yeah pretty much everyone expressing regrets about not buying in earlier would've sold the instant they doubled or tripled their money
no fucking clue what's going on but it feels like there's some insane manipulation going on. feels like how you have these weird punk 7"s that people just randomly decide are worth $600 even though nobody ever buys them
― frogbs, Friday, 12 February 2021 18:17 (three years ago) link
It’s definitely the case that some vicious criminal assholes are on the winning end of whatever is going on.
― Canon in Deez (silby), Friday, 12 February 2021 18:19 (three years ago) link
I want to believe manipulation too, but it's getting increasingly hard for me to believe it's possible at the kinds of volume and market cap we're seeing now. I guess it's still relatively unregulated/unobserved so maybe there's something highly sophisticated going on.
― longtime caller, first time listener (man alive), Friday, 12 February 2021 18:26 (three years ago) link
the volume... is not very high
― lag∞n, Friday, 12 February 2021 18:34 (three years ago) link
It's weird that none of these stories point out that somebody owns 36 billion Dogecoin and with one tweet Elon Musk made that anonymous person a billionaire, and that person could be himself https://t.co/Gm4xNP8N3t https://t.co/vWBqYRIUBr— David Dayen (@ddayen) February 9, 2021
― lag∞n, Friday, 12 February 2021 18:35 (three years ago) link
fwiw it has been found perviously that some bitcoin exchanges were letting big accounts trade for free so the sophistication of the scheme could literally just be selling yourself bitcoin lol, and also the people doing it could be the exchanges themselves, theres also obvs been all sorts of other malarky going on the whole time too tether etc, havent seen anyone theorizing re the nature of the scam this time around tho, but i mightve just unfollowed those people lol
― lag∞n, Friday, 12 February 2021 18:40 (three years ago) link
The tether thing is still a compelling case about why the bitcoin pump has been a complete scam. They got another extension to provide the NYAG with documents that show 1T is backed by 1USD. And that new deadline is in a week or so. But in the meantime they minted one billion tether yesterday and minted like 7 billion last week. So many billionaires sending money to tether's bank in the Bahamas.
― Yerac, Friday, 12 February 2021 18:45 (three years ago) link
But I think they now just need to prove that 1T is backed by 1USD or equivalent, which is easier if you mint tether>unknown wallet>crypto exchange>purchase BTC>unknown wallet>crypto exchange> BTC into USD
― Yerac, Friday, 12 February 2021 18:48 (three years ago) link
― lag∞n, Friday, February 12, 2021 1:34 PM (thirty-six minutes ago) bookmarkflaglink
Bitcoin's latest trading volume was $78,534,285,374 -- as a percentage of market cap that's higher than the volume of a lot of large cap stocks (and it's also huge in absolute terms). Agree it's very possible it could just be dumb shit like back-and-forth wash trades among a small number of accounts or a large number of dummy accounts.
― longtime caller, first time listener (man alive), Friday, 12 February 2021 19:16 (three years ago) link
its higher than the volume of... a single stock
― lag∞n, Friday, 12 February 2021 19:18 (three years ago) link
latest *reported trading volume I should say, I really have little idea how that's calculated or how much if any transparency there is with these exchanges.
― longtime caller, first time listener (man alive), Friday, 12 February 2021 19:18 (three years ago) link
― lag∞n, Friday, February 12, 2021 2:18 PM (twenty seconds ago) bookmarkflaglink
Higher as a percentage of market cap though, i.e. the percentage of bitcoin that trades per day is higher than the percentage of, say, Apple stock that trades per day. Of course, Apple is very clearly widely held and traded among many many holders and trades on a transparent national exchange.
― longtime caller, first time listener (man alive), Friday, 12 February 2021 19:20 (three years ago) link
(i.e. no idea if the latter is actually true for Bitcoin - volume doesn't matter much if it's wash trades)
― longtime caller, first time listener (man alive), Friday, 12 February 2021 19:21 (three years ago) link
anyway im sure at this point in the mania a lot of the trading is legit the manipulators may have already cashed out, or they just step in when necessary who knows, either way i would bet all the bitcion i own, like ten dollars worth a thumb drive somewhere that i forget the password to, that manipulators are in the mix, cause i mean why not you have a dubiously regulated world wide market where all the players are pseudonymous, its like it was invented for crimes
― lag∞n, Friday, 12 February 2021 19:22 (three years ago) link
yeah I think bitcoin is dumb as shit too, I've just never seen a phenomenon quite like this. I have to think it's partly fed money inflating bitcoin just like everything else is getting inflated. Fed engaged in unprecedented bond buying and institutions are just (indirectly) throwing a lot of that on the craps table because nothing productive to spend it on.
