Terra cofounder Do Kwon is the one who is pumping Bitcoin - page 9.

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Quote from: Lucius on March 30, 2022, 06:01:20 AM

This is not a crucial point, but in psychological terms, it means a lot to all those for whom it will be a sign that something serious is happening. From the perspective of a small investor who wants a quick profit, a headline in the media that looks something like this "Bitcoin again above $50 000, crypto winter is over", is also more than enough signal to buy Bitcoin again.

Ordinary people are still driven by the herd mentality, and it is easy to steer them in any direction, all it needs is to create a strong enough incentive. The problem at the moment is inflation, which leaves little room for risky investments - the average Joe can no longer save almost anything from his salary.

Yup!

Speaking as an ordinary person, I'm definitely seeing 50k as a big milestone, exactly half as big as 100k will be when that happens. Even if just doing unscientific maths, that'll be just about 75% of the current ATH.

Take that against the perspective of 2017 ATH, it would be akin to Bitcoin breaking $15k -- something that never happened in the aftermath of ATH, when prices just kept declining and never went up past $15 again until 3 years later. Had it happened months after ATH, like it would now, we might not have seen crypto winter so soon after.

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Quote from: NeuroticFish on March 31, 2022, 11:12:23 AM

Quote from: tokeweed on March 31, 2022, 10:26:53 AM

So... Where's the Do Kwon guy right now? Is he afk? [...]

I wouldn't be at all surprised if it goes back down around 44k. It could be the right time to btfd for those who missed the move. What do you guys think?

You do realize that "going down to 44k" is just a dip for ants, right? That guy wants to buy Bitcoin without pumping the price unnecessarily. If some don't see that and try to dump it, I'm sure that he will be happy to see that.
I guess that you would not expect him to buy 24/7 no matter what, no matter how high the price goes for short term...

Uh yeah... It's a dip that doesn't signal a reversal of the trend up rn. And it's important that the price should not break down 44k or we could see a possbility for BTC to go lower and enter goblin town. You see that red bar right? That's where resistance flipped and became support. At least that's what I think... I could be wrong tho.

Are you waiting for a dip back down to 30k?

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Quote from: Poker Player on March 25, 2022, 12:57:34 AM

I think in part this is an acknowledgement that their stablecoin and token are crap and that Bitcoin is better.

LOL, i thought so too, they created a token in order to be able to buy Bitcoins from that. i also saw their confession, which is that they want to be the number 2 most Bitcoin holder after satoshi.

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Quote from: tokeweed on March 31, 2022, 10:26:53 AM

So... Where's the Do Kwon guy right now? Is he afk? [...]

I wouldn't be at all surprised if it goes back down around 44k. It could be the right time to btfd for those who missed the move. What do you guys think?

You do realize that "going down to 44k" is just a dip for ants, right? That guy wants to buy Bitcoin without pumping the price unnecessarily. If some don't see that and try to dump it, I'm sure that he will be happy to see that.
I guess that you would not expect him to buy 24/7 no matter what, no matter how high the price goes for short term...

Quote from: Lucius on March 31, 2022, 06:27:03 AM

Quote from: NeuroticFish on March 30, 2022, 06:43:21 AM

My point is that there's still plenty of room for an actual crypto winter to come, although I do hope it won't come this time.

As time goes on, such a scenario seems less and less possible - but only if we compare the beginning of 2018 with 2022. Then the situation was somewhat similar to today (BTC drop by about 50%), but in 2018 it continued to drop, while now we have a slightly different situation. Of course, the circumstances are completely different, because 4 years ago we did not have this kind of interest in investing in Bitcoin.

Indeed, institutional investors did change a lot. And indeed, we may have no proper crypto winter. I hope so. But I am not easy to be convinced we're good. Not yet. (I was accused many times, especially IRL, of being overly pessimistic.)

Quote from: Lucius on March 31, 2022, 06:27:03 AM

I may be wrong, but I think they use Bitcoin mostly to promote what they want to sell, and if (when) it all goes downhill it is possible that it will negatively affect Bitcoin. Luckily for them, there is enough BTC on the market to spend all $10 billion, and in the meantime have fun with these small bets of $10 million, which is nothing but the usual boasting of spoiled rich people.

