Be ahead of the curve

This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.
Members don't see this ad.
nimbus said:
Interesting price action and support.

www.theblockcrypto.com

Bitcoin plunges to $52,000 as $7.6 billion in crypto long positions liquidated

$7.6 billion worth-of crypto long positions liquidated over the past hour as bitcoin's price plunged to $52,000, data from bybt.com shows.
www.theblockcrypto.com www.theblockcrypto.com

www.bybt.com

CoinGlass | Cryptocurrency Derivatives Data Analysis,Bitcoin Open interest,Bitcoin Options

Coinglass is a cryptocurrency futures trading & information platform,where you can find the Bitcoin Liquidations ,Bitcoin open interest, Bitcoin options,Grayscale Bitcoin Trust，Bitcoin longs vs shorts ratio and actively compare funding rates for crypto futures.Above all the quantities are shown...
www.bybt.com www.bybt.com
Click to expand...

imagine trying to use Bitcoin to buy a Tesla. You had your purchase planned out on Saturday and then on Monday it now costs 15 or 20% more than it did last week.
 
This was inevitable. Financial Institutions are racing to offer “services” to their clients. It’s kind of funny that they are starting with the wealthy private clients (older less technically savvy) to collect fees while the regular clients with smaller balances and net worths can literally go to coinbase or cashapp and purchase and self custody the asset themselves. Banks are realizing they are becoming obsolete as technology (digital revolution) progresses.



https://www.coindesk.com/jpmorgan-to-let-clients-invest-in-bitcoin-fund-for-first-time-sources
 
Direct Laryngoscopy said:
This was inevitable. Financial Institutions are racing to offer “services” to their clients. It’s kind of funny that they are starting with the wealthy private clients (older less technically savvy) to collect fees while the regular clients with smaller balances and net worths can literally go to coinbase or cashapp and purchase and self custody the asset themselves. Banks are realizing they are becoming obsolete as technology (digital revolution) progresses.



JPMorgan to Let Clients Invest in Bitcoin Fund for First Time: Sources - CoinDesk
Click to expand...
It makes perfect sense. As retail interest in bitcoin increases, these older high net worth folks are going to ask their broker about dipping their toe in at least. The Morgan Stanleys of the world want to have a vehicle for them so they don't go looking elsewhere. Do you know anybody with a digital wallet or owns bitcoin on cash app that would even think of having an account @ Morgan Stanley, UBS, Credit Suisse, JP Morgan, et al.?
 
Last edited by a moderator:
dr doze said:
It makes perfect sense. As retail interest in bitcoin increases, these older high net worth folks are going to ask their broker about dipping their toe in at least. The Morgan Stanleys of the world want to have a vehicle for them so they don't go looking elsewhere. Do you know anybody with a digital wallet or owns bitcoin on cash app that would even think of having an account @ Morgan Stanley, UBS, Credit Suisse, JP Morgan, et al.?
Click to expand...

Yep. They’ll make money in fees whether BTC goes to $0 or $1mil.

It’s more bullish that pension funds and college endowments are getting exposure to BTC.
 
Hopefully people will do the research themselves (and not rely on their advisor). Corporate Crypto adoption via payment rails is well underway. Will take time to be streamlined (dumb downed) for mass adoption in the US, but retail adoption is happening much faster in places like Nigeria and Turkey because the government is being heavy handed with pseudo bans and over regulations. These “bans” foster innovation so that retail can adopt crypto faster (and a bottom up approach as opposed for waiting for the oligarchs to “OK” crypto use.

There will be no stopping crypto. Just more adoption. It’s quite amazing to see from my perspective since I’ve been in the space for some time. Exciting times ahead.
 
Direct Laryngoscopy said:
There will be no stopping crypto. Just more adoption. It’s quite amazing to see from my perspective since I’ve been in the space for some time. Exciting times ahead.
Click to expand...

out of curiosity, are crypto storage type places now issuing forms to use in reporting transactions to IRS?
 
Mman said:
out of curiosity, are crypto storage type places now issuing forms to use in reporting transactions to IRS?
Click to expand...

Holding crypto in a wallet like a ledger does not incur a taxable event so I don’t know of any storage services for that. You can get a copy of all your crypto transactions from an exchange like coinbase.



