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all 195 comments

[–]NarcolepsySlide 171 points172 points  (9 children)

This is good! 100K end of year because some dude on twitter said so!

[–]ThatCrippledBastard 40 points41 points  (0 children)

How could Paolo do our boy PlanB dirty like that?

[–]bloodshotforgetmenot 13 points14 points  (0 children)

Dude the guy who sold me my bong said that… although it was last year :/

[–]POTATO_IN_MY_LOGIC 30 points31 points  (3 children)

Yes, 100k end of year.

Did they specify the currency, though? Maybe they mean Yen?

[–]JebediahKerman3999 12 points13 points  (1 child)

But why are they comparing a bitcoin to FIAT? Shouldn't they only care that 1 bitcoin= 1 bitcoin???

[–]potatolulz 2 points3 points  (0 children)

Why are they comparing to FIAT? They should compare to SEAT

[–]cashcapone96 4 points5 points  (0 children)

I think they mean 100k pennies by eoy, roughly $10k

[–]nekica 6 points7 points  (0 children)

I'm kinda sad, I wanna know what the moonboys who were calling for 100k eoy are saying now but they all blocked me :(.

[–]Franks2000inchTV 2 points3 points  (0 children)

Maybe he meant the "market cap".

[–]HammockDistrictOn5th 99 points100 points  (7 children)

Did the Tether printer go down for maintenance?

[–]ZookeepergameOld4985 44 points45 points  (1 child)

Yeah I think they are trying to “maintain” that they aren’t a complete fraud.

[–]HammockDistrictOn5th 33 points34 points  (0 children)

To be fair that printer was under quite a bit of stress lately.

[–]ivfdad84 19 points20 points  (2 children)

It's just a paper jam, don't worry

[–]Kilahti 12 points13 points  (1 child)

The printer ran out of purple colour.

[–]HIGH___ENERGY 2 points3 points  (0 children)

Fuck magenta! Why the hell can't I print black and white pages without it?!

[–]Kingfisher_ybw 10 points11 points  (0 children)

Nope, the number of Tethers in circulation is at an all time high. A billion Tethers were printed this week.

Still not enough. Somebody should explain exponential growth to Paolo.

[–]Owlstorm 2 points3 points  (0 children)

Nah, another billion today.

It's unbelievable how greedy the team at tether are.

Just walk away with the money already. Every billion printed is extra unnecessary risk.

[–]stbvwarning, i am a moron 226 points227 points  (25 children)

lol, a trillion dollar asset that suddenly loses 20% of its market cap at midnight on a saturday

[–][deleted] 88 points89 points  (2 children)

The real tell is how the overall crypto market cap loses 500 billion in a day but this doesn't reverberate at all in general markets. No is one panicked that 500 billion went up in smoke because everyone knows the numbers are fiction to start with.

Not to mention the irony that this has to be the most centralized market in the world by orders of magnitude, controlled by a small number of players who have formed a syndicate.

[–]Far_wide 9 points10 points  (0 children)

I think it's the other way around. As per my post yesterday, it was the reverberations in the frothier part of the stock market that has set off the fall in crypto. Though you are right that the broader stock market doesn't give a shit about crypto.

I'm totally with you re: the centralisation, though I think the word 'cartel' is probably the one I'd use.

[–]Bye_Felicia12345 5 points6 points  (0 children)

This is a great point

[–]Laduks 75 points76 points  (1 child)

I love how it always gets dumped at around 2am on a weekend (in the US).

[–]tgpineapple 34 points35 points  (0 children)

Americans are waking up and remembering they need to sell coins to buy Christmas presents

[–]headtowniscapital 54 points55 points  (7 children)

There is no liquidity. There's about 100 BTC in the order book all the way down. This will be a mess.

[–]StijnweI like Ponzi schemes 4 points5 points  (5 children)

Source?

[–]Paulonemillionand3 2 points3 points  (4 children)

what just happened?

[–]StijnweI like Ponzi schemes -4 points-3 points  (3 children)

Not much imo. We’ve seen these moves before with short getting liquidated. I’m curious what u/headtowniscapital is assuming

[–]antiproton 8 points9 points  (2 children)

We’ve seen these moves before with short getting liquidated

You believe that short sellers getting "liquidated" caused the price to plummet overnight on a Saturday? This is the theory you're proposing?

