:marseycope: FTXcels literally on suicide watch: "the government is gonna bail out this unregulated industry, r-r-right g-guys?" :marseyobamacope:

https://x.com/gainzy222/status/1590473641841807360

Top reply is "my life is over ngl." Scroll down and it's an endless stream of dudes talking themselves out of not an heroing

Follow up by OP:

Top reputable exchange backed by one of the top 10 richest people in the world who works closely with congress vs blatant ponzi

Hundreds of replies laughing at him

66
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I've been talking hateposters out of buying Bitcoin for a while. I am not giving investment advice here but I am gonna say that I am no longer trying to talk anyone out of buying Bitcoin any longer. Will Bitcoin go up? Will it go down? I don't know. I'm certainly still cautious and not buying yet. Maybe. I am just starting to booze up today though maybe I will ride this tiger. My rough heuristic buy price for Bitcoin was 16k, and we went beneath that. With that, there are some additional things that might be buy signals.

We have an event with a catastrophic facade that is worse than the reality actually is. "Buy when there is blood in the streets" as Nathan Rothschild said, and now the pink wojaks are running deep. A prominent crypto guy just tweeted "Crypto is simply fricked, no way trust will be restored after 2022. I hope SBF/do/3ac rot in jail." The despair among true believers runs deep, which before this week there was an attitude of "this is a normal drawdown". I think most of these people were buying in at around 19k and thinking they were safe. There was a general consensus that Bitcoin would hover near the ATH of the bear market before last when crashing downwards. I was always extremely skeptical of this consensus.

Additionally, there are some quantitative indicators as to which I think are notable. Reflecting the general attitude of traders, the FGI is deep into "Extreme Fear".

To corroborate my statement of thinking smarter money was buying back in at around 19k, since mid June we've had an MVRV below 1, which could indicate an accumulation phase on the part of people who think they've found the late phase of a bear market. Now the accumulators just got kicked in the teeth. This could mean that they hold onto their gonads to not realize losses or it could mean they capitulate and drive the price down further. But if I buy now I am buying lower than the "smart" money.

Is this the bottom? I don't know. My old EFnet hacker friend who was the first to ever tokenize a physical asset on a blockchain is still bearish. He has been saying Bitcoin 4k ever since it hit 60k. I feel that 4k is way too low, absurdly bearish beneath all reason but even that is only basically another 75% drawdown from here. It's also possible that because that because we went below 16k as a result of an event that was not priced in, that Bitcoin is not fully done with price resolution yet and is not really oversold. In terms of oversold as a quantitative formula on the RSI, Bitcoin is not yet oversold. It is also possible that I am simply not bearish enough. Also we might see similar collapses from crypto.com and Nexo soon, but these aren't big players. I think the absolute lowest it could go at this point, if those two things happen and regulators go nuts, is 10.5. In contrast the potential upper end of the price could go reasonably up to the mid forties. All things considered, this is the first time in a long time I have been asking myself "should I buy Bitcoin?"

Also something to come out of this that is unrelated to price action: knowledge that CZ is a straight gangster and you should never cross this dude.

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similar collapses from crypto.com

nooooooooo that's where I go to cash out crypto :marseyitsover:

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except you, love you cb I hope it works out

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except you, love you cb I hope it works out

awww :marseyxoxo: don't worry i've been around the block enough times when it comes to crypto :marseyveryworried:

![](/images/16680734974052985.webp)

unless usdt crashes too then :marseyitsover:

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USDT is now $0.98 :marseyveryworried:

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:#marseyitsover: yeah i noticed when i cashed out some just now

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hopefully :#marseysal:

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lmao luckily i have a habit to swap to eth before selling there

![](/images/16680854927398634.webp)

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:marseyhmm: i thought they just halt usdc/usdt on solana chain? usdc/usdt on eth chain is ok?

how you cash out? convert to sgd and FAST transfer out to sg bank account?

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get an account at a real exchange. bitstamp or kraken

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That's great and all, but I asked for my burger without cheese.

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:marseywagie:

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