― longtime caller, first time listener (man alive), Friday, 12 February 2021 19:25 (three years ago) link
yeah I think bitcoin is dumb as shit too
― longtime caller, first time listener (man alive), Friday, February 12, 2021 2:25 PM (fifteen seconds ago) bookmarkflaglink
i will do you the courtesy of not reviewing your posts itt lol
― lag∞n, Friday, 12 February 2021 19:26 (three years ago) link
the real question is, if someone with $20,000,000 of bitcoin they found on a USB somewhere were to cash out, could they actually get 20 million dollars
― frogbs, Friday, 12 February 2021 19:35 (three years ago) link
at this point it seems like yeah, but not sure at what number it becomes no
― lag∞n, Friday, 12 February 2021 19:38 (three years ago) link
you can see when there are large amounts of crypto being transferred from wallets to exchanges or when stableoins are being minted. Some twitters send out alerts. Whenever tether is being minted, bitcoin pump always follows. When they stop minting, it slowly starts to bleed.
― Yerac, Friday, 12 February 2021 19:42 (three years ago) link
recall ppl talking about that pattern the last time around
― lag∞n, Friday, 12 February 2021 23:59 (three years ago) link
yeah it still happens. people still trade based on it. It's pretty reliable.
― Yerac, Saturday, 13 February 2021 00:02 (three years ago) link
lol normal asset
― lag∞n, Saturday, 13 February 2021 00:03 (three years ago) link
I put $50 in a week ago as a larj. It’s at $73 now. Should I put all my money in it?
― treeship., Saturday, 13 February 2021 00:09 (three years ago) link
only if its as a larj
― lag∞n, Saturday, 13 February 2021 00:12 (three years ago) link
Sorry i slip into norwegian when i’ve had a fewj
― treeship., Saturday, 13 February 2021 00:13 (three years ago) link
treej
― lag∞n, Saturday, 13 February 2021 00:14 (three years ago) link
Its Bi-tulip mania!
https://en.wikipedia.org/wiki/Tulip_mania
― Chewshabadoo, Saturday, 13 February 2021 07:33 (three years ago) link
How we defeat the transhumanist technocracy: -Worship God-Buy bitcoin-Build our own internet (satellites + free speech software)-Build our own bitcoin and silver/gold-backed banks-Build our own digital economy-Exit the existing system— Gab.com (@getongab) February 13, 2021
― lag∞n, Saturday, 13 February 2021 14:35 (three years ago) link
are they moving to mars?
― class project pat (m bison), Saturday, 13 February 2021 14:50 (three years ago) link
papa elon
― lag∞n, Saturday, 13 February 2021 14:53 (three years ago) link
I started listening to the ARK Invest podcast, and some of it is pretty interesting, e.g. when they get into the nuts and bolts of the autonomous vehicle race. But I just listened to the bitcoin one and it was so many layers of bullshit.
My favorite part was when they addressed the common criticism that bitcoin was too volatile, and their spin on that was that "what's great about it is that it's not correlated to other assets." You know what else isn't correlated to other assets? My boogers. That doesn't make them an investment.
― longtime caller, first time listener (man alive), Saturday, 27 February 2021 03:36 (three years ago) link
coming bak to the tether thing. Their last reported mint was Feb 20 for 800mil. The nyag's report and fine came out 3 days later and they haven't minted any tethers since, although there has been a lot of huge transactions overnight and a lot of other stablecoin minting. But if you look at the btc one month chart it sure looks not entirely coincidental.
― Yerac, Saturday, 27 February 2021 03:53 (three years ago) link
I spoke to a couple of the smarter bitcoin enthusiasts I've known, and both of them seem to have settled down and cooled their expectations a lot about it. Crazy that it's still having the run it is -- the stablecoin manipulation theory seems very plausible, it's just a magnitude of manipulation I don't know if the world has ever seen before if so.
