| Daily Discussion - June 23, 2021 (GMT+0) Posted: 22 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.
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| Every coin is undervalued! Posted: 23 Jun 2021 03:29 AM PDT |
| Yesterday most people on here seemed sure we were in a bear market. Today looks green and people seem sure all of this is just a dip in this bull run. Nobody knows what is happening, don't come to this sub for advice. Posted: 23 Jun 2021 12:52 AM PDT Since the crash in May, the bipolarity of this sub has become even worse than before. Yesterday, when most coins dipped quite a bit, the sentiment was that clearly we were already in a bear market and there was no chance of things going up again in the short term. Today, after most coins recovered from yesterday's dip, the top posts are providing us "the FULL picture" (lol) why the bull market isn't over and are congratulating us on not having paper hands. The facts are: nobody knows what will happen. The only thing we know is that things went up like crazy for half a year, then crashed pretty hard in May and have been going sideways ever since. The market could continue to go sideways for months, or it could shoot back up or completely crash in an hour. Looking at former cycles doesn't help us all that much, nothing is guaranteed to repeat itself. This sub is a great source of entertainment and for crypto news, it is an awful source of advice. People like to pretend they know what will happen - and I think some really think they know it and are telling that to themselves - because they read it in the stars (and call it technical analysis) or just look at some metrics that support their claims and ignore others. Don't believe them, nobody knows anything. tl;dr: nobody knows what will happen, don't believe anyone who pretends they do submitted by /u/_martinshkreli_ [link] [comments] |
| ‘Up until yesterday, I had been a millionaire’ - 33 year old investor refuses to sell despite losing over $167,000 in one day Posted: 22 Jun 2021 04:20 PM PDT |
| What it felt like buying the bottom in 2018 and 2020: a fool's errand Posted: 22 Jun 2021 04:15 PM PDT Seeing a bunch of posts brag about buying the dip as a sale or how we're getting close to the bottom, I wanted to share my "veteran" experience about how this is definitely not the bottom of a long bear market. It was pretty similar then - people were making up stories about how the dip after early 2018 was going to be short-lived and cited Chinese New Year, banker bonuses, etc. People talked about how they were loading up their bags while it was a "fire sale" and how this opportunity would never come around again. I was also buying in a lot before I started to DCA. The dip that never stopped dipping As my bags got heavier, people stopped talking so much, and it soon felt like no one was posting at all. This was months after the suicide hotline was posted; it was months after people were done showing off loss porn. Following my plan to DCA became extremely painful; I was wondering if I was just throwing my money away. How could it possibly go lower? Was crypto totally over? It seemed like the big banks had won, and we were just bag holders (certain true for some shitcoins). 2018 At the bottom in 2018 when Ethereum was $86, I was still DCA-ing but got lazier about it. I didn't follow my investment plan as religiously as I did when it was in the $500s. At this point, I was only putting in lunch money, and I wondered if it was even worth it. Why put in money when Ethereum (I was an ETH maxi) was probably going to fall to it's prior sub$10 prices? Was crypto even worth anything? I' was honestly thinking the money would be better spent on a couple of beers. Fuck it, I threw in some beer money as well and figured it was like playing the Lotto. Put in a few bucks for fun and expect nothing back. 2020 The market came up from then, but I was still expecting it to go lower until it never did. ETH retested $300 a few times, but I thought crypto was pretty much over. It seemed like a pipe dream that crypto would ever hit its prior peaks. Just when it started to approach $300 in early 2020, COVID hit. Y'all know what that felt like. No one cared at first until we were all wondering if the world was ending. Markets were selling out of pantry food, toilet paper, and masks. No one gave a fuck about investing money into crypto; it seemed like the US economy was going to go belly up