• Breaking News

    Tuesday, June 15, 2021

    Home Unlabelled Cryptocurrency Daily Discussion - June 15, 2021 (GMT+0)

    Cryptocurrency Daily Discussion - June 15, 2021 (GMT+0)

    June 15, 2021

    Cryptocurrency Daily Discussion - June 15, 2021 (GMT+0)

    Daily Discussion - June 15, 2021 (GMT+0)

    Posted: 14 Jun 2021 05:00 PM PDT

    Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.

    Disclaimer:

    Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.

    Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams.

    Rules:

    • All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.
    • Discussion topics must be related to cryptocurrency.
    • Behave with civility and politeness. Do not use offensive, racist or homophobic language.
    • Comments will be sorted by newest first.

    Useful Links:

    submitted by /u/AutoModerator
    [link] [comments]

    Nearly 90% of cryptocurrency investors surveyed say they weren't scared away by May's brutal selloff and are planning to buy more

    Posted: 14 Jun 2021 12:26 PM PDT

    This is the reason why crypto is very volatile and fully hyped! Useless token first and Bitcoin second!

    Posted: 14 Jun 2021 06:58 PM PDT

    It is not a hate post, since new tokens and projects are always welcomed, but recently I started hating the hype tokens that grab all the attention and make people hype them without any value.

     

    This is a good example:    

     

    So I have two issues here:https://imgur.com/a/G87CZdT

    CoinMarketCap most visited 24hr source: https://coinmarketcap.com/most-viewed-pages/  

     

    First - How can Bitcoin be second to that token, knowing that Bitcoin is where everything started, basically the genesis. Maybe it is how the CoinMarketCap algorithm work, but still!  

     

    Second - This is what damages people, new tokens that are hyped becuase everyone thinks that their $20 investment will become $1 million in a month!

     

     

    When will all this stop? We need a quiet crypto market with projects that show progress and grow gradually!!!

    submitted by /u/zachnboggs
    [link] [comments]

    ICP is so decentralised that to run a node you have to buy it from “approved distributors”. Lol. What a pile of garbage

    Posted: 14 Jun 2021 06:09 AM PDT

    Small Bitcoin Transfers In El Salvador Have Surged. This Is Happening!

    Posted: 14 Jun 2021 11:30 PM PDT

    Can't think about more bullish news than this. A survey with 100 hedge funds concluded that CFOs plan to allocate over 7% of their portfolios in bitcoin and other cryptocurrencies by 2026. We are not only here to stay, we are here to dominate

    Posted: 15 Jun 2021 02:37 AM PDT

    In Tunisia, a 17 yr old teen was arrested for making a Cryptocurrency transaction. After protests from it's crypto community, now their Finance Minister says that owning crypto should be decriminalized.

    Posted: 14 Jun 2021 06:53 PM PDT

    Just wanted to say thanks to everyone here who kept posting and discussing and debating to keep everyone else (lurkers like me) informed and educated.

    Posted: 14 Jun 2021 01:54 PM PDT

    It's been a rough few years. I got cancer, then COVID, then found a job but now I'm being forced to return to South America after 10 years of schooling and working in the US as a health professional because of my visa.

    However, today I was finally able to acquire a total of 1 ETH through multiple smaller buys since last October. I'm quite proud.

    HODL and be good to one another!

    submitted by /u/not-clever-at-all
    [link] [comments]

    Ethereum to reach 'trillion dollar market cap' as crypto tipped for ‘exponential growth'

    Posted: 14 Jun 2021 08:10 PM PDT

    Shoutout to the newbies who held since the top. Scary shit but you if you believe in crypto you did the right thing.

    Posted: 14 Jun 2021 10:38 AM PDT

    Just because Bitcoin broke 40k doesn't mean we still won't dip again or see more crabbing for awhile. But if you look at the fundamentals of the ongoing worldwide adoption there is nothing question the Bitcoin and crypto is just getting started. Years from now when crypto is more stable and ubiquitous as the internet, you will be able to laugh at the story of how you first bought crypto and it immediately dropped 50%.