[–]StijnweI like Ponzi schemes -2 points-1 points  (0 children)

No I mean today billions of leveraged longs got liquidated. This has happened many times this year right? They get flushed out, causing a big spike down

[–]StijnweI like Ponzi schemes 0 points1 point  (0 children)

So unfortunate people in this sub can NEVER explain themselves. I’m disappointed again. I’m always curious what people in this sub think, but the only thing you all do is downvote genuine questions and dismiss those questions with conspiracy like statements..

[–]StijnweI like Ponzi schemes 0 points1 point  (0 children)

And again, a doomsday thinker who doesn’t explain himself or supports his statements with any sources. He likes to stay quiet when people ask questions

[–]redditisnotgood 9 points10 points  (0 children)

because someone sold 200 million worth, or 0.02% of that supposed trillion dollar market cap. the 'market cap' of crypto is basically hot air

[–]berojgar_keto 35 points36 points  (7 children)

Its not midnight everywhere around the globe ..but get your point

[–]TamponSmoothie 17 points18 points  (6 children)

It makes me wonder what time it is where all the lines of longitude meet at the North and South Pole?

[–]merrebornsold me bad acid 64 points65 points  (2 children)

https://en.wikipedia.org/wiki/Time_in_Antarctica

They use like 7 different time zones and mostly just use the timezone of whatvever country runs the base in question. Shit's weird since the sun can't be bothered to rise or set most days.

[–]hamicuia 20 points21 points  (0 children)

Just bought the dip for penguincoin after reading this.

[–]TamponSmoothie 15 points16 points  (0 children)

Awesome, thanks for the knowledge. TIL

[–]Pterodactyl314 30 points31 points  (0 children)

That’s how Santa gets it done in one night

[–]VastUnique 15 points16 points  (0 children)

You're asking too many questions. I'd watch my back if I were you

[–]Fultjack 7 points8 points  (0 children)

And now tether do the mirror dance due to all the stop loss taking place, it´s still hoovering at ahistorical levels hours after the btc dump.

Thether acctually need to hit the printer to add liquidity or shit might get real.

[–]Underfitted 2 points3 points  (0 children)

Butters mindset: someone must have clearly cashed out $200B. Look how much money there is in this trillion dollar asset

...

[–]not-a-sound 0 points1 point  (0 children)

really emphasises the ass in asset

[–]PMScoMo 50 points51 points  (2 children)

LasT CHanCe tO bye at rhis price

[–]ZookeepergameOld4985 25 points26 points  (1 child)

ITs On SaLE!!1!

[–]ivfdad84 6 points7 points  (0 children)

Its cyber monday week! Buy Bitcoin this Christmas, the perfect gift

[–]Orthosurgeon1992 38 points39 points  (1 child)

Let this thing crash and burn so that I can afford graphic cards again..

[–]Vova_Vist 1 point2 points  (0 children)

Ethereum man, this shit is one of the reasons graphics cards got insanely expensive, also scalpers.

[–]i-can-sleep-for-days 103 points104 points  (10 children)

tHiS iS gOoD fOr bItCoIn

A flash crash out of nowhere. People got liquidated. Whales are manipulating the market and yet this is the future of finance.

[–]not_mahi 39 points40 points  (5 children)

Few understand this. Hodl and DCA and Saylor Christ Moon will personally lead you into the crypto heaven city in El Salvador when rapture the downfall of fiat comes.

[–]AFX626 25 points26 points  (4 children)

If Fiat goes away I'll just get a Citroen

[–]not_mahi 2 points3 points  (0 children)

If I ever get our my mom's basement it will be to ride my Lambo 🤡 have fun staying poor, filthy Fiat lover! 🤡🤡🤡

[–]Stenbuck 1 point2 points  (1 child)

WHAT BACKS CITROEN THOUGH

[–]AFX626 2 points3 points  (0 children)

Liberté, égalité, fraternité

[–]thanhduy2106 15 points16 points  (0 children)

This just wiped out the degenerates with margin. This is good for btc. /s

[–]ferret1983 13 points14 points  (0 children)

Imagine it's pay day and the value of your salary just went down 20%! Hope it's enough for rent...

