Celsius supposedly had 500m in Anchor which went poof along with Luna. They've also been public victim to two $10-50m hax. Yer...dey has liquidity problem. It was kinda sad when their Russian CEO went on YT influencers to publicly say There Weren't Any Problems 2 weeks before... Isn't that a rule where if the CEO banker or Fed/Treasury chair claims there isn't a problem, then there's a big ****ing problem? Well all crypto has a liquidity problem. Stonks and housing industry (lenders, refis, mbs holders) are already feeling it, but crypto with its degen play money will feel it first. I liked Luna as a proxy indicator for Asia (then it went weird in that last couple months). Now I have no idea where Chinese, Japanese and other money are headed (??GOLD??, junk T-Billz??) but they're definitely hurting and the current plugs are like fingers to a leaky dam waiting to burst. Margin Call and max pain for Saylor...
These days it's not only keeping it in your wallet but securing your wallet since everything is on a public ledger. At this point it's risk:reward. So if you own six digits in crypto then you should use: VPNs to obfuscate location Multiple hard wallets to spread risk and not alert honeypot scanners Multiple hard wallets of the same passkey for redundancy (broke ass old ledger device no bueno or the paranoia trope of the Man confiscating your only wallet) Preferably one use laptop (phones/devices are security nightmares with no-read-txt-0-days ) for your crypto transactions...don't read emails or visit sketch sites on it. Have many different browsers with different extensions Understand 2FA and its limitations If you own high value monkey pix, you also have to be vigilant on not opening any messages in your wallet since the payload from unsolicited and gifted nfts can empty your NFTs. Aint easy staying rich, prob funner staying poor.
I printed this out and started passing it out to folks at H-E-B. They told me they are on the way to their bank to liquidate and "buy the dip".
Robinhood doin Gods Twerk giving options and crypto tradin to the masses and stickin it to the Big Banks! But if u get chopped, screwed or robbed, then u shuda dun did ur research and knew da risks.
Also creating zero commission trading was equally bad. There used to be some thought that went into each trade because it cost you $10. Now people just panic buy and sell with no thought. And people seriously think this can operate as a real currency... No FDIC insurance, unregulated exchanges with no regulation to limit losses, and a currency that can lose half of its value in a few months. Plus you have to go out of your way to secure your funds from potential criminals. This has more in common with the Venezuelan Bolivar or Zimbabwe Dollar than a proper functional currency. Except even those two have a more secure banking system than Bitcoin.
seriously man. so many people just raw-dogging their wallet. some people using their phone case as a wallet! Right? Jump through 214000 hoops... it'z dECeTrALIZED!
If Gensler can eliminate Payment for Order Flow then there might be a lull with zero commission sugar until someone figures out another clever way to package retail customers with free trades as enticement. I'm just jelly of the tictac influenzas who made 6 figs in 6 mins with a secret app The Banks Don't Want U to Know! Details and referral inside....
This is the fundamental problem with Bitcoin. Sure, it's decentralized - but no one wants their savings decentralized. People like centralization because its insured, protected, and regulated. It's the reason people put money in banks instead of keeping it under their mattress. It can't be used as a currency since it's deflationary, but it's also not a great store of value logistically. That said, crypto does have a role in the world financial system and creates real value and use cases - but it's not what any of the maximalists or evangelists think. It's not going to take over the system. Right now, the beauty of crypto is that its a hyper-volatile inefficient marketplace, which means the real money is made in finding market failures, arbitrage opportunities, using the volatility to generate income, etc. Basically, it's a market where the smart money keeps extracting value out of the system - meaning the dumb money has to be losing it.
while gold continues to be a hedge against the stock market bitcoin has not if anything, bitcoin trades like the NASDAQ
If they actually manage to scrap payment for order flow, then commissions may very well come back (or they'll do something sneaky where they offer a handful of commission free trades a year and then put commissions on everything after that). In Canada, payment for order flow is banned entirely and as a result commissions are everywhere.
The only people 'buying the dip' are the ones who are confident in the future of Bitcoin. This means these people will be long time holders. However this doesn't mean they will eventually face a margin call. I absolutely would be buying right now however I think we are just now getting started. Its going to be a nasty summer.
MicroStrategy have collateral til roughly 3k (the 21k number many accounts spread wasn't including any collateral and is bad research), they won't get hit for a long time.
21k is a psychological selling point for the last loan they struck with Silvergate. I think it's been posted here that most of his loans don't even need to be serviced a year or two later. Yes, they can cover it with more bitcoin, but they're throwing bitcoin into the collateral pile to prevent the 42k bitcoin liquidation. At further drops, it'll spiral into to more bitcoin thrown as collateral and so on and so forth. MicroStrategy isn't the only one with these kind of bets.