anyways. All assets were dropping. Again, to put in money, I felt like I should have saved it for the zombie apocalypse, but I figured everything was going down like TITAN and the Titanic, so fuck it. I put in some beer money and hoped that if we all made it out of this, I hoped that ETH would double or triple from the ~$110 dollar low. Conclusions; tldr So that is to say, while people are yapping and yelling, it's not rock bottom yet. The absolute bottom will come at a point when it's quiet, when everyone has moved on, and when it seemed like crypto was just a passing joke. To make clear my position, I believe DCA-ing is the way to go; all I'm saying is that we're not at the absolute bottom - don't dump everything in now thinking that this is the bottom. So that's my veteran experience, but don't ask me about how I did on the way up lol. I unloaded too much around ETH $300 and then at the 2018 high price. That's another experience I'm still learning about Disclaimer: This is not financial advice and is merely a perspective on the market submitted by /u/take_eacy [link] [comments] |
| The FULL picture: Why I believe the crypto bull market isn't over yet Posted: 22 Jun 2021 06:55 PM PDT  | I've seen a lot of posts today about whether we have entered a bear market or not, so I wanted to share with you why I'm convinced at least for now that we are still in a bull market and this is just a corrective phase before at least another push to a new ATH. I'll break down my argument into 2 parts, macroeconomic landscape (wider economic landscape) and onchain data (data specific to bitcoin/crypto). Macro indicators Macro risk appetite affects crypto. In a risk off environment all players tend to seek refuge in cash or liquidity. In a risk on environment players perceive an infusion of fresh liquidity in the markets and as result resort to speculation to make sure they capture as much as possible of this new liquidity entering markets. An analogy I like in this sense is that of an oasis in the middle of the desert. In every oasis there is a water pool and life flourishes around it. You can imagine how important this pool is, without it life in the desert would be impossible. Financial markets are organized in a similar fashion when it comes to liquidity. No matter how much an economy grows, liquidity will always be limited and it's something all players keep an eye on, just like the inhabitants of an oasis. Let's say now there is a huge block of buildings in the oasis inhabited by wealthy individuals who also happen to be the only ones to have an internet connection or access to geothermic data on the predicted inflows of water. So what happens when this group of people learns that inflows of water are about to stop for whatever reason? Automatically they will start pulling more water from the main pool than they actually need (without having access to the information the rich people have), as they prepare for a dry season. The others around them will start noticing this, maybe they will notice the water pumps, and as result of this slowly everyone will start pulling more water from the pool than they actually need until dry season eventually comes. When it comes to liquidity in markets, something similar happens at the end of a bull cycle. The biggest players such as pension funds or huge hedge funds that have access to very good information, are the first ones to start pulling liquidity out of circulation. Once big players start pulling money out, considering the amount of assets they sell (the equivalent of water pumps in the desert, are assets being dumped at markets), they initiate a rush to liquidity that slowly propagates to the rest of the economy. Important here that most other players do not have access to any of the information of these big funds, however they react just like people in the desert react when they see a big block of flats is suddenly pulling water out to build up water reserves. So what indicators can we look at to determine whether big players anticipate tightening market conditions or not? US treasuries and corporate bonds are the gold standard in this sense. So when we want to see whether anything is changing in the attitude of whales (not crypto whales, real market whales) we go looking for the yields of US treasuries. In fact when whales foresee a liquidity crunch they expect much higher returns on their capital, therefore the interest rate of treasuries goes up. When