Bitcoins/Litecoins/Virtual Currencies

Anything about last night’s rally feel inorganic to anyone else? Are we just in a push elevate price before options expire Saturday? Big dip coming after that?

maskedmelon said:

Anything about last night’s rally feel inorganic to anyone else? Are we just in a push elevate price before options expire Saturday? Big dip coming after that?

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This sort of rally then pullback (Bart pattern they call it) has been happening a lot, at least since I started following Bitcoin. I wouldn't be shocked if its as you're suggesting liquidation attempts from exchanges. Hard to tell. Pullbacks are nice if you're looking to DCA at least.

Re: Big dip, yea maybe. I'm 100% confident that price will go up over the next year or two but there could for sure be some 30%+ pullbacks on the way there. You can look at the 2017 rally to see that it is pretty common.

Flobee said:

This sort of rally then pullback (Bart pattern they call it) has been happening a lot, at least since I started following Bitcoin. I wouldn't be shocked if its as you're suggesting liquidation attempts from exchanges. Hard to tell. Pullbacks are nice if you're looking to DCA at least.

Re: Big dip, yea maybe. I'm 100% confident that price will go up over the next year or two but there could for sure be some 30%+ pullbacks on the way there. You can look at the 2017 rally to see that it is pretty common.

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I am glad that I learned this now. I stepped out yesterday at 13.3 hoping to get back in at 12.8 since it had been bouncing, then was kicking myself when it kept climbing. After spending most of the day horrified while it was hovering above 13.6, I got looking at things a bit closer and was thinking that we would see a pull back to $13.4 at some point. I hadn’t expected it get back below 13.3 like it did this morning. Ultimately I bought back in at 13.6 with a limit while I was sleeping, because to me it was clear that there was a significantly greater likelihood that it would at least drop to that point even if it continued to rally and I would rather eat a short term loss for being a tard than be left out of the market and having to buy back in higher. I am just going to go with my original plan of move to cold storage and no touchy. I think my amygdala has been sufficiently traumatized to keep me in line going forward. Exciting stuff though!

DBS, Singapore’s largest retail and commercial bank, seems to be entering the cryptocurrency space with three new offerings. According to information seen by Cointelegraph, DBS is launching cryptocurrency trading and custody as well as a platform for conducting security token offerings...

...DBS’ upcoming crypto service — the DBS Digital Exchange — will support five major cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Ethereum Classic (ETC). Supported fiat currencies include the United States dollar, the Singapore dollar, the Hong Kong dollar and the Japanese yen.

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Slowly at first, then all at once.

Have any of you tried mining crypto?

maskedmelon said:

Have any of you tried mining crypto?

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I started way back with bitcoin, stopped for a while and then got back in about 9 months before asics came out. I stopped a few years ago when I realized it was just an arms race with the dealers making the most money.

I never did any alt crypto though.

Arative said:

I started way back with bitcoin, stopped for a while and then got back in about 9 months before asics came out. I stopped a few years ago when I realized it was just an arms race with the dealers making the most money.

I never did any alt crypto though.

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Oooo, yeah, hardware life was one thing that I was wondering about. I know that most coins halve their reward at a set interval like every 4 years for BTC/ETH, I wasn’t sure how long a machine could remain profitable after that. Then I was also thinking about how increases in the difficulty of the hash (based off number of miners?) reduces profitability. Like if I go out and buy some miners, how long until I have to replace them? And then if they are ASIC, once they are no longer profitable, they are basically just garbage, no? And how do feets play into it all? Don’t miners get fees for network transactions? There has got to be a mechanism for mining to remain profitable or we don’t get new blocks on the chain, no?

maskedmelon said:

Oooo, yeah, hardware life was one thing that I was wondering about. I know that most coins halve their reward at a set interval like every 4 years for BTC/ETH, I wasn’t sure how long a machine could remain profitable after that. Then I was also thinking about how increases in the difficulty of the hash (based off number of miners?) reduces profitability. Like if I go out and buy some miners, how long until I have to replace them? And then if they are ASIC, once they are no longer profitable, they are basically just garbage, no? And how do feets play into it all? Don’t miners get fees for network transactions? There has got to be a mechanism for mining to remain profitable or we don’t get new blocks on the chain, no?

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Profit depends on what you pay for electricity too. I mined at my work, so I got free electricity. I bought a few older miners from eBay and with the mining pool I was in when ever we got a block I'd get something like .0004 coins with a block reward of 25. That included miner fees.

