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Bitcoin / Cryptocurrency Discussion (And Predictions)

James Fake

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I don't know much about guns, but all you trained police officers better be careful with them.

I don't know much about riding bucking broncos, but you rodeo stars better be careful on them.

I don't know much about starting a business, but you business owners better be careful you don't lose it all.

I don't know much about owning a home, but you guys better be careful your house doesn't get set on fire.

I don't know much about smoking weed, but it will literally kill you so be careful.

I don't know much about driving, but be careful you don't die in a car accident

I don't know much about fighting fires, but you should be careful if you're a firefighter running into a burning building.

I don't know much about construction, but you should be careful that your foundation is installed properly

:cool:

Over 8000 bitcoins was purchased by greyscale again today.

Bitcoin supply crisis incoming.

Yep.

Also want to add in, in case some people mis-understand Greyscale; they essentially run a Bitcoin fund and keep/trade/invest the actual Bitcoin asset in their own storage.

So when they go out and buy this much Bitcoin; it's not because Greyscale wants to do it (or some wild son on a gambling spree like Softbank). It's because they are having a rush of investors coming to them and throwing them money to buy Bitcoin on their behalf.

So the demand is actually true market demand for the actual asset.
 
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Timmy C

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:cool:



Yep.

Also want to add in, in case some people mis-understand Greyscale; they essentially run a Bitcoin fund and keep/trade/invest the actual Bitcoin asset in their own storage.

So when they go out and buy this much Bitcoin; it's not because Greyscale wants to do it (or some wild son on a gambling spree like Softbank). It's because they are having a rush of investors coming to them and throwing them money to buy Bitcoin on their behalf.

So the demand is actually true market demand for the actual asset.
But Tether?
 

Musashi

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maverick

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nitrousflame

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csalvato

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We are starting to see more FUD pile on. Tether FUD, double spending FUD, Yellen FUD.

IMO, expect it to get worse through Q1 (BTCs historically worst quarter), and takeoff in late Q1 or possibly Q2 as we correct with stock-to-flow.
 
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GPM

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Lol Yellen. Go try and police the entire world. Crypto is borderless, she can go get bent.
 

Thoelt53

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I don't know much about guns, but all you trained police officers better be careful with them.

I don't know much about riding bucking broncos, but you rodeo stars better be careful on them.

I don't know much about starting a business, but you business owners better be careful you don't lose it all.

I don't know much about owning a home, but you guys better be careful your house doesn't get set on fire.

I don't know much about smoking weed, but it will literally kill you so be careful.

I don't know much about driving, but be careful you don't die in a car accident

I don't know much about fighting fires, but you should be careful if you're a firefighter running into a burning building.

I don't know much about construction, but you should be careful that your foundation is installed properly
I don’t mock anyone for owning crypto. Occasionally I read the crypto thread and I enjoy your posts there, your contributions and others is the most I know of crypto.

“Terrorism” got the Patriot Act passed, along with a slew of other tyrannical shit used to spy on and detain “enemies” of the state.


Could be FUD, maybe it’s not. Either way I’m not mocking anyone. Forgive me for sharing.
 

csalvato

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I don’t mock anyone for owning crypto. Occasionally I read the crypto thread and I enjoy your posts there, your contributions and others is the most I know of crypto.

“Terrorism” got the Patriot Act passed, along with a slew of other tyrannical shit used to spy on and detain “enemies” of the state.


Could be FUD, maybe it’s not. Either way I’m not mocking anyone. Forgive me for sharing.
My mom really loves me. And I really love her.

All my life, she's been saying things like "you gotta be careful", when having no real experience in anything I was doing.

"I never started a business, but you gotta be careful starting a business, get a full time job bc it's safe."

"I never trained parkour, but you gotta be careful training parkour, you could fall off that building and die."

"I never moved to another country, but be careful when you do, other countries are unsafe."

Every time she says something like this, it's irritating as hell.

How could she possibly know the risks of something if she never did it or looked into it in earnest?

Why would she assume that I don't know the risks, and am not taking precautions to protect myself?

I love my mom, but her opinion on these topics was simply not valid, nor worth listening to. It creates unnecessary fear and doubt in the mind of someone who would otherwise have conviction and resolve.

Aside from that, it's just irritating.

Her baseless fear-driven warnings based on an article she read about something I'm interested in is harmful to me, though.

I still love my mom, though. Always will.

Just because I discount your opinion, doesn't mean that I am mocking you or disrespect you. Sorry if you took offense.
 
