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Mt Gox Distributions and German Gov Selling is good for Bitcoin
1505 sats \ 37 comments \ @grayruby 5 Jul bitcoin
Mt Gox Distributions and German Gov Selling is good for Bitcoin
We have some new stackers around, so for anyone that needs to hear this:
Sentiment around Bitcoin right now is in the toilet but that's only amongst people who care about short term fiat price. Yes, price is dropping as we deal with supply overhangs from Mt Gox distributions, German government selling and miners restructuring post halving.
I would argue this is all good for Bitcoin. Hopefully we get some US gov selling too.
Just like with GBTC coins, all these coins will find homes in stronger, more resolute hands. Will the price continue to trend downward while this happens? Probably, but if you are in Bitcoin for the long term stacking some discounted sats isn't a bad thing. Long term, clearing these supply overhangs and the FUD associated with them is super bullish for bitcoin.
So, ignore the short term fiat price and focus on the long term track record and benefit Bitcoin can bring to the world. Bitcoin is not dead, it is not "over" (maybe for some shitcoins). Everything is good for bitcoin. Every challenge it faces makes it stronger and makes the conviction of bitcoiners stronger as well.
Sats for all, GR
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105 sats \ 2 replies \ @ek 5 Jul freebie
New stackers should also read this.
https://m.stacker.news/38397
I am putting my trust into the code I wrote that the author will be notified automatically that his post was mentioned.
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131 sats \ 1 reply \ @siggy47 5 Jul
It worked!
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20 sats \ 0 replies \ @ek 5 Jul
It always feels like
https://m.stacker.news/38398
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121 sats \ 1 reply \ @Undisciplined 5 Jul
It's lighting a fire under me to finally get my old retirement fund rolled over into something that can hold bitcoin.
I need to look into my options.
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59 sats \ 0 replies \ @grayruby OP 5 Jul
That's the spirit. I have some cash in my self-directed retirement account from dividends I have received over the past few months. I am going to roll that cash into one of those dreaded bitcoin etfs.
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72 sats \ 0 replies \ @BitcoinAbhi 5 Jul
ignore the short term fiat price and focus on the long term track record and benefit Bitcoin can bring to the world. Bitcoin is not dead, it is not "over" (maybe for some shitcoins). Everything is good for bitcoin. Every challenge it faces makes it stronger and makes the conviction of bitcoiners stronger as well.
Nice advice. 👍
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142 sats \ 1 reply \ @kilianbuhn 5 Jul
Free market, willing buyers, willing sellers ... who cares. In 10 years nobody will remember 😂
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17 sats \ 0 replies \ @grayruby OP 5 Jul
Indeed
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67 sats \ 0 replies \ @riberet19 5 Jul
If I had given up when we fell to 3000 or when we fell to 15000 I wouldn't be here, so this fall won't scare me either, I'm in the very long term, until I die probably, to buy at a discount, good luck with your purchases.
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67 sats \ 2 replies \ @Fabs 5 Jul
Honestly? Fuck them (especially the German State) for selling straight into the market, instead of OTC'ing or auctioning it off, fuck them.
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17 sats \ 1 reply \ @grayruby OP 5 Jul
They are selling some OTC but also spot.
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50 sats \ 0 replies \ @Fabs 5 Jul
"Some" of the thousands and thousands of bitcoin, how nice of them.
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67 sats \ 1 reply \ @jakoyoh629 5 Jul
I've only been at this for a short while, but I've been fortunate enough to have an experienced tutor. In a nutshell, this is one of the lessons I've learned. This is a good message.
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129 sats \ 0 replies \ @Bell_curve 5 Jul
You get used to it , the chaos and armchair weatherman
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50 sats \ 0 replies \ @TheBTCManual 7 Jul
Lol always, distribute the coins my dude, I am always glad to get a little taste of the discount, because I know it's only temporary
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50 sats \ 2 replies \ @Bell_curve 6 Jul
The last couple days are nothing like 2022.
2022 was the real test of fortitude and guts
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17 sats \ 1 reply \ @grayruby OP 6 Jul
It did feel like we were going to be stuck sub 30k for years.
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50 sats \ 0 replies \ @Bell_curve 6 Jul
Exactly
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50 sats \ 0 replies \ @flat24 5 Jul
For me everything is noise, you just have to accumulate without asking permission, and when the price falls it is the only time when I like my Fiat, since as long as the price drops the more SATS I can buy with the little Fiat I have on hand.
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50 sats \ 0 replies \ @Satosora 5 Jul
Im also of the same thinking. The weak hands will always fold in times of crisis.
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50 sats \ 1 reply \ @Tutankhamun 5 Jul
While the short-term price drop may worry some, clearing out these overhangs strengthens Bitcoin for the long term.
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0 sats \ 0 replies \ @grayruby OP 6 Jul
Agreed
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50 sats \ 0 replies \ @Carresan 5 Jul
Understood!
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50 sats \ 0 replies \ @BitByBit21 5 Jul
https://image.nostr.build/268c2397e6b73d1a8c442f9bc04ad97a2b68d464859869f162980855dfa61b88.jpg
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50 sats \ 0 replies \ @Maximux 5 Jul
I really don't like those news about Bitcoin sell-offs. However, it is true that after these types of apparently negative events, BTC comes out much stronger🦾
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50 sats \ 0 replies \ @Akg10s33 5 Jul
The truth is that I haven't been in the world of Cryptoeconomics for long... and since I'm new I've obviously been a little alarmed to see how it's been going down... but then I talked about it with my mentor, the person who is helping us. teaching my brother and me... and he says the same thing, it's time to buy the Sats you can and wait patiently knowing that Bitcoin is always going up 💪
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50 sats \ 0 replies \ @siggy47 5 Jul
Good post and good advice. Smash that buy button.
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50 sats \ 1 reply \ @030a29f333 5 Jul
Everything is good for Bitcoin
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0 sats \ 0 replies \ @grayruby OP 5 Jul
Incredibly resilient.
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50 sats \ 1 reply \ @stefano 5 Jul
yes...agreed....what makes me sad is that my usual strategy of lump summing whatever fiat saving I have in my hands leads me to end up with no possibility of stacking more sats in these favourable moments....
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17 sats \ 0 replies \ @grayruby OP 5 Jul
I am still in the DCA camp. I think it is great to lump sum in bear markets but overall I prefer DCA. I usually daily DCA a set amount but when we get big dips like this I will double or triple my DCA for awhile.
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20 sats \ 0 replies \ @BitcoinIsTheFuture 6 Jul
Tick tock next block!
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20 sats \ 0 replies \ @oliverweiss 5 Jul
I have placed some orders, waiting now :)
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20 sats \ 0 replies \ @NRS 5 Jul
Im in
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17 sats \ 0 replies \ @cristaiji 6 Jul
I heard also that there a lot of longs getting liquidated. Basically traders using leverage getting wrecked is also probably good for bitcoin as the coins find their way into more resolute hands as you say.
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0 sats \ 0 replies \ @paisalk 6 Jul freebie
Agree. It's a good opportunity to stack more sats!
0 sats \ 0 replies \ @NaOD 6 Jul outlawed
stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.