Bitcoin / Cryptocurrency Discussion (And Predictions)

[MitchC]

 

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[Matt Sun]

Actually backtracked on my investment. Broke even. Realized there is a 2008 crisis going on in China, and USA at the same time sort of. Also a global recession. Asset valuations will keep going down. Bitcoin is still too correlated with world markets so if there is a big downturn there it's nearly impossible for btc price to be going up when this happens. We may still go further down.

 

[doster.zach]

Actually backtracked on my investment. Broke even. Realized there is a 2008 crisis going on in China, and USA at the same time sort of. Also a global recession. Asset valuations will keep going down. Bitcoin is still too correlated with world markets so if there is a big downturn there it's nearly impossible for btc price to be going up when this happens. We may still go further down.

Probably will go down more, time for generational buys after midterms.

Economy will be pumped until mid-terms, and then band-aid (if you can call it that), will be ripped off.

 

[GPM]

Eth 2.0 happens in Mid September as well! That might cause some waves, in either direction.

 

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[Antifragile]

Eth 2.0 happens in Mid September as well! That might cause some waves, in either direction.

It feels like trying to predict the weather, wind blows another way and here we are.

I haven't traded anything since last year, no plans to change my holdings either... We'll see if I am wrong in a few years

 

[Xeon]

Ethereum Could Get Kicked Off Cloud Host That Powers 10% of Crypto Network

Hetzner, which hosts roughly 10% of Ethereum nodes, says it does not allow mining or anything “even remotely related,” including staking.

www.google.com

What happened to decentralization? All it takes is for govs to ban web hosts and data centers from hosting any crypto projects. Good luck running your own data centers.

 

[YanC]

Ethereum Could Get Kicked Off Cloud Host That Powers 10% of Crypto Network

Hetzner, which hosts roughly 10% of Ethereum nodes, says it does not allow mining or anything “even remotely related,” including staking.

www.google.com

What happened to decentralization? All it takes is for govs to ban web hosts and data centers from hosting any crypto projects. Good luck running your own data centers.

This is a real issue indeed. 50% of ETH nodes are hosted on AWS.

 

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[Xeon]

Looks bare: OpenSea turns into NFT ghost-town after daily volume plunges 99% from peak

An ongoing debt crisis at lending platform BendDAO is also increasing the risks of the NFT bubble going bust.

cointelegraph.com

 

[MitchC]

Binance the biggest exchange in the world is now a WEF clown show, probably has been this whole time.

I heard JP Morgan or one of those bank provided the original money for etherium. Seems more and more likely.

You will own nothing (except a bunch of digital shitcoins, a jpg and some virtual land) and be happy

 

[EvanOkanagan]

View: https://www.youtube.com/watch?v=g_aacBuhODE

 

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[MJ DeMarco]

Ethereum Could Get Kicked Off Cloud Host That Powers 10% of Crypto Network

Hetzner, which hosts roughly 10% of Ethereum nodes, says it does not allow mining or anything “even remotely related,” including staking.

www.google.com

What happened to decentralization? All it takes is for govs to ban web hosts and data centers from hosting any crypto projects. Good luck running your own data centers.

This is what I never understood. I don't see any decentralization when the world's corporate oligarchies can shut down entire networks, and cancel people.

And Binance kowtowing to the WEF? Geez what a joke, that's like the 1st Baptist Church partnering with the local strip club.

Looks bare: OpenSea turns into NFT ghost-town after daily volume plunges 99% from peak

An ongoing debt crisis at lending platform BendDAO is also increasing the risks of the NFT bubble going bust.

cointelegraph.com

Everyone's a genius in a bull market. In this case, it was a greater fool market. Notice how all the "day trading" threads here dried up. Where's James Fake and all his crypto technical analysis? I've seen this dog-n-pony show repeat for over 30 years, same story, different asset class.

 

[Xeon]

Where's James Fake and all his crypto technical analysis? I've seen this dog-n-pony show repeat for over 30 years, same story, different asset class.

