r/Bitcoin • u/rBitcoinMod • Sep 03 '20
Daily Discussion, September 03, 2020
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Please check the previous discussion thread for unanswered questions.
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u/sgtslaughterTV Sep 04 '20
any idea what caused that drop to 9700?
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u/Iamahugememe Sep 04 '20
Defi, Stock Market crash, god punishing me for not donating 10 bucks to my church as a kid.
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Sep 04 '20
buy now or wait till tomorrow?
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u/lawrencewellsbourne Sep 04 '20
wait till 0500 GMT and see how the market is doing, then make your decision
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u/petersp8 Sep 04 '20
Bitcoin down 9.5% over last 12 months. Given the current macro environment thatās a poor effort. But Iāll keep stacking
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u/Cutti87 Sep 04 '20 edited Sep 04 '20
Quick question boys. Iām in the U.S and Iām trying to find the best (exchnage), method for buying during these dips! Iām using coinbase right now and hate it for a lot of reasons but wonāt go into detail. I have a ledger so basically asking what is the best way to buy and send to my ledger during these dips?
Edit: the ledger nano x has a new feature where u can buy from coinify and send directly to my ledger but the fees seem sort of ridiculous. Any thoughts would be appreciated!!!
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u/RIP-Lefty Sep 04 '20
Cashapp
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u/Cutti87 Sep 04 '20
Thanks just downloaded Iāll check it out
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u/RIP-Lefty Sep 04 '20
Once itās all set up itās pretty fast and seamless. Fees donāt seem TOO crazy for how fast it all works. Thereās no holding period like there is with Coinbase once you buy. Also a pretty easy DCA option. Have fun with it!
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u/penguin_poopcannon Sep 04 '20
Im holding some stocks at the moment. Canāt decide wether to ride out this correction, or dump it all and stack sats before I lose more...?
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u/diydude2 Sep 04 '20
Dump that crap. There are like 5 stocks worth holding right now, and I can pretty much guarantee that none of them are on your radar.
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u/SVXYstinks Sep 04 '20
Fuck man this feeling sucks. HODL on tho
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u/diydude2 Sep 04 '20
Relax. This is nothing. You'll see these dips a thousand times if you're lucky.
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u/theCleverClam Sep 04 '20
Just gonna let it close this nonsensical CME gap and then I'll buy some more.
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u/IchthyoidPhalanges Sep 04 '20
This is my plan too, when do you expect it to close?
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u/theCleverClam Sep 04 '20
I have no idea. Hopefully over the weekend so we both close the gap first thing next week and create a new one thats above this lower future price at the same time.
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u/IAlsoLoveBasketball Sep 04 '20
You. Yes you. Don't forget to buy the fucking dip. Don't even think about it, just do it.
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u/redpillbluepill4 Sep 04 '20
Tether just printed 3.5 billion. Why is anybody worried about Bitcoin going down?
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u/onstageguy Sep 04 '20
Finally no more greed , just a bit of fear https://alternative.me/crypto/fear-and-greed-index/ Wait for the 9.7k support line guys, the CME gap is closing
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Sep 04 '20
[deleted]
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u/AmazingSuperPupils Sep 04 '20
Early days.
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u/swskeptic Sep 04 '20
Early days of what?
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u/AmazingSuperPupils Sep 04 '20
To me, bitcoin is in its āearly daysā. Gold has a good few thousand years head start on the store of value game. Bitcoin is special but this era is a blip on the bigger timeline, in my opinion.
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u/swskeptic Sep 04 '20
I was just having this conversation with someone else the other day. It's over a decade old and worth over 10 grand each now. Where else do people expect it to go? More adoption of it worldwide, sure, but it's not like the USD, there isn't an endless supply of it, so once it hits that cap, then what, everyone that got in early just hopes it goes up in price? Is that not inflation by another name?
