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Post by biposter on Apr 18, 2021 7:26:17 GMT
Yeah, not sure this rumor is credible. But it did cause mass liquidations! Just don’t use leverage: DCA, hodl, and BT-D.
And China still has a huge % of all bitcoin mining capacity (this will change, with much more mining capacity coming to the U.S.). With the blackout, there was a massive drop in the hashrate, and price follows the hashrate. It’ll recover.
Btw, the St. Louis Fed just tweeted this a couple hours ago about DeFi lol. Regulators will probably require some guard rails re: KYC/AML around the DeFi protocols, and won’t stifle the real innovation going on in this space. It really is incredible. (Again, the DeFI blue chips: ETH, LINK, UNI, AAVE, SNX, YFI. Also consider: SUSHI, NXM, and maybe some old guard DeFi: COMP, MKR.)
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Post by JHam on Apr 18, 2021 9:16:24 GMT
Thanks for all of these posts. Yeah that makes sense. I wasn’t panicking and was totally in buy mode with this drop. Unfortunately I didn’t have any cash to buy more. I was originally going to wait until this weekend to buy this last batch, but of course I am impatient. If BTC is still in the 50s come Monday (when my bank opens and I can send cash to my crypto platform) I’ll make my biggest BTC purchase to date. I’m hardly a whale but it will be big for me lol.
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Post by selluwud on Apr 18, 2021 12:02:16 GMT
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Post by biposter on Apr 18, 2021 18:38:22 GMT
Yeah, JHam, not directed at you! Just yelling bitcoin memes into the ether! Yeah, selluwud, maybe there’s something there. If so, could see another dip.
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Post by JHam on Apr 19, 2021 1:20:13 GMT
I just made my biggest purchase of Bitcoin to date. I watched a few videos from some crypto "gurus" (Jake Chervinsky being one of them) who pretty much all conclude that this was due to some big sells coming in at the same time as the huge power outage/hash rate drop in China. It makes sense. I don't care if the price drops (am actually hoping for it at the moment so I can buy more coin), just as long as there isn't some kind of govt funny business going on. And I don't think that's the case.
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Post by JHam on Apr 22, 2021 13:07:48 GMT
I’m quite liking this ETH spike as BTC still hangs around $54,000. I have enough ETH for now, but added another tranche of BTC today and will add again tomorrow.
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Post by magnus123 on Apr 23, 2021 1:08:09 GMT
Full bubble mode in my opinion. Too many altcoins floating around at insane levels. It's a joke and it will be painful.
The coin 'Cumrocket' (Yes really) has a market cap of ~$150 Million. 150 Million.
Ecactly the same like grwoth stocks in early february, but worse in reslity, because thousands of coins have zero value, but have billions in valuations combined. This will end sometimes. Bitcoin and a handful of large coins can maybe extreme losses.
Just my opinion and I know that most crypto buyers won't like it:) I will buy BTC and ETH though, if the price is right.
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Post by JHam on Apr 23, 2021 1:46:21 GMT
Full bubble mode in my opinion. Too many altcoins floating around at insane levels. It's a joke and it will be painful. The coin 'Cumrocket' (Yes really) has a market cap of ~$150 Million. 150 Million. Ecactly the same like grwoth stocks in early february, but worse in reslity, because thousands of coins have zero value, but have billions in valuations combined. This will end sometimes. Bitcoin and a handful of large coins can maybe extreme losses. Just my opinion and I know that most crypto buyers won't like it:) I will buy BTC and ETH though, if the price is right. Hmm...We'll see. There is a flood of garbage coins right now and I do agree that those coins are in a bubble that will eventually pop (is already popping?). BTC could continue downward for a while because of it, but I'm not too worried long term. What price are you hoping for? I've added some cash to my crypto platform, but am holding off to see what happens as we head into the weekend. If it goes into the $40Ks I'll definitely pull the trigger.
