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Thread: Bitcoins are officially donkdown

  1. #7901
    Plutonium sonatine's Avatar
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    there are absolutely zero signals that this is in any way the bottom.

    crypto has had what, 4 lehman moments in the last week? we would have had a lot more if a few institutions actually capital called some of the most vulnerable exchanges; in at least one very public situation they decided not to and allowed the exchange to derisk voluntarily.

    this is probably going to sound hyperbolic but the next week will determine if crypto exists as a popular phenomenon. if we see one or two big dominos get liquidated and tip over, i mean... thats show business; no business, no show.

    perhaps the conversation needs to pivot from 'will it go lower/higher' to 'what could make crypto a speculative asset again'..
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  2. #7902
    Master of Props Daly's Avatar
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    Quote Originally Posted by Forum Wars View Post
    Quote Originally Posted by ShawnFanningsLimpDick View Post
    The coming crypto winter may well provide a buying opportunity but remember Baron Rothschild's maxim: "the time to buy is when there's blood in the streets." We're not nearly at that stage yet.
    The thing to remember is crypto isn't doing anything for society except perhaps allowing people to cross borders without their illicit funds on their person (or use the banking system which triggers global reporting) and get money onto poker/gambling sites.

    We had no crypto, basically, a decade ago and now that we have it, those two things above are their only use. Both are marginally important.

    We don't need crypto. These are not stocks. There are 19,000 cryptos...and you or I could get a guy on fiverrr to make us another one in a morning. They're pretty unimportant and that should be clear as day by now.
    Quote Originally Posted by Dan Druff View Post
    Today's crash will tell a lot about the future of the crypto market, in the coming days.

    BTC breached $20k and is currently at 19.1k.

    ETH breached $1k and is currently at 994.

    If these both don't recover, it could normalize being under these milestones, and the freefall might continue.
    Quote Originally Posted by sonatine View Post
    there are absolutely zero signals that this is in any way the bottom.

    crypto has had what, 4 lehman moments in the last week? we would have had a lot more if a few institutions actually capital called some of the most vulnerable exchanges; in at least one very public situation they decided not to and allowed the exchange to derisk voluntarily.

    this is probably going to sound hyperbolic but the next week will determine if crypto exists as a popular phenomenon. if we see one or two big dominos get liquidated and tip over, i mean... thats show business; no business, no show.

    perhaps the conversation needs to pivot from 'will it go lower/higher' to 'what could make crypto a speculative asset again'..
    At 200 week moving average, no bulls to be found, at cost of production….. the above…..

    Time to buy

  3. #7903
    Master of Props Daly's Avatar
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    That said - I’d use a tight stop.

  4. #7904
    Plutonium sonatine's Avatar
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    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  5. #7905
    Platinum BetCheckBet's Avatar
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    Remember when Dow Jones hit 19k.

    But ya this is probably not that….

  6. #7906
    Gold Forum Wars's Avatar
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    In late 2017 media all around the world was astounded by Bitcoin's meteoric rise. You could have sold all your BTC at the then peak for $19,783.06.

    And, well, in plain simple terms it is correct to be wishing you did that. Now you could buy in for the low low price of a hair over 19,000.

    Just found that odd.

  7. #7907
    Diamond BCR's Avatar
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    I’ve never believed it’s going to zero, because while it doesn’t have much utility, hiding money, buying drugs online, betting on sports, stashing money if you live in some shithole where the currency fluctuates 1000% in a week are all really lucrative niche utilities.

    That said, I’m starting to believe the bearest of bears who called $8k.

    If it goes to zero it’s because the government somehow killed it. But it also seems as likely to be at $80k also in two years because it’s felt dead a dozen other times.

     
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      Sanlmar: It is an asymmetrical bet at some point. When you think BTC always have that echo in your head.

  8. #7908
    Plutonium Sanlmar's Avatar
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    An older person told me that, “you will know you are old when you view the happenings in the world as if you are from another planet”.