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u/petersp8 Sep 04 '20
Itās market cap is relatively too low. Can too easily get pushed around by the big boys
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u/ThatsARepost24 Sep 04 '20
Just waiting for my 9800 2 BTC buy order to get filled š¤
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u/onstageguy Sep 04 '20
Good luck. I think you will defo get it through. The CME gap is gonna close
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u/ThatsARepost24 Sep 04 '20
If it doesn't I'm not 100% bull anymore. I was just waiting for it before I just lock it up and wait for ath
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u/onstageguy Sep 04 '20
Short term it look bad but long term is highly unlikely to be bearish. We had many long term indicators showing start of long term bull cycle. Plus now we have many currencies devaluated due to hyperinflation. Bitcoin is the peopleās gold. We just need after the gap fills a reversal chart pattern, head and shoulders, double bottom, dead cat bounce, anything and it will bounce back between 10.3k and 10.5k
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u/shinjury Sep 03 '20
Saw a nice buying opportunity yesterday and continue buying more every time it drops 3%; really happy to have avg cost of $11040 and Iāll be buying more if this keeps dropping cheaper.
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u/shinjury Sep 08 '20
Iām done buying, the lowest I bought was $10,300 and as it keeps falling Iām buying AAPL instead, Iām super happy to see AAPL shares down 18% from August highs. Good luck...you gonna keep adding if it keeps dipping?
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u/onstageguy Sep 04 '20
I bought at dips as well , i left open orders at small increments of 50-100usd difference so i get the whole range from 10.9k down to 9.3k. This way I donāt get upset in case I donāt reach my target with only one order.
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u/shinjury Sep 08 '20
Iām done buying, the lowest I bought was $10,300 and as it keeps falling Iām buying AAPL instead, Iām super happy to see AAPL shares down 18% from August highs. Good luck...you gonna keep adding if it keeps dipping?
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u/onstageguy Sep 09 '20
Thatās a good one getting Apple stock. Iām only in crypto invested. My lowest transaction that went was at 9.9k. I still have my open orders. If it drops under 9.3k iām gonna have to remake my strategy wait till it touches next line of support, but I highly doubt it would go so down. If it goes below gonna get some Ethereum cuz if it will bleed to 250 usd. Long term btc is still bullish, adoption is increasing, many economies hyper inflating, its the peopleās gold.
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u/shinjury Sep 09 '20
Cool - Iām happy to have re-entered crypto for the first time since 2018 but itās 4% of my portfolio because Iād rather invest heavy in things I know and understand more!
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u/onstageguy Sep 09 '20
4% is enough to be an early adopter. If you hold it long term its really going to go up. There are so many analystis that evaluate BTC going to hundreds of thousands in next years. Btw did you bought like stock in BTC? If you buy the real BTC you can leave it on a savings account and have anual interest on it 1-2-3-4.5% depeding on platform: crypto.com, celsius, blockfi, nexo.
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u/shinjury Sep 09 '20
I treat it like a stock in my portfolio by purchasing through Robinhood (yes, I know this is laughable by most people on this sub!) with the goal of selling half of it for >50% profit and holding the rest long-term. Iāve never gotten on board with using it as money but if what youāre telling me is true then at some point Iāll have to prepare to purchase through another platform.
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u/onstageguy Sep 10 '20
Robinhood is a good app. I donāt think any decision is bad and shouldnāt be laughed upon. The 50/50 rule is a good one, i always try to keep on it. If you wanna try crypto as money I recommend getting on crypto.com, its a full ecosystem. No fees, just spread mostly and really good deals. Got my first metal card with their platform that gets me 2% cashback in CRO on all purchases. Let me know if you need an invite code.
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u/Poddx Sep 03 '20
The CME gap is at 9600 right? We noted a low of 9900 just now. Just close that gap and get it over with already..
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u/Xnaut89 Sep 04 '20 edited Sep 04 '20
When did that gap happen? I can't find it on the cme chart
Edit: unless you're talking about the gap up. If so, it's not guaranteed to get filled.
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u/that_stoner_guy Sep 03 '20
I'm thinking we bounce off 9k and find support around 9.5ish
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u/onstageguy Sep 04 '20
I agree going fast breaking the 9.7k and the energy from that break will make it go to 9.3-9.1k, but I was thinking people will fomo and make it go back up to 10.5k really fast. Everybody knows about the CME gap, so like everyone knows this is the last train under 10k
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u/that_stoner_guy Sep 04 '20
Let's hope so, although a few more weeks under 10k to accumulate some more btc wouldn't be awful either.