While they clearly promote their coin, the fact they use Bitcoin as reserve asset is also an indirect advertising for Bitcoin, and imho a pretty heavy one. At least that's what I've understood off that.
My guess is that those interested in bitcoin's price will only read from the Terra ad that there's one new big buyer for Bitcoin. And the Ad is even more published because of the bet.
(Maybe it's not a specific Ad, just some news here and there, but the point remains).

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So... Where's the Do Kwon guy right now? Is he afk? There are talks swirling around that he got spooked when a guy in Binance started making huge asks in spot so he must have pulled out his bids. Cheesy

Dunno, I'm not really sure how true tho. It could prolly just be CZ telling Do Kwon 'FU lemme accumulate lower before sending it to 50k.'. Lol.

I wouldn't be at all surprised if it goes back down around 44k. It could be the right time to btfd for those who missed the move. What do you guys think?

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Quote from: NeuroticFish on March 30, 2022, 06:43:21 AM

My point is that there's still plenty of room for an actual crypto winter to come, although I do hope it won't come this time.

As time goes on, such a scenario seems less and less possible - but only if we compare the beginning of 2018 with 2022. Then the situation was somewhat similar to today (BTC drop by about 50%), but in 2018 it continued to drop, while now we have a slightly different situation. Of course, the circumstances are completely different, because 4 years ago we did not have this kind of interest in investing in Bitcoin.

Quote from: NeuroticFish on March 31, 2022, 03:48:04 AM

The bet is great for advertising that coin (or whatever it is) and... it cannot be bad for Bitcoin either Grin

Let them come, let them use Bitcoin as reserve currency. The supply is limited!

I may be wrong, but I think they use Bitcoin mostly to promote what they want to sell, and if (when) it all goes downhill it is possible that it will negatively affect Bitcoin. Luckily for them, there is enough BTC on the market to spend all $10 billion, and in the meantime have fun with these small bets of $10 million, which is nothing but the usual boasting of spoiled rich people.

Quote from: Chato1977 on March 31, 2022, 01:41:28 AM

does this means Bitcoin will continue increasing till that 10 billion dollars be installed inside bitcoin ?
if this will happen then we should be holding the coins longer ?
And when this happen surely bitcoin will finally hit 50k once more .

Who knows, it is possible that the price will rise, but it is possible that this news has already had its effect. I really can't estimate in which direction the price will move, but I find it positive that there has been no drop after the pump, which would mean that most think it's not time to sell.

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Quote from: bbc.reporter on March 31, 2022, 01:13:46 AM

Terraform Labs CEO Do Kwon has finalised a bet with a crypto personality known as GCR, or Gigantic Rebirth, to the tune of $10 million over the future price of Terra (LUNA).

Both parties have now sent $10 million in stablecoins (USDT for Kwon and USDC for GCR) to an escrow account, which is simply an Ethereum wallet owned by a veteran crypto trader known as Cobie.

Poor guys, betting $10M each. Grin

The bet is great for advertising that coin (or whatever it is) and... it cannot be bad for Bitcoin either Grin

Let them come, let them use Bitcoin as reserve currency. The supply is limited!

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Quote from: bbc.reporter on March 24, 2022, 10:40:21 PM

It appears the cryptospace has found a bigger celebrity investor than Michael Saylor or Elon hehehe. His name is Do Kwon, the cofounder of Terra, who was also the cofounder of blockchain project Cosmos. According to other news articles, $3 billion is only the beginning. Terra will invest $10 billion in total in bitcoin to use as a reserve asset for Terra UST stablecoin.

does this means Bitcoin will continue increasing till that 10 billion dollars be installed inside bitcoin ?

if this will happen then we should be holding the coins longer ?

And when this happen surely bitcoin will finally hit 50k once more .

