Bitcoin pushing $70k...

[350 mag]

Originally Posted by Ken07AOVette

Have you watched the big short?

Little off topic, but goes into explanations of stocks in a very interesting way.

Yes many times.

You should look for " Margin Call"which is another movie about GFC.

Bitcoin still bouncing around 57-59,000.

Good bullish long consolidation just like January.

CELsius hit new all time high last night. $7.44.

Was .06 cents last March 2020....to $7.44.

The only mistake is I didn't buy more...

[350 mag]

Margin Call is trending on Netflix?

Bad omen.

Great movie... especially Jeremy Irons character loosely modelled after Lehman Bros. CEO.

Worth a watch!

Be smarter, be first or cheat!

[Austin]

Bitcoin now over 80,000. Cathie Wood pumping it saying if only institutions invest only 1% of their portfolios,,, it will 10x

[fishtank]

If everything goes smoothly they will be hitting it .... but if one issue with brokerage and government it will drop like a rock. Price is Still Very fragile and has not reach the safe stable status of gold , a lot of thing can go wrong 1 being with the Chinese controlled farms and they have lots . They can clamp down and shut down a big percentage of it and that would crippled the network.

[xxclaro]

Yep, topped 80k briefly yesterday. Ethereum breaking ATH as well, as are several other big cap players. Coinbase going on the NYSE this morning. Interesting times!I dare say probably the investment opportunity of the decade at least.

[KGB]

Originally Posted by xxclaro

Yep, topped 80k briefly yesterday. Ethereum breaking ATH as well, as are several other big cap players. Coinbase going on the NYSE this morning. Interesting times!I dare say probably the investment opportunity of the decade at least.

Coinbase supposed to open at $250.... opened at 350 and went to 370 but closed at $320... that can also be a gong show...

[xxclaro]

Yeah I figured it would do exactly that, spike right of the top and then dip. We'll see how it performs over the next few weeks

[Grizzly Adams]

Originally Posted by 350 mag

Margin Call is trending on Netflix?

Bad omen.

Great movie... especially Jeremy Irons character loosely modelled after Lehman Bros. CEO.

Worth a watch!

Be smarter, be first or cheat!

Another great movie if you're into this kind of stuff, gold is looking better all the time. The Laundromat.

Grizz

[350 mag]

Originally Posted by xxclaro

Yeah I figured it would do exactly that, spike right of the top and then dip. We'll see how it performs over the next few weeks

I remember when everyone laughed at Facebook IPO.

It opened at $20.

Spiked up to $40.

Dropped back to $20.

All the analysts were LOL @ the "bagholders" who bought at $40.

Afterall Facebook had ZERO earnings.....it was "worthless".

Who's laughing now???

[insomniac]

Originally Posted by 350 mag

I remember when everyone laughed at Facebook IPO.

It opened at $20.

Spiked up to $40.

Dropped back to $20.

All the analysts were LOL @ the "bagholders" who bought at $40.

Afterall Facebook had ZERO earnings.....it was "worthless".

Who's laughing now???

This is certainly true but if any of us could see the future then we'd all be billionaires... For every Facebook, there's the wreckage of hundreds of failed IPOs and tech startups...

Cryptocurrencies have the advantage of not being tied to any one country. This is also what contributes to it's volatility.

You can certainly make money on any volatile asset but the reward comes with a big risk too...

[xxclaro]

Originally Posted by insomniac

This is certainly true but if any of us could see the future then we'd all be billionaires... For every Facebook, there's the wreckage of hundreds of failed IPOs and tech startups...

Cryptocurrencies have the advantage of not being tied to any one country. This is also what contributes to it's volatility.

You can certainly make money on any volatile asset but the reward comes with a big risk too...

The two go hand in hand no doubt. Still, all things considered, I don't see any other opportunity that is offering near the potential of crypto. Damn near impossible to get a good interest rate anywhere, government printing money like its water....a guy's gotta try something, and this is it for me.

[Arty]

Neither the price of commodities like lumber and food, nor the price of crypto-currencies are going up much. Instead, it's the relative value of watered-down fiat currency which is dropping like a rock. Mostly due to the end-effect of enabling all sorts of fiat currency to be created out of thin air, enabling the hidden tax called 'inflation' to be used to fund all sorts of hare-brained government programs and to pay interest on previous debt.

Imagine taking a glass-bottomed boat out from Hawaii into the Pacific Ocean, and watching the seabed going further and further away. It's not that you have somehow gone into orbit, it's the seabed (i.e. money's value) that is rapidly dropping down.

