Bitcoin / Cryptocurrency Discussion (And Predictions)

[Deleted70138]

When you say "rewarding first-to-get-in", do you mean in the form of better appreciation for those early comers?

Yes.

Without higher reward, there would be no reason to take the risk of adopting a new technology or investing early.

Sure about business ventures, but for a currency would prefer zero-risk-zero-reward. I just want to buy broccoli without much worry.

For bitcoin, feature of "storing a value" makes sense, but which one could be utilized as "medium of exchange"? As I've understood ethereum could be diluted and is run by nerd mob. Others are too arcane for my level of knowledge.

 

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[csalvato]

Yes.

Sure about business ventures, but for a currency would prefer zero-risk-zero-reward. I just want to buy broccoli without much worry.

For bitcoin, feature of "storing a value" makes sense, but which one could be utilized as "medium of exchange"? As I've understood ethereum could be diluted and is run by nerd mob. Others are too arcane for my level of knowledge.

IMO, your conception of what it means to be a currency isn't accurate, on a fundamental level.

Any currency is just an asset you have in volume. It happens to have value compared to other things. Think seashells (the first currency), or think Great British Pound vs. Euro.

Generally speaking, when you adopt something early, and then other people attach value to it, the people who are in early when the value is perceived to be lower.

This is a fundamental economic principle. Maybe I'm missing something, but I don't see any way around it for any asset, including currency.

 

[csalvato]

By the way, someone recently invited me to mine Pi. Something about mining crypto with your phone?

Never heard of it. Did a few google searches. Looks like it's relatively new, and hasn't launched yet.

Nothing I read gave me any indication as to why anyone would use it, aside that they felt "left out on crypto".

 

[Bekit]

I'm struggling to see what the value proposition is. But it looks like there's a lot of excitement by users who feel like "WOW! I'm in on the ground floor of this just like I wish I was with Bitcoin!!!" (Heart eye emojis)

I read their white paper. Interesting looking at this through the lens of need.

(The price of bitcoin was $3500 and the mining reward was 12.5 BTC when the white paper was written to give you an idea of when it was written).

Basically it seems the problem they are trying to solve is that with Bitcoin, mining is expensive and out of reach of the common person. So brand-new people don't really have a chance to mine bitcoin unless they have lots of resources and technical know-how. And Pi wanted to make it accessible to average people to mine it.

The centralization of power in Bitcoin’s network makes it very difficult and expensive for the average person. If you want to acquire Bitcoin, your easiest options are to:

1. Mine It Yourself. Just hook up the specialized hardware (here’s a rig on Amazon, if you’re interested!) and go to town. Just know that since you’ll be competing against massive server farms from across the world, consuming as much energy as the country of Switzerland, you won’t be able to mine much

2. Buy Bitcoin on an exchange. Today, you can buy Bitcoin at a unit price of $3,500 / coin at the time of writing (note: you can buy fractional amount of Bitcoin!) Of course, you would also be taking on substantial risk in doing so as the price of Bitcoin is quite volatile.

Despite its benefits, Bitcoin’s (likely unintended) concentration of money and power present a meaningful barrier to mainstream adoption. As Pi’s core team has conducted research to try to understand why people are reluctant to enter the cryptocurrency space. People consistently cited the risk of investing/mining as a key barrier to entry.

Solution: Pi - Enabling mining on mobile phones

After identifying these key barriers to adoption, the Pi Core Team set out to find a way that would allow everyday people to mine (or earn cryptocurrency rewards for validating transactions on a distributed record of transactions).

It has never occurred to me as the remotest disadvantage that "Oh poor me" the only way to get some bitcoin is through an exchange since I've never mined any myself.

LOL I think they're solving a nonexistent problem.

And 12 million people are already donating the use of their phones to mine a currency that you can't withdraw and has a current value of 0.

That wouldn't necessarily be a problem if the value proposition of the currency was clear...but if the only point of this crypto is "Hey look, YOU get to have a chance at mining some of this stuff!!!" then I'm skeptical.

 

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[csalvato]

LOL I think they're solving a nonexistent problem.

This is the case with most Crypto projects, sadly.

I only pay attention to a select few projects, personally, and my bar is pretty high to get me to invest time and attention to really understand a project and what they are doing.

