Binance bitcoin bailout
Discussion
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@molly0xfff are they buying #Bitcoin? Did they lose funds? Or is this just because of an expected dip?
@molly0xfff $IBIT holding 65 Bn, Strategy ~35 Bn alone, not counting whales.
One Bn is like feeding a cherry to a cow.
@molly0xfff “ #Bitcoin (and other #crypto currencies) is like rat poison squared.” - Warren Buffett
@molly0xfff Bitcoin has already been succeeded by more useful coins but it doesn't matter anyway, the reason is because it has no real world use case outside of being a more efficient version of western union.
The word "plans" is the most frightening here.
I'm confused.
How could $1 Billion of fake, fiat currency prop up a real, stable hard asset like bitcoin?
Shouldn't that be the other way around?
@molly0xfff Fast forward 30 days...
@molly0xfff
Where do you think this is heading? Is the billion enough to get bitcoin to seem secure, or will it keep dropping?
it does not seem to me to bode well that they’re getting this nervous when the bitcoin price hasn’t even dropped below $80,000
@molly0xfff [one week later]
The ground is about to give way for the biggest rug pull ever.
@molly0xfff How nice to see good news from you for a change. :-)
@molly0xfff Couldn’t an announcement of this size trigger the run they’re trying to hedge against?
Brilliant to hear! 🍿
@molly0xfff I don't really understand this situation. Is this connected to the continuous devaluation of the US-$ in the last weeks?
@raisondetredev it mostly reads to me that they’re nervous about sinking bitcoin prices, and hoping to bolster them by a) injecting $1B of demand and b) publicly declaring their plans to do so in hopes that it will trigger others to buy
@molly0xfff That sounds stupid.
@molly0xfff Injecting $1B demand is nice, but ... what's on the other side of that $1B? Isn't that supposed to hold up the stablecoin or something? Is the stablecoin now bound to bitcoin?
@henryk no, USDC is reserve backed. the seller either decides to hold the USDC instead of the bitcoin, sell it for some other crypto asset, or redeem the USDC with Circle. it changes the seller’s portfolio, but USDC remains reserve-backed.
Criminals doing crimes.
This is like moving from an on-fire dumpster to a dumpster that is not on fire but could burst into flames at any second.