Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

[Trey3216 15352]

MATIC still going bonkers.   1.74 rt now. I may have to sell and buy back, unless one of you who knows more about it can offer good reason not to 

[Trey3216 15352]

And if just got to 1.81 

[bernorange 8363]

DOT and ADA also having nice runs.

[T’Boo Ted Marshall 2739]

And if just got to 1.81 

I didn’t buy a lot, but it was at .80 for fun.

[Trey3216 15352]

5 minutes ago, T’Boo Ted Marshall said:

I didn’t buy a lot, but it was at .80 for fun.

I got in around .95 and again at 1.01 

[bluto 4942]

Fuck elon

[T’Boo Ted Marshall 2739]

Heck of a dip.

[Assman 1830]

This is less than ideal.

So who's buying?

Edited May 17, 2021 by Assman

[Trey3216 15352]

7 minutes ago, Assman said:

This is less than ideal

Yeah.   BTC looks like it’s gonna go straight to 40k.   Look out of it breaks down from there 

[Johnny Chimpo 478]

Ethereum chart looking pretty shitty too. Lot of momentum lost. 

[bernorange 8363]

The Voyager phone app has a nifty news aggregator built into it.  I have seen several reports of crypto personalities (folks with 250k or more followers) talking up Cardano over the last few days.  It really seems like the crypto markets are just that dumb where broad movements are consequences of Twitter drivel.

I also saw a report reaffirming ETH devs confidence of the ETH->ETH2 switch around December.

[52-80 19230]

7 hours ago, Assman said:

This is less than ideal.

So who's buying?

bought at 50 and 45

[GRHorn 105]

This pretty much sums it up. 

 

[GRHorn 105]

This one is the best. Lol. Karen 

 

 

[Nice Guy Eddie 13522]

Bitcoiners can be the worst. Many (most?) bitcoin maximalists have 2 opinions about anyone: you're cool because you're in favor of bitcoin taking over the world, or you should be destroyed.  Or maybe they had 3 opinions, in that they think Ethereum/altcoin users should be more than destroyed.

Turning against Elon is lame. The Bitcoin carbon footprint isn't fully known but it definitely isn't low. Some organizations have goals related to the environment so bitcoin can fly in the face of their corporate values. Bitcoin developers should address mining power requirements.

[GRHorn 105]

39 minutes ago, Nice Guy Eddie said:

Bitcoiners can be the worst. Many (most?) bitcoin maximalists have 2 opinions about anyone: you're cool because you're in favor of bitcoin taking over the world, or you should be destroyed.  Or maybe they had 3 opinions, in that they think Ethereum/altcoin users should be more than destroyed.

Turning against Elon is lame. The Bitcoin carbon footprint isn't fully known but it definitely isn't low. Some organizations have goals related to the environment so bitcoin can fly in the face of their corporate values. Bitcoin developers should address mining power requirements.

I have to disagree here. Elon is the lame one. 
 

He does a 180 on Bitcoin within 3 months, based on environmental concerns, which everyone already knew about. 

He does it while spewing misinformed nonsense that makes him sound like he just discovered Bitcoin last week. He’s trashing Bitcoin while pumping a literal joke coin as some kind of “solution”.

Elon is not taking any of this seriously and no one should take him seriously. 

I have to say I kind of like it. One of the biggest draws to Bitcoin is the decentralization. There’s no leaders that are able to corrupt the vision or mold it to their liking. What better way to prove that than kicking out the richest guy in the world, a global icon, because he doesn’t get it?

To borrow Elon’s phrase, in retrospect it was inevitable. Elon is an eccentric egomaniac who has risen to the level of richest man on the planet due almost solely to government largesse and subsidy. He’s a creation of the fiat system. He was always going to have issues with a system that can’t be directly gamed by his money or influence. 
 

As far as Bitcoin’s mining and electricity use, it is substantial, but I reject that this use of electricity has to be justified, while other don’t. Also, the energy mix is constantly improving.

[washparkhorn 9939]

40 minutes ago, GRHorn said:

Elon is an eccentric egomaniac who has risen to the level of richest man on the planet due almost solely to government largesse and subsidy. He’s a creation of the fiat system. He was always going to have issues with a system that can’t be directly gamed by his money or influence. 
 

 The Gold and Silver guys:

 

[GRHorn 105]

 

[washparkhorn 9939]

That element does not engender trust to those who matter in deciding its fate. 

Best to stick with the Wall St. persona as a spokesmodel. 

[GRHorn 105]

4 hours ago, washparkhorn said:

That element does not engender trust to those who matter in deciding its fate. 

Best to stick with the Wall St. persona as a spokesmodel. 

 

[T’Boo Ted Marshall 2739]

Matic showing off.

