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Started By
Message
re: Official CryptoTalk Thread
Posted on 1/24/24 at 9:04 am to umrebel2009
Posted on 1/24/24 at 9:04 am to umrebel2009
1
Posted on 1/24/24 at 9:16 am to finchmeister08
Lot of factors in play that are bearish for the next few months.
1. Always major corrections before the halfening.
2. Greyscale selling btc like crazy with no signs of slowing down. This is not going to slow down unless they lower their fees.
3. Mt Gox settlement is happening. I expect all of these owners to sell their Bitcoin as they are up 100x.
No bulls until May/June IMO. I expect even lower prices from here.
ETA: but bitcoin does whatever the hell it wants.
1. Always major corrections before the halfening.
2. Greyscale selling btc like crazy with no signs of slowing down. This is not going to slow down unless they lower their fees.
3. Mt Gox settlement is happening. I expect all of these owners to sell their Bitcoin as they are up 100x.
No bulls until May/June IMO. I expect even lower prices from here.
ETA: but bitcoin does whatever the hell it wants.
This post was edited on 1/24/24 at 9:21 am
Posted on 1/24/24 at 9:22 am to I Love Bama
quote:
ETA: but bitcoin does whatever the hell it wants.
gotta throw that caveat in there
Posted on 1/24/24 at 12:03 pm to I Love Bama
quote:
Mt Gox settlement is happening. I expect all of these owners to sell their Bitcoin as they are up 100x.
I thought they were only getting fair market value at the time of the hack? I could be wrong.
Posted on 1/24/24 at 12:24 pm to LordSaintly
Posted on 1/24/24 at 1:26 pm to I Love Bama
Gotcha. Yeah they're gonna dump, and rightfully so.
Posted on 1/24/24 at 2:01 pm to I Love Bama
how can they replace coins that were stolen? i didn't think you could roll back the blockchain?
Posted on 1/24/24 at 2:39 pm to finchmeister08
quote:
how can they replace coins that were stolen? i didn't think you could roll back the blockchain?
They're not replacing what was stolen. They're paying out from the inventory that remained with Mt. Gox.
quote:
The repayment plan involves the distribution of the remaining 150,000 Bitcoins (approximately US$585) to creditors.
Posted on 1/24/24 at 2:40 pm to I Love Bama
quote:
2. Greyscale selling btc like crazy with no signs of slowing down. This is not going to slow down unless they lower their fees
Again, I don’t understand this blame.
If I sell $10,000 of GBTC to buy $10,000 of IBIT, that’s net neutral to supply/demand. Hell, you could argue it’s net positive given the difference in expense ratios over time, but I really don’t see how it’s putting selling pressure on BTC when it’s bought right back.
There has been $1.1B in net inflows among the BTC spot ETFs, including the GBTC outflows. Someone explain to me how that hurts BTC prices.
Posted on 1/24/24 at 3:06 pm to slackster
Market dumping billions in BTC makes price drop.
Price dropping leads to liquidations
Price dropping leads to more selling
Price dropping leads to less buying
Price dropping leads to shorting
A bunch of little buy orders adding up to billions will not make the price skyrocket back up to where it was.
You're acting as if they just cancel each other out with no affect to the market
Price dropping leads to liquidations
Price dropping leads to more selling
Price dropping leads to less buying
Price dropping leads to shorting
A bunch of little buy orders adding up to billions will not make the price skyrocket back up to where it was.
You're acting as if they just cancel each other out with no affect to the market
Posted on 1/24/24 at 3:55 pm to slackster
quote:
There has been $1.1B in net inflows among the BTC spot ETFs, including the GBTC outflows. Someone explain to me how that hurts BTC prices.
Well for one trading volume is 25bn and perps is 90bn.
Posted on 1/24/24 at 4:30 pm to umrebel2009
quote:
You're acting as if they just cancel each other out with no affect to the market
They do.
quote:
Market dumping billions in BTC makes price drop. Price dropping leads to liquidations Price dropping leads to more selling Price dropping leads to less buying Price dropping leads to shorting A bunch of little buy orders adding up to billions will not make the price skyrocket back up to where it was.
Do you know how any of this works?
