Cryptocurrency

[Joseph Zarr]

Crypto was created in response to what exact Banking Crisis?

[Joseph Zarr]

The most high falutin 'Crypto Conspiracy' I have heard is Bitcoin was actually crafted by the NSA and Bitcoin Cash was the play made by the Chinese. BUT, none of this is vetted or provable...but Crypto was made in response to a Banking Crisis? What crisis? There is always a Banking crisis? Why? Because they are always stealing OUR money. I would love to know the details.

 

Editing to Add:

 

I don't want to come across as an arrogant arse! LOL. I know we are all trying to do our best with the monies we have. I just feel I consistently encounter questioning of the cryptos where I see mainstream media bias without any actual direct experience or engagements. I am here to learn just as much as I am here to question.

 

Full disclosure on my end:

 

I started mining Eth and BTC in 2016. I no longer mine. I trade - hold and actively swing and spot trade crypto - habitually and for profit.

[GAME05]

In the paper written to introduce Bitcoin, the inventor (be it Nakamoto or a group of people, as we don't even know if Nakamoto exists) said this: “The root problem with conventional currencies is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” The Fanny Mae crisis was the impetus, and I don't know if I'd say "banking crisis" so much as it's just digital currency designed to eliminate banks as the necessary middle-man for transactions.

 

Mining crypto takes a lot of energy from the computers running 24/7, but many coins, once they've become established enough that there's a lot on the market already, move to a proof-of-stake method where more coins are introduced to the market by way of new coins as interest. Have your coins held in some staking place and you get back 4-6% (it varies) APR.

 

I would only figure the price of Bitcoin will stabilize upon further adoption. It's still so new yet that Elon Musk can say something bad about it and tank the price 20%. It's still pretty heavily manipulated by individuals and corporations. I think to a large extent manipulated by interests who know that they can make a negative comment, make the market fall, and that's when they quietly buy in to catch the rebound. There's irony in that.

 

Maybe Bitcoin won't even be the currency winner. Maybe it'll be one whose value is tied to the price of gold.

[PlayerHader]

Anybody follow what happened with Shiba Inu on Coinbase Pro yesterday? Some whales walked away with a lot of money from retail investors. Tough lesson for some. Pay attention to those decimal places!!!

[GAME05]

Kinda waiting for what is at least supposed to be a great overall September/October. After that go with maybe four bigger-name coins to just sit on and then a small percent to play around with newer coins, the kinds not yet listed on Coinbase. My friend uses KuCoin, so I'll just do that one. Got a Ledger wallet largely because he has one, so he'd be a good reference if I had a question about it. I do have some nervousness about making a mistake with it and having the money just disappear.

 

A lot of Initial Coin Offerings drop pretty low in price after the initial hype then really increase five-ish months later. So I looked into Seedify where you can pick those up, but holy moly it's complicated and I'm just not touching that. But definitely there's a certain greed factor when you see some of these new coins (be they ICOs or otherwise) go up 12,000% (or whatever outrageous amount) in a week.

 

Ran into a Youtube channel called "Whiteboard Crypto" which is all about 'What is a ____?' so I thought it'd be good to note here. Not an investing channel, but takes you through stuff like what the Tezos coin is supposed to accomplish or what is the blockchain.

[PlayerHader]

Shiba story seems to be 100% manipulation. Whales essentially removed a decimal on the list price, so people were buying $.000007 coins at $.00007. Woke up and it showed the coin at +400% and a few ours later, at correction, it was down 86%. Huge volume. Some people were taken because they didn't pay attention to decimal places.

 

Surprised Coinbase allowed it to happen.

[thebruce44]

The most high falutin 'Crypto Conspiracy' I have heard is Bitcoin was actually crafted by the NSA and Bitcoin Cash was the play made by the Chinese. BUT, none of this is vetted or provable...but Crypto was made in response to a Banking Crisis? What crisis? There is always a Banking crisis? Why? Because they are always stealing OUR money. I would love to know the details.

 

Editing to Add:

 

I don't want to come across as an arrogant arse! LOL. I know we are all trying to do our best with the monies we have. I just feel I consistently encounter questioning of the cryptos where I see mainstream media bias without any actual direct experience or engagements. I am here to learn just as much as I am here to question.

 

Full disclosure on my end:

 

I started mining Eth and BTC in 2016. I no longer mine. I trade - hold and actively swing and spot trade crypto - habitually and for profit.

 

Sorry, but is the bolded part in response to a particular post? Maybe if we can define the question we can work on a response.

 

Honestly, I feel like you want to just come out and say something. What is your main point in this post?

[KCBrewerfan34]

if you don't care about speed or costs Bitcoin is fine. Its more of a store of value in my book instead of a medium of exchange. Worldwide, and for cross border payments Ripple/XRP is a great position to alter the way money is transferred/converted between banks. TODAY, SWIFT is an ancient and very much outdated system hanging on for no good reason. Why do banks continue to pay and use this error riddled system.