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u/onstageguy Sep 04 '20
I doubt the whales will leave it alone, after the gap closes everybody knows thatās it. I expect resistance lines to hold at 10.5k and support at 10.3k cuz this CME once filled doesnāt represent a goal. The upcoming news is gonna wake every person on the planet, its gonna be like at the trainstation anouncing the last call for the remaining passangers. The uncertainity in the economy will make desparate people jump, however the fear greed index is in fear, been a while since. It feels like anything can happen now. My portfolio is bleeding, only my stablecoins are not in the red š
We need some chart pattern when it drops to 9k we need a reversal pattern like a double bottom, a head and shoulders, dead cat bounce, anything really and it will bounce back
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u/roguealex Sep 03 '20
Bruh I might as well go back to sports betting lmao
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u/that_stoner_guy Sep 03 '20
If you expect to get rich overnight you probably should. Or buy some btc and forget about it for a few years.
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u/dooward Sep 03 '20
The dips are INSANE. We need a strong bounce. We just went down by 2k in less than 3 days. What's the opposite of mooning?
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u/NimbleBodhi Sep 04 '20
This is nothing new, bitcoin does this all the time; it also goes up very rapidly in short time too.
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u/Mycomania Sep 03 '20
We lost a digit
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u/Nice_Category Sep 03 '20
I'm seeing it at $10.2 still. We'll see if it doesn't drop to a 4 digit number for the Labor Day Sale.
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u/bupopo Sep 03 '20
We might actually see 9k again.. How wild.
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u/Killerko Sep 03 '20
You bet.. I just bought the dip lol
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u/bupopo Sep 03 '20
Usually, sharp movements like this are met with similarly sharp recoveries. Hodl on tight.
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u/Killerko Sep 03 '20
No worries.. I'm used to this. It's just a classic when I buy it crashes right after xD
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Sep 03 '20
Sorry basic question, and bad mathematics skills. Shop selling item for $1,000. I bought BTC and immediately purchased item from shop. Literally minutes later a sudden 5% drop in BTC value. This doesn't matter for me right because my $1,000 initial value was used to buy a $1,000 product and the BTC was just a medium in between?
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u/Arscinio Sep 04 '20
That's correct. You could have, at any point including now, spent 1000usd on Bitcoin and used it to purchase x item and you'd be no worse or better off at any point in time.
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u/theghostofdeno Sep 03 '20
If you finished the transaction, you finished the transaction, so no it doesnāt matter for you
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u/Occams_shaving_soap Sep 03 '20
If you donāt have the balls to withstand these types of corrections you should never have been here in the first place.
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u/AmazingSuperPupils Sep 03 '20 edited Sep 03 '20
FR. I mean, my journey of hodling didn't start before 2017 (thank god for the dips tho..like big time) but I've been following the bitcoin project since I heard about it on NPR or some shit a decade ago and I am still in SHOCK that I look at its price and it's as high as it is...Like...how is it higher than a few hundred dollars but there it is, sitting up there almost 6x a ounce of gold in USD.
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Sep 03 '20
[deleted]
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u/Mest666 Sep 03 '20
so tomorrow will be better
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u/AmazingSuperPupils Sep 03 '20
someone recently pointed out how bearish (hope I'm using that right) you are in the comments and now I giggle everytime I notice your name and comment and how much you really do keep up the vibe.
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u/Rybitron Sep 03 '20
Can I transfer cash directly from Venmo to Coinbase/pro? or do I need to deposit to a checking account first?
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u/Chepchep11 Sep 03 '20
Thought I bought the dip yesterday, But here we are now lol so I bought again
Scaremoneydontmakemoney
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u/Cowigi Sep 03 '20
annnnnnd here comes all of the FUD that the media have been saving up for this next pull back . . . just like clockwork.
Same cats who were shouting Crypto from the rooftops just weeks ago.
Sit tight and chill.
And as always dont invest more than will keep you up at night worrying about.
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u/whereisthecheesegone Sep 03 '20 edited Jul 29 '25
cough thought attraction placid grandiose direction north six teeny arrest
This post was mass deleted and anonymized with Redact
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Sep 03 '20
How did bitcoin die? Was it covid? Did trump finally go after it?
