Bitcoin
Bitcoin
Out of context: Reply #1726
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- _niko0
What’s to stop Bitcoin from going to 50k, 100k, 1m or even 1 billion?
It’s not pegged to anything, no performance, no outlooks, just wild speculation everyone’s become a paper millionaire overnight.
People who hold a reasonable amount of shares could easily trade small amounts amongst each other just to artificially inflate the price, creating more and more hype and driving the price to astronomical heights.
So is there a ceiling? Theoretical or otherwise?
- Logic is the ceiling. As it's purely based on supply and demand, it could go to zero much faster. Pure gambling.formed
- The fact that it's surging on a holiday is maybe not coincidental. Order books are empty, spot volume is also low (for a breakout like this). It's thin air abovdrgs
- May just as well tap 30kdrgs
- 1. Print Tether out of nothing
2. Buy bitcoin using Tether on exchanges, driving up the price
3. Keep bitcoin as "collateral" for the printed Tethersjonny_quest_lives - Once the reality sets in that the Bitcoin price in Dollars is actually the Bitcoin price in Tethers it's all over.jonny_quest_lives
- The pinch point is trying to get actual money out of that ecosystem...jonny_quest_lives
- Jonny, do you really believe it’s tether that’s driving the price up? And if so wouldn’t it have gone up way faster in the past years?NBQ00
- I believe its tether 100% combined with bot trading to pump the gas. There's no real influx of money to match the 20billion of tether pushed into the market.jonny_quest_lives
- brrrrrrrr..... https://mobile.twitt…jonny_quest_lives
- Pump... https://mobile.twitt…jonny_quest_lives
- interesting how it has these volume surges before it runs +2-3ksted
- pump https://mobile.twitt…jonny_quest_lives
- Giancarlo Devasini... https://mobile.twitt…jonny_quest_lives
- In order for it to go to 1m, simple, you have people willing to buy it at 1m and people waiting to sell it at 1m, instead of 999kshapesalad
- It's pure price action. It peaked and now it's covering that peak. Each time it peaks, it'll drop as those who made $'s sell, and those that buy in hold 4 more.shapesalad
- Here's the issue... Tether does not have 100% traditional currency backing for its reserves. It has “cash equivalents,” which are presumably other cryptosjonny_quest_lives
- Also some of its “reserves” are held in the form of loans that it has made to other parties. Tether has become an unregulated fractional reserve bank.jonny_quest_lives
- A very risky fractional reserve bank, too. Loans that you can’t sell, can’t pledge for cash, and may or may not be able to call upon when due.jonny_quest_lives
- No regulator would let a licensed bank get away with this... Labeling stakes in BTC and other crypto holdings your "reserves" is insane...jonny_quest_lives
- @shapesalad... What you call "pure price action" suspiciously looks like a years worth of wash trading...jonny_quest_lives
- So basically Bitcoin is like the Federal Reserve, the thing they are supposedly against?yuekit
- pretty much... bitcoin bros just want to Pump...jonny_quest_lives
- Yeah I remember seeing this theory years ago...but has it been definitively proven? Do people just not care?yuekit
- If this is true what explains Bitcoin crashing and stagnating for years at a time? Why not just keep printing and the price goes up forever?yuekit
- It’s not printed. It’s mined. You have to put lots of literal power toward making more bitcoins. And they become harder to mine each time one is mined.monospaced
- So the more there are, the harder it is to make more. And the scarcity is preserved. But the only thing making it go up is the demand. For something that isn’tmonospaced
- isn’t anything tangible. It’s the same as beanie babies costing thousands once. The price is driven up by the idea that everyone wants it. For no reason.monospaced
- The moment everyone at the top decides they want to cash out, it crashes. If enough people cash out on reaction it will devalue like fake money.monospaced
- So short answer there is no theoretical reason Bitcoin value can’t go up indefinitely. It can go to billions nothing stopping it.monospaced
- Right but the allegation is that people are using another cryptocurrency, Tether to drive up the price of Bitcoin.yuekit
- Tether is supposed to be backed 1:1 by real money but there is little transparency into the company and some think it is just being created or "printed" out ofyuekit
- nothing. Then fed into Bitcoin market to inflate the price.yuekit
- That's my understanding anyway :) Its a complex topic and these allegations go back years.yuekit
- https://news.bitcoin…yuekit
- https://medium.com/h…yuekit
- https://miro.medium.…jonny_quest_lives
- There are potentially others, so we need to reserve the right to not redeem.
- Stuart Hoegner (Archive), Tether lead legal adviser.jonny_quest_lives - Per Tether’s terms of service, only those who bought tethers directly from Tether Limited—aka “validated users”—can redeem tethers.jonny_quest_lives
- Anyone who got tethers on the “secondary market,” meaning, an exchange, is not able to redeem those tethers.jonny_quest_lives
- So... Bitfinex (Same people as Tether) make you buy USDT to purchase BTC... Bitfinex is defined by Tether as secondary marketjonny_quest_lives
- it's pretty shrewd but also a moot point as of November 23, 2017 Tether itself according to Stuart Hoegner:jonny_quest_lives
- Tether ceased servicing/redeeming customers in the US, and at this time, “no longer provides issues or redemption to any US customers.”jonny_quest_lives
- Some peeps call it a Ponzi scheme... (myself included) In reality it's just reimagined Pink Sheet trading. All good as long as peeps are buying.jonny_quest_lives