BITCOIN

Scottex99

BearWhite said:

What I like about Bitcoin 'bubbles' is how the price has always been much higher than in the previous bubble:

• 2013 - $1242
• 2017 - $19,783
• 2021 (assuming this was the top) - $64,805.

Does that mean long term it's a trend rather than a bubble?

Will be a huge bubble when it’s $400k in 2023 haha

Scottex99

$30K support was not broken but touched and bounced. Bitcoin is now likely in the bull trap phase of a bubble; see:

https://transportgeography.org/contents/chapter3/transportation-and-economic-development/bubble-stages/

The next move will be down to the long term base trend line sub $20K.

The stupid hype I refer to is 'diamond hands', 'paper hands', 'HFSP' and all that utter nonsense which is so typical of a bubble mania.

All the phrases that are mentioned are different when they come from noobs getting rekt buying dog coins and from people who actually “know what they are doing”. And at least half the time it’s in jest anyway. I wouldn’t get hung up about it. Funnily enough YouTube just suggested a vid from that same guy titled “why I sold all my Bitcoin”. Actually it’s why I sold all my Bitcoins, eww.

I came from traditional banking, this is a million miles from that mainly boring stuff. The whole industry is full of memes and generally fun whilst people still work hard and build stuff. I just traded 150 BTC and stopped to tell a story halfway through. That’s why I’m in it personally 

HansOndabush

Was it a story about someone losing all their wealth gambling on crypto?

[Deleted User]

HansOndabush said:

Was it a story about someone losing all their wealth gambling on crypto?

No, it was the story of when Scottex99 invented radiation.

Scottex99

HansOndabush said:

Was it a story about someone losing all their wealth gambling on crypto?

Probably.

Watched 1.5 more videos of that guy, pretty bad. He's scared of Tether asset backing so he's sold his entire portfolio except for DOGE? Riiight, makes sense. Comments are pretty funny though 

HansOndabush

Well he is right to be concerned about Tether's backing; what was supposed to be 1:1 backed by the cash dollar is in fact only backed 1 Tether to 0.029 Cash Dollar:

https://www.ft.com/content/529eb4e6-796a-4e81-8064-5967bbe3b4d9

Scottex99

Most savvy people use USDC instead. We trade both every day. Tether is still the most traded asset, every single day.

If it was printed without any backing and lost its peg then yeah it would hurt the market but it’s been rumored for years and never happened. There’s plenty of alternatives.

Not seeeing BTC at $20k yet, what’s your timeline?

HansOndabush

This year, probably sooner rather than later, like the next month or two.

mooneysaver

Scottex99 said:

Most savvy people use USDC instead.

https://mobile.twitter.com/DesoGames/status/1397114534087770113

Very savvy...

HansOndabush

USDC doesn't get you much that you don't already have with a US dollar except some unwanted counterparty risk. It won't protect you from inflation. I don't see what is so 'savvy' about using it apart from it potentially not being as bad as Tether?