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MechaCrash posted:I know Bitcoin hitting prices like this means a bad thing happens to it, but I am unclear on exactly what the bad things are and what they mean. I've seen stuff about getting margin called, and I think what it means is that a lot of people took out loans to buy Bitcoin, and Bitcoin hitting this price means that their phones are currently ringing with messages from people who want to get repaid right loving now and we don't give a poo poo how you get the money or what the repercussions are but you'd better cross our palms with silver or Big Sal is gonna cross your kneecaps with hickory. (Or whatever the Actual Legitimate Banker equivalent of having your kneecaps broken is, anyway.) With a normal broker and instrument, a margin call is a put or shut up trigger. So yeah either provide more capital or take the loss (pay back the loan). Since the average shitcoiner is unlikely to have uninvested capital, they don’t have much of an option here and will have to sell, squeezing the price like you say. Margin requirements are designed with a buffer to reduce the chance of actually owing Big Sal more than you put in, but if the instrument moves violently enough and with high leverage amounts like 50:1 you get into situations where the shitcoiner owes more than they invested. But since they’re broke, Big Sal is the one left holding the bag for the leveraged spot traders and goes out of business, despite his knee capping spree. This has happened several times in the real currency world, which till crypto came around was where it seemed the financial world’s sharks hung out. Recently the Swiss Franc had a black swan event that resulted in a bunch of brokers going out of business, traders losing it all, some with 500:1 leverage, and a raft of new regulations. In the even more unregulated crypto space, and Crypto brokers obfuscating leverage, it should be a hilarious dumpster fire...
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Jun 15, 2022 07:10
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nuketulsa posted:I love that this poo poo is so dumb that it can’t fail (but will) because stupid bad businesses have built themselves around it being a specific value and the value only means anything if new people are getting in. I assume the Internet went south the third time I played The Avalon online tutorial because being 10, I couldn’t afford to pay for any of the good parts.
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Jun 15, 2022 07:45
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can someone explain to me why the fake industry around the fake currency is collapsing, seemed like this was all very solid
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Jun 15, 2022 07:49
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They didn't slurp enough apes.
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Jun 15, 2022 07:53
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priznat posted:YGG was ok with it probably because recouping their initial investment in crypto counts as a massive win these days lol. That's got to be the explanation, they'll probably be grateful shortly that they managed to get that much before it blew up.
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Jun 15, 2022 08:06
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Beefed Owl posted:
Bitcoin 2022: I'd buy that for a dollar!
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Jun 15, 2022 08:17
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https://twitter.com/kylewaters_/status/1536899375296806917 oh noo not the priceless jpeg collection
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Jun 15, 2022 08:30
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 lol
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Jun 15, 2022 08:33
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It is so satisfying to see number go down. 
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Jun 15, 2022 08:35
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lmao diving towards 20k
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Jun 15, 2022 08:48
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Jun 15, 2022 09:02
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Oh hullo 21K wall could have been broken
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Jun 15, 2022 09:02
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Jun 15, 2022 09:03
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I'm hoping when I get up tomorrow it has gotten into the teens. 
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Jun 15, 2022 09:10
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CaptainSarcastic posted:I'm hoping when I get up tomorrow it'll have gotten into the teens. loving quote is not edit. Although I guess in this case it kind of is.
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Jun 15, 2022 09:10
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CaptainSarcastic posted:I'm hoping when I get up tomorrow it has gotten into the teens. Bitcoiners are already into teens.
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Jun 15, 2022 09:13
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Butterwagon posted:What if we just... don't pay back our investors? Broke: We're committed to delivering the most value we can to our investors, especially those investors that backed us early on. Woke: Our investors are worthless pay pigs that can eat poo poo, early-stage ones doubly so
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Jun 15, 2022 09:14
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Vampire Panties posted:Bigger than that. Bitcoin is still a uniquely useful tool for laundering money and scamming people. All of the other coins may wither and die, but IMO Bitcoin will always retain some sort of name value. I mean, People are still trying to sell beanie babies for 1500 bux, and are moving product at 20 bux a pop for a lovely stuffed bear The thing is, if the coin becomes worth so little that most people stop mining it, the entire network grinds to a halt and you CAN'T trade any coins. The 'frisbee on the roof' problem.
