Crypto Currency Thread
Discussion
whatxd said:
PH4555 said:
The BTC drop was imo down to the USDT case. I've been monitoring the USDT issuance/market cap since last Monday and it's virtually flatlined compared to the previous 4 weeks. Could be pure coincidence but the timing would match along with the resulting sell-off by the weak hands.
I'm still bullish on BTC medium term and added to my holding this week when it went under £32k. I was planning to make a sizeable purchase of ETH instead but there's a lot of uncertainty surrounding ETH at the moment with the ongoing tx cost issues and I don't think the current price is low enough to take a punt. I still think my bitcoins will prove to be the better gamble but big cojones needed to hold at these prices and also need a strong stomach to cope with the $10k daily swings But as we keep being told : BTC is worthless and going to zero, can't use it for anything, just a scam etc, so 100% guaranteed to lose everything, told you so etc.
Not everyone who sells is a “weak hand”. When the price went from $42k to $29k I barely flinched despite “losing” £50k. When it’s time to move on to new ventures, it’s time to move on. I'm still bullish on BTC medium term and added to my holding this week when it went under £32k. I was planning to make a sizeable purchase of ETH instead but there's a lot of uncertainty surrounding ETH at the moment with the ongoing tx cost issues and I don't think the current price is low enough to take a punt. I still think my bitcoins will prove to be the better gamble but big cojones needed to hold at these prices and also need a strong stomach to cope with the $10k daily swings But as we keep being told : BTC is worthless and going to zero, can't use it for anything, just a scam etc, so 100% guaranteed to lose everything, told you so etc.
Edited by PH4555 on Saturday 27th February 21:27
There are a lot of 2017 bag holders who stuck it out and believe the price will peak in December at a price of $100k+ just like the 2013 and 2017 peaks came at the end of the year. If all those guys are going to be selling for 100k, who is going to be buying? A whole new wave of fomo buyers who thinks it’s going to $1 million?
Genuine question, who is going to be buying to allow all these plebs to sell out when the price reaches $100k and what will their intentions be? Is there enough dumb money out there to facilitate such a frenzy?
In response to your other comments about $100k, there will be obviously be buyers because how will it get to $100k without them?
The same was said when it reached $100, then $1000, then $5000, then $10000, then $25000. "No-one will buy it at those prices because it's worthless/ponzi/has no use".https://www.bbc.co.uk/news/world-africa-56169917
If it stops them sending me emails about a large amount of cash resting in an ex Generals account that can be safely unlocked I am all for this.
Does Nigeria and bitcoin not ring any alarm bells?
That's the legal side in Nigeria, wait till they start doing the illegal side. Crypto has not as many safeguards in place as normal state banking does.
Having said that, crypto currencies allow people to transfer out of a local currency that might be doing badly due to the local government being corrupt or just poor at the job. For instance Argentina where they are trying to stop people moving into dollars to try and stop their savings disappearing due to the governments actions.
If it stops them sending me emails about a large amount of cash resting in an ex Generals account that can be safely unlocked I am all for this.
Does Nigeria and bitcoin not ring any alarm bells?
That's the legal side in Nigeria, wait till they start doing the illegal side. Crypto has not as many safeguards in place as normal state banking does.
Having said that, crypto currencies allow people to transfer out of a local currency that might be doing badly due to the local government being corrupt or just poor at the job. For instance Argentina where they are trying to stop people moving into dollars to try and stop their savings disappearing due to the governments actions.
nordboy said:
skinnyman said:
So how high do we think Cardano will climb? Hit £1 recently. I've got 6000 coins I've held since 2017. I've been meaning to exchange some for Eth, but it just seems to keep climbing up
Keep it, Eth is bombing at the moment, partly due to the huge cost of conducting trades which only gets higher as the price rises. Cardano is climbing and should continue to do so. There's potentially some big Cardano stuff coming in 2021 so shows big promise. Only this week a Dubai based investment company said it was liquidating $750m and putting it into Cardano and Polkadot. Most crypto is down at the moment but Cardano is up, that should give you a reason to hold on to it?
I still like the fact that Gene Simmons, ex rock group kiss, is a Cardano influencer, makes a change from Elon ....
