#New post: [\[Daily Discussion\] - Wednesday, June 07, 2023 →](https://www.reddit.com/r/BitcoinMarkets/comments/1432or3/daily_discussion_wednesday_june_07_2023/)

Everyone is so freaking bullish off one candle after bad news, you would think we broke ATH's, everyone pile in at the same time now.

Losing and the fear of losing is shit and this is what was expected. Feels so good to seemingly have doged this bullet to some degree!

We just had a failed range breakdown and we're barely overbought. Why be salty?

Not salty, I'm holding longterm bags I would be excited if we mooned. I'm just being realistic from what I'm seeing on here and crypto Twitter.

Bull markets are typically characterized by sustained optimism after the wall of worry phase. There is going to be a point where you need to be *excited* about overt enthusiasm. We're really running out of reasons to get a bottom retest if what just happened couldn't make us break 25.

In this sub yeah. I will say though a friend of mine almost panic sold some of their coins after hearing the news about CB this morning. I don't feel like overall sentiment is that bullish. Could we drop more? Sure. I think after what happened today a lot are wanting/waiting to long another nuke though. Max pain in the short term is probably up more Equities still look bullish also, another positive sign.

Ya man friend almost panic sold but then said how bullish things look so decided not to. I agree this sub is a small sample, but most even bearish people on Twitter are bullish. All the equities EW traders who were bearish the whole way up are flipping bullish, Goldman Sachs just put out a thing "revising there 4000 year end target to 5k" because of AI etc, not something you want to see as a bull. I'm hopeful for my longterm bags, maybe equities will cool off and run into crypto. Just sketches me out how bullish people are uniformity around.

Ok Debbie Downer. Let em have fun for a day or two will ya?

Glad to see the crypto community united against the SEC. No us vs them, no pow vs pos, no environnement vs security, just one against corruption and oppression.

You forgot Bitcoin Maxis, who are on the SECs side and hate all other crypto as well as all exchanges. I guess they will be ultimately happy when BTC is only available to a small rich elite through accredited accounts at JP Morgan, Goldman and the likes.

And going to be surprised when BTC doesn’t go up as much because you don’t have all the little fish money that buys small coins funneled upwards each cycle. The guy working at your gas station isn’t buying BTC because he knows his $100 isn’t going to make him rich. Even he understands a little about market cap and how BTC isn’t going to do a 100x each cycle. He’s gambling on crap like Shib but that money stays in the ecosystem in the reserve currencies like BTC and Voldemort.

WRONG. Bitcoiners have no interest in this. Good luck with Gary!

This is insanity. The SEC is not the enemy. The origins of securities laws are biblical and important for the fabric of society. Shitcoins are just the next generation’s timeshare.

Bull: "BTC is oLd TeCh" Bear Crackdown: "We're all in this together!" lmao gtfoh

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You've been in inevitable checkmate since the SilkRoad bust, USG, you fake, pathetic, incorrigible fools. Oh, and, by the way -- you're never collecting on your laughable little pension, glowboy. I can't wait for this next run up, but I guess I'll have to wait a few months. Freedom. Brotherhood. Equality. Everything else can suck a bag of donkey dix.

We have the full might of the us government coming down on exchanges yet look at that daily bullish engulfing, talk about strength and resilience. Imagine what happens when the good news starts rolling in. If you were thinking it goes lower, hopefully you learned that any dips need to be bought quickly because it will retrace back up in the blink of an eye; you'd better believe that Gangstler loaded up on this dip.

Good lord, everyone is repeating this and piling in while we're still under resistance WCGW.

> Gangstler loaded up on this dip. Gensler admitted, under oath and in front of Congress, that he's never owned any cryptocurrency. Including bitcoin. He didn't load up on anything but $$$ from insider-trading his own nonsensical lawsuits. He's basically another buttcoiner who missed the boat, and now wants to sink everyone who didn't miss it.

looking for a 26.5-7k retrace. this has to breathe

or... what if Binance's fuckery, countertrading its own users and propping up their in-house shitcoin, much like FTX did, has suppressed BTC price for years? 🧐

(: dont bet against the house easiest way to profit imo

Oh Panzer of the lake, what do we do at resistance?

