Bitcoin

[bonzo75]

20 percent didn't happen because of the announcement alone, it happened because there was record open interest in futures and upto 20 times leverage. The record leverage had built up over the last two days. What then happens is even a slight dip causes Liquidation... Exchanges take back the bitcoin collateral and sell it off. Over 10 billion in leverage got liquidated today. 7.6 billion in one hour, over a million trades. That causes a flash crash, and then it recovered 10 percent. It could probably correct further. This is good. It takes out all the leveraged longs, and spot holders and negative funding rate is bullish.

 

[Ron Resnick]

You also ignored me when I asked which countries would be dismayed if btc was no more.

I do not have any special knowledge in answering this question, so I demurred. I would guess that no national government would be happy about widespread adoption of Bitcoin, and migration away from that country's fiat currency.

But now you are asking about "countries," not governments. I would suspect that people in countries are happy to have an alternative to a fiat currency.

 

[Ron Resnick]

Lol... The point is this: What does a ~20% drop in value of btc mean when the cause of the drop is an announcement that there will be a crackdown on money laundering?

I did not see any "announcement" about prosecution of individuals or entities for money laundering. An unsubstantiated rumor on Yahoo means, to me, almost nothing.

If you saw an "announcement" please kindly post it.

 

[Folsom]

Lol... The point is this: What does a ~20% drop in value of btc mean when the cause of the drop is an announcement that there will be a crackdown on money laundering?

Probably not related. If it went up 20% they'd say it was because of the crackdown on money laundering. The desire for news to change the crypto market is more of a fantasy than anything. It's not like selling absolves you of records.

Bonzo
20 percent didn't happen because of the announcement alone, it happened because there was record open interest in futures and upto 20 times leverage. The record leverage had built up over the last two days. What then happens is even a slight dip causes Liquidation... Exchanges take back the bitcoin collateral and sell it off. Over 10 billion in leverage got liquidated today. That causes a flash crash, and then it recovered 10 percent. It could probably correct further. This is good. It takes out all the leveraged longs, and spot holders and negative funding rate is bullish.

^^^ It's even more simple than that in some ways but ya, read that for a reason.

 

[KeithR]

Please post when that happens

View attachment 77012

Hindsight is cute. Prospective returns shouldn’t be based on prior ones, especially without cash flows.

 

[Ron Resnick]

I think you know btc is a refuge of criminals, . . .

I know no such thing.

This is the common and utterly absurd argument that because a few criminals use a thing for a nefarious purpose, the thing in question should be banned.

Because all transactions are recorded permanently and irreversibly to the blockchain, it is easier for criminals to use real or fake paper fiat currency than BTC.

 

[Ron Resnick]

participating in btc is supporting criminals, criminal regimes and enemies of the United States.

I thought you proudly and loudly rejected falsehoods and nonsensical conspiracy theories?

 

[Folsom]

BTC going up with a huge drop in volume... heh. (at this moment anyways)

 

[DaveC]

I thought you proudly and loudly rejected falsehoods and nonsensical conspiracy theories?

You've gotta be kidding, the history and use of btc is easily accessible if you even care to do the barest minimum of research. But you won't, because you don't want to know.

I did post some proof but it got deleted as political, so I won't fine more, nor do I care to spend my time spoon-feeding people who don't like the taste of reality.

I have no skin in this game at all, while some here have incredible bias, lol...

 

[Ron Resnick]

As of this moment -- about two days after it was first published -- it looks like the Yahoo.com rumor about a U.S. Treasury investgiation was fake "news."

 

[Ron Resnick]

20 percent didn't happen because of the announcement alone, it happened because there was record open interest in futures and upto 20 times leverage. The record leverage had built up over the last two days. What then happens is even a slight dip causes Liquidation... Exchanges take back the bitcoin collateral and sell it off. Over 10 billion in leverage got liquidated today. 7.6 billion in one hour, over a million trades. That causes a flash crash, and then it recovered 10 percent. It could probably correct further. This is good. It takes out all the leveraged longs, and spot holders and negative funding rate is bullish.

Mike Novogratz, Founder and CEO of Galaxy Digital, confirmed exactly this on CNBC this morning (New York Time). He said a million over-leveraged small traders got liquidated.

 

[Zero000]

Yes, and there isn't enough processing power to change old blocks. You would never catch up. Any changes in old blocks require that all blocks between it and the contemporary one be reprocessed. (or rather sealing keys harvested)

I read the Satoshi white paper last night. Of course I did not understand the mathematical formulas, but the underlying concepts are intelligible, and the merely nine page paper is succinctly and clearly written.

The white paper's brevity and declarative clarity reminded me of the U.S. Constitution.

My current understanding is that Bitcoin is permanently, irrevocably hard-capped. Even if it might be theoretically possible for the hard cap to be raised, it would require the collusion of miners, nodes and developers. The resulting hard fork still would leave the original hard-capped BTC blockchain in place, I believe.

I'd rather take my chances with the decentralized Bitcoin governance system than with politicians and central banks.

Yeah that's right.

But it isn't immutable.

The Bitcoin guys are much more resistant to change than those involved with Ethereum.

But note you can role out a fork, like Berlin, as long as it is still compatible with the existing implementation. Not all exchanges migrated to Berlin. Coinbase did and had to freeze until the Berlin bug was fixed.

I downloaded the Bitcoin Blockchain to my laptop about 2 years ago. That took a while with my internet link. It's a 200GB ledger

The Blockchain is just a ledger. The code can choose to do what it likes with the information contained within it.

 

[Folsom]

Yeah that's right.

But it isn't immutable.

The Bitcoin guys are much more resistant to change than those involved with Ethereum.

But note you can role out a fork, like Berlin, as long as it is still compatible with the existing implementation. Not all exchanges migrated to Berlin. Coinbase did and had to freeze until the Berlin bug was fixed.

I downloaded the Bitcoin Blockchain to my laptop about 2 years ago. That took a while with my internet link. It's a 200GB ledger

The Blockchain is just a ledger. The code can choose to do what it likes with the information contained within it.

No different than your bank...

 

[Ron Resnick]

Just reached +84.89%

I hope you sold at a profit! Now down 53% from the high of US$.43.

 

[Vienna]

I hope you sold at a profit! Now down 53% from the high of US$.43.

Hi Ron, my doge's profits were over 150% as it was purchased at 0.05 usd.
A part of the profits are cashed out another part is now on even more profitable tokens and of course Doge remains at the protfolio.

 

[Folsom]

DOGEFOLIO LOL

 

[Vienna]

DOGEFOLIO LOL

You are right its funny but this funny thing has offered hundrends thousands of cashed out profits (within two weeks) the moment that the serious, not gambling and not funny at all BTC has caused some tears and pain.
I do consider it as fun too, but last sunday while BTC (along with many other not funny not gambling tokens) was in free fall this funny gambling token was maintaining its base at 0.27 USD

I am laughing too with the belief of some, that some tokens are not just thin air or gamble or pure meme but serious assets

 

[Folsom]

You are right its funny but this funny thing has offered hundrends thousands of cashed out profits (within two weeks) the moment that the serious, not gambling and not funny at all BTC has caused some tears and pain.
I do consider it as fun too, but last sunday while BTC (along with many other not funny not gambling tokens) was in free fall this funny gambling token was maintaining its base at 0.27 USD

 

[Vienna]

Having seen your limited understanding before on many matters, i am returning you back your low level response.
I am sorry for your level

 

[Folsom]

Ok, well I send you a PM trying to invite you to something because I was thinking you're a cool guy, then I return to silly personal insults... Enjoy your shitcoins.