When it comes to investable assets, they include:

1. BTC - Bitcoin
2. ETH- Ethereum
3. LINK - Chainlink
4. BAND - Band Protocol
5. XLM - Stellar

I'd put some projects like AAVE, UNI and SUSHI on that list, too, but the point of these tokens is simply for governance of the protocol.

I don't value them as highly since I don't view them as solving a problem in the marketplace...just an opportunity to buy in for control. As the protocol becomes more valuable, the value of governing it should be higher...it just doesn't jive with my personal strategy or what makes sense to me.

Disclosure: From this list, I am only invested in BTC and ETH at the moment.

 

[Timmy C]

I am starting to slowly average out of my positions in 10% chunks slowly.

I averaged in, and im averaging out.

Trying to time the top is for idiots.

 

[Frinys]

I am starting to slowly average out of my positions in 10% chunks slowly.

I averaged in, and im averaging out.

Trying to time the top is for idiots.

I'm also taking some profits. But my problem is that I don't know what to do with the profits.

Fiat is getting inflated. The stock market is at its ATH during a global pandemic. Gold is bleeding to crypto. In the country I live in, housing prices increased by 12% last year, yet rental prices only increased by ≈2%. And the average housing debt per habitant has never been higher. I see red flags everywhere.

Since we both are crypto-pros, and if I may ask, where do you plan to reinvest your profit?

 

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[Timmy C]

I'm also taking some profits. But my problem is that I don't know what to do with the profits.

Fiat is getting inflated. The stock market is at its ATH during a global pandemic. Gold is bleeding to crypto. In the country I live in, housing prices increased by 12% last year, yet rental prices only increased by ≈2%. And the average housing debt per habitant has never been higher. I see red flags everywhere.

Since we both are crypto-pros, and if I may ask, where do you plan to reinvest your profit?

Well, to be clear, im not selling my Bitcoin, but my shitcoin Olympic coins.

These profits will be used to purchase real estate in regional Victoria as people are moving away from the city both due to affordability and potentially another covid 19 lockdown.

 

[csalvato]

I'm also taking some profits. But my problem is that I don't know what to do with the profits.

Fiat is getting inflated. The stock market is at its ATH during a global pandemic. Gold is bleeding to crypto. In the country I live in, housing prices increased by 12% last year, yet rental prices only increased by ≈2%. And the average housing debt per habitant has never been higher. I see red flags everywhere.

Since we both are crypto-pros, and if I may ask, where do you plan to reinvest your profit?

This was the same predicament I was in a month or two ago. I was up pretty huge on BTC, but wasn't sure what to do with it.

After a lot of conversations and research, I determined BTC was still the best place for my the bulk of my portfolio.

Now I'm up even more

If stocks are your thing, you may want to look into Cathy Wood's (ARK Invest's) Big Ideas PDF (some really good BTC info is in there, too):

Big Ideas 2021: Innovation Research by ARK Invest

Big Ideas 2021, is ARK's annual research publication seeking to highlight the latest research and developments in innovation.

ark-invest.com

If you want to stay in crypto and accumulate more BTC, there are lots of projects you can invest in. I listed a few above, but you can also look into NFTs, or putting your money into a UNI or SUSHI liquidity pool pair.

 

[Timmy C]

Musk loves it.

 

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[Timmy C]

This was the same predicament I was in a month or two ago. I was up pretty huge on BTC, but wasn't sure what to do with it.

After a lot of conversations and research, I determined BTC was still the best place for my the bulk of my portfolio.

Now I'm up even more

If stocks are your thing, you may want to look into Cathy Wood's (ARK Invest's) Big Ideas PDF (some really good BTC info is in there, too):

Big Ideas 2021: Innovation Research by ARK Invest

Big Ideas 2021, is ARK's annual research publication seeking to highlight the latest research and developments in innovation.

ark-invest.com

If you want to stay in crypto and accumulate more BTC, there are lots of projects you can invest in. I listed a few above, but you can also look into NFTs, or putting your money into a UNI or SUSHI liquidity pool pair.

Let's be real.

It doesn't matter what shitcoin you invest in, it's whatever is hyped at the time and has a strong narrative.

