Bitcoin Thread

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Also people are trading on leverage, up to 100x with tight stop losses. So if the market starts turning, it can create a cascading effect as the stops get triggered, and then will quickly recover. Crypto markets tend to over shoot then correct, so not necessarily market manipulation, the ball might have started rolling with one whale selling off a large amount, but there's many other factors at play. Bitcoin was in a small rising wedge, and broke the trend line to the downside, so the bots would've triggered a stop loss.
 
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Bybit is one of the biggest problems for Bitcoin right now. On chain stats show that 90% of today's liquidations were on Bybit. This crazy leverage drives the price down so far as soon as fud hits.

Noobs coming into crypto and following Carl, Bitboy and Chris ze German's Bybit shilling and referrals thinking they can get Lambo money in a month. But just end up getting rekt selling their ETH to me for 20% discount, and scaring other people away from crypto.

We do unfortunately need some regulation to sort out this crazy 100x futures trading.

Hope you guys weren't shaken up too badly. That was brutal.
 
Sensorei said:
Bybit is one of the biggest problems for Bitcoin right now. On chain stats show that 90% of today's liquidations were on Bybit. This crazy leverage drives the price down so far as soon as fud hits.

Noobs coming into crypto and following Carl, Bitboy and Chris ze German's Bybit shilling and referrals thinking they can get Lambo money in a month. But just end up getting rekt selling their ETH to me for 20% discount, and scaring other people away from crypto.

We do unfortunately need some regulation to sort out this crazy 100x futures trading.

Hope you guys weren't shaken up too badly. That was brutal.
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If this is the worse of the crash it is far from a crash if we remain above 40k levels and head back up higher. When we break 60k eventually we will prob crash back down and hopefully hold 50k levels. Rinse repeat, nothing new.

And regulations can fk right off, this is how a free market operate. Even on the traditional markets you have hundreds of companies pumping and dumping 20%+ in a day and that is under "regulation", solves nothing.

Im going out on a limb and suspect that Bybit had some sort of engine fkup again today similar to just shy of a year ago. Either that or some carefully calculated whales came in and initiated liquidation engine 666.

Finally theory is that someone gathered data on the bybit competition front runners over the last week and came in to use them as overleveraged bait for the liquidation engine. I noticed with very small moves some of the people on that ranking board shoot up 500k-$1million in profit and back down on the slightest drop. This suggest that hundreds if not thousands of these competition traders running massive leverage and would make a soft target for exactly this scenario. Most of the top10 PNL competition front runners clearly got liquidated and moved from over $1million in profit to negative.

liquidations.png
 
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pozmans said:
Not sure what you mean. The whole point of a decentralised system is to ensure the market regulates itself without intervention. There was a massive sell off which drove the price down (simple economics) so it’s working as it should. Bitcoin is nearly worth a trillion dollars in market cap so when whales sell, the market will follow suit. The same would happen in the traditional stock exchanges so what’s your point?
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This crash party happens because people where over leveraged but it is also pretty sketchy that it happens the day El salvador accepts bitcoin. There is a lot of speculation and I know no one can prove it but ultimately big banks and company's will loose millions from remittance payments if poor / 3rd world counties start accepting crypto. I think it was a combination of these factors but ultimately the whales still have much more control than they should
 
L-Dog said:
This crash party happens because people where over leveraged but it is also pretty sketchy that it happens the day El salvador accepts bitcoin. There is a lot of speculation and I know no one can prove it but ultimately big banks and company's will loose millions from remittance payments if poor / 3rd world counties start accepting crypto. I think it was a combination of these factors but ultimately the whales still have much more control than they should
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How do banks loose money? Do they have it tied up in some sort of pen and then open the gates to release the trapped money?
 
Speedster said:
How do banks loose money? Do they have it tied up in some sort of pen and then open the gates to release the trapped money?
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www.moneyandbanking.com

The Stubbornly High Cost of Remittances — Money, Banking and Financial Markets

When migrants send money across borders to their families, it promotes economic activity and supports incomes in some of the poorest countries of the world. Annual cross-border remittances are running about US$600 billion, three quarters of which flow to low- and middle-income countries. To put that
www.moneyandbanking.com www.moneyandbanking.com
 
Pegasus said:
www.moneyandbanking.com

The Stubbornly High Cost of Remittances — Money, Banking and Financial Markets

When migrants send money across borders to their families, it promotes economic activity and supports incomes in some of the poorest countries of the world. Annual cross-border remittances are running about US$600 billion, three quarters of which flow to low- and middle-income countries. To put that
www.moneyandbanking.com www.moneyandbanking.com
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I don't see how that has anything to do with loosing money?
 
Speedster said:
I don't see how that has anything to do with loosing money?
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The banks are collectively earning $30 billion in fees from remittances. So it they are replaced by crypto then they would lose out on that potential income.
 
Speedster said:
Yes, I get them possibly losing money, it's their loosing of it I'm stumped by.
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Well its the potential earning they lose. And then that whole department they have that generates income from remittances will start costing the bank money because they are an expense and do not generate income. So they lose money.

But I guess you were being a smartass, but that's ok. I learned something new.

For anyone interestd in some reading...
PWC have actually got some good insights into blockchain.
Some of these articles are from a few years back.
www.pwc.com

Making sense of bitcoin, cryptocurrency and blockchain

Understand how Blockchain works, what cryptocurrency is and the potential blockchain applications beyond Bitcoin and cryptocurrency to improve business processes.
www.pwc.com www.pwc.com

A preview
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martin said:
It's due to the links in the blockchain not being oiled on a regular maintenance schedule. Rookie mistake.
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Ah! So the blockchain gets stuck, and then performing the required maintenance looses the stuck machinery. It finally makes sense!
 
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