It's called volatility. :torn:
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Closed my bitcoin short here for a small loss.
Me, almost broke even, champagne socialist law student son literally buying a lambo with his student loan fs
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I don't understand what that type of news is supposed to say or prove?
There is retail demand to buy bitcoin, we all know that. Plenty of these have zero interest in bitcoin itself, they just want to be exposed to its price, hence they want to buy an ETF (which is a bit of an antagonism, as all the perceived benefits of owning a piece of the blockchain are absent when investing into a BTC ETF, but we know that). Legally, any ETF needs a depositary, so sure the big depo banks are flooding into the business of offering the service as that is what they are doing. Some of them are depositaries for wine or art, never seen an article describing that as a sign of wider adoption of wine or art. It's the same as when JPM Wealth Management offers an investment certificate with crypto underlying - it isn't an endorsement of the asset class but a way to profit from a super-high margin business.
It is simply how business works: where there is a demand, there will be a provider.
Yes, I'm a fan of crypto , or the concept of what it can do for society. But these articles make me cringe with statements like 'investors who want to wager on crypto'
Anyway, some thoughts from a friend of mine, his words resonate,
On the one hand you have people who think crypto can exist completely outside society: invest in some crypto, make huge profits, never pay taxes. Libertarian maximalism . OTOH you have governments & banks who want to keep it on a short a leash as possible, extracting the maximum taxes from it while profiting from the innovation, and bringing it under an umbrella of Central Bank Digital Currencies (CBDC's). Somewhere in between is where it will end up. Capital is jumping at the bit to step in, but want a bit more regulation/assurances. Consumers are interested, but it's totally not ready for them, as proven yesterday by someone who wanted to move 100K worth of ETH and accidentally paid ... 23 MILLION gas fees on the transaction LOL. Send something to the wrong address? Bye bye crypto. I'm sorry, but that's not a system that is ready to replace global finance. Gary Gensler talks about Public Policy regarding crypto. Very very interesting, and he clearly said back in 2018 what he thinks would happen from a regulatory p.o.v. There's nothing he says or does today as SEC Chairman that should surprise anyone, yet he's seen as THE BIG TRAITOR!!!!!! emoji emoji emoji etc etc. You know, everyone being rich is great and all, but if there are no public roads, or health care, or social security (as nobody pays taxes YOLO!) it's not exactly my idea of an perfect society. So again, it will be interesting to see where crypto ends up in the longer term, and that discussion is more important than if someone likes Charles or not.
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If a private individual doesn't want the security risk of holding a hardware wallet, a custodian service available to the general public would be a great thing
I know this is for EFTs etc for now, but the future who knows?
The more interesting possibility for me: it could also allow for borrowing against the asset, with a lender filing a charge with the custodian bank, similar to a charge on property
And for balance..
'Evolved Apes' NFT creator Evil Ape disappears with $2.7M
Buyers got their NFTs, but a promise of a fighting game built around them went up in smoke.
"Evil Ape has washed his hands of the project taking away the wallet with all the ETH from minting that was to be used for everything, from paying the artist, paying out cash giveaways, paying for marketing, paying for rarity tools, developing the game and everything else in between," the report says. "This wallet is also the wallet connected to receiving the 4% royalties from resales. Evil Ape is also holding a number of the 1/1 Evolved Ape NFT’S that were intended for giveaways."
There is no mention about the pursuit of criminal charges in either Mike_Cryptobull's report or the Vice story, in part because it's not completely clear that a crime has been committed. According to Jdmjem, an administrator of the Fight Back Apes Discord, police reports were filed in the UK, where the Evolved Apes crew is based, but while there is "definitely an aspect of a scam," there may not technically have been one.
"The thing is that everyone did get what they paid for, an NFT," they said in an email sent to PC Gamer. "At the end of the day any promises of a game or other development fall out of the scope of your purchase."
