It took me until today to fully realize wha this means, but bitcoin really is in a bubble and yes its popping right now.
so if you buy back in, just know you need to sell peaks, because you are buying into an actively bursting bubble.
I know you dont want to hear this, and neither did I back when I was deluded. But jus because you enjoy something or its fun or makes you rich or you like the tech, doesn't mean a bubble can't form around it.
The media created a huge bitcoin bubble. Most of the normies who bought in don't understand blockchain or Bitcoin whatsoever.
They only bought in because they heard of people making money every day, week, month, etc.
Now that that is no longer the case, they leave, deflating the bubble.
I do not think we will not rise again. I think ther will be another bubble that will dwarf this one, maybe not centered around Bitcoin so much, but with crypto.
Just be sensical and think about it. If you think $8k is "cheap bitcoin", realize you are comparing it to standards set by your expectations at the peak of a BUBBLE, not for its true valuation.
Oh and with all the hard forks etc and its lack of useability it also resemelbes a ponzi scheme. That is not bitcoin's fault. but people can take legitimate things and make ponzi schemes out of them or form bubbles around them.
Jason Diaz
With that logic >Gold is a bubble >Stock market is a bubble >Housing market is a bubble >Fiat is a bubble
Literally anything can be a bubble. Stop trying to FUD and just buy the dip.
Benjamin White
This just a dead cat bounce.
Leo Nguyen
this
Xavier Lopez
No, you misunderstand. Bitcoin is not a bubble. Those things are not bubbles.
But they can EXIST INSIDE a bubble!
Camden Flores
>constant bubble >bitcoin has no intrinsic value >normies are normal >hear this everyday since bitcoin inception then what's the problem? wait until wide spread adoption of blockchain and get out?
Zachary Adams
So like, yes, bubbles have formed around the housing market, fiat, stock market, and gold before.
That does not mean they are scams and should never be purchased.
It means those who are "long" are getting ripped off if they buy into bubble prices and then hold.
Obviously owning Amazon.com stock during the dotcom bubble would be fine today. But you overpaid by not waiting for the bubble to deflate if your intention was holding.
Colton Reyes
Once companies can use DLT to lower costs and become more competitive, or once a DAO can outcompete traditional companies, crypto is not going to be a bubble but instead "just the way things are."
Nice try fudfag
Connor Edwards
this is worse than the "high tx fees" meme
kys
James Gutierrez
Also, popping of a bubble can take some tokens to Zero price, something which I don't think most crypto holders are prepared for.
Just be careful is all.
Eli Barnes
bitcoins not a bubble its just a shitty first invention, like the first car made was a peice of shit but because it we have the movie cars
Charles Perry
BTC needs to die already. Crypto is going to be huge but it's hard to justify buying into a market where a retarded deflationary tinfoil anarchist libertarian wet dream got pumped up by bots and FOMO and is still trading at 7k.
Lincoln Cruz
Perfectly legitimate sentiments user but can you do me a favor and explain this:
>It took me until today to fully realize wha this means
What do you mean it took you until today realise what this means?
Jace Walker
Wow nice OP baby's first trading lesson.
God I've waited so long for the bear to come a slaughter faggots like you. So glorious.
Carson Moore
Brah. You might wanna think about buying back in.
Parker Foster
What always makes me giggle are the 100x cointards who think that an increase in adoption will, or does, or should, correlate with an increase in price.
Increase in price actually HINDERS adoption.
Levi Scott
Thanks, I'm watchiing it. However, I am not going to buy at major resistance during an attempted breakout of a bearish pennant with the threat of a double top looming after that
Wyatt Rivera
I just mean I was kinda deluded today. I toked some weed and I understood why people call it a bubble.
I mean, I *kinda* knew it was, but didn't really think about what that means and wht the correct course of action was.
When a bubble is inflating, you should be buying and trading, sure.
But when a bubble is deflating... you get the fuck out until the carnage is over.
You might miss some nice bull traps, but you'll be able to buy the ashes afterwards.
Asher Edwards
The whole point is it's only appreciable as a bubble in retrospect.
You could quite legitimately say it will power on upwards to 6 figures this year which is no less mad a proposition than what it's done so far - yes based on speculation however also based on the process of funding some actually viable projects.
The fact people have been saying "it's a bubble" all the way up is healthier than them not saying it - but it's not generally a feature you see in bubbles...
