Bitcoins - about to hit $5,000 per coin today!

[Flexacon]

Could this be because he did not bailout major "Democratic" donor SBF? They are pissed off because he failed to rescue their gravy train of corruption?

It turned out not to be true (at least for the time being)

There was something put out for Justin Sun (Tron/Huobi) so maybe they are just working up the food chain.

With regards to staking and security of Ethereum check out EigenLayer. It's a restaking protocol and if it works as intended it's game changer for Eth and web3 ambitions.

https://www.eigenlayer.xyz/

[obsidian]

It turned out not to be true (at least for the time being)

There was something put out for Justin Sun (Tron/Huobi) so maybe they are just working up the food chain.

With regards to staking and security of Ethereum check out EigenLayer. It's a restaking protocol and if it works as intended it's game changer for Eth and web3 ambitions.

https://www.eigenlayer.xyz/

That's wild! It's amazing with all the ideas people come up with. I think we are only at the tip right now.

One major use case I think we'll see is law enforcement being able to validate photos and videos as real. Deep fakes will eventually improve to the point where events can be faked. If a photo's signature is recorded on a blockchain it can be confirmed as legit. In the future, we might get real-time deep fakes where a mobile phone's camera can replace a person's head in real-time. Somehow law enforcement will have to be able to confirm if a video is unaltered. I expect image technologies like JPG and MP4 will require updates to interface with blockchain tech on the metadata level.

[Mayday]

That's wild! It's amazing with all the ideas people come up with. I think we are only at the tip right now.

One major use case I think we'll see is law enforcement being able to validate photos and videos as real. Deep fakes will eventually improve to the point where events can be faked. If a photo's signature is recorded on a blockchain it can be confirmed as legit. In the future, we might get real-time deep fakes where a mobile phone's camera can replace a person's head in real-time. Somehow law enforcement will have to be able to confirm if a video is unaltered. I expect image technologies like JPG and MP4 will require updates to interface with blockchain tech on the metadata level.

People might begin to understand why they need to lose their right to privacy. It isn't privacy you are trying to protect, it's your identity!

Social media just steals content from true creators so this will also solve it as royalties will be paid to people posting content of other people.

[Flexacon]

It's over for the next couple of weeks.

[Flexacon]

"Whales (professional traders) act as market makers on "self-regulated" crypto exchanges, and pay no fees to these exchanges and  do not want to trade against each other (which is why such trades are called "toxic flow").

These market makers run ultra-HF algos that can perform trades (like "layering" and "spoofing") that are illegal on ordinary exchanges.

In 2023 the algos will be configured to manage a bitcoin bull run. Why?

Well, how else will they draw retail traders like you and me (who are now very scared) back to trading crypto?

Both market makers and exchanges need retail investors to come back. Exchanges need their fee income (market makers pay no fees), and for market makers it is because when their algos are equally good (i.e. not Alameda's) they have only a 50-50 change of winning a trade.

But retail investors who take risky, leveraged positions are very likely to be wiped out

The person behind this incredibly accurate post (a veteran professor of finance, former quant turned crypto expert) is super bearish right now.

No time line, but predicting a possible luna/terra type event, maybe worse across defi with Lido and stETH de-peg being the likely catalyst. $8 billion of staked ETH is potentially at risk. Describes the situation as a house of cards.

For comparison remember protocols like Anchor and luna offered 20% returns before blowing up. Few months ago protocols like lido offered 5% for staking, now they are promising 40% Huge red flag!

If it looks too good to be true, it probably is...

[obsidian]

In this 2018 video, Gary Gensler claims in his college class that 3/4 of cryptos are not securities but commodities. Now he claims most cryptos are securities.

This guy is a total clown and his own words will be his downfall. A lawyer could easily dismantle him and point to his flip-flopping. I wonder if the banks are padding this guy's pockets? Someone should investigate and perhaps he needs to see some prison time, besides losing his job?!

Most Crypto Assets are NOT securities says Gary Gensler in a 2018 lecture when he was a professor at MIT. 3/4 are commodities! No wonder the US is falling behind with crypto regulation as even the Head of the SEC contradicts himself.

[obsidian]

People might begin to understand why they need to lose their right to privacy. It isn't privacy you are trying to protect, it's your identity!

Social media just steals content from true creators so this will also solve it as royalties will be paid to people posting content of other people.

