BITCOIN

aaj123

darren232002 said:

Get the popcorn. The cracks from raising interest rates to unsustainable levels have begun to appear.

The loss of USDC and Dai peg over the weekend is a shock event but I am pleasantly surprised how well the market has held up so far despite this. Tomorrow will be interesting. 

On the other hand, any hint of interest rates steadying or going down may see crypto shoot up.

Bit of a spinning top in the short term so could go either way. 

DannyCarey

darren232002 said:

Get the popcorn. The cracks from raising interest rates to unsustainable levels have begun to appear.

I'm not sure it will be a positive thing for Bitcoin, at least in the short to medium term,  should a lot more banks fail. There will be wide spread panic and many flocking to any form of cash they can get as the spiral happens. You could argue Bitcoin was made for this but at present it's apparent the market is still easily spooked.

aaj123

No one with short time frame in mind should be getting into Bitcoin / ETH no matter how attractive the price looks. On the flipside, anyone with a timeframe of anything more than 2 or three years should look to get a position and do their research to quell the 'will go to zero' line that gets thrown in by mainstream media.

aaj123

Could be a volatile ride but what has emerged so far is a sharp spike for Bitcoin.

User232002

DannyCarey said:

darren232002 said:

Get the popcorn. The cracks from raising interest rates to unsustainable levels have begun to appear.

I'm not sure it will be a positive thing for Bitcoin, at least in the short to medium term,  should a lot more banks fail. There will be wide spread panic and many flocking to any form of cash they can get as the spiral happens. You could argue Bitcoin was made for this but at present it's apparent the market is still easily spooked.

Oh, I agree. In such a situation, Bitcoin probably tanks like everything else as people scramble for liquidity. 

But if you were going to write a script to show people exactly what Bitcoin was made for, this is probably it.

Scottex99

Never a dull day eh.

Re-pegged now and USDT is at a premium. Is that also a de-peg if it goes to $1.05? Haha.

Circle handled it pretty well imo. USDC at 90c was a good buy. I didn't take the risk and dumped all mine into BTC & ETH on Saturday, scarred from Terra and UST.

Silvergate & Signature going down is problematic for a lot of crypto firms though.

Onwards we go

aaj123

Funny how all these years this forum has a tendency to smirk at calling Bitcoin an investment and simply point to how the price is so much below the most recent peak (no matter its many times what it was only a few years back). Yet, no such snarky comments are made about dud high profile shares of banks like CS and DB which have been on a permanent slide for ages.

Frequentlyhere

aaj123 said:

Yet, no such snarky comments are made about dud high profile shares of banks like CS and DB which have been on a permanent slide for ages.

The difference being that there isn't a group of people claiming that CS/DB shares are the future of money and mocking everyone for being invested in anything else or even just for believing in actual money.

Odd thing to say anyway as whilst price changes prompt discussion, anyone who pays attention can see just how manipulated it is. I mean, look at now. Crypto-friendly banks going down, Binance looks set to dash off with the cash, all fiat exit doors are being systematically sealed and BTCUSD is +20% in the last 5 days. It's a nonsense.

aaj123

Frequentlyhere said:

 Crypto-friendly banks going down, Binance looks set to dash off with the cash, all fiat exit doors are being systematically sealed and BTCUSD is +20% in the last 5 days. It's a nonsense.

It is not hard to understand why if you tried to find out why Bitcoin came about in the first place. All mainstream analysis tends to confuse badly run ecosystem participants with the underlying self-custodiable Bitcoin itself. Sure, if you choose to just rely on some scammy participant then you can get scammed. Doesn't mean the object you got scammed of is a scam. To put into perspective, all traditional scams have involved fiat money. Did you start therefore thinking that those scams were a reason for that fiat money to have no value?

And contrary to what you may read, no fiat exit doors are being sealed. Some participants are being restricted but have you seen the likes of Kraken or Coinbase say anything about their fiat gateways being blocked? Don't believe everything you here from ignorant journalists. Even the blocks put by banks are only on their app or online channel for precautions. No bank can refuse you sending money where you want (if a participant is not a named scammer) and they will do so through a bit of a longer telephone verification process.

Frequentlyhere

aaj123 said:

Frequentlyhere said:

 Crypto-friendly banks going down, Binance looks set to dash off with the cash, all fiat exit doors are being systematically sealed and BTCUSD is +20% in the last 5 days. It's a nonsense.

It is not hard to understand why if you tried to find out why Bitcoin came about in the first place. All mainstream analysis tends to confuse badly run ecosystem participants with the underlying self-custodiable Bitcoin itself. Sure, if you choose to just rely on some scammy participant then you can get scammed. 

The trouble is that it's the badly run ecosystem participants (i.e. Cex's) that bitcoiners need in order to fill their bags. The only way to make money with bitcoin longer term is for new mugs to join, and anything that makes it less easy for them to do so is not good for those wishing to speculate on bitcoin going up.

Re: doors being sealed, I haven't claimed it's impossible to buy crypto anymore, just that there is daily news of various shut downs of onramps/offramps. And again, anything that makes it harder is going to make noobs less likely to get involved.

Ref: "It is not hard to understand why if you tried to find out why Bitcoin came about in the first place. " could you tell us then where Bitcoin is headed next if it's not hard to understand?

If it falls back to $19k, what does that mean? If it goes to $30k is it going to stay there or swiftly up to $100k or back down to $15k?