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

[SOMEPARTS]

I thought bitcoin was a currency?

It's whatever keeps the pumper dudes going from day to day. It would be a currency but the get rich quick crowd is too FOMO to buy anything with it. 

[El Diablo Blanco]

The rich fucks have figured out how to manipulate the cryptos now.  Just follow the trend for the last few months.  10% dip, they buy, it goes up 10% they sell, on and on and on.  they are making 10% profit every other day. if you consider the billions they're using to do this they are making serious money each time.  We are now stuck in a purely manipulated market.

[Flexacon]

The rich fucks have figured out how to manipulate the cryptos now. Just follow the trend for the last few months.  10% dip, they buy, it goes up 10% they sell, on and on and on.  they are making 10% profit every other day. if you consider the billions they're using to do this they are making serious money each time.  We are now stuck in a purely manipulated market.

That's been the case since at least December/Jan, and probably as far back as 2018.

I believe they were looking to take BTC over 100k, but the SEC passed rules in May that handcuffed them, so we now get them playing pong between 30k and 40k

Here's the thing though (and the reason why they were handcuffed). They did it mostly using insane leverage, so didn't really need as much money to manipulate the markets as you'd imagine.

[Mayday]

Its easy to see how those privileged enough to lived in countries that have enjoyed currency stability might find the move to officially adopting BTC to be unusual. El Salvador has never had a stable monetary system, and although the USD is not a bad choice for relative stability, before BTC was adopted, they were entirely at the whims (and also under the control) of the US, and US monetary policy. Bitcoin’s fixed, long-term monetary policy, which cannot be changed, arguably provides even greater long term stability and independence (despite short term volatility). Moving from a weaker and devaluing currency to one that will over time always remain perfectly limited in supply could have huge long term advantages, especially for early adopters who can ride out the volatility until a much larger market cap is achieved. Part of the process will be the education of locals on the difference between volatility and long term fundamentals. Payment apps will likely also provide automated and seamless hedging tools.

I'm really excited to see how it all pans out. Will be some great learnings along the way on economics and human behaviour!

We have had 30%+ currency exchange rate swings here. 15% is pretty common and fuel swings daily and can be brutal to see a 10% overnight move.

I agree, those not living in UsD or EUR stable currency countries see what happens on a daily basis. If our govt said we were adopting bitcoin people would go apeshit to have something even more volatile than our peso.

There is always more to the story -
Countries with a history of unrest, corruption, bankruptcy always want to blame everything/everyone else for their own mismanagement. The leaders got BTC because they believe it’ll be worth a gazillion and their own wealth will benefit. A beach side village in El Salvadore uses crypto because they are dodging taxes. Don’t get to carried away with the ‘financial freedom’ dream message maxis dish out.

[Mayday]

It's whatever keeps the pumper dudes going from day to day.

Just like how 64k was the peak and maxis keep saying it’s a bull market.

The way it looks at the moment is the bottom BTC price will coincide with a market dummy spit like what Flex is saying.

I hope that is in 2021 but it’s more likely be in 2022 when the Fed actually does raise rates. This makes crypto a year long bear market which also marries up with it’s history post ATH peak.

[SOMEPARTS]

I hope that is in 2021 but it’s more likely be in 2022 when the Fed actually does raise rates.

 
That would be an extra special recession trigger, but wash, rinse, repeat...how many times do we have to see the Fed do things that benefit the 1%?

I doubt rates will significantly rise as they did with Trump but if so consumers get slaughtered for buying 0% and 0 down with no jobs.

I'm in cash waiting for cheap real stuff to buy. No casinos for me.

[gib]

We have had 30%+ currency exchange rate swings here. 15% is pretty common and fuel swings daily and can be brutal to see a 10% overnight move.

I agree, those not living in UsD or EUR stable currency countries see what happens on a daily basis. If our govt said we were adopting bitcoin people would go apeshit to have something even more volatile than our peso.

There is always more to the story -
Countries with a history of unrest, corruption, bankruptcy always want to blame everything/everyone else for their own mismanagement. The leaders got BTC because they believe it’ll be worth a gazillion and their own wealth will benefit. A beach side village in El Salvadore uses crypto because they are dodging taxes. Don’t get to carried away with the ‘financial freedom’ dream message maxis dish out.

