Bitcoin Price Thread

The_Krakenite said:
You just described gold. Thanks. After thousands of years, you've proved all other generations to be 'dumb' in this regard.

Waiting to see you sitting as chairman at an investment bank in 6 months...
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Gold doesn't have a rogue off-shore company that can print money out of the sky and pump it's price.

Gold is a conservative store of value. Bitcoin is a junk asset that performs well in risk-on scenario when the times are good.

Bitcoin as itself is OKAY and a good idea(even though technologically flawed), but the problem is that it's price is artificially inflated with Tethers. So it's like a ponzi scheme. The price of Bitcoin is very similar to a ponzi scheme.

There is some genuine demand for Bitcoins, but to a large extent the Tether fraud is adding fuel to the fire, pumping up the price and creating artificial demand (people want to buy when price goes up, FOMO).
 
SunTrader said:
Everyone needs a boogieman, to point the finger at.
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The boogieman

upload_2024-5-7_14-7-31.png
 
semperfrosty said:
:D Its the 'glorified spreadsheet' for me.:D

Also you forgot to mention tulips.
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Bitcoin has just completed a milestone yesterday of 1 billion transactions and over $100 Trillion of value settled on the monetary network

I think Tulips had 2 billion transactions during its lifetime, so we're halfway there,

From what I read, the Tulips market was the biggest market in the world, the whole world was buying and selling Tulips, from the Samurai warriors salary payable in Tulips in Japan , to the Chinese Ming dynasty only accepting it as payment for jade and Opium, to the Spanish conquistadors gathering gold to get more Tulips, and the Vatican financial support of the Crusaders were done with Tulips, Noah paid the boat carpenters with Tulips, Moses parted the red sea with dam workers paid in Tulips, the Tulips market grew to something equivalent to $100 Quadrillion in today's dollars so I think bitcoin will always be in Tulips shadows and will never catch up

semperfrosty said:
Does anyone else feel like the nocoiners just swapped out the word 'tulips' for 'tether' in their largely confused ramblings?:D
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Tether has become the boogieman excuse of the nocoiners, oh, don't go to that dark room, there's a boogieman , oh don't invest in bitcoins because of Tether

Tether is a Bitcoin protective moat against these nocoiners afraid of Tether, how cute, :D

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@orbit23 you need to warn the people below of Tether, boooooohh


https://twitter.com/x/status/1787635177122111887
 
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SunTrader said:
Does it have a name, i.e. symbol?

Or it the boogieman in witness protection?
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Yes, the boogieman is USDT.

The name of the game is to print USDT out of nothing and pump up crypto prices. Price going up creates demand and buyers.

Most Bitcoin volume is transacted with USDT, which is an alleged stablecoin.

They claim to have $90B in short term US treasuries to back their token, but there never has been an audit of their finances and nobody has seen their money.


Cantor Fitzgerald is allegedly a custodian for Tethers US treasuries, but he never said how much he is holding.

They are off-shore with basically no regulatory oversight. They have been banned in New York and they paid a fine for lying about their reserves (they didn't have the money when they were $2B marketcap and now they are at $100B+).


They are issuing USDT against crypto. They receive crypto and print you USDT. It's a ponzi.

And eventually it will either go bust or get busted by the feds, causing massive collapse of Bitcoins price.


Government rarely busts a ponzi scheme in the making so they could've gotten away with it, if only it wasn't for the illicit finance. Tether is being used by Russia and other sanctioned countries to facilitate illicit trade.

The treasury depoty Adeyemo specifically said in the hearing before the congress that they need additional tools to go after stablecoins that claim to be dollar-backed but try to escape US regulations.
 
orbit23 said:
68


Yes, the boogieman is USDT.

The name of the game is to print USDT out of nothing and pump up crypto prices. Price going up creates demand and buyers.

Most Bitcoin volume is transacted with USDT, which is an alleged stablecoin.

They claim to have $90B in short term US treasuries to back their token, but there never has been an audit of their finances and nobody has seen their money.


Cantor Fitzgerald is allegedly a custodian for Tethers US treasuries, but he never said how much he is holding.

They are off-shore with basically no regulatory oversight. They have been banned in New York and they paid a fine for lying about their reserves (they didn't have the money when they were $2B marketcap and now they are at $100B+).


They are issuing USDT against crypto. They receive crypto and print you USDT. It's a ponzi.

And eventually it will either go bust or get busted by the feds, causing massive collapse of Bitcoins price.


Government rarely busts a ponzi scheme in the making so they could've gotten away with it, if only it wasn't for the illicit finance. Tether is being used by Russia and other sanctioned countries to facilitate illicit trade.

The treasury depoty Adeyemo specifically said in the hearing before the congress that they need additional tools to go after stablecoins that claim to be dollar-backed but try to escape US regulations.
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So how do you explain USDT's value being steady for soooo long

https://www.coindesk.com/embedded-chart/kwd9RwKLg9NP8

if the end is anywhere near?

And please keep it short. Long rambling posts are just that.
 
SunTrader said:
So how do you explain USDT's value being steady for soooo long

https://www.coindesk.com/embedded-chart/kwd9RwKLg9NP8

if the end is anywhere near?

And please keep it short. Long rambling posts are just that.
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Why was Luna's UST stablecoin stable for so long before it crashed to 0?

Because it was in the interest of the market makers to keep it stable.

A year before the collapse one of the infamous market makers risked a couple hundred million dollar to defend the peg. They were succesful and UST lasted for another year, allowing them to profit largely.

You can't even redeem tethers. Or that's atleast what people claim. They apparently sell USDT for USDC and then redeem USDC.

There is money to be made before the rug gets pulled. Eventually the peg will collapse and all hell will break loose.
 
orbit23 said:
You can't even redeem tethers. Or that's atleast what people claim. They apparently sell USDT for USDC and then redeem USDC.
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lol, you can't redeem USDC, either

Everyone just sells usdt for fiat or any crypto for fiat, I don't think you've ever used any crypto assets, have you?

Dude, please don't stop hating on Tether, it's a lot fun watching you post like a pathetic, clingy Tether ex-boyfriend :D

[and please don't you ever, ever think of buying bitcoin :finger:]
 
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