Ross. Posted December 2, 2021 Share Posted December 2, 2021 41 minutes ago, DiegoDiego said: I've heard the European Capital of Crypto about Zug a few times but I get the feeling it's very much a "if you build it they will come" scenario. Not a bad idea though. Look at how much the USA have profited from Silicon Valley. Portugal, Estonia, Singapore and Georgia are other countries doing a lot to foster start up immigration. Then you have charter cities like Prospero which will either fall on their arse, do exceptionally well in attracting talent, or end up as some tropical Cumbernauld. I still think the USA will get their shite together and be the dominant location for new technology for a while to come, but their competition is getting stronger. Zug started accepting BTC to pay your taxes around 2015. I think a big part of that was a calculated risk that it wouldn't make a huge difference to the coffers if it all went tits up in crypto. I'm fairly sure it is, per capita, the richest place in Europe, with the lowest tax rates in Switzerland for both income tax and the wealth tax. At one point there was something like 15 registered companies for every single resident, though I have no idea if that is still the case. Part of the reason I didn't get more into crypto when I did is because the folk I met here in the pub after work who were all heavily involved in it were all absolutely insufferable arseholes. They are now very rich and even more insufferable. Still, I have a wee bit of BTC and a few thousand XLM, with no intention of selling soon, but I really need to monitor it a bit more. 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted December 4, 2021 Share Posted December 4, 2021 (edited) Bitcoin whales doing a flash crash to wipe out idiots who are leveraged long. And all the exchanges went down in synch. The greatest scam of all time. Edited December 4, 2021 by Detournement 0 Quote Link to comment Share on other sites More sharing options...
DiegoDiego Posted December 4, 2021 Share Posted December 4, 2021 Bitcoin whales doing a flash crash to wipe out idiots who are leveraged long. And all the exchanges went down in synch. The greatest scam of all time.Yeah, BTC hasn't been this low since... less than two months ago. What a disaster. 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted December 4, 2021 Share Posted December 4, 2021 3 minutes ago, DiegoDiego said: 53 minutes ago, Detournement said: Bitcoin whales doing a flash crash to wipe out idiots who are leveraged long. And all the exchanges went down in synch. The greatest scam of all time. Yeah, BTC hasn't been this low since... less than two months ago. What a disaster. The BTC price here isn't really relevant. Very little actual money goes into buying BTC right now so that's not how the big players are making their profits. The crash was designed to wipe out small traders holding long positions. 0 Quote Link to comment Share on other sites More sharing options...
Zetterlund Posted December 4, 2021 Share Posted December 4, 2021 Just another garden-variety washout of the over-leveraged, nothing to see here. 0 Quote Link to comment Share on other sites More sharing options...
gaz5 Posted December 4, 2021 Share Posted December 4, 2021 The BTC price here isn't really relevant. Very little actual money goes into buying BTC right now so that's not how the big players are making their profits. The crash was designed to wipe out small traders holding long positions.Slight correction.Small traders who are stupidly over leveraged in the margin casino caused a chain I liquidations that brought the price down to support as the exchanges basically stole all their capital.Leverage in crypto is an absolute mugs game and why one of the key indicators I watch is the market funding rate.Whenever it gets too high and people are getting too greedy with leverage they have their money taken.Still, I took some profit over the last few days and this morning I'm buying the 30% off sale with that.I don't agree with you on much that's crypto related, but there's a reason I trade spot only. You're bang on about leverage (and futures). Just making donations to the big players. 0 Quote Link to comment Share on other sites More sharing options...
Fraser Fyvie Posted December 4, 2021 Share Posted December 4, 2021 A lot of altcoin and dog money valuations were getting a bit of a joke. Wouldn't mind a few months of bear tbh. 0 Quote Link to comment Share on other sites More sharing options...
Kapowzer Posted December 4, 2021 Share Posted December 4, 2021 3 hours ago, Detournement said: Bitcoin whales doing a flash crash to wipe out idiots who are leveraged long. And all the exchanges went down in synch. The greatest scam of all time. As expected and on message .... Crypto market has a blip, you're on here rubbing your hands like the Oracle of Delphi with "I told you so" glee. As pointed out, the stupid and greedy will have been burned, bitcoin is the same price it was two months ago, a real .crash is RBS shares going from 270p to 10p. Back in yer box. 2 Quote Link to comment Share on other sites More sharing options...
