[PeakOilFanatic]

I think its possible to make another fortune on crypto in the near future.

Buy ETH @ 1

Sell ETH @ 100

Pinko Bernie Biden will give the peasants some crumbs post Oct 1 for the fake elections.

Their EV bullshit cannot continue unless there is easy riches somewhere.

Its actually more credible than some moreon like Harry Dent Jr. boasting about a "guaranteed" 70% return in "safe" TLT. And fair value for the SP500 is 0. And the shitbags wearing muzzles at the banks can take their 2% savings accounts and fuck themselves.

[PeakOilFanatic]

Crypto is soaring!

careinke is succeeding!

[vtsnowedin]

While cryptos trade day and night 24/365. the rest of the markets in the US will be closed Monday for June 19th.
So as the only game in town we may watch cryptos move wildly all day long Monday.

[Plantagenet]

While cryptos trade day and night 24/365. the rest of the markets in the US will be closed Monday for June 19th.
So as the only game in town we may watch cryptos move wildly all day long Monday.

Saturday was not kind to Cryptos.

cascading-liquidations-send-bitcoin-below-18000-daisy-chained-margin-call-contagion-sparks

Bitcoin owners are now in a panic over the price drop and the panic is spreading because as the price of Bitcoin falls people who bought Bitcoin on margin are getting margin calls. They are forced to sell to meet their margin call, which in turn drives the price of Bitcoin even lower which creates even more panic which drives the price lower and lower.

Not only did many crypto buyers use "margin debt" to buy their positions in Bitcoin and Etherium, but some of them have daisy-chains of margin debt, ie. they borrowed money to buy crypto and then they borrowed on those crypto positions to raise more cash to buy crypto and then they borrowed against those share to buy still more crypto. When those players get margin calls on position they are forced to sell out all the daisy chained positions---- no matter how low the price goes......



Still, its not hard to find some crypto optimists out there....crypto currencies have so far and so fast that some analysts now expect a bounce. For instance," JPMorgan quant Nick Panagirtzoglou who has turned surprisingly bullish on the crypto space. In his latest "Flows and Liquidity" note published late last week, he looks at the recent action in the crypto space, where he finds that even bitcoin futures are now pointing towards extremely oversold territory... " Other analysts feel the drop in Bitcoin is related to the increase in interest rates, and when the fed has to cut interest rates in a year or two Bitcoin and other crypto will reverse course and go higher.

Good luck to all.

Cheers!

[jato0072]

Mish - The Crypto Crash and Why It's Impossible For "You!" to Cash Out

The Madness of Crowds

The entire crypto market cap including Bitcoin is $834.54B as I type out. At it's peak, the entire space was worth $2.9 trillion.
I mentioned the words "crypto" and "bitcoin" in the same sentence the other day to be informed that I was an idiot for confusing the two.

Memes of the Day
The newly circulated idea of the day looks like this: 1 BTC = 1 BTC.
I have seen that in perhaps a hundred Tweets recently. Yes, truly genius. And one US digital dollar = one US digital dollar. They are all alike.
$1 = $1 is equally brilliant.

[PeakOilFanatic]

Mish - The Crypto Crash and Why It's Impossible For "You!" to Cash Out

The Madness of Crowds

The entire crypto market cap including Bitcoin is $834.54B as I type out. At it's peak, the entire space was worth $2.9 trillion.
I mentioned the words "crypto" and "bitcoin" in the same sentence the other day to be informed that I was an idiot for confusing the two.

Memes of the Day
The newly circulated idea of the day looks like this: 1 BTC = 1 BTC.
I have seen that in perhaps a hundred Tweets recently. Yes, truly genius. And one US digital dollar = one US digital dollar. They are all alike.
$1 = $1 is equally brilliant.

MISH is a deflationist RETARD along with Lacy Hunt and Harry Dent Jr.

The debate of Hyperinflation vs Deflationary Collapse is now OVER.

HyperInflation has won. This pile of worthless shit called Bitcoin should be RACING toward 10K right this very moment. But look at it. This turd is being bought by the Federal Reserve because it will expose liquidity issues that no pathetic "reporter" even bothered asking at the last fraud show rate hike press conference.

