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Thread: Bitcoin

  1. #2551
    Grand Master Raffe's Avatar
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    Quote Originally Posted by wileeeeeey View Post
    $1.3bn in memes and not cashed out yet.
    I bet you that's Elon.

    Free pizza and beer for the whole neighborhood on the day he is arrested.
    #Tchnkng

  2. #2552
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    Quote Originally Posted by Raffe View Post
    I bet you that's Elon.

    Free pizza and beer for the whole neighborhood on the day he is arrested.
    It has to be him, or someone close to him.

  3. #2553
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    Quote Originally Posted by demonloop View Post
    It has to be him, or someone close to him.
    X Æ A-12
    #Tchnkng

  4. #2554
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    Did you see his wife’s latest tattoos? She’s even more bonkers than him. Proper weirdo.

  5. #2555
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    #Tchnkng

  6. #2556
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    Never trusted Bitcoin one inch and was deeply suspicious of the purchasing/holding/cashing in procedures and the associated actioning time frames. I have not changed my thoughts one jot but ‘hats off’ to those who took the punt and have enjoyed some spectacular rewards!

  7. #2557
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    Quote Originally Posted by KavKav View Post
    Never trusted Bitcoin one inch and was deeply suspicious of the purchasing/holding/cashing in procedures and the associated actioning time frames
    Could you explain your logic on this? Even when I was cynical about Bitcoin, this is the bit I trusted in most: the process for transferring it peer to peer, and the (relative) time it took. Not useful for instant transactions of course, but for international transfers it’s difficult to better imo

    Genuinely like to hear your thoughts, as I imagine many share your view

  8. #2558
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    Oh boy. What happened there then? Huge overnight dip.

  9. #2559
    Below $55k now. I wonder what's causing it? Looks like there could be a good buying opportunity

  10. #2560
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    Quote Originally Posted by Raffe View Post
    Bitcoin seeing some very large leveraged account liquidations since yesterday. Watch out, this maybe the Archegos of crypto....
    Quote Originally Posted by RoyalVilla View Post
    Below $55k now. I wonder what's causing it? Looks like there could be a good buying opportunity
    10% dip - mild, in bitcoin terms.

    I’ve decided I’m buying again if there’s a proper dip. Below 45k

  11. #2561
    Master mr noble's Avatar
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    I had a limit order to buy on Binance. It’s been set for weeks. Got triggered at 4.30am and bought me £250 at £40,001. Turns out it was the absolute bottom of the dip.

    Looks like Raffe’s theory about the liquidations is correct.

    https://www.theblockcrypto.com/linke...on-liquidation

  12. #2562
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    There’s also been a black out in a Major mining region. It’s being touted as the cause too.

    Sauce:
    https://twitter.com/woonomic/status/1383672529995190281?s=21

  13. #2563
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    Watch out, there is very poor liquidity and it may drop more.

    No real support before mid-40s.
    #Tchnkng

  14. #2564
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    There's been a few 20%+ corrections in bitcoin this year already. Welcome to crypto.

    Sent from my EVR-L29 using Tapatalk

  15. #2565
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    Quote Originally Posted by Raffe View Post
    Watch out, there is very poor liquidity and it may drop more.

    No real support before mid-40s.
    Are you talking in £ or $?

  16. #2566
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    Dollar.
    #Tchnkng

  17. #2567
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    Never noticed till today, how much the currency pairs can differ.

    If you look at the BTC/USD and the BTC/GBP charts for today, and check their peaks and troughs, they are a mile apart. It’s quite odd.

    Is that normal? It’s certainly nothing to do with the FX rate.

    Almost as if you could predict what one is going to do ahead of what the other does.

  18. #2568
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    Quote Originally Posted by mr noble View Post
    Never noticed till today, how much the currency pairs can differ.

    If you look at the BTC/USD and the BTC/GBP charts for today, and check their peaks and troughs, they are a mile apart. It’s quite odd.

    Is that normal? It’s certainly nothing to do with the FX rate.

    Almost as if you could predict what one is going to do ahead of what the other does.
    No way.


    BTC/USD and BTC/GBP since Jan 2020:





    Performance difference perfectly explained by FX:

    Last edited by Raffe; 18th April 2021 at 20:28.
    #Tchnkng

  19. #2569
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    and here are the last 36 or so hours:



    If you saw two lines which have been 'miles apart' and one has been leading the other, the most likely explanation is that one of the two indeed was delayed and the other real-time (or both delayed by different delays).

    I'd also be surprised if there was a lot of meaningful trading in the BTC/GBP pair on a Sunday, I don't think it's worth arbitraging this with a bot because the amounts won't make it worthwhile - so you may see short-term dislocations, especially in volatile periods like today.
    Last edited by Raffe; 18th April 2021 at 20:46.
    #Tchnkng

  20. #2570
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    Bitcoin

    Hmmmmm. It looks more noticeable on these charts. Both snapshots takes at the same time showing the 15m charts for earlier today. Crazy different movements for the same timeline.





