FTX Repayments Begin! | Britcoiners by CoinCorner #158

Transcript

"We were raw, we were unedited-yeah, it gives a [ __ ]."

"Yeah, can't do, I'll do it this time."

"Weak. And the worst part? You clapped and hit your wire."

"Trying not to touch it because yours is dodgy."

"And you've done it again."

"Again."

"Is Dave still... still okay?"

"Back."

"Welcome back, Molly."

"Thank you, thank you."

"Miss you?"

"Oh, thanks. At least someone did."

"I don't know if you're sucking up."

"Only because I was forced to do her job."

"I feel that was a bit creepy, if anything."

"Creepy?"

"Missed you."

"I appreciate, Danny."

"Dave?"

"Yeah, I actually, honestly, had no idea you missed the last episode."

"Great."

"I completely forgot."

"I'm back."

"Uh, Britcoiners, episode 158."

"Agenda this week: we've got BlackRock and their Bitcoin ETP in Europe, first of the SDX repayments, MicroStrategy's rebrand, Maryland and Kentucky and their Bitcoin reserve bills, Dave Poro and his MCoin, Bitcoin difficulty, Central African Republic's MCoin, and the man who threw his hard drive away is back."

"Why?"

"What?"

"Who's put them on the agenda?"

"Dave, why?"

"It's all over the mainstream news today."

"Back."

"I thought it was over."

"The court case, for me, was something that might have drawn a line under it, but no."

"He's B-"

"Right, well, we'll come on to that in a bit."

"Right."

"Bitcoin price."

"Live price-we're sitting at $98,000."

"Last episode, the price was 95, and the high since last episode has been $100,000."

"Oh, did it?"

"Yeah, only just."

"Great stuff."

"Cool."

"Hovering."

"Stable."

"Not much to say, really."

"Bit stagnant."

"Bit boring."

"Yep."

"S."

"Saylor bought a big..."

"This is one of the things I think that many people are a bit-"

"Saylor's buying $700 million worth on a Sunday night and the price is not really moving."

"And it's kind of like, we don't know if he's buying."

"Normally, he buys from Coinbase, doesn't he? Spot. But doing small buys to not move the price purposely."

"Whether he's changed that tactic or not, I don't know these days."

"And whether he's buying OTC, off-market in some respects, maybe he's still trying to-or maybe he is doing that, sorry, now."

"But it is crazy that nearly a billion-dollar buy, in like, what I believe was a single day-"

"Was it really?"

"It was like-you got the average price, like 97,250 or something."

"It's not moving the price."

"And it is a bit-you've got to look at it and think, okay, yeah, this does seem a bit nuts."

"How is it not moving?"

"But we do see this every cycle, where you won't have publicly seen in the background, in the past, that people buying at size where they were-"

"But then it takes time to come together and eventually start to see that impact and the influence on the price once the sellers start to dry up."

"Mhm."

"He's a bit of a pro at buying large amounts on the market without moving it too much, isn't he?"

"I mean, he's well-versed in it."

"When he does a B-"

"There's big support."

"So if something's starting to drop, the support level is there from him."

"You can kind of tell."

"But it doesn't pump the price in any sense."

"For me, it kind of feels like there's a bit of people holding their breath, almost, before we find out what happens with the Bitcoin reserve."

"Like, it's about 160 days away, isn't it?"

"Until you'll probably hear a big announcement about that."

"And I think there's a bit of like-that's what it feels like."

"The thing I don't get in my head though-"

"If-"

"Yes, I agree with you."

"But then actually, why are you holding your breath?"

"Why are you waiting to buy Bitcoin for that?"

"You would just be buying now."

"People will be front-running that announcement, surely?"

"Yeah, institutions might go on sentiment."

"So, yeah, it depends on the confidence of the approval of that."

"But then, if you think that eventually they are going to-like, if you had belief in that Bitcoin is eventually going to be in the strategic reserve, etc., in all the different countries around the world, then you would just be buying regardless."

"People trying to time it and wait for that announcement are effectively trying to trade as a P.O. or just trying to follow the sheep."

"As opposed to-"

"Well, I think they're seeing what the confidence levels are like in terms of that announcement."

"So they-"

"Like, the closer you get to that announcement, the more accurate you can predict it a little bit."

"So you don't want to be the guys-"

"Institution?"

"Yeah, like, getting involved now, and then there maybe isn't a Bitcoin reserve."

"Something happens."

"You know?"

"Yeah."

"Then you think, you don't want to be buying at this price."

"But the general public-"

"The Bitcoiners-"

"The crowd-"

"Why would any of them be waiting?"

"They not-"

"Yeah, I wouldn't say the same thing."

"Yeah."

"That was just-maybe-what's happening."

"Probably absolute rubbish, though..."