Common cryto-currencies have the advantage of not being manipulated or directly taxable by governments to fit their programs, which is why they are so unpopular with governments. Sort of like gold, when holding it was suddenly made illegal at the stroke of a pen during the Roosevelt administration in 1933 (based on the 'trading with the enemy act' of 1917). That was so inflation could be forced into the economy to 'stimulate' it. It was only repealed by Gerald Ford in 1974 fully forty-one years later.

And Nixon stopped the convertibility of the USD into gold on demand back in 1971, to allow substantial paper money inflation to take place to help fund the Vietnam War.

Despite being the primary 'miner' of bitcoin now, it appears China has created their own centrally-administered crypto with a built-in expiry date. That expiry can be triggered by authorities and will force people to go out and spend it all or lose it, to help juice their economy. All sorts of central authorities are examining how to create and impose their own centrally-administered cryptocurrency to try and remain in control of things, as people lose faith in paper/fiat money and believe more in cryptos.

By design, neither ETH or BC can be centrally manipulated. The government will certainly track and tax any conversion from fiat money to those cryptos or back again. But mining your own and using it to buy things are beyond immediate government control. So they are very interested in forcing people to use electronic forms of conventional currency, which can be traced and analyzed much more extensively to see where any unexplained sources and sinks are taking place.

The irony is, blockchain transactions are extremely well, completely documented by their nature. Everything is out in the open and is fully visible. Not anonymous at all, in fact it's the exact opposite of it. What's anonymous is the interface or fiat link over to the blockchains, which is what governments are clamping down on.

[xxclaro]

Originally Posted by Arty

Neither the price of commodities like lumber and food, nor the price of crypto-currencies are going up much. Instead, it's the relative value of watered-down fiat currency which is dropping like a rock. Mostly due to the end-effect of enabling all sorts of fiat currency to be created out of thin air, enabling the hidden tax called 'inflation' to be used to fund all sorts of hare-brained government programs and to pay interest on previous debt.

Imagine taking a glass-bottomed boat out from Hawaii into the Pacific Ocean, and watching the seabed going further and further away. It's not that you have somehow gone into orbit, it's the seabed (i.e. money's value) that is rapidly dropping down.

Common cryto-currencies have the advantage of not being manipulated or directly taxable by governments to fit their programs, which is why they are so unpopular with governments. Sort of like gold, when holding it was suddenly made illegal at the stroke of a pen during the Roosevelt administration in 1933 (based on the 'trading with the enemy act' of 1917). That was so inflation could be forced into the economy to 'stimulate' it. It was only repealed by Gerald Ford in 1974 fully forty-one years later.

And Nixon stopped the convertibility of the USD into gold on demand back in 1971, to allow substantial paper money inflation to take place to help fund the Vietnam War.

Despite being the primary 'miner' of bitcoin now, it appears China has created their own centrally-administered crypto with a built-in expiry date. That expiry can be triggered by authorities and will force people to go out and spend it all or lose it, to help juice their economy. All sorts of central authorities are examining how to create and impose their own centrally-administered cryptocurrency to try and remain in control of things, as people lose faith in paper/fiat money and believe more in cryptos.

By design, neither ETH or BC can be centrally manipulated. The government will certainly track and tax any conversion from fiat money to those cryptos or back again. But mining your own and using it to buy things are beyond immediate government control. So they are very interested in forcing people to use electronic forms of conventional currency, which can be traced and analyzed much more extensively to see where any unexplained sources and sinks are taking place.

The irony is, blockchain transactions are extremely well, completely documented by their nature. Everything is out in the open and is fully visible. Not anonymous at all, in fact it's the exact opposite of it. What's anonymous is the interface or fiat link over to the blockchains, which is what governments are clamping down on.

Excellent write up Arty, thank you. There are a couple cryptocurrencies which are very...interesting shall we say. The government is not fond of, as they don't follow that model openess and visibility. Monero, Secret and Z ash. I'm very interested to see how they will handle this.

[HyperMOA]

Originally Posted by xxclaro

Excellent write up Arty, thank you. There are a couple cryptocurrencies which are very...interesting shall we say. The government is not fond of, as they don't follow that model openess and visibility. Monero, Secret and Z ash. I'm very interested to see how they will handle this.

So how does a cryptocurrency start? Genuinely interested. What stops us from creating the AOBigBucks?

