Someone bought $3,400 worth of SHIB last August. It’s now worth $1.55 billion

Discussion in 'Crypto Assets' started by johnarb, Oct 27, 2021.

  1. These alt-coins soar when they pick up a "following". Other than BTC, I have to wonder "what gets the following going"? Shiba of course is backed by nothing like the rest of them... and all of those that died. So, what is it about Shiba that got the buzz started... the cute doggie face?

    (I understand that it's "going up now because it's going up". People have FOMO and join in the chase. But what got it started?)
    #11     Oct 28, 2021
  2. RedDuke


    I looked at SHIB volume, and it is indeed 40+ Billion. But the questions how real it is????
    #12     Oct 28, 2021
    johnarb likes this.
  3. Pekelo


    I thought ET had a policy against mentioning penny stocks? :)
    #13     Oct 28, 2021
    johnarb likes this.

  4. Great job on posting the other side of the story which goes unnoticed
    #14     Oct 28, 2021
  5. johnarb


    It's the same wallet. It has not made any transfers out for close to 200 days. Sadly, he/she may have lost the private key or the person may have died. People are sending coins to the address to get noticed

    Someone on Twitter posted an Ethereum wallet address that has 100 crypto punks (could be worth over $100M) that has been inactive for a couple of years

    It's nearly impossible to be this diamond handed as crypto is extremely volatile more so on these types of coins

    There's a study the best performing accounts on Fidelity are of the ones the owners died :banghead:

    At the very least, it would make sense to cash out a few million $ worth when Shib first pumped

    Ethereum address 0x1406899696adb2fa7a95ea68e80d4f9c82fcdedd
    #15     Oct 28, 2021
    yc47ib, Clubber Lang and NoahA like this.
  6. johnarb


    There's no incentive for an exchange to fake the volume. There's even a link someone posted on another thread that Shib caused an outage at Coinbase, due to the demand

    There are many ways to cash out a few hundred million $ worth of Shib, but not $1B+ without spreading it out over many days. Could be doable on a high volume day like yesterday

    Can short Shib, or use futures (i.e FTX has Shib perp futures), and definitely use several exchanges when selling. also use a DEX like uniswap for lowkey onchain transactions if obfuscating some wallet transfers
    #16     Oct 28, 2021
    NoahA likes this.
  7. That's part of it. The other important use of crypto in aggregate is as a mechanism to borrow in real currencies with paper wealth as collateral. I.e. increasing the collective leverage of crypto holders. That's why the funny money machine keeps on printing, DeFi and what not - people are borrowing against 'something' which they help each other make up the value of. The regular financial system (sourced by fractional reverse banking) lets crypto print regular money.

    To be fair, I completely missed the train on this one and I won't bother ever getting on it. As for "is it sustainable?", it's the same question as "will the massive crypto debit balance ever be called?" I don't know if it will happen in my life time although I suspect so.
    #17     Oct 28, 2021
  8. at $1 per coin SHIB would have something like a quadrillion $ marketcap. i feel like somewhere in this is the solution to the debt ceiling. maybe someone smarter than me can figure this out
    #18     Oct 28, 2021
    Snuskpelle likes this.
  9. NoahA


    Although I understand the hesitation, how much money has the US government printed since Covid? Isn't it something like 4T? So with the entire market cap of crypto being 2.5T, the supposed crypto funny money still has a way to go to catch up.

    I agree that these are insane valuations for just a bunch of bits floating around. But this is absolutely the future. Nobody knows which coins will survive, and which blockchains will prove to be dominant, but I'm sure in 5 years time, most people will be interacting with some sort of blockchain.
    #19     Oct 28, 2021
    johnarb likes this.
  10. i tend more to believe blockchain is useless. People will find out in 5-10 years.
    #20     Oct 28, 2021
    albion likes this.