whales foresee that there will be plenty of liquidity in the markets then dynamics change, there is competition over who lends the money at the lowest interest rates and therefore treasuries go down. If we look at 10YUS treasuries, after spiking to 1.7% in May, yields have kept going down and are currently at a 2 month low of 1.46%. Therefore treasuries suggest the markets are risk on (which is good for crypto). Low risk corporate bond prices The next thing I look at are low risk corporate bonds, similar to treasuries where people lend money to the US Government, with low risk Corporate bonds people lend money to big, blue chip corporations that have a solid track record and are perceived as being in low risk of default. For them we can check the above price chart, as we can see prices of low risk corporate bond ETFs have been moving in a rising channel since March 2021. Beware that here we are checking the price chart, which moves in the opposite direction of the interest rate of the underlying bonds. Here too we have a confirmation that markets are still in risk on mode, meaning there is no shortage of liquidity. High risk corporate bond prices The third indicator is the price of high risk corporate bonds, these are inversely proportional with the interest rates at which the market is willing to lend money to corporates that are perceived as being at high risk of default. In other words this is a direct measure of the risk appetite of smart market or legacy market whales. By looking at the above chart here too we see that prices are in strong uptrend, meaning that markets are lending money to these high risk borrower at increasingly lower rates. This is our third indicator that confirms how smart money, which isn't influenced by short term news cycles and media narratives, is risk on. To conclude, in this first part of the analysis, we can see how in our desert nobody is pulling water out of the desert pool, therefore the wider market gradient favors a bullish crypto market as there is no liquidity shortage. Now let's look at crypto indicators. Crypto indicators https://preview.redd.it/0eh9rwxu4x671.jpg?width=1239&format=pjpg&auto=webp&s=085551774d3cc5ba779f88ab94f8660348eb5246 For this I rely main on Glassnode onchain data analysis. The most interesting chart in this sense is the following, that shows how the amount of coins bought at the beginning of this bull cycle is still maturing. In other words, this shows how holders did sell something at the peak area, but they have kept most of their assets with unflinching conviction regardless of volatility. This implies that these investors do not consider the current cycle closed, and therefore are waiting for even higher highs to sell. https://preview.redd.it/jbazfp6c6x671.png?width=1603&format=png&auto=webp&s=5f21abd0d072372213af53ec84caef1d372bdd18 The second indicator has a somewhat mixed meaning. In fact, if look at long term holders, we see that they are accumulating again. This is bearish short term, because when long term holder accumulate they create downward pressure on price since they patiently wait for retail or short term holder to sell at market. However, something else is going on in the hidden OTC markets, where big amounts of coins are traded, because miners probably affected by the recent clampdown in mining in China, are fueling distribution. We're therefore in a distribution phase in the OTC markets. Below is a glassnode chart illustrating this. This distribution however does not affect market prices because it is hidden, being OTC*.* Distribution OTC Finally the recent China ban of bitcoin mining has brought the hashrate to the level of June-September 2020. Negative hashrate momentum means less coins mined and also less selling pressure. While the effects of this are limited in the short term, it is likely that if this trend continues the amount of minted coins may reach an all time low which may then trigger the next cycle to the upside. Again here the timing seems to be around fall 2021. To summarize, I believe that after almost a year of up only what we are going through now is a healthy market correction. Considering the wider market context, the pieces are in place for this crypto bullish cycle to resume/continue later this year once the stars re-align. These include accumulation by whales (which is already at Jan 2021 levels), as well as other catalysts such as decreasing hashrate due to the China ban.
