Magic Internet Beans briefly crossed $100K in price, which proves exactly what? There are greater fools? - ThreadSky

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principalengineer.com • 89 days ago

Magic Internet Beans briefly crossed $100K in price, which proves exactly what?

There are greater fools?

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This also tends to happen every December and collapses the final week as whatever systems propping it up go idle during the long holiday break.

calvobianco.com•89 days ago

Yes.

Also wondering: from where? Because all of the 'normies' who got hurt late 2017/early 2018 never got back in the game.

Is it just recycling fools within the small bubble of people that are still into crypto?

principalengineer.com•89 days ago

The interesting thing would be to know how thin the liquidity is, and what amount is wash-trading to entice retail fools in.

Thin volume + wash trading can get a price to any level or market cap.

calvobianco.com•89 days ago

I guess nothing has changed since the years I've been out of the loop. Tether-exchanges still pumping the price too I assume?

principalengineer.com•89 days ago

I suspect so. I stopped following in detail about 3-4 years ago.

calvobianco.com•89 days ago

Same. It's interesting to see that ecosystem stuck in the same loop, completely convinced they are changing the world.

marceldevg.bsky.social•88 days ago

They're selling ETF's backed by bitcoin. So the pond is a bit larger. So brace for the next financial burn down 🙃

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