According to the white paper miner fees are supposed to make up block reward. I think with asics you'll just see big miner farms.

Alt coins might be profitable to mine. Not really sure never looked into them

So, on BTC I was noticing that we are presently wayyyy above the 26 day EMA. That generally indicates that price either needs to stagnate or we get a correction. We just had a pretty big correction, but I am still thinking that was orchestrated to clear out options. it doesn’t seem unreasonable that we could see another ordinary correction down to 11.4 or 12ish, no? I am super curious to see what the intraday volatility looks like Saturday. Unfortunately I don’t have any more money to toss in and I am already upside down at 13.6, so I will just be sitting it out.

BOOB token:

So I lied. I stepped back out at 13.625 and am sitting tight for 13k. Watching the depth chart and book for more signs of fuckery this time.

Guess I forgot to post this yesterday

TL : DR - Miners in Iran will be selling their BTC to the Central Bank as per new regulations

This is absolutely huge and exactly what is expected from a game theoretical perspective.

Pro:

• The first sovereign wealth fund is collecting Bitcoin publicly. They will not be the last. This is the first step in the seemingly bat-shit insane idea that BTC will become part of the world reserve currency in the next monetary reform (Remember, IMF is calling for this)
• Now that the cherry has been popped, expect other smaller nations to follow suit. The returns on their investment will be large and this gives them a seat at the table during the monetary renegotiation. Since they don't have much or any gold, this will be their play for a voice. Larger nations will follow.
• This further reinforces the reasons that corporations are vacuuming up BTC. It will be increasingly valuable in the future for all the reasons that Iran is collecting it and more.

Con:

• Iran is using this to circumvent sanctions. I expect this to be used as an excuse to attempt to heavily regulate the purchasing a ownership of crypto-currencies
  • This could be achieved by blacklisting confirmed Iranian wallets, but I don't expect they'll go this route as its not trivial to confirm which belong to them.
• Left leaning institutions are going to side with the IMF and World Bank on this and look to keep this out of people's hands. Money they can't control will run counter to the push towards MMT that they want. See Germanyproviding businesses 75% of their income during lockdown.
  • Note: If in the US and Biden wins I highly suggest you get your crypto out of exchanges. Maybe I'm wrong but the pace on this is picking up exponentially and I could see a ban on moving crypto to "unverified" (personally owned" wallets coming quite quickly.
• Price will rise quickly from this point. We've had years to front run institutions and nations on ownership of Bitcoin. That time is running out it seems. I honestly hope I'm wrong because so many people still don't see what is coming and the more normal folks that own it, the better this is for us all.

If you think I sound like a moron regarding Bitcoin becoming a reserve currency check this out. Simon Dixon explains this very well and I happen to see it as quite feasible if still unlikely.

Bitcoin is a meme. Its almost a religion in some ways. Remember though that currency and value is really just societal trust and agreement in value. Bitcoin doesn't need to do anything except be agreed upon as valuable and secure to hold value. No one entity controls it, they can't manipulate it, it favors no one entity over another save for those that already own some. That is why it will win out I believe.

EDIT: Here is Dem Rep. Sherman calling for banning crypto back in 2019, specifically to preserve US dollar as world reserve currency. They see it coming

Further reasons to be leary of Binance. Regulation is coming

Looks like they are working on wave 4 of exercising them options.

Lol, someone has a limit on the book for 100btc.

Very well written and sourced argument for Bitcoin's future value. Written by the Winklevoss twins from Facebook founding.

Ravishing said:

If you've followed Bitcoin for any amount of time, you know it's very closely tied to the US Dollar & Economy.

I expect Bitcoin to continue rising as long as the US economy is doing well. The days of it beating out the stock market YOY are long gone.

$500K+ Bitcoin will see the light of day as soon as the USD is no longer the reserve currency.

Until then, I can see $20K again, and higher, but I don't expect $100K in our lifetimes.

Next downturn / recession it has a very great chance of hitting <$10K again.

I'm holding till $20K then selling. I don't have much, it's just fun to have some.

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Short/Medium term the value largely depends on monetary renegotiation which is coming. I expect it to continue outperforming the market like it always has. I'd need to find the source but I believe even YoY its outperformed S&P 10 out of 12 years.

I think we get to or at least near $100k for at least a brief period of time in the coming 3 years regardless of monetary changes. Bitcoin only hit 20k for a few days. Software is eating the world, it will eat Gold, then eventually all money. For better or for worse.