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| After shutting down in Sichuan, a Chinese firm has successfully shipped 300 Bitcoin miners to Kazakhstan, more are on the way Posted: 22 Jun 2021 12:53 PM PDT |
| StakeHound, the second biggest ETH 2.0 staking pool lost their users' private keys. 38,178 ETH (~$75m) is lost forever. Not your keys, not your coins! Posted: 23 Jun 2021 12:38 AM PDT |
| I give credit to the new investors who got into Crypto earlier in the year and are holding through this Posted: 22 Jun 2021 03:41 AM PDT It's one thing to say that you believe crypto is the future, it's another to say it while looking at a consistently bleeding market. Many new investors have bought the ATH and are still holding on through these crazy times. When you're new to a market and you see your new investment down massively, it can be very disheartening, many will sell to get out and swear off of crypto entirely. I've already seen this a lot. There is so much FUD and as we can't predict the future, we all feel cautious. So I must give credit to those new investors, lets hope we see some more green on the charts soon. submitted by /u/TheGiftOf_Jericho [link] [comments] |
| I hate to be that guy, but don't get overly excited until we are trending up for multiple weeks or longer. Posted: 22 Jun 2021 12:47 PM PDT It literally takes just a few hours of green candles for everyone to go ape shit about how the bull run is resuming and start saying "I told you so." We don't have any idea whether the green will continue, or if this is just another false flag. June 12 to June 15 we went from 1.4T to 1.7T and things were looking pretty sweet. That was promptly followed by a bloodbath retrace to 1.1T this morning. Keep your head on straight and stick to your plan. submitted by /u/veryeducatedinvestor [link] [comments] |
| Coinbase is now registered as a cryptocurrency exchange to operate in Japan. The Japanese financial regulator has approved Coinbase to trade five cryptocurrencies Posted: 23 Jun 2021 04:32 AM PDT |
| If this is your first major dip and you still managed HODLed, then congratulations and pat yourself on the back for not paper handing your cryptos! Posted: 22 Jun 2021 07:55 PM PDT This is especially for all the newcomers to crypto during this cycle. The FUDs didn't get to you and you stood strong! Many people I know already sold their cryptos at lows fearing that it will go much lower, they have adopted the buy high sell low strategy but that ain't for me! It has been really hard on me too as I am one of the newcomers too! I have been in this crypto space for not too long and after I initially invested the price started to dip. However, as I am in for the long run, I did not let those FUDs sway me into paper-handing my cryptos. Although as of now my portfolio is still pretty much in red, I strongly believe in the utility of the crypts that I purchased so I ain't paper handing them! If you DYOR, you would be more confident with your purchases and less likely to paper-hand them. Thus, I also believe it is crucial to do all the research needed before buying into different cryptos. DCA whenever possible and remember to stake if you are in for the long run! Either way, give yourself a pad on the back! P.S. not financial advice submitted by /u/Accomplished-Design7 [link] [comments] |
| Did you know these crypto terms? (Level 1 - Level 3) Posted: 22 Jun 2021 06:17 PM PDT I assume all people are not ace in cryptocurrencies. So, I compiled some of the terms related to crypto and their meanings from Level 1 to Level 3. Hopefully, this helps people understand more crypto terminologies :) Also, if you have any suggestions do let me know. I am compiling slangs and other generally used terms. I'll post it here when I complete it. LEVEL 1: FUD: Fear, Uncertainty and Doubt (so FUDster is someone who spreads FUD) FOMO: Fear Of Missing Out HODL(the obvious one): Originally hold misspelled, also Hold On For Dear Life FIAT: Government issued currency WHALE: Someone who owns a lot of Crypto Brr: Brr describes the sound that money printer makes when the government prints money. REKT: Rekt describes when a investor gets blown out of the water by a catastrophic coin collapse SHILL: An individual promoting Alt-Coins for their own benefit LEVEL 2: Node: A computer that validates transactions. DeFi: DeFi stands for Decentralized Finance Cold Wallet: An offline wallet Hot wallet: An online wallet NFT: Non-fungible token is an exclusive digital asset that can represent anything. Halving: The Block reward for miners is cut in half. Satoshi: Smallest unit of Bitcoin (1 Satoshi equals 100 millionth of a Bitcoin) LEVEL 3: Lightning Network: The lightning network is a second layer technology applied to bitcoin that uses micropayment channels to scale its blockchain's capability to conduct transactions more efficiently. Transactions