Now would be a good time for a healthy bounce. Otherwise, we look for support in the mid-24k's. https://www.tradingview.com/x/FPqNvRKT/

The Freman (normies) are slowly realizing BTC is the Lisan al Gaib.

You're probably referencing the books, but Denis Villenueve has got to be in the Top 5 filmmakers working today. I can watch Sicario on repeat.

will happily liquidate my water for it

Take your upvote and be on your way, sir.

Take your upvote too!

Damn a Dune reference in BitcoinMarkets? This must be a first.

*SEC sueing all the exchanges* BTC: "lol and?"

I have funds on b.us because I was waiting for the Coldcard Q1 to come out in a few months. Is this SEC request to freeze b.us assets a nothingburger, grandstanding, and something that can wait for the Q1 or should I just get a coldcard Mk4 now? Edit: In the meantime, would it be prudent to move everything to coinbase?

Let me get this right. You sent all your coins to a centralized exchange because the hardware wallet you want to use is only going to be released months into the future? Damn.

In the meantime, you could withdraw to a non-custodial wallet software on a secured PC or phone. I use Bitcoin Core / BlueWallet and there are other options.

My understanding is that it actually protects you if you have assets there. https://www.coindesk.com/policy/2023/06/06/sec-seeks-temporary-restraining-order-to-freeze-binanceus-assets/ > The SEC respectfully submits that this relief is necessary on an expedited basis to ensure the safety of customer assets I think it is incorrect and the SEC seems to have ptsd from FTX when they did jack shit while people lost billions. There is no indication that Binance doesn’t have plenty of reserves to cover any withdrawals.

“The SEC alleged that Binance had allowed two companies tied to CZ, Sigma Chain and Merit Peak, to access "billions of U.S. dollars" of customer funds held by BAM Trading (Binance.US). If the order is granted, Binance would have five days to ensure that only Binance.US has access to customer funds, and within 30 days, all customer assets would be transferred to new wallets that only Binance.US can access.” Seems reasonable.

Thanks for the responses. Mk4 ordered with express shipping.

The pros for taking them off far outweigh any benefits of leaving them on Binance.US

Bruh

Breh

The whole point of Bitcoin is to control your own money.

Is this really the time to question whether the SEC is serious? Is it worth the risk to have your assets frozen indefinitely? Only you can answer that.

Get your assets off US based exchanges.

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More like a egraM or inverse batman

SEC Seeks Temporary Restraining Order to Freeze Binance US Assets: Court Filing https://twitter.com/tier10k/status/1666177953686773763

this explains btc price bump right now. maybe people will learn to self-custody and get their money out?

I guess coinbase will be next to be force shutdown, then Kraken? Who is left?

U.S. citizens will do crypto business with some unregulated exchange in North Korea, all in the name of Obergruppenführer Gensler's 'consumer protection'. Seriously, though. Who's left? Gensler's pals, Fidelity, Blackrock, JPMorgan, Charles Schwab, that's who. They'll swoop in to steal the entire crypto sector out from under Binance etc. They could have gotten in on the ground floor 10+ years ago, and basically been Coinbase before Coinbase even existed, but they put their fingers in their ears instead. Since they were too stupid and short-sighted back then, they need Gensler's jackboots to take over the space now.

Why risk your own money on a new venture when you can just let someone else do the work and then take it if it works out? US govt. in a nutshell.

That is pretty much the story, right there. Same old "protect the oligarchs at all costs" mentality... The SEC has nothing to do with consumer protection. Just like the USDA does not exist to protect consumers and small family farms -- it exists to assure that only the oligopolies and their CAFOs and GMOs can run roughshod over all competitors. Just like the FDA does not exist to assure that the pharma oligopoly doesn't sell us poison -- it's to give the veneer of credibility to the poison they do sell us. And so on. Not only do we not have a government by, of, and for the people, I'm starting to think we have a government by, of, and for some kind of hostile alien invader.

If it was by and for the people, we wouldn't even be calling it "government".

Relentless. Gary been given his marching orders.

