/biz/ - Business & Finance

[Anonymous No.55872836]

Ya'll are overreacting. Long here with size and thank me later.

[Anonymous No.55872848]

>>55872836
got it OP, just shorted thanks

[Anonymous No.55872854]

>>55872848
>>55872836
Duality of /biz/

[Anonymous No.55872861]

>>55872848
Yeah, good luck with that my guy.

[Anonymous No.55872934]

Of course its possible it goes up the question though is who is going to buy now?

[Anonymous No.55872972]

>>55872836
red candle almost as big as ftx implosion on no real news
yes this is normal

[Anonymous No.55873216]

>>55872972
>no big news
Evergrande.

[Anonymous No.55873234]

>>55873216
No one cares

[Anonymous No.55873258]

>double digit nuke
>long NOW
Give it a couple of days, market will be slighlty concussed for some days
Well probably either crab, or continue down a bit
Unless etf gets approved, no need to rush anything

[Anonymous No.55873339]

>>55872848
Doing anything here is so degen kek

[Anonymous No.55873350]

>>55872861
>he thinks the dump is over
liquidity is a magnet.

[Anonymous No.55873357]

>>55873350
you don't understand how liquidity algo works.

[Anonymous No.55873377]

>>55873357
Cope. I sure do.

[Anonymous No.55873381]

>>55873377
it's going much lower you retard, 20-21k

[Anonymous No.55873407]

>>55873381
literally everyone knows that you niggerfaggot

[Anonymous No.55873437]

>>55872972
>red candle almost as big as ftx implosion on no real news
>yes this is normal
>>55873350
>>he thinks the dump is over
>liquidity is a magnet.

this is clearly the beginning of the dump. We just had a sucker's rally. People thought 16k was the bottom, and it might be, but there's no reason we don't touch it again. Right now is basically an inverse of 2021.

In 2020-2021 we had a perfect storm for the second big bullrun. First domino to fall was normies with good middle class jobs being told to work from home. Then the normies couldn't spend money at restaurants or bars, nor could they spend money on vacation. Normies spent more time online and started buying crypto. Then in 2020 normies got two stimulus checks. And then in 2021, normies got even more stimulus as bitcoin was breaking all time highs. On top of all that, tons of normies in restaurants, who already had money, were all of a sudden getting over $1000 per week in unemployment due to the gov't giving everyone on unemployment an extra $600 a week from feds in addition to whatever you got from your state unemployment.

And then on top of all of the above, interest rates were lowered to their lowest amount in history. Normies were literally given free money on a mass scale, and as a result, asset prices pumped and we avoided a recession.

But now...it ain't so good. Interest rates are high and normies can barely afford to buy houses or cars anymore. Inflation is still high besides eggs, and normies are scaling back any extraneous spending. Stock market is teetering. Banks aren't giving out loans willy-nilly, interest rates are high, and even with perfect credit you're still getting a high rate. No one is getting free money from the government. In fact, people's taxes are going up often due to property value increases, so they're giving more money to the government or to their landlord, who raised rent to pay the taxes. Tech jobs, the highest paying jobs, have been slashing positions

[Anonymous No.55873469]

>>55873437
to add onto all of this, student loans are going to become due in October again. Normies who stopped paying their student loans in 2020 due to covid, are finally going to have to start paying again. This is even less expendable cash in the economy.

Unless something major changes...it's about to get shitty, for a long time. The recession is going to come...but there won't be a housing crash like last time. Desperate people will sell their houses, and prices will probably dip, but it's not going to be a total crash. The extreme lack of housing is going to keep prices inflated. People will be treading water with a mortgage, but due to the market selling the house and breaking even would just be a loss cause anywhere else they'd move to would be less house for more money anyway. So only the most desperate will sell.

Interest rates will likely remain high for quite some time to curb inflation. I do suspect we've seen the worst of inflation, but normies just aren't going to have money to spend like they did the past 3 years. If they have to, people will start selling assets. If they have stocks and crypto, they will be sold. People will sell everything before they give up their houses.

I would predict price declines, or deflation, in the used car market, declining stock prices, crypto crashes...all of that will happen before housing prices dump. Only after every other aspect of the market takes a hit will people with no other option finally sell their houses.

And all that is to say...while this is playing out over the next 3-5 years, practically no one is going to be buying crypto. It's not even inconceivable that bitcoin goes back below 2016 levels. I really doubt that will happen, but if we saw 3 digit bitcoin values again I wouldn't even be shocked.

[Anonymous No.55873480]

>>55873437
>>55873469
Cryptocurrency has existed for over 13 years now. In the initial bull run in 2017, it was still new enough that people thought maybe it would one day have intrinsic value, and be a new way of conducting transactions. There was a lot of hope and optimism which fueled the rise. Normie spending and government stimulus fueled the rise in 2021. But now here we are, 13 or 14 years after the invention of bitcoin, and the only thing people actually use cryptocurrency for is still just to buy drugs and other illegal shit on the internet, or to hide and launder their money.

There are some novel uses for smart contracts in decentralized exchanges...but where else are they used? Have any legal injunctions been enforced anywhere on earth as a result of auto-executing smart contracts?

[Anonymous No.55873612]

>>55873437
not disagreeing with the core message, yes shit is fucked
but retail doesnt move the price level to the degree you think, certainly no one who has to worry about affording student loans right now is a driver of buy pressure

[Anonymous No.55873647]

>>55873437
>>55873469

I agree with all of this and it’s why I’m stacking cash. I can see the next 5 years bitcoin going into a doom phase where it goes down to pre-2017 levels

[Anonymous No.55873834]

>>55873258
>Unless etf gets approved, no need to rush anything
I thought ETF decisions are delayed to 2024; if the Greyscale ETF get's approved it would put them at a serious advantage against everyone else. So I doubt it would happen and it WILL be the 2 to the 1-2 punch in BTC performance this week. I'd say short now if you can because there is no way they would go forward with Greyscale.