Clive Milk said:
https://www.bbc.co.uk/news/world-africa-56169917
If it stops them sending me emails about a large amount of cash resting in an ex Generals account that can be safely unlocked I am all for this.
Does Nigeria and bitcoin not ring any alarm bells?
That's the legal side in Nigeria, wait till they start doing the illegal side. Crypto has not as many safeguards in place as normal state banking does.
Having said that, crypto currencies allow people to transfer out of a local currency that might be doing badly due to the local government being corrupt or just poor at the job. For instance Argentina where they are trying to stop people moving into dollars to try and stop their savings disappearing due to the governments actions.
This is why a form of decentralised Cryptocurrency will work, those setting the rules are corrupt and people have had enough. African nations in general may well be the 1st mass adopters of decentralised currency and there is little Governments (in the long term) will be able to do about it, people there have nothing to lose. If it stops them sending me emails about a large amount of cash resting in an ex Generals account that can be safely unlocked I am all for this.
Does Nigeria and bitcoin not ring any alarm bells?
That's the legal side in Nigeria, wait till they start doing the illegal side. Crypto has not as many safeguards in place as normal state banking does.
Having said that, crypto currencies allow people to transfer out of a local currency that might be doing badly due to the local government being corrupt or just poor at the job. For instance Argentina where they are trying to stop people moving into dollars to try and stop their savings disappearing due to the governments actions.
PH4555 said:
In response to your other comments about $100k, there will be obviously be buyers because how will it get to $100k without them?
That’s my question, who is “them”? Following the previous two halvings, the price went into a bull run before going into a heavy downtrend for a year. The people who bought at the end of 2013 and 2017 got badly burned unless they held out for a few years for the following run. Most didn’t. With that in mind, right now we’re still less than a year out from the last halving. The price went to 58k, and I believe it has a good chance of going back there very soon, because enough people think the price will be higher by the end of the year, just like 2013 and 2017.
But more people are aware of it now, buying 12-18 months after the halving, several multiples above the old ATH is a risky buy unless you’re prepared to be in and out quickly. Let’s assume the price made it to 80k by autumn. Would you buy, knowing what happened at the end of 2013 and 2017 after a multi year bull run? It’s certainly not a time I’d be interested in entering the market.
Perhaps I’m not articulating myself very well, but a lot of people think they will be selling at the end of this year. So if you’re all selling, who’s buying?
whatxd said:
PH4555 said:
In response to your other comments about $100k, there will be obviously be buyers because how will it get to $100k without them?
That’s my question, who is “them”? Following the previous two halvings, the price went into a bull run before going into a heavy downtrend for a year. The people who bought at the end of 2013 and 2017 got badly burned unless they held out for a few years for the following run. Most didn’t. With that in mind, right now we’re still less than a year out from the last halving. The price went to 58k, and I believe it has a good chance of going back there very soon, because enough people think the price will be higher by the end of the year, just like 2013 and 2017.
But more people are aware of it now, buying 12-18 months after the halving, several multiples above the old ATH is a risky buy unless you’re prepared to be in and out quickly. Let’s assume the price made it to 80k by autumn. Would you buy, knowing what happened at the end of 2013 and 2017 after a multi year bull run? It’s certainly not a time I’d be interested in entering the market.
Perhaps I’m not articulating myself very well, but a lot of people think they will be selling at the end of this year. So if you’re all selling, who’s buying?
PH4555 said:
Did you read my reply or do you just not understand it? I repeat : the same arguments that you have put forward were said when it got to $100, $1000, $10000 and $50000. If you don't think anyone will buy it at $100k that's fine, you're entitled to your opinion. AUM corps and the like aren't buying it to trade with, they're buying it as somewhere to store their rapidly devaluing USD holdings. They are presumably happy enough with the volatility in the price otherwise they wouldn't be doing it.
I don’t doubt people will pay 100k, I doubt the timing of it. I’d consider paying 100k if we were a year away from the halving and 50% down from ATH. I would not pay 100k 18 months after halving 5x above ATH. Would you?whatxd said:
PH4555 said:
Did you read my reply or do you just not understand it? I repeat : the same arguments that you have put forward were said when it got to $100, $1000, $10000 and $50000. If you don't think anyone will buy it at $100k that's fine, you're entitled to your opinion. AUM corps and the like aren't buying it to trade with, they're buying it as somewhere to store their rapidly devaluing USD holdings. They are presumably happy enough with the volatility in the price otherwise they wouldn't be doing it.
