Bitcoin / Cryptocurrency Discussion (And Predictions)

[Musashi]

This bull run just looks to good to be true.

This bull run could be entirely due to tether printing loads of fake money and buying Bitcoin with it.

Interesting post from Reddit:

“More worrying is that Tether volume moved in last 24 hrs is around 5X the total known ‘float’. Source: Coingecko.

Hypothetically: Tether Ltd has issued far more tokens than there are real USD or equivalent fiat currency to back up. A make or break audit is coming up Jan 15th and the walls are closing in on the legal case relating to Bitcoin price manipulation in 2017/18.

What to do? Well, maybe use inflated Tether tokens to bid up Bitcoin, maybe ETH as well over the Xmas / New Year period when regulatory authorities are thin on the ground and other markets are closed. Create maximum FOMO and wait for retail to flood in real USDs. Notice the uptick in Bitcoin articles in fora, Twitter, social media, financial press, crypto observers even MSM? Understandable due to price action but still seems a bit ‘forced’.

Now BTC and ETH held by Tether associates worth many more $$$. Liquidity problem solved.

Interestingly, another poster has pointed out a huge arbitrage difference in ETH/USD pair vs ETH/EUR pair. ETH is currently considerably less in Euro than the equivalent in USD. Conclusion: Whoever is behind this wants USD, not Euro.

Next logical inference: BTC / ETH will have to be sold or rehypothecated to create the liquidity for Tether audit, or remove the illicit excess from circulation. Price likely to plummet just before 15th Jan”

And:

“There was some research done speculating that Tether the company issued $millions worth of Tether tokens out of thin-air moved those tokens to Bitfinex and bought Bitcoin with it. Thus propping up the price of BTC with money printed out of nothing. Which they have done multiple times in key moments when BTC was not looking too good.
Furthermore some of the documentation/statements that Tether the company has made indicates that they are not in fact backed dollar for dollar, that they are using around 30% of their other assets to the same equal dollar amount, but those assets include cryptocurrencies such as BTC.
So they are backing their asset with the same asset they are backing”

That would mean we have no idea what the real value of BTC is.

 

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[csalvato]

This bull run just looks to good to be true.

This bull run could be entirely due to tether printing loads of fake money and buying Bitcoin with it.

Interesting post from Reddit:

“More worrying is that Tether volume moved in last 24 hrs is around 5X the total known ‘float’. Source: Coingecko.

Hypothetically: Tether Ltd has issued far more tokens than there are real USD or equivalent fiat currency to back up. A make or break audit is coming up Jan 15th and the walls are closing in on the legal case relating to Bitcoin price manipulation in 2017/18.

What to do? Well, maybe use inflated Tether tokens to bid up Bitcoin, maybe ETH as well over the Xmas / New Year period when regulatory authorities are thin on the ground and other markets are closed. Create maximum FOMO and wait for retail to flood in real USDs. Notice the uptick in Bitcoin articles in fora, Twitter, social media, financial press, crypto observers even MSM? Understandable due to price action but still seems a bit ‘forced’.

Now BTC and ETH held by Tether associates worth many more $$$. Liquidity problem solved.

Interestingly, another poster has pointed out a huge arbitrage difference in ETH/USD pair vs ETH/EUR pair. ETH is currently considerably less in Euro than the equivalent in USD. Conclusion: Whoever is behind this wants USD, not Euro.

Next logical inference: BTC / ETH will have to be sold or rehypothecated to create the liquidity for Tether audit, or remove the illicit excess from circulation. Price likely to plummet just before 15th Jan”

And:

“There was some research done speculating that Tether the company issued $millions worth of Tether tokens out of thin-air moved those tokens to Bitfinex and bought Bitcoin with it. Thus propping up the price of BTC with money printed out of nothing. Which they have done multiple times in key moments when BTC was not looking too good.
Furthermore some of the documentation/statements that Tether the company has made indicates that they are not in fact backed dollar for dollar, that they are using around 30% of their other assets to the same equal dollar amount, but those assets include cryptocurrencies such as BTC.
So they are backing their asset with the same asset they are backing”

That would mean we have no idea what the real value of BTC is.

This is definitely concerning

 

[Hai]

This is definitely concerning

View attachment 36310

Same old story.

 

[csalvato]

Same old story.