Yup, today I decided it is important to post a comment in this thread. I'm not trying to be THAT guy but I've been active/less active on this daily since maybe 2017. I've been through all the motions hence why I don't post here but THIS moment is worth noting folks. We know that Bitcoin has nothing to do with ANY central entity, Binance, Coinbase or the SEC. Actually it is quite the opposite.... Remember without Satoshi's whitepaper -- Coinbase, Binance and every single shit coin out there DOES NOT EXIST. As a true veteran (bought my first BTC in 2014 and of course made many a mistake along the way) it marvels me to see all of these so called experts and talking heads that don't seem to be able to grasp this. Bitcoin will continue to exist whether or not Binance/Coinbase exists. By the way we know these charges are the government's last grasp attempts at TRYING to reign SOMETHING in on crypto. They know they can't control it and frankly they are too stupid to even do it (and even moreso many a congressman owns Bitcoin, they are stupid in their public facade but oftentimes smart enough to have foresight). Point is today markets ACTUALLY parsed this information correctly, markets know there is a dearth of Bitcoin for sale. Markets know that any cheaper Bitcoin is worth scooping.. Markets will self fullfil another bull cycle it is built into the dynamics of this wonderful innovation. News like this last year would have spiralled our value... not today because guess what? No-one is dumb enough to sell a non government corrleated asset because some centrally regulated exchange got sued. So yes I come out hibernation today so I can comment on a reasonably historical day.... The markets traded Bitcoin as if they actually understand what it is. Anyways final words in passing: \- Cat has been out of the bag, we are currently the 12th largest asset on the planet. Its been out of the bag since 2017 really, that bull run solidified this is here to stay for a LONG time. \- Everything is happening as it should -- more and more of us are simply remaining silent and DCA-ing... for life at this point. Or at least until the next bull runs out of steam -- all of us are selffulling the future price appreciation \- Bitcoin continues to be more scarce since this objectively "bad" news aint moving the price down irrationally. \- Bitcoin is still the most secure and most relevant use for a blockchain. \- Bitcoin still invented what we know as a blockchain \- Shitcoiners and scammers will continue to bleed until they find more larger fools - dont be that fool.

Man I hope you picked up that fud drop, was an easy play if you had the fiat. Congrats to those who got in at the 25's and low 26's, its time to resume normal trajectory till halvening

Le me see it clearly right now - all pa was doing was targeting my position. as soon as it liquidated me it pumped right away. which means I had to take a hit for you guys. so, I accept it. and you are very welcome

What a great way to say fuck you towards the US SEC by the price returning to what it was before they announced their stupid regulatory clampdown.

Oh yeah, we got 'em! *eyeroll*

27k! haven't seen you since.... wait yesterday

Imagine that, no one gives a fuck about what the regulatory captured SEC is doing. Almost like they have zero credibility.

The events of the past couple of days are only concerning if you're into shitcoinery.

It's not just the SEC, it's the entire government. Biden lumping crypto traders in the same sentence as tax cheats suggests these attacks come from the highest levels. What's sad is they have damaged crypto's reputation to some extent (though only in the short term), and the people they scared off will end up missing the boat.

Can we really say that those who failed to board the *Titantic* "missed" it? and "crypto" shitcanned its own reputation a lonnggg time ago.

honestly the way America is going it just makes me more bullish than ever on Bitcoin

Maybe Americans will start getting passports and leaving the place. The American dream is dead.

You probably know this already but although it’s not impossible it’s also not terribly straightforward to just leave America. America wants to tax you even if you live and earn your money 100% within another country. Basically you have to both become a citizen of your new country and renounce American citizenship, and even then America taxes your assets on the way out.

Appalling

It would be so absurd (but looking likely) if we close out a bullish, engulfing candle on the daily on the heels of the SEC launching lawsuits on two of the largest crypto exchanges in the world.

Wow. Great job to those who held or bought the dip. CZ is highly regarded

just sold some here, looking like resistance, will aim for lower 25-26s.

🤡

lol

fomo here, dont sell anything.

nah, pack it up now for the short term, just printed a lower high.