Are you referring to the James Fend guy? If it's the one I'm thinking about (the asian looking guy), I remember seeing photos of him using some stick to draw diagrams on the ground/soil in one of the fastlane conventions a few years ago, and everyone in the photo formed something like a circle listening to him intently

 

[c4n]

Are you referring to the James Fend guy? If it's the one I'm thinking about (the asian looking guy), I remember seeing photos of him using some stick to draw diagrams on the ground/soil in one of the fastlane conventions a few years ago, and everyone in the photo formed something like a circle listening to him intently

I must admit I was one of the guys in that circle

He was making sense at that time... or was it the alcohol...

 

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[Xeon]

I must admit I was one of the guys in that circle

He was making sense at that time... or was it the alcohol...

I didn't attend any Fastlane conventions but his posts always made a lot of sense and seem credible. I know nuts about investing or finance but I always assume he's the informally-endorsed investing expert by the forum

 

[Ing]

I m fascinated by the tch analysis guys. Lots of story and allway the results: if it goes down, than you can short. If it goes up, you can long. And some numbers with clealy selling/buying vollume.

 

[EmotionEngine]

Looks bare: OpenSea turns into NFT ghost-town after daily volume plunges 99% from peak

An ongoing debt crisis at lending platform BendDAO is also increasing the risks of the NFT bubble going bust.

cointelegraph.com

I believe the future of NFTs are in gaming products once the stigma has been broken, but we'll see. Right now it just appears that everything is eroding and for good reason. The get rich quick from crypto/nft days after definitely over. Most people show up late (which is in the past year).

 

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[GPM]

I didn't attend any Fastlane conventions but his posts always made a lot of sense and seem credible. I know nuts about investing or finance but I always assume he's the informally-endorsed investing expert by the forum

I found 99.5% of anything he wrote to be 100% gibberish.

I am still long on the tech and utility of this, but yea, using it as a "get rich quick" is a recipe for disaster.

 

[MJ DeMarco]

Are you referring to the James Fend guy?

Yea, James is a great guy and I met him. I hope he is doing well.

IMO, crypto steered a lot of would-be entrepreneurs away from real Fastlane opportunities, with the lure of easy money and shiny object syndrome. The only people who got rich (or richer) were the early adopters, some miners, Gary V, the brokers/exchanges, and the ICO minters.

GOLD! - HOT! - MINDSET - Newsflash: Fastlane is your only hope. Not stocks. Not Crypto. Not jobs.

I've been here for 15 years. Over that time, I seen a bunch of "get rich" trends come and go. These flavors are hot for a few years, then disappear. Each time, some threads blow up with folks who are starry-eyed about how wealthy they're going to get as they do nothing but hop aboard a trend...

www.thefastlaneforum.com

 

[Timmy C]

Yea, James is a great guy and I met him. I hope he is doing well.

IMO, crypto steered a lot of would-be entrepreneurs away from real Fastlane opportunities, with the lure of easy money and shiny object syndrome. The only people who got rich (or richer) were the early adopters, some miners, Gary V, the brokers/exchanges, and the ICO minters.

GOLD! - HOT! - MINDSET - Newsflash: Fastlane is your only hope. Not stocks. Not Crypto. Not jobs.

I've been here for 15 years. Over that time, I seen a bunch of "get rich" trends come and go. These flavors are hot for a few years, then disappear. Each time, some threads blow up with folks who are starry-eyed about how wealthy they're going to get as they do nothing but hop aboard a trend...

www.thefastlaneforum.com

It can be very easy money so I agree.

Crypto made alot of people money and will continue to, but that days of a $1000 investment making you life changing gains are so hard to come buy that's its like buying a lottery ticket now IMO.

The market cap is just too big, and moving the needle takes more $$$$ by bigger players.

Still better than stocks by a mile though.

 

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[Ing]

beside the phylosophy:
how will the ETH merge influence RVN, Fantom and the other ETH regarded Tokens?

 

[MJ DeMarco]

Another crypto fraud from my neck of the woods... intriguing read....

"off the backs of idiots"
"typical dumb MLM investor"

Regarding the "idiot's" comment, as I've said for the last decade, crypto is the perfect "asset" for scammers due to its levels of complication. The SEC website is just flooded with crypto scammers. This is why I've never made any substantial investments as I simply don't understand it completely.

