Bitcoin / Cryptocurrency Discussion (And Predictions)

[Timmy C]

I like investing in crypto because it makes me feel young and broke all over again.

We must sacrifice and feel the pain alongside Gen Z.

We are in this together.

 

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[MJ DeMarco]

Saw this thread with slow responses in the last few weeks and I knew that the market must be downtrending.

Logged into my crypto account for the first time in weeks and saw its portfolio value lost 50% of its value.

Yikes. That's not a downtrend, but a falling out.

No I didn't sell anything. HODL.

 

[Timmy C]

Saw this thread with slow responses in the last few weeks and I knew that the market must be downtrending.

Logged into my crypto account for the first time in weeks and saw its portfolio value lost 50% of its value.

Yikes. That's not a downtrend, but a falling out.

No I didn't sell anything. HODL.

Tis but a flesh wound.

 

[GPM]

Computers are still going Brrrrrrrrrrrrrr

Unfortunately the ASICS have pretty much murdered the fun times I was having with Ethereum, but I moved a little bit of hashing power over to Raven and those payouts are way up. Too bad it went from 20 cents down to 5 cents

 

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[Matt Sun]

.

 

[Matt Sun]

 

[Bekit]

This is my first market cycle. I got in last year at <$11,000 and all I do is HODL, HODL, HODL no matter what! So I'm still up at more than 3x what I put in.

But it has been interesting to watch the trajectory of my own emotions as we have hit an all-time-high and then reached this drop.

Going up:
"WOW! I'm making more money in a month just by HODLing than by all of my other business activities put together!!! I'm making more money by doing nothing than I am by working! This is amazing!"


The euphoria.

The confident expectation that it would "never go down."

The settled conviction that there's no way to make a mistake if I just HODL.


Going down:
"Oh. Bummer. I see I was already unconsciously spending that money in my mind, wasn't I? Now I've lost it and I haven't even taken any profits."


The sadness.

The need for an intentional "Steady, now! You're still up compared to what you put in."

The hopeful, "It'll come back up....right?"


The most interesting effect I've observed in myself is the inability to read "sentiment." I can't read the tops and bottoms. It's probably because I've been so starry-eyed that I couldn't step outside my own first-timer experience and see the wider picture of what's going on. I think with each cycle, this is probably a skill you develop more and more.

At least I think it's worth something that I recognize that I don't know very much. This keeps me from just being the classic "dumb money" that buys high and sells low.

But now that I've been in for a bit. I'm starting to realize that I'd like to be able to do more than just HODL. Rather than riding the roller coaster ALLLL the way down as far as it wants to go, I'd like to be able to make some smarter moves.

Does anyone have any resources that you'd recommend for learning maybe some baby steps? Basic stuff like how to do a Stop Loss order.

 

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[Timmy C]

This is my first market cycle. I got in last year at <$11,000 and all I do is HODL, HODL, HODL no matter what! So I'm still up at more than 3x what I put in.

But it has been interesting to watch the trajectory of my own emotions as we have hit an all-time-high and then reached this drop.

Going up:
"WOW! I'm making more money in a month just by HODLing than by all of my other business activities put together!!! I'm making more money by doing nothing than I am by working! This is amazing!"


The euphoria.

The confident expectation that it would "never go down."

The settled conviction that there's no way to make a mistake if I just HODL.


Going down:
"Oh. Bummer. I see I was already unconsciously spending that money in my mind, wasn't I? Now I've lost it and I haven't even taken any profits."


The sadness.

The need for an intentional "Steady, now! You're still up compared to what you put in."

The hopeful, "It'll come back up....right?"


The most interesting effect I've observed in myself is the inability to read "sentiment." I can't read the tops and bottoms. It's probably because I've been so starry-eyed that I couldn't step outside my own first-timer experience and see the wider picture of what's going on. I think with each cycle, this is probably a skill you develop more and more.

At least I think it's worth something that I recognize that I don't know very much. This keeps me from just being the classic "dumb money" that buys high and sells low.

But now that I've been in for a bit. I'm starting to realize that I'd like to be able to do more than just HODL. Rather than riding the roller coaster ALLLL the way down as far as it wants to go, I'd like to be able to make some smarter moves.

Does anyone have any resources that you'd recommend for learning maybe some baby steps? Basic stuff like how to do a Stop Loss order.

I don't think anyone can time the exact bottom and top to perfection in any market to be honest.
It is important to have a strategy for sure.
I slowly DCA out of positions for months when things started going parabolic.
I didn't take anything from BTC and ETH as that was a planned event.
I did plan to DCA out of all other positions and I executed that plan.


