Cryptocurrency
Cryptocurrency
Out of context: Reply #214
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- neverscared0
Over the past year and a half, the price of BTC and other cryptocurrencies is entirely driven by a blatant and obvious fraud: the "Stablecoins" Tether and Circle.
here is a basic supply and demand equation: New Bitcoin = (New $ + New stablecoins). In the previous bubble it was about 2/3rds dollars and 1/3rd Tether.
Now it is deeply, DEEPLY stablecoins, with the new $ going out at a massive rate as anyone with a clue cashes out...
https://twitter.com/ncweaver/sta…
In the past 6 months, Circle added $20B and Tether $40B. In that time there was about 160k new Bitcoin. At "just" $30k/BTC that is $5B. So the net outflow of $ is in the neighborhood of $50B. Give or take...
- And that's really the entire marketcap of the crypto space, more or less 10:1grafician
- Tether hasn't printed in over a month = price of Bitcoin down and ranging sincegrafician
- most whales already sold, lots of whale wallets are emptygrafician
- re: other coins, just compare the charts vs. BTC, most of them copy BTC to the lettergrafician
- re: USDC they say it's backed by Coinbase, they're printing daily, sometimes burning coins, but overall coinbase hadn't had an audit in half a year or more...grafician
- https://cryptohayes.…ESKEMA
- @ESKEMA have you ever heard of "liquidity"? Just because crypto can work without dollars doesn't make it top my mangrafician
- Bitcoin as a project already failed years ago. The entire crypto market is 100% based on speculation at this point.grafician
- Any asset than can be influenced this easily - with a tweet nonetheless - is worth as much as a tulip - tops!grafician
- https://i.kym-cdn.co…ESKEMA
- Yeah sorry, I can argue all day with you, but everything I post in this thread is 100% true and you know it :))grafician