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Eric123

Epic Pennant on BTC Chart

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1 hour ago, dr_ed said:

This is of some concern to me short term. Thoughts, anyone?

I believe the $6000 resistance will hold, and BTC will retract to its prior support level at $3000-$3500. I believe the move will look something similar to the BTC 2015 move. I posted this earlier in the thread.  

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Posted (edited)

It's actually looking more like a retest is likely to me, too, since the volume isn't great.....I'm not sure we''ll test the December low right away, but the recent breakout, yes. Maybe both.

My conspiracy theory side thinks BitFinex is engineering a huge short to make up their cash shortfall on Tether. Looks like somebody is, anyway. The action on Bitfinex, with the BTC price way up above 5600, is very strange to me too.

 

Edited by dr_ed

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Posted (edited)
33 minutes ago, dr_ed said:

The action on Bitfinex, with the BTC price way up above 5600, is very strange to me too.

The going theory is that capital is rapidly exiting the exchange (BTC and ETH cold wallets both show substantial decreases in balances), but is doing so in the form of fleeing crypto.  As people dump their fiat and tether for crypto this causes upwards pressure on crypto prices which then manifests itself as "Bitfinex Premium".

--> if true, this would also explain the absence of long interest;  everyone is jumping ship.

...or it could be an engineered short squeeze.  Who knows.

Edited by automatic

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There's a very likely steep drop coming off the USDT mess in the near future.  If we get a short term pump above $.36 I'll look to liquidate a majority of my XRP and sit on the sideline in USD to see what happens.  I know a lot of people say a Mt. Gox 2.0 can't happen because the overall crypto market size is way different today, but I look at how Mt.Gox was responsible for 70% of all BTC volume when things went bad in 2014 and today the USDT/BTC trading pair represents 80% of all BTC trade volume globally...

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23 minutes ago, Zedy44 said:

There's a very likely steep drop coming off the USDT mess in the near future.  If we get a short term pump above $.36 I'll look to liquidate a majority of my XRP and sit on the sideline in USD to see what happens.  I know a lot of people say a Mt. Gox 2.0 can't happen because the overall crypto market size is way different today, but I look at how Mt.Gox was responsible for 70% of all BTC volume when things went bad in 2014 and today the USDT/BTC trading pair represents 80% of all BTC trade volume globally...

Ewww. Hope you're wrong, but I'm not going to argue. I can follow the logic there , no problem.

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2 hours ago, dr_ed said:

Ewww. Hope you're wrong, but I'm not going to argue. I can follow the logic there , no problem.

Yeah I hope I’m wrong too. I already hit my initial minimum hold time so I’m in the green right now which makes the choice a bit easier. But the fundamentals are so wacky right now across the board I just don’t see anything on the horizon except another shake out.

I think the LTC halvening is coming in about 90ish days as well so I would think another shakeout before a short accumulation phase might be in order.

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13 hours ago, Zedy44 said:

There's a very likely steep drop coming off the USDT mess in the near future.  If we get a short term pump above $.36 I'll look to liquidate a majority of my XRP and sit on the sideline in USD to see what happens.  I know a lot of people say a Mt. Gox 2.0 can't happen because the overall crypto market size is way different today, but I look at how Mt.Gox was responsible for 70% of all BTC volume when things went bad in 2014 and today the USDT/BTC trading pair represents 80% of all BTC trade volume globally...

I think the opposite.  It's curious that that NYAG's office would be investigating this at all.  They cannot point to a single person in NY that is affected and they can't point to a law that says they are allowed to regulate the subject matter, LOL.  This is like a local judge in South Korea issuing an order demanding Bank of America turn over all their records in two weeks based on what exactly?  I think it's very bullish that New York is so scared of Bitcoin.

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Interesting, very different opinions ppl express lately.

Looks like someone wants to kick the next FOMO wave off - 

 

I don't think Barry would start this campaign if Bitfinex/Thether case was a serious threat.

This is just my opinion of course.

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1 hour ago, Eric123 said:

I think the opposite.  It's curious that that NYAG's office would be investigating this at all.  They cannot point to a single person in NY that is affected and they can't point to a law that says they are allowed to regulate the subject matter, LOL.  This is like a local judge in South Korea issuing an order demanding Bank of America turn over all their records in two weeks based on what exactly?  I think it's very bullish that New York is so scared of Bitcoin.