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Post by JHam on Apr 23, 2021 3:55:29 GMT
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Post by biposter on Apr 23, 2021 8:21:09 GMT
Yeah, but keep in mind, a year ago, it was at $7,500, and it’s been a straight line to $65,000. And $ETH was at $185, with a straight line to yesterday’s ATH $2,600. At what point along that line did it become a bubble. It has regular 20-30% pullbacks every couple months. And the fact that $GME trades at a $10B m/c doesn’t really say much about $AAPL, $FB, $AMZN. And the fact that you have worthless biotech nanocaps doesn’t say much about $MRK, $PFE, $NVS. You have crappy stocks; you have crappy coins. But there is real innovation and development on the Bitcoin and Ethereum protocols. But, yeah, maybe it got a little frothy. $42K would be a full 35% retrace, so maybe we find support around there? Who knows. We’ll see.
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Post by JHam on Apr 23, 2021 9:18:17 GMT
Yeah, but keep in mind, a year ago, it was at $7,500, and it’s been a straight line to $65,000. And $ETH was at $185, with a straight line to yesterday’s ATH $2,600. At what point along that line did it become a bubble. It has regular 20-30% pullbacks every couple months. And the fact that $GME trades at a $10B m/c doesn’t really say much about $AAPL, $FB, $AMZN. And the fact that you have worthless biotech nanocaps doesn’t say much about $MRK, $PFE, $NVS. You have crappy stocks; you have crappy coins. But there is real innovation and development on the Bitcoin and Ethereum protocols. But, yeah, maybe it got a little frothy. $42K would be a full 35% retrace, so maybe we find support around there? Who knows. We’ll see. Yep. I am totally looking at this as a buying opportunity. I'm gonna hang on and see if we hit the 20 week MA which is about $44K I believe for BTC.
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Post by magnus123 on Apr 23, 2021 9:52:18 GMT
Yeah, but keep in mind, a year ago, it was at $7,500, and it’s been a straight line to $65,000. And $ETH was at $185, with a straight line to yesterday’s ATH $2,600. At what point along that line did it become a bubble. It has regular 20-30% pullbacks every couple months. And the fact that $GME trades at a $10B m/c doesn’t really say much about $AAPL, $FB, $AMZN. And the fact that you have worthless biotech nanocaps doesn’t say much about $MRK, $PFE, $NVS. You have crappy stocks; you have crappy coins. But there is real innovation and development on the Bitcoin and Ethereum protocols. But, yeah, maybe it got a little frothy. $42K would be a full 35% retrace, so maybe we find support around there? Who knows. We’ll see. Don't forget that BTC had two 70%+ drawdowns in the past. But I don't believe in such a crash and I didn't claim that it will happen in my post, although I strongly believe that 99% of Altcoins will be worthless in the future. Just a matter of supply / demand. Even interesting, but smaller coins will be worthless. And the fact that $GME trades at a $10B m/c doesn’t really say much about $AAPL, $FB, $AMZN. And the fact that you have worthless biotech nanocaps doesn’t say much about $MRK, $PFE, $NVS.True, but not really an argument in my opinion, because crypto currencies are still trading as peers and are not like totally different markets as it is the case with AAPL and biotech nanocaps for example.
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Post by magnus123 on Apr 23, 2021 10:00:22 GMT
Full bubble mode in my opinion. Too many altcoins floating around at insane levels. It's a joke and it will be painful. The coin 'Cumrocket' (Yes really) has a market cap of ~$150 Million. 150 Million. Ecactly the same like grwoth stocks in early february, but worse in reslity, because thousands of coins have zero value, but have billions in valuations combined. This will end sometimes. Bitcoin and a handful of large coins can maybe extreme losses. Just my opinion and I know that most crypto buyers won't like it:) I will buy BTC and ETH though, if the price is right. Hmm...We'll see. There is a flood of garbage coins right now and I do agree that those coins are in a bubble that will eventually pop (is already popping?). BTC could continue downward for a while because of it, but I'm not too worried long term. What price are you hoping for? I've added some cash to my crypto platform, but am holding off to see what happens as we head into the weekend. If it goes into the $40Ks I'll definitely pull the trigger. I have no idea for what a price i would buy. I will try to find out the sentiment. If it's bad and depressed, I will buy The 200dma is at almost $35k and rising. A test of it and a temporarily move below to prepare for another run won't be a suprise in my view. But that can take more time, when the 200dma already is at $45k or whatever. No one really knows.