― longtime caller, first time listener (man alive), Sunday, 28 February 2021 17:35 (three years ago) link
Like both of these guys were once telling me "bitcoin is the new internet" and now they're like "it's overhyped and there are a lot of scammers out there but blockchain has a few good uses"
― longtime caller, first time listener (man alive), Sunday, 28 February 2021 17:36 (three years ago) link
i mean bitcoin people are super sensitive when you say that tether is a huge scam and it's the main driver of bitcoin pumps... so you know. There is data out there but supposedly it's all FUD, i am not putting in the energy to try to convince people of something so obvious. I just trade around it.
― Yerac, Sunday, 28 February 2021 18:22 (three years ago) link
weird how a super slow expensive distributed database didnt change everything
― lag∞n, Sunday, 28 February 2021 18:23 (three years ago) link
man, this is a fun thread to read back through, lots of gems
― longtime caller, first time listener (man alive), Sunday, 28 February 2021 18:32 (three years ago) link
smarter bitcoin enthusiasts
― Canon in Deez (silby), Sunday, 28 February 2021 19:50 (three years ago) link
Good intro
― sell her Dior (Sufjan Grafton), Sunday, 28 February 2021 20:30 (three years ago) link
― ❏❐❑❒ (gr8080), Wednesday, December 5, 2012 9:28 PM (eight years ago)
posts that aged unexpectedly; that's over a million dollars.
― That's not really my scene (I'm 41) (forksclovetofu), Sunday, 28 February 2021 21:05 (three years ago) link
The more I get back to reading about bitcoin, the more I feel like my friend has probably lost his judgment living in the silicon tower
― signed, J.P. Morgan CEO (Hurting 2), Monday, December 2, 2013 5:54 PM (seven years ago) bookmarkflaglink
yes
― lag∞n, Monday, December 2, 2013 5:56 PM (seven years ago) bookmarkflaglink
it's weird though, dude is smart as fuck and usually a cool-headed and skeptical thinker. But he keeps repeating these catch phrases like "it feels like the internet in 1990" that must ping-pong around a lot out there. He spent years having his employer do his laundry and drive him to work, so he may have lost touch a bit.
― signed, J.P. Morgan CEO (Hurting 2), Monday, December 2, 2013 6:01 PM (seven years ago) bookmarkflaglink
oh also "it's going to disrupt banking"
― signed, J.P. Morgan CEO (Hurting 2), Monday, December 2, 2013 6:02 PM (seven years ago) bookmarkflaglink
lol this is one of the guys I'm talking about who now says it's mostly scams and hype but there might be a few good uses for blockchain
― longtime caller, first time listener (man alive), Sunday, 28 February 2021 23:10 (three years ago) link
my brother works in this industry and he says there really aren't any good uses for it...just a bunch of stuff that could be done much more efficiently with other data structures
― frogbs, Sunday, 28 February 2021 23:20 (three years ago) link
Just use Postgres ffs
― Canon in Deez (silby), Monday, 1 March 2021 01:20 (three years ago) link
thats your answer for everything
― lag∞n, Monday, 1 March 2021 17:29 (three years ago) link
It’s usually correct!!
― Canon in Deez (silby), Monday, 1 March 2021 17:46 (three years ago) link
I mean you can’t buy drugs with Postgres but otherwise
i'm sure some database programmers convert money earned with Postrges into drugs
― sell her Dior (Sufjan Grafton), Monday, 1 March 2021 17:51 (three years ago) link
I feel seen.
― Elvis Telecom, Wednesday, 3 March 2021 01:30 (three years ago) link
Another thing I have to think is helping to drive the bitcoin price runup is leverage. My understanding is that there are offshore trading platforms that let you use up to 100x leverage to buy bitcoin. Presumably there's little or no oversight there.
― longtime caller, first time listener (man alive), Thursday, 18 March 2021 17:37 (three years ago) link
https://news.artnet.com/opinion/beeple-everydays-review-1951656some real humdingers in there
― G.A.G.S. (Gophers Against Getting Stuffed) (forksclovetofu), Thursday, 18 March 2021 17:41 (three years ago) link