That May Have Been It \ stacker news ~bitcoin

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332 sats \ 10 comments \ @OT 28 Feb bitcoin

If I were an outside objective observer of the Bitcoin bull run, it looks as if that may have been the top. Not because of any chart analysis or macro outlooks. No. It's simply because when it all gets too dumb, the market likes to nuke.

Let's look at some of the dumb sh$t from the 2021 top:

A girl make an NFT of a diamond, and then smashed the real one.
Rock jpg's sold for millions.
DOGE pumped with Elon's help.
celebrities bought for advertising (Tom Brady, Matt Damon)
general DEFI grift.
the "risk free" GBTC carry trade.

Now let's look at some of the dumb sh$t from this cycle:

President of US launches sh$tcoin.
President of Argentina rugs meme coin (or was rugged?)
Meme coins get the green light from the SEC.
Crypto projects lobbying government to "legitimize" their sh$tcoin (Ripple, Cardano).
general AI grift

Maybe there will be some more surprises. Whenever you think you have seen the worst, there's always someone that can outdo them. But the dumb sh$t list is building and it can only hold so much before it dumps.

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56 sats \ 0 replies \ @userbob6 1 Mar freebie

Let's not leave out the other dumb stuff, like:

dozens of hitherto die-hard Bitcoin crusaders revealing their "portfolios".
"did Saylor just shill shitcoins?"
Blackrock ETF shitcoin
BSR becomes Crypto Strategic Reserve

The dumbest sh# I learned recently though; that y'all might already know and many may think its a good thing.... I used to think NGU meant Bitcoin was winning, and Bitcoin seemed absolutely impervious to the unending barrage of various attacks of all kinds and magnitudes, but..... It would appear these attacks may not have been targeting Bitcoin to destroy it. From the perspective of a well established banker, that would be not only impossible---as i stated a moment ago---but also unnecessary. They've been attacking, and all but completely destroying, the only part of Bitcoin that threatens them. So Bitcoin is now firmly anchored in "store of value" with no tangible or even fleeting glimpse of the possibility of becoming a "medium of exchange". Having this aha moment was most non-non-heinoue.

89 sats \ 0 replies \ @nullcount 28 Feb

Add to the dumb shit:

some of the greatest orange-pillers in BTC have self-censored by moving to nostr
tether on lightning
mempools clearing
hashprice near all time lows even when BTC price at ATH
Coin Days Destroyed (CDD) spiking - means old whales are selling because 100k is a "round number"

26 sats \ 0 replies \ @Lux 28 Feb

28 sats \ 3 replies \ @79c9095526 28 Feb

Would you care to put some sats on it?

I'd wager 1M sats that we hit a new ATH before EOD 10/1/2025 if you're game!

0 sats \ 1 reply \ @DarthCoin 28 Feb

this is exactly the shit OP is talking about... making stupid bets with your sats for a future price, like that price matter...

0 sats \ 0 replies \ @79c9095526 1 Mar

Its not a stupid bet if you have conviction about something. Its one thing to say you believe something, its another to put your money where your mouth is. I believe bitcoin price will hit an ATH before 10/1 and am willing to bet some sats on it.

We are all making a bet whether we think about it or not. You are making a bet that bitcoin is a good money and will continue to be in the future (by presumably holding all your net worth in bitcoin). That is a bet.

0 sats \ 0 replies \ @OT OP 28 Feb

lol

No, I still think it's generally going up forever. You wouldn't want to ever bet against Bitcoin.

Thanks for the offer though!

36 sats \ 0 replies \ @freetx 28 Feb

You make a good point.

Personally I think its really good for us to grind around 80 for the next few months. Establishing 80 as a floor would be great.

I stopped buying once we broke 100 only because I wanted to see if we would hold it. I've now started buying again.

20 sats \ 1 reply \ @denlillaapan 28 Feb

too eerie a comparison, indeed.

If that's a top, and we're now dead, we gotta seriously reconsider the true value of bitcoin.

Market prices know something you don't... maybe we missed something?

0 sats \ 0 replies \ @OT OP 28 Feb

I personally don't think it is, but I'll admit that I am heavily biased.