Tue Jan 9 21:28:29 2024
(*54b3f3ac*):: They approved it just now
(*4cfb807c*):: $45.5k, back to bottom of trend
(*4cfb807c*):: @ 2197 sats per $
(*54b3f3ac*):: 44 to 48k is a major contention zone. Regardless of any newz
(*54b3f3ac*):: Technicals trump news 99pct of the time. Either way I’m so glad that shit is done. Was uber tired of hearing about that crap lol
(*6952cd93*):: https://cointelegraph.com/news/spot-bitcoin-etf-approval-united-states +public!
(*6952cd93*):: https://x.com/GreeksLive/status/1744544073992880621?s=20
*** Greeks.live (@GreeksLive) on X
*** More and more information suggests that ETF is imminent, and sure enough Fomo sentiment was heavier during US trading hours, with Bitcoin hitting a new high of $47,000.
But the options market is giving mixed signals, firstly short-term IVs have fallen sharply today, with the…
*** X (formerly Twitter)
(*6952cd93*):: I can see the hype pushing this into overdrive but I can also see the case that the big players can use this to corral BTC price into a box. APs can create and destroy shares on demand to keep the ETFs very close to spot, and if enough people are looking at the ETFs they can also wag the BTC dog and cause downward pressure that otherwise wouldn’t be there. I really feel like the reason the spot ETF approvals haven’t been going through was not because of liquidity concerns but because people like blackrock and others hadn’t yet cornered the market. Crypto is getting big enough to where they’re probably worried that massive flight to it where we start seeing $10T or $15T market cap (passing gold) could actually start causing USD to tank out of control before they have a chance to roll out their own CBDCs and keep fiat legitimacy going. It’s gonna hit 2T soon and people expect 10x moves from here. US Stonks are 45T. US real estate is 52T. And there’s around 37T USD circulating.
(*71144c1d*):: To your point, I’ve been worried this is an avenue to manipulate USD/BTC with derivatives. We know that USD/Gold spot price is manipulated in this way, as total value of paper derivatives for gold exceeds the total value of physical gold by something like 1000:1.
(*71144c1d*):: My position since ~2014 or so is that I don’t think the powers that be will let the full value proposition of BTC play out, and sadly, this may be the final stake they drive through the heart of BTC.
(*4297a328*):: similar to the paper silver markets
(*54b3f3ac*):: my stance since i first got in is that the powers at be created bitcoin. crypto is the way of total financial control in the future. a very sharp double edged sword if you will
(*71144c1d*):: Care to elaborate on total financial control? Thinking about “money” which can be spent online, I would still see Bitcoin taking control away from the powers that be, relative to FIAT existing only within highly regulated financial institutions that can be tapped on the shoulder by intelligence agencies and law enforcement at will. Sure it’s more controllable than cash, but I don’t think it’s really an alternative to cash, which is offline and physical. What am I missing here?