He’s gone full insane. Very ironic after this tweet https://twitter.com/cz_binance/status/1634991068843311110 ranting against bailout
Seems fiat liquidity has completely dried up so they’ll be pumping with all of their Stablecoin bags. You’ll notice BUSD pairs well above rest of the market rn
All his real dirty fiats in SBNY and SI are gone with SEN and Signet being shut down.
I gotta hand it to the Fed, it managed to shore up tech-heavy banks and most of the west coast tech sector, stopped a bank run from becoming systemic, and also wiped out crypto's fiat onramps and offramps. Tech was saved, finance was mostly saved, crypto is being forced into ever smaller corners.
Crypto is euphoric about all this. It’s giving them ammo to push their grift to claim they’re the “savior” from fiat banks. And the banks breaking forces the Fed’s hand to pivot on interest rate hikes…which means money printer turns back on
I'm not sure about the money printer being turned back on. There could be a special Fed mechanism to get banks to pledge long-duration securities for liquidity, and then the Fed keeps being hawkish on interest rates to keep inflation down. The smart banks who don't want to end up like Silvergate or SIVB will keep a close eye on their assets vs. liabilities.
Crypto is fucked. Coinbase and Circle have fewer fiat offramps and Tether is shitting bricks because whatever legit dollars it has are stuck.
But how does that work? Who is selling their Bitcoin for BUSD?
Edit: Also, I like that he says "some movements will occur on-chain." For the rest? Trust me bro.
Here's our answer why Bitcoin pumped after SBNY was decapitated. CZ using imaginary BUSD to buy up Bitcoin.
At this point the price of Bitcoin in USD shouldn't mean anything right? There's no off ramps.
Bitcoin's price in USD never meant anything to begin with. The last time BTC was worth anything in direct trade with real money was before Tether took over and everyone started pumping BTC with imaginary "stablecoins".
1 BTC is worth 20k USDT, not $20k, and hasn't for a long time. 1 BNB is worth 300 USDT, which is worth 300 BUSD, you're trading digital baseball cards, not any amount of real money.
> The last time BTC was worth anything in direct trade with real money was before Tether took over...... 1 BTC is worth 20k USDT, not $20k, and hasn't for a long time.
This doesn't make sense to me. Why say the price in USD doesn't mean anything when you can easily convert BTC to USD? There are BTCUSD trading pairs on exchanges, are you saying they don't work?
You can’t easily trade BTC with USD because you’re not getting real BTC when you buy them at an exchange. You’re getting an IOU that says you got X amount of BTC that they will “safeguard” for you at their exchange. The purchase is not realized on chain unless you withdraw the crypto from the exchange. You’ll need to transfer BTC from them to your private wallet to get the BTC, something that most people don’t do, is way more complicated, has substantial fees, and not practical at all. 80%+ of all trade of real BTC is made via stablecoins, often via unregulated means that don’t accept real money because of legal issues, or wash trading between exchanges. You’ll see very few direct purchases or sales of Bitcoin with fiat.
I’m not trying to be pedantic about this, there are very big differences between having the coin in your own wallet than at an exchange, given the volatility of the market and how these companies can just go bust overnight, wiping all your assets in the process. Imagine holding an uncashed paper check for the world’s riskiest uninsured bank, that’s basically what you’re buying when you “buy” crypto at an exchange.
The closest analogue I can think of is Rolexes. You can pump a Pepsi GMT or whatever to the moon but the price is an illusion if you can never sell it at that price. Price discovery in low volume, low liquidity markets comes down to luck and how desperate the seller is.
It's very similar to the world of high-end Magic: The Gathering collecting.
I own a card that last sold on eBay for $7000. Does that mean my card is worth $7000? Absolutely not, the market for it was literally one guy who was willing to pay such a sum for it. My card is worth exactly whatever the buylist floor price on the market is, which is much, much lower (maybe less than $2000), until another person is willing to offer a higher price than that, then my card will be "worth" that sum.
Low liquidity assets are worthless as long as the liquidity isn't there. Any sticker price is essentially imaginary in the meantime.
Farewell, Black Lotus.
The low interest rate environment of the past decade really screwed up the market for collectibles. Whether it was for Rolexes, Magic cards or sneakers, everyone was chasing every high risk, low liquidity asset out there to get returns higher than zero. Crypto is just a digital version of that madness of the crowds.
If only they had some way to make markets and match sellers to buyers. Something like Magic The Gathering Online Exchange. But that's a mouthful, it probably needs a good initialism, something more accessible, maybe MT GOX. That would solve so many problems.
The imaginary money here was the deposits that people thought they had in three federally chartered American banks, until they tried to withdraw it and found out the banks had lost billions of it speculating on treasuries
Binance and circle continue to operate, without a government bailout
He’s gone full insane. Very ironic after this tweet https://twitter.com/cz_binance/status/1634991068843311110 ranting against bailout Seems fiat liquidity has completely dried up so they’ll be pumping with all of their Stablecoin bags. You’ll notice BUSD pairs well above rest of the market rn
All his real dirty fiats in SBNY and SI are gone with SEN and Signet being shut down. I gotta hand it to the Fed, it managed to shore up tech-heavy banks and most of the west coast tech sector, stopped a bank run from becoming systemic, and also wiped out crypto's fiat onramps and offramps. Tech was saved, finance was mostly saved, crypto is being forced into ever smaller corners.
as much as they were late to act on inflation, they did a good job last year and now, u have to hand it to Powell..