There are services (free and paid) that uses an API to track and calculate all your trades from all crypto exchanges you use. One such one is https://cryptotrader.tax/ it will make your cost basis much easier if you’re a day trader.

There are also tax professionals that specialize in crypto taxation (but you’ll still need all of your trades to see if you need to pay taxes). You can lower your cost basis to 0 if you hodl and wait to see where crypto taxation is heading (I think we’re going to see changes as cities adopt crypto).

Personally my tax liability for 2020 was really not bad because I choose not to over trade (I’m more of swing to long term trader), and My trades are going well.

Good luck.
 
Intubate said:
I'm sure you know this, but for others, crypto based loans are already a huge business (not with old school banks yet though). You can currently get dollar loans for 1% (or less) using your crypto as collateral. Or, even cooler, self paying loans (via alchemix and the magic of defi).
Click to expand...

Quite aware. I meant for those who haven’t adopted crypto as yet. I earn yield by staking a coin I’m holding long term. Lots of people don’t realize that you can earn nice yield via these neo crypto banks. We’ve been beaten down with 0.02% APY from traditional banks (with negative interest rates coming soon), with a bank like Celsius you and earn 5-15% APY on your crypto assets.
 
With inflation running “hot” (if they say 4%, I’d say the number is closer to 10%) investors are looking for options to store their wealth (hard work aka energy). 40 million Americans now own crypto. It’s happening faster than I thought as monetary and fiscal policies go absolutely wild (Out of all the money in the history of the US, 35% was printed just in the last year!). More people (especially the financially ignored and unbanked) are getting off zero and entering the new financial market. Impressive to see with all that’s going on in society. Amazing to see.
 
Direct Laryngoscopy said:
With inflation running “hot” (if they say 4%, I’d say the number is closer to 10%) investors are looking for options to store their wealth (hard work aka energy). 40 million Americans now own crypto. It’s happening faster than I thought as monetary and fiscal policies go absolutely wild (Out of all the money in the history of the US, 35% was printed just in the last year!). More people (especially the financially ignored and unbanked) are getting off zero and entering the new financial market. Impressive to see with all that’s going on in society. Amazing to see.
Click to expand...
Can you show a relationship between Crypto price and inflation? You're suggesting crypto is a good hedge on inflation but looking at the price of major crypto currencies vs rate of inflation (over time, not just at the current moment), it seems there is no correlation between the two.
 
Last edited:
Not every crypto is the same. Doge for example has an inflation schedule of 10,000 new coins printed daily. I would focus on the coins that are scarce and emission schedule approaches conventional CPI (approx 2%). The best coin to compare inflation with is Bitcoin. There are others whose emission (new coin production) will be less than 2%, but I'm not here to shill coins. I would suggestion reading up on the Bitcoin emission schedule and how it compares to CPI and gold.
 
What I meant was as USD inflation increases, does cyrpto (Bitcoin, etc) price go up? Does it go down? If Bitcoin price is not going up when USD has higher inflation, Crypto is not a good hedge on inflation by definition. Other assets that people invest, like TIPS and Gold, roughly increase in value as USD inflation increases.

USD Inflation
Bitcoin Price

Comparing USD inflation to Bitcoin price, there is no obvious correlation that I can see. Compare USD Inflation to gold price and it looks like gold is a better hedge. I'm not suggesting to invest in Gold, I'm just asking how you can say Bitcoin/Crypto price goes up relative to inflation if there is no historical correlation.
 
Sorry I’m gonna have to disagree. Your pricing charts for both gold and BTC are incomplete. Let’s use the last year of pricing of gold and BTC when monetary debt increased 35%. How could gold be a better hedge when it’s basically been flat. When I started this thread, BTC was ~$10,000 gold was $1900. You can also look at the price from 2010 to today and for me, I’d rather have held BTC.

I will agree that as we head to unprecedented monetary and fiscal times, no one knows where we’re heading. But with a current emission s schedule that approaches inflation (will be less than 2% in 2024), is absolutely scarce (currently ~19 million of 21 million circulating), globally traded 24/7, digital bearer asset (final settlement, no intermediary needed), more liquid and easier to custody, I’ll stick to BTC and crypto as a hedge. Good luck to you.
 
