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Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

surlybevo

By surlybevo
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Nice Guy Eddie

Nice Guy Eddie 13725

Posted
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I agree that global instability or the fear of instability can lead to higher BTC prices. BTC allows people to easily and relatively anonymously move wealth.  Without a doubt, there's risks involved because of the relative small size of btc and there are many large players that can impact the price with their transactions.

And whether or not crypto is legal in Iran means very little. Perhaps it's not easy but I guarantee people can buy crypto in Iran if they wanted to do so. It might require hard currency so it may not be large amounts of wealth but that doesn't mean smaller amounts can't be transferred to crypto easily.

I'm not predicting that BTC is at 20K next week. It might bump up to 7800 only.  Or a whale could come along and dump their holdings to take btc to 6000.  who knows.

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On 12/27/2019 at 5:12 PM, GrayFox said:

How can something so volatile, yet so promising be treated like a commodity or an equity? My theory is greed and a misunderstanding of the underlying value provided by the tech and economics behind Bitcoin, Ethereum, Monero, etc.

You really had to go out on a limb to come up with that theory.

For the record, commodity prices are very often volatile.  They don't call the natural gas futures contract "The Widowmaker" for nothing.

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Nice Guy Eddie

Nice Guy Eddie 13725

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30 minutes ago, workswithseed said:

I'm really sad to pull money out. I figured the last pump was from our conflict from 2 weeks ago, I wonder why the jump.

There is some buzz around new bitcoin futures options out there with CME Group. Previously Bakkt was one if not only futures options available and they have been slowly ramping up to $1M in daily trades.  CME came along with their first day on Monday with $2.3M.

But there is no way to tell if that is the only factor.

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ZB'Tejas

ZB'Tejas 597

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If we can break and hold 9.1K I think we can make it up to 11 which should signal Bull is back on and perhaps we can find our way back to 20K this year. Before that happens I'm watching for a pull back to 8K (7950) that aligns with a Fib and watch for whether that can hold..

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Nice Guy Eddie

Nice Guy Eddie 13725

Posted
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42 minutes ago, workswithseed said:

Well, Bitcoin just shot the hell up.

alt coins have had a good week too.

Crypto seems to benefit from global stock market volatility.  Not that the average investor and definitely not the institutional investor move their funds to crypto but the size of crypto is so small, it doesn't take much to move it.

Also we're getting closer to the bitcoin mining halving event. Currently ~1800 bitcoins per day are created for the miners. Or $17m created every day.  That drops in half in 96 days.  Many people think that the once-every-4-years halving event signals a push upwards. Whether or not that is accurate, it doesn't really matter if people believe it.

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workswithseed

workswithseed 2204

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35 minutes ago, Nice Guy Eddie said:

alt coins have had a good week too.

Crypto seems to benefit from global stock market volatility.  Not that the average investor and definitely not the institutional investor move their funds to crypto but the size of crypto is so small, it doesn't take much to move it.

Also we're getting closer to the bitcoin mining halving event. Currently ~1800 bitcoins per day are created for the miners. Or $17m created every day.  That drops in half in 96 days.  Many people think that the once-every-4-years halving event signals a push upwards. Whether or not that is accurate, it doesn't really matter if people believe it.

I'm hearing to put all that I've got into crypto. I can deal with that.

Ha, I didn't even that such events happened 

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Nice Guy Eddie

Nice Guy Eddie 13725

Posted
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Halving events don't occur with every coin but definitely with bitcoin.  Bitcoin currently has 18.2m coins in existence. The coin was designed to stop at 21m.  Right now miners basically win a lottery* of 12.5 bitcoins every 10 minutes (1800 per day.)   In 2009, the reward was 50 bitcoins every 10 minutes, and it dropped to 25 in 2012, and 12.5 in 2016.  And so on.  By 2032, the "winning" miner will receive .78 bitcoins (112 per day)

Anyway, miners will basically see their income drop by 50% in 90 days from a bitcoin perspective. 

FYI, bitcoin is set to stop producing new coins in 120 years.  

Right now, bitcoin holders have to absorb up to 1800 new bitcoins per day on the market which dilutes it. But since this will be cut in half in 3 months, many believe this should put pressure on the price to rise. It makes sense from an economic standpoint but no one knows for sure. The only 2 other halving events saw the price rise by 10x as the event approached. Of course they were both more extreme and the price was much lower.

 

* The actual process is more complicated than just a lottery but similar enough for this explanation.

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Nice Guy Eddie

Nice Guy Eddie 13725

Posted
Posted (edited)

couple more items to add, it's been estimated that up to 4m bitcoins are lost because either the owner forgot about them, forgot the passwords, or he died without telling anyone the password.  This is estimated based on lack of transactions from those wallets in years.

