- Sackie's NEW crypto prediction -- to reach 20k.

I have no exposure and never have with bitcoin.

But I understand the sentiment that it is a ground breaking technology and service. Block chain technology does enable a "service" to transfer value across boarders with anonymity. To lots of people that is extremely valuable.

 

Another day or so in crypto-land : popcorn:

Gone: Babel Views

Gone: BTC.com.au

Gone: Announcement: June 16, 2022

These are some of the smaller guys, but surely a sign this market is very very sick.

 

Bitcoin has "died" 452 time since it's inception. First article from 2010 when BTC was $0.23:

"Why Bitcoin can’t be a currency” –
The Underground Economist |

Negative feedback loops like this are basically homeostasis. In nature, positive feedback loops like exist with Bitcoin are lethal; the only thing that’s even kept Bitcoin alive this long is its novelty. Either it will remain a novelty forever or it will transition from novelty status to dead faster than you can blink.

Read more: Why Bitcoin can’t be a currency | 99Bitcoins

Source: Bitcoin Obituaries - "Bitcoin is Dead" Declared 400+ Times

 

Celsius, a cryptocurrency lending platform, announced that it would pause all withdrawals. Then Binance, one of the largest cryptocurrency exchanges, also said they would temporarily pause withdrawals due to "extreme market conditions"

 

Its probably time to start buying if a multiple year position is what you want to build.

The sky is falling in, blood is flowing. Its probably quite close to when you want to build a multi year position.

 

Old news @Redwing , every time crypto surges or crashes exchanges have issues with liquidity due to the underlying tech. The difference this time around is there are quite a few major exchanges so risk is spread between Binance, Coinbase, Kraken etc.

I agree with @Sackie and see BTC and crypto continuing to hemorrhage consistently given macro conditions, mostly in line with NASDAQ. Would be very interesting to see where the bottom is at this time around, before the next upwards cycle.

For any major, sudden, falls from this point, I'd say it'll be related to one of these:
Binance insolvency
Tether and Bitfinex collapse
Satoshi's initial coin wallet to have movement (1 million BTC in there)
Issues with the cryptography of BTC or ETH due to tech advancement
World war

 

The point was art has value only because people attribute value to it. In itself, its components are worthless. The same can be said of gold as in most of its value is derived from its role being seen as a valuable thing. Sure it has residual value in industrial and jewellery applications, but that's just a fraction of the spot price. In itself it's an inert piece of metal. Much like an aluminium bar or stainless steel bar would be.

 

Agreed with the time these assets have behind them. Then again 25 years ago we had no internet, so it cannot have a long history. You could argue existing since 2011 is pretty long in internet years.
But my point was that value is there in art and gold, purely because value is attributed to those items by others - regardless of reasons or timeframes, it has value because others think it does. Art is a great example. Some artists' works are close to worthless while they are alive and only become worth millions after their death. Or better, I saw this video of Banksy selling some of his works at a stand in NYC for $60 with no one wanting any for hours. Tells you everything you need to know about perceived value:



Agree with NFTs, I don't get them.

 

A harbour view has no utility value, but people pay the earth because it looks good, and because its prized. Maybe similar to gold.

 

@Ouga

Saw this follow-up piece also

 

Yes. Im in 2 minds about modern art, although you could argue this was selling in the wrong marketplace. Always need to connect to the right target market. There was a show in britain a few decades back which they trained novices off the street for a few weeks in skills we all think are a bit bogus and got unsuspecting "experts" to rate them against professionals eg modern artist, dj, and wedding photographer. In all cases the expeets werent able to pick the pros over the novice.

 

The thrill has gone, the thrill has gone away.

So has his money.

"Over five years' of fly in, fly out mining work in Far North Queensland, Joel had saved up almost enough for a first-home deposit.

Then, about six months ago, the price of bitcoin began a long decline.

Now he's lost most of his savings — and this week his luck got even worse.

The company that manages his cryptocurrency in exchange for rewards has frozen withdrawals for all its customers, meaning Joel can't even access his money.

..............

On popular Australian cryptocurrency Facebook groups, moderators have posted links to counselling hotlines.

"There's a lot of very distressed people," said Luke Torsello, moderator of Crypto Australia Facebook group, with 99,000 members.

"Everyone is in damage control at the moment."

Joel nearly had a house deposit in crypto. Now most of it's gone after the crash

 

The whole premise that money used to buy crypto or BTC was "savings" is wrong and pretty much tells most of the story.

"I don't want to hold my wealth in cash."
Better toughen up then...

 

This legend was prob “staking” his crypto for “risk free” 18% pa interest payments while telling anybody who wasn’t onboard “have fun staying poor”. Hard to have sympathy for these operators…

 

This could possibly be the next leg down. What a ride its been since shorting at 48k.

 

Depending what you read as the faithful are still predicting that this will tap 100k plus by the end of 2022 -problem is it might tap 5k first..

 

Several hours later.. -10% BTC cliff jump at 4.50pm. Well somebody dumped a lot quickly.

The psychological barrier of 20k BTC and 1k ETH is gone, this is huge.

Can't see any news so far, maybe something will come out soon.

From what I can read a lot of the big guys are margined up a lot, which is going to cause all sounds of unwinding and knock on effects. We've seen some so far, but there will be a lot more.

 

Yeah interesting times, 10% use to be quite minor in crypto compared to pre 2017 days lol...I remember moving up and down 10% in an hour was normal.

I'd say we have some more larger drops incoming, perhaps this time we finally clean out Tether for good?? Ah one can hope

 

You should have hodled your short!

 

So any speculation if that >5% drop in 5 minutes was a whale exiting or automated stop losses?

It's hard with things like that though, because a very large number of them would gag their real opinions out of fear that it might further decrease confidence.