conducted on lightning networks are faster, less costly, and more readily confirmed than those conducted directly on the bitcoin blockchain (i.e., on-chain). On-chain transactions refer to cryptocurrency transactions that occur on the blockchain and remain dependent on the state of the blockchain for their validity. On-chain transactions are considered valid only when the blockchain has been updated to reflect the transactions on the public ledger. Yield Farming: Yield farming is a process that allows cryptocurrency holders to lock up their holdings, which in turn provides them with rewards. More specifically, it's a process that lets you earn either fixed or variable interest by investing crypto in a DeFi market. It involves lending cryptocurrency via the Ethereum network. When loans are made via banks using fiat money, the amount lent out is paid back with interest. With yield farming, the concept is the same: cryptocurrency that would otherwise be sitting in an exchange or in a wallet is lent out via DeFi protocols (or locked into smart contracts, in Ethereum terms) in order to get a return. Yield farming is normally carried out using ERC-20 tokens on Ethereum, with the rewards being a form of ERC-20 token. While this might change in future, almost all current yield farming transactions take place in the Ethereum ecosystem. ICO: ICO is short for Initial Coin Offering. When launching a new cryptocurrency or crypto-token, the developers offer investors a limited number of units in exchange for other major crypto coins such as Bitcoin or Ethereum. Genesis block: A Genesis Block is the name given to the first block a cryptocurrency, such as Bitcoin, ever mined. A blockchain consists of a series of so-called blocks that are used to store information related to transactions that occur on a blockchain network. Each of the blocks contains a unique header, and each such block is identified by its block header hash individually. These blocks get layered—one on top of the other, with the Genesis Block being the foundation—and they grow in height until the end of the blockchain is reached and the sequence is complete. The layers and deep history of each sequence is one of the things that makes a blockchain-based cryptocurrency so secure. Bitcoin's Genesis Block was the first instance of a proof-of-work blockchain system and is the template for all other blocks in its blockchain. Dildo: Nooo! not that one. A dildo in cryptocurrency basically is a green or red candle that appears in a lot of graphs which are supposedly wanting to tell the users about the increase or decrease of the exchange price of a certain token in the existing market. These show the maximum and minimum rate of exchange for a session. Candle sticks show a large rise in the price of a certain coin. These candidates/candles are called dildos. Whenever there is a large rise in price of a coin, candlestick in a candlestick chart shoots up. This is called "dildo" basically because many people think that the phenomena looks like a dildo. And yup I added this on LEVEL 3...judged it well. submitted by /u/riicky_morty [link] [comments] |
| Decentralized HealthCare dApp Posted: 23 Jun 2021 04:42 AM PDT The other day i ran into this app named Patientory. To my surprise, i found out that it's based on blockchain. I made some research about it and apparently, the project has been active and improving since 2015. Made me wonder why such projects that actually utilize the technology are not in the mainstream media. Users will have full control over their health data and it will be secured. This data of course is transferred privately when needed. I think this has the potential to advance medical research. We all know that since covid hit. submitted by /u/rizduanisa [link] [comments] |
| If you're in crypto right now, know that you're a part of one of the most bullish historical events in cryptocurrency history: The Great Bitcoin Migration Posted: 22 Jun 2021 10:02 PM PDT  | China bans Bitcoin mining —> Chinese miners need to move —> Miners sell their Bitcoin reserves to fund the migration in which tens of thousands of machines will need to be transported thru national borders as well as housing considerations and etc. —> Bitcoin price falls during sell-off and alts follow —> miners get situated, resume business, and market begins to recover By now, it should be clear the "hashrate migration" is real: Miners are leaving China for good. As of April 2020, an estimated 65% of bitcoin hashrate was domiciled in China; with confirmed bans across the country, that figure will be far lower 12 months from now. The precise magnitude and schedule for the westward move is currently unknown, but all signals seem to be indicating the greatest shakeup in the geographic makeup of bitcoin mining since the start of the industrial mining era. - Nic Carter, co-founder