I don’t doubt people will pay 100k, I doubt the timing of it. I’d consider paying 100k if we were a year away from the halving and 50% down from ATH. I would not pay 100k 18 months after halving 5x above ATH. Would you?I have absolutely zero concerns about being able to sell at whatever price it reaches for the simple fact that there are clearly buyers at that price for it to have reached that price in the first place. If there were no buyers then the price would have topped out at a lesser number, eg. $58k was the top price someone was willing to pay a week ago and now people are only willing to pay $45k for it which is where it's found support and people are buying.
Gary C said:
Crikey, best estimate is that bitcoin alone uses 10 times more electricity than Heysham 2 nuclear power station can generate in a year !
That should secure my pension.
That's mining. When will all bitcoins be mined? What maintains the blockchain when all the miners are switched off?That should secure my pension.
simonrockman said:
That's mining. When will all bitcoins be mined? What maintains the blockchain when all the miners are switched off?
they would move to proof of stake or similar, like ETH is supposed to do. Is a hell of a lot less electricity intense, but rewards those with the greatest pile of coin.simonrockman said:
Gary C said:
Crikey, best estimate is that bitcoin alone uses 10 times more electricity than Heysham 2 nuclear power station can generate in a year !
That should secure my pension.
That's mining. When will all bitcoins be mined? What maintains the blockchain when all the miners are switched off?That should secure my pension.
Miners receive reward in two ways: 1. transaction fees for the transactions they include within the block; and 2. the "coinbase" reward of new bitcoins.
2. is definitely reducing over time - every halving cuts the coinbase reward in half.
1. may increase over time - but at the moment there is a limit to the capacity for transactions in each block
(I say "never" but of course when bitcoin dies, then it will stop.)
tertius said:
(I say "never" but of course when bitcoin dies, then it will stop.)
All these statements on the future, no one knows , but the surety is Electric supply is finite.
PH4555 said:
whatxd said:
PH4555 said:
In response to your other comments about $100k, there will be obviously be buyers because how will it get to $100k without them?
That’s my question, who is “them”? Following the previous two halvings, the price went into a bull run before going into a heavy downtrend for a year. The people who bought at the end of 2013 and 2017 got badly burned unless they held out for a few years for the following run. Most didn’t. With that in mind, right now we’re still less than a year out from the last halving. The price went to 58k, and I believe it has a good chance of going back there very soon, because enough people think the price will be higher by the end of the year, just like 2013 and 2017.
But more people are aware of it now, buying 12-18 months after the halving, several multiples above the old ATH is a risky buy unless you’re prepared to be in and out quickly. Let’s assume the price made it to 80k by autumn. Would you buy, knowing what happened at the end of 2013 and 2017 after a multi year bull run? It’s certainly not a time I’d be interested in entering the market.
Perhaps I’m not articulating myself very well, but a lot of people think they will be selling at the end of this year. So if you’re all selling, who’s buying?
Firstly you need to look into "rapidly devaluing USD Holdings" that really isn't the case if you look into the nuts and bolts of how things work.
You need to have a hard look at who is buying BTC at these prices and its not a lot of people.
You also then need to look at the type of people buying and shilling BTC - Michael Saylor? Really? Have you seen the drivel he came out with in the 2000s.
Individual investors are far too reliant on the words of others in the spotlight assuming they can't be wrong - they have been wrong plenty of times and in a much more disastrous fashion.
Ps. For the record I like BTC
Edited by Chamon_Lee on Monday 1st March 12:50
The Spruce Goose said:
3 countries mine 70% of bitcoins, China, Iran and Russia. If they decide to shut the electric off BTC WILL have to move to a more efficient system of mining, and mining isn't just what you started there are loads of other options of mining and tx.
All these statements on the future, no one knows , but the surety is Electric supply is finite.
I think electricity is the least of the problems. Imagine the geopolitical headaches of a monetary system where China controls the lion's share of the hash power.All these statements on the future, no one knows , but the surety is Electric supply is finite.
For me, this is the single largest blocker for large scale adoption of Bitcoin, western countries simply wouldn't allow it.
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