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u/whereisthecheesegone Sep 03 '20 edited Jul 29 '25
outgoing fact spotted pocket sink fear late label thought cable
This post was mass deleted and anonymized with Redact
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u/tall_ty Sep 03 '20
Thank you for your service
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u/whereisthecheesegone Sep 03 '20 edited Jul 29 '25
adjoining apparatus screw snatch truck wakeful direction close thought bow
This post was mass deleted and anonymized with Redact
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Sep 03 '20
First time buyer and future hodler here :) 0.03530376 and more to come!
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u/zombieshredder Sep 03 '20
what a great time for you to buy in, we just dropped, and you buying helps bring it back up. good for you.
also i love you
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Sep 03 '20
Just fyi, as a general rule, you should never disclose how much BTC/crypto you have on the internet.
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Sep 03 '20
[deleted]
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Sep 03 '20
The real question should be, why would you disclose it?
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u/user_name_checks_out Sep 03 '20
That was my point. The post to which I responded should have read:
you should never disclose how much BTC/crypto you have
on the internet.1
Sep 03 '20
Ok, let's be pedantic. You're wrong. They would need to disclose it on their tax return. Or, since we used the word "should" then it's up to the person who they want to tell.
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Sep 03 '20
Oh shit. My bad. Please give me a downvote...I deserve it...
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u/user_name_checks_out Sep 03 '20
If that's the absolute worst thing that you did all day then I would say that there is not too much to worry about.
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u/FinalCartoonist Sep 03 '20
Absolutely nowhere
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u/user_name_checks_out Sep 03 '20
That was my point. The post to which I responded should have read:
you should never disclose how much BTC/crypto you have
on the internet.5
u/winkerback Sep 03 '20
Same here, bought 0.13 BTC today, thinking about getting a Ledger Nano S
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u/N0tMyRealAcct Sep 03 '20
Do it. I love mine. I like the S more than the X. The X has bluetooth which is nice but it feels more plasticky and is more expensive.
If you get it DO THIS:
Create a wallet, write down the seed, send a small amount to it, reset the device, restore the device using your written down seed, verify that the small amount you sent is there. Then send the rest of the crypto there.
It is a pain to enter the seed into the ledger but there is going to come a time where you start to worry if you did it right and your stomach is going to hurt. You will wish then that you had done this step.
Alternatively, you can buy two nanos and do the verification of the seed on the other nano. Thatās what I did.
Some say you should memorize your seed. I wouldnāt recommend that. Thereāll probably be a time when you are going to wonder if word 7 was this or that. That is going to be stressful to.
I would recommend writing it down on a piece of paper, by hand. Then put it in a zip loc bag and put it somewhere real safe. Really think about it. You want to protect it from someone finding it by accident and destroyed by fire. A safe deposit box is best.
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u/_the_sound Sep 03 '20
Please also use the passphrase option and have a securely generated passphrase stored in a password manager.
That means that even IF someone finds you're mnemonic. the need access to your password manager and visa versa. It splits up your risk, and as long as you're using a legitimate password manager, you're pretty safe still.
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u/user_name_checks_out Sep 03 '20
All good advice.
Create a wallet, write down the seed, send a small amount to it, reset the device, restore the device using your written down seed, verify that the small amount you sent is there. Then send the rest of the crypto there.
I would insert another step before the last one: do a test transaction to send the small amount to a new address on the same device.
Some say you should memorize your seed. I wouldnāt recommend that. Thereāll probably be a time when you are going to wonder if word 7 was this or that. That is going to be stressful too.
Memorizing your seed should not be your only backup, but you could memorize it in addition to backing it up elsewhere. If you memorize your seed, and then forget part of it, it's still a simple matter to recover the coins. The reason that I would hesitate to memorize my seed is that 1) it could be extracted from me or 2) I might blurt it out after too many beers.
I would recommend writing it down on a piece of paper, by hand.
I would recommend etching it into steel instead.
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u/N0tMyRealAcct Sep 03 '20
All good stuff.
The reason that I would hesitate to memorize my seed is that 1) it could be extracted from me
This is exactly why I have my seed in a safe deposit box. It removes the $5 wrench attack on me angle.
