/biz/ - Business & Finance

Means BTC will go sub $3k

liquidated...

it will go below 2018's atl before the year ends

>>49543953
it was completely propped up by fake government money and retail spenders with covid cash to burn, markets crashinnn down.

>thoughts?

I need something to eat and some vagina to fuck

Aaaand we’re back next stop 10k

That just means we are in for 2 months or more of retesting that support level, the crab awakens

based

Hm, that can’t be possible, it would invalidate cycle theory which as we all know isn’t an iron law of the universe

>>49543998
I hate this meme, BTC was already at 14K and on path to 200K before Covid even existed

>>49543953
How could Biden do this to us?

>>49543953
ETH IS A PRE-MINED SCAM

>>49543953
Good this slavshit commie coin needs to go to 0 with no survivors.

>>49543953

>we can never fall below the previous ATH

WHERE ARE YOU ANON HAHAHAHAHA

>>49543953
1438 on kucoin

>>49544049
no ones talking about btc, im talking specifically about ethereums price and how its now where it was at the beginning of 2021 when the economy started opening back up and fake trump/biden bucks were pumping into the market. It was absolutely euphoria, even idiots were getting filthy rich. What we're seeing is a natural correction as interest rates are driven up and inflation is at all time highs, all the money from covid is being removed from the market.

PRE-MINED SCAM = ETH

>>49543953
Time in the market beats timing the marketed.

>>49544127
it unironically doesnt

BTC IS NEXT

>>49544127
only applied to bitcoin

if you bought ETH 5 years ago you would have made 0%

if you bought BTC 5 years ago you would have made +50%

>>49544123
>What we're seeing is a natural correction
No, it has to do with stETH. Alameda Research and Celsius are dumping.

>>49544078
>>49544105
>>49544125
ask me how I know you've never had sex

>>49543953
I first bought eth at 170.

>>49544163
That's true. After Alameda/SBF are finished with killing ETH, their next target will be killing Tether, and thus killing BTC.

>>49544183
steh has to partially do with it yes because its outdumping btc at the moment. but the overall downswing is the economy going to shit.

>>49543972
I can never tell if these people are being serious

>>49544032
>isn't an iron law of the universe
kek, not even subtle. I love bobo posting. I'm updating my filename bc of your post.

>>49544277
he's 100% serious. thats where the cme gap is

>>49544239
>steh has to partially do with it
Yeah, it lost it's 1:1 ETH peg so they're all dumping
>the economy going to shit
But yes, the economy is shit also.

>>49544183
>>49544239
what the fuck is stETH, I'm off /biz/ for 2 days and half the threads I see are bitching about it

>>49544319
yeah someone give me a QRD on this steth situation

>>49544319
It was a coin pegged 1:1 to ETH and had a pool on Curve, but the 1:1 to ETH liquidity wasn't really there and it depegged, so Alameda and Celsius are dumping their bags and it's taking ETH down with it. My understanding isn't that deep, this is just the basic gist from what I read, you might be able to find a thread about it if you want more details.

>>49544319
>>49544335
you send your eth to a staking address and you get a seth token that says you staked that eth and you can't get the eth back until they add staking to eth, i've never heard anyone explain what happens if staking on eth never happens

>>49544400
> i've never heard anyone explain what happens if staking on eth never happens

HAVE FUN HOLDING PRE-MINED BAGS

>>49544400
checked, this is the new burn mechanism

>>49544397
It's not actually "PEGGED", it's literally backed 1:1 with Ether. You give your Ether and one stETH is minted. And the smart asses were greedy to use this stETH in defi and loan protocols, now everything is dumping and they're forced to sell the stETH.

>>49544502
easiest +4% of your life
come on anon... I know you want to ;)

been holdling since 2017 I am capitulating

>>49544078
>mod of r/bitcoin
ignoring for a sec what btc maxis are like,
and ignoring for a sec what plebbitors are like,
...have you SEEN r/bitcoin, anon?

>>49544502
>And the smart asses were greedy to use this stETH in defi and loan protocols
Yeah, my understanding was they were using it for loans etc. so the liquidity wasn't actually there and now they are having to sell their ETH as well to cover the losses.

>>49544177
you can easily shift the timeframe to make either % higher

>>49544682
ETH is 1,000,000x overleveraged compared to bitcoin. ETH can go to 0

>>49543953
Double digit shitcoin.