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Post by magnus123 on Apr 23, 2021 10:04:12 GMT
The unavoidable altcoin disaster will be good for BTC and ETH of course with massive inflows from altcoins into BTC and ETH, although both will maybe dip first due to panic sell offs.
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Post by JHam on Apr 26, 2021 2:13:54 GMT
Added some more ETH this morning. I think we will see $3000 before the end of May. Raoul Pal said last week that he was thinking of selling all of his Bitcoin and putting it into ETH. I seriously doubt he will but I like his thesis for doing so: www.investing.com/news/cryptocurrency-news/raoul-pal-wants-to-sell-his-bitcoin-and-go-allin-on-ethereum-2483022Raoul Pal wants to sell his Bitcoin and go all-in on EthereumAt the beginning of the year, Pal topped up on his ETH holding, reshuffling his portfoliofrom a ratio of 80% BTC/20% ETH to 70% BTC/30% ETH. Yesterday, the CEO took to Twitter to explain why he is very bullish on Ethereum. To be brutally honest, I stare at the chart of ETH/BTC and I see an enormous rounded bottom with potentially huge breakout just above.... pic.twitter.com/85hfawq0bx— Raoul Pal (@raoulgmi) April 21, 2021He started by admitting that Ethereum was a key piece of the DeFi and NFT community. According to him: When you price anything up in DeFi, NFT, community tokens, or even metaverse worlds, everything is basically priced in ETH, including designers time, etc. ETH is rapidly becoming the currency of the digital world and BTC is the pristine collateral and base layer.He goes on to express his struggle with selling his entire Bitcoin holdings for Ethereum. At this point in the risk cycle and with ETH 2.0 coming (cheaper fees and less supply), I’m struggling to not sell all my BTC to move my entire core position to ETH. To be clear – I’m a massive BTC bull, but I think ETH is the better asset allocation for performance right now.Pal is not alone in his thoughts. Peter L. Brandt, who is also one of the world’s most respected commodity traders, couldn’t help but agree with the former’s assessment. Responding to Pal, he said, “Raoul, I see it the same way.”
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Post by biposter on Apr 26, 2021 7:49:22 GMT
Yeah, $ETH has massive potential. It’s really the only truly decentralized, permissionless, and credibly-neutral smart contract platform. $SOL, $DOT, #BSC ($BNB) have taken quite a bit of the spotlight recently, but they’re pretty much centralized networks (but $SOL and $BNB have taken off this year). Honestly, retail doesn’t care whether something’s decentralized (RH, TDA, Schwab are all centralized!), but developers do! All that code work, and, like with the App Store, your app can be yanked. So $ETH will always be the top (smart contract) dog. And with EIP-1559 implemented in July, $ETH will be harder money than $BTC. It’s gonna rip.
If you believe the narrative, DeFi will be built on Ethereum and will disrupt banks/tradfi. Bitcoin will displace gold and a certain % of bonds, collectibles, and real estate as a store of value. That’s why crypto permabulls keep saying that we’re still in the bottom of the first inning.
And just so no one decides to dump their $BTC, here’s another bitcoin chart lol. This chart is a little different than the one posted here a few weeks ago. This one seems to provide more detail (and so is maybe more accurate?). So far, 2021 has tracked right between the 2013 and 2017 price charts, overshooting 2013 recently but now dipping back down in between. According to this chart, Sept. should see the ATH for this cycle, somewhere between $300K-$800K lol. And then it will crash 70% and be range-bound throughout the rest of this halving cycle (though some, like Dan Held, believe that this is a supercycle and will see no huge crash).
And, btw, here’s a good, thorough thread from yesterday, analyzing why he thought the bottom was in.