I still don't think this is the market cycle top even now. I mean sure, we are in a bearish trend at the minute and it looks like this was a local top but it wasn't a mania like I experienced in 2017. I don't think anyone expected a 50% drawdown after 3 months of sideways action.

The time for people to sell and buy in lower....that ship has sailed and to do that now isn't a good idea.
That ship sailed.

In regards to stop loss, I have no idea as I have never used them.

I just ladder out of certain positions after a certain % move up.
e.g up 100%, sell 20% etc.

And if you got in at $10,000 you are not the dumb money. if you got in at $65,00 it doesn't mean you are the dumb money either.
The dumb money buys high and sells low.

 

[Timmy C]

Had to make this.

 

[Timmy C]

Sell into strength and dont capitulate into weakness.

 

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[AceVentures]

 

[Antifragile]

Market cycle.

 

[Antifragile]

With ETH / BTC dropping, I’m thinking of increasing my ETH position by trading some BTC for ETH.
Thoughts? @AceVentures

 

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[alejandrolpzv]

With ETH / BTC dropping, I’m thinking of increasing my ETH position by trading some BTC for ETH.
Thoughts? @AceVentures

truth is no one knows where the market is going, while sentiment is hopeful, the chart still looks bearish af. Personally Im flat and will get back in once there's some more solid confirmation of an uptrend.

 

[Antifragile]

truth is no one knows where the market is going, while sentiment is hopeful, the chart still looks bearish af. Personally Im flat and will get back in once there's some more solid confirmation of an uptrend.

Usually by the time “uptrend” information is confirmed, it’s too late.

I am looking from a different angle. When the ETH/BTC was 0.07 I traded back to more BTC. Now that we are at 0.055 I traded back to more ETH and less BTC. This re-balancing let me get more of both ETH and BTC over the last few months.

I’ve always been more bullish on ETH because of DeFi. All my price predictions were dead wrong! Lol. Yet I still believe in the power of ether.

 

[MitchC]

Usually by the time “uptrend” information is confirmed, it’s too late.

I am looking from a different angle. When the ETH/BTC was 0.07 I traded back to more BTC. Now that we are at 0.055 I traded back to more ETH and less BTC. This re-balancing let me get more of both ETH and BTC over the last few months.

I’ve always been more bullish on ETH because of DeFi. All my price predictions were dead wrong! Lol. Yet I still believe in the power of ether.

I have the btc/eth pair as a liquidity pool on Binance, I may be wrong in how it works but I think it balances how much eth and btc you have based on the price difference, and you make a bit of interest

 

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[AceVentures]

With ETH / BTC dropping, I’m thinking of increasing my ETH position by trading some BTC for ETH.
Thoughts? @AceVentures

I think bears want btc 20k, and I think if it went there it'd drag everything to shits with it, eth included.

Not sure it'll go there, there's too much free money out there and a race to accumulate as many valuable assets as possible. I think there's plenty of interested money sitting on the sidelines praying for btc 20k.

Eth, despite shit looking charts, has major catalysts coming up with EIP1559 being a very important upgrade that'll introduce a burn mechanism to the supply, scheduled for next month. PoS merge expected end of year or Q1 22. I have a hard time imagining eth remaining cheap with these on the menu, but I'm often wrong on timing.

You're right to be looking for opportunities. I've been quietly building a stash of some alts that have seen massive haircuts in price. If btc drops, alts have massive pain ahead, but I'm willing to take the L if it happens because the reward could be massive if ETH builds momentum going thru eoy.

I talked about lukso in here before, but it's become my biggest bet on crypto at the moment. I think of it as ETH2.0's cousin. It's literally a fork of it and might go live before ETH2.0 does. I've been patiently accumulating below $5 and had a bunch of stink bids filled at $3-4. It's down over 80% from its ATH earlier this year. I'm practically betting that it's price will never return to these ranges once project is live, scheduled for later this year.

 

[Timmy C]

On chain Data:
People still panic selling.

 

[Sethamus]

This is my first market cycle. I got in last year at <$11,000 and all I do is HODL, HODL, HODL no matter what! So I'm still up at more than 3x what I put in.

But it has been interesting to watch the trajectory of my own emotions as we have hit an all-time-high and then reached this drop.

Going up:
"WOW! I'm making more money in a month just by HODLing than by all of my other business activities put together!!! I'm making more money by doing nothing than I am by working! This is amazing!"


The euphoria.

The confident expectation that it would "never go down."

The settled conviction that there's no way to make a mistake if I just HODL.


Going down:
"Oh. Bummer. I see I was already unconsciously spending that money in my mind, wasn't I? Now I've lost it and I haven't even taken any profits."


