Monkeygrinder's Organ
Dodgy geezer swilling vapid lager
I don't know what causes it tbh but it's certainly not a one off - it's happened quite frequently over the last few months. A big dump onto the market from some source I suppose.
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I don't know what causes it tbh but it's certainly not a one off - it's happened quite frequently over the last few months. A big dump onto the market from some source I suppose.
Monkeygrinder's Organ
Dodgy geezer swilling vapid lager
I don't know if that's entirely fair. I think it's possible that enough 'buy the dip' sentiment could push the price up and if you time it right you could make some money. It's an incredibly risky business - you could have made the same argument when the price hit fifty thousand dollars and that wouldn't have worked out well - but it's not magical thinking per se. It's not quite the same as pointing at some graph and going 'the next peak is due to be at 200k' or something like that.
mod
A modernist
An interesting Twitter account to follow. Mainly people confessing to putting all their money into crypto and are now skint. It's a good deterrent (for me).
Having watched this forum during this bear market and the LUNA collapse it'll give a few of you a good schadenfreude fix.
Having watched this forum during this bear market and the LUNA collapse it'll give a few of you a good schadenfreude fix.
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littlebabyjesus
one of Maxwell's demons
Yes, it is. And it has happened before. But the fact that it has happened before is the only thing pointing at it happening again. There are no reasons behind any of the speculation other than anticipation of future speculation.
And by its nature, 'buy the dip' is zero-sum overall. Your gain is someone else's loss. You can only make money if someone else loses money.
littlebabyjesus
one of Maxwell's demons
You're doing a good line in passive aggression at the moment on this thread.
I don't rejoice in people losing money, but as I said in the post above, the only way anyone can make money out of a speculation bubble is if others coming in after them lose money. That is the dynamic here and it stinks.
mod
A modernist
That does come across cantankerous and I apologise. Certainly wan't directed at you personally. I honestly cant remember anything you said at that time. The vibe on here for a while was uncomfortable reading. but I've edited my post. A few of you. Certainly not all.
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Probably not whales as such but either miners or exchanges liquidating under pressure (dumping Bitcoin onto exchanges). So just a an indication of a quick increase in supply.
This one (dump) is probably BlockFi & Compass Mining, who are under pressure
cupid_stunt
Chief seagull hater & farmerbarleymow's nemesis.
Slightly off topic, over £3.3bn scammed off people. 
www.theguardian.com
FBI offers $100,000 reward for help finding OneCoin ‘Cryptoqueen’
Bulgarian Ruja Ignatova allegedly defrauded investors out of $4bn with fake cryptocurrency scam
Monkeygrinder's Organ
Dodgy geezer swilling vapid lager
Slightly off topic, over £3.3bn scammed off people.
FBI offers $100,000 reward for help finding OneCoin ‘Cryptoqueen’
Bulgarian Ruja Ignatova allegedly defrauded investors out of $4bn with fake cryptocurrency scam
What's the difference between a fake Ponzi scheme crypto and a 'real' one?
prunus
Tick tock.
Slightly off topic, over £3.3bn scammed off people.
FBI offers $100,000 reward for help finding OneCoin ‘Cryptoqueen’
Bulgarian Ruja Ignatova allegedly defrauded investors out of $4bn with fake cryptocurrency scam
BBC podcast is well worth a listen. Fascinating and gripping tale.
Supine
Newt Member
This one didn’t even bother to use blockchain technology
ska invita
back on the other side
does sales mean new people buying in?
Supine
Newt Member
I’d read it as transactions. Some might be new people.
Thing is that a cryptocoin is an NFT. A crypto-token is something that you get as an incentive for doing the work necessary to keep track of the things the blockchain was set up to do. It doesn’t really make sense to consider crypto-tokens outside this context.
Mostly, the use case for these things is in really boring stuff, like allowing companies to keep track of which suppliers have fulfilled their contracts across multiple counterparties. The kind of thing that can be done using normal ledgers but NFTs provide a more automated and thus efficient option, buried deep within an app in a way that the users don’t even notice. That kind of use will quietly continue.
BigTom
Well-Known Member
Major crypto broker Voyager Digital suspends all trading, deposits and withdrawals
Digital asset brokerage Voyager Digital is pausing all customer temporarily suspending customer trading, deposits, and withdrawals.
Voyager Digital - a major crypto exhange/broker - suspended all withdrawals, deposits and rewards yesterday.