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Thoelt53

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My mom really loves me. And I really love her.

All my life, she's been saying things like "you gotta be careful", when having no real experience in anything I was doing.

"I never started a business, but you gotta be careful starting a business, get a full time job bc it's safe."

"I never trained parkour, but you gotta be careful training parkour, you could fall off that building and die."

"I never moved to another country, but be careful when you do, other countries are unsafe."

Every time she says something like this, it's irritating as hell.

How could she possibly know the risks of something if she never did it or looked into it in earnest?

Why would she assume that I don't know the risks, and am not taking precautions to protect myself?

I love my mom, but her opinion on these topics was simply not valid, nor worth listening to. It creates unnecessary fear and doubt in the mind of someone who would otherwise have conviction and resolve.

Aside from that, it's just irritating.

Her baseless fear-driven warnings based on an article she read about something I'm interested in is harmful to me, though.

I still love my mom, though. Always will.

Just because I discount your opinion, doesn't mean that I am mocking you or disrespect you. Sorry if you took offense.
You went beyond discounting (my opinion?) an article I shared, took it personally and got butthurt.

I don’t know what’s up with that, but you do you. Again, forgive me for sharing.

I appreciate your contributions here, and I’ve disagreed with your opinions in the past. Most of the disagreements I’ve probably ignored and said nothing because it is YOUR opinion. Nothing to get upset about. I’m not talking about this thread, as you obviously know more than me in this arena, which is why I enjoy your posts.

For whatever reason me sharing a link deeply upset you, which I think is out of character, knowing you only on this forum.
 
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csalvato

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You went beyond discounting (my opinion?) an article I shared, took it personally and got butthurt.

I don’t know what’s up with that, but you do you. Again, forgive me for sharing.

I appreciate your contributions here, and I’ve disagreed with your opinions in the past. Most of the disagreements I’ve probably ignored and said nothing because it is YOUR opinion. Nothing to get upset about. I’m not talking about this thread, as you obviously know more than me in this arena, which is why I enjoy your posts.

For whatever reason me sharing a link deeply upset you, which I think is out of character, knowing you only on this forum.

Definitely not deeply upset. I'm sorry you took it that way.

I suggest you re-read my post. I have a feeling you misinterpreted it.
 
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Thoelt53

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Definitely not deeply upset. I'm sorry you took it that way.

I suggest you re-read my post. I have a feeling you misinterpreted it.
Reading it again now, I see your point. Fair enough.
 
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csalvato

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An adjusted TL;DR of the intention behind my posts: if you don't know about something, that's not the time to be warning the people who do.

If you want to improve your understanding, it makes more sense to ask a question, like "this seems like it could be a big deal, what do you all think?" rather than "I don't know what I'm talking about but be careful <link>"

It might not chafe on the other people here whose perspective you're trying to gain.

Again, no offense intended. I hope you have a great night!

EDIT: This post was made at the same time as your last one. Apologies that it looks like I totally ignored you.
 

Frinys

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I've been buying bitcoin aggressively over the last week.
So have i.

This is the first major correction after the bull run started. I did not expect BTC to reach any higher than $30,000 before its first correction, but it reached much higher than that ($41,940).

It seems to me like this bull run will outperform any expectations (except maybe @James Fake's $240,000 expectation).
 
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WhoDatBoy

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Hey guys, first off I want to say that this is an awesome thread. I occassionally check it out but have not read all the pages, so excuse me if the questions I am about to ask have been asked before.

I'm currently learning how to trade, using technical analysis (mostly crypto, because I like it and the transaction costs are low compared to trading stocks). I feel like I'm finally starting to understand the game a little and right now I am in the process of finding a strategy (mostly trading S/R flips at this moment).

For anyone interested; the main studying materials I used were the youtube videos from LiveTraders and the Technical Analysis Series by CryptoCred, which is also on youtube (highly recommended).

I was wondering if anyone with more experience could offer their opinion on if it's wise to join some kind of chat room, or if it's better to continue to learn by myself and my study materials. Also, any advice on a recommended "journey" to becoming a consistent trader are very much appreciated (and perhaps recommended study material, as it's super hard to find).

As we all know, there's a lot of scammers and shitty and fluffy information on the internet, which is the reason I decided to ask you guys.
 

jsk29

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Beyond @csalvato 's response, many people on the forum are aware of copywriting (especially the importance of getting peoples' attention via the headline) and media distortion.