The sadness.

The need for an intentional "Steady, now! You're still up compared to what you put in."

The hopeful, "It'll come back up....right?"


The most interesting effect I've observed in myself is the inability to read "sentiment." I can't read the tops and bottoms. It's probably because I've been so starry-eyed that I couldn't step outside my own first-timer experience and see the wider picture of what's going on. I think with each cycle, this is probably a skill you develop more and more.

At least I think it's worth something that I recognize that I don't know very much. This keeps me from just being the classic "dumb money" that buys high and sells low.

But now that I've been in for a bit. I'm starting to realize that I'd like to be able to do more than just HODL. Rather than riding the roller coaster ALLLL the way down as far as it wants to go, I'd like to be able to make some smarter moves.

Does anyone have any resources that you'd recommend for learning maybe some baby steps? Basic stuff like how to do a Stop Loss order.

Babypips- Free course to trade Forex
This is where I started with YouTube on specific topics when I want more information.

Good pattern to start trying to notice. Channel has other good videos

get a free trading view.com account and use the papertrading (under trading panel on bottom of chart) and practice on real markets

 

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[srodrigo]

Binance banned in the UK.

Binance: Watchdog clamps down on cryptocurrency exchange

The financial watchdog has ruled that Binance cannot conduct any regulated activity in the UK.

www.bbc.co.uk

 

[Timmy C]

One of my most bullish reasons for crypto adoption is that we can buy and sell on public holidays instead of spending time with our family and friends.

How dare the government prevent us from making poor financial decisions on certain days only.

THIS IS OUR TIME.
REVOLUTION.

 

[Sethamus]

One of my most bullish reasons for crypto adoption is that we can buy and sell on public holidays instead of spending time with our family and friends.

How dare the government prevent us from making poor financial decisions on certain days only.

THIS IS OUR TIME.
REVOLUTION.

 

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[JamesQB8]

Binance banned in the UK.

Binance: Watchdog clamps down on cryptocurrency exchange

The financial watchdog has ruled that Binance cannot conduct any regulated activity in the UK.

www.bbc.co.uk

Just Fud at this point. Nothing actually confirmed yet.

Also regulated activity just equals derivatives as far as I understand. Spot crypto isn't regulated so it's not a regulated activity.

It'll become clearer in the following weeks.

 

[PizzaOnTheRoof]

Ya'll need to quit treating Bitcoin like a stock with bulls and bears and technical analysis and other BS. It's a completely new technology invented in our lifetimes that may very well revolutionize every economy on the planet within a couple decades.

It's like living in the Stone Age thinking "I can't wait to buy more bones and hides with this newfangled shiny gold stuff!"

Just buy and HODL, repeat. Your 10 year future self will thank you immensely.

 

[Timmy C]

Ya'll need to quit treating Bitcoin like a stock with bulls and bears and technical analysis and other BS. It's a completely new technology invented in our lifetimes that may very well revolutionize every economy on the planet within a couple decades.

It's like living in the Stone Age thinking "I can't wait to buy more bones and hides with this newfangled shiny gold stuff!"

Just buy and HODL, repeat. Your 10 year future self will thank you immensely.

Nothing is certain.

 

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[Sethamus]

Ya'll need to quit treating Bitcoin like a stock with bulls and bears and technical analysis and other BS. It's a completely new technology invented in our lifetimes that may very well revolutionize every economy on the planet within a couple decades.

It's like living in the Stone Age thinking "I can't wait to buy more bones and hides with this newfangled shiny gold stuff!"

Just buy and HODL, repeat. Your 10 year future self will thank you immensely.

If there is institutional interest then it is treated the exact same way as everything else out there; stocks, gold, forex, etc. So I don’t agree with this.

What I do agree with is that the majority of people will never beat the institutions in trading and the best thing you could do for any asset is to buy and hold if you are buying for long term wealth. Learning the basics of TA can help you with decisions to help maintain some of your wealth you are building instead of riding down every market correction. No one can predict the market. Learning how to take profit responsibly on the way up or how to set up stops that “could” help you get out before the bigger corrections is never a bad thing.

 

[Timmy C]

Everyone in this thread be like:

 

[Matt Sun]

What would a billionaire prefer ?

 

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[Timmy C]

View attachment 38641
What would a billionaire prefer ?

Both apparently.
How many billionaires own Bitcoin? Alot.
How many billionaires own gold? Alot.

 

[MTF]

What would a billionaire prefer ?

I'm not a gold bug but that image on the left is strangely arousing. Reminds me of my favorite comic book:



That character would make no sense whatsoever if he had only crypto hahaha.