Official Cryptocurrency Thread: Skepticism to Speculation to FIGHT! FIGHT! FIGHT!

It’s amazing how many of these types of posts I see on Reddit. Absurd amounts of people falling for ridiculous crypto romance scams and losing hundreds of thousands.

 

Turns out you need a military and scary intelligent agencies if you really want to protect your currency.

 

The drama! Should be fun

 

Pretty much on the sidelines aside from monthly allocations to BTC/ETH. Just can’t trust anything largely VC backed these days.

 

Bought a little ETH today. Ready for the crash now

 

I am genius

 

If you have money on Celsius maybe look into getting it off.

 

I heard this earlier this week but only from one tweet. Where are you seeing this

 

Cory Klippenstein has had tons of threads on it for weeks.

 

Medium had a long article about Ethereum that references this some as well

 

Yeah just got the email. That’s disappointing

 

A month ago

 

Price dumping due to forced selling from a poorly managed shitty company. Good time to place some bids.

 

Lol no

 

https://fortune.com/2022/05/04/michael-saylor-microstrategy-margin-call-bitcoin/

MicroStrategy’s CFO Phong Le explained in the company’s first-quarter earnings call on Tuesday that if Bitcoin’s price falls below $21,000, or around 50% from current levels, it will be forced to pony up more cryptocurrency to back its $205 million Bitcoin-collateralized loan with Silvergate Bank that was used to buy Bitcoin in the first place.

“We took out the loan at a 25% LTV; the margin call occurs at 50% LTV,” Le said. “So essentially, Bitcoin needs to cut in half, or around $21,000, before we’d have a margin call.”

 

Saylor came out later and tried to do damage control saying it would have to drop to 3k and his fan boys ate it up.

 

think i'll buy some MSTR puts tomorrow.

 

Where's the best place to margin trade these days?

 

Would LMAO if Saylor blows up, even if it kills crypto for 3-4 years

 

Yes, but they have a lot of BTC that wasn't used for collateral, so should be fine.

El Salvador on the other hand...

 

Well I guess the good news is I'll get another shot to buy at all those prices I was sad to have missed.

 

This. The actual answer is something like $3.2k. All of this is disclosed in their public filings.

 

The margin call is at ~$21k. ~$3500 is the point at which they can no longer meet their collateral obligations by putting up more bitcoin.

 

but will you want to now?

 

And at the margin call, they can post some of the billions in btc that they have. Sooooooo. He’s literally talked about this on multiple podcasts and in public filings. I’m too lazy to look it up, but for everyone at half-mast for an mstr margin call, it’s something like the equivalent of taking out a $40m loan when you’re worth $1b.

 

Love the idea of just hand waiving away a $1,000,000,000 loss bc you're a zealot.

 

Imagine believing what he says

 

Their holdings are public information you nitwit.

 

I’m just glad we can all agree that the guy responding “lol no” to the question about whether MSTR had a margin call at $21k was flat wrong.

 

Nah. We both know lyrtch thinks they go bankrupt at that level.

 

For our non-regular posters:p

 

Modern Portfolio Theory is dead b/c 1st out of 8 times something happened means it will always happen just like this one time.

 

That crypto being "a hedge against inflation" is really killing it.

 

you get your house yet?

 

It’s a store of value

 

Yes. Thanks for asking

 

It’s not really storing my value eithee

 

Digital beanie babies are like buy 1 get 10 free right now and they have a much lower supply than that pigeon coin

When will you all listen

 

What was btc in spring 2020 when massive QE led to everyone in btc shouting that it would lead to high inflation?

 

It'll be the same in a few days

 

People have been crying about QE since Obama was elected.

 

How much btc are you offering at $4k-$7k? I'll buy all of it.