DiegoDiego Posted December 4, 2021 Share Posted December 4, 2021 It is quite incredible how many people go from "Crypto is bad and we need to protect people from it!" to "Ha ha! Idiots are losing money!" at the first sign of a drawback. 2 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted December 4, 2021 Share Posted December 4, 2021 (edited) Did many of you cash out before the dip? There were a few investors on here predicting one I think. Edited December 4, 2021 by welshbairn 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted December 4, 2021 Share Posted December 4, 2021 (edited) 1 hour ago, Kapowzer said: As expected and on message .... Crypto market has a blip, you're on here rubbing your hands like the Oracle of Delphi with "I told you so" glee. As pointed out, the stupid and greedy will have been burned, bitcoin is the same price it was two months ago, a real .crash is RBS shares going from 270p to 10p. Back in yer box. So you don't think it's a problem that the exchanges all went down to help control the crash? Edited December 4, 2021 by Detournement 0 Quote Link to comment Share on other sites More sharing options...
Kapowzer Posted December 4, 2021 Share Posted December 4, 2021 15 minutes ago, Detournement said: So you don't think it's a problem that the exchanges all went down to help control the crash? Yes but I don't think it was universally some sort of nefarious plot, I think they've been happy to grow but not put in the infrastructure to facilitate the volume of traffic from a FUD rush. 1 Quote Link to comment Share on other sites More sharing options...
DiegoDiego Posted December 4, 2021 Share Posted December 4, 2021 And that's my portfolio back to what it was before the crash in less than 24hrs (which admittedly was down a bit on the previous day, but still). 0 Quote Link to comment Share on other sites More sharing options...
Zetterlund Posted December 4, 2021 Share Posted December 4, 2021 4 hours ago, Kapowzer said: Yes but I don't think it was universally some sort of nefarious plot, I think they've been happy to grow but not put in the infrastructure to facilitate the volume of traffic from a FUD rush. Exactly this, it's purely a web traffic problem. It seems nothing much has changed since the first major excitement in 2017 when exchanges couldn't cope. It happens during big price pumps too, not just crashes. 0 Quote Link to comment Share on other sites More sharing options...
DiegoDiego Posted December 4, 2021 Share Posted December 4, 2021 I'm thinking about coins which might be a hedge to a crash. If people are cashing out their BTC/ETH into stablecoins then as demand for TerraUSD increases the value of LUNA should also increase as LUNA is burnt to create new TerraUSD.Terra up 10% today, its a monster. 1 Quote Link to comment Share on other sites More sharing options...
Zetterlund Posted December 4, 2021 Share Posted December 4, 2021 5 hours ago, welshbairn said: Did many of you cash out before the dip? There were a few investors on here predicting one I think. I've cheated by going 80% into coins which pay a passive income. So I get a paid a bit less when it dips, but it keeps rolling in. You can get the cigars out when you're not solely relying on number go up. 0 Quote Link to comment Share on other sites More sharing options...
Detournement Posted December 4, 2021 Share Posted December 4, 2021 25 minutes ago, Zetterlund said: Exactly this, it's purely a web traffic problem. It seems nothing much has changed since the first major excitement in 2017 when exchanges couldn't cope. It happens during big price pumps too, not just crashes. Do you not think they lock small traders out so the market can be manipulated for the benefit of the whales? 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted December 4, 2021 Share Posted December 4, 2021 (edited) I though blockchain was supposed to eliminate friction, not crash when things get a bit volatile. Edited December 4, 2021 by welshbairn 0 Quote Link to comment Share on other sites More sharing options...
DiegoDiego Posted December 4, 2021 Share Posted December 4, 2021 Do you not think they lock small traders out so the market can be manipulated for the benefit of the whales?Conspiracy theory thread for this pish. 0 Quote Link to comment Share on other sites More sharing options...
Zetterlund Posted December 4, 2021 Share Posted December 4, 2021 8 minutes ago, welshbairn said: I though blockchain was supposed to eliminate friction, not crash when things get a bit volatile. It's the centralised websites which crash, not the blockchain. At worst, old tech blockchains like bitcoin and ethereum will get congested and slow down when busy, resulting in slower transaction times and expensive transfer fees. 0 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.