[xxclaro]

Originally Posted by HyperMOA

So how does a cryptocurrency start? Genuinely interested. What stops us from creating the AOBigBucks?

You could actually do it fairly easily. There are several different projects out there that let you "mint" a coin on their blockchain. Then, you have to convince people that it has potential to go up and make money. If you can make enough people believe and put their money in, your rich! Its one of the reasons that so many coins are popping up all the time, with names designed to get peoples attention and invest in them. Many offer absolutely nothing in the way of utility, just a bunch of people hoping to buy in at almost zero and pump it up till they can make a bunch of money....these are commonly known as ****coins.

Bit of a crazy time in crypto right now, with absurd gains being made on crap projects. I try to stick to the ones that are actually working on needes products with real world use cases.

[fishtank]

Doge is running wild ...

[xxclaro]

Yeah Doge went on a bit of a wild tear there! Hope people made some money.

[350 mag]

Dogecoin is prime example of a classic Ponzi Scheme

Most of the 38 billion in market cap will lose their money.

It's just like pets.com or ANY number of the hundreds of dot.coms that ceased to exist after 2001.

The REAL coins with utility will survive.....Dogecoin won't be one of them.

[bdub]

U.S. TREASURY TO CHARGE SEVERAL FINANCIAL INSTITUTIONS FOR MONEY LAUNDERING USING CRYPTOCURRENCIES.

That may explain the big drop. Governments doing their thing.

[350 mag]

Originally Posted by bdub

U.S. TREASURY TO CHARGE SEVERAL FINANCIAL INSTITUTIONS FOR MONEY LAUNDERING USING CRYPTOCURRENCIES.

That may explain the big drop. Governments doing their thing.

That's a rumor for now....

The reason for the drop was Whales targetting leveraged long traders on exchanges that allow 100x leverage.

Of course they short it on the weekend when volume is low....enough so margin calls kick in....and the exchanges liquidate positions to cover.

This has happened so many times on weekends it's almost a given to happen and keep happening.

[Jayhad]

Originally Posted by xxclaro

Yeah Doge went on a bit of a wild tear there! Hope people made some money.

I bought in Jan, this week has been excellent.

[bdub]

Originally Posted by 350 mag

That's a rumor for now....

The reason for the drop was Whales targetting leveraged long traders on exchanges that allow 100x leverage.

Of course they short it on the weekend when volume is low....enough so margin calls kick in....and the exchanges liquidate positions to cover.

This has happened so many times on weekends it's almost a given to happen and keep happening.

When something with a market cap of a trillionish dumps that much, someone must be selling a lot. Just curious who and why?

[dennis47]

I wish i had took interest in it back in 2010

[350 mag]

Originally Posted by bdub

When something with a market cap of a trillionish dumps that much, someone must be selling a lot. Just curious who and why?

It's a "long" squeeze.....

Alot of Crypto exchanges offer 100x leverage.

So people borrow money to buy Bitcoin on margin, using their Bitcoins stored on the exchange as collateral.


So when the Bitcoin market has a spike, maybe gets a little overbought.....the Hedge Funds/ "Whales"....start running the calculations on how much money it will take to "short" Bitcoin enough to trigger those exchanges to trigger margin calls and when that happens they liquidate or sell users Bitcoin automatically to cover their margin.

It's a game played in every aspect of the market.

Bitcoin is relatively small when compared with Gold for example.

You DONT see this activity during the week and it's usually on a Saturday... in the middle of the night while the biggest players are asleep in their beds.

It's a raid....nothing more or nothing less.

How else you think they drop the price 15% instantaneously? That's NOT normal selling...!!!

The absolute simplistic beauty of Bitcoin Blockchain is you can see exactly where, how, and why what's happening.

Keep in mind over 60% of the Bitcoins are NOT on exchanges....therefore they are being cold stored,/HODLed and not being traded....so that makes an allready scarce asset even easier to manipulate!

[350 mag]

Yahoo Finance
CoinDesk
Crypto Futures Saw Record $10B Worth of Liquidations on Sunday
Omkar Godbole
Mon, April 19, 2021, 5:37 AM·2 min read

The crypto futures market saw the highest nymber of liquidations in history on Sunday as the sudden bitcoin price pullback caught overleveraged traders off guard.

Exchanges offering crypto futures liquidated $10 billion worth of positions on Sunday, toppling the previous market-wide record of $5.77 billion registered on Feb. 23, according to data provider Bybt.

Forced closure of long positions or bullish trades accounted for $9.26 billion, or over 90% of total liquidations, which shows the leverage was excessively skewed bullish across the board.