Lets not forget the main reason (and benefit) of the adoption of BTC. Its initial primary benefit will be the facilitation of zero friction foreign remittances via lightening network, with BTC as a base layer (instantly convertible to  USDT, in any proportion they wish). So they can avoid all BTC to USD volatility if they wish. Or they can allocate and cash in/out as they wish. So now they have access to a banking system, without the need for a bank as an intermediary, both for savings, spending, and remittance.

[Theoak*]

Lets not forget the main reason (and benefit) of the adoption of BTC. Its initial primary benefit will be the facilitation of zero friction foreign remittances via lightening network, with BTC as a base layer (instantly convertible to  USDT, in any proportion they wish). So they can avoid all BTC to USD volatility if they wish. Or they can allocate and cash in/out as they wish. So now they have access to a banking system, without the need for a bank as an intermediary, both for savings, spending, and remittance.

El Salvadorians in USA send 10billion back to their home country every year. 1 billion of that is in remittances.  BTC on the lightning network via strike wipes remittances to virtually nothing.   

[Mayday]

That would be an extra special recession trigger, but wash, rinse, repeat...how many times do we have to see the Fed do things that benefit the 1%?

I doubt rates will significantly rise as they did with Trump but if so consumers get slaughtered for buying 0% and 0 down with no jobs.

I'm in cash waiting for cheap real stuff to buy. No casinos for me.

From memory the Fed said 2 rate rises before the end of 2023 and one of those will happen in 2022. They won’t be big but with growing debt value you require lower rate adjustment because the values are so large. 0.1% rise today is probably like 0.25% in 2017.

There is always a deflationary event in order to justify an inflationary policy.

Right now, the data coming back to the US says the Economy is doing awesome, salaries are up (including stimmy), jobs shortages, property up, sharemarket up. There is no justification to keep pumping in trillions when things look great because inflation is beginning to blow up (5%+).

Hence the taper talk to warn the market to back off the leverage and make inflation go away for a while. If the market doesn’t back off, they’ll send stronger messages and then eventually have no choice but to raise rates and force the sell off.

CPI comes out on 13th July. April was 4.4% May was 5% so if June result goes higher it will mean likely action from the Fed to pullback on QE or raise rates early. In which case expect the market to freak out as they close positions.


Buy a high end car. I tried to convince my wife to get a low km used Mercedes AMG GT or Audi R8, drive daily, sell as high km car for sale price 2yrs later. It sounds crazy but because you can pickup one with sub 10,000kms you can easily sell for 50,000kms later on. Prices on these cars have gone up significantly here.

[Mayday]

Lets not forget the main reason (and benefit) of the adoption of BTC. Its initial primary benefit will be the facilitation of zero friction foreign remittances via lightening network, with BTC as a base layer (instantly convertible to  USDT, in any proportion they wish). So they can avoid all BTC to USD volatility if they wish. Or they can allocate and cash in/out as they wish. So now they have access to a banking system, without the need for a bank as an intermediary, both for savings, spending, and remittance.

It’s a good way around sanctions so I’d like to see how those countries decide to use that freedom. Do they use it for corruption or do they use it to develop their country and people?

Crypto will cause enormous pain for the banking system and I’d expect we are going to see huge crashes in crypto ahead as those events play out.

[SOMEPARTS]

From memory the Fed said 2 rate rises before the end of 2023 and one of those will happen in 2022. They won’t be big but with growing debt value you require lower rate adjustment because the values are so large. 0.1% rise today is probably like 0.25% in 2017.

There is always a deflationary event in order to justify an inflationary policy.

Right now, the data coming back to the US says the Economy is doing awesome, salaries are up (including stimmy), jobs shortages, property up, sharemarket up. There is no justification to keep pumping in trillions when things look great because inflation is beginning to blow up (5%+).

Hence the taper talk to warn the market to back off the leverage and make inflation go away for a while. If the market doesn’t back off, they’ll send stronger messages and then eventually have no choice but to raise rates and force the sell off.

CPI comes out on 13th July. April was 4.4% May was 5% so if June result goes higher it will mean likely action from the Fed to pullback on QE or raise rates early. In which case expect the market to freak out as they close positions.


