An insight on Bitcoin

[hellhamster]

Look at the alt market cap. Alt season is about to begin. The big ones like ETH, XRP, ADA, etc are looking extremely bullish against BTC. I think we're about to see some irrational numbers. It's crypto doing it's wild 2017 shit again, prepare for ~50% daily face-melting pumps.

People who complain about TA not being perfectly precise, are the same people who complain about the weather not matching the forecast from the top of the week.

I really wouldn't count off BTC just yet, nor would I expect the same gains as last bull run. I think we are heading towards a more mellow, mature and longer bull cycle that will climax by spring/summer of 2022. Either that or a bearish three peaks cycle pattern, which will be confirmed in the next weeks or not.

[ranzino]

https://www.livecoinwatch.com/
>5% raise in 24h, now at 46k+
bear on the loose ?

[Feltima]

I really wouldn't count off BTC just yet, nor would I expect the same gains as last bull run. I think we are heading towards a more mellow, mature and longer bull cycle that will climax by spring/summer of 2022. Either that or a bearish three peaks cycle pattern, which will be confirmed in the next weeks or not.

Not at all, if we continue this current trend, with the way DXY is looking, I think BTC can reach six figures. This is just speculation on my part, however, I think we're going to see utility in 2022. We're already seeing it in Asia. ODL went live in Japan a week ago, and other countries in Asia are starting to use it as well, which I think is why XRP is now up over 40% against BTC in just a few days, yet BTC continued to pump along with it. There doesn't seem to be an inverse correlation anymore. I think certain alts are going to continue to decouple over the coming months and years, which would be great for the space overall.

EDIT: By not at all, I meant counting out BTC.

[jonnysensible]

https://www.livecoinwatch.com/
>5% raise in 24h, now at 46k+
bear on the loose ?

lol at the ftx usdt bart

[hellhamster]

Not at all, if we continue this current trend, with the way DXY is looking, I think BTC can reach six figures. This is just speculation on my part, however, I think we're going to see utility in 2022. We're already seeing it in Asia. ODL went live in Japan a week ago, and other countries in Asia are starting to use it as well, which I think is why XRP is now up over 40% against BTC in just a few days, yet BTC continued to pump along with it. There doesn't seem to be an inverse correlation anymore. I think certain alts are going to continue to decouple over the coming months and years, which would be great for the space overall.

EDIT: By not at all, I meant counting out BTC.

Like I've said, I'm a macro guy. Adoption is obviously a great reason to be bullish and have faith in the market, but I think that the biggest factor for now that will really mature this market is the nature of cryptos as an asset class.

Cryptos were first seen as an alternative to the fiat system, they provide a way for secure, digital and fast transactions without a middle man. Fundamentally a sound, albeit overly optimistic idea in this day and age where revolutionary technology and ideas are feared and thwarted at first glance.

However, what happened in the last few years is astonishing. Yes, there is slowly developing adoption, and there is an entire new space being created with decentralized, smart finance etc, but the problem with adoption is liquidity. You need a lot of money and time to change the system. While it is technically feasible to take for example XRP and let it replace the entire global monetary system overnight, effectively solving global hunger, inequality and helping the environment, in reality however there exists a transitionary period to set everything up. You need to decouple fiat, for instance, which is a huge if. It will happen eventually, but it will take decades. And if you think XRP is revolutionary, wait until you read about the newer generation of cryptos like IOTA and other supersmart monies. They can use generated personal data to provide wealth and tradable commodities of value (Internet of things).

I predict that the biggest money maker and evolutionary market of the 21st century will be data management. Cryptos can make the connection seemlessly due to their shared ledger capabilities, while fiat seems to lag behind.

Which is why I said that adoption is great and all, but it's slow. The big reason why I think crypto will blast off even more and why we've seen nothing yet (a 2 trillion market cap asset class is peanuts) is how it's regarded nowadays. It's an asset. Big money spenders don't really care about money, they have enough liquidity as it is, but they care about swapping their money for something better, ie assets. Especially when the asset they swap their inflationary money with performs a hundred times better in the future.

This isn't limited to big spenders, even I do that and I'm not even rich, always doing so with money I can afford to lose. I hedge against a depreciating asset with appreciating ones. Unfortunately, as of now, every market is extremely highly priced, but guess which market sits at below its all time high right now.

Crypto is a thing to own and trade, like commodities or real estate. As soon as governments legitimise it as an asset with its own specific market and laws and rules and regulations and taxation, there's no wonder it will blast off. A lot of people are very interested to trade their inflationary tokens (fiat currency), with the best performing asset class of the last decade. Why wouldn't they take 10 dollars that in 10 years will be worth 10 dollars with the asterisk of inflation, and use it to buy 10 cryptocurrencies, that in 10 years will be worth, let's give a conservative estimate, 100 dollars?

There is of course insane short and mid term volatility due to market immaturity, but if you zoom out, this thing has gone only one way and will continue to do so because it's still early: up.

[jonnysensible]

While it is technically feasible to take for example XRP and let it replace the entire global monetary system overnight, effectively solving global hunger, inequality and helping the environment,

looool are you joking

[XDurionX]

looool are you joking

"Mr. Chancellor, Sir, we might have a problem. We can't pay pensions because Arthur forgot the password for our wallet".

[Muzjhath]

"Mr. Chancellor, Sir, we might have a problem. We can't pay pensions because Arthur forgot the password for our wallet".