The actual suggestion was much more nuanced:

EsSNsFTWMAEk4sJ.jpeg
Source: Senate Finance Committee record
 
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MitchC

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I'm bored.

Common Bitcoin, go on another run for us, I need some entertainment.

i wonder if how boring it is will result in another dip

I’ve just bought back in after selling at the top

beginners luck
 

Kevin88660

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I look at the market from a technical perspective, and see more risk than reward to hold btc at this level expecting it to shoot for 50-100k level.

BTC bull market started since March at 5000 dollar during the Covid crash. People are celebrating now as if the bull market just started.

The 2017 Dec finished with a double top near 20k. The 2020 Dec we finished with a double top near 40k.

We had news debating about bitcoin we it was top at 1k in 2013, top at 15k-20k in 2017 year end.

Bitmain founder Wu Jihan cautioned that as Bitcoin market cap grows it is harder for btc to gain exponential gain.

While I am bullish on crypto space for the long run, it is very difficult to conceive that, from a technical analysis point of view we are at the beginning of a bull cycle.

I am primarily longing alt coins and maintaining a small btc short positions. i expect btc to consolidate for the coming weeks towards on the down side while altcoins still have more room to run.
 

EvanOkanagan

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Super noob question that’s likely already been answered.

Is there a preferred platform to buy/hold Crypto?

I’ve been using Coinsquare.
 

csalvato

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Super noob question that’s likely already been answered.

Is there a preferred platform to buy/hold Crypto?

I’ve been using Coinsquare.
I use coinbase and transfer it off of there almost immediately. Recently started using Gemini.
 
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Frinys

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I look at the market from a technical perspective, and see more risk than reward to hold btc at this level expecting it to shoot for 50-100k level.

BTC bull market started since March at 5000 dollar during the Covid crash. People are celebrating now as if the bull market just started.

The 2017 Dec finished with a double top near 20k. The 2020 Dec we finished with a double top near 40k.

We had news debating about bitcoin we it was top at 1k in 2013, top at 15k-20k in 2017 year end.

Bitmain founder Wu Jihan cautioned that as Bitcoin market cap grows it is harder for btc to gain exponential gain.

While I am bullish on crypto space for the long run, it is very difficult to conceive that, from a technical analysis point of view we are at the beginning of a bull cycle.

I am primarily longing alt coins and maintaining a small btc short positions. i expect btc to consolidate for the coming weeks towards on the down side while altcoins still have more room to run.


The ATH in 2013 happened 12 months and 3 days after the 2012 bitcoin halving.

The ATH in 2017 happened 17 months and 7 days after the 2016 bitcoin halving.

The current ATH happened 7 months and 29 days after the 2020 bitcoin halving.

If we're at the top now, it would indicate that the market got saturated much faster than in both 2013 and 2017.

Yet the demand for Bitcoin has never been higher. People are considering it as an alternative to gold. Big institutions are buying bitcoin for the first time ever. The USA is printing money as never before.

I think this bull run is far from over.
 

Timmy C

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The ATH in 2013 happened 12 months and 3 days after the 2012 bitcoin halving.

The ATH in 2017 happened 17 months and 7 days after the 2016 bitcoin halving.

The current ATH happened 7 months and 29 days after the 2020 bitcoin halving.

If we're at the top now, it would indicate that the market got saturated much faster than in both 2013 and 2017.

Yet the demand for Bitcoin has never been higher. People are considering it as an alternative to gold. Big institutions are buying bitcoin for the first time ever. The USA is printing money as never before.

I think this bull run is far from over.


This ain't even close to being over yet.
 

Frinys

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Did r/wallstreetbets and the Gamestop stock just start a crypto revolution?

This week has been a financial show unlike anything ever seen before. To summarize, the investment firm Melvin Captial had a short position of 140% of all of Gamestop's shares. They did this confidently because they, at the same time, were on mainstream media TV telling everyone why Gamestop would be bankrupt.

The giant short position was noticed by r/wallstreetbets and the people of that subreddit started to buy Gamestop shares. The Gamestop stock increased, causing an extreme short squeeze. Read more in the separate thread here.

Never before have we seen such a large hive mind of single investors affect a stock to this degree. For many single investors, this became a war against the hedge funds and their dirty tactics.

At this point, this had nothing to do about crypto.

But yesterday, Robinhood, one of America's biggest trading platforms for single investors, stopped all Gamestop buy orders. Investors could still sell their shares, just don't buy new ones. Robinhood did this to protect the large investment firms They effectively covered the asses of the investment firms by abusing the trust of their investors.