    In the meantime, continue to DCA and lower your average buy-in. Fortune favours the bold.

    submitted by /u/Brinothedino
    [link] [comments]

    Someone Tried to Tell me to Stop Crypto because it's Risky while they were Smoking a Cigarette

    Posted: 14 Jun 2021 06:29 PM PDT

    I was bullshitting with this old guy I know from around the way outside a 7-11 today.

    We were bullshitting about the economy, and I started talking about crypto how I've been in it for a few years now, and while I was talking he was shaking his head no. As he was facing the cigarette. He smoked two during our conversation. But while he was shaking his head no he says. Nah , You can't be doing that for long, your talking a big risk the longer you keep it in

    I asked him if he traded crypto before and he said "no never". Then I asked if he's into stocks. He said "no never". But he heard stories.

    Idk bout you people reading this thread but... I hear stories too. All the time. I've heard stories about aliens also.

    But this whole time he's smoking a cigarette, and he's got scratch off tickets.

    He's a cool guy but I just felt like slapping the cigarette off his face, Grabbing him by the neck and screaming down his throat while I'm holding the cigarettes to his face...

    YOU SEE THIS, THIS IS A RISK! THIS WILL KILL YOU, SO WHY DUMPING $300 A MONTH INTO IT??

    But I didn't. The nerve of these people. Telling me to sell off my crypto. It's better holding crypto to 0 than smoke risking cancer. But I bet he wouldn't tell me to quit cigs If I was smoking. $300 a month is $3600 a year. These people smoke at least 10 more years.

    submitted by /u/JuicySpark
    [link] [comments]

    If you think a cryptocurrency is “cheap” because of its price check the market capitalization.

    Posted: 14 Jun 2021 10:43 PM PDT

    A mistake I see being done over and over by new comers investing into cryptocurrencies is thinking that because it's price is "cheap" it's a good opportunity and it can multiply by 100x or 1000x to be like Bitcoin one day.

    Long story short: No!

    If a crypto appears cheap like ADA / cardano at $1.5 check it's market capitalization (calculated by multiplying the volume of coins with the price). In this example ADA has a market cap of $50 billion. This means that for its price to double and go to $3 an addition $50 billion has to be invested!

    Put differently if people invested an addition $700 billion in Ada now it's maker cap would be the same as the market cap of Bitcoin and ADA would be worth only $22,5! Nowhere near the current price of Bitcoin at $40,000! This is due to massive differences in volume of coins between Bitcoin and ADA.

    A good exercise would be to calculate the market capitalization of Doge and compare it to the one of Bitcoin if Doge was worth $40,000.

    So please be careful when buying "cheap" coins, check the volume and market capitalization.

    Edit: as rightfully pointed out in some comments my example is over simplified as coin volumes are not all necessarily made available for purchase or listed on exchanges and that is also the case for ADA. However it is still important to look at price Vs volume and market cap.

    submitted by /u/wiptheman
    [link] [comments]

    After 5 years in crypto my best advice is to accumulate and hold.

    Posted: 14 Jun 2021 07:08 AM PDT

    Anytime we have 20-50% gains I sell a small portion of profit and reinvest. I've tried buying and selling weekly/monthly on lows and highs. Overall it's better to find projects you like long term and accumulate. I wait for price targets and buy. I wait for sell targets and sell. It's easy. Don't panic just stick to the plan.

    NOT FINANCIAL ADVICE.

    submitted by /u/_Extrachromosome_
    [link] [comments]

    If you are in it for long term, dont forget to STAKE YOUR COINS!

    Posted: 15 Jun 2021 03:11 AM PDT

    There are many ways to stake coins. If you plan to HODL and/or DCA for long term dont forget to stake it. If you plan to HODL it for like 5 years at a 5% rate you Will get 1.05x1.05x1.05x1.05x1.05 = 1.27 1.27x100-100 = 27% in those 5 years. This is Just with 5% there are coins with 10% which Will result in even more coins!