Yes that’s the worrying bit lol

 

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[PetePreneur]

Is there a good way to find out what these times are? I just sent a small amount of BTC to myself and maybe took a few minutes to so.

ETH didn't make the move I was expecting it to last night, it hovered around $1550 the whole day until this afternoon, where it then has been increasing to $1650. I have my finger on that sell button at the moment, but I am going to wait until dinner I figure.

I would like to sell some 100% digital assets and maybe pick up some of that nice hard and shiny yellow colored stuff. How cool would that be?

When I was cashing out, I had to convert my VET into BTC before getting it onto Coinbase and I reckon it took an hour for it to send and cost me $20, so it’s all pretty clogged up right now!

 

[PetePreneur]

This bull run just looks to good to be true.

This bull run could be entirely due to tether printing loads of fake money and buying Bitcoin with it.

Interesting post from Reddit:

“More worrying is that Tether volume moved in last 24 hrs is around 5X the total known ‘float’. Source: Coingecko.

Hypothetically: Tether Ltd has issued far more tokens than there are real USD or equivalent fiat currency to back up. A make or break audit is coming up Jan 15th and the walls are closing in on the legal case relating to Bitcoin price manipulation in 2017/18.

What to do? Well, maybe use inflated Tether tokens to bid up Bitcoin, maybe ETH as well over the Xmas / New Year period when regulatory authorities are thin on the ground and other markets are closed. Create maximum FOMO and wait for retail to flood in real USDs. Notice the uptick in Bitcoin articles in fora, Twitter, social media, financial press, crypto observers even MSM? Understandable due to price action but still seems a bit ‘forced’.

Now BTC and ETH held by Tether associates worth many more $$$. Liquidity problem solved.

Interestingly, another poster has pointed out a huge arbitrage difference in ETH/USD pair vs ETH/EUR pair. ETH is currently considerably less in Euro than the equivalent in USD. Conclusion: Whoever is behind this wants USD, not Euro.

Next logical inference: BTC / ETH will have to be sold or rehypothecated to create the liquidity for Tether audit, or remove the illicit excess from circulation. Price likely to plummet just before 15th Jan”

And:

“There was some research done speculating that Tether the company issued $millions worth of Tether tokens out of thin-air moved those tokens to Bitfinex and bought Bitcoin with it. Thus propping up the price of BTC with money printed out of nothing. Which they have done multiple times in key moments when BTC was not looking too good.
Furthermore some of the documentation/statements that Tether the company has made indicates that they are not in fact backed dollar for dollar, that they are using around 30% of their other assets to the same equal dollar amount, but those assets include cryptocurrencies such as BTC.
So they are backing their asset with the same asset they are backing”

That would mean we have no idea what the real value of BTC is.

Wow if this is true, it’s just confirming in my mind that I reckon I’ve made the right decision in cashing out now.

I honestly don’t think I’d bother buying it back after the crash if the whole bull run was caused by Tether buying Bitcoin too. That would be terrible for crypto long term if that’s what has been happening!

 

[Timmy C]

This bull run just looks to good to be true.

This bull run could be entirely due to tether printing loads of fake money and buying Bitcoin with it.

Interesting post from Reddit:

“More worrying is that Tether volume moved in last 24 hrs is around 5X the total known ‘float’. Source: Coingecko.

Hypothetically: Tether Ltd has issued far more tokens than there are real USD or equivalent fiat currency to back up. A make or break audit is coming up Jan 15th and the walls are closing in on the legal case relating to Bitcoin price manipulation in 2017/18.

What to do? Well, maybe use inflated Tether tokens to bid up Bitcoin, maybe ETH as well over the Xmas / New Year period when regulatory authorities are thin on the ground and other markets are closed. Create maximum FOMO and wait for retail to flood in real USDs. Notice the uptick in Bitcoin articles in fora, Twitter, social media, financial press, crypto observers even MSM? Understandable due to price action but still seems a bit ‘forced’.

Now BTC and ETH held by Tether associates worth many more $$$. Liquidity problem solved.

Interestingly, another poster has pointed out a huge arbitrage difference in ETH/USD pair vs ETH/EUR pair. ETH is currently considerably less in Euro than the equivalent in USD. Conclusion: Whoever is behind this wants USD, not Euro.