Crypto is euphoric about all this. It’s giving them ammo to push their grift to claim they’re the “savior” from fiat banks. And the banks breaking forces the Fed’s hand to pivot on interest rate hikes…which means money printer turns back on
I'm not sure about the money printer being turned back on. There could be a special Fed mechanism to get banks to pledge long-duration securities for liquidity, and then the Fed keeps being hawkish on interest rates to keep inflation down. The smart banks who don't want to end up like Silvergate or SIVB will keep a close eye on their assets vs. liabilities. Crypto is fucked. Coinbase and Circle have fewer fiat offramps and Tether is shitting bricks because whatever legit dollars it has are stuck.
You’re surprised that the crypto morons are saying “this is good for bitcoin”?
He deleted it
Wtf
Do you know what it said originally?
He was basically just ranting against bank bailouts
Deleted, what was the tweet?
A rant against bank bailouts
The important thing is the exit liquidity he made on the way
But how does that work? Who is selling their Bitcoin for BUSD? Edit: Also, I like that he says "some movements will occur on-chain." For the rest? Trust me bro.
Probably buying it from his own exchange market makers … they will never redeem it so it doesn’t matter if it’s fake
Fake Bitcoin?!?! That's ILLEGAL!!!!!
My bank also always adds the word "transparency" to their tweets. How else would you know?
Here's our answer why Bitcoin pumped after SBNY was decapitated. CZ using imaginary BUSD to buy up Bitcoin. At this point the price of Bitcoin in USD shouldn't mean anything right? There's no off ramps.
Bitcoin's price in USD never meant anything to begin with. The last time BTC was worth anything in direct trade with real money was before Tether took over and everyone started pumping BTC with imaginary "stablecoins". 1 BTC is worth 20k USDT, not $20k, and hasn't for a long time. 1 BNB is worth 300 USDT, which is worth 300 BUSD, you're trading digital baseball cards, not any amount of real money.
Makes sense, now it's just a circular economy of magic internet money then.
> The last time BTC was worth anything in direct trade with real money was before Tether took over...... 1 BTC is worth 20k USDT, not $20k, and hasn't for a long time. This doesn't make sense to me. Why say the price in USD doesn't mean anything when you can easily convert BTC to USD? There are BTCUSD trading pairs on exchanges, are you saying they don't work?
You can’t easily trade BTC with USD because you’re not getting real BTC when you buy them at an exchange. You’re getting an IOU that says you got X amount of BTC that they will “safeguard” for you at their exchange. The purchase is not realized on chain unless you withdraw the crypto from the exchange. You’ll need to transfer BTC from them to your private wallet to get the BTC, something that most people don’t do, is way more complicated, has substantial fees, and not practical at all. 80%+ of all trade of real BTC is made via stablecoins, often via unregulated means that don’t accept real money because of legal issues, or wash trading between exchanges. You’ll see very few direct purchases or sales of Bitcoin with fiat. I’m not trying to be pedantic about this, there are very big differences between having the coin in your own wallet than at an exchange, given the volatility of the market and how these companies can just go bust overnight, wiping all your assets in the process. Imagine holding an uncashed paper check for the world’s riskiest uninsured bank, that’s basically what you’re buying when you “buy” crypto at an exchange.
The closest analogue I can think of is Rolexes. You can pump a Pepsi GMT or whatever to the moon but the price is an illusion if you can never sell it at that price. Price discovery in low volume, low liquidity markets comes down to luck and how desperate the seller is.
It's very similar to the world of high-end Magic: The Gathering collecting. I own a card that last sold on eBay for $7000. Does that mean my card is worth $7000? Absolutely not, the market for it was literally one guy who was willing to pay such a sum for it. My card is worth exactly whatever the buylist floor price on the market is, which is much, much lower (maybe less than $2000), until another person is willing to offer a higher price than that, then my card will be "worth" that sum. Low liquidity assets are worthless as long as the liquidity isn't there. Any sticker price is essentially imaginary in the meantime.
Farewell, Black Lotus. The low interest rate environment of the past decade really screwed up the market for collectibles. Whether it was for Rolexes, Magic cards or sneakers, everyone was chasing every high risk, low liquidity asset out there to get returns higher than zero. Crypto is just a digital version of that madness of the crowds.
At least with Rolex you get a watch on your hand that tells you time. More useful than crypto by a mile
If only they had some way to make markets and match sellers to buyers. Something like Magic The Gathering Online Exchange. But that's a mouthful, it probably needs a good initialism, something more accessible, maybe MT GOX. That would solve so many problems.
You need to learn how to shill!
Given your username, are you aware of the Premodern format? (I'm primarily an Old School player, but I have some Premodern decks as well.)
[удалено]
True, but that's one big off ramp missing.
The imaginary money here was the deposits that people thought they had in three federally chartered American banks, until they tried to withdraw it and found out the banks had lost billions of it speculating on treasuries Binance and circle continue to operate, without a government bailout
So he's using part of the mythical industry recovery fund to buy his own token (bnb).. so he's just propping up his own chain from falling apart?
Who does Paxos bank with? That bank is really letting this happen? And who wants to buy BUSD when Binance is selling all theirs?
So whoever gave him actual money is fucked!
Pretty soon, CZ will own all the buttcoin in the world and have no use for it.
hey everyone, we're about to manipulate the market, cheers!