    Staking can make a huge difference if you HOLD long term. So dont forget to stake. There are a few ways to get free coins.

    A) Flexible savings, for most coins like BTC which arent proof of stake, 1-3% a year. B) Staking, proof of stake coins like ADA which can get you 5-15% per year! Really important! C) Staking in DeFi, higher % higher Risk.

    Especially if you are in here for long term maybe pick a coin that is proof to stake to get those extra coins. ETH Will also become POS(proof of stake) so its looking good! You can either stake on An exchange or move your coins of the exchange keep Them in a cold wallet/software wallet and stake Them. Cold wallet is always more safe! Not your Keys not your coins!

    submitted by /u/Sjors22-
    [link] [comments]

    Mark Cuban: ‘banks should be scared’ of DeFi

    Posted: 14 Jun 2021 02:21 PM PDT

    MicroStrategy to Buy Another $500 Million Worth of Bitcoin, Announces a BTC Holding Company

    Posted: 14 Jun 2021 07:34 AM PDT

    You Buy Bitcoin To Get Rich, Then You Get Something That Is Priceless: Freedom. Bitcoin was created to give you power over your money.

    Posted: 15 Jun 2021 02:09 AM PDT

    MicroStrategy May Sell $1 Billion in Stock to Buy More Bitcoin

    Posted: 14 Jun 2021 03:25 PM PDT

    Charting for newbies

    Posted: 14 Jun 2021 03:37 PM PDT

    I've been been charting the markets for 10+ years, and I'm thinking of starting a crypto sub to help newbies with charting. If there's enough interest I will create the sub.

    For a preview, check my profile comments on crypto.

    Up vote if interested.

    submitted by /u/gostoso1969
    [link] [comments]

    Short-term Technical Analysis on Bitcoin

    Posted: 14 Jun 2021 04:17 PM PDT

    Short-term Technical Analysis on Bitcoin

    ABSTRACT

    Bitcoin will consolidate and sit relatively even at its newfound support lines (37.5k USD - 40.5k USD) from a few days to 1.5 weeks at most, before blasting off to reclaim the bull-market support band at around 43k USD - 48k USD.

    FUNDAMENTAL REASONS

    Bitcoin is post-Wyckoff distribution, and that is certain from its historical trend (Fig. 1) and textbook reference (Fig. 2). To a great degree of certainty, most distribution patterns of the sort often proceed with an accumulation phase, of which Bitcoin so far as demonstrated (Fig. 3) when compared to a textbook model chart (Fig. 4). If current markers are demonstrated to such a precise degree, there is nothing fundamentally wrong with Bitcoin continuing and completing the trend, which would be to consolidate (meaning stagnant) preceding a major pump.

    ​

    As for why these fundamentals exist in Bitcoin's current market, you must think back to why Wyckoff patterns exist. These hallmark patterns exist due to the presence of market manipulation, where massive institutions and organizations attempt to maximize profits to the detriment of most HODLers and traders because in their capitalistic nature, they aren't here to play charity. Everyone keeps hoping for institutionalized interest, and well, ya got it now.

    ​

    Now think of Elon Musk's tweets, the FUD from WSJ and the alarming block chain analysis of major Bitcoin movements and correlate them to specific timelines of the Wyckoff model. Of course, it makes sense now! These patterns exist because this distribution phase is designed by the path of least resistance to shake off as many traders and bag holders in the profit of institutions.

    ​

    Now onto why an accumulation phase often happens right after a distribution phase. The institutions are simply not done with Bitcoin yet. In a post-distributive phase, these organizations now attempt to keep prices in a channel and repress any major volatility in order to slowly stack up and fill more bags of Bitcoin unbeknownst to the public. This phase is almost always done preceding a major move to the upside.

