On the back of the announcement that Tesla bought 1.5 billion dollars of Bitcoin in January, the subsequent FOMOing of Musk fanboys pushed BTC to a new all time, made trading conditions really good, as other interesting coins plummeted due to the spike, giving a decent buying position for those who had them set or, were watching the market at the right time. I was watching, but...
Mobile app:
Desktop:
Nice one Binance.
So, over to Bittrex where I had a little more luck and just as it it was near what I picked as the bottom, I got my buy in at 371 sats - exactly where it hit - only for it not to register. I did buy some a few minutes later a little higher though, so I am okay with that, but these problems with exchanges shutting down under high volume is an issue that they need to resolve quickly, as it is likely going to get busy, fast.
One interesting thing to note on Binance in this regard is the volume.
The four hour candle between the last large spike on January 29 from 32K to 38K saw a volume of 74,000 Bitcoin on it, whereas the spike from 39K to 45K only saw a volume of 56K Bitcoin traded on it. That is significantly lower, considering it is meant to be buy low and sell high. It seems that the sellers are starting to thin out, as they start to consider holding more to find out just how high this thing can go.
Which is high, if today's news from Tesla is any indication. While there has been large purchases of Bitcoin in the past from the likes of MicroStrategy and Square, this latest purchase is very hard for the mainstream to ignore - after all, it is Elon Musk buying for Tesla - and when the richest man in the world makes an investment, I am guessing it will get some traction.
Interestingly, while the purchase is likely the single largest buy in Bitcoin history, it only puts Tesla in second position as the largest corporate holder, because MicroStrategy bought most of its stack of 70,000+ Bitcoin sub-10,000. At that point, they put 250 million in, which is now riding above 3 billion worth. They added another 10 million recently at about 33,000 a coin.
While those amounts of Bitcoin are large, in the grand scheme of things, this is just a drop in the corporate ocean in regards to available resources to do similar and I suspect that many more companies are making the move, whether large or small. While the obvious drive for gains is the reason, this is also being heavily influenced by the fiscal conditions for companies, as they are being punished for holding cash on hand and, they are likely not all too keen on having their previous gains exposed to more government-led dilution.
And as we can see from today, the FOMO is real, where investors understand that being in early is important, even though it probably feels to many who have been around a while, 45,000 dollar Bitcoin isn't early. The markets are now getting more interesting to many who have held off for so long due to Bitcoin and crypto being a scam, because people who they admire are getting in. An announcement from Musk mentioning shitcoins gets them a pump that makes the Mcafee cock eating tweets back in the day seem very much irrelevant.
Unfortunately, the world we have created puts the make or break of a product into the hands of celebrities, regardless of whether there is merit to the call. But, this also means that the projects that are able to attract some celebrity, will tend to do well as people will not only be introduced, but be able to bypass a lot of the social proofing need for trust and say "If Elon believes in it..."
The low of 2020 was about 200x away from Bitcoin hitting a million. Today, it is 22x away. Getting closer.
Taraz
[ Gen1: Hive ]
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I think at some point central banks especially in Iran are going to get in on the action. Bitcoin is going to swallow everything like a black hole because an arms race is an arms race, competition is competition. Its almost scary to think about what is going to happen because the big guns are now realising that unless they keep up they wont be relevant anymore. Apple exchange rumour is just insane. This stuff is really taking the world by storm now, but that was obvious the second i looked at the Bitcoin logo. Its going to be everywhere, the brand, the name everything is as strong as the cryptography itself. Whoever created it really is going to go down in the history books, how crazy that most fiat notes have images of people on them, queens etc yet Bitcoin has nothing. The mask of anonymous if anything. Its the most interesting thing iv ever witnessed and will ever witness in my lifetime. Being alive right now is crazy, but one thing i think i can say for sure is all this dollar valuation means nothing, bitcoin will not mean riches bitcoin will not mean freedom bitcoin will mean only survival.
This is something I try to explain to people in the office who are newish into the space - they aren't buying a stock, they are buying infrastructure that allows them to live.
I have never been that bullish on Bitcoin, so I don't hold that much in comparison to what I could have - and from a value perspective, stupid me - but I also have enough that if it comes down to survival level, I have a chance.
I hadn't heard of the Apple exchange, that is very bullish.
I think what is going to be interesting is what the SEC has to say. It seems to me that the SEC has not been much interested in justifying any sort of crypto, and this filing could bolster the Cardano's attempts at become fully SEC compliant, and also have consequences for other crypto currencies.
this was from @dandays if you are interested.
It should trigger some moves at least, for better or worse.
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I am struggling with my five year plan, but I think most of it is FOMO on my part, so I think I am still going to try to make it 5 years before Fiating my way through crypto.
We are definitely going to have a really interesting 2021 when it comes to crypto.
