Posted on 10/21/2021 12:24:25 PM PDT by DUMBGRUNT
BTC/USD “crashes” 87% on Binance’s U.S. platform, drawing irritation from traders who criticized order book depth.
The scope of the Binance.US error, however, was in a league of its own and did not go unnoticed by market participants.
“Good thing Americans are forced on to these dogshit exchanges where they can get completely scammed on unreasonably thin books. This type of shit just shouldn’t be happening. It’s not fair that some get stopped out and some stay in, some get fills and some don’t.”
“Expect very high volatility in crypto over the next few months,” he tweeted on Oct. 21.
(Excerpt) Read more at cointelegraph.com ...
Oh, I know it was the thin volume?
Sell on the rumor and buy on the news, if you are very fast.
Oh, come on. Bitcoin is worth the ephemeral photons your screen emits when displaying your wallet.
Hard to believe there aren’t computers playing arbitrage on the different exchanges. That is how many of the richest investment funds make their money - grabbing order flow from one book and trading it on another for a profit, all in milliseconds.
Bitcoin crashed and burned 87% ?! Good riddance I say.
There would be if the exchanges allowed to to take your bitcoin instantly out of the exchange. Last time I bought bitcoin on Coinbase it took a week to export it to my wallet.
Wait, if that is temporary, can I buy at $8K and see a massive increase overnight? Have to sell it to pay taxes, but what the heck.
Why people invest in something that is being completely gamed and political is beyond me.
😂 you obviously have no clue. Too bad for you!
—” ephemeral photons “
True, but how do you collect?
And what are the tax implications under the new proposed biden rules?
—”Perhaps I’ll buy Alf Pogs instead”
Got a hunch? Buy a bunch!
Yeah but you are a probably not a big banker. A big professional trader would have it all automated with cash and coin ready to deploy. They can balance their own books just like a trading desk would do.
Yeah, well I have not had need to launder any money lately. /s
Everyone is selling out to reinvest in Trump’s new platform :)
I need to get a binance account and put in some 10k buy orders..
—”can I buy at $8K and see a massive increase overnight”
As noted, you gotta be fast; opportunity only waits for the insiders.
You touched on a potential problem that may occur in the future. Many BTC holders never sell the coin. This will create scarcity of the coin and inflation in the value. At the same time, you can borrow money against the coins so you never have to sell the coin. As long as it keeps going up in value over time - or at least as long as you can make the interest payments on the loan - you never have to liquidate them.
This is one of the reasons there are people out there who really believe the BTC value will reach $200,000 and even $2 million. Once there are no coins left and nobody really willing to sell them - well it could go either way. At some point there won’t likely be much demand or many people in the market for them so the price will either stay very high with no ability to sell them; or it will crash dramatically because nobody left who wants to buy them.
Bitcoin is at $63,000 right now
I’m so happy I don’t have any of these bits and bytes. No little electrons running around in my computer thinking they are money.
Instead I have American Dollars! I’m so happy! My dollars are backed by the full faith and strength and trustworthiness of the American government!
Totally worthless fiat currency based on nothing known to man on Earth. The value goes up and down on the whim of such intellectual giants as joe biden and Janet yellin. The dollars in my checking account buy less and less every day! Oh thank you comrades Joe and Janet!
I had never heard it put that way, I agree.
There are a bunch of lost coins out there
I know I have some from when bitcoin was first announced and they were giving them away for free.
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