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It’s amazing to me that enough people still believe in the crypto scam to keep pumping BTC above $15k. I guess they are still managing to mint fools at a fast e
by mberning 4y ago
It’s amazing to me that enough people still believe in the crypto scam to keep pumping BTC above $15k. I guess they are still managing to mint fools at a fast enough pace to keep the price up.
- rxyz 4y agoBTC has survived a lot of "crypto scams" though
- k__ 4y agoWhat's collapsing again and again are the companies that try to force TradFi ideas onto the DeFi ecosystem. So, in terms of "crypto scam," there's nothing to see here.
- flanked-evergl 4y ago[deleted]
- maeln 4y ago> He had vowed to give up to $1bn to political candidates linked to causes he supported, a pledge from which he later backed away. I can too promise the moon and never deliver.
- deleted 4y ago[deleted]
- maeln 4y agoEvery collapse has been self made. I don t see how the institution have anything to do with that.
- k__ 4y agoSorry. With institutions, I meant companies like FTX.
- JustLurking2022 4y agoExcept those are the same companies bringing in all the buyers of crypto that prop up the price. Without scammers, the price drops like a rock.
- scrlk 4y agoIt's likely that market makers are holding the ~$15k floor to prevent a liquidation cascade.
- tootie 4y agoIs everyone fleeing exchanges and just buying classic BTC and Eth?
- flanked-evergl 4y agohttps://www.ft.com/content/428c7800-c72d-4c59-9940-4376fea6e263 https://www.ft.com/content/428c7800-c72d-4c59-9940-4376fea6e... > Sam Bankman-Fried stormed on to the US political scene with multimillion-dollar donations that led lawmakers, particularly Democrats, to believe he was ushering in the next generation of donors. But in a matter of days, his business empire collapsed into bankruptcy and the prospect of millions more in donations evaporated. https://fortune.com/2022/11/10/sam-bankman-fried-ftx-joe-biden-democratic-party-second-biggest-donor/ https://fortune.com/2022/11/10/sam-bankman-fried-ftx-joe-bid... (https://archive.ph/BBpQN#selection-417.0-424.0 https://archive.ph/BBpQN#selection-417.0-424.0) > The 30-year-old Bankman-Fried has been a major force in Democratic politics, ranking as the party’s second-biggest individual donor in the 2021–2022 election cycle, according to Open Secrets, with donations totaling $39.8 million. That ranks only behind George Soros (about $128 million) but ahead of many other big names, including Michael Bloomberg ($28.3 million). What’s more, he had promised to spend far more on Democrats moving forward, predicting in May that he’d fund “north of $100 million” and had a “soft ceiling” of $1 billion for the 2024 elections.
- bamboozled 4y agoSorry, why is this comment relevant to the parent? Because he donated money to Democrats it makes people still want to invest in cryptos, is that the message?
- andybp85 4y agoit's that money talks, especially to people who don't understand technology enough to spot obvious bullshit. which of course isn't a justification for anything other than why the price of bitcoin is relatively impervious to logical analysis.
- flanked-evergl 4y agoDon't blame crypto for a fraudulent organization that was more politically connected than almost any other organization. If you want to complain about BTC, complain about BTC. FTX was not BTC.
- stephc_int13 4y agoA very large pool of people have skin in the BTC game, some of them are billionaires with market manipulation power, like the Winklevoss twins.
- JumpCrisscross 4y ago> billionaires with market manipulation power, like the Winklevoss twins The Winkelvoss’s net worth [1] is less than half of FTX’s shortfall alone [2]. These folks didn’t get rich by giving their money away. [1] https://www.celebritynetworth.com/richest-businessmen/tyler-cameron-winklevoss-net-worth/ https://www.celebritynetworth.com/richest-businessmen/tyler-... [2] https://www.bloomberg.com/news/articles/2022-11-10/sam-bankman-fried-s-ftx-faces-8-billion-shortfall-possible-bankruptcy https://www.bloomberg.com/news/articles/2022-11-10/sam-bankm...
- louwrentius 4y agoI don't think there are enough people believing in crypto or specifically BTC. I believe that it's all insider trading, and fraud that keeps the price above $0.
- Gasp0de 4y agoIt's not Bitcoin that is the scam, it is companies run by criminals to steal peoples money.
