Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[ChartBuddy]

Explanation

[Torque]

I love how, at the very bottom of every single downturn, the collective Bitcoin community has a pause and a moment of self-reflection where they wonder if Bitcoin is making any real-world progress at all. And if it is even worth it to still be investing in it...

...A sentiment only to be completely forgotten and smuggly snickered at a mere 12 months later.  

#thistooshallpass #buybtc

[wachtwoord]

And like it or not no one knows if LN network kills off mining or helps mining down the road.

I promise I will stop making this point over and over, but  I am going to try one last time.

Lightning (or ANY OTHER scaling layer/solution) cannot 'kill off mining'.  It's sort of a catch 22 but positive.

You only need lightning if blocks are full (and for instant settlement).  If blocks are not full people will not need to use lightning.

Lightning will KEEP blocks full.  Lightning service providers are going to compete on the base layer to write settlement transactions.  For the entire world!

Individual users are not going to want to pay the sort of fees necessary to keep miners supported as the subsidy wanes, but layer 2 service provider certainly will.

I honestly cannot figure out how you are scared by this.

_edit_ as a matter of fact we are seeing this play out right now.  Blocks are super full with a mucilaginous backlog (thanks to Binance and people pulling stuff off exchanges?)  If I need to make a transaction I am definitely going to want to do it over lightning if I can.  So lightning is NOT killing the miners.  It is saving the individual.

Indeed. The free market will simply find an equilibrium and gravitate to it.

[OgNasty]

I love how, at the very bottom of every single downturn, the collective Bitcoin community has a pause and a moment of self-reflection where they wonder if Bitcoin is making any real-world progress at all. And if it is even worth it to still be investing in it...

...A sentiment only to be completely forgotten and smuggly snickered at a mere 12 months later.  

#thistooshallpass #buybtc

I don’t really trade BTC but it is amazing how your emotions try to coerce you to do the worst things possible. I do wonder what would happen if BNB crashed and Binance went bankrupt. What if Tesla sells, mtgox and the US gov crash the price back below $2K. What if Saylor gets liquidated and GBTC dissolves? This whole thing could melt down or it could boom. It’s still an experiment. Personally though, I think people are better off selling at multi year highs as opposed to multi year lows.

[shahzadafzal]

He was dubbed to be "most generous billionaire" by Nas Daily, that video was posted on 26 Jan 2022.

Although the already updated the video title "(FRAUD) The Most Generous Billionaire" and promise to delete the video



https://twitter.com/nasdaily/status/1590021329084108800

This reminds me of Ruja Ignatova and her glamours marketing concerts   

Nas Daily clarifying his mistake

https://youtu.be/zgoLpOTUeCE

[ChartBuddy]

Explanation

[Hueristic]

Chief Executive Officer Derar Islim admitted that withdrawal requests exceeded current liquidity at Genesis Global Capital, the lending arm; but made it clear that Genesis's spot and derivatives trading and custody businesses “remain fully operational.”

The contagion of Genesis lending issues has already hit one large firm, as Gemini Trust Co., the cryptocurrency platform run by the Winklevoss brothers, has halted withdrawals from its Earn program:

Nice word selection there.

Doesn't say anything about being solvent.

[dragonvslinux]

I tried logging into my Gemini account, and it is "temporarily grounded" at the moment...  Looks like it has been down for about an hour so far, so it is not anything to get overly worried about, yet...  Hopefully, Gemini has NOT overly gambled with their client's funds too.....even if they may well have lost a lot of funds that were in such "earn" product.  So many folks believe that they need to "earn yield" on their coins.. which seems to be a slippery slope into shenanigans.. even tough we likely know that there should also be legitimate ways to "earn" so long as the "earning" is actually put into some product that is actually something other than a ponzi scheme and has actual collateral backing it up.

On paper, Gemini Earn appears to be a relatively simplistic lending program:

Gemini Earn is a lending program through which you may choose to lend your crypto to certain institutional borrowers and earn interest on your crypto.

At least based on the APYs (for example BTC 2.5%), it's not screaming ponzi, but ultimately how it actually functions under the hood is a different story... This probably isn't the real issue right now though.

The real question will be whether Gemini itself can deal with the withdrawal demand that comes it's way, this is what I'd trust a lot less right now. Given Gemini considered Genesis "trustworthy" and "audited" when they filed a claim against 3AC for $1.2B for loan defaulting months ago, should have screamed red flags. The fact they had $175 million effectively lost in FTX becomes much less relevant given that since July it looks like they had a big hole in their balance sheet - at least that's how it looks at a glance. Gemini not considering this an issue to terminate their partnership with them shows real poor oversight. So while there's apparently going to be 5 day delay for the Earn-based withdrawals - which I can actually believe as you can't just liquidate institutional borrowers overnight, but otherwise the loans could well be collateralised  - the real question remains whether Gemini itself has the liquidity to deal with the bank run coming it's way. While everyone was looking at Kucoin and Crypto.com, it seems obvious now why Gemini could soon fall.

