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

[Thin Lizzy]

😂

[OneMoreRep]

For the new guys that aren't finance savvy, much of this drop in the markets and crypto ecosystem is due to numerous hedge funds having to liquidate. This in turns causes sell offs which are driving prices down aggressively.

"1"

[a_pupil]

Do you guys think the tactic for the average Joe of holding your money in an index fund changes in this kind of a market?

[OneMoreRep]

Do you guys think the tactic for the average Joe of holding your money in an index fund changes in this kind of a market?

I don't think so.

This particular period in time will seem grim for some people, but short of you being of retirement age and having to collect distributions on your pensions or needing to cash out your index funds, you should be ok if you wait it out and continue to dollar cost average in. I wouldn't go crazy buying shit on discount, because it's hard (almost impossible) to determine what the bottom will be. Dollar cost averaging should allow you to benefit during these times without losing too much money.

These things happen every so often and we've seen them occur under different disguises. The key to remember is that we saw similar in 1999, 2001, 2008 and 2020 and then we turned the corner and recovered.

"1"

[Thin Lizzy]

[Mayday]

Cash is the place to be. Has been since the start of the year and will be the case until there’s a shift in the trend.

Made an FX play start of year and parked my Ozzie pesos in USD waiting for the sell off to cause the DXY to rise. Up 5.4%. Hooray for me.

I wouldn’t be sure about some of these stocks that took a hit getting a leg up in the next run. The big names, sure. So Amazon, Google, Meta etc they’ll all let up because who else you gunna buy?

BTC suckering in people left right and centre. 30k then up almost 10% then straight back down in the one day. Crazy shit.

The clip with Raoul Pal came out while in air UST depegged because of Luna. This is what I mean about him fucking around with crypto and now, his bad calls are on purpose because he knew all the details and then some…. After the fact. He says oh yeah they liquidated 500M and someone else is liquidating 500M Bitcoin and LFG has 1B then goes onto say how good the idea of a stable coin pegged digitally was and he hope it survives this test……

his fucking business partner is one of the decision makes for Luna lol. There was no debt. There wasn’t any margin calls, they decided to dump everything and take the 500M cash lol. He Hope’s it survives the test…. Oh you mean the test involving where your business partner rug pulls the coin and smashes all the poor plebs he lured in and runs off with half a bill lol?

[Mayday]

This is the sort of shit that makes Baby Jesus weep.

Luna getting smashed down to $16 now lol.

UST getting proper fucked. Binance suspended all deposits and withdrawals of UST, sorry holders but you simply have to sit this out until it goes to zero…… belted down to 0.6 today and struggling.

Mongs on Twitter are actually defending UST saying it’s not a problem…… the train has arrived at Mong Central and the spastics are buying tickets.

[obsidian]

If you're going to disrupt the legacy system be prepared for them to come after you. Remember email first came out. US government and postmaster general said the most effecient and secure  way to send information was via US mail not email. Email needs servers that requires lots of energy and is going to destroy the planet. They actually went to court wanting to stop emails because  per email burnt 10pounds of coal! They wanted to implement an email stamp tax!

Same thing with the internet, those who had a monopoly on information used the same excuse, requires servers too much energy every 5 megabytes of information burned a pound of coal. They tried to shut off the internet and email using falsified energy argument.


So you  basically have btc running on 200tw hours of energy compared to global energy consumption of 160,000tw hours. BTC uses .00018%. It's a rounding error, see what they're doing?  So saying btc uses more energy than a small country is a marketing ploy and outright lie. WEF said in 2017 that by 2020 btc will consume all the world's energy....not a lot, literally said all the world's energy. It's horseshit scaremongering.

Unlike traditional legacy systems which you  cant turn off the grid without severe ramifications, they all have fail safes , generators and all sorts of stuff so they don't go off-line. Bitcoin miners don't care if they go off-line, they have what you call a "flexible load" . If there is an emergency you can shut them off first. They can give power back to the grid which means bitcoin miners are the first line of defence. So having a bitcoin mining facility makes your grid stronger than any other because the bitcoin miners will be first to turn off. Then flick a switch and turn right  back on within several minutes without  a hiccup or damage to equipment.