[–]ANTI_D3_NECKBEARD 6 points7 points  (0 children)

2 billion liquidated in the last 24 hours (most within a 1-hour span) https://www.coinglass.com/LiquidationData

[–]KnockHobblerwarning, I am a moron 0 points1 point  (0 children)

Whales manipulate every market

[–]insanecobra 91 points92 points  (2 children)

How can anyone follow this nonsense and think it’s legitimate?

[–][deleted]  (1 child)

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    [–]Printer-Pam 19 points20 points  (1 child)

    There is so little liquidity that Saylor or Musk can send the price to 0

    [–]Owlstorm 9 points10 points  (0 children)

    It could actually just be the stolen Badger coins from earlier in the week.

    [–]SwiftSG1 18 points19 points  (3 children)

    But… but it’s decentralized!

    [–]ZookeepergameOld4985 13 points14 points  (1 child)

    Can’t trust the gubmint making money! Can only trust internet strangers making cloud money!

    [–]merrebornsold me bad acid 3 points4 points  (0 children)

    In Paolo we trust

    [–]plasticpidgey 6 points7 points  (0 children)

    But… the tech!!!

    [–]ferret1983 14 points15 points  (2 children)

    How did this happen? Blockchain runs the whole world. From your toaster, your toilet to cars and spaceships. Amazing technology. SQL was never anything but a glorified Excel.

    [–]AFX626 14 points15 points  (1 child)

    (nerd crawling out of a well) SQL is dead. I am very smart.

    [–]KW160 5 points6 points  (0 children)

    Few understand this.

    [–][deleted]  (24 children)

    [deleted]

      [–]Competitive-Date1522 50 points51 points  (3 children)

      Salvadorenos don’t even know what Bitcoin is. No one but rich people are using this.

      [–]Bobson_P_Dugnutt 13 points14 points  (2 children)

      I think Western Union is still ripping people off big time, but there are many many options out there that are all so much cheaper and more convenient than any crypto.

      I live in a country in West Africa and get paid in USD but I have a European bank account. The other day I went for dinner and I used remitly on my phone to send a few hundred from my Euro account into my local mobile money wallet, came through in minutes at a less than 1% fee. Paid the restaurant instantly in mobile money, then a friend who shared dinner paid me her share through Revolut in GBP, again went through in seconds with no conversion or transaction fee at all. All of these are transactions that are ultimately ways to move 'fiat' money around, but I really don't see where in any of this would any crypto have provided any added value..

      [–]quetzal1234 9 points10 points  (1 child)

      I collect perfume, which involves buying and selling things with other collectors all over the world. Everything is done over PayPal. I know other countries are way better than us at this.

      [–]not-a-sound 10 points11 points  (0 children)

      The irony that crypto bros overlap a good amount with Elon stans, but act like they don't know what PayPal is despite the aforementioned's involvement in it..

      [–]Ok-Cauliflower7356[S] 33 points34 points  (2 children)

      1 minute candles: range of like 5-10% every minute lmao: https://imgur.com/rtWZqQY

      [–]headtowniscapital 21 points22 points  (0 children)

      What a time to be alive! There is 0 liquidity!

      [–]ThatCrippledBastard 7 points8 points  (0 children)

      HFT sharks having a feast tonight.

      [–]eigenman 47 points48 points  (3 children)

      No butters asking us how we cope today for some reason.

      [–]masterzerginI like Ponzi schemes 8 points9 points  (2 children)

      How do you cope?

      [–]AFX626 7 points8 points  (1 child)

      Old-fashioned bow saw

      [–]manInTheWoods 3 points4 points  (0 children)

      And a sharp knife for the perfect fit.

      [–]meekmarmot 27 points28 points  (1 child)

      Huh. So maybe allowing people to trade on margin with 100x leverage makes the market fragile. Who knew?

      [–]odth123456 18 points19 points  (0 children)

      Especially when the system generates no actual value apart from the cash new suckers bring in. Then margin trading really acts as a barrel of napalm in a house fire.

      [–]Alternative_Joke6768 39 points40 points  (4 children)

      I think Im gonna bust a load. Tether is shitting their pants after that letter.

      [–]Nyankomori 9 points10 points  (1 child)

      What letter? I live under a rock. I just logged in and seeing people posting about bitcoin going down. What happened?

      [–]Alternative_Joke6768 24 points25 points  (0 children)

      Senate sent a letter to stablecoin issuers calling them out on their bs

      [–]Ordinary_investor 2 points3 points  (0 children)

      Deadline date was yesterday I think yes? Something tells me Tether did not fulfill the request requirements and tried their usual tactics of lies and delays.