You should be getting out of all of them in time.

 

[csalvato]

Let's be real.

It doesn't matter what shitcoin you invest in, it's whatever is hyped at the time and has a strong narrative.

You should be getting out of all of them in time.

I don’t trade shitcoins. It’s not my strategy.

No hate for all my friends that do, though.

When I buy, my minimum hold time is a year

 

[GPM]

@Timmy C Where do you go for your shitcoin information? I have thought about trading in like 1 Eth to play around with some shit coins, just for fun essentially.

 

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[csalvato]

@Timmy C Where do you go for your shitcoin information? I have thought about trading in like 1 Eth to play around with some shit coins, just for fun essentially.

Most people I know doing this follow a few key people on Twitter and see when then post something about a specific coin, then rush to it.

Some are big celebs (like Mark Cuban or Elon Musk).

Others are twitter account like FXHedge that announce news about investing in general, and jump on when a new "partnership" announced.

Aside from that, the people I know with success in this space watch all alt coins over time and know which trend together, and which lag. They will find one coin that pumps and purposefully miss that boat, and jump on the next one, where there's certainty of a short term pump.

Disclaimer: I just talk to people who do this, don't do this myself.

 

[JamesQB8]

*Warning Shitcoin Shill - Invest at your own very high risk*

Wanswap looks like a really promising project with a lot of upside. Very low marketcap and seems to be a good team.

Introducing WanSwap — The Wanchain Based Cross-chain Decentralized Exchange With Automated Market…

WanSwap enables cheap, scalable, and truly trustless multi-chain asset trading

medium.com

Basically another Defi project with Farming/liquidity pairing. Slick UI, fast transactions and low fees.

Like has been said before some Defi projects can be good for speculation and some crazy APY from farming if the market stays in a bull run.

Beware of Impermanent loss when providing liquidity pairs/yield farming

View: https://www.youtube.com/watch?v=8XJ1MSTEuU0

 

[Frinys]

Well, to be clear, im not selling my Bitcoin, but my shitcoin Olympic coins.

These profits will be used to purchase real estate in regional Victoria as people are moving away from the city both due to affordability and potentially another covid 19 lockdown.

I see! I'll keep holding my favorite shitcoin until my death lol. That's the only coin I'm not willing to sell

Unfortunately, real estate is not an option where I live. But I think I see an opportunity given that covid is still around this summer. Thank you!

This was the same predicament I was in a month or two ago. I was up pretty huge on BTC, but wasn't sure what to do with it.

After a lot of conversations and research, I determined BTC was still the best place for my the bulk of my portfolio.

Now I'm up even more

If stocks are your thing, you may want to look into Cathy Wood's (ARK Invest's) Big Ideas PDF (some really good BTC info is in there, too):

Big Ideas 2021: Innovation Research by ARK Invest

Big Ideas 2021, is ARK's annual research publication seeking to highlight the latest research and developments in innovation.

ark-invest.com

If you want to stay in crypto and accumulate more BTC, there are lots of projects you can invest in. I listed a few above, but you can also look into NFTs, or putting your money into a UNI or SUSHI liquidity pool pair.

Haha, I'm glad to hear that you held and that you're up even more now! I agree, crypto seems to be the best place to be.

I skimmed through the Big Ideas PDF, seems right up my alley! I will definitely do more research on the topics mentioned.

For now, I think the best thing I can do is to keep most of my crypto and just keep increasing my stop losses as it rises. What a world we live in, where the most volatile asset is the safest

Thank you both for the great answers!

 

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[Frinys]

*Warning Shitcoin Shill - Invest at your own very high risk*

Wanswap looks like a really promising project with a lot of upside. Very low marketcap and seems to be a good team.

Introducing WanSwap — The Wanchain Based Cross-chain Decentralized Exchange With Automated Market…

WanSwap enables cheap, scalable, and truly trustless multi-chain asset trading

medium.com

Basically another Defi project with Farming/liquidity pairing. Slick UI, fast transactions and low fees.

Like has been said before some Defi projects can be good for speculation and some crazy APY from farming if the market stays in a bull run.

Beware of Impermanent loss when providing liquidity pairs/yield farming

View: https://www.youtube.com/watch?v=8XJ1MSTEuU0

The first thing I look at when evaluating shitcoins is to look at their Github. I only found this: WanSwap. Seems quite dead?