    The tweet below is real. I took a snapshot the other day but didn’t save link. The establishment thinks they can control the finance narrative with rainbows.

    The Marines did the same thing. I posted that too.

    I am a libertarian. I give no fucks about your sexual preference. (You have never seen my ridicule the gay community on these boards) I really don’t want to hear about it either. I grew up in an era when polite society really didn’t talk about sex publicly. Some innuendo perhaps and a wink.

    Ponzi schemes and baseball have nothing to do with sex. The FTC invoking gay pride in Ponzi fraud just blows my mind.

    It’s not my world anymore


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      Tellafriend: It’s not my world anymore

  9. #7909
    Diamond TheXFactor's Avatar
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  10. #7910
    Master of Props Daly's Avatar
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    Buy signal for sure….. fuck this guy in the face


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  11. #7911
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    Kevin O’Leary stated he is totally standing by crypto and still believes it is wave of the future. Talked about how all the top mit computers science grads are going into blockchain stuff. O’Leary also has 16 percent of his investments in crypto.

    The fact is there is so much infrastructure built around this it certainly won’t die for quite some time. That being said I think alt coins will never be the same . I feel bitcoin probably won’t fall much further but what the hell do I know?

  12. #7912
    Plutonium sonatine's Avatar
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    Quote Originally Posted by BetCheckBet View Post
    Kevin O’Leary stated he is totally standing by crypto and still believes it is wave of the future. Talked about how all the top mit computers science grads are going into blockchain stuff. O’Leary also has 16 percent of his investments in crypto.

    The fact is there is so much infrastructure built around this it certainly won’t die for quite some time. That being said I think alt coins will never be the same . I feel bitcoin probably won’t fall much further but what the hell do I know?

    why would you feel that it wont fall much further? the driving factor behind these price drops are liquidations, not sentiment.

    example; if a single bank margin calls saylor, microservices has to sell. they have 250m cash, 0 assets.

    so they sell, and they drive the price lower. which results in more margin calls and more liquidations.

    there are so many ... soooooo many 'funds' that have that sort of exposure.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  13. #7913
    Owner Dan Druff's Avatar
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    This really looks more like a massive correction than just a dip.

    I think we can learn a lot by looking at the end of 2017. Bitcoin and other crytpos had just finished a huge run-up. How huge? In March 2016, BTC was about $400. By December 2017, it was almost $20k.

    However, this was a time when it was believed crypto was on its way to widescale commercial adoption. When that didn't happen, we saw the crash of early 2018, and that seemed to be that.

    But it wasn't. Somehow -- for reasons I can't explain -- there was crypto exuberance again, despite no good reason for it. Unlike earlier crypto run-ups (optimism for what it could be) and the 2016-2017 run-up (incorrect belief of impending widescale popular adoption), one could not rationally explain why crypto was suddenly hot again.

    The NFT and shitcoin boom of 2021 -- probably somewhat inspired by Gamestop and other "dead" stock shenanigans early that year -- pushed it up even further.

    But we all knew there was no utility for the vast, vast majority of this, and the price just seemed inflated as everyone jumped on the speculation train.

    This seems to be the correction that has been inevitable. How far can it correct?

    Remember, BTC was $400 in March of 2016.

     
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      BCR: Good post.

  14. #7914
    Platinum BetCheckBet's Avatar
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    Quote Originally Posted by sonatine View Post
    Quote Originally Posted by BetCheckBet View Post
    Kevin O’Leary stated he is totally standing by crypto and still believes it is wave of the future. Talked about how all the top mit computers science grads are going into blockchain stuff. O’Leary also has 16 percent of his investments in crypto.