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Quote from: NeuroticFish on March 30, 2022, 06:43:21 AM

Quote from: Lucius on March 30, 2022, 06:01:20 AM

crypto winter is over

A drop from 69k to 33k is not really crypto winter. It's more like those winters the temperature barely go below 0C and it's not snowing Wink

For comparison, the previous crypto winter was at a 6x price drop (or more).
But yes, as headline it looks catchy.

My point is that there's still plenty of room for an actual crypto winter to come, although I do hope it won't come this time.

Another catchier headline might be this bet by Do Kwon against a whale that they agreed for $10 million from each person. This bet was only after a similar bet done against another whale for $1 million from each. Do Kwon made a total bet of $11 million on the price of Terra's token called Luna to not be under $88.00 after 1 year.

Terraform Labs CEO Do Kwon has finalised a bet with a crypto personality known as GCR, or Gigantic Rebirth, to the tune of $10 million over the future price of Terra (LUNA).

Both parties have now sent $10 million in stablecoins (USDT for Kwon and USDC for GCR) to an escrow account, which is simply an Ethereum wallet owned by a veteran crypto trader known as Cobie.

Source https://www.theblockcrypto.com/linked/137832/terraform-labs-ceo-do-kwon-seals-10-million-bet-over-luna-price

Do Kwon also joked about asking for a short sell before sending $139,450,000 in USDT to Binance 1 day after hehe. It appears the pump will continue.

I am once again asking you to short #btc

Source https://mobile.twitter.com/stablekwon/status/1508716614140968960?s=12

Reply of Do Kwon to @whale_alert. This might confirm that it is his transaction.

https://mobile.twitter.com/stablekwon/status/1509082337199681543?s=12

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I see a lot of green after checking. Not just Bitcoin. Its hard to explain how is that happening if Terra is only buying Bitcoin.
How come every top altcoin is being dragged above? Roll Eyes

I doubt all the reason is just as a reserve asset. Half true, maybe? They are hoping for a higher amount to raise and by using Bitcoin as the face of the trend they will create, the possibility for it to happen is higher. That's good marketing if you ask me. They know their target to make it on the front page.

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Quote from: Lucius on March 30, 2022, 06:01:20 AM

crypto winter is over

A drop from 69k to 33k is not really crypto winter. It's more like those winters the temperature barely go below 0C and it's not snowing Wink

For comparison, the previous crypto winter was at a 6x price drop (or more).
But yes, as headline it looks catchy.

My point is that there's still plenty of room for an actual crypto winter to come, although I do hope it won't come this time.

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Quote from: fullhdpixel on March 29, 2022, 04:59:06 PM

50K is not really a big psychological level, I mean it surely is one, but not a "big" one.

This is not a crucial point, but in psychological terms, it means a lot to all those for whom it will be a sign that something serious is happening. From the perspective of a small investor who wants a quick profit, a headline in the media that looks something like this "Bitcoin again above $50 000, crypto winter is over", is also more than enough signal to buy Bitcoin again.

Ordinary people are still driven by the herd mentality, and it is easy to steer them in any direction, all it needs is to create a strong enough incentive. The problem at the moment is inflation, which leaves little room for risky investments - the average Joe can no longer save almost anything from his salary.

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Quote from: adaseb on March 25, 2022, 11:02:23 PM

This is not fake news. There is a wallet you can follow which shows the transactions being sent to Binance. So far for the last 4 days they sent $125M each day. People have been following the wallet and trying to front run the move.

They do a test transaction first like 40 USDT and then they do the actual $125M. They use some Jump type of strategy to buy them. Most likely TWAP.

Currently they got like $1B left in their account. However there is more according to the news reports. This is obviously bullish as bears won’t be shorting until he is done with his buys.

