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Good, I hope they dump it suddenly and without warning. The bitcoin trading market is much thinner than it looks -- wash trading is ubiquitous [0] and BTC's pr

Good, I hope they dump it suddenly and without warning. The bitcoin trading market is much thinner than it looks -- wash trading is ubiquitous [0] and BTC's price is systematically propped up by a likely fraudulent stablecoin [1]. High prices benefit the organized crime orgs that transact with it [2], but none of the putatively legitimate web3 projects rely on high valuations to work, in theory. If blockchain solves a real problem, it should do it at BTC = $100 or whatever. IMO, if the US government floods the market, it could do a lot of damage to organized crime groups, potentially lead to unbacked stablecoin's death spiral (as people attempt to redeem more cash than they actually have on hand), and perhaps lead to a healthier, less mania-prone crypto market. [0] https://cepr.org/voxeu/columns/wash-trading-centralised-crypto-exchanges-need-transparency-and-accountability https://cepr.org/voxeu/columns/wash-trading-centralised-cryp... [1] https://www.coindesk.com/markets/2018/06/13/tether-manipulation-pushed-up-bitcoins-price-researchers-find/ https://www.coindesk.com/markets/2018/06/13/tether-manipulat... [2] https://dialogo-americas.com/articles/china-sells-fentanyl-for-cryptocurrencies/ https://dialogo-americas.com/articles/china-sells-fentanyl-f...

paulpauper 3y ago
it is already being dumped , gradually daily. hence, why btc is always weak when the stock market is open.
wholesomepotato 3y ago
Your planning to scoop up some on the cheap? Because all it would do is to benefit buyers and price would bounce back very quickly.
- FirmwareBurner 3y ago
  Bought on the cheap so that it can be dumped again once the patsies buy it and cause the price to surge and leave them holding the bags.
- setgree 3y ago
  I might get a graphics card if the crypto market collapses, but I wasn't planning to buy any BTC. Also, I think that if BTC falls below, say, 10K, a lot of loans are going to get called in suddenly, and we're going to see that a lot of people were swimming without trunks [0], i.e. mismanaging customer funds and assuming that the crypto market would go up indefinitely. In other words, I think the story we're learning now about Alameda is going to turn out to be a lot of people's story. But we shall see! [0] https://money.com/swimming-naked-when-the-tide-goes-out/ https://money.com/swimming-naked-when-the-tide-goes-out/
  - tossl568 3y ago
    You think that all the Bitcoin believers who buy relentlessly each week without question will suddenlly stop if they can now get 3x as much BTC for their fiat? Oh my sweet summer child...
  - X6S1x6Okd1st 3y ago
    Bitcoin isn't typically mined with graphics cards. Ethereum was, but is no more. I don't think the price of graphics cards is high due to cryptocurrency anymore
  - aftbit 3y ago
    GPUs are already cheap again.
  - 1vuio0pswjnm7 3y ago
    SBF is going to testify. His PR agent was asked "Will SBF testify" and replied "Does a bear shit in the woods". His lawyer is asking the court to allow him to take more Adderall so he will be approriately drugged up in the afternoon. https://ia801508.us.archive.org/25/items/gov.uscourts.nysd.590940/gov.uscourts.nysd.590940.323.0.pdf https://ia801508.us.archive.org/25/items/gov.uscourts.nysd.5...
tossl568 3y ago
>Good, I hope they dump it suddenly and without warning. Aww do you? :'( A record amount of BTC not moved on chain for the long term has reached all time highs, "wash trading" or not, that can't be faked, it's being held as it's primary value proposition, a store of value. I can't believe the Tether FUD is still widespread after all these years, all completely unproven and wrong time and time again. If the USG stopped to think for just a second maybe they'd ask themselves why they'd sell absolute digital scarcity for something they can just print out of thin air for themselves.
- spankalee 3y ago
  > it's primary value proposition, a store of value I thought it was supposed to be a currency?
  - tossl568 3y ago
    It can be if you want it to be https://graduallythensuddenly.xyz/pay-me-in-bitcoin-theory/ https://graduallythensuddenly.xyz/pay-me-in-bitcoin-theory/
  - distortedsignal 3y ago
    Currency - money (https://en.wikipedia.org/wiki/Money https://en.wikipedia.org/wiki/Money) - usually has three "primary roles": 1. Unit of Account (https://en.wikipedia.org/wiki/Unit_of_account https://en.wikipedia.org/wiki/Unit_of_account) 2. Store of Value (https://en.wikipedia.org/wiki/Store_of_value https://en.wikipedia.org/wiki/Store_of_value) 3. Medium of Exchange (https://en.wikipedia.org/wiki/Medium_of_exchange https://en.wikipedia.org/wiki/Medium_of_exchange) So think about a couple examples of these: Goats would be terrible money. A unit of account that is "goats" would be subject to birth- and death-rates. Sports game tickets would be terrible money - they're significantly more valuable before the game, and after the game, they're far less valuable. Mountains would be terrible money. How could you exchange them, unless you were able to keep track of who owned the mountain? Dollars are actually pretty good at all three. They don't die. They're pretty stable in terms of value. It's pretty easy to give someone Dollars. Bitcoin are... ok... at some of these. It's pretty good as a unit of account - if you can secure your wallet. It's... ok... at being a store of value - there have been some very high-profile sudden value fluctuations that left people holding a bag. It's pretty easy to give someone Bitcoin, but not trivial. It looks like it costs about $1 to make a bitcoin transaction happen, where I can transfer a few dollars for free. I'm not a Bitcoin supporter, but I don't think it's fair to malign the tech for things it actually can do.