of Coin Metrics, a blockchain analytics startup. Glassnode's Analysis [Source] One of the largest migrations of Bitcoin hash-power in history appears to be underway. Following an official ban on mining activities in a number of Chinese provinces, many miners are in the process of shutting down or migrating their hash-power outside of China's borders (since June 19). Over the past two weeks, the estimated mean hash-rate (7DMA) has declined by around 16%, falling from approximately 155 EH/s to around 125 EH/s. Hash-power has now returned to levels that were sustained throughout mid 2020. The crackdown is genuine. Machines are being turned off and hashrate is dipping https://preview.redd.it/fgtrd2g5zx671.png?width=5725&format=png&auto=webp&s=36ac3d0eb8d53640b600c548c4573c24b80c96e6 As the Chinese mining industry comes to grips with the logistical challenges of relocating, migrating or selling their hardware and facilities, some are likely to liquidate a portion of their accumulated BTC treasuries. These coin sales may represent miners hedging risk, obtaining capital to facilitate and fund logistics, and for some miners, may be a general exit from the industry entirely. The Miner net position change metric shows the 30-day rate of change of miner unspent supply. This shows a notable increase in distribution over the last two weeks, generally coincident with the decline in overall hash-rate. Miners have on net distributed at a rate of around 4k to 5k per month over the last two weeks. This has reversed the trend of net accumulation which was active since April. This is also causing a large sell-off as miners need cash to facilitate and fund the migration https://preview.redd.it/ur8ha038zx671.png?width=2400&format=png&auto=webp&s=42884ebe05cac24708c2c52ddef30ad645412d86 Finally, we take a look at the holdings on OTC desks which are utilised by miners for matching their large size distribution, with large volume buyers. During both the May Sell-off and over the last two weeks, between 3.0k and 3.5k BTC in net inflows have been observed. However in both instances, almost the full inflow size was absorbed by buyers over just a few weeks. On aggregate, the total BTC holdings on OTC desks we monitor have remained relatively flat since April. But the demand is there to keep us at bay https://preview.redd.it/j9maffwgzx671.png?width=5760&format=png&auto=webp&s=6338653c237bd2d4400420eef0f1c8564a82c446 tl;dr: What you're experiencing right now is the price to pay for the China FUD narrative losing all of its teeth. What doesn't kill crypto, makes it stronger.
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| Technical Analysis On Our Current Price Correction, A Case Study Posted: 22 Jun 2021 07:25 PM PDT  | ABSTRACT Bitcoin's bull-run is long from over, current fluctuations in the market is just a result of market manipulation. We had a failure to rally, causing an ever harder bear trap, but things should clear up in the following weeks. Bullish! A WYCKOFF METHOD There is no doubt that Bitcoin had a distributive Wyckoff pattern when comparing historical price trends (Fig. 1) to a textbook derivative (Fig. 2). The price trend similarities are too great for even cultish doubt. Usually accompanying a distributive phase, however, are accumulation patterns. Comparing historical charts (Fig. 3) to textbook derivatives (Fig. 4), there is a clear resemblance between the two. However, the only noticeable discrepancy is the second major correction/ bear trap, whereas a textbook model by then has already advanced well in price. This brings us to the fundamental reasons for our current correction. Just before we continue, Wyckoff patterns only happen during heavy market manipulation. A key takeaway from here is that the market is under heavy manipulative stress. You guys wanted institutionalized interest, and you got your wish! Just remember that these companies aren't here to play charity, but are in the business of making money and only at that. These market manipulators which we will now refer to as 'MM' are crucial to understanding Bitcoin price theory. Fig. 1, Bitcoin's historical price trends with Wyckoff distribution indicators. Fig. 2, a textbook derivative of Wyckoff Distribution (StockCharts, n.d.). Fig. 3, historical price trends with Wyckoff accumulation markers. Fig. 4, a textbook derivative of Wyckoff accumulation (StockCharts, n.d.). PRICE TREND TECHNICAL FUNDAMENTALS In order for a sustained upwards move in Bitcoin's price, buying and price strength potential or RSI (Relative Strength Index) must be strong. This is charted as RSI and stochastic graph lines, which show when Bitcoin is facing heavy resistance (market weakness) or support (market strength). During the phase when Bitcoin was expected to consolidate and make strong upwards movement via Wyckoff accumulation patterns, stochastic and RSI