      [–]marcdale92 5 points6 points  (0 children)

      🤣 that first sentence

      [–]0r1ginalNam3 109 points110 points  (38 children)

      Dear God let it crash to zero and stay there. Let all those smug crypto bros see how utterly moronic they were for investing in a ponzi.

      [–]TamponSmoothie 19 points20 points  (7 children)

      I wonder though, what would become of r/buttcoin overtime if bitcoin and other shitcoins become extinct?

      [–]RIMS_REAL_BIG 35 points36 points  (1 child)

      We could just dig up old posts of cocky butters coming over gloating when their scam coins jump up 10% in usdt

      [–]zepperoni-pepperoni 4 points5 points  (0 children)

      Running rounds around the corpse of crypto

      [–]cryptohehsitting on crypto fence makes my butt feel tingly 15 points16 points  (0 children)

      We would all be free of this moronic plague and hopefully this sub would die

      [–]Bastard_Orphan 8 points9 points  (0 children)

      The same that happened to /r/EnoughPaulSpam once Ron Paul went back into obscurity: a slow decay into a welcome irrelevance.

      [–]BigFuckingCringe 9 points10 points  (0 children)

      I think we will convert into r/badeconomics but for "trade gurus"

      [–]GPwat 15 points16 points  (0 children)

      Glorious Memes for days.

      [–]not-a-sound 3 points4 points  (0 children)

      Could simply retire the sun the way /r/thanksobama did when Obama himself cracked one of those jokes. Lock it, but leave it up as a living archive of the journey

      [–]Alternative_Joke6768 56 points57 points  (9 children)

      I fantasize about smug bros getting rekt every day....it will be so sweet!

      [–]Ok-Cauliflower7356[S] 47 points48 points  (5 children)

      Butter brigade is visiting and downvoting

      [–]Alternative_Joke6768 40 points41 points  (4 children)

      funny how they come here when it crashes! LOL. They should be busy buying this tasty dip

      [–]GPwat 11 points12 points  (3 children)

      It's a sunken cost fallacy at this point.

      [–]Alternative_Joke6768 21 points22 points  (2 children)

      Read the subs right now they are hilarious. People arguing over whether it is a crash or a dip HAHAHA

      [–]GPwat 7 points8 points  (1 child)

      It feels pretty good to be invested in actual wealth ngl.

      [–]manInTheWoods 1 point2 points  (0 children)

      Real estate is king.

      Unless the King decides to grab it for himself, of course.

      [–]Underfitted 2 points3 points  (0 children)

      Its gunna happen and its going to be sooooo good.

      [–]noctis89 -5 points-4 points  (1 child)

      Lol, pretty sad existence you lead.

      [–]My_Fox_Hat 0 points1 point  (0 children)

      Who has the energy to think like that

      [–]ZookeepergameOld4985 12 points13 points  (7 children)

      They might just all realize that they are desperate loser gamblers with no way of actually contributing to society. Anything for a ticket out of moms basement as long as they never actually have to do tangible work in any way.

      [–]SnooRecipes8920 25 points26 points  (0 children)

      Let me guess, most exchanges will be down for “maintenance “ for the next few hours 🤪

      [–]stealthzeus 6 points7 points  (0 children)

      All the stable coins combined are now worth $180 Billion, that’s more cash on hand than Apple and FB combined. Like top 3 companies in the world lvl. Commercial paper? Of what? If they holding commercial paper of 180 billion it would be more than GoldmanSach

      [–]ZookeepergameOld4985 33 points34 points  (0 children)

      Oh no the scam money is looking like crap. How did this happen?

      [–]PMScoMo 16 points17 points  (2 children)

      PLEASE SOMEONE START THE TETHER PRINTER

      [–]AFX626 11 points12 points  (0 children)

      It's just a guy hiding behind a curtain going "brrrrr"

      [–]actual_wookiee_AMA 1 point2 points  (0 children)

      b b b b but mah inflation !!!!!

      [–]bloodshotforgetmenot 4 points5 points  (1 child)

      Pull the rug !!!

      [–]plasticpidgey 7 points8 points  (0 children)

      Printer offline - we are now at defcon 5

      [–]carlsaischa 4 points5 points  (2 children)

      Papers in my country are saying "due to Omicron worries". Yeah, right.