More like "I see you're using <ABC>, sorry about that, we subscribe to <ZXE> here, and can only translate your <ABC> on a 10% value, so we're gonna mark up your prices due to that and you'll spend like that. Because we don't know how valuable your <ABC> are compared to our <ZXE>"

-Source. See the history of banking before centralized banking.

We've done decentralized money. It was bad for everyone but the absolutely filthy mega stupid rich.

[jonnysensible]

More like "I see you're using <ABC>, sorry about that, we subscribe to <ZXE> here, and can only translate your <ABC> on a 10% value, so we're gonna mark up your prices due to that and you'll spend like that. Because we don't know how valuable your <ABC> are compared to our <ZXE>"

-Source. See the history of banking before centralized banking.

We've done decentralized money. It was bad for everyone but the absolutely filthy mega stupid rich.

crypto is massively centralized anyway.

[Tsarez]

How is this thread now not financial advice by absolutely anonymous posters with zero liability? How is MMO champ allowing this but closes medical advice?

You guys aren't discussing bitcoins or cryptocurrency in general, you're dick measuring and telling people how to lose their money the fastest.

[Grimbold21]

Of all the coins i have - and that I've noticed - Solana is the first to reach its ATH from May

[Zan15]

How is this thread now not financial advice by absolutely anonymous posters with zero liability? How is MMO champ allowing this but closes medical advice?

You guys aren't discussing bitcoins or cryptocurrency in general, you're dick measuring and telling people how to lose their money the fastest.

Man you must be fun at parties.

Medical advice can kill you.

buying bitcoin can, umm.....give you heartburn?

[kail]

How is this thread now not financial advice by absolutely anonymous posters with zero liability? How is MMO champ allowing this but closes medical advice?

You guys aren't discussing bitcoins or cryptocurrency in general, you're dick measuring and telling people how to lose their money the fastest.

What exactly is the danger of non-financial advice?

[Grimbold21]

Jesus, waking up to see Solana hitting a new ATH of 53€

[hellhamster]

Jesus, waking up to see Solana hitting a new ATH of 53€

Reaching the top 10, I'd have the sell button ready.

[Grimbold21]

Reaching the top 10, I'd have the sell button ready.

Long term strat

[Veggie50]

A few truths as I see them:

1) Block chain is neat and has definit potential.

2) Bitcoin is a cool demonstration of block chain potential.

3) Bitcoin is worth exactly as much as the craze dictates, no more, no less.

My speculation is that IF block chain gets used for official currency, it'll probably be a government run one. I think we'll see block chain in different applications before then though. Money seems like a fairly limited imagination thing.

Bitcoin could explode to be worth MILLIONS per bitcoin. It could just as easily fall back to 10 cents. As investments go, I trust a roulette wheel just as much, but good for anyone making a profit on them. Just saying, just because you made a profit, doesn't mean it was a wise decision.

[hellhamster]

There's a very fishy scenario at play here. Something I've noticed is the buying pattern changing since August. Perhaps it's the way the markets work, but I don't really buy it. My spider senses are a-tingling. I legit don't know anymore, maybe some other, more informed people can give me some pointers? This stuff is kinda out of my league, but hear me out:

I'm noticing much larger buy-ins at much higher prices happening compared to the last three months. In May-June-July, the only decently large buying volume happened at exactly the three lowest points, which indicates buying pressure from really knowledgable and extremely wealthy people or institutions or hedge funds buying the exact lowest point. Come August though, the same buying pattern should coincide, no? Wrong. The buying pattern has changed significantly. There are much larger buy-ins at extremely high prices, as well as alts exploding suddenly. This means only one thing: retail is involved. Market makers who bought the exactly lowest point might still be buying, but the volume is all wrong.

The real problem stems from the following fact: institutions dump and retail gets left with the bag. So when do they dump? At the point where retail reaches the euphoria phase, and I'm thinking, we are almost there. When bitcoin get into the news and people are yelling for new all time highs, that's the point to be very careful.

This can be read in three ways. Either the same market makers have changed their buying habits, which I doubt, or this is just how a price breakout works after months of Wyckoff-accumulating, OR, market makers are sitting on the sidelines waiting to dump on retail.

Which means the next step is for bitcoin to get into a small blow-off top below the previous all time high, let the volume subside, then market makers dump on retail and let it crash and head for a real bear market (won't be more than a year and a half if the logarithmic regression band is any indication, the price didn't really explode this bull run compared to the past). Then this whole 4 month long fiesta we're in would be nothing but a dead cat bounce and we're in for an ultrabart. This would also coincide with a bearish version of the three peaks and a domed house pattern, which is still technically in play since October of last year. Confirmation of either versions of this pattern should happen by the next couple months if not end of August, it would be too late then I think.

I really hope I'm wrong. Maybe this is how breakouts are supposed to work and buying volume just increases as price increases. In any case, a pullback to low 40k, even 39k, is imminent as volume on the lower timeframes is dying out, but that would be an extremely bullish pullback that would confirm a consequent short term slingshot.

[Grimbold21]

Today's rise has momentarily stopped and receded it seems.

Edit: yep, it's falling.

[Belize]

My speculation is that IF block chain gets used for official currency, it'll probably be a government run one. I think we'll see block chain in different applications before then though. Money seems like a fairly limited imagination thing.

No no, you don't understand. Governments will just adopt one of the coins, making it explode in value and anyone that invested in them will be gazillionaires overnight.

It's a foolproof plan.