>>49543953
>Thoughts?
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

>>49544215
Killing btc is retarded for Solana. Only made sense for eth to try to do that because they wanted to be best utility coin and decentralized enough to be money. They could vampire bitcoins value if they persuaded everyone their coin should be the real SoV of the industry because of the increased utility. Solana never would fill this niche because it's highly centralized. It would be better for them to just capture a lot of wrapped bitcoin on their chain vs trying to destroy bitcoins value prop. They just need eth out of the way

>>49544010
The subconscious and probably the coding of the brain of literally every human male. Well except for the homos. that's it

>>49543953
feels good to be a bobo

>>49543953
>Thoughts?

>>49544754

>>49543953
it's over

>>49544502
>it's literally backed 1:1
It's literally not. There is a ratio discrepancy of 70% in the pool. That's far more steth than eth in the pool. It's literally impossible for Celcius to sell their steth because there is 120k ish eth in the pool but they have 450k steth. Also they have a loan in stables on aave. You sound like chainlinkgod.

>>49543953

That's fucking brutal. Pretty heavy vote of no-confidence in Eth /Eth2 as the future dapp platform

>>49544856
Isn't 70% backed much better than most stable coins?

>>49544183
>OTC transaction fucks everything up for everyone once again

OTC transactions should cost you having your ribcage smashed in by a baseball bat.

>>49544937
No its the opposite. There is far more steth than eth. About 70% steth and 30% eth. Not an issue in the long term. Short term means eth price is gonna hurt. and if the stock market doesn't hold then Bitcoin will follow, further dumping us. Prepare you slurping bag.

Muh hedge

>stablecoins cause another crash
Why does this garbage still exist? Crypto to crypto is taxable so what the fuck is the point?

>>49545036
there's far more stable coin then USD, arent they the same?

>>49544856
He's not referring to the pool, but the ability to redeem stEth at a 1:1 ratio when/if 2.0 is launched.

What did Celcius do with their stables? Is it not possible that Celcius placed their stables in a stable coin pool or some other stable coin funding protocol? If that's the case, they should be building interest and can simply pay back their loan, and still profit from the interest earned prior to paying back their loan. I suspect that's not the case since it appears that SBF is intent on causing pain, so that piece of shit must smell blood in the water.

>>49543998
defi exploded the same month Lubin did a secret deal with JP Morgan. The defi revolution was nothing more than 401k cash providing enough liquidity to sucker the plebs into paying exorbitant fees to play wolf of wall st while getting raped on trades by the mev mafia, JP Morgan. Glad it's over. Next the other stable coins implode, Coinbase goes bankrupt and no normies ever fuck with crypto again.

So do I sell all my eth? I got 5 k. Had six last night. In total I lose five thousandy. I’m worried bros

>>49544884
They changed their strategy and even the name at the last minute because they knew they were going to have to rebrand the shitshow that will now be the "merge"

>>49544400
checked and kek, that's hilarious

>>49545202
No. Think about what you said. Suppose JP Morgan is behind the majority of the MEV. Why would they kill retail, thus killing their cash cow?

It's fucking pathetic that MEV even exists. Right now, you could use threshold encryption such as what's employed in the Shutter Network to completely mitigate MEV, yet there seems to be some power that doesn't want to give it up. Perhaps, that is JPM. What is your source on that?

>>49545232
If that's more than you could afford to lose just consider it your tuition to Crypto University

>>49545283
https://www.crowdfundinsider.com/2020/08/165732-new-york-based-blockchain-firm-consensys-acquires-jp-morgans-quorum-a-permissioned-version-of-ethereum/

https://protos.com/consensys-lawsuit-jpmorgan-owns-critical-ethereum-infrastructure/

One internet search away. dyor or stay broke faggots

>>49545362
It's irrelevant to me who is behind MEV. As far as I know, it's a free market. The best quants win.

However, it does seem like the proposed solutions from entities like Flashbots isn't doing anything to mitigate MEV when solutions already exist.

Regardless, retail is what suffers the most from MEV, (IE sandwich attacks), so why would the one's who benefit the most from MEV which is basically free money, want to kill retail and give up their cash cow?

>>49545424
MEV involves taking as much money as someone is willing to throw at you away from them violently, it is precisely designed to kill retail traders. Gamblers gonna gambler, retail never dies... only fades in liquidity periodically