Next logical inference: BTC / ETH will have to be sold or rehypothecated to create the liquidity for Tether audit, or remove the illicit excess from circulation. Price likely to plummet just before 15th Jan”

And:

“There was some research done speculating that Tether the company issued $millions worth of Tether tokens out of thin-air moved those tokens to Bitfinex and bought Bitcoin with it. Thus propping up the price of BTC with money printed out of nothing. Which they have done multiple times in key moments when BTC was not looking too good.
Furthermore some of the documentation/statements that Tether the company has made indicates that they are not in fact backed dollar for dollar, that they are using around 30% of their other assets to the same equal dollar amount, but those assets include cryptocurrencies such as BTC.
So they are backing their asset with the same asset they are backing”

That would mean we have no idea what the real value of BTC is.

I couldn't care less about tether to be honest.

Lets say they are 100% doing dodgy stuff and they hold a lot of bitcoin because of it.

Lets say they get all of their bitcoin seized. It increases the value of Bitcoin in the long term due to even more scarcity. Think of how much bitcoin is actually available really?

How many people have lost their wallets etc.

 

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[Timmy C]

Tether is a nothing burger to me.

Think of all of the crap bitcoin has survived in the past, mount gox being one.

 

[csalvato]

I couldn't care less about tether to be honest.

Lets say they are 100% doing dodgy stuff and they hold a lot of bitcoin because of it.

Lets say they get all of their bitcoin seized. It increases the value of Bitcoin in the long term due to even more scarcity. Think of how much bitcoin is actually available really?

How many people have lost their wallets etc.

The concern isn't that the bitcoin will be seized.

The concern is that they printed something like $15B in the past 2 months without adding more to their reserves, then used that fake money to buy Bitcoin at higher prices, because it's not real money to them.

Then they sell the massive amount of BTC they just bought at higher price, and retail investors are left holding the bag.

It's not an existential threat to BTC, but could cause another crash like 2017 (which would be terrible for adoption)

 

[Timmy C]

The concern isn't that the bitcoin will be seized.

The concern is that they printed something like $15B in the past 2 months without adding more to their reserves, then used that fake money to buy Bitcoin at higher prices, because it's not real money to them.

Then they sell the massive amount of BTC they just bought at higher price, and retail investors are left holding the bag.

It's not an existential threat to BTC, but could cause another crash like 2017 (which would be terrible for adoption)

Does Tether change bitcoin at all though, does it change the reason you have Bitcoin.

Does it change the value?

 

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[csalvato]

Does Tether change bitcoin at all though, does it change the reason you have Bitcoin.

Does it change the value?

Yes it does change the value, in the short term, because the value is what's agreed upon in the marketplace. But a large portion of the market may be playing with fake money, artificially bumping up the price.

That destroys the value prop as a store of value, which institutions are poised to adopt this year.

If they are doing this for a Jan 15 exit in some way, then this can really be a massive blow to bitcoin as institutions will view the market as far too risky to get involved, just as it was shedding that stigma

 

[Timmy C]

Yes it does change the value, in the short term, because the value is what's agreed upon in the marketplace. But a large portion of the market may be playing with fake money, artificially bumping up the price.

That destroys the value prop as a store of value, which institutions are poised to adopt this year.

If they are doing this for a Jan 15 exit in some way, then this can really be a massive blow to bitcoin as institutions will view the market as far too risky to get involved, just as it was shedding that stigma

Bitcoin's market cap value right now is 765 billion.

Tether's is 23.5 billion, about 3.1% of bitcoin's market cap.

The entire market cap of crypto is over 1 trillion now.

I cant see it being that big of an issue even if true.

Those in Tether will start throwing it in other coins.

Much like how when XRP dumped not long ago every other token went to the moon.

 

[csalvato]

Bitcoin's market cap value right now is 765 billion.

Tether's is 23.5 billion, about 3.1% of bitcoin's market cap.

The entire market cap of crypto is over 1 trillion now.

I cant see it being that big of an issue even if true.

Those in Tether will start throwing it in other coins.

Much like how when XRP dumped not long ago every other token went to the moon.

We will see! I’m not selling either way

 

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[c4n]

Bitcoin's market cap value right now is 765 billion.

Tether's is 23.5 billion, about 3.1% of bitcoin's market cap.

The entire market cap of crypto is over 1 trillion now.