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Jun 15, 2022 09:15
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smellmycheese posted:BTC dropped below 21 now 20300 and falling fast. Lol, lmao edit: You can see a hilarious amount of Asks turn into smoke with people trying to prop this up over 20k
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Jun 15, 2022 09:17
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lots of twitter ads telling me to buy the dip now lol
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Jun 15, 2022 09:19
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Jun 15, 2022 09:23
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These big drops have been happening at night in the US. Are big traders hoping to get out while most of their marks are asleep? If so, it's a poignant move
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Jun 15, 2022 09:25
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Remember the guy drying strawberries on his mining rig to sell? Simpler times.
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Jun 15, 2022 09:27
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HolHorsejob posted:These big drops have been happening at night in the US. Are big traders hoping to get out while most of their marks are asleep? I think the latest drop is due to Three Arrows Capital getting margin called after selling off a bunch of coins, stETH being the big one. They are tied to about every crypto lender, so that entire ecosystem may be collapsing thanks to Celsius poisoning the atmosphere.
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Jun 15, 2022 09:37
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It dipped to 20,281, now hovering around 20,500. It's been well below 21k for the past hour. Last time it fell below 21k it only fell to about 20,900 and bounced back in 15 minutes. is it happening?
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Jun 15, 2022 09:41
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Eagerly awaiting the capitulation of the global financial market when it's discovered banks have been selling crypto backed securities
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Jun 15, 2022 09:42
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was there still a guy at risk of liquidation at 21k or did they also re-collateralise?
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Jun 15, 2022 09:44
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Doccykins posted:was there still a guy at risk of liquidation at 21k or did they also re-collateralise? Yeah I think his number moved down to 18k
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Jun 15, 2022 09:46
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Mr Teatime posted:Remember the guy drying strawberries on his mining rig to sell? Simpler times. Vibratin' dat phone off the armrest
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Jun 15, 2022 09:49
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20230.06 We closin' in on 20K https://www.youtube.com/watch?v=3Dy2tuF915E
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Jun 15, 2022 09:54
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Doccykins posted:was there still a guy at risk of liquidation at 21k or did they also re-collateralise?  Probably a bluff, but he's holding for now.
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Jun 15, 2022 09:55
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20140.15
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Jun 15, 2022 10:13
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I wonder if that block of bids at 20k will still be there if it comes to it or it will mysteriously evaporate.
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Jun 15, 2022 10:22
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20099.28
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Jun 15, 2022 10:28
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The 20100 mini wall got eaten in about 1 second, I don't give the wall at 20000 much hope when it finally reaches it.
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Jun 15, 2022 10:29
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83% of active Coinbase clients have increased their BTC position last 24 hours, 17% reduced. Retail investors/gamblers catching falling knives over here.
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Jun 15, 2022 10:33
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Wasn't there a bunch of "Last chance to buy a bitcoin for less than 20k" tweets going around on the way up? I am trying to find them to check in on them today... you know... make sure they're doing OK?
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Jun 15, 2022 10:33
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ooh, 20090.00
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Jun 15, 2022 10:35
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 OH gently caress I’M SO CLOSE NNNNNGGGGHHHH
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Jun 15, 2022 10:41
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I love Bitcoin Twitter turning themselves into pretzels trying to rationalize how this is Good For Bitcoin, Actually. https://twitter.com/AurelienOhayon/status/1536737464622141441 https://twitter.com/ldubsinvesting/status/1537007581717499905 https://twitter.com/LifeRicerx/status/1537007288929734656 (Guy is suggesting this random sequence of numbers Musk tweeted is a prediction of Bitcoin price) Collateral Damage fucked around with this message at 10:47 on Jun 15, 2022 |
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