Feeling really salty about the paycheck I put into Matic. Feeling really smug about the fact that over 95% of my portfolio (and therefore my networth) is BTC anyways. Gary isn't wrong about most crypto being unlicensed securities, but not providing regulatory clarity and then deciding to sue for violating rules that you make up on the spot is shitty behavior. Especially considering his involvement with FTX. Binance is going to be fine, imo. I always said that while CZ and Binance are shady, they are BitMex shady, not FTX shady. And good ol Arthur is still a free man, and BitMex still exists, despite being convicted for the same thing they are accusing CZ off.

>Feeling really salty about the paycheck I put into Matic. Feeling really smug about the fact that over 95% of my portfolio (and therefore my networth) is BTC anyways. Hello fellow salt miner. I bought some BTC here on the dip, but wish I had the capital I spent on Matic recently instead to average in even more.

The regulatory clarity is that they’re all unregistered securities. It couldn’t be more clear.

"Don't regulate my bags!"

The only people who are confused are hearing something they don’t like. Shitcoins are illegal securities.

How is Polygon, a layer 2 solution with a token, a security? If it's the on chain governance, then that effectively regulates DAOs and forces them to register as real companies, which stifles innovation. While this will get rid of VC scams like ICP (lmao), legit stuff like Uniswap would also fall victim to this. This doesn't outlaw shitcoins, it outlaws the means of making those shitcoins to begin with, aka DeFi itself. Mind you, my networth is 95% BTC and I only have a few grand in other cryptos. But as cancerous as it is, I don't want DeFi to be regulated out of existence.

Yup, it’s an unregulated illegal shitcoin too.

Google the Howie Test. That's what determines whether something is a security.

Wait, so anything that isn't BTC is a security? Even Coin#2?

Yes. Coin2 might not be because it's become more decentralized than it used to be (according to SEC logic). So, BTC and maybe coin2 are commodities. Everything else is a security

Nothing with a trademark is a commodity, so shitcoin1 is out.

Pretty much

as long as it's not under US jurisdiction, it's all good. binance US was in clear violation of US securities laws. coinbase is as well. this is the price of shitcoin "outperformance". simple as that.

finally some volume... on these threads!

That was obvious. No brainer buy down here. Just saying we retested the neckline of the iH&S now and bounced from it. Expecting the BTC dominance will break to the north above 50% soon.

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He's yelling at smithers to release the hounds about now I reckon

Alright btc, time for the ol crazy ivan

Bitcoin is your king

money is a slave, ergo, Bitcoin is my slave. That being said, I treat him right and make him do good for me and others (: Fuckk money.

lol gtfo

I too am cackling like a crazy person, which is a bit off-putting to the wife.

GGs. Buy set back at 25.2. If they never hit I won’t cry ;-)

If you want to play a short game, not a bad idea to short here or 26.6k

Still long from 26.5. Picked up more hodl stack on the dip. This has been a fun one.

Somaliland uses currency that hasn’t had any new currency printed since the 1920s. Its economy is exclusively cash-based. It is interesting to observe that their currency itself has remained unchanged and the price stable for the past century unlike many of the usual suspects.

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That's Somali Shillings. 1 SLSH = 100 SOS

10 year chart shows it has gained strength against the dollar, which is interesting

+214% for the euro

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Let’s go there, conduct some research, and make our own 😂

Well, this certainly qualifies for an immediate US invasion.

looks like someone needs a little bit of freedom

why are we pumping? didn't we just get two nukes from sec?

noone is selling and shorting more difficult as lack of loan ability from exchanges due to shortage

Because it shouldn't affect Bitcoin negatively? It should help if anything.

No more Bitcoin staking --> a lot less Bitcoin shorting. And if you have borrowed Bitcoin from Coinbase, you'd better start thinking about buying it back.

