Bitcoins/Litecoins/Virtual Currencies

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pharmakos

pharmakos

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Arden said:
Buying on the back of a 26% gain in 8 days sure feels like chasing. Buying now feels like you're late to the party. You should have bought 7 days ago.

But who the hell knows? It could go up 200% in the next month. Normal rules don't exactly apply in these times

www.google.com

Former Coinbase CTO makes $2M bet on Bitcoin’s performance

Former Coinbase CTO Balaji Srinivasan has made a millionaire bet on Bitcoin’s price over the next 90 days, predicting it will reach $1 million by June 17.
www.google.com www.google.com
Click to expand...
Well yeah buying today would be chasing probably. Thus the reason I'm lamenting that I didn't buy last Friday.

Normal rules don't apply but pay attention long enough and you can call some shit. Not the first time I've called out a big gain before it happened. I've just been broke since starting chemo in 2016, haven't been able to invest despite the fact that I watch the markets.
 
Arden

Arden

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Tmac said:
If it's not at $60k you're not chasing.
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Probably true. That's why I said "feels like." I hate buying on the back of a big gain, but I have zero doubt we will get back above 60k, so (like you said) buying at 28k isn't chasing.
 
Borzak

Borzak

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Kind of like my opinion on some of the market. Inflated the economy with so much money it has to go somehwere eventually as it works through the economy.
 
pharmakos

pharmakos

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And now BTC up 37% since the SVB shit on March 10th. As if half the people that withdrew their money just stuck it straight into crypto lol.
 
Mist

Mist

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1679369613112.png
 
Mist

Mist

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pharmakos said:
And now BTC up 37% since the SVB shit on March 10th. As if half the people that withdrew their money just stuck it straight into crypto lol.
Click to expand...
The SVB liquidity crisis was caused by a coordinated group of VCs who are deeply into crypto. Approximately 20 VCs told their seed-funded companies to all withdraw on the same day, to intentionally cause a bank run.
 
pharmakos

pharmakos

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Mist said:
The SVB liquidity crisis was caused by a coordinated group of VCs who are deeply into crypto. Approximately 20 VCs told their seed-funded companies to all withdraw on the same day, to intentionally cause a bank run.
Click to expand...
I understand that. But I'm fairly sure a SIGNIFICANT portion of the people that pulled money out must have put it into crypto. Check the chart for the last month, the low point is the morning of the 10th, the same day the SVB crisis hit. And prices have gone up THAT much since that moment 10 days ago. I don't think it's a coincidence, and it's exactly what I predicted when I told my friend to buy ETH that day.
 
Deathwing

Deathwing

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Mist said:
The SVB liquidity crisis was caused by a coordinated group of VCs who are deeply into crypto. Approximately 20 VCs told their seed-funded companies to all withdraw on the same day, to intentionally cause a bank run.
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Should I even bother asking whether that's legal and if not, will they be punished for it?
 
pharmakos

pharmakos

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Oh I'm an idiot misread your post Mist. You were confirming not denying. Tired.

But yeah as far as my thought process, didn't need insider info to realize "a whole bunch of tech guys all of a sudden have a ton of liquid cash on hand, and aren't going to be super willing to put it in other banks. They're either gonna 'shove it under their mattress' or put it in crypto."
 
Flobee

Flobee

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SVB issues go a lot deeper than some coordinated VC attack. That could very well be true, but the underlying issue is all the underwater treasuries that SVB... and every single other bank in the world is holding right now from the printing bonanza in 2020 while interest rates were sub 1%. Until those treasuries roll off and/or rates come back down there will continue to be banking issues and bailouts required. The FED caused this, not some VCs
 
Mist

Mist

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Flobee said:
SVB issues go a lot deeper than some coordinated VC attack. That could very well be true, but the underlying issue is all the underwater treasuries that SVB... and every single other bank in the world is holding right now from the printing bonanza in 2020 while interest rates were sub 1%. Until those treasuries roll off and/or rates come back down there will continue to be banking issues and bailouts required. The FED caused this, not some VCs
Click to expand...
Almost no bank can survive companies linked to a mere 20 people withdrawing 42 billion in 24 hours.
 
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Arden

Arden

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Seems like the strategy is to attack crypto indirectly by attacking all of the exchanges. I guess the idea is if you make crypto hard to buy, you can kill mass adoption
 
Haus

Haus

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Arden said:


Seems like the strategy is to attack crypto indirectly by attacking all of the exchanges. I guess the idea is if you make crypto hard to buy, you can kill mass adoption
Click to expand...

It's all still coming around to what the Spank folks are hitting. So long as to survive it has to turn into dollars , then all you have to do it attack the on and off ramps. That will starve the ecosystem. And any real world thing you might think to buy with crypto is a real world business that still needs real world money.
 
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reavor

reavor

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Haus said:
It's all still coming around to what the Spank folks are hitting. So long as to survive it has to turn into dollars , then all you have to do it attack the on and off ramps. That will starve the ecosystem. And any real world thing you might think to buy with crypto is a real world business that still needs real world money.
Click to expand...

but that misses the goal of crypto. mass adoption doesn't mean ease of on/off ramping. mass adoption of crypto means you won't have to.

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