Buy a high end car. I tried to convince my wife to get a low km used Mercedes AMG GT or Audi R8, drive daily, sell as high km car for sale price 2yrs later. It sounds crazy but because you can pickup one with sub 10,000kms you can easily sell for 50,000kms later on. Prices on these cars have gone up significantly here.

The metrics are a joke, counting stimulus as a plus on the ledger is at the top of that. When actual bad news comes they deflect and change the way it is measured...anything to avoid not being in a "bull" market. They just sent helicopter money to paper over everything, things should be incredible and prices should go up just due to the easy money out there chasing the same goods. Predictably the people that got the checks didn't spend it on rent and student loans when they didn't have to...they shopped...a demand side lab exoeriment. The cheap labor market is short due to stimmy...most of those jobs were equal or less than the stimmy checks and the small businesses that went out under covid have not truly been figured in yet. What I'm saying is there are no fundamentals to raise rates to equal inflation rate IMO, and if they can't do that they will have to print more and ZIRP because what else is there unless we are admitting that dollar inflation itself is creating value? It's obvious they plan to run the train to the end of the tracks. That means the markets, housing, cars and everything else continue to go up until they don't. When? Wish I knew. As this all relates to crypto what they are doing with the dollar is probably what you would do if you knew monetary reset/one world money was imminent. It won't be BTC though.

[polychronopolous]

El Salvadorians in USA send 10billion back to their home country every year. 1 billion of that is in remittances.  BTC on the lightning network via strike wipes remittances to virtually nothing.

Wait a second..but I thought Bitcoin was "too slow" and "old technology" and would do nothing to "disrupt the banks" 

Tell these El Salvadorians to get their asses back in line at Western Union and let that company get their slice!!

[polychronopolous]

Bitcoin Mining Saves Oldest Hydro Power Station in the US


The age-old Mechanicville hydro plant built-in 1897, became a legendary milestone in the history of sustainable energy after starting Bitcoin mining. The hydro plant was inactive for a while now due to old machinery. After generous input of time, money, and other resources, the plant is officially in a condition to function.

Mechanicville hydro plant has decided to partially fuel bitcoin mining to cover its losses and give back to the economy with sustainable crypto generation.

“We can make more money with bitcoin than selling the electricity to National Grid,”, Jim Besha Sr., CEO of Mechanicville hydroelectric station, told Times-Union.

Albany Engineering Corp., Mechanicville hydro plant’s parent company which is also owned by Besha, earned a total of 3 cents per kilowatt-hour when it sold energy to National Grid. Whereas, mining the decentralized bitcoin, gives them thrice the profit.


Besha has made it clear that the hydropower plant guarantees no loyalty to the crypto community due to the volatile nature of the decentralized currency. Besha sells 1/1000 bitcoins every week maintains liquidity in his accounts. He aimed to sell sustainable energy to organizations that would further use it as energy instead of producing something else out of that electricity. But for now, Besha is content in his deal with bitcoin miners.

“It’s the best (type of bitcoin mining) because we’re using renewable energy…We’re just doing it on the side, experimenting with it. We’re buying used servers.”, Besha told Times-Union.

https://coingape.com/bitcoin-mining-saves-oldest-hydro-power-station-in-the-us/

[Theoak*]

Bitcoin Mining Saves Oldest Hydro Power Station in the US


The age-old Mechanicville hydro plant built-in 1897, became a legendary milestone in the history of sustainable energy after starting Bitcoin mining. The hydro plant was inactive for a while now due to old machinery. After generous input of time, money, and other resources, the plant is officially in a condition to function.

Mechanicville hydro plant has decided to partially fuel bitcoin mining to cover its losses and give back to the economy with sustainable crypto generation.

“We can make more money with bitcoin than selling the electricity to National Grid,”, Jim Besha Sr., CEO of Mechanicville hydroelectric station, told Times-Union.

Albany Engineering Corp., Mechanicville hydro plant’s parent company which is also owned by Besha, earned a total of 3 cents per kilowatt-hour when it sold energy to National Grid. Whereas, mining the decentralized bitcoin, gives them thrice the profit.


Besha has made it clear that the hydropower plant guarantees no loyalty to the crypto community due to the volatile nature of the decentralized currency. Besha sells 1/1000 bitcoins every week maintains liquidity in his accounts. He aimed to sell sustainable energy to organizations that would further use it as energy instead of producing something else out of that electricity. But for now, Besha is content in his deal with bitcoin miners.

