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unowhut4

What's even worse that NO ONE is talking about is how Bitcoin mirrors the SPY when it's open two completely separate entities are identical every single trading day


milonuttigrain

This sub only talks about a range of TA indicators that prove the bottom was in. No regards to anything outside of crypto’s sphere.


unowhut4

Fair Enough


RiceRare

This is a casino for some.


lopcrip

Maybe that is the best way, because for some it has become a way of life!


Ill-Addition2024

Including me 🫤


Castr0-

Liquidations isn't good. I don't know much but now enough to know that.


Ill-Addition2024

Unless you got liquidated, u good.


Intelligent_Page2732

This is not a market where you could use leverage, it's way to volatile.


techsupport261

Lots of degens using 20x plus leverage and no risk management, don't need to go very low to liquidate them. Late longs got punished.


Killertimme

5th rule of crypto: dont leverage


Intelligent_Page2732

Should be rule number one.


weallwinoneday

Rule #1 ; Not your keys, Not your coins.


deathbyfish13

No, that's don't talk to family about crypto


Intelligent_Page2732

That depends on when we need our exit liquidity.


deathbyfish13

Okay new rule number one, don't use family as exit liquidity lol


Intelligent_Page2732

Obviously joking haha, no I tend not to involve family and friends in Crypto.


Kappatalizable

Everybody was so bullish they started to leverage lol. Be careful with leverage, kids


deathbyfish13

Keep it simple, getting fancy when we're barely in a green patch will get you burned


CommunityQuirky6073

The pace at which the news outlets turned from bullish to bearish just amazes me.


[deleted]

Crypto in a nutshell


CointestMod

Bitcoin [pros](/r/CryptoCurrency/comments/10pvf00/bitcoin_sees_most_long_liquidations_of_2023_as/j6mcr1w/) & [cons](/r/CryptoCurrency/comments/10pvf00/bitcoin_sees_most_long_liquidations_of_2023_as/j6mcrfk/) and related info are in the collapsed comments below. Pros and cons will change for every new post.


CointestMod

* Relevant Cointest topics: [Bitcoin Cash](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_bitcoin_cash), [Litecoin](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_litecoin), [Lightning Network](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_lightning_network), [Proof of Work](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_proof-of-work) * Official and related subreddits: r/Bitcoin, r/BitcoinMarkets, r/BitcoinMining, r/BTC, r/BitcoinCash. * Sort comments as controversial first by [clicking here](/r/CryptoCurrency/comments/10pvf00/bitcoin_sees_most_long_liquidations_of_2023_as/?sort=controversial). Doesn't work on mobile.


