Bitcoin down to 20,700

[carolinakid]

i heard too that a lot of people are against it as it use for payment on the dark web.btw what in the heck is the dark web

 

[MinnesotaFats]

It will always have a place in the black market

 

[mikesmith99]

It will always have a place in the black market

Yeah but so will dollars, euros and yens. Gotta agree with sports bettor it was never promoted as that but more as a financial system to avoid situations like 2008.

Also, while it appears that this year the stock prices are more correlated with the stock market that's a historical first as it has never really been attached or influenced by it. Probably due to the mass institutional adoption in the last year.

Having said that do agree that this is a good time to separate the wheat from the chaff as a lot of crypto projects with no real purpose or flawed projects skyrocketed like Luna (Terra) recently.

I think only a few crypto projects are really worth the time and investment as they come to solve real life solutions like chain link (smart contracts) and solana (transactions).

With BTC and some others one of the beauties is in its de inflationary nature (burning of tokens, and finite amount) which is why the less whales we have and the more adoption, the better.

At this point I would rather trust gold and crypto than any fiat specially with the Fed printing money like it was the NY Times press.

So yeah do agree that there is a lot of hocus pocus out there with a lot of bad rep projects but the economics behind btc are more sound that some macro economic tendencies that have surged as of late, imo

Only if you considered it as an investment. The creators of bitcoin never promoted it as that.

It's a very useful tool. To pick a not-so-random example, it's great for funding and withdrawing from offshore books.

I don't see how you can buy these crypto assets anymore

They aren't a store of value, they aren't decoupled and they are concentrated in ownership

Bitcoin is a dead & fraudulent concept it appears

But yeah loving this discussion. And use ripple to deposit with Betonline and thank me later lol

 

[carolinakid]

look like it just hanging around the 21,level now on 6.15

 

[carolinakid]

i wonder what impact when the fed raise interest rates today what bitcoin will move to

 

[Tanko]

i wonder what impact when the fed raise interest rates today what bitcoin will move to

It seems to be following stocks, not directly, but moving up/down as stock market does. Higher interest rates will cause stock market to drop so I'd expect more carnage in the crypto markets as well.

 

[mikesmith99]

i wonder what impact when the fed raise interest rates today what bitcoin will move to

Wouldn't be surprised if it goes down lower. Theirs another factor that I forgot to mention and it is that we're close to a btc halving and in the 3 previous cycles this has happened btc has seen huge drops (biggest one was about 80% going from like 17 or 18 to 3k about 3 or 4 years ago). That plus current macroeconomic conditons could send it to that 10k floor we've been talking about.

 

[carolinakid]

they saying we might see something like 3/4 of a pt, we have not see that rise since 1994

 

[mikesmith99]

they saying we might see something like 3/4 of a pt, we have not see that rise since 1994

Honestly, and not sounding panicky, I think we about to hit the worst recession since 29'.

No need to be crazy, just smart about investments. I'm staying away from the stock and if the opportunity arises, buy some property, even a small chunk of land or a small house. Rn market is crazy but 2023 should be a buyers market

 

[carolinakid]

yep prices on everything today are going crazy, watching the markets close today when the Fed release the news, i pick up some Puts on some of the indexes a few day ago 2 months out.i think puts on the oex index 2 months out a good buy now

 

[Ace7550]

Only if you considered it as an investment. The creators of bitcoin never promoted it as that.

It's a very useful tool. To pick a not-so-random example, it's great for funding and withdrawing from offshore books.

How much would it suck to go back to depositing with credit cards and waiting a week for your withdrawal check to arrive

 

[carolinakid]

The Federal Reserve on Wednesday is expected to do something it hasn’t done in 28 years — increase interest rates by three-quarters of a percentage point.
In response to soaring inflation and volatile financial markets, the central bank will hike the rate that banks charge each other for overnight borrowing to a range of 1.5%-1.75%, where it hasn’t been since before the Covid pandemic crisis began.

That rate feeds through to consumer borrowing, impacting virtually all adjustable-rate products such as credit cards and home equity loans.
Along with the rate increase, here’s a quick look at what the Fed also likely will do:

• Adjust its future outlook for interest rates via its “dot plot” of individual members’ expectations.
• Update its outlook for gross domestic product, inflation and unemployment. Economists figure the Fed will decrease its expectations for GDP this year while raising forecasts for inflation and the unemployment rate.
• Change the language in its post-meeting statement to reflect current conditions, namely that inflation is running at a faster pace than anticipated, requiring more aggressive actions to contain price increases running at their fastest level since December 1981.

Goldman Sachs said new language in the statement could indicate that the rate-setting Federal Open Market Committee “anticipates that raising the target range expeditiously will be appropriate until it sees clear and convincing evidence that inflation is moderating,” which the firm said implies “a high bar for reverting to 25bp hikes.”
Following the FOMC meeting, Fed Chairman Jerome Powell will address the media. The decision is due at 2:00 p.m. ET and Powell will speak 30 minutes after that.
Powell will be called on to explain the Fed’s recent shift in rate expectations. He and other officials had been pushing the narrative that consecutive rate increases of 50 basis points would be the most likely course.

In fact, at his last news conference in May, Powell dismissed 75 basis points as an option, saying it was “not something the committee is actively considering.” A basis point is one one-hundredth of a percentage point.
Now, Powell could provide indications that multiple 75 basis point hikes are possible if inflation readings don’t start to come down.

 

[carolinakid]

View highlights only

Latest Developments: Stocks Lose Steam After Fed Decision​

Watch Live: Federal Reserve News Conference

Watch Live: Federal Reserve News ConferencePlay video: Watch Live: Federal Reserve News Conference
The Federal Reserve approved the largest interest rate increase since 1994 and signaled it would continue lifting rates this year at the most rapid pace in decades as it races to slow the economy and combat inflation that is running at a 40-year high.
Officials agreed to a 0.75-percentage-point rate rise at their two-day policy meeting that concluded Wednesday, which will increase the Fed’s benchmark federal-funds rate to a range between 1.5% and 1.75%.
Stocks handed back some of their early gains after the Fed's decision was released, though all three major U.S. indexes remained in the green.

 

[lemartinsports]

i know too many people hurtin from this right now. i hope all of you are well

 

[carolinakid]

bitcoin went up a 1,000 on the news early

 

[sportsbettor5]

How much would it suck to go back to depositing with credit cards and waiting a week for your withdrawal check to arrive

Well said. Crypto revolutionized offshore.

 

[BobbyFK]

How much would it suck to go back to depositing with credit cards and waiting a week for your withdrawal check to arrive

Or old school WU and MG….remember NetTeller?

 

[carolinakid]

i do Bobby, it was great for the states until it stop letting the states use it

 

[Ace7550]

Or old school WU and MG….remember NetTeller?

I never did use NetTeller. I always deposited with CC and had books send me checks. Those days were still fun but Crypto sure has made the process streamlined.

 

[carolinakid]

plus 1!!