  21. #2571
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    Bitcoin

    And that was nothing to do with the USD/GBP FX rate.

  22. #2572
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    Quote Originally Posted by demonloop View Post
    Could you explain your logic on this? Even when I was cynical about Bitcoin, this is the bit I trusted in most: the process for transferring it peer to peer, and the (relative) time it took. Not useful for instant transactions of course, but for international transfers it’s difficult to better imo

    Genuinely like to hear your thoughts, as I imagine many share your view
    Sorry for delay, just seen your post. I worded my comment poorly, what I should have said was that my mistrust was based on my lack of understanding of the transaction process. I perceive that the process appears very complex and convoluted, added to my perception that Bitcoin is a vehicle that has nothing underpinning it and fluctuates wildly in value just puts me off. As I mentioned previously, good luck to those that ‘get’ the process and are prepared to accept the high risk for high returns.

  23. #2573
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    Quote Originally Posted by KavKav View Post
    Sorry for delay, just seen your post. I worded my comment poorly, what I should have said was that my mistrust was based on my lack of understanding of the transaction process. I perceive that the process appears very complex and convoluted, added to my perception that Bitcoin is a vehicle that has nothing underpinning it and fluctuates wildly in value just puts me off. As I mentioned previously, good luck to those that ‘get’ the process and are prepared to accept the high risk for high returns.
    I won’t pretend to understand the block chain process entirely, but it does seem pretty robust. I think it’s probably the best thing to come from crypto and we will see further adoption in mainstream things in years to come. There’s talk of blockchain ID verification for example

    The under pinning argument is a fair one, but as I’ve said before, it attracts me in the same way it scares others away.

    Always good to read an alternative view, thanks for the reply

  24. #2574
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    Quote Originally Posted by KavKav View Post
    Sorry for delay, just seen your post. I worded my comment poorly, what I should have said was that my mistrust was based on my lack of understanding of the transaction process. I perceive that the process appears very complex and convoluted, added to my perception that Bitcoin is a vehicle that has nothing underpinning it and fluctuates wildly in value just puts me off. As I mentioned previously, good luck to those that ‘get’ the process and are prepared to accept the high risk for high returns.
    I think you've nailed it...the wild fluctuations mean it'll never be widely used as a currency except by those with nefarious intentions.

    How many cars has the TonkaKing sold for bitcoins, do we know...

  25. #2575
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    I was strongly advised to get in at 14k. I looked at the previous prices, and crashes, and scoffed.

    Bugger.

  26. #2576

  27. #2577
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    Quote Originally Posted by Passenger View Post
    I think you've nailed it...the wild fluctuations mean it'll never be widely used as a currency except by those with nefarious intentions.

    How many cars has the TonkaKing sold for bitcoins, do we know...
    I think the days of it being considered a currency have long since passed. Regardless the of fluctuations.

  28. #2578
    Quote Originally Posted by Justin Case View Post
    Pointless. Nah you’re alright i’ll stick to my BTC thanks.

  29. #2579
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    Quote Originally Posted by mr noble View Post
    Hmmmmm. It looks more noticeable on these charts. Both snapshots takes at the same time showing the 15m charts for earlier today. Crazy different movements for the same timeline.
    That's a data problem.

    I have been able to reconstruct your chart: BTC/USD is blue, BTC/GBP from Coinbase is orange and BTC/GBP from Bitfinex is purple.

    You can see that the Coinbase feed is the outlyer, there is clearly something wrong with the feed. The BTC/GBP and BTC/USD from Bitfinex are so close as they should given that GBP/USD doesn't change on a Sunday.

    If there was a noticable difference between the GBP and USD markets, it could be arbitraged and it would be arbitraged. Just takes a small script on a Raspberry Pi to reap such differences and make free money.


    #Tchnkng

  30. #2580
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    Quote Originally Posted by Raffe View Post
    . Just takes a small script on a Raspberry Pi to reap such differences and make free money.
    That is exactly what I was thinking.....is there not a simple way to extort the difference if these pair don't match? I guess you're right and it is not at all possible.

  31. #2581
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    Quote Originally Posted by mr noble View Post
    That is exactly what I was thinking.....is there not a simple way to extort the difference if these pair don't match? I guess you're right and it is not at all possible.
    It is very easy to arbitrage, either between BTC/GBP and BTC/USD or across two exchanges, will cost you less than 100 quid to run such a machine.

    But the problem is that this never happened. It is only a data inconsistency in the price dissemination feed.
    Last edited by Raffe; 19th April 2021 at 18:29.
    #Tchnkng

  32. #2582
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    Tomorrow is Doge day.

    4/20, should be good for the final rally to 69 cents. Let the degenerate take over the planet.
    #Tchnkng

  33. #2583
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    Quote Originally Posted by Raffe View Post
    Tomorrow is Doge day.

    4/20, should be good for the final rally to 69 cents. Let the degenerate take over the planet.
    God knows why but i've taken a (very small) punt.