You don't have to lose your privacy if a photo's origin is recorded on a blockchain. It would just be a backup in case someone fakes your identity to frame you for a crime. If the doctored photo or video does not have a matching signature it's not authentic. Not sure how they would technically achieve this. Here's a link that dives into it a bit.

https://www.weforum.org/agenda/2021/10/how-blockchain-can-help-combat-threat-of-deepfakes/

[dunkin donuts]

I canceled my bitcoin order and withdrew my money out of fear of coinbase collapsing. This is dunkin indicator for extreme fear and therefore signals a buying opportunity. Btc to the moon any day now

[Mayday]

You don't have to lose your privacy if a photo's origin is recorded on a blockchain. It would just be a backup in case someone fakes your identity to frame you for a crime. If the doctored photo or video does not have a matching signature it's not authentic. Not sure how they would technically achieve this. Here's a link that dives into it a bit.

https://www.weforum.org/agenda/2021/10/how-blockchain-can-help-combat-threat-of-deepfakes/

But you do if you want royalty payments or want to protect/own your information.

There is zero chance the path ahead is one of anonymity Because Infrastructure being built is based around removing privacy which protects identity.

A big part of removing identity is to reduce digital pollution which will increase bandwidth and storage. When you have anonymity you can create unlimited fake identities.

[Flexacon]

Looks like the casino will be staying open a little longer.

- The SECGov has filed its response to coinbase’s complaint over how it applies securities laws to digital assets, asking the Court to deny Coinbase’s petition for mandamus.

- Chair Gensler cites cases suggesting that 10-20 year rule makings are acceptable.



Expecting Bitcoin/crypto to start following China money (TSF) more closely now though.

[Mayday]

Just received an email from Binance in Australia that AUD deposits and withdrawals are no longer available due to their 3rd party banking provider suspending them.

I got my stuff off there last year as I didn’t want the worry of having money on a Chinese exchange.

The govt owns the on/off ramps so they’ll allow only certain people access to those. I was hoping KYC wallets would have become a thing by now otherwise they’ll be next.

[Flexacon]

Just received an email from Binance in Australia that AUD deposits and withdrawals are no longer available due to their 3rd party banking provider suspending them.

I got my stuff off there last year as I didn’t want the worry of having money on a Chinese exchange.

The govt owns the on/off ramps so they’ll allow only certain people access to those. I was hoping KYC wallets would have become a thing by now otherwise they’ll be next.

That's US, Canada and Australia putting Binance on the naughty step. Guess Europe is next.

Looks like the Pulsechain bridge is live. Seeing some got a x3. Did it print for you?

[gib]

Flexacoin - yes, Binance has been operating in an unregulated manner in many countries. Bitcoin in Oz is going "corporate" meaning we will see large retail banks and stock brokers and pension funds, maybe even Government institutions offering Bitcoin related services, with off shore players like Binance squeezed out.

Meanwhile, Singapore and Hong Kong are gearing up for an absolute of explosion of fiat into Bitcoin. Give it 12 months or so...

More and more people are starting to realize that they don't want a money controlled by the Government. Any Government. They are starting to realize that as long as any Government controls your money, (let alone a bank) you are not truly free!

[Mayday]

That's US, Canada and Australia putting Binance on the naughty step. Guess Europe is next.

Looks like the Pulsechain bridge is live. Seeing some got a x3. Did it print for you?

Yes I have my Pulsex.

Only people with Pulsechain can currently move coins around. Many are getting wrecked trading on the bridge.

[Flexacon]

Flexacoin - yes, Binance has been operating in an unregulated manner in many countries. Bitcoin in Oz is going "corporate" meaning we will see large retail banks and stock brokers and pension funds, maybe even Government institutions offering Bitcoin related services, with off shore players like Binance squeezed out.

Meanwhile, Singapore and Hong Kong are gearing up for an absolute of explosion of fiat into Bitcoin. Give it 12 months or so...

More and more people are starting to realize that they don't want a money controlled by the Government. Any Government. They are starting to realize that as long as any Government controls your money, (let alone a bank) you are not truly free!

Yes it's good to see. It was my reasoning behind why I think there will still be at least one more cycle (see my posts below from last year)

This time just don't forget to dump on the new people who will be pumping us to a new bull market

All the big market makers like citadel, virtu and brokers like Fidelity are moving into crypto. Once btc finds the right market conditions it will hit $96k like it was nothing.

Long term I'm still very bullish too, but it could take a while. I think we're about to enter a 2015 type year long sideways market.

We'll get regulations coming in and this will allow traditional market makers to enter the space. Citadel, Virtu, Jane Street etc. They will probably use something similar to the FTX/Alemeda model, just without the degeneracy.

I am additionally bullish now for more future cycles because of the current weakness of commodities relative to equities which is lower than it's been for 50+ years . If we are in for an inflationary decade then commodities will soar. Just a small fraction of that money making its way into crypto will be rocket fuel to the prices.

[Flexacon]

Yes I have my Pulsex.

Only people with Pulsechain can currently move coins around. Many are getting wrecked trading on the bridge.

It's just people falling for scams right getting wrecked? Although pulsechain being a better version of ethereum was a scam narrative too.

