Arden
Vyemm Raider
- 3,033
- 2,322
Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
- Start date
Flobee
Ahn'Qiraj Raider
- 3,032
- 3,519
Arden
Vyemm Raider
- 3,033
- 2,322
Taking this opportunity to do housekeeping on some financial stuff, including crypto. Went back through my files and found a "crypto strategy" note I had written for myself in Nov. 2023, shortly after buying some BTC.
Hilarious.
For the record, the only things I ended up buying were BTC and SOL. At the time, BTC was $37k and SOL was around $52.
Was obviously way off with the ETH high but BTC seems scary accurate.
Hilarious.
For the record, the only things I ended up buying were BTC and SOL. At the time, BTC was $37k and SOL was around $52.
Was obviously way off with the ETH high but BTC seems scary accurate.
- 2
- 1
Sanrith Descartes
I was forced to self-deport from the /pol thread
- 49,304
- 134,062
About to give up $86k again.
The selling will continue until morale improves.
Edit:
Edit 2: and that fast its $85,500.
The selling will continue until morale improves.
Edit:
Edit 2: and that fast its $85,500.
Last edited:
- 1
Sanrith Descartes
I was forced to self-deport from the /pol thread
- 49,304
- 134,062
Arden
Vyemm Raider
- 3,033
- 2,322
Balchunas is one of the more level-headed analysts out there. And no one is going to mistake him for a crypto bro.
Here's my personal take on it:
BTC isn’t falling because the fundamentals broke, it’s falling because leverage is unwinding across the entire risk complex. Once the forced liquidations finish, the selling pressure evaporates, spot demand steps back in, and BTC should snap back fast and hard, likely to new highs.
In fact, the macro environment is actually getting BTC-friendlier every day, with higher inflation, more fiscal spending, and limited room for central banks to tighten all support a rebound once the leverage flush is over.
- 5
Sanrith Descartes
I was forced to self-deport from the /pol thread
- 49,304
- 134,062
What fundamentals? The BTC income statement? Balance sheet? Book value. Crypto doesn't have fundamentals. It has a segment of the population who believe it has value. It can't be sold for its assets, AR and book of business. Its like art. its worth whatever someone is willing to pay for it. It doesn't have fundamentals.
- 1
- 1
Sheriff Cad
scientia potentia est
- 29,858
- 68,419
In addition, I thought everyone was saying BTC going up (or the S&P for that matter) was basically the dollar getting weaker and we're actually just getting poorer due to inflation.
When BTC crashes, is the dollar getting stronger or is that only something that happens on the way up?
Flobee
Ahn'Qiraj Raider
- 3,032
- 3,519
The network is functioning, blocks are being made, transactions are clearing. Fundamentals in this context is not what you're referring to. The point is that there is nothing wrong with Bitcoin that is causing the price to go down, its a tradfi issue that is effecting the USD price.
If you don't think uncensorable instant settlement anywhere in the world, permissionlessly, and nearly free has value then I don't know what to tell you other than you're wrong. If you know anything about money transmission rails, and I know you do, you know just how valuable that is.
- 2
Flobee
Ahn'Qiraj Raider
- 3,032
- 3,519
These things don't move in straight lines. You can't print a 5 minute chart and say AHA! See! Clearly this has nothing to do with a weakening USD! Zoom out and stop worrying so much about movements over a timespan under a year. If you not seeing this I would say you're missing whats happening because you have such a high time preference. Priced in Dollars the world is more expensive than it was 5 years ago, price in Bitcoin its cheaper. You can do the same with Gold. Will USD get stronger vs certain other asset classes at certain times? Yea... obviously it will. Is it depreciated over time vs real assets? YES! Go look at a chart since 1971, or 1913 for that matter.
- 2
Arden
Vyemm Raider
- 3,033
- 2,322
Flobee already posted a good explanation, but I'd just add that BTC behaves more like a monetary asset than an operating business, so its fundamentals live in economics, not corporate financial metrics. Art is subjective; Bitcoin has measurable on-chain and macro drivers.
- 1
Sanrith Descartes
I was forced to self-deport from the /pol thread
- 49,304
- 134,062
Blockchain technology and BTC are not the same thing. Blockchain tech isn't BTC fundamentals. You are using a financial instrument term and it isn't relevant for BTC.
Flobee
Ahn'Qiraj Raider
- 3,032
- 3,519
What are you talking about? Nobody mentioned Blockchain technology... however you do know that "Blockchain Technology" IS bitcoin right? Like... any other "blockchain" is just copying the way that Bitcoin creates blocks and changing how it works. Unless I'm misunderstanding what you're trying to say... you should REALLY go read the Bitcoin whitepaper... its 9 pages, not all that hard to understand and you clearly have 0 understanding of what you're talking about.
Also the work fundamentals applies to more than just companies lol
- 1
- 1