Evan Lewis
problem is theres a very good chance that we're well below the 'return to mean' post 'bubble pop'. I think looking at the kind of sentiment that forms around crypto its absolutely rational to conclude that we're headed for a bubble. I'm not convinced, however, that its actually developed yet. Compare the size of crypto markets to the dotcom *after* the crash and it becomes clear that crypto really isn't particularly inflated yet.
Cooper Martin
that dildo is beautiful
Ethan Ortiz
reddit spacing
Alexander Mitchell
Read this post 7 times please.
John Hall
Main problem is still TETHER which still has pumped this market up by literally printing 3billion USD tethers to blow up the bubble.
When they get audited its going to be a never before seen crash. Definitely not buying now.
Brandon Lopez
>he didnt realize the world is not anymore the way it used to be
Jordan Sullivan
Cryptocurrency as a whole is a bubble with all the ICOs and PnD Just like wall street creating all the ETFs like XIV and make millions, then one day it pops
James Jenkins
This.
bfx and tether being connected means that bfx will most likely go insolvent leading to a domino effect across exchanges.
David Roberts
blah blah blah blah blah blah
Colton King
The outcome of the audit will either crash or boom the market. It will be instantaneous.
I agree OP but it's impossible to know where the "return to mean" is. user's love to photoshop le meme chart over coinmarketcap's 1 year chart, but the scale is completely arbitrary.
You can roughly estimate Ripple or REQ's value by looking at the size of the industries they're disrupting (currency exchange, ecommerce payments), and then adding a probability they'll succeed. But BTC is much much harder. As a "store of value" coin, it's basically whatever the market chooses to make it.
Andrew Jackson
The US government just said we're going to $20 trillion next year and bitcoin is the future. Your brainlet opinion is invalid.
Jordan Jenkins
it is a bubble but its a small one faggte. even if it crashes to 100bil marcet cap it or less its gona recover fast because that is almost no money when you look how big the market is.
Oliver Foster
*by 2020
Jason Torres
Normie here, how come everything went 30% today?
William Peterson
because 24 hours ago was a bloodbath
Austin Davis
So basically...market is stabilizing back and nothing big happened?
Isaac Allen
Yupp.
My only wonder is how it will end. I except one of the two following outcomes: >They reluctantly allow and audit forced by SEC. They will cook their books and try to hide it, but wont succeed. Publishing of results will begin the free fall. > Tether will not allow audit. SEC will be forced to blacklist them, effectively banning them. Tether will blame government, and try to get away with it. Market will crash.
>The outcome of the audit will either crash or boom the market. It will be instantaneous.
Anyone with half a brain can already deduct the result of that audit. If you check the last public announcement made by them, it literally says they expect lower volumes as their local bank is refusing to process international wires anymore. Despite that they've magically received up to 3 billion USD worth new investors.
Anyone that thinks the market is "recovering", think about that for a moment.
Anyone still holding should cash out on these temporary bumps while they still can.
Hudson Johnson
is there the possibility of actually righting the ship if they bought btc at low enough with the "usd" they printed?
print tether(usd), exchange to btc or another coin, cash out and stick proceeds into "reserves" for the backing of tether. A backwards book eventually has to come down right?
Ryan Taylor
gj catching up op most of Veeky Forums has known that since 2016. you don't seriously think we're in btc, do you? the only people holding majority bitcoin at the moment are newbies and room temperature oldfags. everyone switched to eth as their crypto of reference a long time ago
Robert Evans
Market crash started due to uncertainty caused by the tether situation as evidence rose that suggests they have been printing a metric fuck ton of coins. Their printing alone is expected to have caused about 25% of the astronomical rise culminating in December, which likely also caused the whole media hype etc.
We are literally looking at a situation where it is very likely that the market corrects down to about 1-2k value for BTC. Or less.
Henry Hill
I always see people make the comparison of compare the market caps of dotcom to crypto, but it doesn't really make sense to me
There's no number on what the peak of a bubble will be. Crypto isn't as big of a deal as the internet or housing, don't you think that's fair?
So its bubble will not be as big.
The main factor in the bubble thing is that it is massively "overvalued", driven up by careless investors, so thus has a long ass way to fall.
The internet stocks were overvalued, but the internet itself was a bigger deal during dotcom bubble than cryptocurrency is today and for the forseeable future
William Rivera
SEC never said anything about Tether. Because:
1. They don't operate in US 2. US citizens aren't allowed to hold Tether 3. It's a limited liability offshore company 4. By buying Tether you automatically agree you can't sue them 5. SEC just said yesterday that offshore platforms are out of their jurisdiction
Nothing will happen, retard.