There will be one more 50 bps and then they go neutral and JUST SCREW THE SHEEP WITH SUPER STAGFLATION leading to HYPERINFLATION.

careinke is RIGHT.

[randomguyonabike]

This chart doesn't look like we are headed into hyperinflation dude.....

Looks like a double top and then a waterfall collapse to me.

Looks like a massive heart attack and massive deflationary collapse but maybe I am blind?

[randomguyonabike]

https://www.vice.com/en/article/n7zw7x/ ... ets-go-bad

Here is a good story for the crypto nimrods.

These guys just ghosted after the fund got wiped out LMAO.

No refunds.

The crypto ponzi is evaporating.....it is going to collapse like the house of cards that it is.

[randomguyonabike]

My prediction is that bitcoin will head to 10,000 or lower by the end of July. This is predicated on the FED continuing with QT and interest rate hikes.

If so, then I think it is possible for bitcoin to head even lower than 10,000 and likely head to 5,000 or lower.

Most of the other cryptos will simply go to zero and fail. There will be serious dislocations and bankruptcies across the crypto sphere that starts bleeding out into other sectors as well.

I imagine sometime into July and August we will start seeing a lot more pain from this sector bleeding into others.

By Fall there is likely to be a serious meltdown or bloodbath everywhere if the FED continues with this policy.

[randomguyonabike]

From a friendly commenter:

You guys don't understand it. This is not just a fucking bear market that lasts 3-4 years and then recovers.

This is the end of crypto in general. The entire crypto market has been pushed up by Quantitative Easing (QE) since 2009.

When did Bitcoin go live? 2009. When did the first QE start by the federal reserves? 2009.

The world has been in a bull market since 2009, this is all that crypto ever experienced. Money that was printed went into crypto.

That is changing starting today, interest rates are going up, QE is not only done but actually reversing, we are having Quantitative Tightening right now.

Crypto NEVER experienced this situation before and Bitcoin crashed below the previous peak which invalidated its "store of value" investment thesis.

Crypto is going to die, and it might be permanently dead this time.

The entire market, including Reddit believing this is just another 3-4 year bear market unlike 2017 where people thought it was permanently dead signifies to me that this is actually the time Crypto is going to permanently die.

Unique macroeconomics crypto never encountered before, investment thesis invalidated for the first time, investors fooled into thinking it's a short-term bear market.

This is it, this is the end.

[vtsnowedin]

It would be interesting to track all the money that actually went into crypto currencies to find the total actually invested and is now in the hands of the original sellers.
It would not be the total of all the coins out there at their highest quoted price but rather the price actually paid at time of purchase. And of course some people did manage to buy low and sell high so there is that realized gain to them and loss to the last buyer that bought high and now has to sell low or for zero.

[mousepad]

careinke today:

Sounds like buying a ship that just hit an iceberg.

We will see, I'll let you know in 2024.

careinke in the past:

BTW, I predict 1 Bitcoin will = at least one million US dollars

I guess the talk about a Bitcoin bubble is a little premature.

This is going to be fun and probably very profitable. Some believe this will be the last cycle and BTC will have reached maturity and just keep rising.

BTC is in price discovery mode after breaking all time highs last night! On the way to the moon it is currently at $66,700.00 on its way to $100,000 in the next couple of weeks.

It was rat poison. Now it is high priced rat poison.

LOL, OK Boomer. Maybe you are confusing it with your blood thinner.

[PeakOilFanatic]

careinke is still hanging on by a thread.

[PeakOilFanatic]

My opinion is that the banks and the globalists want to manage bitcoin within a certain range. They want to ensure its existence to help escort a central bank digital currency yet don’t want it to appreciate in value to the point that it becomes a competitor to CBDC. Hence a trading range from 10,000 to maybe 100,000. Price swings provide enough opportunity for BTDippers but while not totally spooking the herd.

[AdamB]

My opinion is that the banks and the globalists want to manage bitcoin within a certain range.

My opinion is that you were correct back in August of 2020 when you proclaimed the demise of any and all credibility on...well...ANY topic.

