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Shorting a stock often helps get it to the "correct" market price faster. If the market truly thinks that BTC is really propped up by Tether, then well, downwa

by bb88 3y ago

Shorting a stock often helps get it to the "correct" market price faster. If the market truly thinks that BTC is really propped up by Tether, then well, downward price pressure should help the market price the true value of BTC. I do believe the true price is Zero, like most crypto currency has gone to over time.

andrewla 3y ago
Exactly! Price discovery in Bitcoin has always been a nightmare, but now there's at least a chance of getting some serious information into the market.
- bb88 3y ago
  What I think is interesting is that when a crypto something goes to zero, it never recovers. Whether it's an NFT, a coin, or a so called stable coin. It dies, and there's no underlying value to liquidate. You bought some cryptographically signed number that no one wants anymore.
  - lurking15 3y ago
    > You bought some cryptographically signed number that no one wants anymore. Much like: you bought a slip of paper that's effectively a Nancy Pelosi/Mitch McConnell's Chuck-E-Cheese token that gets conjured out of thin air to the tune of trillions whenever the next mega-omnibus fraud bill that no one even reads anymore needs to be financed. And this is done precisely because the tax burden of all these wars and social programs would be indefensible if it they were actually levied against the voters through taxation. Even billionaires can't finance this size of govt, you could confiscate all their wealth and that only works once. So they go with the invisible tax of currency devaluation, which robs everyone in the present and kills saving which robs people in future. Face it: every fiat currency is on a one-way trip to zero. Every currency in world history has that fate.
    - bb88 3y ago
      So if you hate fiat currency without any underlying value, why are you willing to defend any "currency" without any underlying value? You could proclaim "GOLD STANDARD" I guess, and it might be better, or probably even worse. The big problem is that God filed all the gold under NOT USA. If South Africa wanted to devalue our currency then, they could mine a whole bunch of gold and put it on the market. If you're going to have a currency valued on something tangible, it needs to exist only in the US, something we can control. Also if you want to own gold, BUY GOLD! No one's stopping you! It has an intrinsic value in both jewelry and electronics! No need for this crypto nonsense!
- paulpauper 3y ago
  the crypto market was huge well before the approval of the ETFs. price discovery was never a problem.

by bb88 3y ago

andrewla 3y ago

Exactly! Price discovery in Bitcoin has always been a nightmare, but now there's at least a chance of getting some serious information into the market.

bb88 3y ago
What I think is interesting is that when a crypto something goes to zero, it never recovers. Whether it's an NFT, a coin, or a so called stable coin. It dies, and there's no underlying value to liquidate. You bought some cryptographically signed number that no one wants anymore.
- lurking15 3y ago
  > You bought some cryptographically signed number that no one wants anymore. Much like: you bought a slip of paper that's effectively a Nancy Pelosi/Mitch McConnell's Chuck-E-Cheese token that gets conjured out of thin air to the tune of trillions whenever the next mega-omnibus fraud bill that no one even reads anymore needs to be financed. And this is done precisely because the tax burden of all these wars and social programs would be indefensible if it they were actually levied against the voters through taxation. Even billionaires can't finance this size of govt, you could confiscate all their wealth and that only works once. So they go with the invisible tax of currency devaluation, which robs everyone in the present and kills saving which robs people in future. Face it: every fiat currency is on a one-way trip to zero. Every currency in world history has that fate.
  - bb88 3y ago
    So if you hate fiat currency without any underlying value, why are you willing to defend any "currency" without any underlying value? You could proclaim "GOLD STANDARD" I guess, and it might be better, or probably even worse. The big problem is that God filed all the gold under NOT USA. If South Africa wanted to devalue our currency then, they could mine a whole bunch of gold and put it on the market. If you're going to have a currency valued on something tangible, it needs to exist only in the US, something we can control. Also if you want to own gold, BUY GOLD! No one's stopping you! It has an intrinsic value in both jewelry and electronics! No need for this crypto nonsense!
paulpauper 3y ago
the crypto market was huge well before the approval of the ETFs. price discovery was never a problem.