Nathan Cooper
They could definitely try that, similar things have happened historically in traditional market scams many times. 99% it never succeeds, and even if they did it would leave an audit trail that shows they did it the past. Which would still be damning and absolutely still crash the market, but probably not as hard.
Now what most likely has happened so far, they cashed out as much as they could, and are making their arrangements to avoid jail time and prosecution.
James Martinez
> Tether will not allow audit. SEC will be forced to blacklist them, effectively banning them >ban Chinese company, that explicitly states it doesn't operate in US from operating in US
By the way, good luck explaining trading an illegal offshore security to IRS when you do your taxes. They will fuck your ass hard in jail. Should've read Tether TOS, brainlet.
Nathaniel Fisher
>$1k BTC >95% correction in your dreams you brainlet
Cameron Lee
>they cashed out as much as they could I was wondering if this could've had anything to do with the crash.
>Bitfinex sells thousands of BTC at market price >price crashes >As soon as it gets too low, they buy it back up to trigger a bounce >Sell again at the next peak >Repeat
Jeremiah Bennett
Sorry you are right, I did not mean the SEC, i meant the The U.S. Commodity Futures Trading Commission.
They have already subpoenaed Tether and bitfinex. And failure to comply is being blacklisted, effectively ending their business 100%.
>They have already subpoenaed Tether and bitfinex. After which Tether and Bitfinex stopped operating in US and pledged to report US citizens using their services. As of Jan 1. 2018 you are using both services illegally and you will be the one going to jail for securities speculation.
Daniel Mitchell
link bro?
Daniel Cook
what you retards dont understand is that tether has been used to pump btc price which the entire market moves off of.
I open up cryptowatch and almost every single coins charts look the same.
we're talking about 3b tether in circulation that is very likely backed by nothing. thats serious.
Robert Flores
Yesterday's SEC hearing. It's on C-span.
Jace Powell
Charlie Lee said a 90% correcction ios possible aroujnd the time he sold all his Litecoin.
I think he was trying to hint to us. Just like last time he tipped us off on a crash, this time he was being subtle.
We're the brainlets for holding
Aaron Hernandez
>we're talking about 3b tether in circulation that is very likely backed by nothing. thats serious. You must be new to crypto. There isn't a single coin that's backed by anything. Don't like - don't buy. No one is forcing you to.
Caleb Gutierrez
It doesn't matter if anyone here has used Tether. It has affected the whole market, and Taiwanese agencies will also be forced to crack down on them once it becomes apparent enough.
You are probably familiar with the concept of a bubble.
The butterfly effects caused by Tether, which was 100% artificially created sparked the whole rise. If this in fact is the case, as evidence would suggest, it most certainly will revert back to the mean which is between 700-1100USD for a BTC.
I know it isn't what you want to hear, but this is long term a good correction. 20k figures were never realistic.
John Brown
>1k btc can't tell if trolling or just stupid
Ayden Thomas
youre not understanding, no one had to actually buy the tether.
bfx used tether, a coin pegged to the usd 1:1, to print money backed by nothing to pump btc price. the audit isnt coming because bfx is insolvent and sitting on the biggest crypto scandal yet.
Christian Ortiz
Another brainlet, who doesn't understand how the market works spreading useless FUD. No one gives 2 shits except a couple of tinfoil retards on twitter. The whole thing is getting old, creating "muh tether" threads for a year didn't make it disappear and it won't make it disappear.
Matthew Perry
>r*ddit spacing Go back to where you came from, cuck. You don't belong here.
Luis Turner
Lmao
Ryan Ramirez
Can't say we didnt warn you.
The problem with talking crypto is everyone is so fucking biased, and just shilling what is best for their position so they lack the sight to actually see reality.
You will be burned by this. I know you are denying now cause you all are in the red now, and are falling for the sunk cost fallacy. i sincerely hope you are not banking too much money on this tether thing being fluff.
Connor Butler
>We're the brainlets for holding
greedy not brainlets
Charles Garcia
>in the red, sunk cost Fucking moron I’m still up $20,000 though all this bs. You are just cheering for a number that suits you. Admit it, that’s all your hoping for. It won’t happen. BTC was just legitimized by the US fucking government in a hearing yesterday. I never thought I would see that in my life a few years ago. You are wrong. I’m sorry you didn’t buy back in or if you are a nocoiner, the show is over. Go shitpost on pol or b now
Jonathan Peterson
>We are literally looking at a situation where it is very likely that the market corrects down to about 1-2k value for BTC. Or less.