Utah businesses entangled in alleged $722 million crypto fraud scheme

A fraudulent bitcoin mining company may have ensnared several Utah properties, according to documents from a case against the BitClub Network, which is accused of defrauding over a thousand investors out of $722 million.

www.deseret.com

 

[GPM]

Another crypto fraud from my neck of the woods... intriguing read....

"off the backs of idiots"
"typical dumb MLM investor"

Regarding the "idiot's" comment, as I've said for the last decade, crypto is the perfect "asset" for scammers due to its levels of complication. The SEC website is just flooded with crypto scammers. This is why I've never made any substantial investments as I simply don't understand it completely.

View attachment 45099

Utah businesses entangled in alleged $722 million crypto fraud scheme

A fraudulent bitcoin mining company may have ensnared several Utah properties, according to documents from a case against the BitClub Network, which is accused of defrauding over a thousand investors out of $722 million.

www.deseret.com

Wow! That is nuts. I have looked at a few of those "mining pools" where they pool money to buy equipment and you get a share of the revenue. Not looked at them to invest, but looked at them to see their costs and payouts.

I know a guy that has invested a lot into one that looks like a pyramid scheme to me. Their listed hashrates for costs look legit, but their payouts are very suspect. For whatever hashrates they are able to generate their incomes are too high and it always looked seriously suspect to me.

As someone who is legitimately building a mine with other people's money this stuff really pisses me off. Why not just do what you say you are going to do? Why the need to knowingly defraud people??????

 

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[Rob Tennant]

Another crypto fraud from my neck of the woods... intriguing read....

"off the backs of idiots"
"typical dumb MLM investor"

Regarding the "idiot's" comment, as I've said for the last decade, crypto is the perfect "asset" for scammers due to its levels of complication. The SEC website is just flooded with crypto scammers. This is why I've never made any substantial investments as I simply don't understand it completely.

View attachment 45099

Utah businesses entangled in alleged $722 million crypto fraud scheme

A fraudulent bitcoin mining company may have ensnared several Utah properties, according to documents from a case against the BitClub Network, which is accused of defrauding over a thousand investors out of $722 million.

www.deseret.com

This looks a lot like the internet bubble of the late 90’s. Imo, same bs going on. There is legit innovative tech underpinning all of this, but people are taking advantage of an early stage not well understood new asset class that lacks regulatory clarity and luring greedy folks looking to get rich quick. A Tale as old as time.

That being said, I believe there is gong to be a few long term winners here (likely 1 big one), similar to google, Facebook et al dominated post internet bubble, once the smoke clears. There is a steep learning curve here, even for tech minded people, so I can’t imagine being non tech and trying to wrap my head around all this.

There is one “crypto” that ( if gov leaves alone and stops trying to figure out ways to ban it), is head and shoulders above the rest. It’s built upon time tested age old principles that any true business person/entrepreneur deeply understands. Be careful it there.

 

[GPM]

For anyone following, the Ethereum 2.0 event happens this week. The mining hashrate on Ethereum is tanking, and the other popular proof-of-work coins are going crazy.

The difficulty on the other coins are shooting up like mad, and the payouts on all of them are less than half of where they were a few weeks ago. Things are getting interesting!

Ravencoin, which was a top contender to take a big % of ethereums hashrate, has gone from coin market position of around 110 to 66 as of this writing! Same goes with big moves from a lot of the other coins as well.

Neoxa has come from nowhere and taken a big chunk of hashrate as well. Ergo has doubled its hashrate since the start of September.

They estimate that half of the hashrate on the Ethereum network is ASIC machines, which must move to ETC or become paperweights. So if those numbers are right, that means the ETC hashrate is going to 10x by the end of the week! All this attention on these alts is surely going to cause some fluctuations in pricing.

 

[MJ DeMarco]

So I had $11 stuck on another exchange I needed to move and clear out. Between security protocols, enter PIN#s, enter this, enter security codes sent to phone/email, Authenticator apps, it took me 31 minutes. 31 F*cking minutes to withdraw freaking $11. And this technology is going to revolutionize money? This technology is the "most secure" when I have to jump through 1,310 hoops to withdraw and move eleven bucks? And here's the thing, not even all of it was moved and part of it "needs approval" -- so awesome I need some 3rd party to approve moving 4 bucks.