However, if I were to think about the value of bitcoin within the context of the American economy specifically or the global economy in general, this article from Robert Reich captures it best.

[PeakOilFanatic]

Banks are on their way out of that market, so the bottom should be below $10K (the 2020 price level, before all the banks joined the crypto pump-and-dump fun and games).

Banks can try (and obviously have been trying) to stall BTC collapse long enough to get out of it with as little losses as possible…which is why BTC keeps “finding new ‘stable’ lows” (levels where the risk-reward/money lost-money saved ratio is still manageable for the banks).

Furthermore, if too many people start shorting at the same time, that specialized trading software that all banks use may calculate that enough stop-losses will be triggered on those short positions at some (let’s say $20K) level to justify those banks pumping additional $34 billion into the market (required to push the price to $20K).

Then again, that kind of money seems a bit too much to risk, even for banks (because there is virtually no one left to buy BTC at $20K, since banks have already bankrupted all the hodlers), and BTC market cap (money/hard cash in that market) has been steadily declining ever since BTC was at $60+K, so… it’s very unlikely that the price will ever go back to $20K. One should just be sure that their trading account can survive loss on their short position if the price does go back there again.

Once all the banks have exited the crypto market…well, that’s when things will really get interesting.

With banks gone, it will be just the hedge funds and state institutions (and hodlers, but that’s really pocket-change money) that will be left holding the bag of worthless digital “assets”…and hedge funds certainly won’t be the ones trying to prop a pump-and-dump scheme in its terminal, dumping phase.

The price level of $400 (from 2016) is more than likely, and in fact, a virtual certainty at some point, but…

No one can tell when BTC is going to go back to its 2016 level (and below).

What one can tell is that once the price drops to around $12K, banks will no longer try to hold it at any “stable” level, and will exit the market as soon as computationally possible, so the drop from $12K to pitiful 100s of bucks is going to look like a freefall.

They can move the price both up and down, at will (by simply pumping in or puling out billions), and what’s more, they have a full view of all positions in the market (both longs and shorts, and hodlers), and they have specialized trading software that would put your local supercomputer to shame.

[vtsnowedin]

Well Elon Musk and Cathy woods placed substantial bets on BTC and other cryptos and some banks and hedge funds also are known to be holders but is any large concern known to have more then five percent of their assets in BTC?
All the crypto currencies could very well go to zero next week and some small time investors will get wiped out but I don't see any of the Whales going toes up.
I might be wrong on that ,not having access to their books, so we will just have to wait and see.
Now if Musk loses his shirt on his BTC bet will he still be able to buy Tic Toc?

[Plantagenet]

....if Musk loses his shirt on his BTC bet will he still be able to buy Tic Toc?

Musk didn't buy bitcoin using his own personal funds.

Musk had TESLA buy bitcoin......and as of June 15th--- a few days ago---- Tesla was down about half a billion dollars on its BITCOIN holdings.

tesla-tsla-lost-500-million-bitcoin-investment

Of course BITCOIN is ca. 10% below where it was on the 15th so TESLA has probably lost 550-6000 million dollars by now.......so far.......with more downside to go......


No doubt Musk's foolish decision to have TESLA buy ca. a billion dollars of BITCOIN was the inspiration for more than a few other gullible investors to follow his lead and also buy BITCOIN....

Cheers!

[PeakOilFanatic]

I'm buying corked wine for barter because youze people all going broke very very FAST. AFter real estate goes straight vertical what does that tell you about the value of the dollar? I bet houses are selling for $1 billion by 2025 but the food and liquor shelves are empty. Below is what you are doing without being cognizant of the fact. The dollars you end up with after selling the house won't buy anything.

"I'm trading my dollars for oil
before dollars go to zero"

"I'm trading my oil for gold
before oil goes to zero"

"I'm trading my gold for crypto
before gold goes to zero"

"I'm trading my crypto for real estate
before crypto goes to zero"

"I'm trading my real estate for dollars
before real estate goes to zero"

[PeakOilFanatic]

I thought Bitcoin would collapse over the weekend for sure....