    ​

    Fig. 1, a representation of Bitcoin's previous trends with Wyckoff distribution markers.

    ​

    Fig. 2, a textbook derivative of Wyckoff distribution (StockCharts, n.d.).

    ​

    Fig. 3, a representation of Bitcoin's recent trend's with Wyckoff accumulation markers.

    ​

    Fig. 4, a textbook model derivative of Wyckoff accumulation (StockCharts, n.d.).

    ​

    TECHNICAL REASONS

    As of June 14th, 2021, Bitcoin has extremely undersold RSI and stochastic trends, indicative of a imminent market correction that lasts at max a week (Fig. 5). However, our newfound resistance/support level of 38.5k USD and an important psychological barrier of 40k should, with a little bit of luck, keep Bitcoin's price stable enough at 39-40k in order to ramp up buying strength again (Fig. 5).

    ​

    Fig. 5 is also a graph showing specific Fibonacci market resistance lines and time scale lines, showing the immense pocket of support (and resistance) we are currently in. This is further evidence to keep prices stable in the short-term for RSI valuations to get up to speed and top off the accumulation trend with a relief rally.

    ​

    Another reason for a bullish relief rally is due to a specific stock trading pattern (Fig. 6). As shown by the graph, there has been considerable resistance causing consistent lower high's in Bitcoin's recent charts. To have this bit of resistance broken certainly spells good fortune.

    ​

    Just for some quality assurance that I'm not some kind of shill jumping on random trends, I saw this pump coming a long, long way. Fig. 7 was a graph I had drawn on the 3rd of June for a proof of concept idea in order to prove that I saw this coming the long way. Was just busy back testing certain algorithms and barely had time to really work on it until now.

    ​

    Now onto the meat and potatoes. Historical emulations from the 2013 double peak cycle hints on a heavy resurgence or relief rally too before a double peak (Fig. 8), extrapolated from well, the 2013 cycle. As for what fundamental reasons matched the current cycle and what had happened 8 years ago, institutionalized investment and a price advantage variable had caused Bitcoin to hit a logarithmic regression peak, causing an imminent correction. More of this will be explained in further posts.

    As well, the presence of Wyckoff theorems in both cycles provides the final glue to the notable similarities of these two timelines. The only difference is the accumulation time, where 2013's lasted a few days while our current cycle is sitting at around a couple of weeks. This is the only unexplainable reason, which can be due to an unlucky stochastic RSI shift that made Bitcoin lose a lot of momentum in the current cycle. Again, more of this will be explained in future posts.

    ​

    Fig. 5, a graph of which the first row of indicators listing the high or 'undersold' weekly stochastic and individual RSI. The 'rainbow spread chart' or Fibonacci speed fan lists the various levels. The upper two white lines of resistance show the psychological support of 40k.

    ​

    ​

    Fig. 6, a graph showing the recent resistance breakout of a bearish trend that lasted nearly a month.

    ​

    Fig. 7, a proof of concept Wyckoff accumulation graph drawn weeks prior to our current situation for a foundation of proof. The yellow trend line was an experimental emulation of what was expected to happen based on historical information.

    Fig. 8, experimental emulations of the 2013 cycle extrapolated on the current timeline. Should only be taken for it's generalized idea, not specific market movements.

    TO CONCLUDE

    Heavy market manipulation, strong bullish indicators, and overall a bullish sentiment shown! Institutions are in the game now, and your now in their sandbox! If you like this content and want more of it, I'll be happy to provide! In this space, we all have the right to good content. Happy trading folks!

    Disclaimer: I am not a licensed financial advisor nor does this content attempt to replicate any of the sort. This content is listed strictly for entertainment and educational purposes. When in doubt, contact a professional. Your money, your problem.