It has become very clear that as a single investor you are playing an unfair game. The rules are made by the big guys, and if you're winning, they will change the rules in their favor.

In other words, the current system is rigged. The big players will win, you will lose.

You must trust the banks when to store your money. You must trust a digital broker to trade stocks. And Robinhood demonstrated to the world just how flawed and vulnerable that trust-based model is.

This is why we need crypto.

"Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model." - Bitcoin: A Peer-to-Peer Electronic Cash System, Satoshi Nakamoto, 2008.

This is literally the first two sentences of the Bitcoin whitepaper's introduction. Bitcoin was created as a trustless alternative to today's trust-based system. And since bitcoin's creation, many other cryptocurrencies have emerged, just as trustless as Bitcoin. And Robinhood just made it very clear that a trustless system is exactly what we need.

People will not forget what happened this week. And they will look for an alternative to today's system. That system exists, and it has existed for the last 12 years.

What's next?

I think we will see a big pull towards crypto in the coming years as a result of this week's events. The younger generations will be the first ones to adopt crypto, but sooner or later, everyone will be playing by the same rules in the trustless crypto game.
 
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Kevin88660

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Did r/wallstreetbets and the Gamestop stock just start a crypto revolution?

This week has been a financial show unlike anything ever seen before. To summarize, the investment firm Melvin Captial had a short position of 140% of all of Gamestop's shares. They did this confidently because they, at the same time, were on mainstream media TV telling everyone why Gamestop would be bankrupt.

The giant short position was noticed by r/wallstreetbets and the people of that subreddit started to buy Gamestop shares. The Gamestop stock increased, causing an extreme short squeeze. Read more in the separate thread here.

Never before have we seen such a large hive mind of single investors affect a stock to this degree. For many single investors, this became a war against the hedge funds and their dirty tactics.

At this point, this had nothing to do about crypto.

But yesterday, Robinhood, one of America's biggest trading platforms for single investors, stopped all Gamestop buy orders. Investors could still sell their shares, just don't buy new ones. Robinhood did this to protect the large investment firms They effectively covered the asses of the investment firms by abusing the trust of their investors.

It has become very clear that as a single investor you are playing an unfair game. The rules are made by the big guys, and if you're winning, they will change the rules in their favor.

In other words, the current system is rigged. The big players will win, you will lose.

You must trust the banks when to store your money. You must trust a digital broker to trade stocks. And Robinhood demonstrated to the world just how flawed and vulnerable that trust-based model is.

This is why we need crypto.

"Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model." - Bitcoin: A Peer-to-Peer Electronic Cash System, Satoshi Nakamoto, 2008.

This is literally the first two sentences of the Bitcoin whitepaper's introduction. Bitcoin was created as a trustless alternative to today's trust-based system. And since bitcoin's creation, many other cryptocurrencies have emerged, just as trustless as Bitcoin. And Robinhood just made it very clear that a trustless system is exactly what we need.

People will not forget what happened this week. And they will look for an alternative to today's system. That system exists, and it has existed for the last 12 years.

What's next?

I think we will see a big pull towards crypto in the coming years as a result of this week's events. The younger generations will be the first ones to adopt crypto, but sooner or later, everyone will be playing by the same rules in the trustless crypto game.
A lot of public perception about trading and financial market is not true.

Professional short-sellers are a minority.

Hedge funds playing short squeeze against shorts is not new. Reddit retail traders are just being very vocal. There are some big boys holding long positions on the same stocks and probably are staying away from media attention.

Government, regulators and the real “big boys” don’t like short sellers too. The entire wall street is a business driven by sales. They like to hype things rather than saying “this company is crap”. It does no one good.

The stock brokers are just covering their own a$$ to prevent too much market exposure. This is no point for them to please the short sellers because their customers are retail traders. Hedge funds are mainly using prime brokerage offered by investment banks. They just do not want to see too many retailers taking leverage trade on a very volatile instrument. Because if market crash and margin call come with forced liquidation, there will be slippage and debt incurred by clients owning to the brokers.

Imagine a retail trader’s account gets wiped out but he still owes the broker 10k. It happened before when oil price went negative. That is the broker’s nightmare. They are already charging close to zero trading fee.
 
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EvanOkanagan

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Anyone holding DogeCoin before it blew up? Threw some play money at it for entertainment purposes.
 

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