 

You have to look around but there are a number of coins with use cases and who solve problems. Thats kind of the trick of Crypto, finding the projects at low prices. I'm in Cardano at 35 cents

 

Good luck to all and it would be great to have more discussion on Crypto.

 

Thanks,

 

Mike

[thebruce44]

SOL has been down for about 14 hours now. This is the 7th largest project by market cap and it would seem that it has some pretty serious flaws. I'd imagine the price is going to drop pretty dramatically once people are able to move their coins again.

[KCBrewerfan34]

SOL claimed it was decentralized. OUCH

[nodakfan17]

I don’t know enough about crypto to make meaningful contributions to this thread, but I find it amusing that the government and SEC seem to loathe what they believe to be ‘imaginary internet money,’ but they sure want to tax and regulate it.

[homer]

I don’t know enough about crypto to make meaningful contributions to this thread, but I find it amusing that the government and SEC seem to loathe what they believe to be ‘imaginary internet money,’ but they sure want to tax and regulate it.

 

I think the money laundering aspect is a legit concern.

 

[nate82]

I don’t know enough about crypto to make meaningful contributions to this thread, but I find it amusing that the government and SEC seem to loathe what they believe to be ‘imaginary internet money,’ but they sure want to tax and regulate it.

 

It is because it competes with their imaginary money.

[nodakfan17]

I don’t know enough about crypto to make meaningful contributions to this thread, but I find it amusing that the government and SEC seem to loathe what they believe to be ‘imaginary internet money,’ but they sure want to tax and regulate it.

 

It is because it competes with their imaginary money.

Bazinga!

[GAME05]

Arguments over if crypto is a security or anything else aside, crypto needs ETFs just for the safety/security of all the people trading it. And I wish more people were bringing that up to the SEC.

 

It won't, but I wish this dip put an end to the endless number of people who had been saying that since crypto acted one way four years ago, that it would act the same way now. Or last week when everybody started yelling about the Bitcoin "Golden Cross" and how that means Bitcoin is totally going to double in value in three days. It's day-trader nonsense and the furthest thing from real analysis. Or just as much when they take really put their necks out there to tell you how great a crypto project is only after it's gone up 40%. It's all so much hot air.

 

Not that I was fortunate enough to actually own any, but one thing Solana has taught me is the importance of actual use cases. With the further popularity of crypto I think this is becoming more important, where value is no longer so much tied to what a project can do but what it is doing. And I'm starting to shift my money toward those projects which will have more immediate future uses. Bitcoin as currency is nice, but your baby will be in college before that ever comes to pass in any major country. A grocery store that only operates on 1.5-2% margin to begin with isn't going to be accepting Bitcoin as payment only to have its value drop 8% in a day and suddenly the store's profitable day turns into a loss. We need a payment system which converts crypto to cash immediately which doesn't exist yet, or Bitcoin needs worldwide adoption to stabilize its value, which also isn't happening anytime soon.

 

Where I see the more immediate use cases is in gaming industry, which is worth $20b in the US alone. Using crypto to bet on who wins the next Call of Duty match, or instead of hoping for that 1:500,000 game sword in your loot box, just buying it from somebody else. And while Ethereum is first past the post when it comes to having the technology to do these things, its gas fees are also totally ridiculous. Nobody is going to pay a $5 Ethereum gas fee to buy a $5 sword.

[homer]

I don’t know enough about crypto to make meaningful contributions to this thread, but I find it amusing that the government and SEC seem to loathe what they believe to be ‘imaginary internet money,’ but they sure want to tax and regulate it.

 

It is because it competes with their imaginary money.

Bazinga!

 

Do you watch What We Do in The Shadows or The Big Bang Theory?

[homer]

Is there a chance that these coins consolidate? For example, can Ethereum "buy" Internet Computer? Thinking about the early days of the internet and big companies started gobbling up all the start-ups. I'm guessing they cannot but I'm not sure.

[thebruce44]

Arguments over if crypto is a security or anything else aside, crypto needs ETFs just for the safety/security of all the people trading it. And I wish more people were bringing that up to the SEC.

 

It won't, but I wish this dip put an end to the endless number of people who had been saying that since crypto acted one way four years ago, that it would act the same way now. Or last week when everybody started yelling about the Bitcoin "Golden Cross" and how that means Bitcoin is totally going to double in value in three days. It's day-trader nonsense and the furthest thing from real analysis. Or just as much when they take really put their necks out there to tell you how great a crypto project is only after it's gone up 40%. It's all so much hot air.

 

The funny thing is, this is almost exactly what BTC did 4 years ago in September. This cycle is still eerily similar to the last one and whales are continuing to accumulate in anticipation of the next 3 months. Sept 2017 saw a crash below 3000, a solid run up in Oct back into price discovery, an early Nov correction to freak out the new investors from Oct, then the price went something like 5x in the next 5 weeks.

[thebruce44]

Hope everyone is nearly loaded up for the home stretch.