That's great and I agree with you about the power narrative being BS. However governments are all onboard with the green initiatives whether you like it or not. So a layer 1 with low energy requirements that can still manage to be decentralized and secure is a plus in my opinion. All things being equal it does not hurt to have a low carbon footprint.

It remains to be seen how secure POS is to POW when it comes down to it. Ethereum Classic is POW and yet it suffered numerous 51% attacks because of the low hash rate. Bitcoin is a lot more secure than these smaller blockchains. A 51% attack on Bitcoin is theoretically possible if a few large mining pools acted in unison. But it is extremely unlikely.

[obsidian]

This is the sort of shit that makes Baby Jesus weep.

Luna getting smashed down to $16 now lol.

UST getting proper fucked. Binance suspended all deposits and withdrawals of UST, sorry holders but you simply have to sit this out until it goes to zero…… belted down to 0.6 today and struggling.

Mongs on Twitter are actually defending UST saying it’s not a problem…… the train has arrived at Mong Central and the spastics are buying tickets.

I am now so glad I did not get sucked into Terra. As of right now it is 57% down in the past 24 hours! I feel like an ass because just today I told someone to keep an eye on Terra because it looks promising. Just goes to show all these Ethereum killers are not such a sure bet. Terra was listed as a number 2 Ethereum Killer behind Solana on Decrypt. Solana suffered numerous attacks recently because of the limited number of validators.

https://decrypt.co/99481/5-biggest-ethereum-killers

[Mayday]

I am now so glad I did not get sucked into Terra. As of right now it is 57% down in the past 24 hours! I feel like an ass because just today I told someone to keep an eye on Terra because it looks promising. Just goes to show all these Ethereum killers are not such a sure bet. Terra was listed as a number 2 Ethereum Killer behind Solana on Decrypt. Solana suffered numerous attacks recently because of the limited number of validators.

https://decrypt.co/99481/5-biggest-ethereum-killers

Don’t fault yourself, how can you know that Terra would get rugged. It just shows we are at that phase. Lack of liquidity and big players can demolish whatever they want.

It does give a possible window as to what an attack on Saylor might look like via his share price. If it gets a big attack, the board might demand Saylor to sell BTC to defend the share price dump. So we see BTC take a dump as he defends the share price, I mean it’s looking pretty damn dire for MSTR already and I can’t imagine the SEC is ok with the business being insolvent and still operating.

His Asset book is break even now and he sells the break even asset to get money to pay the 6% interest on his junk bonds because his business loses money. Nothing may happen but damn, this is getting into very questionable territory.

[obsidian]

Don’t fault yourself, how can you know that Terra would get rugged. It just shows we are at that phase. Lack of liquidity and big players can demolish whatever they want.

It does give a possible window as to what an attack on Saylor might look like via his share price. If it gets a big attack, the board might demand Saylor to sell BTC to defend the share price dump. So we see BTC take a dump as he defends the share price, I mean it’s looking pretty damn dire for MSTR already and I can’t imagine the SEC is ok with the business being insolvent and still operating.

His Asset book is break even now and he sells the break even asset to get money to pay the 6% interest on his junk bonds because his business loses money. Nothing may happen but damn, this is getting into very questionable territory.

https://decrypt.co/99970/michael-saylor-microstrategy-could-post-other-collateral-bitcoin-crashes

MicroStrategy CEO Michael Saylor has been a vocal Bitcoin advocate, with his company holding 129,218 Bitcoin (nearly $4.1 billion worth) as of its latest quarterly earnings report.

While being the biggest Bitcoin holder among publicly traded companies has its risks, Saylor shared his thoughts on how MicroStrategy could survive a serious bear market.

