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Title: Crypto Crashes Overnight As Whales Move Bitcoin To Exchanges
Source: [None]
URL Source: https://www.zerohedge.com/crypto/cr ... -whales-move-bitcoin-exchanges
Published: Nov 26, 2020
Author: Tyler Durden
Post Date: 2020-11-26 08:36:53 by Horse
Keywords: None
Views: 856
Comments: 12

In the biggest crash since March, Bitcoin prices collapsed by over $3000 overnight (from just shy of $19500 to $16300 at the morning's lows)...

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#1. To: Horse (#0)

That was after a massive rise that began about 2 weeks ago, so it wasn't unexpected.

Whales merely moving bitcoin to exchanges wouldn't cause it. They would have to be profit taking, likely temporary profit taking.

It will go back up. In crypto this happens.

Pinguinite  posted on  2020-11-26   9:16:22 ET  Reply   Trace   Private Reply  

I have been watching my crypto grow like crazy and then suddenly deflate like an untied balloon. People who blow up the value and then cull the profit are what cause these devaluations. The price goes off the charts and then they cut their share, then buy up cheaper coin and repeat the process.

"Call Me Ishmael" -Ishmael, A character from the book "Moby Dick" 1851. "Call Me Fishmeal" -Osama Bin Laden, A character created by the CIA, and the world's Hide And Seek Champion 2001-2011. -Tommythemadartist

TommyTheMadArtist  posted on  2020-11-26   10:26:12 ET  Reply   Trace   Private Reply  

I have been watching my crypto grow like crazy and then suddenly deflate like an untied balloon. People who blow up the value and then cull the profit are what cause these devaluations. The price goes off the charts and then they cut their share, then buy up cheaper coin and repeat the process.

That's what happens, yes. The crypto rise over the past 3 weeks was enormous and not sustainable.

The reason for the enormous swings is precisely because there is not enough profit taking as you describe. It's a new market and there are booms and busts much like the first gold panners in a wild frontier where gold is in streams ready to be picked up, but which is in a place where Indian raids and banditos are also on hand to take it off your hands.

Booms and busts.

But crypto does have utility and it cannot be created out of nothing by a central issuing authority like the Fed can and does the US dollar.

Pinguinite  posted on  2020-11-26   10:37:55 ET  Reply   Trace   Private Reply  

I have been watching my crypto grow like crazy and then suddenly deflate like an untied balloon.

Gold's done likewise over the last week or so.

Esso  posted on  2020-11-26   13:39:40 ET  Reply   Trace   Private Reply  

Yesterday, a neighbor told me that he'd put "some money" in ATT for the 7% dividend. Makes sense here.

“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken

Lod  posted on  2020-11-26   14:25:34 ET  Reply   Trace   Private Reply  

Whales Move Bitcoin To Exchanges

How did the whales get all the way from the Wal-Mart parking lot over to the exchanges?

StraitGate  posted on  2020-11-26   17:15:13 ET  Reply   Trace   Private Reply  

Prices don't fluctuate like that in a grocery store. Why> Because items have a value based on common use and needs. Crypto is in a bubble. Golf and silver go up and take profits, and then go up again. Why: Because the probable value of the dollar in the future is seen as declining. Crypto has no stable value.

The Truth of 911 Shall Set You Free From The Lie

Horse  posted on  2020-11-26   18:19:27 ET  Reply   Trace   Private Reply  

Golf and silver go up and take profits, and then go up again. Why: Because the probable value of the dollar in the future is seen as declining. Crypto has no stable value.

I got a wild hair up my ass earlier this year and decided to dabble in the stock market. I spent a couple weeks looking for undervalued stocks, settled on RYCEF (Rolls Royce jet engines).

I only put like $2000 on the line, but it has just kept tanking. From $2.92 that I bought in, down to $0.54. If it ever goes above $3.00 again I'm selling. It was at like $18.00 a couple years ago.

“I am not one of those weak-spirited, sappy Americans who want to be liked by all the people around them. I don’t care if people hate my guts; I assume most of them do. The important question is whether they are in a position to do anything about it. My affections, being concentrated over a few people, are not spread all over Hell in a vile attempt to placate sulky, worthless shits.” - William S Burroughs

Dakmar  posted on  2020-11-26   18:31:18 ET  Reply   Trace   Private Reply  

Prices don't fluctuate like that in a grocery store. Why> Because items have a value based on common use and needs.

I say it's because the market for grocery goods has a long history which has resulted in price stability. Producers know exactly how much to produce because they know how much will be consumed.

Crypto lacks that stability because it does not have that stabilizing history. Yet. But it's also not a normal commodity, but rather a potential currency.

Crypto is in a bubble. Golf and silver go up and take profits, and then go up again. Why: Because the probable value of the dollar in the future is seen as declining. Crypto has no stable value.

The bubble criticism of crypto has been around a long time. It comes up every time Bitcoin is pushing new highs and is into new highs. Within the last couple years and especially this year, crypto in general is gaining more respect with financial institutions, central banks and governments. CB's are looking to introduce their own cyrpto. Paypal did a 180 and announced users could buy crypto with PP funds, which was prohibited previously. Iran is realizing it can be used to bypass US sanctions. They have not yet made any announcement to accept bitcoin for oil, but they have as of about 2 months ago announced they are offering their domestically mined bitcoin for foreign goods. I think if/when there are enough offers accepting that, then Iran will announce they will accept bitcoin for oil, and that will be a very big day.

Bitcoin/crypto does have utility that gold and silver lack, and while its price history does show strong volatility (in USD terms, at least) one would be hard pressed to substantively allege bitcoin is in any meaningful bubble at any price below 30k.

Crypto does have its pitfalls, security being one, but I see it has a very strong future.

Pinguinite  posted on  2020-11-26   22:08:21 ET  Reply   Trace   Private Reply  

Some months ago I told you I would try to get my wife (an ever-more- serious dabbler in the market) to recommend a stock for you. But she's shy about that; not sure why.

The Marathon Petroleum (MPC) I bought in March at about $27 is at $41.48 now. Pays a nice dividend, too. I should sell it soon, as I don't think the long term outlook for oil is good.

Are you sure RYCEF went down to $0.54? It appears to be at $1.53 now.

StraitGate  posted on  2020-11-26   22:27:49 ET  Reply   Trace   Private Reply  

I should have listened to you. RYCEF was at 0.54(or so) at its lowest a few months ago, made my head hurt.

“I am not one of those weak-spirited, sappy Americans who want to be liked by all the people around them. I don’t care if people hate my guts; I assume most of them do. The important question is whether they are in a position to do anything about it. My affections, being concentrated over a few people, are not spread all over Hell in a vile attempt to placate sulky, worthless shits.” - William S Burroughs

Dakmar  posted on  2020-11-26   22:34:44 ET  Reply   Trace   Private Reply  

I would hold on to MPC and sell at about $44. It will drop a couple months into Bidet's reign.

“I am not one of those weak-spirited, sappy Americans who want to be liked by all the people around them. I don’t care if people hate my guts; I assume most of them do. The important question is whether they are in a position to do anything about it. My affections, being concentrated over a few people, are not spread all over Hell in a vile attempt to placate sulky, worthless shits.” - William S Burroughs

Dakmar  posted on  2020-11-26   22:36:48 ET  Reply   Trace   Private Reply  

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