Bitcoins/Litecoins/Virtual Currencies

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Torrid

Molten Core Raider
925
611
I'd link a 'everything is fine, don't freak out' video but those don't exist because they don't get clicks for ad revenue.

If Tether collapsed tomorrow, the bitcoin network would hum away like nothing happened just like it kept humming away from $20,000 to $3,000 after 2017 and everybody who had their bitcoin before will still have it after.

Stablecoins aren't charities, hence they need to profit from the endeavor somehow to exist. Everybody knows they make loans and investments with the holdings. This is similar to how banks work. Tether isn't FDIC backed? Well no shit. If crypto followed regulations, it wouldn't exist in the first place. This is the wild west and we like it that way. Anything that isn't a bank has some counterparty risk. We're adults and we can make our own risk assessments. I've been burned buying crypto assets-- even very recently-- and it's my fucking fault for not doing sufficient research. (for the love of God, google the coin's emission schedules people) I don't need a nanny state to protect me.

Tether is losing market share to other stablecoins. There are now stablecoins that are amalgams of multiple stablecoins. Eventually people will switch over to the coins with the least risk. Tether started the whole stablecoin phenomena and created something that has a huge demand. This is now forcing nation states to make CBDCs, so Tether has forced innovation down the throats of traditional financiers. That's what happens when regulations don't get in the way of new ideas.

I'm not suggesting Tether is 100% legit, but this whole '2017 was 50% Tether manipulation' stuff is nonsense. It's been around 5+ years without collapse, so just maybe it's not that risky to hold tether for a few days to send money wherever then convert it back to whatever which is a common use case for it. If you use it to tax dodge then you take your chances knowingly.
 
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Haus

<Silver Donator>
10,941
41,332
That's a great comparison. We used to replace the liquor we took with water to keep the levels up. It worked until the bourbon was about 50% water.

Also: Yellen urges federal agencies to 'act quickly' on stablecoin regulation

As usual, Casey is on top of shit. The stable coin issue may cause the next total market crash and Yellen knows it.

I'm kinda wondering why it's taken them this long to come after stablecoins in general as that's the direct competitor to a CBDC. Just like there used to be laws outlawing any kind of legal tender other than USD in the US. Which is funny as they SAY that it's not illegal in the US to make an alternative currency, but the most recent known one I'm aware of they arrested the guy who created it.. Who, by the way, is obviously not me.
 

Torrid

Molten Core Raider
925
611
Bitfinex is based in Hong Kong. It's ridiculous to me that New York state can presume to be the world financial police and charge them with anything to begin with. If I were Bitfinex I'd give them the finger as much as I could get away with too.

The Liberty dollar guy was an American, holding the reserves in America. Also it's not illegal (yet) to make your own kind of money-- retail stores do this all the time. The feds basically lawfared the guy by accusing him of counterfeiting, because the feds are good guys like that.
 

Arden

Blackwing Lair Raider
2,632
1,925
I'm kinda wondering why it's taken them this long to come after stablecoins in general as that's the direct competitor to a CBDC. Just like there used to be laws outlawing any kind of legal tender other than USD in the US. Which is funny as they SAY that it's not illegal in the US to make an alternative currency, but the most recent known one I'm aware of they arrested the guy who created it.. Who, by the way, is obviously not me.

This might answer your question: Stablecoins Are Not Money, Says Fed Attorney | Crypto Briefing
 

James

Ahn'Qiraj Raider
2,804
7,056
Withdrew .28 ETH before selling my cost basis + some profit of $DIAMND at literally the top about 9 hours ago. I've got .19 ETH waiting to be collected right now.
 

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Sanrith Descartes

Veteran of a thousand threadban wars
<Aristocrat╭ರ_•́>
41,351
107,244
There is nothing positive about this chart. As I mentioned a few weeks ago, BTC was on a timeclock to recover 40k. As the days wore on, the moving averages would continue to converge lower created massive overhead resistance impeding a breakout higher. And here we are. 32k support appears to have fallen. 29k really isnt support, more like a small hand hold. 24k is the next real support level and you have a lot of bitcoin purchased by public corporations with a cost basis well above 24k. If BTC doesnt regain and hold 32k shortly, 24k could be the next stop.

or.. charts mean nothing.

1626787762718.png
 
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swayze22

Elite
<Bronze Donator>
1,211
1,091
I wonder what the conversations at MicroStrategy are like. earnings july 29th

Old presse release but:

TYSONS CORNER, Va., February 24, 2021-- MicroStrategy® Incorporated (Nasdaq: MSTR) (the “Company”), the largest independent publicly-traded business intelligence company, today announced that it had purchased an additional approximately 19,452 bitcoins for approximately $1.026 billion in cash at an average price of approximately $52,765 per bitcoin, inclusive of fees and expenses.

As of February 24, 2021, the Company holds an aggregate of approximately 90,531 bitcoins, which were acquired at an aggregate purchase price of approximately $2.171 billion and an average purchase price of approximately $23,985 per bitcoin, inclusive of fees and expenses.
 

Fogel

Mr. Poopybutthole
11,926
42,439
There is nothing positive about this chart. As I mentioned a few weeks ago, BTC was on a timeclock to recover 40k. As the days wore on, the moving averages would continue to converge lower created massive overhead resistance impeding a breakout higher. And here we are. 32k support appears to have fallen. 29k really isnt support, more like a small hand hold. 24k is the next real support level and you have a lot of bitcoin purchased by public corporations with a cost basis well above 24k. If BTC doesnt regain and hold 32k shortly, 24k could be the next stop.

or.. charts mean nothing.

View attachment 363197

Two other things to look at. 1. Volume is really really low and 2. The large swings have gone away. This gives me the feeling that even though its trending slightly downward, I'd consider this consolidation
 
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Sanrith Descartes

Veteran of a thousand threadban wars
<Aristocrat╭ರ_•́>
41,351
107,244
Two other things to look at. 1. Volume is really really low and 2. The large swings have gone away. This gives me the feeling that even though its trending slightly downward, I'd consider this consolidation
My belief is that the large swings have faded due mainly to the trough shrinking as the various DMAs all came together and continue to move lower forcing the overhead resistance lower.
 
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Haus

<Silver Donator>
10,941
41,332
Today was the first morning I haven't checked my crypto portfolio levels as I already know it's just a depressing bloodbath.

As for the EU banning "anonymous" bitcoin wallets. There's actually no way to do that, literally because of how the Bitcoin environment is built. They'll have to just rely on what? People to report any time they create a new wallet? Good luck with that. Do they realize that at it's core the goal of Bitcoin (and much of the Crypto world) is to be something the government can't control?
 

Furry

WoW Office
<Gold Donor>
19,280
24,169
Today was the first morning I haven't checked my crypto portfolio levels as I already know it's just a depressing bloodbath.

As for the EU banning "anonymous" bitcoin wallets. There's actually no way to do that, literally because of how the Bitcoin environment is built. They'll have to just rely on what? People to report any time they create a new wallet? Good luck with that. Do they realize that at it's core the goal of Bitcoin (and much of the Crypto world) is to be something the government can't control?
They can't stop smart people, but that's never stopped the gov from making laws before. People will mess up and most laws exist so the government can kick you repeatedly when they already got you, not to stop things from happening.
 

Locnar

<Bronze Donator>
2,711
2,993
I took a bath on my ETHE and am completely out now. Rather put that money into airlines/cruises while they are also in the toilet.