 

https://mashable.com/article/twitter-bitcoin-tips-nfts-profile-pics

[thebruce44]

Hope everyone is nearly loaded up for the home stretch.

 

https://mashable.com/article/twitter-bitcoin-tips-nfts-profile-pics

 

This didn't age well!

[Joseph Zarr]

Hope everyone is nearly loaded up for the home stretch.

 

https://mashable.com/article/twitter-bitcoin-tips-nfts-profile-pics

 

This didn't age well!

 

Historically speaking, in the BTC bull runs of the type we currently witnessed in 2020-21, when China FUD comes out (and, this past week was probably its worst FUD to date) it means we are due for a Bullish stretch. Historical stock to flow models also indicate we are not at the Top of this cycle. Historically, September has been a disappointing month followed by more positive months in October and November.

 

All this being said, the only thing we can really declare at present is: We closed the Bitcoin weekly chart (broad Market implications speaking here) above $42,000. In the very near-term we are still being Supported by the Bulls. However, we are still in a very very precarious position that could go either way. We have Support Levels at $37-38k and $40 and $42 k. We have resistance Levels at $45k and $50k. We are in the epitome of a Box. These are very tricky places to feel comfortable. The only small bit of confidence I have for a bigger Upside push and new ATH's down the mid-term road is the behavior of the Alt coins among aforementioned historicals. They have been in their own little Bull Market since the BTC push off of $29ish k. They haven't over reacted to BTC behavior in this $40-50k range. They are showing strength. My general 'belief' a Deeper correction is still possible and explainable is a set of Futures Gaps at roughly $18k and $25k and The Weekly 200MA sitting right around $15,700.

 

Both scenarios are possible. This is known as 'Don't take a trade here' territory. I mean, it's hilarious, as I 'talk' this out loud myself I am reminded the Crypto trading hamster has outperformed Buffett and the S&P 500 since early June. It all makes sense. LOL.

[Joseph Zarr]

Is there a chance that these coins consolidate? For example, can Ethereum "buy" Internet Computer? Thinking about the early days of the internet and big companies started gobbling up all the start-ups. I'm guessing they cannot but I'm not sure.

 

What's different in this space is the nature of the nature of the given project 'codes' and 'algorithms'. Ethereum runs on Eth-Hash...whereas Internet Computer is operating with 'Motoko'. What we are seeing, in the space, however, is the various sectors emerging. For example, ATOM has experienced tremendous growth as its IBC project is gaining traction AS the NFT sector booms. ATOM's IBC allows cross-bridge seamless communication among the various blockchains. In a way, then, this is a unique version of what you are referencing above.

[Joseph Zarr]

The most high falutin 'Crypto Conspiracy' I have heard is Bitcoin was actually crafted by the NSA and Bitcoin Cash was the play made by the Chinese. BUT, none of this is vetted or provable...but Crypto was made in response to a Banking Crisis? What crisis? There is always a Banking crisis? Why? Because they are always stealing OUR money. I would love to know the details.

 

Editing to Add:

 

I don't want to come across as an arrogant arse! LOL. I know we are all trying to do our best with the monies we have. I just feel I consistently encounter questioning of the cryptos where I see mainstream media bias without any actual direct experience or engagements. I am here to learn just as much as I am here to question.

 

Full disclosure on my end:

 

I started mining Eth and BTC in 2016. I no longer mine. I trade - hold and actively swing and spot trade crypto - habitually and for profit.

 

Sorry, but is the bolded part in response to a particular post? Maybe if we can define the question we can work on a response.

 

Honestly, I feel like you want to just come out and say something. What is your main point in this post?

 

 

Sorry Bruce, I hadn't checked this thread in awhile. It was made in response to the 2 posts in succession directly above mine...BUT, take it with a grain of salt. I find my financial Markets opinions, tho steeped in Practice, are often whimsical and 'priced in' like a chart 'reacting' to the Fundy from the Squawk Box. There is nothing to be over-confident about in the Markets...most especially, individual opinions. I wasn't expressly meaning to just say something, I was actually referencing those posts - perhaps, before I understood the nature of the 'Quote' options in these Forums?

[GAME05]

I've heard rumor that crypto also goes up sometimes, too, but the rumor is yet unconfirmed.

[Joseph Zarr]

I've heard rumor that crypto also goes up sometimes, too, but the rumor is yet unconfirmed.

 

 

LOL. She certainly does eh? For reference sake, this is the historical overlay of 2013 to this current Market...the past does absolutely not mandate the Future BUT when Q1-Q3 is almost precisely exact...I tend to lean into Q4 will most likely abide.

 

 

This Q4, starting sometime in October could be very VERY explosive

 

EDIT to add:

 

We know Institutions have been accumulating significant quantities of BTC since the recent consolidation at $29-30k. AND, we know they have continued to buy in the $40-45k range. IF, this does indeed prophesize (it certainly doesn't have to), I am wondering what form of Fundy they will use to explain this. In my eyes, as a chart maker and reader, it is already priced in. I just want to know the excuse the Market Makers will use.