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'Satoshi' selling $8bn of BTC

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So you think the end is nigh! So you may not be @cryptotrader for long! 😀

If Satoshi is selling $8bn of BTC then there must be someone who is willing to buy $8bn of BTC otherwise who is Satoshi selling to? There must be a buyer on the other side as otherwise there is no one for Satoshi to sell to. The title is very misleading. When you read the article it explains that Wright is looking to donate $8bn of Bitcoin. I have no idea if this is true or not. He wants the $8bn Bitcoin donation to go to educating children in Africa, etc. 


If you read the article then you will see that the picture is included near the end which is apparently Wright being escorted away from the venue by the two security guards that he had brought with him. 


This is a great example of 'market noise'. How credible or accurate is this article none of us know. Some of the views and opinions will be from the author of the article but this is no different to threads and posts on IG Community. Some we agree with and some we do not. We do not even have any evidence if Wright is Satoshi. 

What makes you think Bitcoin is nearing a potential apocalyptic event? When you state the end is nigh that is the inference I am making. What is it that leads you to that feeling? I have seen Bitcoin at $1.00, I have seen Bitcoin at $100, I have seen Bitcoin at $1000 and now I am seeing Bitcoin at $10000 and this is all in ten years! If this is what the end is nigh looks like then I am about to learn something new. Also do Tulip style bubbles last more than 10 years? 

Are there any large scale bubbles that have lasted more than 10 years? I do not know the answer but just wondering if anyone knows?

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It's the tweets that I find the most illuminating rather than the article, the talk, the guy himself (I mean who cares right?).  The tweets are indicative of a a kind of cultism seemingly common among devotes of the high priest Bitcoin and the many other lesser priests and priestesses.  Rain down fire and brimstone on all ye who decry the great crypto revolution.  In fact the tweeter described crypto as a "insurgent or subversive movement", not exactly the kind of talk you'd expect from something seeking to be a credible replacement for my grans cash.  Claiming the FT are trolls is laughable, regardless of your opinion of MSM.  It all smacks of a deep-seated sense of insecurity that is consistent among the frat house of crypto devotees, all dreaming of becoming true billionaires (in USD notably...).  This is consistent with the first internet bubble, which took over 10 years to mature before it all fell apart.  Then another almost 20 years of the current tech bubble (will it end the same way...?).  Most of the people who were dreaming of becoming internet millionaires (billionaires weren't yet really a thing then, that's inflation for you - and the widening gulf between super rich and everyone else) wound up with nothing.  The few who did sold out before the end.  I am betting it will be the same again because human nature is always human nature and while history may not actually repeat, the human behaviours do.

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A lot of people care hence why they spend their valuable time writing about the subject as some of us in this very thread. The fact that someone spends their valuable time reading tweets on Bitcoin (I must admit not even I do that!) tells its own story. Actions speak louder than words. 

Bitcoin is not trying to replace Grandmothers cash. It is for future generations and the new generations to be born. It is not for the current 90 year old right now. Also Bitcoin is not going to replace cash any time soon. This if it happens is many years away (if it happens). None of us know if it will. Is is based on a vision and potential. This is how new innovation occurs and new industries are created. If everyone was negative on mobile phones or internet then we would not be where we are today. I recall a lot of negativity behind mobile phones and internet but look where we are today. Change happens and will continue to happen. 

I have been reading the FT for many years now. The authors of articles are humans and they are not necessarily experts in what they are writing on. Yes they have knowledge but some of the superior technical knowledge is found with those working in those fields not necessarily journalists writing about it in newspapers. It is argued that some newspaper owners have an agenda. Some newspapers are biased. How true this is for others to decide upon. There are certain newspapers which support the left more and others which support the right more. This is the world we live in. There will be Bitcoin stories in the Daily Mail, Telegraph, Guardian but they are only as good as the understanding, knowledge and skill set of the writer. The greatest minds in this asset class are actually working on projects within this asset class not writing for a newspaper. 

The internet bubble or what ever you want to call it did not fall apart. The junk were destroyed and the quality are here today and we can all see how they have progressed and what their valuations are today. The same will happen within Cryptocurrencies and Blockchain. The junk will be destroyed and they will be annihilated. The quality will be left to grow into potentially something bigger. 

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If only trading was as easy as quoting Shakespeare.

If only having a superior grasp of the English language meant that trading would be easier.

Latin is a beautiful language but again Latin and trading are different so when someone uses examples and Latin without knowing if their audience a) understands it or b) appreciates it could lead one to infer a little bit of belittling going on. 

My picture shows that I have brown skin. So some could think that English is not my first language or my grasp of Latin is weak. I come across a lot of people with white coloured skin who automatically think they are more intelligent than me and are more wealthier than me. It is like they have a God given right to be because I have brown skin.  

I encounter different forms of 'Semper Augue' and it comes in different ways and guises. Some obvious, some subtle and some not so obvious. I am not accusing anyone on IG Community but there are times when people even unintentionally or without realising behave in such a way that leads me to believe it is possible. Of course it is hard to prove and no one will ever know but I have encountered it on many occasions throughout my life. 

Some of the start up businesses I have invested in have one thing in common. Their e-mail policy clearly states that you must use clear and plain English to communicate. I was actually born in the UK but I apologise for using a term in bold which is not an example of using plain and simple English as why should anyone white or brown that has not studied or followed Latin understand what it means?