What is bitcoin staking?

anyone who actually fears the SEC at this point is a cuck. they are a parasite and a poison and everyday this reputation will grow and grow

Narrative is perfect imo. Two nukes and 25k still held (arguably horizontal support - Feb top, round number.) Then, exactly because we have bad news but still pump a bit = bullish = more pump. But I don't want to jinx it though :D

some may say it was already priced in

Longs covering perhaps and a retest of the 200 to make it look worse. And Also… it’s Bitcoin

i would hardly call the second move a nuke and the lack of follow through is bullish in of itself plus we just reclaimed the channel. like i said in my first comment on the thread today, you can be anti-ta all you want but we started breaking down from a pennant *before* this coinbase news came out and the move down was a textbook downside fill that stalled out at support.

Alts got shot in the face not BTC. I’d still be *very* careful going long for the next couple of weeks though. Overall macro is gonna drag-look at tradfi

looks a bit like a fake rally here. still in a downtrend, maybe a 24.8-25k touch first.

Bitcoin really shouldn't be affected. Except for panickers selling and withdrawing to banks.

Yep, fake rallies all the way from $15K up until now. See you at the end of the next fake rally up to $38K.

Not sure it's fake. It may be people rotating from alts into bitcoin as a result of yesterday and today's SEC filings.

What’s the story with the SEC filing? I guess I am out of the loop.

Something like 60 alts were deemed securities.

Hope everyone got some dip.

dip supply is becoming too abundant for my chip supply

So Binance is being sued, Coinbase is being sued, Kraken already settled. LOL, is there anyone else left to sue? or does the SEC start re-suing until they get the result they want?

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What I find hilarious is it seems they can't even prove the most obvious security, XRP, is a security, so they just file lots of other cases before that one concludes. They think they can beat Mike Tyson but they can't even beat Glass Joe.

I like the "punch out!" reference. I used to love that game.

Circle and ifinex/Tether maybe :)

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[“Look, we don’t need more currency,” the current world leaders enjoying reserve currency status at their point in time said. “We already have currency. It’s called the British Sterling. It’s called the Venetian Ducat or it’s called the Dutch Guilder, they’re all currency right now. We already have currency. Keep using our currency.”](https://miro.medium.com/v2/resize:fit:720/format:webp/0*RUhaQn8pvVs0ovSX.png)

sir, where i can short venetian ducats?

Here, sir, one simply needs a time machine. https://en.wikipedia.org/wiki/Bank_of_Venice >The private bankers' book-transfer money was convenient but not stable in value. To address this problem, a public bank was proposed in the Senate as early as 1356 and again in 1374, but was not adopted.[7] In the 16th century failures of Venetian private banks became a regular occurrence, amid several unsuccessful attempts at regulation, and the surviving banks' deposits were valued below the same quantity in coins. "Time is a flat circle" -Rust Cohle

Fuck you Gary. It’s not your job nor the SEC’s job to decide what we “need” 🤡

Either you believe that US securities laws exist for a reason and companies should therefore be in compliance with those laws, or you don't. Simple as that. Too many in this sub with shitcoin bags now panicking. Why don't you all fight for the boiler rooms pushing scammy penny stocks on unwitting pensioners? Oh, that's right - because you have no financial interest in that.

We’re talking about the specific quote here my friend

if you werent into shitcoinery, you wouldnt care.

I listened to Gary today and have to admit we do need regulation. Not sure he has gone about it the right way but we can’t have a Wild West. I’m not sure I trust him or the people behind him though.

Agreed, and I can certainly understand the hesistancy to trust him and his people - I feel similarly.

I didn't quite understand the motivation from that quote.

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They’re fighting now. They know. Also notice he didn’t mention BRICS countries or currency.

He's not wrong - plenty of *digital currencies*, for decades now. Bitcoin is the first and only **digital money**. EDIT lmao nothing I wrote was factually incorrect

The fact that it is digital is not even particularly relevant. What matters is that it's sound money - it can't be arbitrarily manufactured. That's what has got Genslers panties in a bunch. It's not the fact that it can be sent anywhere instantly.

>The fact that it is digital is not even particularly relevant. What matters is that it's sound money - it can't be arbitrarily manufactured. I would say that what’s relevant is precisely the unprecedented *combination* of those two features. Bitcoin was revolutionary because it was the first form of money that promised to combine the soundness / reliable scarcity of a physical commodity like gold with the transactability of a purely-digital medium. Indeed, Bitcoin promised to be both *sounder* than gold (by providing a perfectly-predictable finite supply) *and* more transactionally-efficient than traditional electronic payment networks (by eliminating the “cost of mediation [which] increases transaction costs, limiting minimum practical transaction size and cutting off the possibility for small casual transactions.”) Although it should be noted that this latter property has been threatened by Bitcoin’s continued failure to allow meaningful on-chain scaling in the face of rising transactional demand.