  34. #2584
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    Quote Originally Posted by rico View Post
    God knows why but i've taken a (very small) punt.
    I have to say I am tempted, but since you cannot trade this on a decent exchange, I don't.
    #Tchnkng

  35. #2585
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    Quote Originally Posted by Raffe View Post
    That's a data problem.
    The historical pricing data files also often contain erroneous entries and it is always prudent to scan and check them for content that has obviously got mangled. (Not unique to bitcoin either by the way.)

    #ChiefRocketFueller

  36. #2586
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    The recent traded volume of DOGE is incredible.

  37. #2587
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    Few understand this: why crypto won't have a happy ending. Feel free to ignore at your own peril.

    https://www.linkedin.com/pulse/rules...tin-steinmann/
    #Tchnkng

  38. #2588
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    Quote Originally Posted by Raffe View Post
    Few understand this: why crypto won't have a happy ending. Feel free to ignore at your own peril.

    https://www.linkedin.com/pulse/rules...tin-steinmann/
    Good read
    "When You Go Home, Tell Them Of Us And Say,
    For Their Tomorrow, We Gave Our Today"

  39. #2589
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    Quote Originally Posted by Raffe View Post
    Few understand this: why crypto won't have a happy ending. Feel free to ignore at your own peril.

    https://www.linkedin.com/pulse/rules...tin-steinmann/
    Interesting read, I’ve never quite understood the role of tether in the system ...

  40. #2590
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    Quote Originally Posted by Raffe View Post
    Tomorrow is Doge day.

    4/20, should be good for the final rally to 69 cents. Let the degenerate take over the planet.
    Quote Originally Posted by rico View Post
    God knows why but i've taken a (very small) punt.
    Quote Originally Posted by Raffe View Post
    I have to say I am tempted, but since you cannot trade this on a decent exchange, I don't.
    Hit 0.4242 (saw a screenshot on Twitter) and then collapsed. Apparently everybody bought already yesterday and just wanted to see it go up today - which is a bit difficult without fresh buyers.

    There you have the cardinal problem in crypto as an asset class: the moment there is nobody left willing to pay a higher price, you are toast.

    Watch out.
    #Tchnkng

  41. #2591
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    Would it follow then that as more people entered the crypto market, it would become more stable as an asset class? And that makes me wonder what % of the developed world have a position in crypto and how does that compare to the established asset classes?

    I know loads of people with property investments, very few with gold and only one or two with crypto.

    The point of my post is to wonder, is it just early with crypto?

  42. #2592
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    Quote Originally Posted by Raffe View Post
    Few understand this: why crypto won't have a happy ending. Feel free to ignore at your own peril.

    https://www.linkedin.com/pulse/rules...tin-steinmann/
    Great post, thanks
    Cheers..
    Jase

  43. #2593
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    Quote Originally Posted by Montello View Post
    Interesting read, I’ve never quite understood the role of tether in the system ...
    I still don’t.

    I certainly don’t understand why anyone buys it when the price never seems to move. It’s MCap seems nuts.

  44. #2594
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    DOGE down BTC up.......



    Doggy day never happened. Same as the “Silver Squeeze”.

  45. #2595
    Quote Originally Posted by mr noble View Post
    I still don’t.

    I certainly don’t understand why anyone buys it when the price never seems to move. It’s MCap seems nuts.

    It's what's known as a stable coin linked to the US dollar, it's not meant to fluctuate much

  46. #2596
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    Quote Originally Posted by Vanguard View Post
    It's what's known as a stable coin linked to the US dollar, it's not meant to fluctuate at all
    FTFY
    #Tchnkng

  47. #2597
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    Quote Originally Posted by Vanguard View Post
    It's what's known as a stable coin linked to the US dollar, it's not meant to fluctuate much

    That was the point of my question about why people would have piled billions of quid into a stable coin that isn't supposed to do anything!? I don't get it.

  48. #2598
    Quote Originally Posted by mr noble View Post
    That was the point of my question about why people would have piled billions of quid into a stable coin that isn't supposed to do anything!? I don't get it.
    Have a read, I have used USDC in the past as you can get anything between 8-12% interest on the money

    https://www.coindesk.com/what-are-stablecoins

  49. #2599
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    Quote Originally Posted by petethegeek View Post
    The historical pricing data files also often contain erroneous entries and it is always prudent to scan and check them for content that has obviously got mangled. (Not unique to bitcoin either by the way.)
    And here's a topical example to illustrate the point.

    Quote Originally Posted by mr noble View Post
    ARB is having a good day. Finally.


    No hints, tip offs or warnings, just a sudden flash crash on your chart.

    #ChiefRocketFueller

  50. #2600
    Grand Master Raffe's Avatar
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    Quote Originally Posted by petethegeek View Post
    And here's a topical example to illustrate the point.





    No hints, tip offs or warnings, just a sudden flash crash on your chart.

    #ChiefRocketFueller
    GBp versus GBP
    #Tchnkng

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