They made a huge loan to 3AC which has defaulted plus of course all the drop in value of crypto generally I'm sure.
"not your keys, not your crypto"
BigTom
Well-Known Member
The coins that (supposedly) want to be currencies would disagree with this. For a privacy coin like monero I think it's actually true. One XMR is the same as any other XMR. BTC etc can be tracked through the blockchain so they are not really fungible but it's quite a lot of work (at the moment at least) to distinguish specific BTC or Satoshis or whatever from each other. You can't do that with XMR so I think they are genuinely fungible, maybe even more so than £/$ etc which have serial numbers on them.
True. What I originally wrote was that “NFTs are crypto-coins”, but I reversed the phrasing to make it more relevant to cryptocurrency, and forgot to get rid of the “non-fungible” bit in the process. All I was really trying to say is that the “token” part refers to the fact that it exists only as compensation/incentivisation within a specific ecosystem, namely that of the blockchain that needs people to do things to keep the blockchain alive. Bitcoin is no different in this regard — the coin itself is fundamentally there to reward the people updating the ledgers. Trying to abstract the token from the thing that the token actually exists for is missing half the story.
This podcast (which is excellent) has an interesting update.
BBC News - Missing Cryptoqueen: Is Dr Ruja Ignatova the biggest Bitcoin holder?
BBC News - Missing Cryptoqueen: Is Dr Ruja Ignatova the biggest Bitcoin holder?
Missing Cryptoqueen: Is Dr Ruja Ignatova the biggest Bitcoin holder?
As the FBI adds Ruja Ignatova to its most wanted list, new findings suggest she amassed billions in Bitcoin.
www.bbc.co.uk
gosub
~#
Bitcoin Saw Largest Ever Monthly Withdrawal From Exchanges In June | Bitcoinist.com
Data shows Bitcoin saw the largest monthly outflow from exchanges in history this June as 151k BTC flew off centralized wallets.
bitcoinist.com
That is understandable, given the squeeze on exchanges over the last month or two.Bitcoin Saw Largest Ever Monthly Withdrawal From Exchanges In June | Bitcoinist.com
Data shows Bitcoin saw the largest monthly outflow from exchanges in history this June as 151k BTC flew off centralized wallets.
People moving bitcoin from an exchange has no relevance other than showing that people are increasingly taking custody of their bitcoin - which is bullish bitcoin imo.
It's like people withdrawing their money from Northern Rock in 2007 and stashing it under their mattress.
prunus
Tick tock.
Would you consider people depositing their bitcoin (back) into exchanges to be a bearish signal for bitcoin then? Ie if that starts happening it’s time to cash out?
Not really. Holding bitcoin in an exchange wallet, and trading bitcoin from an exchange wallet are two different things.
A mass depositing on a similar scale we've seen with the recent withdrawal would initially only indicate restored trust in non custodial wallets (i. e. online wallets held by the exchange).
Now if those depositors put their coins up for sale, then yes, that would be bearish and based on simple supply & demand mechanisms the price would drop (as it did with the recent sell off)
gosub
~#
It's bearish either way if they got out of Bitcoin its a decline in suckers if its out of exchange wallets its a lack of faith in the institutions that find new suckers (promote Bitcoin and make trading it as idiot proof as possible)
gosub
~#
Coinbase users unable to withdraw to bank accounts | Cryptopolitan
Leading cryptocurrency exchange Coinbase seems to be facing an issue with USD withdrawals. Some of the customers are complaining that they are unable to
www.cryptopolitan.com
Taking bitcoin off the exchange and into self-custody isn't a "get out of bitcoin" move, but rather an endorsement of bitcoin.
If they wanted to "get out" they would have sold their bitcoin not withdrawn it.
stdP
One Swiss dinosaur in Polly Gosling's anorak hood
Suspect many of you have already seen it as it's listed on Molly's site but this wholly egregious bug surely has to be one of the daftest in "smart contract" history:
Even Richard Pryor and Michael Bolton didn't get their decimal points wrong by several orders of magnitude.
Even Richard Pryor and Michael Bolton didn't get their decimal points wrong by several orders of magnitude.
So there's an issue transferring money from a US dollar account at one institution to a US dollar account at another institution. This has nothing to do with Bitcoin.Coinbase users unable to withdraw to bank accounts | Cryptopolitan
Leading cryptocurrency exchange Coinbase seems to be facing an issue with USD withdrawals. Some of the customers are complaining that they are unable to
wemakeyousoundb
hopefully not gimboid
bless
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