I'll be honest I never correlated the USDT situation with the NYAG to any kind of normal trading situation for NY residents.  I imagine the only reason the NYAG cares about this is the frozen funds likely belong to a criminal enterprise that has some connection to NY.  If there is any evidence that the frozen funds belong to a major criminal enterprise then ironically what people have been saying for years "Bitcoin is only used for illegal things" might actually look pretty true. 

It would be the absolute worst case scenario for more details about the frozen assets to come out and link directly to a major global criminal enterprise.  You'd have governments being forced to respond with massive regulation implemented on a global scale.

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@Zedy44 the NYAG's jurisdiction is only New York, not the rest of America or the rest of the World for that matter..  What business does the NYGA have requesting an order against a foreign company that does not have New York customers and does not do business in the US.  This has to be purely political and/or manipulation.  I think I'm gonna make another thread to deal with Tether specifically. 

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8 minutes ago, Eric123 said:

@Zedy44 the NYAG's jurisdiction is only New York, not the rest of America or the rest of the World for that matter..  What business does the NYGA have requesting an order against a foreign company that does not have New York customers and does not do business in the US.  This has to be purely political and/or manipulation.  I think I'm gonna make another thread to deal with Tether specifically. 

According to the official NYAG press release it claims while Bitfinex is aware it should not do business with NY residents that it may be doing so anyways to a large enough extent that they feel it's worth pursuing them with both the subpoena from last fall and now a court order.  If you're going theory is that the NYAG is doing this for purely political / manipulation reasons then I'd say my theory that the move is based on a larger criminal conspiracy involving the owners of the frozen assets is equally viable. 

But as you said does this really mean much to a company based out of Hong Kong?  Nope, but it throws a big bucket of cold water on them for doing any future business in the USA again.  Remember that they conveniently shut down their US operations abruptly 2 months before the NYAG issued subpoenas last fall.  I'm sure their investigations started much earlier than the US service shutdown issued in August of 2018.

 

From Bitfinex FAQ:

Quote

What Bitfinex features can US residents access?

Unfortunately, Bitfinex has decided to stop serving US individual and corporate customers altogether. As of August 15, 2018, no trading or funding services will be available to these users. 

Exceptions to these provisions may be made by Bitfinex, in its sole discretion, for entities that are:

Established or organized outside of the United States or its territorial or insular possessions; and,

Eligible Contract Participants pursuant to U.S. law.

 

Do I qualify as an Eligible Contract Participant?
An Eligible Contract Participant includes a corporation that has total assets exceeding $10,000,000 and is incorporated in a jurisdiction outside of the United States or its territories or insular possessions. This will be the principal basis upon which we will continue to do business with selected U.S. persons.

 

I am traveling in the United States - am I blocked?

The restrictions only apply to individuals and corporations whose primary residence is in the United States. 

 

Are corporate accounts also blocked?

As of August 15, 2018, any corporation formed in the United States, any corporation controlled by U.S. persons, and all U.S. citizens will be prohibited from using our services, including but not limited to exchange trading and providing and receiving peer-to-peer financing. Exceptions to these provisions may be made for entities that are:

Established or organised outside of the United States or its territorial or insular possessions; and,

Eligible Contract Participants pursuant to U.S. law.

 

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2 hours ago, bryce said:

This is why I keep buying.

3kiRPfjn.thumb.png.b18f052f4b52e7057782513de3281ce1.png

This is exactly what I was getting at a few posts back, Those who see us breaking down on XRP are not looking at the (admittedly not too steep) trend line of higher lows and higher highs. Thanks for putting up the chart. The reason I never post charts is because my MacBook is in the shop  (forever?) and I'm not adept  enough with my old Windows back-up laptop to even make a screen shot. But yeah, I get this,

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2 hours ago, Eric123 said:

I think the opposite.  It's curious that that NYAG's office would be investigating this at all.  They cannot point to a single person in NY that is affected and they can't point to a law that says they are allowed to regulate the subject matter, LOL.  This is like a local judge in South Korea issuing an order demanding Bank of America turn over all their records in two weeks based on what exactly?  I think it's very bullish that New York is so scared of Bitcoin.

I did think it was interesting that Bitfinex is being slammed for only having 74% backing, when the dollar they're trying to track is not backed by anything  at all......but that's just me. 

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