BlackRock isn’t buying $10,000 in BTC every time you make a trade. That’s preposterous. They buy in huge quantities just like GBTC is selling in huge quantities.
Posted on 1/24/24 at 6:02 pm to slackster
quote:
BlackRock isn’t buying $10,000 in BTC every time you make a trade. That’s preposterous. They buy in huge quantities just like GBTC is selling in huge quantities.
So you think Blackrock is on exchanges Market buying billion dollar orders. They either already own the BTC or they're buying it OTC, they're not on an exchange market buying
This post was edited on 1/24/24 at 6:04 pm
Posted on 1/24/24 at 7:05 pm to umrebel2009
quote:
So you think Blackrock is on exchanges Market buying billion dollar orders.
No. Blackrock isn’t doing any of it themselves. There are multiple third parties involved executing the actual acquisition and disposition of Bitcoin.
quote:
They either already own the BTC or they're buying it OTC, they're not on an exchange market buying
They both use Coinbase as custodian. I believe Coinbase is the prime execution agent for Blackrock and is executing trades on Bitstamp, LMAX, Kraken, and a few others.
GBTC uses the same platforms to sell. If anything they’re selling to other funds directly.
So, once again, GBTC liquidation has nothing to do with Bitcoin prices because it’s being bought up faster than they’re selling it.
This post was edited on 1/24/24 at 7:28 pm
Posted on 1/24/24 at 8:58 pm to slackster
quote:This would hold true in regards to price if everything was on the spot market. We know a lot more of the ETF buying is OTC than the GBTC selling being OTC so there is more downward pressure related to the GBTC selling
If I sell $10,000 of GBTC to buy $10,000 of IBIT, that’s net neutral to supply/demand.
ETA: And I'm not saying all of this correction is related to GBTC. Most of it is crypto bros selling and not as much to do with the ETFs
This post was edited on 1/24/24 at 9:01 pm
Posted on 1/24/24 at 9:10 pm to TigerTatorTots
quote:
We know a lot more of the ETF buying is OTC than the GBTC selling being OTC so there is more downward pressure related to the GBTC selling
They’re almost all using the same execution platforms.
Unless I’m missing something, but I read the relevant sections of both prospectuses. How do we know one is selling at market and the other is buying OTC?
quote:
Most of it is crypto bros selling and not as much to do with the ETFs
I would understand blaming the ETFs as a sell the news event, especially given the relatively underwhelming net inflows compared to some of the hype. However, blaming them for the price action in BTC makes zero sense.
Posted on 1/25/24 at 8:25 am to Chorizo chang
quote:
SatoshiVM is a decentralized Bitcoin ZK Rollup Layer 2 solution compatible with the Ethereum Virtual Machine (EVM) ecosystem, using native BTC as gas. SatoshiVM bridges the EVM ecosystem with Bitcoin, enabling the Bitcoin ecosystem to issue assets and develop applications.
The following two comments by posters clowning me for posting “shitters” lol
Mario Nawfal twitter
quote:
SatoshiVM is one of the most successful token launches in crypto, and the most successful in years. They peaked at over 30,000% return on the IDO price, before settling at 15,000%.
Posted on 1/25/24 at 8:28 am to I Love Bama
If anyone else is looking for something showing son strength, I love Fi and will be buying more. Partnered with Mastercard recently.
DYOR obv
DYOR obv
Posted on 1/25/24 at 8:31 am to slackster
quote:
Again, I don’t understand this blame.
These are investors that were playing the NAV gaps. It was a great trade. These are not buys who like Bitcoin.
Posted on 1/25/24 at 9:19 am to RATeamWannabe
quote:
anyone else is looking for something showing son strength, I love Fi and will be buying more. Partnered with Mastercard recently.
I bought 500k at 005-006. There’s five days left in the month and supposedly have two “major” announcements on deck. Watching it closely with my alerts on
Their dev team is pretty impressive, some people thatve been involved with very successful projects and have heavy EU regulatory backgrounds
The talking point is that they plan to be the CRO of the EU. So I don’t think we’ll be eligible for some of the staking benefits or the debit card obviously, but we’ll certainly benefit if it becomes a $3B project
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