This was 2 of the first transactions shared by @whale_alert. I am quite certain there will be more hehehe. Each transaction was $125 million in USDT.

https://mobile.twitter.com/whale_alert/status/1507180543531794435

https://mobile.twitter.com/whale_alert/status/1506069306446172163

This ethereum address is speculated to be one of Do Kwon's wallets under his control for USDT.

https://etherscan.io/address/0xAd41BD1cf3Fd753017Ef5c0da8dF31A3074EA1Ea

Oklink speculates that this is the bitcoin address also under Do Kwon's control.

https://www.oklink.com/en/btc/address/bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q

In any case, similar to Michael Saylor's procurement of bitcoin, there is some skepticism on Do Kwon's investment hehehe. There should be some skepticism because if Do Kwon holds a very large amount of bitcoin it might be argued by himself that the failure of Terra and UST might also be the failure of the cryptospace market because he can dump everything. This is also similar to Michael Saylor who has bought bitcoin with leverage. However, only 30% of the danger that Do Kwon might cause assuming that he completes all $10 billion in bitcoin.

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Quote from: thecodebear on March 28, 2022, 05:38:45 PM

They are using Bitcoin for a functional purpose: backing their stablecoin network. I wouldn't call that "pumping", the way people usually use that word. But even so, just referring to

So, in addition to the main points that are literally not really open in how they buy bitcoin for any general purpose proposition, we will also say that Saylor is not really a pump similar to Do Kwon. But the way bitcoin is collateralized to support stablecoin loans is most likely seen as the way forward i guess

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Quote from: Lucius on March 29, 2022, 09:14:36 AM

Quote from: stompix on March 28, 2022, 04:45:37 PM

Now, the 1 billion question, why are altcoins rising too?

Just for the reason that Bitcoin is growing, that is the most logical explanation - the crypto market has finally woken up and entered the spring from winter, and it seems that the long-announced crypto winter did not last very long. The opportunity for quick profits opened up and a small FOMO was created, now it remains to be seen whether the price of BTC will break the psychological limit of $50k.

50K is not really a big psychological level, I mean it surely is one, but not a "big" one. I remember the old 20k period and I can tell you that 70k will be a huge one and 100k will be GIGANTIC. I can already guarantee that 70k will be looking like impossible to break, it will be broken but people will think for a very long time that it is the top and can't be broken and many people will leave. Then when the 100k price comes, everyone will say that it is the max bitcoin can reach and we could never be above 100k, there will be those people and I guarantee you that. We will go above that too of course, and even more than that, but it is going to be a real war.

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Quote from: thecodebear on March 28, 2022, 05:38:45 PM

Well they aren't "pumping" Bitcoin. They are using Bitcoin for a functional purpose: backing their stablecoin network. I wouldn't call that "pumping", the way people usually use that word. But even so, just referring to a rise in Bitcoin's price, $125 million in daily buying is not much compared to the tens of billions of daily volume of the global Bitcoin trade. That's equivalent to a slight rise in bullish sentiment.

There's not gonna be much at all direct effect of that buying on the price of Bitcoin. Now there might be a decent indirect impact, in which the market views positively the fact that another major crypto ecosystem is using Bitcoin as a major store of value to secure their own ecosystem. Thus promoting the fact that Bitcoin is ready to act as a highly effective global store of value.

Bitcoin was already building back up lately, so sure this probably helped out a little bit, adding to the bullish sentiment of the market. But this is just one small factor in the current bullish landscape of Bitcoin.

Pumping would be more suited for a whale that have no other intention than to inject more money in btc, making its value pumped up and a whale can use more money that what the guys are using in this article because if they will use less money, the pumping will also become less effective although the move that whales are doing is too unethical because they only do it to earn a profit later on but I like what the terra founder did because they are doing it for a good cause. They have no intention to dump bitcoin later on. Nice to see that other coin creators still look back on bitcoin despite their projects are already successful.

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Quote from: OgNasty on March 29, 2022, 03:39:40 PM

Quote from: NeuroticFish on March 29, 2022, 08:59:59 AM

It looks like Michael Saylor may have had some contribution in this.
This news tells that he got extra $205M for buying Bitcoin, but I would not be surprised if he has been buying already.

Ya, this shows he's willing to bet the house to keep the pump going. I have to wonder if he's running out of steam though. Getting a loan against your Bitcoin to buy more Bitcoin feels a bit like squeezing the last little bit you can out of your collateral. I assume he's unable to do any more bond offerings or raise any more funds from outside investors to go this route. If that is the case, the market is lucky that Do Kwon is picking up the slack right now. At the rate he's purchasing (about 125 million per day) it will be a while before he's amassed 10 billion worth of Bitcoin. I assume that means the next few weeks are going to be good ones for Bitcoiners, [...] Certainly other billionaires are starting to see the writing on the wall and won't be left behind on these types of purchases.