PS - Bare in mind FTX.US was also "completely unaffected" by FTX Int. going bankrupt, for about 24 hours at least 

[xhomerx10]

Chief Executive Officer Derar Islim admitted that withdrawal requests exceeded current liquidity at Genesis Global Capital, the lending arm; but made it clear that Genesis's spot and derivatives trading and custody businesses “remain fully operational.”

The contagion of Genesis lending issues has already hit one large firm, as Gemini Trust Co., the cryptocurrency platform run by the Winklevoss brothers, has halted withdrawals from its Earn program:

Nice word selection there.

Doesn't say anything about being solvent.

 If you don't let customers make withdrawals you can't be insolvent.gif

[ChartBuddy]

Explanation

[Biodom]

Wow...Gemini?
BTW, it seems that partial paralysis of exchanges is limiting the downside a bit.
Perhaps, less people are sending coins to exchanges to sell right now since they could get stuck.
I am waiting for a couple of weeks even to do a stable coin/$ exchange.
My money is on Kraken and Coinbase to not get stuck, but some patience is needed albeit my last $ withdrawal from Coinbase was done in 2-3 bd.

[cAPSLOCK]

As one of this Wall Observer's resident Monero degens I feel it is my duty as a fellow Bitcoin Maxi (I know...I thought that sentence up for Jay particularly as well as it being true) to remind you all:

There is no better time than the present to stage some sort of fantastic boating accident.

I mean... LOTTA ships sinking out there.  Maybe one of them was holding all your corns?

Say no more?

(I kid...I kid FEDARALES! I have personally had no boating accidents, nor do I own any Bitcoin (and certainly not Monero)).

[Biodom]

As one of this Wall Observer's resident Monero degens I feel it is my duty as a fellow Bitcoin Maxi (I know...I thought that sentence up for Jay particularly as well as it being true) to remind you all:

There is no better time than the present to stage some sort of fantastic boating accident.

I mean... LOTTA ships sinking out there.  Maybe one of them was holding all your corns?

Say no more?

(I kid...I kid FEDARALES! I have personally had no boating accidents, nor do I own any Bitcoin (and certainly not Monero)).

The unfortunate part of it is that while your property is impaired (say, stuck on a bankrupt exchange), you cannot take a loss (against your gains or $3000 loss against other income per year in US) until all legal proceedings are completed...or at least it is my current knowledge of that situation.

[Gachapin]

I think in all fairness, I should explain to you exactly what it is that I do. For instance tomorrow morning I'll get up nice and early, take a walk down over to your exchange office and... walk in and see and, uh... if you don't have my Bitcoin for me, I'll... crack your fuckin' head wide-open in front of everybody in the office. And just about the time that I'm comin' out of jail, hopefully, you'll be coming out of your coma. And guess what? I'll split your fuckin' head open again. 'Cause I'm fuckin' stupid. I don't give a fuck about jail. That's my business. That's what I do.

  
https://www.youtube.com/watch?v=O619UrR8v1Y

[cAPSLOCK]

As one of this Wall Observer's resident Monero degens I feel it is my duty as a fellow Bitcoin Maxi (I know...I thought that sentence up for Jay particularly as well as it being true) to remind you all:

There is no better time than the present to stage some sort of fantastic boating accident.

I mean... LOTTA ships sinking out there.  Maybe one of them was holding all your corns?

Say no more?

(I kid...I kid FEDARALES! I have personally had no boating accidents, nor do I own any Bitcoin (and certainly not Monero)).

The unfortunate part of it is that while your property is impaired (say, stuck on a bankrupt exchange), you cannot take a loss (against your gains or $3000 loss against other income per year in US) until all legal proceedings are completed...or at least it is my current knowledge of that situation.

Wow.. so basically:

Not you boat, not your accident.

But in all seriousness that does suck.

edit: but in all, all seriousness...  I do not mean to be coming on too strong with the dark humor.  A LOT of people are getting hurt by this damn thing.  And almost none of them deserve it. certainly no one I know here...

One reason I felt OK about joking around is we all have our shit backed up in cold storage, right?

Maybe not.  In which case... no harm intended.   I took some pretty big hits this year myself... robbed by the medical system I work for lol.

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[HI-TEC99]

Chief Executive Officer Derar Islim admitted that withdrawal requests exceeded current liquidity at Genesis Global Capital, the lending arm; but made it clear that Genesis's spot and derivatives trading and custody businesses “remain fully operational.”

The contagion of Genesis lending issues has already hit one large firm, as Gemini Trust Co., the cryptocurrency platform run by the Winklevoss brothers, has halted withdrawals from its Earn program:

Nice word selection there.

Doesn't say anything about being solvent.

 If you don't let customers make withdrawals you can't be insolvent.gif

[fr4nkthetank]

Well accepting shitcoins as collateral for loans no matter the % collateralized was dumb as fuck in the first place, but noooooooobody cared

Bull bitcoin does it right : https://www.bullbitcoin.com/blog/why-bull-bitcoin-is-immune-from-ftx-collapse-and-crypto-contagion

[Hueristic]

 If you don't let customers make withdrawals you can't be insolvent.gif

There is no better time than the present to stage some sort of fantastic boating accident.