"People are trying to file police reports but [the] problem is this is unknown turf and while unethical not technically illegal. We all got what we paid for."
https://www.pcgamer.com/uk/amp/evolv...ith-dollar27m/
Well yes, tbh people lose money all the time, if that had been a start up crowd funder he wouldn't have got 2.7m but crypto , hey mega rich scheme I'm in!
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'we don't need to be regulated honest guv you can trust us'
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Bloomberg hitting the wires with a headliner about Tether and their reserves, bitcoin strength fading. I had been looking for an exhaustion rally to sell into, but not sure if it can pull that off at the moment.
I am on the sidelines, would either consider buying a dip below $49k or selling into a go at $60k.
Bitcoin can dive if the commies have a moan, and it can boom when the capitalists tick a box
https://cointelegraph.com/news/sec-a...tric-companies
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Because that may be so in your specialised world , outside of it, China bans bitcoin every year and it seemingly affects price, any news one way or another may affect price
It seems it doesn't take much, maybe, something causes the dips and spikes
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If you want news that is relevant, look here.
This is a bet that could go both ways - companies are levering up and betting their future on rising prices. In principle, they are already exposed to the price of bitcoin so you may think that is just part of the business. But they are effectively changing the nature of their companies from mining (an ongoing activity for a margin) to speculation (an asset horder looking for higher prices). The extreme is obviously MicroStrategy, who have transformed the company from a software company to a leveraged bitcoin fund with a small software business on the side.
I assume that investors know what they are buying when they invest into these miners - but then there is plenty of proof that they don't: because why would any investor pay a premium to the NAV when all you are buying is a leveraged BTC position (see Pete's MSTR NAV chart)? Much easier to buy a leveraged BTC future on Binance.
In the end, there is a reason why 'normal' companies don't do this. Or have you ever heard of a oil company that is keeping the oil, speculating on higher prices? Or gold miners that are carrying large positions in gold on their balance sheet?
And then, finally there is the concept of crowded trades. But we knew that.
Thanks for the links, will read
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Number go up :-)
Hoping to see a new ATH by month end
Except it is not, as the vast majority of private investors are all banned from doing so inside their/our tax free wrappers in the UK, USA and many (most) other countries. Hence why people are happy to pay a bit of a premium to be able to gain the exposure to crypto via the miners or MSTR.
But you already knew that. :-)
By all means, buy more MicroStrategy if you think it gives you the exposure that you want. My point was that it has zero influence on the price of Bitcoin and that you are building a rather large position of hot air along the way. But since you are an avid collector of hot air, that should be fine.
But you already knew that as we spoke about it a couple of months ago.
*Maybe a better idea to buy what you want exposure to and pay taxes than end up buying silly stuff just because it fits into the tax-free wrapper? I know, crazy idea.
Short Bitcoin at $55,225.
SHIB up 400%
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Weekly close for BTC looking beautiful.
Raffe gave a tip to buy the Shiba Inu crypto coin at the point he's marked on the chart. It went up about 200% since then. (Now back down a chunk from that peak)
I think his tip was very much tongue in cheek, however I bet he (and most of us) are wishing we'd gone all in 10 days ago! :wink-new:
Bitcoin 57k
Bit bouncy today. Three hours ago $54,500; now $57,300.
How funny. I've had the BTC chart open in a tab at my office desk all day, on Investing.com, been home from work for an hour looking at it and have only just realised that the price and chart has been frozen at $54000 since 10.30am this morning.
Saw Raffe's post above, checked Live Coin Watch and realised. Lolz. :ambivalence:
Raffe, what did you do with your short at $55k? Still open or closed out?
Investing.com seem to get frozen stock pages relatively often. It’s quite annoying when you’re paying for the service.
This is the screen I’ve checked a few times whilst out at work today but I’ve only just realised it’s been frozen since 10.30 this morning.
https://uploads.tapatalk-cdn.com/202...1ac9fc6be4.jpg
https://i.postimg.cc/NG2YPnRt/60-D20...2-C6-ADBB4.jpg
(Not my work (obvs))
Still short.
Brave Raffe! Hope the stops are in place!