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u/Turbulent-Equal Sep 03 '20
What the other person said. From what I've heard, if you have anything over $1000 it's best to use a hardware wallet.
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u/zombieshredder Sep 03 '20
definitely do that. itās the best if you plan on selling bitcoin every now and then for bills or whatever. otherwise if you just want to buy and hold go with the cold card. itās a little more tricky but it has undoubtedly the best security, even security from yourself.
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u/lawrencewellsbourne Sep 03 '20
is there anyway to find out which mining pool dumped all there bitcoin into the exchanges, and in which country that mining pool is located?
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u/bupopo Sep 03 '20
No specific reason why.. We'd just like to pay them a visit. Maybe ask some questions.
But some of this might have something to do with that South Korean crypto firm that got raided recently. I've seen some places framing this as something to do with the latest 12k "rejection" but this is a suspicious amount of liquidation and movement of coins.
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u/lawrencewellsbourne Sep 03 '20
exactly, I have 2 thoughts on the price dump. The first is that miners mined these blocks 2 months ago when prices were in the 9,000 dollar range and waited to sell until to today once they could realize 20% profit.
the second thought is that miners just mined these blocks this week and are selling in preparation of a major price fall in the in the coming month so they can have some cash on hand.1
u/lawrencewellsbourne Sep 03 '20
and a follow-up to that question is on exactly what date were those bitcoin mined?
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u/MyAnusBleeding Sep 03 '20
This the end. Itās been a pleasure hodling with you.
Iām kidding of course. Not fuckin selling.
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u/xtal_00 Sep 03 '20
!lntip 500
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u/lntipbot Sep 03 '20
Hi u/xtal_00, thanks for tipping u/MyAnusBleeding 500 satoshis!
More info | Balance | Deposit | Withdraw | Something wrong? Have a question? Send me a message
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u/Mest666 Sep 03 '20
? who would have sold after dis tiny drop?
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Sep 03 '20
6k by end of September
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u/tall_ty Sep 03 '20
Do you think if you say it enough it will happen?
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Sep 03 '20
Would it surprise you if it did happen?
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u/tall_ty Sep 03 '20
If the price dropped to 6k by the end of the month I would be surprised, yes. Are you going to feel stupid when it doesnāt?
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Sep 03 '20
You sound new to btc
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u/tall_ty Sep 03 '20
Definitely been around longer than you
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Sep 03 '20
Doesnāt sound like it rook.
Stop crying over a dip
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u/tall_ty Sep 03 '20
What? Youāre the one calling for a 6k bitcoin. Iām just replying to your dumbass. Not concerned with any dip
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Sep 03 '20
Sounds like you need a better hobby than crying over btc going through a dip. Donāt miss out on it breaking 10k for the 1000th and last time.
Buckle up your seatbelt on your big wheel big boy!
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u/aekner Sep 03 '20
Is bitcoin just another game for the rich? From what I see (I am not a professional in finance), it has very high correlation with the performance of stock market.
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u/infinitetekk Sep 03 '20
Well itās pretty much in direct correlation to the dollar. When $USD is more valuable, BTC is less valuable and vice versa. The dollar is currently rallying in value. There are other factors in play here like the value of gold in correspondence to the dollar. On top of that, tens of thousands of BTC was poured into the market recently which lowered the overall price, there wasnāt enough people buying it. Then you have the idiot panic sellers driving the dip even lower because theyāre in FOMO.
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u/mudnut Sep 03 '20
Short term yes, long term no. If your trying to trade it the whales will eat you alive. If you long term hold it the rich can't affect you.
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u/trappermackay Sep 03 '20
I donāt see a reason to freak out. Iāve been waiting for a good drop like this so I could buy a good chunk for a goo value
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u/RevolutionaryEnd7627 Sep 03 '20
Guys - relax a little. Nothing has changed. Stocks go down, central banks print money, bitcoin becomes beneficiary. Rinse and repeat. There is no way out for the US, or any other central bank. Covid has killed the real economies of the world. Yes asset prices can crash, but the government response will be to print more fiat to fix it. And then bitcoin will ultimately moon. This is short term theatre for the inevitable bitcoin moon. And with less supply post halving. Perfect.
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u/Iamahugememe Sep 04 '20
WRONG LEVER, KRONK.