- Jun 27, 2020
- 5,902
- 10,095
- AFL Club
- Fremantle
- Other Teams
- Cool Runnings
To the moon? Haha
Cryptocurrency mega-thread
- Thread starter DapperJong
- Start date
- Tagged users None
Nothing
Norm Smith Medallist
- Jul 30, 2009
- 9,134
- 14,455
- AFL Club
- Fremantle
Is that Challenger?
beez
A*mazing
I've probably said this before, but I'm a semi-fan of his for two main reasons: a) I'm a nerd and like numbers and patterns and b) he is generally one of the few in the crypto space whose default position isn't "* the government".
It's funny, I was watching another vodcast the other day talking about Bitcoin narratives and how it goes in waves, and Bitcoin's narratives evolve as adoption ebbs and flows. For me, the mind-numbingly infuriating thing about all the influencers and people who are on the Bitcoin train is that the vast majority cling to the same narrative and follow the crypto echo-chamber. It is infuriating because most bang on about the MSM and governments trying to influence people and make people sheep. And it is exactly what the vast majority of these freaking dumbarses do. It drives me nuts.
Anyway, the point of me bitching is that while of course Ben Cowen puts out some really fascinating videos and I learn a heck of a lot from him, he is doing the exact same thing that so many in the space complain about: jumping on the latest trend until it does or does not happen and everyone moves onto the next topic of discussion.
It is the same with the general media landscape. And it is not inherently good or inherently bad. It is just how we information degenerates consume knowledge.
Anyway,
- Jun 14, 2013
- 13,076
- 15,681
- AFL Club
- Essendon
I haven't seen a lot of Ben Cowen but I've heard good things about him from those whose opinions I value.I've probably said this before, but I'm a semi-fan of his for two main reasons: a) I'm a nerd and like numbers and patterns and b) he is generally one of the few in the crypto space whose default position isn't "* the government".
It's funny, I was watching another vodcast the other day talking about Bitcoin narratives and how it goes in waves, and Bitcoin's narratives evolve as adoption ebbs and flows. For me, the mind-numbingly infuriating thing about all the influencers and people who are on the Bitcoin train is that the vast majority cling to the same narrative and follow the crypto echo-chamber. It is infuriating because most bang on about the MSM and governments trying to influence people and make people sheep. And it is exactly what the vast majority of these freaking dumbarses do. It drives me nuts.
Anyway, the point of me bitching is that while of course Ben Cowen puts out some really fascinating videos and I learn a heck of a lot from him, he is doing the exact same thing that so many in the space complain about: jumping on the latest trend until it does or does not happen and everyone moves onto the next topic of discussion.
It is the same with the general media landscape. And it is not inherently good or inherently bad. It is just how we information degenerates consume knowledge.
Anyway,
For better or worse, crypto started as a monetary system in opposition to established government finance. When the moonboys and shillers disappear during extended bear markets, what keeps people here?
Is it a strange coincidence that the best crypto traders (both in technical analysis and recognising new narratives early on) tend to be batshit crazy conspiracy theorists?
If you don't like anti-government type/conspiracy theorists, you'll hate Tone Vays. IIRC he has yt content from outside the Capitol on Jan 6 and he's anti-vaxx. Irrespective, he's one of the few chartists with formal education in the field and Wall st experience.
I enjoyed the following collaboration between Tone and Ben
While I can understand your gripe from a LW political persuasion, is your angle something you can make money from? If you have an edge over those who jump on the latest trend, I'd love to hear more.
beez
A*mazing
OMG just by the look of the capture, I don't think I could stomach him While Ben Cowen is fascinating to listen to, and is earnest in his approach (unlike many in the space), he has been very, very wrong many, many times.
Don't get me wrong, I think one of the purest elements of Bitcoin is the Satoshi white paper. And I certainly don't discount the veracity of those who dislike the current monetary system and are drawn to the philosophical inherencies of Bitcoin. However, just like free-market capitalism has led to enormous prosperity, technological advancement and greater standards of living, the inflationary nature of our monetary system has helped propagate the aforementioned benefits to society. I reckon I could write a 5000 word thesis on why the inflationary nature of the monetary system is a positive, not a negative for Bitcoin (ie Bitcoin as an inflation hedge is a backward argument).