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"Stablecoins"!  Interesting that.  It is often the case that the early adopters get killed and a new paradigm emerges from the wreckage.  This happened in the first internet bubble when the self appointed disruptors declared they would end big business by making everything free on the internet, while becoming millionaires.  They were not able to answer the obvious contradiction and most of them lost everything as big business took over.  The likes of Google and Amazon are now big business.  They run their operations as a normal listed company must.  They obey the rules (except for paying taxes, which will be addressed in due course as governments catch up).  They are mainstream now, that is the price of success and the payoff of course.  The obvious flaw in the crypto devotees argument is the constant citing of crypto valuation possibilities in USD (i.e. FIAT currency).  Yes in order to actually make money on this they have to sell and convert to the very thing they are claiming to be replacing.  In order to ascribe value to their crypto holding they have to refer to USD, because that is how it works.

The point I have been making consistently on this topic, that seems to drive the crypto devotees mental, is that I believe the crypto story will end the same way as the internet bubble.  The technology is very interesting, no question.  Governments and accountancy institutions (including my own) are studying it with a view to leveraging in into the mainstream (principally to address lack of visibility/accountability in accounting and to bring in paperless currency, FIAT currency - Stablecoin?).  To this end government will legislate private crypto out of existence and mainstream tech players will step in o pick up the pieces (enter Facebook...  I wonder when Google and Amazon will kick in...).  The providers of technology will do well as they will start to work for the governments of the world (probably via these big tech giants); it has already started.  The current crop of cryptos, as the article suggests, will become valueless.

Doubtless there is still a trading ride for those brave enough to take it on and I see upside in the crypto mania to come before the end.  For me the end of crypto will be a signal for the end of the wider bull frenzy but are we there yet?  Maybe but probably not yet.  I could see Bitcoin regaining its past highs, maybe making some ATH above or perhaps a double top before the players cash again and pull the rug out from under the frenzy buyers (again!).  That is a purely technical analysis perspective; obviously my fundamentals perspective is the exact opposite (hence I call this a mania, and the hype is exactly the same as that I experienced in 2000 - buyer beware!)

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Let us not forget that to exchange Gold for money involves FIAT currency. Gold is priced in USD again FIAT currency. It really is no big deal if Bitcoin is priced in USD or other FIAT currencies. One of the reasons why Bitcoin (in its infant stages) is linked to FIAT currency is because the whole world runs on FIAT currency and not Bitcoin. It really is as simple as that. 

Just because someone believes that the Crypto story will end up like the internet bubble does not necessarily mean it will. It is just an opinion or personal thought. Now it may exactly end up like the internet bubble but I do not see the internet bubble as a bad thing. It presented an opportunity for the better and more savvy investors to make some serious money and it helped to remove the junk companies. I actually see the same for Bitcoin and Cryptocurrencies. The better investors and savvy traders will make money. If it does become a bubble or mania then it will help to remove the junk. So what? It is the way of the markets. 

Bubbles and mania's should be embraced by investors and traders. They present a fantastic opportunity to maximise profit potential. 

The bull market frenzy could end next year, in five years or even next week. Who knows. Surely one must trade the price action and opportunity in front of us now in the current rather than call an end of the bull market which I have been reading about at least for the past couple of years and the timeline just keeps on being moved. Bull markets are followed by bear markets which are followed by bull markets...

I always think evidence from a credible source is a brilliant way of presenting the argument against Bitcoin and there is nothing wrong with presenting valid arguments against Bitcoin, it is just that it needs to be supported by something of substance. The mere fact that Governments around the world are talking about it, are looking at guidelines and regulations around it, integrating Blockchain technology tells me that it is being taken more seriously than the media are giving credit for. 

I have posted numerous current projects in relation to Blockchain which is on my Blockchain thread. Bitcoin has died a thousand times and is still here. IG even offers Cryptocurrency trading which says it all for me. The very provider (IG) that one is writing on is the same company offering its clients the ability to trade on price movement for Cryptocurrencies. There is nothing wrong with trading price action on Cryptocurrencies both long or short. No one is talking about physically acquiring these Crypto's. Trading Crypto's is really no different to trading other asset classes like Commodities. 

I personally would not want to physically acquire any Crypto's without being convinced it has been established and regulated but I have no issue with trading Crypto's or investing in blockchain related start up companies that could disrupt markets. 

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23 hours ago, TrendFollower said:

Bubbles and mania's should be embraced by investors and traders. They present a fantastic opportunity to maximise profit potential. 



Only to an extent.

Most people should only be actively investing (including SB/CFD) a small proportion of their savings.  Otherwise extreme highs and lows are very bad.

If they are so bad that the economy crashes, you will have social issues that damage your quality of life even if you are a Mr Moneybags.

We should always hope for a society that is plentiful for all and stable.

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We trade to profit from price movement. The key is price movement. We want amplified price movement so that when we trade using leverage we can achieve the maximum profits.

If the market crashes then traders should be good enough to 'short' that market and achieve profit maximising using leverage. If a trader fears the biggest price moves then they really should not be trading. They should stick to long term investing. 

Trading is all about price movement and direction of travel for prices. The bigger the price travels in the direction of trade the better for the trader. It really is that simple. Bubbles and mania's created the biggest price moves both upwards and downwards. This is a dream for traders capable and with the skill set and wisdom to take full advantage. They will not fear such events but embrace them. They provide the trader with best opportunity for profit maximisation. 

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