Thread

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βš‘οΈπŸ’¬ NEW - Luke Gromen says that he reduced his Bitcoin portfolio substantially at $95,000 and thinks it’s going a lot lower. - Risk of quantum computing - Not making new highs vs gold - Lots of selling from whales - Charts broke down 6 weeks ago - Believes 4 year cycle is playing out

Replies (24)

... all reasonable observations. With regard to "watching what Tether's doing", however, I strongly suspect he's referring only to Tether accumulating gold more so than bitcoin. I seriously wonder if he's even aware that Tether has an obligation to hold gold vis a vis their issuance of Tether-Gold tokens (which, in relative terms, has recently exploded). That is, I see Tether's efforts to focus more on acumulating gold as anticipation of a growing gold token business rather than necessarily projecting gold to appreciate more than bitcoin.
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What is the actual risk that quantum computing poses? If anyone is familiar? Brute forcing seed phrases? Mining every block? Or like something else? I don't think it's a risk for a long time, unless of course if it's the sole reason for all the research China is putting into quantum computing. If that was the case I'd be worried.
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Personally I think this is a big contributor to why OG bitcoiners are cashing out. A lot of them also never really had a chance to spend their wealth before, it wasn't just about price, it was about what you could spend it on, adoption is still slow, but swapping it for other currencies has become easy, so that's obviously what they need to do to spend it. Imagine holding since it was under $0.05, having hundreds of Bitcoin. Not really being able to spend it on anything this entire time, obviously you're going to dump some I'm exchange for a different currency you can actually spend. Idiots say store of value before means of exchange because they're stupid. image
I like the appeal to β€œI’ve been in the market for 30 years” as if that tells me all I need to know about him being an expert. Dude, that tells me you know everything there is to know about fiat business cycles, which means you know nothing about actual money.
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The reason bitcoin will substantially increase in price is political. The OG’s don’t understand this, the chartboys don’t understand this, and the quantum computer apocalypse people don’t understand this. I’m sorry, but the quantum computer people are to me as credible as the fusion-reactor-in-two-years people. I hodl in peace.