iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
16,985 Blog Posts

All I Want is a Bitcoin Crash for iBC’s 10th Anniversary

Over the past three days, Bitcoin is down by a modest 20%, knifing lower from all-time highs to just below 6,000 today. In the big scheme of things, this pullback is nothing, a mere way station en route of extreme excess. On the other hand of the spectrum is bitcoin cash, an entirely stupid crypto-currency that is trading higher after the much talked about BITCOIN FORK was fucking canceled.

The hype became perverted earlier today when it eclipsed Ethereum in market cap and circle jerked its way up to a $40 billion market cap. Fair value for bitcoin cash is somewhere between $0 and $1.

Due to the run up in BCH, the total market cap for the crypto-currency markets has remained steady at $195 billion. The great thing about the collective market cap continuing to balloon is that it’s becoming a systematic risk to financial markets. Just imagine it gets up to $500 billion and then drops by 90%; what a splendid and beautiful crash it will be — befit with all of the gilded trimmings we’ve come to expect from all fine market collapses over the past 20 years.

On this day, the 10th Anniversary of iBankcoin, I ask the Gods for just one thing: a small, yet delightful, crash in BTC.

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20 comments

  1. doji

    I have loitered about these fine halls for, … has it been 10 years? … I have made a call … the bitcoin thing is good.

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  2. moosh

    Ditto, gods. I don’t have enough coins yet.

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  3. sarcrilege

    cannibalization

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  4. soupbone

    the bitcoins market is a zero sum game so the systemic risk comes from the shear size of the market? is there additional leverage involved whereby entities could go insolvent? yes and yes?

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    • moosh

      What are you talking about?

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      • soupbone

        That the Bitcoin market contains no money in and of itself, exactly like the stock market contains no money. Market values day to day are the last trade multiplied by the whole float of shares. Most count that money as their own which it ain’t. And what this disguises is the il-liquidity lurking behind. Anyway rock on, I’m not a trader as you can surmise. I invest.

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  5. joyous__ending

    Bitcoin futures coming on CME before end of year
    http://www.cmegroup.com/trading/bitcoin-futures.html
    Who knows what happens next – 3x ETFs?

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  6. s.k.

    You’re really stretching if you’re trying to tie in Bitcoin with systemic risk.

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  7. moosh

    @sarc believe me, btc profits equal gold coins galore.

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  8. CoinSpeak

    Fly will get his wish. BTC will crash.

    And BCH will rise from the ashes.

    BTC to BCH will the greatest transfer of wealth inside the greatest transfer of wealth (fiat to crypto) in history. A Russian nesting doll of wealth transfer if you will.

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    • sarcrilege

      fiat is debt, not wealth. but there’s this thing, i forget its name, it’s yellow, kinda has a nice ring to it and cannot be impaired. how does one transfer that to the blockchain and have access to it at all times even if the grid goes down? Any ideas?

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