Is the Bitcoin bull run starting?

by **mookiemcgee** on Mon May 17, 2021 1:35 pm

After dropping around 30% in a week, and most alts duping even more this is the worst week for bitcoin since 2019. What does the rest of 2021 look like?

After jumping from 25,000 to 44,000 in 90 days, with many Alts like Solana going up 500% in the same time period, what does 2024 look like

by **HardAttack** on Mon May 17, 2021 3:18 pm

The real question is, are we all guinea pigs ?

by **mookiemcgee** on Mon May 17, 2021 3:21 pm

HardAttack wrote:The real question is, are we all guinea pigs ?

Fixed poll so you can vote

by **saxitoxin** on Tue May 18, 2021 1:56 pm

It's almost recovered from Sunday's big drop.

by **HitRed** on Wed May 19, 2021 8:18 am

Bitcoin is lower today.

by **saxitoxin** on Wed May 19, 2021 8:39 am

HitRed wrote:Bitcoin is lower today.

Lol yeah I definitely posted too soon! It's turning into a massacre.

by **HitRed** on Wed May 19, 2021 9:17 am

The odds of Elon Musk and China tag teaming the same week is freakish though.

by **mookiemcgee** on Wed May 19, 2021 10:37 am

In June 2017, Eth dropped from $320 to less than $1 briefly. It finished the year around $1,100 (the true peak of that bull run).

So while it's certainly painful to watch if you are invested, it's not entirely unheard of to have these flash crashes and bounce back from them over the coming months. It is MORE likely though, that there is more pain coming, and the bull run was officially killed by Elon Musk about 10 days ago.

Again for reference, Jan 1 2021 prices:
BTC - $29375
ETH - $730

Lowest point in overnight crash today:
BTC - $30,000
ETH - $1850

Will be curious to see what happens in the coming weeks! I for one will be holding my bags with DIAMOND HANDS BITCHES!

by **saxitoxin** on Wed May 19, 2021 10:53 am

YUP! Everyone's in the lifeboats but I'm just hanging out in the smoking lounge giving diamond HJs for BTC.

"Jump, Saxi, jump!" ... "I'll jump when I get vaxed."

by **HitRed** on Wed May 19, 2021 11:04 am

Can a crypto currency go extinct like a business?

Can a crypto be purchases like a business? Not just the bitcoin the entire hub network.

by **saxitoxin** on Wed May 19, 2021 11:08 am

HitRed wrote:Can a crypto currency go extinct like a business?

Can a crypto be purchases like a business? Not just the bitcoin the entire hub network.

I guess someone could buy all the Bitcoin that exist, but there are still like 3 MM that are undiscovered right?

I assume its utility in drug running, arms dealing, extortion, etc., would mean there's always a floor to how low it can drop. It could never become totally worthless at this point.

by **HitRed** on Wed May 19, 2021 11:15 am

In 2008 the American Stock Exchange (AMEX) was bought/sold.

Someone thought that owning the exchange was more important than owning stocks (coins).

by **mookiemcgee** on Wed May 19, 2021 11:44 am

saxitoxin wrote:
HitRed wrote:Can a crypto currency go extinct like a business?

Can a crypto be purchases like a business? Not just the bitcoin the entire hub network.

I guess someone could buy all the Bitcoin that exist, but there are still like 3 MM that are undiscovered right?

I assume its utility in drug running, arms dealing, extortion, etc., would mean there's always a floor to how low it can drop. It could never become totally worthless at this point.

So...No the large mainstream cryptos cannot be 'bought out'. But excellent questions! There are all sorts of scam coins, and badly designed cryptos though.

The originator of bitcoin, Satoshi Nakamoto holds about 5% of all bitcoins in wallets that have never 'sold' or moved any bitcoin back out. Also... not all bitcoin is 'for sale', no one can buy your bitcoin without you listing them for sale or trading them. That is part of why bitcoin is considered 'decentralized' and 'secure' from a 51% attack. If someone wanted to try and buy up 51% of all bitcoin in a coordinated effort across all exchanges at the same moment it would drive the price up incredibly quickly and basically make bitcoin too expensive to buy it all (even for papa elon). Beyond the 'maybe locked up forever' bitcoin in Satoshi's wallet, there are other large holders that have basically committed to never sell the BTC they own. Greyscale bitcoin trust, has been taking in investor money to buy bitcoin for maybe like 5-6 years. Investors don't get bitcoin in return, they gets GBTC stock which trades on the normal stock exchange. The Bitcoin itself is held in a vault by greyscale forever. funds/companies like these put up a pretty solid wall against a 51% attack.

in the very early years there were some failed attempts at 51% attacks, and Eth 'classic' has an interesting history worth reading about. A 51% attack basically lead to the fork between 'eth classic' and the now 'mainstream' version of Ethereum.

by **mookiemcgee** on Wed May 19, 2021 11:46 am

HitRed wrote:In 2008 the American Stock Exchange (AMEX) was bought/sold.