GassYous said:
This reads like how wsb was pumping up gme before it crashed
Click to expand...

Except it hasn’t exactly crashed.

32146C6D-CD9B-45D0-A7EF-A9E2B21D8D3F.jpeg
 
GassYous said:
What can you expect for a "currency" that is based on nothing
Click to expand...

It is based on confidence. As is the dollar, the euro, gold. All of which have a much longer history than Bitcoin.

Volatility like this is great for traders. Not so great for those who want it to be adopted as a currency or means of exchange.

No position in crypto.
 
dr doze said:
It is based on confidence. As is the dollar, the euro, gold. All of which have a much longer history than Bitcoin.

Volatility like this is great for traders. Not so great for those who want it to be adopted as a currency or means of exchange.

No position in crypto.
Click to expand...
Well I'd argue that the fiat dollar is backed by the US economy, military, a couple of nuclear weapons, and a government that can be rather belligerent when it feels the need to throw its weight around. That's a shade more than the "confidence" in other stuff.

I don't know where bitcoin is going, but I do know I don't need it. No position, no FOMO.
 
pgg said:
Well I'd argue that the fiat dollar is backed by the US economy, military, a couple of nuclear weapons, and a government that can be rather belligerent when it feels the need to throw its weight around. That's a shade more than the "confidence" in other stuff.

I don't know where bitcoin is going, but I do know I don't need it. No position, no FOMO.
Click to expand...

don't forget the massively large tax base the US government can pull from to support the currency
 
pgg said:
Well I'd argue that the fiat dollar is backed by the US economy, military, a couple of nuclear weapons, and a government that can be rather belligerent when it feels the need to throw its weight around. That's a shade more than the "confidence" in other stuff.

I don't know where bitcoin is going, but I do know I don't need it. No position, no FOMO.
Click to expand...

Agreed. My point is that The US economy, political stability, military, etc. is the source of that confidence and trust.
 
pgg said:
Well I'd argue that the fiat dollar is backed by the US economy, military, a couple of nuclear weapons, and a government that can be rather belligerent when it feels the need to throw its weight around. That's a shade more than the "confidence" in other stuff.

I don't know where bitcoin is going, but I do know I don't need it. No position, no FOMO.
Click to expand...

Look at how quickly and completely they ****ed that darkside group, even with the supposedly independent and untraceable bitcoin. Don't mess with america's oil
 
GassYous said:
Look at how quickly and completely they ****ed that darkside group, even with the supposedly independent and untraceable bitcoin. Don't mess with america's oil
Click to expand...

It is not unimaginable that if the hack didn’t originate in Russia, there might have been a drone strike or something similar on the source. The world be changing.
 
Liquidated all my bitcoin this morning via stop-loss order at $31,000. Love how it immediate pumped back up 20% as soon as my order was executed. I was up about $15,000 at one point last month, should have just sold then ugh
 
GassYous said:
Look at how quickly and completely they ****ed that darkside group, even with the supposedly independent and untraceable bitcoin. Don't mess with america's oil
Click to expand...

bitcoin is the most traceable "currency" in the world. A decentralized log is kept of every transaction.
 
I don’t own any.
Kinda want to tho.
Direct Laryngoscopy said:
Love the engagement on down and up days. Lol

I bought at 48, 45 and 30K this morning. Not for the weak stomach. We are still in a bull market. I hope this thread is as active at 100K later this year. Good luck
Click to expand...

Not sure how I feel about it.
Wouldn’t mind playing with a little bit and see how it does.
 
You must log in or register to reply here.

Similar threads

Aether2000
Is the NLM Search Database (PubMed, Medline) At Risk of Being Filtered for Undesirable Content by the Federal Government?
Replies
4
Views
407
Goro
Goro
Guillemot
The Dilemma of Gastric POCUS
2
Replies
93
Views
4K
Radetzky
R
W
Will reimbursements be slashed by the incoming administration?
Replies
39
Views
3K
VA Hopeful Dr
VA Hopeful Dr
TheLoneWolf
The Miseducation of America’s Nurse Practitioners
2
Replies
87
Views
14K
psychbender
psychbender
M
Too good to be true?
Replies
47
Views
4K
nimbus
nimbus
Top