    References or pictures unoriginal to me

    StockCharts. (n.d.). The Wyckoff Method: A Tutorial. StockCharts. Retrieved from https://school.stockcharts.com/doku.php?id=market_analysis:the_wyckoff_method

    Edit: Typo on figure numbers

    submitted by /u/Nervous_Sky_5167
    [link] [comments]

    In Thailand, “shitcoins” and other “cryptomemes” are no longer welcome

    Posted: 15 Jun 2021 03:25 AM PDT

    Deutsche Bank Report: Bitcoin has “crossed the line” and ‘Too Important to Ignore’

    Posted: 14 Jun 2021 05:33 AM PDT

    A quick example of what market cap means.

    Posted: 15 Jun 2021 01:43 AM PDT

    I've been a lurker for about 2 months, so hopefully I don't make a fool of myself here. I'm new to crypto, but I'm not new to math.

    There has been a huge influx of new blood and new money, and we're making all sorts of mistakes. A common warning about how the price of doge isn't going to skyrocket is 'check the market cap'. What is the market cap?

    The market cap is the number of coins times the price of the coin. This pretends to be how much money was spent on the coins, or how much the coins could be sold for. In fact, it is neither. At best, it is an abstraction of how in demand the coin is. Here is an example of how the market cap can make very little sense.

    Imagine 5 buyers, Axton, Brad, Calvin, Denise, and Erica. There are 4 cookies, and everybody except Axton has one. Axton offers Brad $600 for a cookie, and of course Brad says yes. The 4 cookies now have a market cap of $2,400. Brad then offers Calvin $500 for his cookie. It's clearly a worse deal than Brad got, but $500 is still a lot for a cookie, so Calvin accepts. The market cap for 4 cookies is now $2,000. The price of a cookie has dropped 16% in a day. Denise and Erica fear their cookies will soon be worthless. Denise tries to sell her cookie for $500, but axton and Brad already have cookies, and Calvin has already shown he would rather have the money. Denise lowers her price to $400, and Calvin accepts. Market cap is $1,600. With the value cookies now in free fall, Erika panics and sells her cookie to Denise for $300. Axton has a cookie. Brad, Calvin, and Denise have a cookie and $100 each, and Erika has $300. The market cap has fallen to $1,200. But only $600 fiat was ever introduced into the market.

    submitted by /u/Abyssalmole
    [link] [comments]

    Hedge funds expect to hold 7 per cent of assets in crypto within 5 years: Financial Times

    Posted: 14 Jun 2021 09:38 PM PDT

    Don’t you love this feeling?

    Posted: 14 Jun 2021 09:17 PM PDT

    When you've lost enough money from investing to know how market manipulation works, and you finally just hodl and buy the dip. Then all the sudden your portfolio looks great and your friends who sold stop questioning you when you tell them they are idiots.

    This is my first post in the sub, this is kind of a shit post just to make sure it works! Have a nice day and don't give billionaires your Bitcoin 😁

    submitted by /u/JanMichaelVincent707
    [link] [comments]

    Karma Needed To Earn A Dollar (June 2021)

    Posted: 15 Jun 2021 03:04 AM PDT

    Karma Needed To Earn A Dollar (June 2021)

    Ever wonder how much karma was needed to earn $1 since r/CryptoCurrency moons have begun trading? Well wonder no more. To find out, I took the monthly karma to moon (K/M) ratio and multiplied it by the trading price on that date.

    https://preview.redd.it/ijxp78rqke571.png?width=275&format=png&auto=webp&s=1391dd66b81716c691ed85729aef9303945389f4

    So there we have it, to earn $1 you need to receive 69 (nice...) karma. With the number of users on r/cc growing with every month, the ratio of moons to karma is falling with it. As a result, with each month it is almost certain that the amount of karma required to earn a moon will increase. The big unknown however is price. MOON price has been relatively stable since February, a significant price increase would bring down the Karma/$ ratio.

    submitted by /u/Sweaty-Rope7141
    [link] [comments]
    Read more
    at

    No comments:

    Post a Comment