Got my entry btc perp futures long @ $16,718 same stop loss as above
Almost did not take the trade, don't want to stay up late tonight, but a planned trade is a planned trade...
Crypto Macro Trends for 2022
- Thread starter johnarb
- Start date
Got my entry btc perp futures long @ $16,718 same stop loss as above
Almost did not take the trade, don't want to stay up late tonight, but a planned trade is a planned trade...
Thanks for all the likes @NoahA
Closed btc perp futures long position @ $16,773
Taking a shower and going to sleep now
John, I found this post extremely interesting...
This is the sort of stuff that I really think about. It appears as if 80k btc should have been purchased by FTX since this is what customers thought they had. But instead, it looks like FTX just took the money, and didn't actually have any btc, even if on a fractional basis. What does something like this do to the price?
@RedDuke keeps saying how Tether created fictional demand since they used printed USDT to purchase bitcoin and hence pump the price, which is a logical suspicion. But here it looks like we have real demand that didn't make it to the actual market. If 80k bitcoins had to be sourced in the open market, what would it have done to the price? This 80k purchase never hit the market. If we consider how many are in cold storage and don't move, etc, perhaps 80k would be enough to move the price quite a bit. I guess we will never know. But this is the sort of thing that I think will one day cause an explosive reaction in the price of bitcoin. When everyone will be eager to hold their own keys, we will truly find out where the shortfall is, and it could be epic.
In the summer I was experimenting with FTX and trading bitcoin and bought $1k worth of BTC. After the implosion of Luna, I transferred it into cold storage, so I can say for certain that FTX did give me my small share of bitcoin. But to be honest, what I do remember was how long it look. It was well over an hour I believe before I saw the transaction was moving. In comparison, from my local exchange in my country which provides the onramp from my bank, that bitcoin transfer happens in minutes. It leads me to suspect that FTX kept having to purchase bitcoins for withdrawal purposes because they actually had only a small amount on hand, only to meet daily redemptions.
This is the sort of stuff that I really think about. It appears as if 80k btc should have been purchased by FTX since this is what customers thought they had. But instead, it looks like FTX just took the money, and didn't actually have any btc, even if on a fractional basis. What does something like this do to the price?
@RedDuke keeps saying how Tether created fictional demand since they used printed USDT to purchase bitcoin and hence pump the price, which is a logical suspicion. But here it looks like we have real demand that didn't make it to the actual market. If 80k bitcoins had to be sourced in the open market, what would it have done to the price? This 80k purchase never hit the market. If we consider how many are in cold storage and don't move, etc, perhaps 80k would be enough to move the price quite a bit. I guess we will never know. But this is the sort of thing that I think will one day cause an explosive reaction in the price of bitcoin. When everyone will be eager to hold their own keys, we will truly find out where the shortfall is, and it could be epic.
In the summer I was experimenting with FTX and trading bitcoin and bought $1k worth of BTC. After the implosion of Luna, I transferred it into cold storage, so I can say for certain that FTX did give me my small share of bitcoin. But to be honest, what I do remember was how long it look. It was well over an hour I believe before I saw the transaction was moving. In comparison, from my local exchange in my country which provides the onramp from my bank, that bitcoin transfer happens in minutes. It leads me to suspect that FTX kept having to purchase bitcoins for withdrawal purposes because they actually had only a small amount on hand, only to meet daily redemptions.
You're welcome and I'm appreciate of all the knowledge you share.Thanks for all the likes @NoahA
Your FTT short was epic, and I'm shocked by how much you actually made on this trade. In hindsight, it made perfect sense, and reading so many posts on this situation now, there were plenty of clues and plenty of time to get into this trade, even after the mess all started. In fact, I even remember seeing the post from CZ about how they are selling their entire $400m stake (or whatever it was), and I thought at the time that this can't be good for the price. I clearly wasn't up to speed though on the whole situation and I'm sure others were able to take advantage of the opportunity even more. I can only imagine how much some people made who had a better understanding of this, especially the binance team.
Yea, FTX was basically naked shorting BTC satisfying real buyer's demand for "real" btc's with "iou" btc's
Caitlyn Long has talked about this on many occasions. This has the effect of suppressing or even causing the price of btc to go down
The good news is now FTX is gone. Unfortunately, all the customer cryptos are also gone, so in theory this is good for prices of cryptos as there are no sellers for the $10-50 Billion worth that supposedly represent the liabilities of FTX to over 100 partners and over 100K customer deposits (unsecured creditors)
Where are the crypto assets that FTX stole? They are now with the people who bought from FTX and withdrew to their local wallets or transferred them to other exchanges
Unfortunately, this type of financial wizardry is all too common, even in the regulated world. The UK pension industry nearly collapsed recently because pension firms had been using a "clever" device for extracting extra income from ultra-low interest rate bonds. When interest rates suddenly started going up very quickly, the device imploded, and the Bank of England had to come to the rescue.
Of course, in cypto land, there is no regulatory oversight whatsoever, so there is even more risk of getting crazy schemes which blow up.
Of course, in cypto land, there is no regulatory oversight whatsoever, so there is even more risk of getting crazy schemes which blow up.
Last edited:
This is false
There's a lot of regulations on licensed on-shore companies that are involved in cryptos like Coinbase, Kraken, Gemini, PayPal, Robinhood, Square/Block/Cash, Morgan Stanley, JP Morgan, Goldman Sachs, Blackrock, Fidelity and on and on
Look up Bitlicense and see how extremely restrictive that is for crypto firms in NY
You must be talking about off-shore crypto companies and why do you concern yourself with those, since you're not allowed to access them?
There is no bailout in cryptos
Last edited:
There's another bad news that some exchanges are insolvent circulating on CT
CRO is under speculative short attack via perp futures, Bitmex just announced perp futures trading on it. I'd be careful shorting CRO and I have no plans to short it. CRO did not leverage the tokens as collateral for loans
CRO and Gate dot io and Huobi may be sharing proof of reserves, allegedly
CRO is under speculative short attack via perp futures, Bitmex just announced perp futures trading on it. I'd be careful shorting CRO and I have no plans to short it. CRO did not leverage the tokens as collateral for loans
CRO and Gate dot io and Huobi may be sharing proof of reserves, allegedly
Finally got a fill, had to put orders and cancel them, just could not get a full fill on my size kept moving fast, I guess the price was a battleground for shorts and longs