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this post was submitted on 20 Apr 2025
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TechTakes
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Big brain tech dude got yet another clueless take over at HackerNews etc? Here's the place to vent. Orange site, VC foolishness, all welcome.
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Quick check suggests that Bitcoin is indeed up over the last couple of days, but at time of posting is down YTD. Any dumb money going into Bitcoin to hedge against USD chicanery is replacing the money that came out of it in response to the overall economic disaster still in progress, so I wouldn't exactly call it a "flight to safety" as much as a "morons returning their still-on-fire hands to the hot stove"
Ed: also all the usual disclaimers about liquidity, stable coins, manipulation, etc. apply just as strongly as they do for any other discussion of the Bitcoin spot price.
Isnt the money in volume in bitcoin quite low reportedly? I figure the exchanges can track that, but not sure if they release that data, which should show if this is real at all
@David Gerard could probably throw the actual numbers and sources at us to back it up. I don't really have the background to put the numbers in context and have largely trusted his and others' reporting on the subject, but my understanding is that especially if you consider the volume of actual USD liquidity rather than trusting Tether and other stablecoins to actually be backed then it's truly dire. Even if you take the numbers at face value, however, I don't think there's nearly enough depth in the order book to absorb a meaningful amount of sell pressure at current prices.