“It’s the best (type of bitcoin mining) because we’re using renewable energy…We’re just doing it on the side, experimenting with it. We’re buying used servers.”, Besha told Times-Union.

https://coingape.com/bitcoin-mining-saves-oldest-hydro-power-station-in-the-us/

Bitcoin energy use will revolutionize renewable energy, and support the creation of new energy sources in places that would not have had them without bitcoin providing a base use with value.  Bitcoin is going to make the earth greener faster than just about any technology we have ever seen before.

And that is just a side effect of the real freedom it brings. Bitcoin is more important than even we have understood.

[Mayday]

What I'm saying is there are no fundamentals to raise rates to equal inflation rate IMO, and if they can't do that they will have to print more and ZIRP because what else is there unless we are admitting that dollar inflation itself is creating value? It's obvious they plan to run the train to the end of the tracks. That means the markets, housing, cars and everything else continue to go up until they don't. When? Wish I knew. As this all relates to crypto what they are doing with the dollar is probably what you would do if you knew monetary reset/one world money was imminent. It won't be BTC though.

I just wrote an awesome response but it’s miles to big so I deleted and will keep it simple.

The Fed doesn’t want the values to fly up, they want the leverage to come down and values to go up very slowly.

the fundamental behind raising rates is to force the market to reduce leverage/risk.

Hence why the CPI data in July is very important. The Fed wants 2%-3% and we have 5%. If it goes up in The next report it signals to the market to expect Fed interaction earlier than expected. The Fed isn’t going to allow 5%+ go unchecked right now.

Short term —> Jul-Aug-Sep are keys months and you will need to be watching CPI.

[gib]

 As this all relates to crypto what they are doing with the dollar is probably what you would do if you knew monetary reset/one world money was imminent. It won't be BTC though.

It already is BTC though.

[pellius]

I haven't been following this thread as much. You guys are way over my head. What I have noticed is that BTC has budge in quite a while. Just stuck in the 33-34 range.

[FitnessFrenzy]

[Mayday]

Less words makes it easier.

5.4% CPI means we wait for taper talk and/or rates.

Inflation triggers a deflationary event which triggers an inflationary policy outcome.

However, if the Fed choose to leave inflation unchecked, we will see a massive commodity boom and it will kick off Bitcoin aswell.

The risk the Fed takes is if they do not have a small correction now by removing excess leverage, they open the door to a massive collapse in 2022.

[Griffith]

People can just transfer crypto to a local exchange and withdraw from there. This is how foreign based exchanges are used in many countries.

If all cash withdrawals on Binance were stopped, it wouldn't change anything, their funds would not be stuck on the exchange.

XRP costs a few cents to transfer and takes about 30 seconds so it is a popular choice.

[Griffith]

Lets not forget the main reason (and benefit) of the adoption of BTC. Its initial primary benefit will be the facilitation of zero friction foreign remittances via lightening network, with BTC as a base layer (instantly convertible to  USDT, in any proportion they wish). So they can avoid all BTC to USD volatility if they wish. Or they can allocate and cash in/out as they wish. So now they have access to a banking system, without the need for a bank as an intermediary, both for savings, spending, and remittance.

That applies to most crypto.

[FitnessFrenzy]

[SOMEPARTS]

FFS Do any of these crypto youtube geniuses own a decent shirt and tie?

I prefer a certain level of professionalism when being conned and lied to. 

[SOMEPARTS]

Less words makes it easier.

5.4% CPI means we wait for taper talk and/or rates.

Inflation triggers a deflationary event which triggers an inflationary policy outcome.

However, if the Fed choose to leave inflation unchecked, we will see a massive commodity boom and it will kick off Bitcoin aswell.

The risk the Fed takes is if they do not have a small correction now by removing excess leverage, they open the door to a massive collapse in 2022.

Instead of letting a 10 year bull correct 40% they just made up another 911 and doubled down on printing.

The cost of real goods and services has gone up permanently until a crash IMO, they put the pedal to the floor no going back. None of this relies on actual demand, it's more money chasing the same goods.

Look at the rate Goldman has been selling off.

[FitnessFrenzy]

HEX is exploding higher:
https://coinmarketcap.com/currencies/hex/

Any Getbiggers own it?