The way I see it the psychological road from 3k to 20k first was driven by people fomo buying btc post bcash launch to chase 'free money' from the countless other shitcoin forks. This attracted massive media attention w absurd price predictions and drew in more buyers. After segwit2x failure attention shifted to futures launch with the 'largest transfer of wealth' 'dumping on wall st' narrative, but there was no room for btc to gain further on futures launch as it was already priced in.

Maybe the price is just going down because people deployed debt to fomo buy something they didn't bother to understand and had no intention of using...

Nah, must be manipulation.

It's thursday, but instead of picking on Jay I will just look at the ROE on my short and watch the charts imagining all of his hopes and dreams evaporating.

I briefly looked into this coin a few months back and wrote it off as a scam. The team at one point in Nov had promised to have the coin de-listed from coinex because the lowest possible price there was 1 sat and on Hitbtc it was 10 sat, guaranteeing a x10 increase by taking advantage of a design quirk in the exchange.  That is scammy as fuck haha. If a start up is promising to increase value for 'investors' by taking advantage of loop holes in the market place you should btfo.

I doubt this is the bottom. If you had sold at $800 after the peak of $1000 you would have been better off than hodling all the way down to $200

It's disturbing that talking about red flags regarding the practices of an exchange and a potentially fraudulent currency they have created is considered 'whining'. To me it seems that it's dismissed so quickly because it would mean a (healthy) correction and everyone just wants that quick easy money.

I've read sentiments on this forum that bitcoin is 'too big to fail' now and earlier in this thread someone said something to the effect that even if it's true that bitfinex is printing their own money to prop up the market that perhaps they are doing it out of benevolence... 'too big to fail'? ...Defending a centralized authority controlling market direction? If the community refuses to take this seriously and demand clarity then even if bitcoin reaches $500k it's a failure imo.

Meet the new boss, same as the old boss.

people pulling out of usdt exchanges?

Tether scandal is bullish long term for btc core: segwit, atomic swaps, decentralized exchanges

Short term: massive re-evaluation once QE disappears and institutional money pulls out with renewed skepticism

I think it's also possible that if people are anticipating a major market downturn and want to cash out to fiat and have large holdings on exchanges that do not offer non usdt pairs that they are buying eth as it will be faster for them to move that value to an exchange where they can actually perform a bank transfer.

I know a lot of you guys think this tether thing is just fud, but if it's true it essentially means that Tether is forging bank notes regardless of what their terms of service say.

And who exactly is buying USDT from tether? Why would any VC want to purchase usdt in volume in order to purchase other crypto's when they can just buy btc with fiat directly and not have the associated risks implied in the tether terms of service?

It might not effect things right away because the mania is so strong right now and any dip will be bought by fomo or by bitfinex QE, but if this is legit it could all unravel very quickly.

Looking around at the culture of any community associated with crypto has me very pessimistic about it's near future. Most people really have no understanding of what they are buying or what use it has. In many cases the value of these tokens is almost completely irrelevant, as the cost of the services are designed to be tied to fiat value anyways. But People race them to the top based on tweets and youtube shills without thinking.

That's why this is a bubble, because the money here is dumb. That doesn't mean that dumb people won't make lots of money here, but I'd guess that most probably won't. Eventually the house of cards gets too high, the early buyers sell and suddenly there are no buyers any more. HODL all the way up and all the way back down again.

I get the sense that a lot of people are putting in way more than they afford and many of these people are lower income people who have been squeezed by the rising cost of living since QE was implemented and haven't benefited at all from the recovery because after 2008 and the HFT scandals most people don't trust the regular markets, they are being priced out of traditional assets like homes... Speculation has even driven up many collectibles.

People have some vague sense that crypto is the opposite of wall street and banks. Well guess what? Many of you are those people now, blindly buying and selling things you don't understand or even care to understand beyond just enough to have something you can say at a party because you think it makes you seem smart.

People chasing pump and dumps and Jordan Belfort memes lol. This was meant as an answer to 2008?

This is exactly why we call it a bubble.

Sometimes resistance is just liquidity 

idk it's possible this is all nothing, but when it hits msm where is that big institutional money going to go?

Is catching a knife the same thing as buying one where you are from?

If hardly anyone trades there, then why do they have the highest trading volume? If BFX really has a QE scandal and BFX leads the markets then the markets have a QE scandal.

It seems to me the order books on other exchanges are often meaningless with the major pairs and that the book that most accurately portrays market direction is the BFX book.

The price of Tether does seem to have a more or less inverse linear relation to btc from it's inception, which was around the time that btc found bottom from mt.gox.

https://i.imgur.com/afAYH5m.png
https://i.imgur.com/67bv9Ad.png

I certainly don't think it's a coincidence, but I'm not sure it makes any sense for the bch camp to hack tether to try and pull buyers away from btc. If tether is a fraud and has been playing the market then the ramifications are much much larger than just bitcoin.

Bitcoin is recovering now, but I wonder for how long... People are speculating that btc is going to spike as people dump tether, but if this is a proper scandal I'm expecting ltc and eth to spike. Lots of people have accounts set up on many exchanges where there is no cash out to fiat. If the markets are rigged and people panic and start to dump they will need to transfer value to whatever service they use as a bridge between fiat and crypto and currently almost no one uses btc for moving between exchanges because it's too slow.

Anyway this all could be just a blip and crypto will continue to rise week after week without correction forever. Everyone will get a lambo to drive on the moon in a wonderful economy of greed and memes and scams.

Yeah this will be an interesting watch. People aren't really taking it very seriously it seems...

If it's true that tether/bitfinex has been applying their own quantitative easing strategy for this bull run, then the market should be well fucked for a while. Who knows how much they have to throw at it tho? Maybe enough to exhaust the sellers. But it's a time bomb either way if true.

And to the people suggesting that this is fud from bch camp: imo this would mean all USDT/Tether pairings on bitfinex are suspect for price rigging including bcash.

They have license to run a gambling app in the UK