Crypto currency (IF banned from CA)

[The Gueye Science]

all the fed have done is spread gossip,
they know the moment they raise any rates what will happen!
over half of the nasdaq is down more than 50%,yet all the mainstream talk about is bitcoin.

Front page of the Wall Street Journal: "S&P500 Enters Correction as Market Continues to Drop"

Don't see a word about Bitcoin.

Was meant to be the great hedge against an equities market which everyone has known for years to be inflated beyond recognition by QE and relaxed interest rates. Instead, during the moment of truth, Bitcoin is behaving even meme-ier than the meme stocks, apparently even more dependent on the Fed than the tech bubble.

 

[Gabagool]

Amusing to see Bitcoin - intellectualised as an edgy antidote to "fiat" currency - deflate like an untied balloon the instant the Fed starts walking back its fiat.

Crypto doesn't exist within a sealed vacuum - market participants and their finances are still affected by exogenous shocks. A knock-on effect of wider institutional adoption (which brought the necessary liquidity to increase price level to new ATHs seen last year) is that macro funds are progressively treating it like a correlated 'risk-on' asset

 

[The Gueye Science]

Crypto doesn't exist within a sealed vacuum - market participants and their finances are still affected by exogenous shocks. A knock-on effect of wider institutional adoption (which brought the necessary liquidity to increase price level to new ATHs seen last year) is that macro funds are progressively treating it like a correlated 'risk-on' asset

So we're ready to admit now that it exists for speculation, and not as a currency?

 

[LinekersLegs]

Tesla earnings report this week iirc, will be interesting to see what they have done with their holdings

 

[nikom court]

Front page of the Wall Street Journal: "S&P500 Enters Correction as Market Continues to Drop"

Don't see a word about Bitcoin.

Was meant to be the great hedge against an equities market which everyone has known for years to be inflated beyond recognition by QE and relaxed interest rates. Instead, during the moment of truth, Bitcoin is behaving even meme-ier than the meme stocks, apparently even more dependent on the Fed than the tech bubble.

bitcoin is doing what it has always done,this is nothing new.
the last time was only 8 months ago,it took 3 months to go back its ATH.
maybe the fed talking about raising interest caused the crash,maybe it was putin threatening to ban it for the 22nd time,nobody knows.
this isnt bitcoins moment of truth,its normal volatility and some weak hands panicked and sold,its all normal,
and its about as dependent on the fed as it was on china.

 

[DuuuncanHadaPigeon]

So we're ready to admit now that it exists for speculation, and not as a currency?

I have said this numerous times in this thread

BTC has utterly failed to be p2p digital cash (Satoshi's original vision)

This is nothing new with BTC, it has dropped 85% 3/4 times before which is why I have also repeatedly called a 10k BTC, it will do this and then go on to break it's all time high again.

All you need to do is look at the Grayscale premium to see what will happen to BTC price, it is currently around -28% which says it all.

There was a poster in here that had a magic algorithm that told him to buy at 52k lol

HEX.com is all you need

 

[LinekersLegs]

So we're ready to admit now that it exists for speculation, and not as a currency?

Some of the meme stocks look like dot.com casualties unfortunately, am guessing that lot of same people in bitcoin and getting margin calls

 

[nikom court]

I have said this numerous times in this thread

BTC has utterly failed to be p2p digital cash (Satoshi's original vision)

This is nothing new with BTC, it has dropped 85% 3/4 times before which is why I have also repeatedly called a 10k BTC, it will do this and then go on to break it's all time high again.

All you need to do is look at the Grayscale premium to see what will happen to BTC price, it is currently around -28% which says it all.

There was a poster in here that had a magic algorithm that told him to buy at 52k lol

HEX.com is all you need

isnt hex down 30% in the last week as well?

 

[Gabagool]

So we're ready to admit now that it exists for speculation, and not as a currency?

I think there can be zero qualms with the claim that it doesn't act as a currency, certainly at this moment in time. What remains to be seen is how the project develops over the next 5/10/15+ years as adoption increases and its influence grows further, especially against the backdrop of a global economy now at the back end of a long-term debt cycle, facing the binary choice of deflationary collapse or perpetual monetary expansion.

 

[DuuuncanHadaPigeon]

isnt hex down 30% in the last week as well?

we can go through the dance of comparing it to BTC since launch if you want but you know how that goes...

 

[The Gueye Science]

Some of the meme stocks look like dot.com casualties unfortunately, am guessing that lot of same people in bitcoin and getting margin calls

I think the big question is whether the Fed actually holds its nerve this time, or whether it's once again forced to turn on the tap, after the people who've spent the past ten years complaining that it prints too much money demand that it rescue them yet again by printing more money. They've caved every other time, but that was before we had inflation. Always asking for trouble the moment you permit ordinary people to enjoy the fruits of the magic money tree ; )

 

[nikom court]

we can go through the dance of comparing it to BTC since launch if you want but you know how that goes...

look iv said many times
i love the crashes
i love the weak handed panic sellers
bring on 10k or lower
they can sell it all to me i would scoop the lot up if i could.
im in this for the next 30 years,i doubt hex will even exist then!

 

[LinekersLegs]

I think the big question is whether the Fed actually holds its nerve this time, or whether it's once again forced to turn on the tap, after the people who've spent the past ten years complaining that it prints too much money demand that it rescue them yet again by printing more money. They've caved every other time, but that was before we had inflation. Always asking for trouble the moment you permit ordinary people to enjoy the fruits of the magic money tree ; )

Aye the Fed meeting on Wednesday will be very interesting

 

[LinekersLegs]

 

[Efcjake]

I think there can be zero qualms with the claim that it doesn't act as a currency, certainly at this moment in time. What remains to be seen is how the project develops over the next 5/10/15+ years as adoption increases and its influence grows further, especially against the backdrop of a global economy now at the back end of a long-term debt cycle, facing the binary choice of deflationary collapse or perpetual monetary expansion.

You're assuming we haven't reached the top of the adoption curve.

At some point the demand will stop growing and at that point the arse falls out because the only thing driving price increases are the blind hopes someone is paying you more for it down the line. When that mirage fails it will be a race to sell it off and recuperate whatever value they can get.