Bitcoins/Litecoins/Virtual Currencies

James said:

Taproot isn't even out yet, let alone adopted, so I sincerely doubt that's driving the value disparity here.

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FWIW, unreleased tech seems to be what drove ETH to $4k.

Tmac said:

Jackie Treehorn does moving into usdc prevent a tax event?

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Technically not. It's supposed to be treated the same way as moving into cash (I asked this question myself a while back.)

Jackie Treehorn said:

Technically not. It's supposed to be treated the same way as moving into cash (I asked this question myself a while back.)

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If you move to cash how is that not taxable? Bc it’s not a gain or a loss?

So the last set of margin calls should have flushed out a bunch of peeps in this area. From here to 30k seems to be the last line of defense. Under 30k you will start seeing margin calls again and at 24k that publicly traded company who bought a shit ton of BTC on the books begining at 24k will probably be forced by the board to start offloading positions. Just my guess on how things are looking right now. TSLA may or may not still own a ton of it, but Elon can ignore the board so it's less of a worry there.

Of course I could be totally wrong, so there is that.

If you're on Polygon already, I think I'm going to make an interesting gamble that's virtually never talked about. This is available on QuickSwap.

This seems to be very under the radar, I've seen it mentioned a handful of times at best in the course of reading crypto related social media.

Telcoin:

Low market cap at #69 overall. Is down 70 percent from its high a couple of weeks ago.


What's interesting about this fucker, and I'm surprised it is never brought up or shilled anywhere...

The coin was supported by a Nebraska Senator and made its way into a Nebraska state bill, LB 649, see link below:


Governor is going to sign this bill into law soon (whether that does anything or not who knows in this market, but interesting.)


Looks like they have an app to send money that's on the Apple Store and Google:


I think I'm gonna throw 10 grand at this thing. Maybe not today, but later this week.

From a chart perspective (I know I'm looking at it from an equities perspective), the last 24 hours has seen lower lows and lower rallies. This isnt a good sign. Too much buyer exhaustion and getting closer to looking like capitulation.

Sanrith Descartes said:

From a chart perspective (I know I'm looking at it from an equities perspective), the last 24 hours has seen lower lows and lower rallies. This isnt a good sign. Too much buyer exhaustion and getting closer to looking like capitulation.

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What do you mean capitulation?

Tmac said:

What do you mean capitulation?

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Give the fuck up.

Edit: in equities markets almost always there is buying going on somewhere. Some sector or sub sector does well while the rest tanks. It's why you see usually at least 10-15% advances on even a really shitty day. Some days though buyers just pack it in. Everything is red because no one believes it's a good time to buy. Anything. That's capitulation.

Sanrith Descartes said:

Give the fuck up.

Edit: in equities markets almost always there is buying going on somewhere. Some sector or sub sector does well while the rest tanks. It's why you see usually at least 10-15% advances on even a really shitty day. Some days though buyers just pack it in. Everything is red because no one believes it's a good time to buy. Anything. That's capitulation.

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And in these cases you just wait for the bottom? Sounds scary.

How often does this happen in equities?

Tmac said:

And in these cases you just wait for the bottom? Sounds scary.

How often does this happen in equities?

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Not "that" uncommon. When you see those long multi-day/multi-week moves downward after the market has over heated and needs to just stop and correct. We had a pretty noticeable period of Capitulation last March if you recall. And again back in Sept or so. Sometimes buyers just sit back and wait because doing nothing is sometimes the best alternative.

Buyers have to be able to see a clear path forward. One reason I backed out of options the last few weeks is I don't have a clear view of where the equities Markets are going. Too much uncertainty right now. Most investors abhor uncertainty.

Thanks to all who sold me ETH at 1.9k. I will drink to your honor and lost tendies at a later date.

That last failed rally just failed in spectacular fashion...

1 trillion dollars of crypto money has vanished in the past week. Money in does not equal money out. Maybe this is how the fed plans to pay off it's debts, with magic.

Just broke below 32k. 30k is a huge psychological level. It's Sunday maybe a trip to church should be in the cards and pray it holds 30k.

Sanrith Descartes said:

Just broke below 32k. 30k is a huge psychological level. It's Sunday maybe a trip to church should be in the cards and pray it holds 30k.

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I think it legit might go down to like 25.

Jackie Treehorn said:

I think it legit might go down to like 25.

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If it hits 24k I believe it's gets crushed with microstrategy's balance sheet holdings underwater. I honestly can't see their board allowing them to go underwater on the balance sheet. Since they have been dollar cost averaging upwards they could be selling somewhere after 30k gets breached. That will be a massive dump on the market.

31.2k

Sanrith Descartes said:

If it hits 24k I believe it's gets crushed with microstrategy's balance sheet holdings underwater. I honestly can't see their board allowing them to go underwater on the balance sheet. Since they have been dollar cost averaging upwards they could be selling somewhere after 30k gets breached. That will be a massive dump on the market.

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Interesting. I have no doubt crypto will rebound because of the obvious integrations, but this (and particularly an event like that...) I wonder what kind of lasting stain it'll put on investing in it. i.e. another couple / few years to get confidence back.

I was up $125k at peak and I escaped +$75k. I don't have any confidence in rebuying at this point.