paulpauper 3y ago

it is already being dumped , gradually daily. hence, why btc is always weak when the stock market is open.

wholesomepotato 3y ago

Your planning to scoop up some on the cheap? Because all it would do is to benefit buyers and price would bounce back very quickly.

FirmwareBurner 3y ago
Bought on the cheap so that it can be dumped again once the patsies buy it and cause the price to surge and leave them holding the bags.
setgree 3y ago
I might get a graphics card if the crypto market collapses, but I wasn't planning to buy any BTC. Also, I think that if BTC falls below, say, 10K, a lot of loans are going to get called in suddenly, and we're going to see that a lot of people were swimming without trunks [0], i.e. mismanaging customer funds and assuming that the crypto market would go up indefinitely. In other words, I think the story we're learning now about Alameda is going to turn out to be a lot of people's story. But we shall see! [0] https://money.com/swimming-naked-when-the-tide-goes-out/ https://money.com/swimming-naked-when-the-tide-goes-out/
- tossl568 3y ago
  You think that all the Bitcoin believers who buy relentlessly each week without question will suddenlly stop if they can now get 3x as much BTC for their fiat? Oh my sweet summer child...
- X6S1x6Okd1st 3y ago
  Bitcoin isn't typically mined with graphics cards. Ethereum was, but is no more. I don't think the price of graphics cards is high due to cryptocurrency anymore
- aftbit 3y ago
  GPUs are already cheap again.
- 1vuio0pswjnm7 3y ago
  SBF is going to testify. His PR agent was asked "Will SBF testify" and replied "Does a bear shit in the woods". His lawyer is asking the court to allow him to take more Adderall so he will be approriately drugged up in the afternoon. https://ia801508.us.archive.org/25/items/gov.uscourts.nysd.590940/gov.uscourts.nysd.590940.323.0.pdf https://ia801508.us.archive.org/25/items/gov.uscourts.nysd.5...

tossl568 3y ago

>Good, I hope they dump it suddenly and without warning. Aww do you? :'( A record amount of BTC not moved on chain for the long term has reached all time highs, "wash trading" or not, that can't be faked, it's being held as it's primary value proposition, a store of value. I can't believe the Tether FUD is still widespread after all these years, all completely unproven and wrong time and time again. If the USG stopped to think for just a second maybe they'd ask themselves why they'd sell absolute digital scarcity for something they can just print out of thin air for themselves.

spankalee 3y ago
> it's primary value proposition, a store of value I thought it was supposed to be a currency?
- tossl568 3y ago
  It can be if you want it to be https://graduallythensuddenly.xyz/pay-me-in-bitcoin-theory/ https://graduallythensuddenly.xyz/pay-me-in-bitcoin-theory/
- distortedsignal 3y ago
  Currency - money (https://en.wikipedia.org/wiki/Money https://en.wikipedia.org/wiki/Money) - usually has three "primary roles": 1. Unit of Account (https://en.wikipedia.org/wiki/Unit_of_account https://en.wikipedia.org/wiki/Unit_of_account) 2. Store of Value (https://en.wikipedia.org/wiki/Store_of_value https://en.wikipedia.org/wiki/Store_of_value) 3. Medium of Exchange (https://en.wikipedia.org/wiki/Medium_of_exchange https://en.wikipedia.org/wiki/Medium_of_exchange) So think about a couple examples of these: Goats would be terrible money. A unit of account that is "goats" would be subject to birth- and death-rates. Sports game tickets would be terrible money - they're significantly more valuable before the game, and after the game, they're far less valuable. Mountains would be terrible money. How could you exchange them, unless you were able to keep track of who owned the mountain? Dollars are actually pretty good at all three. They don't die. They're pretty stable in terms of value. It's pretty easy to give someone Dollars. Bitcoin are... ok... at some of these. It's pretty good as a unit of account - if you can secure your wallet. It's... ok... at being a store of value - there have been some very high-profile sudden value fluctuations that left people holding a bag. It's pretty easy to give someone Bitcoin, but not trivial. It looks like it costs about $1 to make a bitcoin transaction happen, where I can transfer a few dollars for free. I'm not a Bitcoin supporter, but I don't think it's fair to malign the tech for things it actually can do.