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Message
re: Official CryptoTalk Thread
Posted on 6/13/22 at 12:46 pm to alpinetiger
Posted on 6/13/22 at 12:46 pm to alpinetiger
I think they only have 25% pledged as collateral so they have ability to add, but is that predetermined or assumed to be accepted as collateral? In other words, can the bank decide to call it if they choose?
Very interesting position for that bank to be in if so. They essentially have the power to crash bitcoin to $7-8k I would think. Might be against their best interest, but could also pay off long term.
Should be interesting to see what happens
Very interesting position for that bank to be in if so. They essentially have the power to crash bitcoin to $7-8k I would think. Might be against their best interest, but could also pay off long term.
Should be interesting to see what happens
1
Posted on 6/13/22 at 12:56 pm to bayoubengals88
why sell if it's going to $100k?
Posted on 6/13/22 at 1:18 pm to TigerDeBaiter
quote:
Only down 20% since the “bottom signal”
Posted on 6/13/22 at 1:20 pm to MrSpock
I lost my life savings.... what am I going to do??????
Posted on 6/13/22 at 1:22 pm to tduecen
quote:
I lost my life savings.... what am I going to do??????
this is why you never throw away the McDonalds hat
Posted on 6/13/22 at 1:22 pm to tduecen
quote:
I lost my life savings.... what am I going to do??????
Kiyosaki says cans of tuna are the way to go
Posted on 6/13/22 at 1:23 pm to tduecen
I am sure the government will bail out all crypto holders once it gets to zero.
Posted on 6/13/22 at 1:47 pm to tduecen
Posted on 6/13/22 at 2:07 pm to 21JumpStreet
quote:
Buckle up if true.
quote:
MicroStrategy has just transferred 2089 #Bitcoin ($48 million) to a new wallet for the first time ever, likely planning to dump their bags.
They’re now moments away from facing the largest liquidation in history. Ouch.
Saylor purchased $1.5B of BTC in 2020 with an average price of $15K.
Its in their 10K.
ALSO: From Saylor himself on May 10
quote:
MicroStrategy has a $205M term loan and needs to maintain $410M as collateral. $MSTR has 115,109 BTC that it can pledge. If the price of #BTC falls below $3,562 the company could post some other collateral. See slides 11-12 in Q1 2022 presentation. #HODL
LINK
They probably moved that amount not to sell, but to post as collateral as he describes and has talked about many times.
This post was edited on 6/13/22 at 2:12 pm
Posted on 6/13/22 at 2:19 pm to TigerDeBaiter
quote:I don't know what MicroStrategy agreed to with their financial institutions, but there are written covenants that you can't violate and MicroStrategy should be good if they stay within their contracted terms and covenants. There would be huge moral hazard if banks just decided to call loans arbitrarily. Having said that, a business partner and I got buggered by three separate banks and lines of credit because of the financial crisis in '08. Three separate letters from different banks all stated that we violated covenants (we didn't). It was a much smaller amount but we couldn't replace the LOCs in that environment. If you owe the bank $3mm you have a problem, if you owe the bank $500mm, the bank has a problem.
I think they only have 25% pledged as collateral so they have ability to add, but is that predetermined or assumed to be accepted as collateral? In other words, can the bank decide to call it if they choose?
Very interesting position for that bank to be in if so. They essentially have the power to crash bitcoin to $7-8k I would think. Might be against their best interest, but could also pay off long term.
Should be interesting to see what happens
This post was edited on 6/13/22 at 2:20 pm
Posted on 6/13/22 at 2:34 pm to alpinetiger
Great way to put it.
Posted on 6/13/22 at 3:16 pm to CrawKing
quote:Buy on exchange and transfer to cold storage. Figure out whichever exchange has the shortest wait time for withdrawal
With the issues going on with the exchanges, what is the safest and simplest way to purchase btc and Eth? Link to a guide would be appreciated.
Posted on 6/13/22 at 3:17 pm to 21JumpStreet
quote:Lol false info. They won't get liquidated until sub $5k. Their "$21,000 price point for liquidation" is covering 5% of their stack in which they can use the remaining 95% of bitcoin holdings as collateral. The liquidation number is sub $5k
MicroStrategy has just transferred 2089 #Bitcoin ($48 million) to a new wallet for the first time ever, likely planning to dump their bags. They’re now moments away from facing the largest liquidation in history. Ouch.
Posted on 6/13/22 at 4:11 pm to TigerTatorTots
Coinbase has now mandated that all external addresses be whitelisted and go through a 48 hours waiting period. That's annoying. Glad I went ahead and moved everything. I still have 200 dollars worth of BTC that's waiting on ACH to clear before I can move it off, and then that'll be everything.
Not to be conspiratorial but it seems like this is a veiled attempt to slow withdrawals.
Not to be conspiratorial but it seems like this is a veiled attempt to slow withdrawals.
This post was edited on 6/13/22 at 4:23 pm
Posted on 6/13/22 at 4:28 pm to TigerTatorTots
The transfer to cold storage is the step I have not performed yet. What does that entail?
Posted on 6/13/22 at 4:54 pm to CrawKing
Usually it’s just hitting the withdraw button, pasting your cold storage wallet address, hitting submit
This post was edited on 6/13/22 at 4:55 pm
Posted on 6/13/22 at 6:49 pm to TigerTatorTots
How we doing
Posted on 6/13/22 at 6:52 pm to tduecen
quote:
How we doing
WNGMI fam
Posted on 6/13/22 at 6:55 pm to tduecen
I want all the coins but spent all my money when the coins were more expensive :/
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