Back to $0.06m. 

A bitcoin futures ETF has officially been approved.

VALKYRIE BITCOIN ETF APPROVED! https://t.co/ekUJHP8oRI #bitcoin #etf pic.twitter.com/PxORG6eWKt

— Alpha Leak (@degenalpha) October 15, 2021

Boom. New ATH.

$65,566.

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Oh, the bots are getting smarter.

New ATH. $67,600.

Think we’ll see a lot of these over the next couple months. 

Buy the dip fam!

I’m dabbling in alts now. It’s a goddamn wormhole, but there is money to be made. 

Absolute bloodbath last night. Cheaper sats for me.

Why is it dropping today? Think I saw as much as 16% drop.

I saw a bunch of leveraged longs were liquidated. Basically they bet bitcoin was going to be a lot higher than it was yesterday and lost big time. 

Traders getting rekt while the accumulators get a gift of cheaper sats.

posted by justincredible

I saw a bunch of leveraged longs were liquidated. Basically they bet bitcoin was going to be a lot higher than it was yesterday and lost big time. 

Traders getting rekt while the accumulators get a gift of cheaper sats.

This also creates a feedback loop where weak hands get scared and sell, driving the price down more than from just the liquidations.

My wife looks at me like I'm crazy when I'm cheering on a huge dump (lol) like this.

Alright Justin, how bad is this Tether situation? I’m not very educated about crypto but this seems like it could be pretty bad. 

I don’t follow other crypto projects. What’s up with tether? 

https://www.reddit.com/r/CryptoCurrency/comments/r9fni8/tether_usdt_created_1500000000_worth_of_usdt_out/

posted by Rotinaj

https://www.reddit.com/r/CryptoCurrency/comments/r9fni8/tether_usdt_created_1500000000_worth_of_usdt_out/

Yikes. Sounds like J Powell is running the show at the Tether Foundation.

We are dippin!

posted by Automatik

We are dippin!

We are stacking.

Dollars Ex Machina

i love doomberg. interested to see what Justin thinks of this one.

posted by j_crazy

Dollars Ex Machina

i love doomberg. interested to see what Justin thinks of this one.

They’re in it as a trade and are hoping to leave the crypto universe with more fiat in their traditional banking accounts than they entered with. Most won’t. If you don’t know who the sucker is at the digital poker table, you are probably a HODLer.

I'm the sucker at the poker table. And I'm okay with that.

posted by justincredible

They’re in it as a trade and are hoping to leave the crypto universe with more fiat in their traditional banking accounts than they entered with. Most won’t. If you don’t know who the sucker is at the digital poker table, you are probably a HODLer.

I'm the sucker at the poker table. And I'm okay with that.

what did you think about the net flow of money they laid out? i don't know enough about the tech, the transfers and all that to know how accurate their assessment was (albeit they had a very basic description) regarding the actual flow of value and it's relation to fiat money.

I need to mull it over for a while, but I think he's oversimplifying things by quite a bit. Once I get a minute to re-read the piece and think a little deeper I'll check back in with what I think.

Nic Carter called the doomberg boys out and they are going to have a podcast debate about that article. i'm actually looking forward to that.

Nice. I haven't had a chance to re-read it yet. Nic is way smarter than I am on this stuff so I'm curious to hear his take as well.