Wait... A bank is dying and people sold Bitcoin because of that? 🤣 Thanks for the cheap bitcoin, you bozos.
Discussion
🌽yummy
Wild, cheap says tho
I don’t wanna be that guy, but now is as good of time as any to bust out the: Definitely NGMI!!!
I think it has more to do with how the SEC said eth is a security, and so people are moving through liquid markets to the exit
Possibly. ETH is a security so sell the thing that isn't? Shouldn't they be dumping ETH for BTC? I don't know, I'm not a trader.
I thought I heard that hedge funds have a percentage of asset types they have to maintain and when one asset needs to be sold the % needs to be rebalanced. This means BTC has to be sold off in tandem with other assets.
I really forget the source of where I heard this and I think it was also back in 2022 with the other crashing and burning of Luna, Celsius, FTX etc.
This is true. It’s known as the “denominator effect”.
This was also seen in the last ~6 months in the real estate markets as funds became over-concentrated in RE after equities fell over the last year
Interesting. Thank you.
ETH isn’t a security
the SEC hasn't said those words but they used words that infer that they see it as one.
The Chairman of the SEC has said on several occasions quite explicitly that ETH is a security. The Chairman of the CFTC too made a similar statement in December. This is public record.
Gary beats around the bush and says it without saying it explicitly. If I'm wrong, please show me a source where he says it? I'd like to have evidence to state this in the future. Thanks.
probably front running the bank's liquidation
The airplane is too heavy, we won’t make it. We need to lighten the load. Throw out all the parachutes!
you got it, boss.
SERIOUSLY. That is why you buy Bitcoin 😂
I assume its more because of the 30% tax on mining electricity in the US. But then again, it might just be the full moon. Who knows... who cares.
A 30% tax on mining in the US would mean all mining leaves the US. That would effectively ban Bitcoin mining without saying that you're banning Bitcoin mining. It would be a huge geopolitical mistake to do so and would hinder US energy innovation.
30% tax on electricity powering freedom, the state is proposing slavery
this is the point of course
Exactly.
It would be a revenue loss for the Government and would have 0 impact on the Bitcoin network itself. Basically, the mere suggestion of such a tax hike is absurd.
Charge more to get nothing isn't a good plan to bring in that revenue. A tax reduction on the other hand might bring more commercial miners to the US. But hey, what do I know.
If your objectiveiss maintaining the money printing monopoly, not the economically sound government budgets, then the policy makes sense.
We’re in the, “then they fight you” stage
this is precisely what would happen. thought the same earlier when the topic came up on the show.
It would mean ordering blackouts for Texas, and/or significantly higher electricity prices.
How long will take until Bukele start to open the electricity marke in El Salvador for the mining migrate 'til there?
Your post is getting a lot of comments.
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Early we are, so early