- HebericNewt 4y agoIf someone offered you 1BTC for $10k right now you would bite their hand off. At $14k it would be still some of the easiest money you've made in your life. Even if you have the most cynical opinion of cryptocurrency, you must admit it's alive and well. It is as long as there are enough people who believe that it is - and your honest answer to the above would reveal that you know that to still be very true.
- throwawaysleep 4y agoOh absolutely. Had I known the absurdity of crypto would still have been going on this long, I would have set up a bunch of rug pulls and run away with the money. Interrst rate hikes kill zombie companies. Scams put dumb people under the lash of their betters.
- LastTrain 4y agoIt's all scams and frauds and you are upset... because you weren't in on it?
- datavirtue 4y agoYes. This is the attitude that open lawlessness breeds. Laws (enforced laws!) keep good people good.
- throwawaysleep 4y agoIf laws do not matter, I am not willing to follow laws.
- LastTrain 4y agoRight. When we talk about laws not getting enforced leading to people doing bad things, we're talking about you. You seem alright with that, which I've already noted.
- 4y ago
- candiddevmike 4y agoTether keeps BTC above 15k IMO. They keep printing more anytime it starts to dive. Will tether survive the bank runs?
- d3nj4l 4y agoI've seen a lot of people say this (and I'm sure you're all correct!) but I never understod the link between BTC and Tether. Multiple attempts to explain it have gone over my head. Am I just stupid?
- once_inc 4y agoConsider it such: there is a company that wants bitcoin to stay above 15k. Every time the order books show a significant decline below 15k, that company issues new tokens that are treated as dollars by exchanges in order to buy bitcoin. This stays very much viable. Right up to the point that it isn't. Then, people will wonder what is backing those tokens, and if they want to risk the event that they aren't worth their advertised value. Then, a liquidation crunch happens and the company collapses in onto itself.
- d3nj4l 4y agoOk, so roughly speaking, 1 BTC != USD 15k, 1 BTC = USDT 15k, and people broadly agree 1 USDT = 1USD (for now)?
- candiddevmike 4y agoIMO, the entire crypto market cap broadly hangs on folks believing that last part.
- xorcist 4y agoThat's not really an explanation as Tether does not make cooking the books any easier. You could just as easily lie about how much USD or BTC you have. It would also be a whole lot less visible, having huge unexplained stablecoin holdings is a giant red flag visible to everyone. It does not make sense. That said, the Tether situation is clearly fraudulent in some way, just not the one people usually put forward. So stay away, if you aren't already.
- candiodari 4y agoBecause there are too many people that are in the situation that state actors steal from them more than these scams do. Anyone doing international money transfers. Hell, that included intra-EU money transfers not 5 years ago. Anyone in a bunch of countries. Lebanon being the most recent addition. Venezuela, Columbia, Turkey, Russia, Greece (sort-of-not-quite-anymore) ... Anyone in legal but unfairly treated business/professions. Situations vary from country to country. From sex work, even website admins, to "the unbanked", who can expect the authorities to impound their money at the drop of a hat. Anyone who wants to do large cash transactions safely without using a bank. And that DOES NOT mean drugs. Reality: you do this because you're afraid bank transactions can be reversed, which is possible in a bunch of places. Large, in the EU, has now become smaller than the cost of a used car. Recently, if your transaction involves anyone on social security, your or their bank transactions may be monitored very closely by non-judicial institutions. If this is unwanted (and I guarantee it'll be unwanted) that will means you either use cash or crypto, depending on the amount. Although a lot of people in this segment haven't really discovered crypto yet.
- xorcist 4y agoWouldn't we expect to see BTC hold or even gain when everyone is trying to exit their "crypto" positions? After all, BTC is the reserve currency of all these crypto scams, as you call them.
- rglover 4y agoNo, because the USD market price is psychological, just like the stock market [1]. And no, BTC is not the reserve currency; Ethereum is. Nearly all of these "crypto tokens" are just ERC-20 contracts that run as contracts on the Ethereum network. They're not even cryptocurrencies, just contracts with sets of rules that mimic the properties of a currency. [1] https://www.investopedia.com/terms/m/mr-market.asp https://www.investopedia.com/terms/m/mr-market.asp
- max51 4y agoWould it be less a scam for you if they did a 1-to-1000 split and 1BTC was 15$?! Using the sticker price to decide if a crypto/stock is a scam or not a very good idea.
- paulpauper 4y agoIt's a dead cat bounce. It fell 20% in a week, so a tiny bounce is expected. It will be faded soon enough. (already is). Probably 12k soon.