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100 sats \ 0 replies \ @DarthCoin 21 Sep 2023
https://imgprxy.stacker.news/I56MuEuHHgFvnnhW3UCmwZ9rJlStxa2DIXGW3oYdcck/rs:fit:600:500:0/g:no/aHR0cHM6Ly9pLnBvc3RpbWcuY2MveU4yTWZwd1gvV2hlbi1MYW1iby5naWY
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0 sats \ 0 replies \ @Ge 22 Sep 2023
I see this as the same thing with the gold etf here take this paper bitcoin or gold instead of the real thing gold etf basically left gold as a dead fish in water also doesn't help finding new gold deposits each year...
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0 sats \ 3 replies \ @mallardshead 21 Sep 2023
No clue what constitutes "Paper BTC" as it isn't explained, but I'll assume the NgU accelerationist Willy Woo means futures, which are not "paper btc" because futures are 1:1 commodity credit, for every buyer there's a seller. If futures didn't exist then, Mr. Woo posits there would be a "supply shock" and sharply higher BTC price. Yeah no, I think the bitcoin distribution schedule and FedFunds rate would have something to say about the viability of such a price.
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100 sats \ 2 replies \ @116165 OP 21 Sep 2023 freebie
As far as I know crypto futures are contracts between two investors who bet on a cryptocurrency's future price. This gives individuals exposure without actually purchasing them. Sorry for any ignorance, but I hope this gives more insight into the perspective of the article.
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0 sats \ 1 reply \ @mallardshead 21 Sep 2023
I'm not questioning you, but Willy Woo and his prediction-charting game. While it's true that futures bettors don't have ownership of the asset, they wouldn't have engaged in longterm ownership of the asset if the futures products didn't exist. They're after liquid price exposure. This is the game of leverage, futures, and HFT trading. The supply shock Woo talks about is something that will come about through longterm hodling, the distribution schedule reduction (halving), more BTC locked into LN channels, and monetary expansion of the USD through falling rates and stimulus.
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50 sats \ 0 replies \ @kepford 21 Sep 2023
Its kinda fun watching people try to predict bitcoin price. Just because people can sound so smart and be so wrong. But its not even close to as much fun as watching establishment people say bitcoin is dead or a scam and then change their mind :) and then change it again when it goes down. Exposes so many people who have so much unearned prestige.
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0 sats \ 0 replies \ @116165 OP 21 Sep 2023 freebie
Analyst Willy Woo highlights that the growth of "paper BTC" (futures open interest) may be offsetting the positive impact of a Bitcoin supply shock. Real BTC supply has become less liquid, particularly the highly liquid category, which usually indicates bullish conditions. However, paper BTC remains significantly higher than real BTC, countering the supply shock effect. As a result, Bitcoin's price has sharply declined, currently hovering around $26,500 after losing the $27,000 level.