Bitcoin futures accounted for more than 50% of total market-wide liquidations on Sunday. Liquidations happen when trades cannot fulfill margin requirements for holding long/short positions and often exacerbate bullish/bearish moves.

Bitcoin dropped sharply, from $60,000 to $52,148 early Sunday, dragging alternative cryptocurrencies lower. As prices started falling, margin requirements increased and exchanges liquidated longs (squared off with offsetting shorts), adding to downward pressure in the market.

“This [downward] move was definitely driven by the vast amount of futures being liquidated,” Viktor Franken, options trader at Orca Traders, told CoinDesk in a Telegram chat. “Additionally, it was a weekend, and liquidity was thin during the early Asian hours.”

The massive forced closure of longs pushed bitcoin futures into backwardation – a market condition where futures trade at a discount to the spot price.


As seen above, bitcoin futures listed on Binance and Kraken traded at a bigger discount than the ones listed on other exchanges, showing the dump mainly happened on Binance and Kraken.

“On Binance, the drop was so bad that you were able to pick up long-term futures at prices well below the spot market,” Adam Cochran, a partner with Cinneamhain Venture, wrote in a tweet. “While spot [markets] dipped to $51,000, futures were trading in the low $40,000.”

The situation has normalized, with futures drawing higher prices than the spot price. Bitcoin is currently trading near $56,700 – up 8% from Sunday’s low, according to CoinDesk 20 data.

“The fact that we’ve seen strong buying interest near the psychological $50,000 mark should be a relief for bitcoin bulls following the weekend plunge,” Ipek Ozkardeskaya, senior analyst at Swissquote Bank, told CoinDesk.

The cryptocurrency may have received a boost from signs of China is softening its stance on cryptocurrencies. On Sunday, Li Bo, deputy governor of the People’s Bank of China, called bitcoin and stablecoins “investment alternatives.”

“Lingering regulatory risks could end up clearing the way for further upside in bitcoin if lawmakers sound favorable for the cryptocurrencies’ inclusion in the traditional financial system,” Ozkardeskaya said.

[xxclaro]

Originally Posted by 350 mag

It's a "long" squeeze.....

Alot of Crypto exchanges offer 100x leverage.

So people borrow money to buy Bitcoin on margin, using their Bitcoins stored on the exchange as collateral.


So when the Bitcoin market has a spike, maybe gets a little overbought.....the Hedge Funds/ "Whales"....start running the calculations on how much money it will take to "short" Bitcoin enough to trigger those exchanges to trigger margin calls and when that happens they liquidate or sell users Bitcoin automatically to cover their margin.

It's a game played in every aspect of the market.

Bitcoin is relatively small when compared with Gold for example.

You DONT see this activity during the week and it's usually on a Saturday... in the middle of the night while the biggest players are asleep in their beds.

It's a raid....nothing more or nothing less.

How else you think they drop the price 15% instantaneously? That's NOT normal selling...!!!

The absolute simplistic beauty of Bitcoin Blockchain is you can see exactly where, how, and why what's happening.

Keep in mind over 60% of the Bitcoins are NOT on exchanges....therefore they are being cold stored,/HODLed and not being traded....so that makes an allready scarce asset even easier to manipulate!

Its happened often enough now you'd think the leverage traders would have learned, but they don't seem to be slowing down at all.

[mooseknuckle]

Bought some Munch coin, had most of my money in FEG, sure glad I did. Skyrocketed today. pulled a nice number, let the rest ride.

[tirebob]

A good buddy of mine dropped $3500 into a crypto currency called SAFEMOON on his birthday not long ago on a whim. Just logged into his wallet this morning and gave himself an aneurysm... He sent me a screen shot... Over $232K in Canadian dollar value!! Dang!!

[Howard Hutchinson]

That is fantastic for your buddy, Bob,. Wow!!

So I am just getting into this myself. How does one translate that into US/CDN currency, the easiest way? I know it's probably easily answered by those in the know, yet I am not 100% certain. I assume those like bitcoin and Ethereum are easier than others?

I understand there are retailers who accept yet I'm wondering for liquidation purposes.

[fishtank]

Originally Posted by tirebob

A good buddy of mine dropped $3500 into a crypto currency called SAFEMOON on his birthday not long ago on a whim. Just logged into his wallet this morning and gave himself an aneurysm... He sent me a screen shot... Over $232K in Canadian dollar value!! Dang!!

How do one go about selling and cash out ?