Is the crypto winter over?

[johnarb]

From the article...

"The Biden Administration is quietly trying to ban crypto. Nic Carter explains in an explosive guest post for Pirate Wires."

Good. I think with this much emphasis on taking Bitcoin out, it will put it in the spotlight. At a time when the entire world is learning about the farce that Covid was, I think the message that "everything the government does ends up being wrong" is getting clearer.

This also means the officials are getting worried. They know there is no way out of this fiat mess given the debt and interest rates and inflation, so they need to fight hard or else lose. Actually, the fiat world is almost like the trilema for Bitcoin where you can only really do 2 out of 3 (security, decentralization, speed). So for fiat, with so much debt, you can't use high interest rates to solve the problem. And if inflation is high, you need the higher interest rates in order to reduce demand. So you're really backed into a corner with fiat.

Anyway, I think attacking bitcoin is a wonderful thing. Lots of politicians already own it, so there should be enough infighting between them. And if the US wants to not be a leader in what will revolutionize the world, then let them lose this very pivotal war.

Not only will USD eventually move away from world reserve currency status (slowly of course), but now the US wants to also get out of Bitcoin??? Talk about a failed policy.

I think this is actually a positive for Bitcoin as it demonstrates the need for censorship-resistant decentralized hard money

It will hinder the adoption in the US, though, as many crypto firms won't be able to easily have access to funds

For retail crypto folks like myself, it is not a problem, yet, since they are limiting the ring-fencing around banks and not so much neo banks like PayPal or Cash App

The rest of the world, will be very happy to accept all the crypto businesses that will move out of the US, places like Dubai, El Salvador, South Korea, etc

 

[schizo]

I can only say WTF!, seriously. Price cracked below the support line without any resistance at all, like a hot knife through already melting butter (see the 5 minute chart below). Will see if this can get back up but we might be in for some hard time ahead. I figure this space is already crammed with those who got burned once already and they're all freaking out and heading for the exit at the same time. And the expected outcome is usually a steep drop like this.

 

[johnarb]

I can only say WTF!, seriously. Price cracked below the support line without any resistance at all, like a hot knife through already melting butter (see the 5 minute chart below). Will see if this can get back up but we might be in for some hard time ahead. I figure this space is already crammed with those who got burned once already and they're all freaking out and heading for the exit at the same time. And the expected outcome is usually a steep drop like this.

My long btc perp futures position got liquidated... Not going to re-fund it at this time and will wait and see what happens

Too much negative news on the regulatory front wrt Bitcoin and crypto assets in the US at this time

I've de-risked a bit on my non-bitcoin crypto assets holdings

On a related note, saw a tweet that smart money and insiders are selling equities, hmm, prolly nothing

https://twitter.com/x/status/1623796900586573826

 

[The_Krakenite]

Well, this doesn't help people's confidence:

Bitcoin ATM Operator Coin Cloud Files for Bankruptcy With Liabilities of $100M-$500M

The funny thing:

Coin Cloud was provided an unsecured loan of $100 million from Genesis Global Capital.

 

[gwb-trading]

Lost all your money trading cryptocurrency that became worthless? Have no fear, new exchange lets you try to sell your claims against bankrupt crypto companies. There's always a bigger sucker than you, right?

Three Arrows Capital Founders Launch Exchange Where You Can Trade 3AC Bankruptcy Claims
Named Open Exchange, the platform aims to be a home for trading what it says is a $20 billion market of claims against bankrupt crypto firms, including those of 3AC.
https://www.coindesk.com/business/2...ge-where-you-can-trade-3ac-bankruptcy-claims/

 

[schizo]

Lost all your money trading cryptocurrency that became worthless? Have no fear, new exchange lets you try to sell your claims against bankrupt crypto companies. There's always a bigger sucker than you, right?

Three Arrows Capital Founders Launch Exchange Where You Can Trade 3AC Bankruptcy Claims
Named Open Exchange, the platform aims to be a home for trading what it says is a $20 billion market of claims against bankrupt crypto firms, including those of 3AC.
https://www.coindesk.com/business/2...ge-where-you-can-trade-3ac-bankruptcy-claims/

How long has it been since they blew up 3AC? If it were me, I would lie low and keep my mouth shut until the storm passes. But no, not these idiots.

 

[schizo]

Bitcoin ATM Operator Coin Cloud Files for Bankruptcy With Liabilities of $100M-$500M

Maybe you can enlighten me. How can you lose money running ATMs?

 

[johnarb]

Maybe you can enlighten me. How can you lose money running ATMs?

I've used those ATM's and they have high transaction fees (about 2-6% if selling and about 8-12% if buying) and they do get busy during bull market at least the ones in Vegas

My guess is that the loan from Genesis is not unsecured but secured with crypto assets i.e. bitcoin similar when getting a loan from BlockFi

When Genesis announced bankruptcy, they lost all their crypto assets along with 340k Gemini Earn customers and other

Or... they did not manage their risks properly, was basically managing their finances like degen longs with no hedging or planning for short term, medium term, long term budget and cash flows

Similar to bitcoin miners going bankrupt or 3AC going bankrupt

I quit my job 2 years ago and I'm still alive and kicking... gotta manage risks or the risks will manage you

 

[schizo]

gotta manage risks or the risks will manage you

Indeed.

 

[schizo]

It's going to be an interesting weekend. BTC buckled under 22400 without putting up much of a fight. Then it tumbled down to 21650, which mounted some resistance but still buckled under 21500 just an hour ago. This area is very critical for the bulls to defend. If the rug is pulled from here, I think we're going right back below 20000.