats normal its combination of things, none of those would be the new, and Long holding people. Anyway Bitcoin is going over 30k today, and me I dont suspect this Bull run to even slow down or stop into the Mid 30s. And honestly, at this point if it got closer to 50k quicker then anyone thought wouldn't surprise me either....


Anyway fun fun, any why, or what am I trying to accomplish explaining this to YOU of all people haha, idk but its fun haha....

youre actually posting really well lately so consider this a very straight forward and sincere response;

no one knows why btc dropped 80% one year or why it rose 20% another.

'top' generally refers to the point that the underpinning security is considered overvalue and the market will start to sell off in response (taking profit). there really isnt a 'top' for bitcoin because its not a security, its underpinned by nothing. and we have a word for things that are underpinned by nothing and only go up because people pour money into them in the hopes they keep going up, and it rhymes with fonzi.

id advise you and anyone else looking at getting involved with bitcoin to consider the following;

i sleep like a fucking baby because i dont worry about losing a 'once in a lifetime opportunity', i worry about losing capital.

[Tellafriend]

What do you make then of the recent involvement of several of the large brokerage houses and banks getting
Involved in it? If it craters there will be a lot of explaining to do.

[sonatine]

What do you make then of the recent involvement of several of the large brokerage houses and banks getting
Involved in it? If it craters there will be a lot of explaining to do.

honestly i dont know what to make of it. like i know the technical reasons for it so i get why it has to happen but i dont understand the risk math at all.

i can only assume that somehow the massive quantities of money i hear are being devoted to it are somehow amounts they can afford to be speculative with, or they understand that they can rake some sort of significant profit in the short term? honestly we will just have to wait and see.

but lest we forget, jp morgan just got fined a cool $920,000,000 for spoofing gold futures orders. and they didnt even blink. because they made more than a billion on the fucking spoofed orders.

so yeah im sure theres some angle here where the institutions are covered on their crypto plays and the risk isnt at all the one sided nightmare it would be for mortals.

[sonatine]

also imagine being the guy who ratted out jpmorgan in that spot.

pretty sure the SEC awards what, 10% of the fines to the whistleblower?

must be fuckin nice.

[Dan Druff]

What do you make then of the recent involvement of several of the large brokerage houses and banks getting
Involved in it? If it craters there will be a lot of explaining to do.

I don't think it will crater. I think it will eventually wither away once it's realized that there's no general public appetite for crytpocurrency in today's form. We learned this already in 2017, and now somehow everyone has amnesia.

I do think cryptocurrencies have a future, just not BTC or any other existing coin. I'm not even sure what a long-term successful crypto would look like, but it's not anything I see today. I think the closest right now are things like Tether and other stablecoin. They're not as cool as bitcoin, and not as exciting to buy, but at least they don't have volatility, which is a huge reason why businesses looking for stable income don't want to fuck with BTC.

To illustrate how much businesses want stability and predictability, look at sports teams and how they sell tickets these days. Even though they could see a better profit by selling tickets on the fly at market-bearing, fluctuating prices, they prefer to sell off the majority of their good seats to ticket brokers, who then flip them on Stubhub for a profit (even after Stubhub's awful fees). The sports teams do this because they want predictable income from ticket sales per game, and not wildly differing income based upon various factors, some of which are out of their control (weather, team performance, etc).

No business wants to sweat out if BTC crashing one day is going to ruin their cash flow. Also, an interface which is easier for the general public must exist. I know some of those already exist in app form, but there's tons of complaints about them, and I've heard they fuck people value-wise, so that's not gonna cut it.

[sonatine]

maybe im wrong and maybe the government is simply so grossly incompetent at this point that they will actually let bitcoin destabilize the economy, but imo there is a point where the treasury will simply say yeah fuck this and rug pull the whole thing. no more US access to exchanges, etc etc, cash out in 72 hours. and that will be that.

[sonatine]