Someone thought that owning the exchange was more important than owning stocks (coins).

Good point... investing in the COIN (coinbase) stock is kind of pointless. Decentralization is key, so 'centralized' exchanged like Coinbase are onramps for retail investors but probably aren't the best way to invest in crypto.

by **mookiemcgee** on Wed May 19, 2021 11:47 am

HitRed wrote:Can a crypto currency go extinct like a business?

Can a crypto be purchases like a business? Not just the bitcoin the entire hub network.

Yes, a crypto can absolutely go extinct... or maybe better said, it's coins can drop to basically 0 value.

Among shady 'shitcoins' it's also common for there to be rugpulling.

Basically here's a common scam:

Someone invents a new shitty crypto let's call it SAXI5THAVENUE coin (SAXI). Let's say they create 1 Million of them (and no more can ever be created), and initially saxitoxin owns ALL of them. They have no real value beyond what Saxi feels they are worth to him personally.

In order to 'create value' he needs more people to agree there is some value in them, and to exchange something of value for the SAXI coins.

Step one is giving people 'access' to buy it. He might do that by setting up a liquidity pool that is 500,000 Saxi and 2 Eth. Now anyone can purchase some of the SAXI by using the ETH in their own possession. He's set an initial price of 1ETH = 250,000 Saxi (by virtue of what's placed in the pool), and as people come and buy exhanges tiny bits of ETH for SAXI the pool starts to have more ETH and less SAXI in it, so the 'price' of SAXI starts to go up. Meanwhile SAXI only put 1/2 of the total SAXI in the POOL, he's still sitting on the other 500,000 SAXI's. Let's say AOC and TED CRUZ both start tweeting about how great an investment SAXI coins are... and the pool is flooded with buy until it's 100ETH = 50,000 SAXI price. The pool now has ALOT less SAXI in it, and ALOT more ETH (maybe it's now like 50,000SAXI and like 100ETH.... this is when Saxitoxin will execute his rugpull, but 'selling' his secret stash of 500,000 saxi's for ETH, effectively crashing the price and leaving him with no SAXI and ALOT of ETH and all the people who own SAXI are left with basically a valueless coin.

Swimmer, please feel free to correct me if I've explained any element of this poorly.

by **mookiemcgee** on Wed May 19, 2021 2:44 pm

So I've been reading some pretty underground-insider stuff suggesting this crash is mostly been 'designed' by elite traders to liquidate one gigantic whale who over-leverged his crypto positions. There was some suggestions the China ban news was part of this co-ordinated effort and some 'complete reversal' news is coming later this week. This poster suggests it's gonna dip even further this week (to around 25k BTC) followed by a green dildo candle all the way to 70k over the coming weeks. Could be entirely bullshit designed to keep us retail bastards as bag holders, but my fingers my diamond hands don't have any papercuts

by **saxitoxin** on Wed May 19, 2021 3:21 pm

mookiemcgee wrote:So I've been reading some pretty underground-insider stuff suggesting this crash is mostly been 'designed' by elite traders to liquidate one gigantic whale who over-leverged his crypto positions. There was some suggestions the China ban news was part of this co-ordinated effort and some 'complete reversal' news is coming later this week. This poster suggests it's gonna dip even further this week (to around 25k BTC) followed by a green dildo candle all the way to 70k over the coming weeks. Could be entirely bullshit designed to keep us retail bastards as bag holders, but my fingers my diamond hands don't have any papercuts

That's good enough for me! Staying with it.

by **saxitoxin** on Wed May 19, 2021 3:23 pm

If this doesn't work out, someone please offer mookie your couch to sleep on after the repo men come.

by **HitRed** on Wed May 19, 2021 3:26 pm

Last night I read that the digital Yuan is nothing like Bitcoin. One is tied to a currency the other is a investment/speculation vehicle. The writer thought the downturn was nothing to worry about. Apples and Oranges.

by **mookiemcgee** on Wed May 19, 2021 3:39 pm

HitRed wrote:Last night I read that the digital Yuan is nothing like Bitcoin. One is tied to a currency the other is a investment/speculation vehicle. The writer thought the downturn was nothing to worry about. Apples and Oranges.

You are correct... digital Yuan is digital, like bitcoin. That is basically where the similarities end.

It's not 'exactly' like a stable coin (which are mostly pegged to USD) but that would at least be something of a comparison. If USD inflates like is expected, and digital Yuan finds some level of stability it could be that in 10 years people won't really measure the BTC price in $$$ but rather vs dYuan (that is pure speculation on my part)