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Y'all watching crypto today?

paterfamilias

paterfamilias

Seasoned Member
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Been an exciting day for those interested in this sort of thing.

Hit me with your finest tinfoil grade theories

I don't particularly have any. Just see it as whales manipulating and treating it as an opportunity.
 
It’s on sale. The market manipulation has started this year.
 
Not just bitcoin, looks like an everything crash. However, I'm struggling to find informed commentary on it explaining the actual causes that isn't behind paywalls. Anyone have some informative reading material to share?
 
FollowingHim said:
Not just bitcoin, looks like an everything crash. However, I'm struggling to find informed commentary on it explaining the actual causes that isn't behind paywalls. Anyone have some informative reading material to share?
Click to expand...
I have always found ZeroHedge to be the best place to start. (Even there, on days like today, some of the best is now behind a paywall, but their headlines are informative:

The $20 Trillion Carry Trade Has Finally Blown Up | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com

Edit: "Panic in Japan," which disappeared.

"Market sources" claim a number of recent triggers. (Big riots in UK, war for Israel, which is so bad they even moved the Puppet to the situation room, bad jobs data admitted in US, triggering 'recession' according to leftist 'economist', etc.) Late last week the 'recession warning' had the masses (and Fed) prepping for Big Rate Cuts just in time for the Kamala blow-up doll. But the consensus is, this latest inevitable collapse manifested first in Japan.

Black Monday: Futures Plummet As VIX Hits 62, Japan Suffers Worst Point Drop In History | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com

And the leftist Daily Mail parrots
www.dailymail.co.uk

Fears US is heading for recession triggers global stock market plunge

Experts at investment bank Goldman Sachs said they now believed there was a staggering 25 per cent chance of a recession in the US - up ten percent from their previous estimate of 15 per cent.
www.dailymail.co.uk www.dailymail.co.uk


I can't help but think that the (unspoken but obvious) intent to continue to kill Trump, and install another airhead puppet, while "Rome burns," is at the heart of 'investor fears.' The media has pulled out the stops for the coming US implosion, and markets are starting to believe there may be more 'fallout...' ;)
 
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The Revolting Man said:
Scams always fall apart eventually. If it’s not this time it will be one of these times.
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I don't disagree about it being a bunch of blather but it is however blather that is not going away and it has significant utility.

I know a guy named Ben who is on the surface quiet and unassuming with a boring and not particularly good paying job. He got in on bitcoin earlier than I did by a long chalk. During the worst part of covid panic while everyone and their dog who could manage it was moving out of the cities and a postage stamp of land eith a rickety house in rural Texas was about 600k, Ben decided he would cash in some of hit bitcoin and get away from the people acting like needlessly panicked loons.

He got sixty acres with a very nice large home with loads of infrastructure and all the bells and whistles you could want. I don't know what he paid but I do know it was listed for 2M.
Also don't know what price Ben had as his opportunity cost on the bitcoin he sold but did hear him loud and clear when he said that he loves the fact that his home was "free".

Trump wants to do a strategic reserve of bitcoin. Other countries are adopting that strategy as well. Germany had a nice little bit but poorly crafted their regulations or failed to change them when they started their bitcoin reserves in that their state is not allowed to maintain assets over certain values in certain circumstances.

The point is that until the lights go out, the crypto thing will be hanging around. And only becoming more pervasive in our lives.
 
paterfamilias said:
I don't disagree about it being a bunch of blather but it is however blather that is not going away and it has significant utility.

I know a guy named Ben who is on the surface quiet and unassuming with a boring and not particularly good paying job. He got in on bitcoin earlier than I did by a long chalk. During the worst part of covid panic while everyone and their dog who could manage it was moving out of the cities and a postage stamp of land eith a rickety house in rural Texas was about 600k, Ben decided he would cash in some of hit bitcoin and get away from the people acting like needlessly panicked loons.

He got sixty acres with a very nice large home with loads of infrastructure and all the bells and whistles you could want. I don't know what he paid but I do know it was listed for 2M.
Also don't know what price Ben had as his opportunity cost on the bitcoin he sold but did hear him loud and clear when he said that he loves the fact that his home was "free".

Trump wants to do a strategic reserve of bitcoin. Other countries are adopting that strategy as well. Germany had a nice little bit but poorly crafted their regulations or failed to change them when they started their bitcoin reserves in that their state is not allowed to maintain assets over certain values in certain circumstances.

The point is that until the lights go out, the crypto thing will be hanging around. And only becoming more pervasive in our lives.
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I’m fine with making money off it but it is the most egregious form of fiat yet devised. That’s not to say a worse form of fiat won’t arise behind it but it’s the worst so far.
 
The Revolting Man said:
I’m fine with making money off it but it is the most egregious form of fiat yet devised. That’s not to say a worse form of fiat won’t arise behind it but it’s the worst so far.
Click to expand...

Certainly and same here.
I don't believe in it qua believe as in support the concept. It is ludicrous on the very face.

Besides, I am the loony in the group who believes a modern day flood is coming which will erase all of modernity moderately soon. So the 1's and 0's are going to be gone in our lifetime if you wear my geomagnetic excursion branded tinfoil hat.
For the moment however...I have notions not unlike the guy in the story I told.
 
paterfamilias said:
Certainly and same here.
I don't believe in it qua believe as in support the concept. It is ludicrous on the very face.

Besides, I am the loony in the group who believes a modern day flood is coming which will erase all of modernity moderately soon. So the 1's and 0's are going to be gone in our lifetime if you wear my geomagnetic excursion branded tinfoil hat.
For the moment however...I have notions not unlike the guy in the story I told.
Click to expand...
And to be fair my (literally) precious silver is having a very bad day too.
 
Bank of Japan (Japan's central bank) has raised interest rates from 0 to 0.1%. This is cause of crash of everything.

When Fed has started raising interest rates, it was same. Bubble popping.

Point is that decade and more easiest way to make money was to borrow yen at 0% (courtesy of BoJ). Now there is no more free money in world.
 
The Revolting Man said:
And to be fair my (literally) precious silver is having a very bad day too.
Click to expand...

Yeah, I was watching that as well.
Just went deeper into bitcoin. The metals purchases are just not practical for short term quick opportunistic purchasing. Especially on a Sunday
 
Paper precious metals almost always have a bad day when broader markets get hammered:

1) What manipulation there is (and there's lots) tends to hammer (short sales) so as to discourage "safe haven' buying. Can't have the Rubes wakin' up too soon.

2) When speculators get 'margin calls' (or just need to eat or pay rent) they tend to "sell everything." Usually because they HAVE to.

And if the manipulators can "pile on" and drive down any 'fiat alternative,' those factors get positive feedback into the collapse.

Oh, and when markets eventually start to go 'no bid' - there is almost always a 'bid' for something real. Like gold or silver. That does not necessarily go for the paper versions, however.
 
The Revolting Man said:
And to be fair my (literally) precious silver is having a very bad day too.
Click to expand...
Now that is weird. Even gold went down.

I thought maybe silver and gold weren't dropping and it was the USD that was rising, but when you compare the USD against a range of other currencies there is no consistent trend, it's up against some and down against others.

So where is the money going? People are selling shares, clearly, that's what causes the price to drop. What are they buying?
 
FollowingHim said:
Now that is weird. Even gold went down.

I thought maybe silver and gold weren't dropping and it was the USD that was rising, but when you compare the USD against a range of other currencies there is no consistent trend, it's up against some and down against others.

So where is the money going? People are selling shares, clearly, that's what causes the price to drop. What are they buying?
Click to expand...



"Women be shopping"
 
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