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Post by JHam on Apr 27, 2021 1:31:34 GMT
Yeah, $ETH has massive potential. It’s really the only truly decentralized, permissionless, and credibly-neutral smart contract platform. $SOL, $DOT, #BSC ($BNB) have taken quite a bit of the spotlight recently, but they’re pretty much centralized networks (but $SOL and $BNB have taken off this year). Honestly, retail doesn’t care whether something’s decentralized (RH, TDA, Schwab are all centralized!), but developers do! All that code work, and, like with the App Store, your app can be yanked. So $ETH will always be the top (smart contract) dog. And with EIP-1559 implemented in July, $ETH will be harder money than $BTC. It’s gonna rip. If you believe the narrative, DeFi will be built on Ethereum and will disrupt banks/tradfi. Bitcoin will displace gold and a certain % of bonds, collectibles, and real estate as a store of value. That’s why crypto permabulls keep saying that we’re still in the bottom of the first inning. And just so no one decides to dump their $BTC, here’s another bitcoin chart lol. This chart is a little different than the one posted here a few weeks ago. This one seems to provide more detail (and so is maybe more accurate?). So far, 2021 has tracked right between the 2013 and 2017 price charts, overshooting 2013 recently but now dipping back down in between. According to this chart, Sept. should see the ATH for this cycle, somewhere between $300K-$800K lol. And then it will crash 70% and be range-bound throughout the rest of this halving cycle (though some, like Dan Held, believe that this is a supercycle and will see no huge crash). And, btw, here’s a good, thorough thread from yesterday, analyzing why he thought the bottom was in. I do believe that narrative. Here is just a small sample of projects being built on the ETH platform. Their ecosystem is massive and will only continue to expand.
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Post by JHam on Apr 27, 2021 1:33:04 GMT
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Post by JHam on Apr 28, 2021 12:24:29 GMT
Added more BTC today. My ratio is now 60% BTC 40% ETH. From here on out I am going to focus on accumulating ETH as fast as I can before it crosses $3000. I think there is a lot of room to grow there before the end of this cycle. ETH has traditionally mimicked the trajectory of BTC, but I have a feeling that will change sometime in the not too distant future.
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Post by JHam on May 3, 2021 1:42:50 GMT
Added some more ETH this morning. I think we will see $3000 before the end of May. Raoul Pal said last week that he was thinking of selling all of his Bitcoin and putting it into ETH. I seriously doubt he will but I like his thesis for doing so: www.investing.com/news/cryptocurrency-news/raoul-pal-wants-to-sell-his-bitcoin-and-go-allin-on-ethereum-2483022Raoul Pal wants to sell his Bitcoin and go all-in on EthereumAt the beginning of the year, Pal topped up on his ETH holding, reshuffling his portfoliofrom a ratio of 80% BTC/20% ETH to 70% BTC/30% ETH. Yesterday, the CEO took to Twitter to explain why he is very bullish on Ethereum. To be brutally honest, I stare at the chart of ETH/BTC and I see an enormous rounded bottom with potentially huge breakout just above.... pic.twitter.com/85hfawq0bx— Raoul Pal (@raoulgmi) April 21, 2021He started by admitting that Ethereum was a key piece of the DeFi and NFT community. According to him: When you price anything up in DeFi, NFT, community tokens, or even metaverse worlds, everything is basically priced in ETH, including designers time, etc. ETH is rapidly becoming the currency of the digital world and BTC is the pristine collateral and base layer.He goes on to express his struggle with selling his entire Bitcoin holdings for Ethereum. At this point in the risk cycle and with ETH 2.0 coming (cheaper fees and less supply), I’m struggling to not sell all my BTC to move my entire core position to ETH. To be clear – I’m a massive BTC bull, but I think ETH is the better asset allocation for performance right now.Pal is not alone in his thoughts. Peter L. Brandt, who is also one of the world’s most respected commodity traders, couldn’t help but agree with the former’s assessment. Responding to Pal, he said, “Raoul, I see it the same way.”Or maybe we'll see it by the beginning of May. Just blew right by $3000K
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