So why is BTC going up now? - HODL or dump?

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cybertoaster said:
That's it? that's worth doubling the price?
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Isn't it ironic that Bitcoin, the currency designed to carve its own path and start a new currency that's independent of banks/regulation, is now being priced in based on the fact its about to be put into an ETF.

How the mighty have fallen.
 
The SOL thing is totally a pump&dump, how the hell does that shitcoin go up 93% just because they "solved scaling"? come on now, its a bagholder trap.

And who the hell still falls for ripple? its practically a ponzi.
Flabba Wabba Jabba said:
Isn't it ironic that Bitcoin, the currency designed to carve its own path and start a new currency that's independent of banks/regulation, is now being priced in based on the fact its about to be put into an ETF.

How the mighty have fallen.
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It was always a cesspit of speculators and inside trading, on average most of the people who bet on crypto lost everything, the ones making the most money are the ones pulling the rug.
 
cybertoaster said:
It was always a cesspit of speculators and inside trading, on average most of the people who bet on crypto lost everything, the ones making the most money are the ones pulling the rug.
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This is true. Out of all the crypto holders, I'd say about 5% have actually made a profit, with about 0.05% making a decent multiple and 0.001% making life changing money.

99% of crypto has no use-case. Bitcoin's use case is just decentralised currency. Ethereum's is gas to power decentralised applications. Monero's is a privacy-oriented currency. The rest are all useless and worthless.
 
People are hedging against a weakening and/or collapse of the USD and with all the crypto talk they are putting some bets on it.
 
Flabba Wabba Jabba said:
This is true. Out of all the crypto holders, I'd say about 5% have actually made a profit, with about 0.05% making a decent multiple and 0.001% making life changing money.

99% of crypto has no use-case. Bitcoin's use case is just decentralised currency. Ethereum's is gas to power decentralised applications. Monero's is a privacy-oriented currency. The rest are all useless and worthless.
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The utopian ideal of having a monetary system free from government and bank influence can't happen because what created the current system was not powers from on high or an evil shadowy cabal, but the collective will and habits of the people.
 
Flabba Wabba Jabba said:
This is true. Out of all the crypto holders, I'd say about 5% have actually made a profit, with about 0.05% making a decent multiple and 0.001% making life changing money.
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I made what was a decent multiple back in the old 2016-17 run but cashed it out thinking big money would institute their own crypto instead of seriously adopting BTC to launder with since a significant portion is owned by outsiders. I was very, very wrong and missed out on life changing money as a result. Had fun, though, met a good few people who did in fact make life changing money, but it's too stressful trying to rig the odds to catch lightning in a bottle yourself unless you're already in on the scams (A significant amount of shitcoin moonshots are perpetrated by the same ~150 people). I've even met some crypto-billionaires, not that their uncanny luck or wit ever rubbed off on me.

I do like XMR, though, even if it's terrible as a speculative asset.
 
General Emílio Médici said:
People are hedging against a weakening and/or collapse of the USD and with all the crypto talk they are putting some bets on it.
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Using crypto as a hedge? a highly speculative asset that can easily crash for no reason at any time?

Last time BTC crashed it went down to less than 1/3 of the price.
I (Don't) Have A Gun said:
The utopian ideal of having a monetary system free from government and bank influence can't happen because what created the current system was not powers from on high or an evil shadowy cabal, but the collective will and habits of the people.
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Not a fan of overregulation but seeing the fuckery happening in crypto is like reading history books about previous speculative schemes that have long been made illegal by laws against inside trading. A lot of people getting into crypto think they are gonna trick the government and not pay taxes only to get tricked by scammers and lose everything instead.
Heed Not said:
(A significant amount of shitcoin moonshots are perpetrated by the same ~150 people)
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Who?
Heed Not said:
but it's too stressful trying to rig the odds to catch lightning in a bottle yourself unless you're already in on the scams
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That's what I was saying, if you're not in the select club of inside traders pulling the rug then you're a bagholder.
Heed Not said:
instead of seriously adopting BTC to launder with since a significant portion is owned by outsiders.
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BTC sucks for laundering, feds can already track it and all existing mixers are honeypots or compromised. Big money has its own methods, see HSBC laundering narco money and getting away with it. Point is they don't need crypto to do it.
 
cybertoaster said:
Point is they don't need crypto to do it.
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Yeah, laundering wasn't the right term, more so its newest grift bubble like the dotcom boom. I thought they'd shit out a fork they owned from the start instead of adopting BTC for that purpose, and I missed out on a lot of money assuming as much.
cybertoaster said:
Who?
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The people that make them sort of clump together (with the exception of Safemoon, I never encountered that guy). But the really big shitcoins usually spawn out of one or two groups. For example, a lot of shitcoins are done to test the water and then ones that gain momentum become the sole focus and explode from there. Even the people making them don't just put out banger after banger, but the medium-cap ones come by often enough for it to be worth making new ones constantly.
 
Heed Not said:
The people that make them sort of clump together (with the exception of Safemoon, I never encountered that guy). But the really big shitcoins usually spawn out of one or two groups. For example, a lot of shitcoins are done to test the water and then ones that gain momentum become the sole focus and explode from there. Even the people making them don't just put out banger after banger, but the medium-cap ones come by often enough for it to be worth making new ones constantly.
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So classic "there's a list and your name ain't in it" situation? weird how the feds haven't jumped on this given that all they need is 5-10 idiots to spill the beans and they can get practically all of them.

Anyway, do you know the names of any of those groups? have ever meet anyone who was part of them?
 
cybertoaster said:
ll they need is 5-10 idiots to spill the beans and they can get practically all of them.
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Not everyone that plays in crypto is in US jurisdiction. I've met people who were a part of them like one of the 1b usd cap shitcoins but I'd be doing cocaine instead of posting on KF if I had any meaningful relationship with any of them.
 
Heed Not said:
Not everyone that plays in crypto is in US jurisdiction.
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Well unless they are in the middle of north korea or iran you can still get interpol involved. Most countries are only so inclined to protect their financial scammers, at some point the juice is not worth the squeeze.
 
Bitcoin seems to go through this cycle every few years, and politicians are talking about it again which makes crypto autists very excited one way or the other.

At this point my biggest regret is not picking enough crypto moonshots back in the good times to fund my new interest in precious metals. Idk if we'll ever see another bubble like the 2021 action though because at this point people lose their attention span too quickly and in 2021 the crypto market bloated too much too quickly too many retards got left bag holding on obvious rugpulls.
 
Flabba Wabba Jabba said:
Isn't it ironic that Bitcoin, the currency designed to carve its own path and start a new currency that's independent of banks/regulation, is now being priced in based on the fact its about to be put into an ETF.

How the mighty have fallen.
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It was over when Gavin Andersen left the project

When miners started actively fighting against an usable blockchain because of their shortsighted greed, well, it was a huge fuck you to everyone who wanted it as an actual currency
 
I don't know how anyone has confidence in the BTC now, specifically because it is on track to see an ETF filed. That just opens it up to massive market manipulation: naked short selling, millions of phantom shares, tokenizing the ETF, etc. Big players won't even need to put into the market to make the price crash, they'll just sell a shitload of shares they don't own, FTD, have a 2% chance of being made to pay a small fine, and profiting massively on the crash. Rinse and repeat.
 
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