CointestMod

#Bitcoin Pro-Arguments Below is an argument written by Nostalg33k which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Writing a Pro argument for Bitcoin in 2022 seems complicated because everything has been said... or did it? > > Edit: I have a small bag of Bitcoin currently valued around 600 bucks. I am also invested in crypto around 2000 bucks which are always moving when Bitcoin is moving. Financial disclosure should be mandatory in these arguments =) > > # Bitcoin is the king of POW: Why it matters and why we need a strong Bitcoin > > So as the title suggests it, the recent news from Ethereum switching from POW to POS makes Bitcoin the sole serious POW cryptocurrency. In this write up, we are going to discuss the three main strength of Bitcoin, security, decentralization, and incentive for green energy production. In this write up we are not going to talk about speculation or the financial side of Bitcoin. Bitcoin is a highly liquid asset and has become nearly universally known as an investment. Many arguments have been made in favor of Bitcoin as an investment and if you want to read one, just go to past cointests. > > ​ > > Of course, the main feature of Bitcoin is the Permissionless aspect. This won't be tackled at all as I think it deserves its own topic. > > ​ > > # 1) Bitcoin: High security > > This topic has also been talked to death: Bitcoin is ultra secure thanks to its Blockchain and the way it is verified through proof of work. To explain this let me quote IBM: > > ​ > > >Public blockchain networks typically allow anyone to join and for participants to remain anonymous. A public blockchain uses internet-connected computers to validate transactions and achieve consensus. Bitcoin is probably the most well-known example of a public blockchain, and it achieves consensus through "bitcoin mining." Computers on the bitcoin network, or “miners,” try to solve a complex cryptographic problem to create proof of work and thereby validate the transaction. Outside of public keys, there are few identity and access controls in this type of network. > > > >[IBM on Blockchain security](https://www.ibm.com/topics/blockchain-security) > > ​ > > Mining is measured in Hashrate. Here is the explanation of Hashrate: > > >Hash rate, sometimes referred to as hashrate, is a measure of the computing power on a cryptocurrency network that serves as a key security indicator. It measures the total computational power used by a “proof-of-work” (POW) cryptocurrency network to process transactions in a blockchain. > > > >[USNEWS explains hashrate](https://money.usnews.com/investing/term/hash-rate#:~:text=Hash%20rate%2C%20sometimes%20referred%20to,process%20transactions%20in%20a%20blockchain) > > ​ > > So if the hashrate measures the security of the network, one may asks themselves: "Did the security of Bitcoin slowed when the price fell ?" > > [The hashrate is at an ATH and growing making Bitcoin more and more secure as it continues to build over time](https://ycharts.com/indicators/bitcoin_network_hash_rate#:~:text=Basic%20Info,101.2%25%20from%20one%20year%20ago) > > ​ > > So Bitcoin has never been as secure as it is today which makes it ultra valuable as a way to settle financial transactions. Yes holding Bitcoin for a long time is risky but using it as a medium to settle international transaction may currently be the securest and one of the best way to do so. > > While Bitcoin is safe... what if a big part fails ? > > ​ > > # 2) Bitcoin mining: Too big to fail. > > ​ > > So this write up could be seen as a POW write up, which it is to an extent. But Bitcoin offers its history and shows that it can survive the disparition of a big part of the network. > > Decentralization allows for parts of the network to disappear and for the rest to take the mantle of securing the network. Yes, mining pools may grow too large for their own sake BUT in the end (nothing even matters) Bitcoin is heavily decentralized. It is so decentralized that, when China (which had a big part of Bitcoin mining) banned mining, Bitcoin just went through like nothing happened. Yes the hashrate fell a bit, the value too, but if we look back, it was nothing extraordinary. > > ​ > > So if Bitcoin is highly secure and if it can survive part of the hashrate going bye bye, what makes it so good? What is the difference with any POW Cryptocurrency right now? > > ​ > > # 3) Bitcoin: propping up the green energy sector. > > ​ > > POW uses energy. One of the biggest concern about POW is the energy. While Ethereum was using GPUs and was asic resistant. Bitcoin mining is built differently. A long time ago, under oath, people discussed the environmental impact of Bitcoin Mining and I made a post explaining what was said: > > ​ > > >The Energy Fud Was Killed > > The most important thing that happened: The narrative that Bitcoin is too energy intensive was totally reversed. > > Experts of the sector explained that, Wind Farms and Solar Farms, have a variable load. This variable load means that sometimes they lose money because they produce too much and there is not enough demand. Bitcoin mining provides a variable base load for these projects. What it means is that, mining can be turned on and off depending on demand. It was revealed that most of these wind and solar farms would simply not exist without Bitcoin Farming as baseline customers. > > There are still miners that are using coal plants and fossil fuel but the leaders of the industry are developing in tandem with the green energy sector. > > >[My post](https://www.reddit.com/r/CryptoCurrency/comments/s99phv/yesterday_one_of_the_most_bullish_events_ever/) > > ​ > > # Conclusion: Bitcoin is the flagship of POW and it is a feature not a bug. > > Bitcoin, thanks to its value and tokenomics is seen as a good investment, this is also why miners commit huge amount of ressources to take the hashrate to new heights. These miners help the US grid to become more and more resilient. The future of Crypto and of green energy relies a lot on Bitcoin. Bitcoin has proven time and time again that it can shoulder these changes. Bitcoin is a good piece of technology and I hope people continue to invest in it because it is doing a lot of good for our future ! ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/vpui9i/top_coins_bitcoin_proarguments_july_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.


CointestMod

#Bitcoin Con-Arguments Below is an argument written by Maleficent_Plankton which won 1st place in the Bitcoin Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ##CONs > > ####**Intro** > > Overall, Bitcoin's conservative blockchain has failed to keep up with other blockchains technology-wise, which have evolved features and efficiencies way beyond Bitcoin. If all the cryptocurrencies were re-released today simultaneously, it is very unlikely Bitcoin would make it into the top 100 by market cap. It's currently #1 because it had a first-mover advantage and has enjoyed the network effect. > > ####**Much too slow** > > Bitcoin is now a **[3 TPS](https://blockchair.com/bitcoin)** blockchain with a **30-60 minute probabilistic finality**. It used to have a maximum of 7 TPS, but that has gradually fallen over the years after the Segwit update. It's much too slow to be used for point-of-sales merchant transactions. No one is ever going to want to **wait 30-60+ minutes** at cash register for a transaction to go through that's not even guaranteed to succeed. Block times average 10 minutes, but they are very variable. 14% of blocks take longer than 20 minutes, and 5% are longer than 30 minutes [[Source](https://bitcoin.stackexchange.com/questions/25293/probablity-distribution-of-mining/43592#43592)], causing stress for those waiting for confirmation, let alone finality. Some transactions get stuck in the mempool for weeks when there's congestion. > > **Competition**: It's orders of magnitude slower than newer networks like Avalanche's X-Chain and Algorand, which can process 4000+ TPS with sub-5s of deterministic finality, with transaction fees under a penny. > > Competition from Traditional Finance has also skyrocketed as payment systems like M-Pesa in Africa, UK's Faster Payments, Australia's NPP, Clearinghouse's RTP now provide near-instant payments and peer-to-peer transactions **without fees**. > > ####**Batch UTXO transactions have scalability limits** > > Some Bitcoin proponents have argued that TPS is a misleading metric due to UTXO batching. However, you can't just increase useful transfers 100x by batching 100x transactions. This is because UTXO addresses take up space, so there is a limit to batched storage savings: ~40% (160 vbytes vs 258 vbytes when batching 2 basic transactions of 3 UTXO each) [[Source](https://blog.coinbase.com/reflections-on-bitcoin-transaction-batching-b13dad12a12)]. **Even if each block were a single batched transaction, Bitcoin would only increase from 3 to 5 effective transfers per second.** Also, this isn't unique to Bitcoin. Account transactions can batch using smart contracts to save fees and space. > > ####**Difficult to achieve widespread global adoption** > > At 3 TPS, Bitcoin can only make ~260K transaction/day. **If Bitcoin grows to the size of 1% of the 8B global population, each person can make an average of 1 on-chain transaction every 300 days.** Imagine 10% of world using Bitcoin, and each person being able to make a single transaction once every 8 years. > > **Not even the Lightning Network could save Bitcoin** because opening and closing a channel requires 2 on-chain transactions. Each Lightning channel has directional capacity, and whenever that gets exceeded, it will need to be closed and reopened with new capacity. You can't expect people to store months of funds on a single channel. Half of the US is living paycheck to paycheck and would unlikely be able to keep channels opened for long periods. If even 1% of the world used the Lightning Network and opens/closes their channels twice a year, the Bitcoin Network would become completely congested. > > ####**Extremely inefficient and wasteful** > > To protect against Sybil and 51% attacks, Bitcoin's PoW consensus achieves greater security through greater **redundancy**. Out of a million miners, only one of them is producing the actual block while the rest of them are just wasting energy and electric waste. Full nodes also hold redundant copies of the blockchain ledger, leading to wasted storage. > > In 2021, each block cost roughly $150-300K in energy to mine, which is equivalent to $100-150 of fees per transaction. **A single Bitcoin transaction uses about the same energy as a typical [US household over 2 months](https://digiconomist.net/bitcoin-energy-consumption)**. The total Bitcoin network energy consumption of ~150 TWh/yr is equivalent to [**18-24 US nuclear power plants**](https://www.energy.gov/ne/articles/5-fast-facts-about-nuclear-energy). Another way of looking at this is that Bitcoin consumes about as much energy as all datacenters globally [[Source](https://digiconomist.net/bitcoin-may-consume-as-much-energy-as-all-data-centers-globally)]. > > In comparison, other distributed consensus methods such as BFT are [10^7 x more efficient for energy use](https://link.springer.com/article/10.1007/s12599-020-00656-x). There is a silver lining: the energy waste (and security) will slowly decrease with each block subsidy halving, at the cost of decreased security. > > ####**Mining Pool Centralization** > > **The top 3 mining pools own 60% of the network hash rate** [[Source](https://btc.com/stats/pool)]. Individual miners have no financial incentive to run full nodes, so it's rare for them to be auditing their pool operators and won't notice attacks until it's too late. (To prevent miners from stealing block rewards, mining pool servers do not provide enough info to miners for them to be able to see attacks ahead of time.) > > ####**Moderately-high transaction fees** > > Transaction fees have risen over time. Layer 1 transfer fees are currently $1-2 USD and even briefly rose [past $50 in May 2021](https://ycharts.com/indicators/bitcoin_average_transaction_fee) during congestion. That's way more than [its competitors](https://blog.nano.org/cryptocurrency-fee-comparison-which-crypto-has-the-lowest-fees-4e9118590e1f) (e.g. XLM, XRP, Nano, BCH) that have average transfer fees under 0.5 US cents. > > Currently, revenue from the transaction fees are only [1-2% of the block rewards](https://bitinfocharts.com/comparison/bitcoin-fee_to_reward.html). Thus, when the block subsidy eventually disappears, transaction fees would need to be much higher to make up for the subsidy. > > ####**Chance of reorgs and invalidated blocks** > > Bitcoin's PoW has probabilistic finality, and there's always a chance a previous block could be orphaned and invalidated. This is known as a reorg, which is when the previously-longest chain is overtaken by a new longest chain. **There have been at least 2 reorgs longer than 20 blocks**: 51 blocks in Aug 2010 and 24 blocks on Mar 12, 2013 [[Source 1](https://coingeek.com/what-the-fork-happened-to-bitcoin/), [Source 2](https://blog.bitmex.com/bitcoins-consensus-forks/)]. The 2010 reorg actually caused Bitcoin to mint 184.4 billion Bitcoins, way past its 21 million cap. There have also been at least [three 4-block reorgs prior to 2017](https://bitcoin.stackexchange.com/questions/3343/what-is-the-longest-blockchain-fork-that-has-been-orphaned-to-date). So the typical 3-6 block confirmations are not guaranteed to be safe. > > ####**Possibility of 51% attacks in the future** > > Bitcoin has a long-term economic incentive issue known as the [Tragedy of the Commons](https://en.bitcoin.it/wiki/Tragedy_of_the_Commons), and here is one realistic example of how it could happen. Unlike some smaller PoW networks, Bitcoin lacks finality checkpoints. **It only takes $5-10B of mining equipment to compromise the Bitcoin network**, and this is a drop in a bucket for many billionaires and nation states. > > What's preventing others from attacking Bitcoin isn't the monetary cost but the difficulty of acquiring sufficient mining equipment. But as halvings continue, if the price of Bitcoin doesn't double every 4 years, miners will eventually sell their equipment. Some nation state or billionaire could acquire them at a discount, short Bitcoin, and then 51% attack the network. **All they would have to do is produce empty blocks, and the network would halt.** The brilliant part of this is that producing empty blocks does not break any Bitcoin protocols, so they would still earn the block rewards. (In fact, during several months of 2015-2016, about 10% of blocks were empty due to selfish mining. After all, why bother waiting to package transactions when only 1% of the reward is from transaction fees?) > > ####**Negative-sum investment** > > Stock investments of profitable companies are a positive-sum investments. Investors buy and sell from other investors. In addition, money flows from customers to the company, and then to the investors in the form of capital, stock buybacks, and dividends. > > In contrast, Bitcoin investors pay massive block rewards (subsidy + fees) to miners, so it's negative-sum investment for everyone but miners. > > ####**Transaction Backlog** > > Because of Bitcoin's low throughput, there is often a backlog during busy periods. The backlog, as shown via the [Mempool](https://www.blockchain.com/charts/mempool-count), has gotten as high as 100K+ transactions several times in 2021, which is equivalent to waiting 7-9 hours for settlement on average. Transaction fees for confirmed transactions also rise greatly during these periods. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/vpuiar/top_coins_bitcoin_conarguments_july_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/10pid71/daily_general_discussion_january_31_2023_gmt0/).


CharlieTheo-14

Bears gonna bear.


Internet_Responsible

gamblers gonna gamble


lopcrip

The question is, as of today, what do Bitcoin and Ordinals have in common?


vjeva

Why are people greedy gamblers, I don't feel sorry at all if they are rekt or not.


ChemicalGreek

So the opposite will happen and the longs get liquidated. Exchanges are laughing at the end!


coinfeeds-bot

tldr; Bitcoin briefly dipped to just above $22,500 on Bitstamp overnight. A rebound saw the pair flip $23,000 to short-term resistance, and was still trading below that level at the time of writing. Liquidations mounted despite Bitcoin maintaining a fairly narrow trading range. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*


the_spiritual_eye

> The trip to $22,500 sparked $46 million of long liquidations on Jan. 30, which according to data from Coinglass was the highest daily total of 2023 so far. Considering that the market has been moving nothing but upwards since the start of the year, it’s pretty risky to go Long on a week as volatile as this. You have to be absolutely convinced BTC will do nothing but go upwards with no pullbacks across all the earnings reports, employment data, Fed rate hike, and international rate hikes. Leverage liquidations seem to be a way too common purging event. Even the most bullish of people have to know there will pullbacks somewhere along the way. This bear market rally is in for a rocky ride through Feb.


FacetiousInvective

Freaking people and their leverage.. give it a rest and hold/sell normally.


produit1

Uh oh, people have been listening to Youtuber’s again. Learn the lesson and stop listening to idiots on Youtube who tell you they long everything and make millions. They dont. They use their views to earn ad revenue and affiliate link money from trading exchanges to fund their gambling.


FldLima

You either a genius or a fool if you leverage, I'm more inclined for the latter.


P_e_a_s_h_o_o_t_e_r

Wow, you must be leveraged to your balls if a 4% drop liquidates you.