I certainly have no idea about price action. I like macro talk. I like to listen to people with whom I disagree. I just keep buying BTC. I'm in it for the money, not some ideological warfare
While Ben Cowen is fascinating to listen to, and is earnest in his approach (unlike many in the space), he has been very, very wrong many, many times.Don't get me wrong, I think one of the purest elements of Bitcoin is the Satoshi white paper. And I certainly don't discount the veracity of those who dislike the current monetary system and are drawn to the philosophical inherencies of Bitcoin. However, just like free-market capitalism has led to enormous prosperity, technological advancement and greater standards of living, the inflationary nature of our monetary system has helped propagate the aforementioned benefits to society. I reckon I could write a 5000 word thesis on why the inflationary nature of the monetary system is a positive, not a negative for Bitcoin (ie Bitcoin as an inflation hedge is a backward argument).
I certainly have no idea about price action. I like macro talk. I like to listen to people with whom I disagree. I just keep buying BTC. I'm in it for the money, not some ideological warfare
I am honestly learning more from a couple of posters in my Merit Circle trading group (Telegram) than I ever have from even people like Cowen. They aren’t influencers as they have minimal followers on Twitter and have been around the space for the best part of a decade. One of them has their own investment firm, which I believe was largely built from being an angel investor in BNB. The other has been buying BTC since it was double digits.
While they can be crude in their statements (it is Telegram though) and very anti establishment, they’re clearly both very smart and aren’t trying to pander to an audience, so have no reason to pretend they’re any better than they are.
While they can be crude in their statements (it is Telegram though) and very anti establishment, they’re clearly both very smart and aren’t trying to pander to an audience, so have no reason to pretend they’re any better than they are.
- Jun 14, 2013
- 13,076
- 15,681
- AFL Club
- Essendon
What sort of things are you learning from the MC group?
Cowen has a pretty clean reputation. There's good influencers and bad influencers.
Last edited:
Have learnt a lot about how market makers operate and what really goes on behind the scenes with these type of investing firms/individuals. Given how long some of these people have been in the industry, they have consulted early on a number of major projects and still get bombarded constantly with requests for funding. They don't just trade in crypto either and are across all financial markets, most notably gold and silver. Their large wealth (talking 100s of millions) haven't been built through luck, but rather a deep understanding of the industries/projects they trade and invest in and the macro environment.
Some of these people in the trading group are the market makers for $MC given the size of their positions and they have great relationships with the Merit Circle crew, which is one of the many reasons I'm so comfortable with my position in MC. The investors that ultimately drive price are those with a clear passion for the project and will do everything they can to ensure it's long term success.
No issues with Cowen either.
- Jun 14, 2013
- 13,076
- 15,681
- AFL Club
- Essendon
Brilliant podcast, thanks. Yes, definitely a few things he mentioned that rang true. OTC deals on the cheap with large amounts of supply, wash trade to create volume (do not trust volume on exchanges), use this illiquidity (as you control a large portion of the supply) to 'gap' up the price and attract retail (by encouraging large volume traders in your books to buy i.e. pay them to trade and take a fee), sell to retail.
This is what a lot of people don't understand with illiquid shitcoins, it is very easy to drive up the price quickly as there is no demand (buy or sell), until you hit the bid of the people that hold most of the supply and they dump on you, at which point you’re already way too late and you’ll be left with worthless bags.
Last edited:
What is? TradFi or crypto? All healthy markets need large scale liquidity providers (market makers) and these liquidity providers need demand from retail to turn a profit, understanding how this dynamic works is where you can get an edge as a retail trader/investor. The podcast quoted above is about traditional stocks, but the same now applies to crypto.
200M burn of MC token occurred today:
To understand the mechanics behind the burn, highly recommend reading the governance forum. In short, these are tokens that were never going to hit the open market and were ******* up the FDV calculation.
To understand the mechanics behind the burn, highly recommend reading the governance forum. In short, these are tokens that were never going to hit the open market and were ******* up the FDV calculation.
If any of you have funds in FTX, I would suggest getting them out ASAP. There appears to be another Celsius/LUNA situation happening with FTX/Alameda/FTT right now. The talk is that they're dumping all their alts right now and some BTC to keep FTT above $22, but are struggling. They are doing this as they have $8B in loans out against FTT, so they're doing everything to protect $22 or they get margin called, and then carnage begins.