[ajax 2620]

5 hours ago, T’Boo Ted Marshall said:

Matic showing off.

Seriously. DOGE has got nothing on MATIC.

[Nice Guy Eddie 13522]

7 hours ago, T’Boo Ted Marshall said:

Matic showing off.

 

2 hours ago, ajax said:

Seriously. DOGE has got nothing on MATIC.

I'm up 5.5x times with MATIC and my first buy was on April 10th. Decided to lock in some profits by selling enough to cover my costs. Playing with house money now.

[MonkeyDoughnut 10353]

23 hours ago, GRHorn said:

I have to disagree here. Elon is the lame one. 
 

He does a 180 on Bitcoin within 3 months, based on environmental concerns, which everyone already knew about. 

He does it while spewing misinformed nonsense that makes him sound like he just discovered Bitcoin last week. He’s trashing Bitcoin while pumping a literal joke coin as some kind of “solution”.

Elon is not taking any of this seriously and no one should take him seriously. 

I have to say I kind of like it. One of the biggest draws to Bitcoin is the decentralization. There’s no leaders that are able to corrupt the vision or mold it to their liking. What better way to prove that than kicking out the richest guy in the world, a global icon, because he doesn’t get it?

To borrow Elon’s phrase, in retrospect it was inevitable. Elon is an eccentric egomaniac who has risen to the level of richest man on the planet due almost solely to government largesse and subsidy. He’s a creation of the fiat system. He was always going to have issues with a system that can’t be directly gamed by his money or influence. 
 

As far as Bitcoin’s mining and electricity use, it is substantial, but I reject that this use of electricity has to be justified, while other don’t. Also, the energy mix is constantly improving.

I firmly believe Elon is a very smart man and he's realized bitcoin/cryto is hurting his bottom line and could significantly affect it soon.

He hasn't changed his opinion on bitcoin, he just needs everyone else to change theirs' for a little while.

The best way to help it is to force the bitcoin price much lower. (One person shouldn't be able to easily do it like he has, but that's another story.)

He needs the price lower to help the microchip shortage that Telsa is being affected by, even if only a small bit to get through the current supply issue. 

[Nice Guy Eddie 13522]

I feel like I owe the Coin Bureau youtube channel commission for turning me onto MATIC before it was 40 cents. He specifically gives the "I'm not a financial advisor" spiel on each video but he often recognizes quality coins/projects before the general crypto world does.  I've never not learned something interesting from watching his videos. He offers caution on coins that he likes but is concerned the price is out of control.

He also has a weekly newsletter that spells out the percentages of his holdings along with any buys or sells for the past week.

https://www.youtube.com/channel/UCqK_GSMbpiV8spgD3ZGloSw

Edit: since I mentioned it, here is his coin breakdown with MATIC not in the mix: BTC 20.81% | ETH 30.24% | LINK 4.31% | ADA 8.92% | DOT 6.23% | YFI 4.03% | INJ 3.91% | AVAX 2.14% | XLM 1.39% | USDC 10.66% | 1inch 1.18% | REN 0.80% | LIT 0.73% | ATOM 2.15% | DODO 0.49% | RUNE 1.04% | SOL 0.99%

He's gotten me into MATIC, DOT, LINK, ENJ and ATOM.  ENJ and ATOM have not done well yet.

Edited May 18, 2021 by Nice Guy Eddie

[GRHorn 105]

26 minutes ago, Nice Guy Eddie said:

 

I'm up 5.5x times with MATIC and my first buy was on April 10th. Decided to lock in some profits by selling enough to cover my costs. Playing with house money now.

Congrats! Well done. The big Defi coins are really strong right now too. AAVE snx comp yfi. Feels like Eth winnings moving into other stuff. Or maybe the big hedge funds are finally getting into to DeFi, in which case it will test the theory that Eth value will be hurt by people not holding it but acquiring it and using it to access other protocols. 

 

 

13 minutes ago, MonkeyDoughnut said:

I firmly believe Elon is a very smart man and he's realized bitcoin/cryto is hurting his bottom line and could significantly affect it soon.

He hasn't changed his opinion on bitcoin, he just needs everyone else to change theirs' for a little while.

The best way to help it is to force the bitcoin price much lower. (One person shouldn't be able to easily do it like he has, but that's another story.)

He needs the price lower to help the microchip shortage that Telsa is being affected by, even if only a small bit to get through the current supply issue. 

Interesting idea on the chip issue.

Unfortunately Elon’s influence on markets is bigger than anyone in the world right now. It helped on the way up, hurts now. 

[ChiTownDoc 21154]

On 5/13/2021 at 8:48 AM, ChiTownDoc said:

Agree to disagree.  He’s not nearly as brazen as he was.  
 

