Crypto is the hardest market in the world last week some guy with a couple billion dollars said he was gonna buy a bunch of BTC and then the lunatic went and did it how can you trade that
1. Boomers buy GBTC in their 401ks
2. Rolling GBTC balloons in popularity (crowded)
3. Market rallies from stimmy/halving
4. GBTC goes discount
5. Seasoning GBTC is trapped and underwater
6. Lending desks and funds dont shrink or cut losses and push out risk curve, some to luna
Saylor : “ I’m buying 400mm of bitcoin”
CT : “ Deal will never close he’s gonna be liquidated at 20k it’s over”
Saylor: “ Closed and upsized to 500mm”
CT : “Omg he’s gonna get liq at 25k now”
You people aren’t gonna make it
I'm starting to lean bearish.
Just doesn't feel right that we've been consolidating in this range for so long without being able to reclaim any significant levels higher.
I’m not saying that there will be a retroactive airdrop for anyone who likes all my tweets but there will most certainly not be one for anyone who doesn’t
From one Masshole to another here's another 102K from the crypto folks
@stoolpresidente
@APompliano
I specifically put more to be above parabolic guy so don't screw me on the leaderboard
@cmsholdings
So just a heads up, gonna pin this too, CMS trades crypto, we're not trying to force narratives or talk our book, just provide market color, but we do hold risk in this stuff, not stonks those are worthless, but we own crypto stonks
The
@LFG_org
closed a $1.5 billion OTC swap of UST <> BTC, with Genesis leading the way.
The Genesis aspect of the deal represents the first of its magnitude, with Genesis Asia Pacific Pte. Ltd. taking on 1 billion UST in exchange for $1 billion worth of BTC.
Accountant : So where do these things you marked farm with 0 cost basis come from exactly?
Me: look man where does rain come from no one knows it just happens ok it’s from everywhere and nowhere
I guarantee you throughout your journey in crypto you can be as wrong as you want about everything if you want but as long as you stick around you’re gmi
If you work really hard in high school and get into a good college and keep up your grades and score a good job and work your way up the ladder and finally have just enough luck you too may be able to afford the ETH network
This fight may be about FTT and alameda balance sheet in the moment but the big fight is surely the encroaching closeness of FTX to US regulators and the nebulous jurisdiction binance sits on this is the real fight that’s going to play out over the next years
down 50%+ from ATH - "bitcoin is dead"
down 25% from ATH - "not dead but too volatile to invest in"
approaching ATH - "im a believer in blockchain"
up 5x from ATH - "i was skeptical but i spent a lot of time doing the work, and i finally get it now. i'm going to buy bitcoin"
Theres a lot of this money doesnt buy happiness and im depressed vibe in CT going around idk why maybe its just the time of year, but i wager enough of you havent worked outside of crypto to appreciate how much more fun this is as a career path
It may not feel like it now but it’s pretty important the industry just went through a massive credit crisis and no one stepped in and everything is generally still functioning
Think about how long and how many savage market events and moves our industry has gone through only to have regulators come now and tell us how we need to protect ourselves its comical
I think every cycle people like to talk decentralization / technology / culture / etc, but new entrants probably just don’t want to be talked down to and forced to make incumbents richer they want to participate in as much of the upside as possible and we never talk about this
You wanna make it there’s two ways
1. Buy and do nothing
2. If you must be active which you probably shouldn’t sell when financing is high buy when financing is low and then do nothing in between
“So what do you do for a living”
I push internet token prices around on screens with a lot of flashing colors with the illusion of control and then talk shit on twitter
Billionaires : inflation is a problem and crypto’s are a good asset to own
Academics : It’s all transitory
Do you wanna make money or do you wanna be right