This is what nocoiners actually believe
Thomas Stewart
>He didn't get into bitcoin in 2013 or earlier
Subhumans.
Completely assblasted subhumans.
Julian Martinez
solid argument bud, really fuckin hurt me man.
Alexander Ross
everyone is up until suddenly they arent. Just because you knew what btc was in 2013 doesnt mean youre a smart trader, it just means you used the internet extensively back then. usdt will kill this market.
Landon Jones
Tether is priced in, retard.
Jacob White
It's not, because it literally can't crash. It CAN NOT go below 5k because miners would be losing money and will shut down. Everyone who tries to sell at 5k will be forced to hodl until more people buy in and the transactions can go through.
It's brilliantly inefficient!
Dylan Jones
ok smart guy. explain how 3b fake usd is priced into btc? what the fuck does that even mean? please show me your brainpower as i am a little tiny brainlet compared to you
David Rivera
>Fucking moron I’m still up $20,000 though all this bs
You are not thinking about it as +20k, you are thinking about it as as "could have cashed out at 200k". So literally the same thing, except you are less likely to make a rational decision now as you still haven't realized any real losses. You keep that spark of hope in your mind that it will still go up to 20k per BTC.
It is literally eating you from the inside that you might have fucked up here, and the prospect of not having missed out on the top of the bubble price is terrifying.
I'm literally presenting thoughts backed up by facts, and its triggering you and others to call me a "fucking moron".
I know you think your "Hodling" meme, and shilling can affect the prices, but friend. This bubble has burst and we have not seen the worse of it yet.
Zachary Turner
I think everone knows this to some degree and it's useless information really, the big question that no one can answer is always going to be WHEN.
Joshua Walker
Anyone who still has BTC instead of ETH will be pink wojaking hard one day.
it's easy to say all this now when it's almost at all time low. Just like we had many people saying how bitcoin will rise again and 17k is just a dip. How about you make a real prediction of the bitcoin price in 2 months
Nolan Sanders
there has never been a worldwide bubble in the history of the world user. crypto has died and come back so many times, so powerfully it's unprecedented. this whole event is something totally new and calling it a bubble is shortsighted at best
Lucas Rivera
lmfao
because all bubbles have the same marketcap? what the fuck man, can you atleast explain what youre saying instead of greentexting? it doesnt give you any credibility.
Liam Green
crypto currencies are barely on the radar ... and no country is defending them ... everyone knows they are made up of thin air whilst barely caring for blockchain "technology" - which is up for grabs for FREE
Blockchain will have a future but that won't be cryptocurrencies - unless it gets adopted and regulated into a "your country coin by your government"
we can already see crypto-niggers don't care for the tech why would they? all about quick gains
this market is just rotten to the core ... and i'll ride this corpse until it falls to pieces ... or rises again
meanwhile its best to keep an eye on the volume and overall marketcap
tokens with actual utility and application might survive
Samuel Gomez
this.
Carson Nguyen
Sorry you missed the bottom OP
Keep staying red while we stay green
Daniel Jackson
I give up with you morons. Whatever. I’m bullish on crypto, sorry if you are not. You will be left in the dust when history unfolds right in front of you. Adios MF!
Landon Clark
Bullshit, when you hear about something involving US dollar - know that US gov will get you. Now think for a sec, what is USDT?
Hunter Davis
It was heebs tho
Landon Anderson
you dont even have anything worthwhile to say because you don't know what we're talking about. you should atleast stick around and lurk so you can educate yourself a bit more.
Christian Gonzalez
Don't know what's with the FUD today, the U.S literally just endorsed crypto to the world and want to embrace the technology, let's see who wins
Brandon Scott
kek
>be you >gets presented rational ideas backed by real evidence >"Fucking moron cuck idiots, you dont know shit, yolo 20k money im gonna get rich hodl moon kek im bullish lel i will make market booom to the mooon"
seems strange to intake 1bil in new investments after a cftc subpeona is announced, normally these things go in the opposite direction...............................unless its fraudlent and usdt/bfx is locked into propping up btc with fake money or else everyone will know their exchange is insolvent and will lead to a domino effect.
