If you think the Fed will stop hiking, look at Bitcoin

[M.W.]

The rest of us does not live in your imaginary crypto universe.

Jesus Christ, did any of you guys even watch the market over the weekend?

This move has nothing to do with "inflation" or some other macro BS.
USDC had 7% of it's cash reserves on SVB and everyone was afraid of USDC collapsing.

It was impossible to redeem USDC for USD as the 123 club is drowning its mediocrity in the pub over the weekend so people traded their USDC for BTC, hedged the balance with futures to stay in synthetic USD and moved the balance off exchange.

Result: the entire curve in backwardation and a face ripping move in spot.

Please guys, do your research

 

[themickey]

The rest of us does not live in your imaginary crypto universe.

Who cares!
It's a trading vehicle and atm crypto related instruments are outperforming everything else.
Just make a buck and forget about everything else, that is, unless one is afraid of a massive instant dump.
But market is full of surprises, some good, some bad, it is the risk we take.

 

[MrMuppet]

The rest of us does not live in your imaginary crypto universe.

so you're saying that you actually have no clue what you're talking about?

 

[longandshort]

No, when banks fail, it calls into question the stability of the traditional banking system in the minds of deposit holders, so they take their money out of the banks and then put it into BTC so they can self-custody their wealth.

I'd argue the move into crypto, like the move into gold, is based upon the view that the Fed will begin easing. It's front running liquidity. Whether or not you get a follow through is based upon cryptos long-term viability.

Sovereign paper is based by the sovereign and its population. Crypto is explicit in that it is not tied to a sovereign or nation, which means coordination is done through existing whales. Very similar to the wildcat banking era.

 

[KCalhoun]

Btc stocks COIN MARA RIOT very strong morning

 

[engineering]

It’s 100% stable from a credit risk standpoint which is the point here

Hahaha.

I would think the point is whether you can afford to eat, not if you "still have your Bitcoin.". Who gives a crap if you still have it if it crashes to $0.10 ?

Bitcoin is extremely risky. In every way that matters.

 

[engineering]

Except that it shouldn't be a question of BTC or a regional bank, but rather BTC or the currency held in a bank. Then it's a question of which bank. I'll stick with banks. Fortunately, here in Canada, our banks are quite stable.

Except that Trudeau can confiscate your money on a whim.

 

[engineering]

well this weekend I moved 50k worth of bitcoin on a Sunday. It settled in 10 minutes and it cost me less than $1

and that’s doing the transaction on the base layer. If I would of down or via lightning, with would be been a few cents.

Does this count?

No. It doesn't count because those aren't features that people want.

I don't want to be able to move $50k on a Sunday and have it instantly settle. I'm not buying drugs or paying a ransom.

If I buy a car, I'll get a bank check and then it's only payable to one party. I'm not going to get mugged for a five figure amount. The bank will even check who I am rather than just assuming anybody with my pin code is automatically me and therefore should be able to irreversibility clean out my account in a heartbeat.

 

[piezoe]

According to Google, United Arab Emirates and Singapore own the most BTC.

Yippee. I hope they buy more, especially UAE. No one ever deserved what's coming to them more than UAE (Don't get me wrong. I love despotic Monarchies, but I loved them more in the 12th Century.) But why pussy foot around? Monte Carlo's got a casino. Just put it all on black.

 

[piezoe]

It's front running liquidity.

This is too complicated. Why not just say it in ninth grade English?

Sovereign paper is based by the sovereign and its population.

And, permit me to add, if you will, the sovereign's ability to tax, to print, to imprison, and the population's productivity. And none of these essential characteristics are associated with, what's it called, oh yes, "BitCoin".