 

[Timmy C]

@Timmy C Where do you go for your shitcoin information? I have thought about trading in like 1 Eth to play around with some shit coins, just for fun essentially.

Twitter
Github
Website
Whitepaper

Ask myself if it solves an actual problem.

Buy it.


Dollar-cost average in
Dollar-cost average out.

 

[Timmy C]

It will all get destroyed regardless of how solid the project is.

They will all dump 90% plus.

 

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[AceVentures]

I love my shitcoins. Small share of my portfolio, but the upside potential is huge if this bullrun persists. Some of them are up 4x just in the past few days.

Maybe they all dump and I lose all of them. Fine. But if my suspicion is correct, that the flood gates to crypto have been opened and there's no turning back, then the services I think are useful will only grow with time. The upside is big enough for me to accept the risk.

I pick a project with a good team and CEO, solid use-cases, and a growing list of partnerships.

 

[Speculatooor]

It will all get destroyed regardless of how solid the project is.

They will all dump 90% plus.

It will be glorious to hear all the dumb money scream "This time it's different" and "NEVER SELL" while the bubble pops again.

 

[Timmy C]

I love my shitcoins. Small share of my portfolio, but the upside potential is huge if this bullrun persists. Some of them are up 4x just in the past few days.

Maybe they all dump and I lose all of them. Fine. But if my suspicion is correct, that the flood gates to crypto have been opened and there's no turning back, then the services I think are useful will only grow with time. The upside is big enough for me to accept the risk.

I pick a project with a good team and CEO, solid use-cases, and a growing list of partnerships.

It's quite foolish to think this time is different.

It's all but a guarantee that these shitcoins will dump 99%.

 

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[mguerra]

It's quite foolish to think this time is different.

It's all but a guarantee that these shitcoins will dump 99%.

I agree 100%.

The big question is: WHEN?

I think we'll have 2 more months on a solid bull run then it's over.

Would love to hear other opinions on this.

 

[csalvato]

It's quite foolish to think this time is different.

Are you talking about altcoins only? Or including BTC in this?

I do think this time is different for BTC. In 2017 we were waiting for institutions to come and they never did. In 2021 the dominoes are falling and it will soon be an avalanche

 

[Timmy C]

Are you talking about altcoins only? Or including BTC in this?

I do think this time is different for BTC. In 2017 we were waiting for institutions to come and they never did. In 2021 the dominoes are falling and it will soon be an avalanche

I'm just talking about altcoins.

 

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[csalvato]

I'm just talking about altcoins.

Yeah that’s definitely going to be a shitshow for everything except ETH, maybe

 

[Kevin88660]

It's quite foolish to think this time is different.

It's all but a guarantee that these shitcoins will dump 99%.

Early stage defi adopter accumulated 7-8 digits of insane networth.

The right projects have astronomical return on roi.

 

[Matt Sun]

Institutions geting in Bitcoin wouldn't mean they also going to (selected) altcoins ?

This is crazy times. My iota is up 200% just in the last 7 days (remember when I tought about selling and buying the dip ? lol thank god I didn't).

I know it will come down crashing in a spectacular way (would be nice to get out before and dollar cost average in again when that happens). The big question is how to know ? I'm hoping it will breake the 2017 ATH before that happens.

 

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[csalvato]

BNY Mellon to offer bitcoin services, a validation of crypto from a key bank in the financial system

Bank of New York Mellon said Thursday that it will begin financing bitcoin and other digital currencies.

www.cnbc.com

 

[AceVentures]

It's quite foolish to think this time is different.

It's all but a guarantee that these shitcoins will dump 99%.

By calling everything other than BTC and ETH as shitcoins we're doing ourselves an injustice. I used the term and laughed at your Shitcoin Olympics because it's both hilarious and interesting how random projects are getting funded. Truly, some of them are shit.

It's rather shallow to think that all will dump 99% - with that view I argue that you might never have been an early adopter in bitcoin or ethereum.

I think the time is right and the marketplace is beginning to showcase more and more use-cases. I'm willing to gamble a small portion to experiment. I'm not saying it comes without risk.