The actual bridge is just congested. But the money potentially on there is real. Wasn't almost $billion sacrificed? Non US are having to use a vpn to access it.

[Mayday]

It's just people falling for scams right getting wrecked? Although pulsechain being a better version of ethereum was a scam narrative too.

The actual bridge is just congested. But the money potentially on there is real. Wasn't almost $billion sacrificed? Non US are having to use a vpn to access it.

People trading on the Pulsechain network amongst the coins because volatility is so high.

Bridge is 95% cleared now. No on ramp for new money yet, it’s just the existing pool of people.

Haven’t heard anything about a vpn.

[Thin Lizzy]

Nvidia up over 20% After hours. Yeah, they beat on earnings but not by that much. My guess is that this is a massive short squeeze. The stock has had a big run up. Traders trying to guess the top getting burned.

The stock will probably go up even more when the market opens as traders scramble to cover shorts.

[Flexacon]

Nvidia up over 20% After hours. Yeah, they beat on earnings but not by that much. My guess is that this is a massive short squeeze. The stock has had a big run up. Traders trying to guess the top getting burned.

The stock will probably go up even more when the market opens as traders scramble to cover shorts.

It's the biggest bubble out there right now, but it's a crowded long. Shorts got spanked and left at around 250-275. It will probably keep going up until one of the really big long positions exits and that starts a cascade, or a share offering tanks it.

They beat earnings expectations, but revenues were down on same quarter last year. The expectation is that Microsoft and Apple will buy their chips for the AI surge, but both  Microsoft and Apple have said they want to develop their own chips.

It's could end up looking like this



On a side note the Nvidia shield TV pro and it's AI upscaling is an excellent streaming device. Just for that I hope they stick around even though they've spoiled my SPX short.

[gib]

Interesting observation how when BTC price becomes stable, less people seem interested in discussing it here.

Well, that stability may be about to end, with an upward trend again about to emerge. We have the halfing approaching in less than a year, and we have China suddenly opening up the fiat floodgates via banks in Hong Kong, making was for Billions to flow into Bitcoin. Strategically quite smart to take advantage of the regulatory confusion in the US. Next 12 months could be very interesting and make the current price at below 30K seem like an absolute bargain...

[loco]

SEC sues Coinbase as pressure on crypto world rises

June 6, 2023

"The Securities and Exchange Commission filed a lawsuit against cryptocurrency exchange Coinbase Global (COIN) as the regulator turns up its pressure on the crypto world.

The SEC alleges Coinbase, the largest crypto exchange in the US, violated securities laws by acting as an exchange, a broker and a clearing agency without registering with the agency. It also offered and sold securities without registering its offers and sales, the SEC said."

https://finance.yahoo.com/news/sec-sues-coinbase-as-pressure-on-crypto-world-rises-144019913.html

[affeman]

Interesting observation how when BTC price becomes stable, less people seem interested in discussing it here.

Well, that stability may be about to end, with an upward trend again about to emerge. We have the halfing approaching in less than a year, and we have China suddenly opening up the fiat floodgates via banks in Hong Kong, making was for Billions to flow into Bitcoin. Strategically quite smart to take advantage of the regulatory confusion in the US. Next 12 months could be very interesting and make the current price at below 30K seem like an absolute bargain...

"To the moon!!" "HODL" "It's still early...!!" lol

 

[Flexacon]

SEC sues Coinbase as pressure on crypto world rises

June 6, 2023

"The Securities and Exchange Commission filed a lawsuit against cryptocurrency exchange Coinbase Global (COIN) as the regulator turns up its pressure on the crypto world.

The SEC alleges Coinbase, the largest crypto exchange in the US, violated securities laws by acting as an exchange, a broker and a clearing agency without registering with the agency. It also offered and sold securities without registering its offers and sales, the SEC said."

https://finance.yahoo.com/news/sec-sues-coinbase-as-pressure-on-crypto-world-rises-144019913.html

Probably just ends in fines. Binance is where shit is looking like hitting the fan.

"To the moon!!" "HODL" "It's still early...!!" lol

 

None of the current news stories has much to do with bitcoin as a protocol. Price dumping is an opportunity. Needs to dump a lot more before I'm interested though.

[gib]

Both Binance and Coinbase are selling Eth and other shitcoins and unregistered securities. The message here is clear. Sell unregistered securities and you are fucked...

[Flexacon]

Both Binance and Coinbase are selling Eth and other shitcoins and unregistered securities. The message here is clear. Sell unregistered securities and you are fucked...

I wouldn't get too excited just yet

The message to coinbase was regarding staking as service (the CEO has said he will continue operating staking services and meet SEC/Gensler in court)

Binance has a whole heap of different issues going on similar to FTX (CEO has said he doesn't need to appear in person for his summons)