Guess we have to wait and see how it all unfolds.
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I think it is going to unfold and unfold and unfold, like a magicians scarfe.
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As much as this purchase by TESLA is exciting, I think the rumor about Apple is even more exciting. Putting the power of an exchange in the hands of most of their product owners would be huge. Especially given the fanboy nature of Apple in general. I agree with you. Exchanges need to get their stuff together. Things are only going to get more exciting from here on out and having an product that can't keep up with that could be a death blow for them.
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I thought I replied to this - Sorry!
Yep. It would be a huge awareness boost, plus it would encourage more tokenization of applications in the stores - as google would essentially have to follow also. lols.
They sure buy a lot of BTC... I wonder if they also bought miners. That's something we can't easily check.
Not sure if it is worth it for them, though I have suggested for a couple years Tesla could run miners from their cars and tokenize them more.
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If there would be a takeover attend by China, they might be forced to fork into something like a US-BTC, sounds legit to me.
But ain't Finnland great for mining? Just put the Rig in the garden and it's sufficiently cooled :D
The rig is cooled, but the electricity costs are astronomical!
Hahaha, yeah that's funny. Would they trust BTC without HODL on some mining or gather mining power knowledge as well? Hmm, I don't expect them to be idiots.
What if Elon bought a shit ton of Doge to hold a huge bag that he could pump? What if he did this to increase the value and show folks the potential with crypto? What if he has no intentions of selling and was using this to give the less fortunate a jump start into the crypto realm? Then.... ENTER THE BITCOIN!
I know it's a lot of what ifs... but if that's not his strategy... there is going to be a lot of people getting wrecked from DOGE if they don't take their gains. Either way.... the moon was shortsighted now that we know the aim is to Mars and Beyond! Dealing with the influx of volume and mass adoption will be a great problem to have!
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I think he likes toying around with these things. I assume he already knows it is going to be mass adopted and is in no real rush for it to happen for the money of it. He would more likely be interested in the possibility of it for his application. For example, he should really print a token that incentivizes driving a tesla - a token for energy savings on his Solar gneration etc - would be huge.
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This gives me ideas. Or makes some ideas that were already there clearer. Or makes something in my head-universe easier to understand. I'm not sure which. But you helped XD
@ryivhnn Taraz is good and making people think. Now, if we could only get Elon to read his blog... hahahaha
Sadly this is the world we live in. However, I will say Elon's influence is good for the crypto industry. Most likely more celebs will join the hype and we can see things move astronomically. My fear would be government interference. I think that will occur soon
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Governments have been interfering the whole way, it is nothing new. The thing is that as long as those in crypto keep participating, it will be adapt or die for those who don't want it. The same thing happened with torrents in the past where "free is bad for business" yet here we are, twenty years later and the music industry is making far more than before due to the reach, streaming services like netflix were born from it. Things change.
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I agree. Nigeria is currently under such a test which the new ban on crypto. However, the people are adamant and I am certain things will continue. I hope to see what the government have up their sleeves in the coming months.
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In that respect I'm not sure that things will be much better. Are celebrities any less egotistical than politicians. For the most part, I don't think so.
I find it really sad that one person can have this much influence.
As I said in a comment on another post, it just looks to me, that the gap between the "haves" and the "have nots" is accelerating not closing.
And being a hold of BTC, albeit a small amount, gives me food for thought.
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I am highly skeptical, which is why those who can think for themselves should be supporting the infrastructure.
It is accelerating at the fastest rate in history. This last year has been an incredible cashcow for the wealthy.
I don't have much BTC either, but enough that a million dollar BTC might make life interesting.
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Network issues are the thing man, that's enough to make me rip my hair out.
Ps—at least you can still access Binance and Bittrex, I'm kicked tf outta both! Each exchange gave me a warning window but I couldn't get my small EOS tokens outta Binance in time. Between the two exchanges, I lost about $400 that I'll never get back.
The majority of my trades are at KuCoin now—no KYC.
Did you ever check out that DeFi wallet? Man I migrated 100% of my software assets there this morning, I'm a big fan of it @tarazkp. You know only gain interest on your holdings but your wallet is attached directly to the app where you can swap for zero fees.
Ok, I'm done now.
I didn't have much BTC to trade, but I thought I could have some fun but no.
Kicked out? what!
Still haven't had a look at it - so many things....
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Oh yeah dude. Out. Bittrex notified me while we were Italy, gave me a window and then didn't maintain it. I wasn't able to move everything out of there—true story. Binance at least maintained their 14 day window. It was my fault for losing assets at Binance, I tried, they warned me. Just ran out of time.
I'm getting calls from friends now about "I can't get in Binance!" I just tell'em "dude I tried tell you."
They really laid down the anvil on us Westerners.