He does a gamble, but how risky is that.. it's debatable and the history will show whether he was right or not.
Betting on Bitcoin's price was always risky, but if you managed to keep the coins long enough, in max 4 years from the purchase the price was historically higher, meaning profit. If he has done the deals right, he should be on the winning side.

Also it's interesting to see that his work is in at least 3 directions:
* profit
* convince other big investors buy bitcoin
* be careful to not allow price drop too much (to not scare off potential new big investors)

In the previous cycle the start of the year (2018) looked much worse than this. I can almost hope that with more like Michael Saylor or Do Kwon we may get to 2024 without the ugly crypto winter.

Quote from: OgNasty on March 29, 2022, 03:39:40 PM

but I do worry a bit about the mtgox coins hitting the market afterward. With a little luck maybe these two events will overlap and cancel each other out a bit rather than cause massive volatility, but we'll see.

I don't know; whenever the price starts looking nice, some news come out about MtGox about to sell shitloads of Bitcoin, in a way or another.
I am sick and tired of those news, really. They'll sell when they'll sell, if they'll sell. I have a feeling that they're not idiots and won't crash the price if they'll actually sell instead of handing out bitcoins.

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Quote from: NeuroticFish on March 29, 2022, 08:59:59 AM

It looks like Michael Saylor may have had some contribution in this.
This news tells that he got extra $205M for buying Bitcoin, but I would not be surprised if he has been buying already.

Ya, this shows he's willing to bet the house to keep the pump going. I have to wonder if he's running out of steam though. Getting a loan against your Bitcoin to buy more Bitcoin feels a bit like squeezing the last little bit you can out of your collateral. I assume he's unable to do any more bond offerings or raise any more funds from outside investors to go this route. If that is the case, the market is lucky that Do Kwon is picking up the slack right now. At the rate he's purchasing (about 125 million per day) it will be a while before he's amassed 10 billion worth of Bitcoin. I assume that means the next few weeks are going to be good ones for Bitcoiners, but I do worry a bit about the mtgox coins hitting the market afterward. With a little luck maybe these two events will overlap and cancel each other out a bit rather than cause massive volatility, but we'll see. Certainly other billionaires are starting to see the writing on the wall and won't be left behind on these types of purchases.

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Quote from: GreatArkansas on March 28, 2022, 09:22:57 PM

I am also curious why they are buying Bitcoin instead of they will just buying their own coins which are very huge possible to create huge pumps on their bags, they have this altcoin called Luna.

probably it's because of the situation of bitcoin reason their luna can't make progress. I mean instead of making pump on their own coin they choose bitcoin first so that it will influence their luna. I dont know if it make sens.lol

But i have doubts you are right , wherein they already knows what is the future of bitcoin, reason they put massive amount in it every day while at the current support. And surely there will be a massive return after all than investing on their own projects.

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Quote from: stompix on March 28, 2022, 04:45:37 PM

Now, the 1 billion question, why are altcoins rising too?

Just for the reason that Bitcoin is growing, that is the most logical explanation - the crypto market has finally woken up and entered the spring from winter, and it seems that the long-announced crypto winter did not last very long. The opportunity for quick profits opened up and a small FOMO was created, now it remains to be seen whether the price of BTC will break the psychological limit of $50k.

Apart from the news that Honduras and Malaysia will declare Bitcoin a legal tender, which turned out to be mere speculation, and the news that Russia could sell oil and gas for Bitcoin - it seems that all these billions had an effect on the market. For almost 3 months we had several attempts to break the resistance to $45k, and then it finally happened, coincidence or not? Some will say that coincidences do not exist, while others will say that money drives everything.

Topic: Terra cofounder Do Kwon is the one who is pumping Bitcoin - page 9. (Read 2455 times)