And it seems crazy that people would forget about them, but at the time, they were worthless.  Worth zero so it didn't matter if you forgot the password to a wallet with 200 bitcoins. Now that wallet is worth $1.9M.   The founder(s) of bitcoin, Satoshi,  is sitting on 980K bitcoins or $9.4B. But he has disappeared and not touched his wallet in years. Very interesting mystery that hopefully is solved someday.

 

Edited by Nice Guy Eddie
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ZB'Tejas

ZB'Tejas 597

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14 hours ago, T’Boo Ted Marshall said:

I haven’t messed with mine in a few years.

T'Boo is Satoshi?

9.8 gave us a small reaction and I expect 10K to put up a fight as well. If we can break through that I'd be looking for 11K fairly quickly where I might start scaling out of my longs. I'm only about 50% and was waiting for 6Ks to put in the other half unfortunately. 

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GRHorn

GRHorn 105

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5 hours ago, ChiTownDoc said:

Some amazing replies like you said.  ‘Retard tax’ LOL

90A7C61C-51DA-41A4-ADC6-3B465CAEAC1C.png

I got a kick out of Schiff screwing up like everyone else, but it is an example of the user experience of Bitcoin still needing work. As a younger gen Xer I feel pretty comfortable handling wallets and transactions myself, but I think the vast majority of people older than me will find it too daunting from a tech perspective. Have to make it more frictionless. 

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GRHorn

GRHorn 105

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4 hours ago, workswithseed said:

So I was figuring since the instability of Iran made bc jump up the same would happen with Corona, but it fell pretty far. Is it pretty much linked with the market?

Part of the reason a lot of people like bitcoin as an investment is that it’s a largely uncorrelated asset whereas almost everything else is. 

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workswithseed

workswithseed 2204

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47 minutes ago, GRHorn said:

Part of the reason a lot of people like bitcoin as an investment is that it’s a largely uncorrelated asset whereas almost everything else is. 

I understand that, it just felt very in line with the market.

6 minutes ago, Rusty Shackelford said:

I haven’t been following it that closely but I figured the Chinese who are not getting a paycheck are liquidating to pay for rice and to keep the lights on.

That makes way more sense.

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UT_OB1

UT_OB1 2266

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Dumb ass here - is CashApp a good way to buy BTC?  Any Pros/Cons of using it?  All I’ve ever read talks about wallets and makes it seem complicated. If there isn’t some huge risk or fee associated with using CashApp, I might buy in while it’s around 5k

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Nice Guy Eddie

Nice Guy Eddie 13725

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12 minutes ago, UT_OB1 said:

Dumb ass here - is CashApp a good way to buy BTC?  Any Pros/Cons of using it?  All I’ve ever read talks about wallets and makes it seem complicated. If there isn’t some huge risk or fee associated with using CashApp, I might buy in while it’s around 5k

Its one of the easiest methods to buy BTC.  The fees are relatively small, and they post legit exchange rates.  I think it's relatively safe to leave your BTC with them, but if you end up putting real money (whatever that means to you), you might want to look into a hardware wallet.

I guess I should buy some more BTC at these levels.

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UTGrad98

UTGrad98 2332

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On 12/9/2018 at 2:26 PM, UTGrad98 said:

I dabbled with crypto in Nov and Dec 2017 and made a small profit then got out asap. Im curious to see how cryptos will fare when we actually have a recession. Im betting many of those invested now waiting for the next big run up will have to pull their money for 1 reason or another. Couple that with Tether (google how it basically propped up Bitcoin for most of 2017; it's unwinding that prop up now) and the fact that the tech can infinitely copy each other and I think we still have a ways to go before bottom. I still look at my crypto apps at least weekly if just to educate myself on what a back half of a bubble looks like. My coinbase account is open with the money I made and will probably start looking to reinvest when the world is neck deep in the next recession. Probably ETH , hopefully at around 5-10 dollars a coin. Maybe XRP if it dips below 5 cents. Just patiently waiting cash in hand right now in all markets. I got time.

Still waiting...

Im looking at pre 2017 boom levels before I invest some gambling money. So to me that means the same thing I posted 15 months ago... ETH at $10 Litecoin at $3, XRP at $0.005 and Bitcoin at $700. Ill get in around that time...

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GRHorn

GRHorn 105

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Almost back to the levels it was before the Corona Dump. It shouldn’t be a surprise that it dumped hard with everything else. Also as stated above, a 24-7 market without circuit breakers. I think BTC has already bottomed. SPY, not necessarily. 
 

Anyway, we’ll know in the next year or so if BTC is performing as intended. Gold went on bull run after financial crisis in response to central bank policies. They’ve only been more brazen this time. 

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