Possible BTC correction

888 11
Overall VERY bullish . But if there is some FUD tonight, I can imagine a correction as per above.
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Very interesting points and analysis from both of you guys. Thank you for sharing
Like a follow up on this?

The more I dig, the more I convince myself Bitfinex is in a shit ton of trouble and is Tether as it's own central bank to stay afloat by buying BTC on margin and forcing the price up. This move up feels wrong to me. All previous retracements and extensions were a high followed by a dip to 61.8% of that high, followed by a new high of 1.618% of the previous high.

The pull back leading up to 11/12 only saw BTC drop 30%. BCH was on its way to advancing to that level on its own before Roger Ver came along and essentially spiked the football.

TLDR: Don't think BTC's pull back on 11/12 was the correction and it's current price status is being propped up on Bitfinex, through truly fake money, Tethers.

EuroMotif jdharward
@jdharward, wow, yeah like that. I know you have been researching this, and has me very concerned too.
if BFX dies, there will be a crypto nuclear-winter :(
jdharward EuroMotif
@euromotives, Exactly. It really makes you wonder about BTC's record rise in 2017 and how much of that was done through manipulation through tether. My only play against this is to BCH but I fear you're right. BFX blowing up could be a Mt. Gox like event and send ALL cryptos into nuclear-winter. No one is safe. BCH could prove to be resilient however. I feel like we're all on a sort of ticking time bomb, just waiting for tether to blow up. Blockstream is shady as hell.

They've become the banker's bitcoin, which is why they won't win in the end. The entire purpose of bitcoin is to bypass the banks, central bank created inflation and the money changers. It's a gift from God in my view.
jdharward jdharward
@jdharward, To clarify that last bit. I'm stating why I believe BCH will ultimately win out. That and there are billions at stake (on both sides).
EuroMotif jdharward
@jdharward, Agreed 100% We DONT need no stinking Bankes! I don't think they were the sole cause of BTC explosion in 2017, but they probably added fuel to the fire.

My only crontra-view is that perhaps as BTC climbs, they need more Tether to satisfy buying demand (for BTCUSDT) so maybe they are both 'related' more so than one 'causing' the other?
jdharward EuroMotif
@euromotives, I've read that the total number of tether issued to BFX is over $630 million. Obviously, BTC's market cap has risen by far more but what I find curious is the timing between tethers issued and a price reversal when in decline. Its too convenient to be coincidental, you know?

Bitcoin Core is the 'corrupted' Bitcoin, which is why it will ultimately lose in my view.
EuroMotif jdharward
@jdharward, yeah, I suppose $630 mil injected at just the right time could help accelerate or decelerate a move. I have also see the charts comparing tether issues and price changes, and they do seem correlated for sure.

But I do not understand with Bitcoin Core has to do with Tether?
(not that I agree with them in a lot of cases anyway, but not sure how/why Core can influence the issuance of tethers?)
jdharward EuroMotif
@euromotives, I saw a chart the other day that overlapped the issuance of tether to BTC's price, I'll try to find it. The entire thing with Tether and BFX isn't exactly about Core. Directly.

BFX has only been shown to manipulate the price of BTC. If fraud does turn out to be the cause, it's going to send BTC's price crashing down to a low we can hardly imagine. I could see $3k in that scenario. The only question is if it spills into the other coins.

Blockstream, to me, represents a corruption of what Bitcoin is supposed to be about and they complete forget Bitcoin's true purpose. The purpose of bitcoin is to return freedom to the people by returning control of the money supply to the people and away from the central banks.

The banks and corporate interests have corrupted the free nature of Bitcoin, which is why we now have Bitcoin Cash, soon to be simply "Bitcoin".

Doesn't BTC just feel primed for a deep pull back to you? Down to $5k? Right now, it feels, to me at least, artificially propped up about $8K. Bull trap I suspect.

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