Sometimes I wonder if hype just erases all common sense.

What an utter waste of time.

 

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[MitchC]

So I had $11 stuck on another exchange I needed to move and clear out. Between security protocols, enter PIN#s, enter this, enter security codes sent to phone/email, Authenticator apps, it took me 31 minutes. 31 F*cking minutes to withdraw freaking $11. And this technology is going to revolutionize money? This technology is the "most secure" when I have to jump through 1,310 hoops to withdraw and move eleven bucks? And here's the thing, not even all of it was moved and part of it "needs approval" -- so awesome I need some 3rd party to approve moving 4 bucks.

Sometimes I wonder if hype just erases all common sense.

What an utter waste of time.

Yeah, or like I had to recently, you have to do KYC on some shady Chinese exchange. No KYC to deposit, but to withdraw it took me about an hour because I had to add all these Authenticator things and then after all that I had to do KYC. It was more than $11 so I didn’t have a choice.

Like sweet so I’ll just send a pic of my ID and a 3D scan of my face and my passport details to a Chinese exchange I’ve barely heard of. You can buy copies of all these documents on the darknet from people who no doubt have had to submit them to a company like this.

 

[biophase]

So I had $11 stuck on another exchange I needed to move and clear out. Between security protocols, enter PIN#s, enter this, enter security codes sent to phone/email, Authenticator apps, it took me 31 minutes. 31 F*cking minutes to withdraw freaking $11. And this technology is going to revolutionize money? This technology is the "most secure" when I have to jump through 1,310 hoops to withdraw and move eleven bucks? And here's the thing, not even all of it was moved and part of it "needs approval" -- so awesome I need some 3rd party to approve moving 4 bucks.

Sometimes I wonder if hype just erases all common sense.

What an utter waste of time.

Was the $11 from ETH POW? Because I had one ethpow coin worth $11 deposited into my kraken account a few days ago which had 1 eth in there. Can someone explain this to me?

 

[AceVentures]

So I had $11 stuck on another exchange I needed to move and clear out. Between security protocols, enter PIN#s, enter this, enter security codes sent to phone/email, Authenticator apps, it took me 31 minutes. 31 F*cking minutes to withdraw freaking $11. And this technology is going to revolutionize money? This technology is the "most secure" when I have to jump through 1,310 hoops to withdraw and move eleven bucks? And here's the thing, not even all of it was moved and part of it "needs approval" -- so awesome I need some 3rd party to approve moving 4 bucks.

Sometimes I wonder if hype just erases all common sense.

What an utter waste of time.

To be fair - these are problems associated with centralized exchanges and regulatory restrictions, and not blockchain technology.

For example I keep money on the Ethereum network. I can make permissionless transfers in as little as 13 seconds.

If I need to withdraw money to a bank - I use the FTX exchange, which imo is head and shoulders above the rest of the competition. Money leaves the ETH network to my FTX account in 13 seconds. Appears shortly thereafter in my FTX account. From there I xfer over to my bank account.

I think a more important criticism of the tech is the fantasy of decentralized money. That and the fact that the industry is reliant on stablecoins, which are centralized products.

My working hypothesis is that this tech is largely a product of the likes of the WEF with Marxist ambitions of further centralizing the flow of money, rather than the supposed libertarian cypherpunks.

 

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[MJ DeMarco]

I'm actually surprised I didn't get this message when doing the withdrawal...

Someone will ring your doorbell in the next 48 hours to make sure you say who you are. Please have your birth certificate ready and 14 other forms of identification.

Was the $11 from ETH POW?

No it wasn't.

It was 2000 units of some shit coin, worth a total of .000000004 USD.

 

[GPM]

Was the $11 from ETH POW? Because I had one ethpow coin worth $11 deposited into my kraken account a few days ago which had 1 eth in there. Can someone explain this to me?

ETHw is some piece of shit offshoot since ETH moved to proof of stake. It's probably some marketing BS to get people to think ETHw has value.

Oh, and ethereum is now pretty much completely centralized, and they are not letting people withdraw or unstake any stakes coins. Lol, ethereum is becoming a shit coin. Way to go guys.