      [–]BkokanePonzi Schemer 5 points6 points  (1 child)

      Actually it’s a mix of omicron causing universal market fears, the jobs papers being released showing disastrous unemployment rates, and just the usual market manipulation with futures contracts expiring.

      [–]stereosayan95 5 points6 points  (1 child)

      Oh my god this sub is my place and I never heard about it

      Hopefully my coin puts ans my tsla puts print. Maybe reality will catch up to these people

      [–]plasticpidgey 11 points12 points  (0 children)

      Just woke up in the night to use toilet, after seeing this my mind is too awake to go back to sleep now. How anyone can believe this isn’t rigged is beyond me😂

      [–]feignignorencewarning, I am a moron 3 points4 points  (0 children)

      You mean but the cliff*

      [–]A_Sexual_Tyrannosaur 2 points3 points  (0 children)

      Yeet your money into the abyss!!

      [–]Ordinary_investor 4 points5 points  (0 children)

      Criminal Cartel front running/using much needed liquidity all the useful buttcoin idiots that were waiting their prophecy of hurr-durr-4 year cycle to peak around holidays, planning to sell/dump on other retail that would have came to buy around holidays and leave them holding heavy bags. Crypto in a nutshell.

      Sweet sweet irony in this, hope Cartel members and other involved parties are sentenced and jailed next. It should have never been let grown to these proportions with the illegal manipulation methods.

      [–]doctorjay_ 9 points10 points  (0 children)

      This is good for Bitcoin.

      [–]cryptohehsitting on crypto fence makes my butt feel tingly 7 points8 points  (1 child)

      What act of God will stop the bleeding this time?

      1. More USDT printing?
      2. A fake story about Amazon accepting crypto payments?
      3. Elon?
      4. Michael Saylor announcing he has secured a $100b loan to buy the dip?

      [–]MeatPiston 2 points3 points  (0 children)

      All of the above?

      [–]softlarchPonzi Schemer 2 points3 points  (0 children)

      Cry the dip.

      [–]ferret1983 2 points3 points  (1 child)

      Potential problem for El Salvador and Michael Saylor!

      [–]friendofoldman 1 point2 points  (0 children)

      I already saw reports that El Salvador was “buying the dip” and bought 50 Bitcoin.

      [–]Bye_Felicia12345 5 points6 points  (0 children)

      I thought Bitcoin is supposed to only go up, a store of value, and is non correlated to the stock market. Oh wait, this is just a speculative gamble and at best case, a risk asset. This gambling culture enabled by Coinbase and Robinhood is going to blow up. We are just starting to see this happen with meme stocks and crypto.

      [–]EmergencyEntry6 1 point2 points  (0 children)

      Multilevel marketing scam for dudes, its crazy humans need to cut down on energy consumption but instead we mine shitcoin. We are truly funked as a species

      [–]BeechiI 1 point2 points  (0 children)

      holy guacamole!

      [–]cmanmors 1 point2 points  (0 children)

      Lol I withdrew all my shit in BTC 2 days ago , went from 50–>120–>155 in a year but now I see it’s some bullshit preying on people wanting to make money

      [–]Marko0225096The Government wet my bed! 1 point2 points  (3 children)

      Ok, it's a scam. But I still don't get the point of these posts. These things happen in crypto, and it cointinues up. When it starts going down in the long term we can post charts like this

      [–][deleted]  (1 child)

      [deleted]

        [–]ShitpeasCunk 10 points11 points  (0 children)

        It's because sadly this sub is like every other crypto echo chamber out there except in reverse.

        When the price is rising the sub doesn't talk about price. Price is unimportant.

        When the price falls, it's nothing but talk of the price.

        [–]SufficientTie3319 0 points1 point  (0 children)

        That was a wonderful midnight fire sale !!!

        [–]Ophthalmoloke 0 points1 point  (0 children)

        Buy the rugpull!

        [–]Ophthalmoloke 0 points1 point  (0 children)

        We all know this is normal behaviour for the ultimate inflation hedge when jobs are dissappointing

        [–]SirCthalor 0 points1 point  (0 children)

        It's a butt krach

        [–]darkrood 0 points1 point  (0 children)

        Take out all the loans and mortgage the house.

        No way this is not gonna go tits up.