Booyah- posted:

queue a million people with .eth twitter handles saying that it’s just like the regular banking system

Dr. Video Games 0031 posted:

$21k apparently for this guy: https://saylortracker.com/

$18k for Celsius.

Koopa Kid posted:

It feels weird to link a tweet that screenshots YOSPOS but I didn’t see anything here earlier re: Bitfinex, Tether, and the money printer:

https://twitter.com/LizRummy/status/1536422622287773696?s=20&t=MkwqtMsKkps8828QUnUDGQ

MarcusSA posted:

What’s the opposite of to the moon ?

Thundercracker posted:

I mean, the only people they can realistically target is Matt Damon and Gary Vee. Everyone else is ape avatar on Twitter or overseas

Vincent Van Goatse posted:

LifeSunDeath posted:

quote:

We have officially hit a bear market in the S&P 500 Index. As of today’s close, the S&P 500 total return is down -21.3% from its highs at the start of this year, breaching the down -20% mark.

CharlestheHammer posted:

I was worried my under 20k by tommorrow dream was dead but there is still a chance

Inceltown posted:

https://twitter.com/arch_nem/status/1535102592270929930
https://twitter.com/arch_nem/status/1535275223444033536?s=20&t=AJRccVp4_NNeOQvw-6iQTw

Bondematt posted:

This dip sure is going on for a long time.

Certainly any day this will turn around!

So many people at work were in crypto and hoo boy my inbox has been quiet today.

Koopa Kid posted:

It feels weird to link a tweet that screenshots YOSPOS but I didn’t see anything here earlier re: Bitfinex, Tether, and the money printer:

https://twitter.com/LizRummy/status/1536422622287773696?s=20&t=MkwqtMsKkps8828QUnUDGQ

MarcusSA posted:

What’s the opposite of to the moon ?

MarcusSA posted:

What’s the opposite of to the moon ?

The Rabbi T. White posted:

COME ON SUB 22

MarcusSA posted:

What’s the opposite of to the moon ?

Talorat posted:

Wow this is gonna get really bad huh. Has Binance frozen withdrawals yet?

BigBadSteve posted:

They claim Monday's Bitcoin withdrawal outage was due to "hardware issues".
https://www.coindesk.com/business/2022/06/13/binance-clarifies-what-caused-earlier-bitcoin-withdrawal-issues/?outputType=amp

Doccykins posted:

It's just cracked through their original liquidation price for $238Milly if they hadn't re-collateralised 7 hours ago lol

MarcusSA posted:

What’s the opposite of to the moon ?

Butterwagon posted:

To the pain

https://www.youtube.com/watch?v=wUJccK4lV74

I leave you in anguish, wallowing in freakish misery forever

Hughmoris posted:

Who plays Westley in this scenario?

Hellblazer187 posted:

Anyone got a link to the actual posts in that tweet? I have SA on my phone, but not Twitter.

evilweasel posted:

so here is what I think bitfinexed is saying is going on, based on how margin loans work and what (little) i know about bitfinex.

so first you need to understand what a secured loan is: i lend you money, you give me collateral. if you don't pay me back (you default), I own the collateral. this is much easier than the solution for an unsecured loan: I sue you, and spend a while trying to force you to pay me. the collateral is usually worth noticably more than the loan, so I'm sure when i sell it, i get all my money back. the most common example is a mortgage: you don't pay your mortgage, I own your house.

a margin loan is a secured loan with a security (or here, crypto). this is a kind of bad secured loan because the collateral can drop significantly in value. as a result, it is standard for a margin loan to have a system where if the collateral drops enough in value, that is a default unless you put up more collateral: i.e. then own your securities, even if you have been paying me.

now, the real trick you may be thinking of is you can use the stock you are buying as part of the security. so i want to buy a share of microsoft, it costs $200, i can get a margin loan against that microsoft share to get the money to buy it. obviously nobody's lending me the full $200. but perhaps someone lends me $150, and I put up $50. if the share goes up, i get all the gains - so i get 4x as much. if it drops, i suffer all the losses too - so I lose 4x as much. if it drops to, say, $170 the share probably gets sold before it hits the $150.

that's all background you have to understand. the key thing though is, if you are buying on margin, someone put up the rest of the money. it didn't come from thin air.

bitfinex offers margin loans, and it gets the cash from people who deposit Actual Dollars at bitfinex. if you have $1,000 sitting there, they say "hey you can earn free money, tick this box" and then they use your $1,000 to fund margin loans. now, this should be relatively risk-free - if crypto is collapsing, bitfinex seizes the collateral (you should have, like, $1,500 worth) and sells it before you take a loss and gives you your $1000 back.

but what bitfinexed is saying they're doing is, basically, not taking and liquidating the collateral. they're letting the margin loans ride. goldman sachs would never let you do this because they don't give a gently caress about the price of microsoft stock. they may be long, they may be short, on microsoft but institutionally they do not care, they just want their money. but bitfinex does care, it cares a lot. any crypto business inherently is long on crypto because otherwise they don't have a business. so bitfinex is letting people get short on collateral without calling their loans and letting people buy more bitcoins on margin with insufficient collateral. bitfinex is doing this to try and support the price of bitcoin.

if this works, the lenders never notice. but if it doesn't, you thought you had $1,000 in real money in bitfinex. you will wake up to find you have no money. you have crypto collateral. and if bitfinex declares a default and gives you your collateral, they probably won't sell it for you (they don't want to hurt the price of bitcoin). they'll just tell you surprise, you now own $800 worth of bitcoin, sell it yourself. sorry, now $700. sorry, actually you have a shitcoin that went to zero.

your money will have gone to the people who sold their crypto and got the money out of bitfinex. bitfinex, assuming they didn't loan their own money, will be fine. they used your money, not theirs, to try and prop up the price.

(all of this applies equally if you thought you had tether or some other "stablecoin" instead of Real Money)

ultrafilter posted:

If any billionaires did do that, though, the Winklevoss twins would be pretty near the top of the list.

the last signal... posted:

so when people say saylor will be margin called at 21k, is that assuming normal margin rules? surely whoever loaned him all this money to buy bitcoin did their due diligence and thought about the effect forcing him to sell a bunch of bitcoin would have on the price (because its all made up) and therefore his ability to actually recoup enough money to repay the loan? is it possible what we're seeing right now is him already selling off due to being margin called?