And on the topic at hand, I’m seeing 40k before 60k. And now that it’s clear the government will try to regulate it, at some point, the several hundred k price maybe a couple decades off, not a couple years.  
 

Hope this post gives the price bump I need to dump my BTC...

Sub 40k.  Sadly didn’t have the chance to dump all of it.  Love being right when it loses me money.  FML

[washparkhorn 9939]

Can anyone explain this to me in plain English?

 

[Dbeasy 15085]

4 hours ago, ChiTownDoc said:

Sub 40k.  Sadly didn’t have the chance to dump all of it.  Love being right when it loses me money.  FML

The technical pattern of Bitcoin is badddddd.  It implies a lot worse is on the way. If so, it will might take down the whole crypto market with it. 

[T’Boo Ted Marshall 2739]

The technical pattern of Bitcoin is badddddd.  It implies a lot worse is on the way. If so, it will might take down the whole crypto market with it. 

Has crypto followed along with technical patterns?

[BearSchlong 8109]

I took a lot of profits yesterday. Gonna sit this out for a week or so.

[XYZ 2154]

Each bitcoin transaction uses 708 kWh. Genius!

[GRHorn 105]

8 minutes ago, XYZ said:

Each bitcoin transaction uses 708 kWh. Genius!

False. Transactions are not directly dependent on electricity consumption.  Layer 2 transactions use almost no electricity so scaling out over time that metric is extremely flawed. 
 

So much pain. I’m hoping your drop in to the thread is a good bottom indicator. 
 

 

 

[Nice Guy Eddie 13522]

brutal selling right now but cant see myself selling after a 20-30% drop. 

[The Royal We 3072]

Phew, a lot of late comers are getting their faces melted off this morning.  I'm looking for decent entry points in to BTC, ETH and ADA.  Sub $30k, sub $2k and sub $1?  Or is it still going to get nastier?

[XYZ 2154]

18 minutes ago, GRHorn said:

False. Transactions are not directly dependent on electricity consumption.  Layer 2 transactions use almost no electricity so scaling out over time that metric is extremely flawed. 

Ah, yes, “off-chain” transactions. That sounds safe.

[washparkhorn 9939]

China smashed the crypto market.

[Bigbend1812 12927]

Fucking China.

[MonkeyDoughnut 10353]

Coinbase having trouble staying up...

[bernorange 8363]

Blood in the cyber streets.

[Nice Guy Eddie 13522]

Just now, Bigbend1812 said:

Fucking China.

China is always going to push back. Don’t they restrict many citizens to only invest in land or buildings. Hence the empty cities.

my guess is that nothing has changed in China with this announcement but the rest of the world is freaking out. 

[Bigbend1812 12927]

[Pam Cummings 9654]

Buy the dip? Buy the dip.

[Bigbend1812 12927]

...

Edited May 19, 2021 by Bigbend1812
Double the fun. Tha fuck.

[Nice Guy Eddie 13522]

A big problem with the crashes is understanding the real price. Coinmarketcap and other apps don't appear to be updating. And exchanges are failing to respond. Human sacrifice, dogs and cats living together – mass hysteria.

If someone is running to sell, they were always going to get destroyed by crypto.  Of course if it drops another 50% today, maybe I will join them in dumping everything. lol.

[ChiTownDoc 21154]

Lol at the sunshine pumpers.  20k or 100k first?  I’d bet on 20.   

[MonkeyDoughnut 10353]

BTC seems to have found some support around 33k. If it can stay 30's+ it will be an "explainable event" (makes up stuff, hope it sticks). If it drops down into the 20's all bets are off for not cratering the entire crypto world for the foreseeable future.

[The Royal We 3072]

[Nice Guy Eddie 13522]

DeFi has created a risk in that when major drops occur, it can create a cascading effect of margin calls on the collateralized loans. Smart contracts start to automatically dump the loan collateral on the defi exchanges, which pushes the market down even that much more.  There isn't a call or email asking to add to more collateral. It just happens.  And one level of these events can trigger the next. 

I imagine there are DeFi players that not only experienced the price drop like everyone, they also lost decent percentages of their holdings. One big unknown is how much exposure the exchanges or interest-paying banks have to these events.

EDIT: I'm interested in understanding why MATIC didn't dump as hard. A 11% drop looks good this morning. I wonder if so much of their value is locked up outside of exchanges that owners couldn't easily sell. But that could also create the potential of a larger drop with the limited supply on exchanges. 

Edited May 19, 2021 by Nice Guy Eddie

[The Royal We 3072]

F'n Bittrex pricing is way behind this morning - just now BTC is quoted at $37k (spot $31.6k), ETH is $2,631 ($2,097) and ADA is $1.53 ($1.13).  Are all of the exchanges this far behind?  That's brutal.