Hudson Thompson
A question. How bad is it if they get audited and the reserves aren't 1:1 but 1:0.99 (or that they were so at some point)? And 1:0.9? At what point does it go to the price of a potato chip?
Jaxon Hall
Oh, to open a leveraged position on that day
Levi Bennett
That's all well and good. But the real post bubble price should still be below 1k, and perhaps with the US "endorsement" (more like, were gonna protect the investors, but sure) price could be cracking 1200 USD realistically.
The correction will happen once the scale of Tether gets exposed.
Aiden Miller
How do you know it's fake? You have no proof whatsoever.
Matthew Reyes
i would very surprised if they have 2,970,000,000(1:0.99 ratio of current tether circulation)
The only proof of money they have is a screen shot of an account with 600mil usd with a redacted name. this came after people called on them to prove their reserves when they said their banking relationships failed and they wont do the international wiring.
what is more likely is that 600m usd was gained from converting tether into btc and then out to usd to show as "backing".
to answer your question: the market will collapse and hard because btc is coupled to everything.
Id really recommend reading the second link, forcasting a 40-80% correction from btc ath
Thomas Price
or everything is fine and they have no reason to halt their business. meanwhile weak handed investors and butthurt nocoiners are hanging on every word of the alex jones of crypto, bitfinexd. I HAVE THE DOCUMENTS ITS ALL OUT THERE CAN'T YOU SEE ITS ALL OVER
Oliver Nguyen
>rational ideas >evidence Oh I’m sorry, was all that bullshit you were spouting from your greasy sausage fingers from your armchair into your keyboard without sources supposed to be credible because you tipped your fedora extra hard at me? You literally know nothing NOTHING of the future. Nobody does. You don’t know shit about tethers books as well. Are you an accountant for Tether? Are you an auditor for a big 5 firm working with tether? Are you a government regulator? I think not. You are a speculator with an idea just like everybody else. Tether is just a small piece of this puzzle, they came into existence long after BTC and a handful of cryptos. If Tether goes down it will be forgotten in a week. But you want to know what I believe will happen? They will be fined and allowed to continue doing business. A slap on the wrist with a financial penalty and that is that. Your rooms day theory will not play out. Not this time, not this year, not now. Green text me and tip your fedora at me all you want, it doesn’t make you smarter.
along with their accounting firm they hired for audits dropping them as customers in mid January for no apparent reason.
bfx/usdt are tied but no one knew about that until paradise papers were released. secondly, 3b tether has been printed exponentially. we're talking 1billion AFTER the subpeona came in.
Jace Morris
You have no economic understanding, if they don't have 1 dollar for each Tether that means Tether is engaging in the same practice as every fucking bank in the world, fractional banking.
Is the word collapsing because in the event of a bank run there won't be enough for everyone? No. World thrives on credit and debt.
So yeah, worst case scenario: tether is as bad as banks, big fucking deal.
Isaac Gonzalez
When they get audited, and it turns out it wasn't 1:1, they have already committed fraud and will be hit with jail time and massive fines, to an extent where they will effectively be shut down.
Even if they managed to get it up to 1:1 its fucked, and will resonate through the market, albeit to a much smaller extent than a full crash.
But let's be honest here, the likelihood of them doing that when have hundreds of years worth of examples of other companies doing the same thing, they NEVER make the money. They always run, they are criminals.
However, I don't think they will even allow the audit and instead slowly wither away and like that try to avoid personal responsibility in the situation.
What is funny, is that the news can be dropped at any point that Tether is blacklisted. And that will cause an instant crash, the likes of what we haven't seen before.
Only question is when.
Christopher Robinson
Bubble denial makes you lose money.
Owen Harris
you fucking idiot. of course we arent tethers auditors or regulators but you know since you mentioned that:
on the auditor side of things their accounting firm fired them as customers without saying why and usdt saying way
on the regulator side theyve been subpeona'd by the cftc
sooooooooooooooooooooooooooooo, again, youre showing your lack of knowledge by saying that usdt is a small piece of the puzzle when one of the largest EXCHANGES has been using it as repayment after the hack and to buy btc with lol.
im sorry you bought in without knowing what youre doing. some people made a lot of money, a lot more people will lose all of their money.
Benjamin Adams
>Receiving a subpoena >Website with 0 evidence
So what? How does that prove anything?
>Oh wow, they are investigating me that means I am guilty