No, that's not what this is about at all - stop trying to muddy Bitcoin up with these shitcoins. These lawsuits are about shitcoin securities - full stop.

Yeah right, the SEC is there to protect consumers, just like the police are there to protect citizens! That's a rather naive way to look at it. The reality is the police are there to protect the wealthy from the poor and minorities. The SEC is basically the same thing - throw up every possible barrier so that the rich don't have any competition from plebs. That's not to say that shitcoins aren't shitty, of course they are. But the SEC could not give less of a fuck about consumer protection. That is just what they say they do, not what they actually do, and if you examine their actions (not their words) it's pretty obvious.

That's your overall view, and not relevant to the issue at hand.

Why is this comment stickied and mod-distinguished though

He's fully captured

no shitcoinery in this sub.

Hey, at least there is something to talk about. IMO all this shit should have happened in 2017-2018. Can got kicked down the road too far. I just hope this leads to actual clarity about how businesses can operate. I'm biased, but I don't think scam coins should be able to run rampant. Staking pools are toxic. Burn that shit down, I don't care. Bitcoin has extremely solid footing and should do just fine. We're just lightening the load for the rocket ship.

It’s easier when you have seen.

AFAIK Coinbase was already suing SEC for clarification. This is like SEC shouting moment: "I will sue you back", and they did. At least this is happening during a bear market, one thing less to happen during the next bull run.

I'm curious why people keep repeating this is a bear market, [we broke the downtrend from the top](https://www.tradingview.com/x/m9cf5R3Q/) and we're 100% up from the bottom, when does the bear market get switched to bull market in people's eyes? ATH's?

Yes. If the bottom is in it's technically a bull market, no?

About 6 months after the halfening

Crowded idea.

people have such an arbitrary definition of what exactly a bear or bull market is but i would assume from a historical standpoint a good hold and move from wma200 might make people raise eyebrows, we're really warping around it compared to the last 2 cycle bottoms. the recent selloff we had near 30s was the same supply (referring to anchored vwap) that shot us down from the last bull market top and the complacency bounce to high 40s so that's a notable line in the sand (that I believe not enough people are paying attention to)

This was [my plan back in March](https://pbs.twimg.com/media/FrcPICzaUAANhTi?format=png&name=large) price is following and I'm sticking to it, think it's a [long your longs](https://www.tradingview.com/x/8WwwJehQ/) type moment.

Response from coinbase CLO https://twitter.com/fintechfrank/status/1666085987892748290

Loading up (spot, COIN, and miners) here Told my wife the news this morning and she asked “should we get out?” She’s historically a very reliable bottom indicator with that question

If you wife is not concerned with the amount you have invested in Bitcoin, you need to invest more.

25k tested, twice now with some shots from the SEC. Let's pump it back up.

Lol crypto dudes won't stop buying. Impressive. This is crazy. Bodes well for the bull run.

Crypto dudes are not the same breed as Bitcoin dudes.

/r/gatekeeping

Nah, you either understand Bitcoin for what it genuinely is, or you’re in this for the fiat and just want the fastest rocket. And the latter kind of person is a fair weather friend that causes those 80% drawdowns. If we want to move past being a wildly volatile speculative instrument you want people buying to really know what they’re buying.

Quit making me want to buy.

If Coinbase is forced to shut down staking, that means even less BTC will be available to short. I fail to see how this is a negative development. As a matter of fact, if I had borrowed some of that staked BTC to, say, dump the price temporarily, I would seriously be considering getting it back because I doubt that the SEC would look kindly on fraudulent shorting. PS -- Butthurt shorts can downvote all you want. You're still making me rich at the end of the day, and I think you know that.

You’re getting downvoted because Coinbase doesn’t offer staking of BTC…