Shorting SOL might be a crowded trade, but could be easy money for short term scalpers. It seems like SBF (FTX) pissed off CZ (Binance) by trying to pull some stuff with political lobbyists in the US, so Binance are dumping their FTT position and this has triggered a cascade for FTT that FTX/Alameda are struggling to cover.
Evolved1 LongBombFromOutside50
The only exchange I will ever use (but never hold funds on) is Binance, CZ has a lot of whales backing him and this bear market is showing Binance to be the most powerful entity in crypto. Don't * with CZ, especially someone like SBF who has never been overly popular amongst people that matter in this market.
This is a decent (and fairly balanced) thread summarising the situation, but does come from someone who has never hidden they are a fan of Solana and SBF:
Shorting SOL might be a crowded trade, but could be easy money for short term scalpers. It seems like SBF (FTX) pissed off CZ (Binance) by trying to pull some stuff with political lobbyists in the US, so Binance are dumping their FTT position and this has triggered a cascade for FTT that FTX/Alameda are struggling to cover.
Evolved1 LongBombFromOutside50
The only exchange I will ever use (but never hold funds on) is Binance, CZ has a lot of whales backing him and this bear market is showing Binance to be the most powerful entity in crypto. Don't * with CZ, especially someone like SBF who has never been overly popular amongst people that matter in this market.
This is a decent (and fairly balanced) thread summarising the situation, but does come from someone who has never hidden they are a fan of Solana and SBF:
Last edited:
Been following this closely.
I saw the FUD circulating yesterday so withdrew my funds first thing this morning. Had quite a lot on there and had no issues withdrawing whatsoever. Took less than an hour for them to process.
I honestly think there is less than a 1% chance that they go insolvent, but even so, you need to protect your stack in this game so withdrawing everything for now is 100% the right move.
I understand that FTX use their FTT tokens as collateral for some of their stablecoins (without knowing exactly how much), but SBF has been a market maker in the space for ages and FTX makes millions of dollars per day from trading fees, plus he has whales backing him from Jump, Multicoin and Circle who don't want FTX to do down due to fear of what impact it could have on the Solana ecosystem. So this isn't at all comparable to the LUNA/Celsius situation IMO. Many people still with PTSD from those events though which is understandable.
Also haven't seen any proof of why the $22 is significant to FTX other than a tweet from someone at Alameda research offering to buy CZ's remaining FTT holdings off-market for $22 (market price at the time was around $22.50).
Note that I sold all of my FTT and SOL a long time ago so am unbiased in this whole situation!
So this is escalated quickly, Binance are buying FTX to help them provide liquidity for users to withdraw funds. A $990M FTT long just got margin called at around $7.
Did anyone have Binance buying FTX on their crypto 2022 bingo card?
The 2nd largest crypto exchange has just gone insolvent, this ain’t good.
Good summary on the whole Binance vs FTX history:
So this is escalated quickly, Binance are buying FTX to help them provide liquidity for users to withdraw funds. A $990M FTT long just got margin called at around $7.
Did anyone have Binance buying FTX on their crypto 2022 bingo card?
The 2nd largest crypto exchange has just gone insolvent, this ain’t good.
Definitely didn't expect this. Although for retail investors like us we have nothing to go by other than false interpretations of tweets, half baked assumptions and cliff jumps to conclusions.
Lots of panic in the market today, hopefully the acquisition by Binance goes through
Rumours are that FTX are $2B in the hole due to trading user funds through Alameda (hello 3AC/Celsius) and the Binance acquisition won’t go through after DD due to widespread fraud. No idea if these are legitimate claims, but nothing surprises me in crypto now. SBF was the poster boy for crypto to attract TradFi, how the * did it come to this!
Can you post a link to the rumours of fraud deterring the acquisition?
Pretty confident that CZ's acquisition of FTX will go through. FTX is a great platform with millions of customers and mad assets. By stepping in CZ comes out as the saviour and will own 70% of all trading volume heading into the next bull market.
Plus I'm 100% confident that dodgy stuff happens on Binance exchange as well. I'm sure they have faked assets, and also there was talk of the Chinese govt having their fingers in there. Regardless, I think the lesson is clear now that no matter what exchange you use, make sure you get your coins off ASAP!
I just heard it through the UpOnly podcast livestream, which is run by Cobie and Ledger. They even managed to get De Kwon to join for 20 minutes and chat about the situation!
Oh, and the Coinbase CEO doesn't seem that confident of it going ahead:
