Bitcoin / Bitcoins / Crypto Currency

I doubt they'd pull shenanigans on a relatively low volume day like today

Unless volume is down because Binance users aren't trading. Maybe I am too suspicious but it seems like exchanges regularly go dark when there's downward price volatility. Either their systems can't handle user activity in these periods or they are trying to calm the markets a bit.

Thank god im not in a rush to sell, everything is an absolute shambles right now. Gets worse by the week!

Unless volume is down because Binance users aren't trading.

Trading hasn't been disabled on Binance, just withdrawals for half an hour or so.

Exchanges usually do this if more people are withdrawing than normal and they need some time to raid their cold wallets or if there is a stuck transaction requiring a hot wallet to be reindexed. In an effort to not be another MTGox, exchanges only put a bare minium coins in harms way and sometimes increases in demand can catch them by suprise.

You are not wrong to be suspicious. As you say, some of the big boys have form for mysteriously pausing trading for extended periods with no reasonable explanation during big dumps.

everything is an absolute shambles right now. Gets worse by the week!

Bit quiet on here?

Its gonna get a lot worse.

Gonna be interesting to see how crypto's first recession goes

Bit quiet on here?

What? You can't hear the quiet weeping?

Gonna be interesting to see how crypto's first recession goes

It'll kill all the shitcoins hopefully. Maybe wishful thinking but it's about time that crypto projects have to survive by providing utility and innovation rather than hype and bombast.

That said, everybody is suffering right now. Some of the good projects will die too.

Any thoughts on why btc has gone from no correlation to the markets, to being much more affected by them?

BTC has reacted to fed news for a few years but you're right, it's tracking more now.

My guess is simply how much more mainstream it is in terms of % of trading done by institutions. The same sell pressures exist for BTC as well as traditional markets now.

Consumer buyers / mainstream investors had loads of spare cash to splash - and now they don’t.

The mainstream investors have plenty of cash to splash still especially in the context of the amount if money required to influence BTC or ETH. A sell off is a transfer of wealth. Every sell requires a buy.

Here's a live market depth chart for coinbase.

https://pro.coinbase.com/trade/BTC-USD

Just in coinbase, there are $150m+ of buy orders between $18k BTC and where we are now. People are buying.

Ha ha and as if by magic $100m of buy walls are pulled.

the big financial institutions are getting involved with shorting and leverage and have much greater financial clout than the earlier individual adopters.
now it's seen as a main stream investment and moves much like main stream investments do

i.e. down

Current coinbase market depth. Sellers drying up but it's squeaky bum time nonetheless.

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Yeh, Bancor is one of my bags and currently Link marines are trying to create a death spiral and kill it. This is on the back of Celsius failing which was one of the biggest stakers on Bancor, 3AC going insolvent who staked in Bancor and all while it transitions from v2 to v3. It is a huge stress test for the protocol but if it survives then it will come out well proven as a top tier Defi platform and not just a place for shitcoin roulette like many of the other alternatives. Fun times, price is being crushed currently but potentially good buying opportunities for the believers.

It is a huge stress test for the protocol but if it survives then it will come out well proven as a top tier Defi platform and not just a place for shitcoin roulette like many of the other alternatives.

Tbh, I can't see a difference between Bancor and any of the other DeFi projects. They're still vulnerable to big sell offs with their protocol.

From a article on Bancor:

Bancor's foundational claim that its superior technology can prevent a run on any individual coin—even its own tokens—is questionable. As its airdrop of ETHBNT shows, the liquidity on its platform is funded, at least initially, by using fiat currency reserves. As "bitcoinchaser" argues, Bancor provides liquidity for less liquid coins, but in the event of a market panic, BNT itself may become illiquid.

If it survives it'll be because its less janky than the other DeFi projects but it is still vulnerable, flawed, and depending on market hopium rather than cryptographic proofs.

Yep, think this is the largest known non-exchange wallet, still buying, apparently 129k BTC is not enough:
https://www.blockchain.com/btc/address/1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ

In the words of a writer for Trader Magazine:

The biggest problem faced by liquidity suppliers to pools like Uniswap is the risk of major relative price movements between the paired assets. It is therefore ideal to supply liquidity in terms of a stable asset, instead of a volatile one like ETH. This problem is exacerbated by Bancor’s dependence on its native token, BNT, which is even less stable than ETH. Moreover, transactions on Bancor are structured in such a way that they can incur high gas fees, and they are not presently planning to utilize layer 2 scaling technologies to alleviate those pains.

Basically I've yet to see a DeFi project that isn't more vulnerable than a bank.

This is out of date and doesn't cover the changes they have made between v2.1 and v3

Bancor is far from perfect but the team have shown themselves to be innovative, transparent and have a longterm vision rather than get quick rich scheme, I guess with most projects, you are as much banking on the team as the current protocol

Will any achieve that until they become to big to fail?

Will any achieve that until they become to big to fail?

I'll be as blunt as I possibly can be. I don't believe that blockchain tech is capable of supporting a true decentralised DeFi service that has minimnal risk of failure. Not without operating as a centralised bank to some extent.

Bancor are payiong 17% returns on staking BNT at the moment. Do you honestly think that Bancor is being used by enough customers to generate transaction fees to pay out 17% APR?