“If the price of Bitcoin falls below $3,562 the company could post some other collateral,” Saylor wrote on Twitter.

[Flexacon]

On the 9th Luna LFG sent all their bitcoin (42,530) to a few exchanges to defend the plummeting UST peg. They got it back up to over 0.9 and then sent their remaining BTC back to the Luna LFG wallet (28,205)

Few hours later UST peg was wobbling again and all the remaining 28,205 left the Luna LFG wallet again. The wallet still sits empty. How much if any BTC makes it back will be very interesting...

Do Kwon apprantly has a recovery plan

@stablekwon
11h
Close to announcing a recovery plan for $UST. Hang tight.
3h
Getting close ... stay strong, lunatics

[Theoak*]

That's great and I agree with you about the power narrative being BS. However governments are all onboard with the green initiatives whether you like it or not. So a layer 1 with low energy requirements that can still manage to be decentralized and secure is a plus in my opinion. All things being equal it does not hurt to have a low carbon footprint.

It remains to be seen how secure POS is to POW when it comes down to it. Ethereum Classic is POW and yet it suffered numerous 51% attacks because of the low hash rate. Bitcoin is a lot more secure than these smaller blockchains. A 51% attack on Bitcoin is theoretically possible if a few large mining pools acted in unison. But it is extremely unlikely.

I believe you're talking about renewable energy which btc miners are at now 54%. Renewable are intermittent, they're not always on. The wind doesn't always blow, the sun doesn't always shine, the waves get lower . So you gave intermittent  renewable energy which is what the world wants and is moving towards. In order to get renewable energies you need flexible load so you can power down as intermentency hits at certain times.

So the bitcoin mining industry is not only making the grid stronger but its subsidising the growth of renewable  energy. They're the only companies  right now to be subsidising it globally.

The problem I have with POS is it represents old financial legacy systems which are broken. Top validators are rewarded and can change the rules. POW/btc represents a parallel system which every one can participate on equal terms and not fear the rules been changed half way through due to legislation or an authoritarian regime.

In regards to a physical 51% attack, I believe you would need $8billion + in equipment just to facilitate such an attack and that much hardware being purchased would not go unnoticed. Especially now since there is a shortage.  Basically a nation state would have to bank roll it. Imagine  USA spending tax payer dollars to hijack a network in which 50million+ people hodl or have held  btc. Almost certain death for that political party. I'm not saying it's impossible, but as the network grows and becomes more secure it's attack vector will  be to costly and make little to no sense.

[Mayday]

https://decrypt.co/99970/michael-saylor-microstrategy-could-post-other-collateral-bitcoin-crashes

MicroStrategy CEO Michael Saylor has been a vocal Bitcoin advocate, with his company holding 129,218 Bitcoin (nearly $4.1 billion worth) as of its latest quarterly earnings report.

While being the biggest Bitcoin holder among publicly traded companies has its risks, Saylor shared his thoughts on how MicroStrategy could survive a serious bear market.

“If the price of Bitcoin falls below $3,562 the company could post some other collateral,” Saylor wrote on Twitter.

The guy lost 13B during the Dotcom, the above kind of tell you why.

Once they’re at 50% their assets/liabilities are zero and he has a business losing money. Share price going to get nuked for sure if we go under 30k. Does that matter is the question. He doesn’t seem to care and I’d assume his board are along with him on it. As for anyone who owns MSTR shares…. Probably not to happy right now —> insert, I didn’t want to own risky Bitcoin so I bought shares in a company that has exposure to it to lower my risk……ironically  would have been better off buying Bitcoin.

[Mayday]

Do Kwon apprantly has a recovery plan

@stablekwon
11h
Close to announcing a recovery plan for $UST. Hang tight.
3h
Getting close ... stay strong, lunatics

If his plan was for Luna to drop another 50% and for UST to drop from 0.8 to 0.6 I’d say he has done an awesome job.

Fucking legend!

[Theoak*]

The guy lost 13B during the Dotcom, the above kind of tell you why.