Just to be clear; the market cap doesn't mean how much money is invested in BTC, but rather:

BTC in circulation x current BTC price

So if the BTC price is artificially inflated (by Tether or anyone else), then so is the market cap.

They can use a relatively small percentage of the total BTC available to inflate the price and thus the market cap. And don't forget that a large chunk of BTC is irreversibly lost, but still used in the market cap calculation...

 

[Timmy C]

This bull market is probably going to be a re-run of 2013.

Drastic moves upwards for a month, then bear territory.

 

[Beebop27]

This bull market is probably going to be a re-run of 2013.

Drastic moves upwards for a month, then bear territory.

it is fkn insane hey...

some suggest a correction chinese new year, then the run will continue through till the end of the year

Also, two schools of thought re: alt coins.

Some say alt season will come soon, while the other camp suggests alt coins will dissolve..

A great read..

The Rise of Layer 2s Spells End for Altcoins

Bitcoin is no longer limited to a single chain, meaning altcoins like ether are trending towards irrelevancy, says the neuroscientist and DeFi entrepreneur.

www.coindesk.com

 

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[Timmy C]

Some say alt season will come soon, while the other camp suggests alt coins will dissolve..

Well, it already sort of is in my opinion.

You have multiple shitcoins pumping hundreds of a percent daily.

 

[Beebop27]

Well, it already sort of is in my opinion.

You have multiple shitcoins pumping hundreds of a percent daily.

hahahahaha... true... hahahahha

 

[Timmy C]

I just sold a portion of my VET position. A tiny profit after all taxes are accounted for.

What's left is a house given moonshot.

Protecting my capital.

 

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[Timmy C]

I took back my initial investment on another altcoin.

The peace of mind knowing no capital is at risk is good.

 

[sfarieri]

Stop being dumb money and educate yourself. @MTF had a post about how he did this recently and leveled up his knowledge in a day

Where's the post?

 

[Timmy C]

Couldn't have said it better myself.

 

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[csalvato]

Where's the post?

Find it

 

[James Fake]

Whoa.. luck. I pulled out everything at $40k, put a short on, cancelled the short, and decided to wait on $34,500. And nailed it

Didn’t think it’d happen so fast tho.

Anyways; we should be on the way to $45k min, maybe even $50k and then another bigger, longer pullback. I suspect in this pump leg is where Eth has its shot at finally breaking its previous ATH of $1,400.

 

[James Fake]

Tbh, that Tether stuff is just fud; an excuse to pullback. Its due for a pullback, humans go digging and searching for things to justify why it will happen.

Unlike XRP, Bitcoin is controlled by no one; its about 99.99% unstoppable at this point. Its a supply and demand game, and in the absolute worse case scenario of this fud, the demand outweighs the supply and/or the supply gets locked up creating an even more stable floor.

Alls that will happen is it may pullback some, which ironically times with the longer, bigger pullback I see after this next leg up completes, then the big boys will come in an accumulate creating a new higher low floor. And those who sold due to this fud will miss out the first two legs of pump coming out of that accumulation (usually 3 pumps in a cycle) until they feel convinced it survived the fud and it indeed was a nothing burger; rinse and repeat until September 2021.

0% interest rate with no sign of economic recovery to threaten any raise of that rate + dem full sweep likely resulting in more stimmy..

Imo, this thing is FAR from over.

 

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[James Fake]

Also, during a full out bull run phase: Whenever the previous higher high gets retested and that touch is super bought up quickly resulting in a huge green wick with big confirming buy volume... that is about the most bullish continuation technical ever.

It may play around and bounce in between high $36k’s to $38k for a day or so before heading to the uptrend again.

 

[James Fake]

Price action looking sketchy again.. big bears pushing and then disappearing out of no where just like the other night, then coming back 12-16hrs later and dumping it over an edge to start a down leg.

Looks like same play here. $31,500ish maybe.
The technicals are beat to the ground, Bitcoin which is usually and quite rarely beat this far in technicals almost looks like an alt coin; big bounce from this coming drop.

 

[GPM]

Did the bottom just fall out on this? lol, 20% eth drop in like 30 min

 

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[Timmy C]

Did the bottom just fall out on this? lol, 20% eth drop in like 30 min

I love cheap eath.

Give me

 

[GPM]

I had a buy order in place at $1206, and it filled and then crashed right down lol. Awesome