    The fact is there is so much infrastructure built around this it certainly won’t die for quite some time. That being said I think alt coins will never be the same . I feel bitcoin probably won’t fall much further but what the hell do I know?

    why would you feel that it wont fall much further? the driving factor behind these price drops are liquidations, not sentiment.

    example; if a single bank margin calls saylor, microservices has to sell. they have 250m cash, 0 assets.

    so they sell, and they drive the price lower. which results in more margin calls and more liquidations.

    there are so many ... soooooo many 'funds' that have that sort of exposure.
    Again what do I know (I am going by feel here not technical analysis). Which as you know I am very critical of using such an analysis myself.

    I understand what liquidations are at a basic level but apparently people have been running bots that look for accounts to exploit that are on the verge of being liquidated. And when these bots cause the liquidation apparently they receive some sort of fucking bounty?

    Can someone please explain how the fuck this happens in simple terms?

    See article below
    https://ca.finance.yahoo.com/news/cr...110000697.html
    Last edited by BetCheckBet; 06-18-2022 at 07:06 PM.

  15. #7915
    Plutonium Sanlmar's Avatar
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    Quote Originally Posted by sonatine View Post

    why would you feel that it wont fall much further? the driving factor behind these price drops are liquidations, not sentiment.

    example; if a single bank margin calls saylor, microservices has to sell. they have 250m cash, 0 assets.

    so they sell, and they drive the price lower. which results in more margin calls and more liquidations.

    there are so many ... soooooo many 'funds' that have that sort of exposure.
    Who would have thought that “foolishly spending all your money on material things” at the top would have been the most successful decision you could have made

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  16. #7916
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    Quote Originally Posted by sonatine View Post
    Quote Originally Posted by BetCheckBet View Post
    Kevin O’Leary stated he is totally standing by crypto and still believes it is wave of the future. Talked about how all the top mit computers science grads are going into blockchain stuff. O’Leary also has 16 percent of his investments in crypto.

    The fact is there is so much infrastructure built around this it certainly won’t die for quite some time. That being said I think alt coins will never be the same . I feel bitcoin probably won’t fall much further but what the hell do I know?

    why would you feel that it wont fall much further? the driving factor behind these price drops are liquidations, not sentiment.

    example; if a single bank margin calls saylor, microservices has to sell. they have 250m cash, 0 assets.

    so they sell, and they drive the price lower. which results in more margin calls and more liquidations.

    there are so many ... soooooo many 'funds' that have that sort of exposure.


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  17. #7917
    Platinum BetCheckBet's Avatar
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    Also right now there is a whale with 200 million Solana who faces liquidation if Solana hits 22 dollars. Currently at 29. People are actively trying to find out who the whale is and have him reduce his position for fear about what this liquidation could do to Solana as a whole.

    https://definalist.notion.site/Solan...b062f12a008d6b

  18. #7918
    Plutonium sonatine's Avatar
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    Quote Originally Posted by BetCheckBet View Post
    Also right now there is a whale with 200 million Solana who faces liquidation if Solana hits 22 dollars. Currently at 29. People are actively trying to find out who the whale is and have him reduce his position for fear about what this liquidation could do to Solana as a whole.

    https://definalist.notion.site/Solan...b062f12a008d6b
    Quote Originally Posted by PLOP

    SFO
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  19. #7919
    Platinum gimmick's Avatar
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    No idea about the bottom. Closest thing to calling the top for me was this from 22nd October last year...

    "I hate giving people financial advice online, because the upside isn't worth the downside. That said, i'd sell right about now"

    ...couldn't even tell why exactly i felt around 64k was the top. I also called the 2018 crash. Fairly sure both were more about psychology than charts. There probably was a reason to be dialed in on both occasions and those were the only sell signals I've ever given in this thread.

  20. #7920
    Diamond TheXFactor's Avatar
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    Wages are too fucking high.
    Target paying $24 an hour?
    In-in-out Burger paying $17 an hour.
    Most other jobs paying $15 an hour?

    How about you're all fucking fired, then offer to rehire at $7.25 an hour with zero benefits?

    Rich CEO's have determined that everyone except them are making too much money.

    Time for another recession.


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