Once they’re at 50% their assets/liabilities are zero and he has a business losing money. Share price going to get nuked for sure if we go under 30k. Does that matter is the question. He doesn’t seem to care and I’d assume his board are along with him on it. As for anyone who owns MSTR shares…. Probably not to happy right now —> insert, I didn’t want to own risky Bitcoin so I bought shares in a company that has exposure to it to lower my risk……ironically  would have been better off buying Bitcoin.

Btc has already priced in the demise of Luna and has decided to move higher. This is a pretty telling story within itself.

[Mayday]

Btc has already priced in the demise of Luna and has decided to move higher. This is a pretty telling story within itself.

Did you tell the market of your new info? Luna Down to $1.15 now mate and UST now utterly wrecked at 0.34….. Someone really hates Do Kwon.

As for BTC they keep on hitting it. Barely holding onto 30k and this is quite literally the last stronghold before it goes to 20k.

All over my feed everybody is longing alts and jumping into Luna and then shit gets hit over and over again. People were longing Luna at $30 then $18 the. $9 then $6. Then $3….. we are at $1 now lol.

This is how capitulations happen as mongs use high leverage longs and get liquidated all the way down adding to existing sell pressure.

BTC 29.4K now…..

BTC dominance finally up to 43.5%. We now see a chink in the alt coin market. They are trying to fuck alt coins right up. We lose 28.7k and it’s heading to 20k.

[Mayday]

See they still don’t learn….. Luna 0.73  UST 0.3 and BtC tapped under 29k.

God knows what sketchy shit they are doing trying to save Luna and UST and maybe that’s what we see play out if This chokes out.

[a_pupil]

https://decrypt.co/99970/michael-saylor-microstrategy-could-post-other-collateral-bitcoin-crashes

MicroStrategy CEO Michael Saylor has been a vocal Bitcoin advocate, with his company holding 129,218 Bitcoin (nearly $4.1 billion worth) as of its latest quarterly earnings report.

While being the biggest Bitcoin holder among publicly traded companies has its risks, Saylor shared his thoughts on how MicroStrategy could survive a serious bear market.

“If the price of Bitcoin falls below $3,562 the company could post some other collateral,” Saylor wrote on Twitter.

It's absurd how much risk they took.

[Theoak*]

Did you tell the market of your new info? Luna Down to $1.15 now mate and UST now utterly wrecked at 0.34….. Someone really hates Do Kwon.

As for BTC they keep on hitting it. Barely holding onto 30k and this is quite literally the last stronghold before it goes to 20k.

All over my feed everybody is longing alts and jumping into Luna and then shit gets hit over and over again. People were longing Luna at $30 then $18 the. $9 then $6. Then $3….. we are at $1 now lol.

This is how capitulations happen as mongs use high leverage longs and get liquidated all the way down adding to existing sell pressure.

BTC 29.4K now…..

BTC dominance finally up to 43.5%. We now see a chink in the alt coin market. They are trying to fuck alt coins right up. We lose 28.7k and it’s heading to 20k.

Well that aged fast, crypto and stocks all round markets are still getting smashed. So yes I think the luna thing is priced in barring some shady information like you said. Peak inflation last month was 8.3%, numbers just released. Hence the blood bath continuing  as the fed will continue to tighten for a few more months yet.

Glad to see all the shitcoins getting absolutely slaughtered and btc holding its own against the blood bath.

[TheGrinch]

#Seen_gib ??

[Thin Lizzy]

I listen to a lot of fo financial podcast too. They all over complicate things to show off how smart they are. It’s not that complicated. Get into cash and fucking relax.

[FitnessFrenzy]

BTC $ 29.104

ouch

[Thin Lizzy]

Another one bites the dust:


This idea is right up there with Ralph Kramnden’s no cal pizza.

[Flexacon]

UST will probably get back to $1, but Luna is done. It seems Do Kwon got worked George Soros style.