values were too high or oversold, meaning that prices were facing an imminent correction (Fig. 5). Subsequently, we crashed as expected to roughly 28.5k. Now as for Bitcoin's future in terms of technical fundamentals, stochastic and RSI are expected to recover from literally right now to 2 weeks at most. This is because after an expected price correction, stochastic and RSI usually lay low to accumulate (as they have for the past few days) before exploding the price again (Fig. 6). Fig. 5, a Bitcoin chart primarily based with RSI and stochastic indicators. Fig. 6, a Bitcoin chart with RSI/ stochastic cool-offs/ correction phase durations. Notice how accurate a high stochastic (the orange and blue lines) correlates to an immediate price correction. PRICE TREND THEORY Now why did this happen? Why did Bitcoin crash when Wyckoff accumulation said otherwise? First of all, textbook derivatives are only derivatives. They are only an attempt to model Wyckoff theorem with the path of least resistance, although in reality, anything could happen. Now as to why things went a specific way, in Wyckoff theory, during an accumulation phase, there usually will be price bounce's or corrections like such influenced by the MM with diminished volume in order for these manipulators to confirm that there is low circulating supply in the market. These price bounces, otherwise known as 'bear traps', are also traps to force uneasy investors sell or liquidate, in the process effectively shaking off any money that could otherwise interfere with price advances. During these phases, these shaken investors to sell at a bargain which further boost's MM's pockets. In the process, it also helps allocate more market control to MM. The more sellers willing to sell at low prices who are burnt out the market means that MM has more respective control to sell Bitcoins. This provides a strong foundation to jack up Bitcoin prices in their own profit, because controlling supply means controlling its price. As for current circumstances, the trading volume to massive price correction ratio is doing quite well (Fig. 7). A massive correction with low trading volume is certainly a good sign that this second spring did its job well. Correlated with an extremely overbought RSI/ stochastic (which is a good thing) means great times to come. Fig. 7, a chart depicting Bitcoin's price to volume which are the white bar lines under the price trend. LONG TERM ANALYSIS A lot of people have wondered that our massive price correction spanning a few months is the start of a Bitcoin bear market. Although quite the controversial topic, the data suggests that Bitcoin's current bull-market still has long ways to go. Bitcoin has followed a certain logarithmic and lengthening cycle pattern for 12 years, quite literally since it's inception! Since nothing fundamental has changed like different block times or cancelled halvings, there is no reason for Bitcoin to break this trend. Depicted below is a graph showing these long term trends as well has the predicted time that Bitcoin will hit its peak and end the bull market (Fig. 8). Fig. 8, a modified logarithmic function chart depicting the expected dates when Bitcoin will end its bull run which is during mid-late 2022. PUTTING IT ALL TOGETHER Bitcoin is bullish, no doubt about it! The bear traps and dips we are currently facing are no more than minor bunny hills. They're supposed to scare you into panic selling, because that's how bear traps work. If they are not aggressive and sudden enough, they simply wouldn't be convincing enough to do its job. Although its extremely speculative to speak predictions in the current volatile state of the market, here's just a short-term price prediction to look up to. Dubious, dubious speculation indeed, but we all need some peace of mind, don't we? Fig. 9, a chart putting stochastic/ RSI strength with the Wyckoff method together to form a cohesive price trend prediction. Disclaimer: I am not your 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 your own professional. Your money, your problem (unless you hire me). But in all seriousness, don't lol. 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: I don't know how to spell 'abstract' apparently. Corrected.
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| The year is 2050 Posted: 22 Jun 2021 05:35 AM PDT You come downstairs for dinner after a hard day of moon farming, karma has been hard to come by recently but you managed to get a post to hot with 300k upvotes, just enough to earn you 7 moons with new distribution rates. You trade the 7 moons for 3 dogecoin, worth about 2000 usd ( inflation really hit America hard ) and pay off this months rent. Tomorrow your children will begin learning the ways of moon farming so they can continue the family legacy. Bitcoin has just hit 100 million dollars, making a satoshi worth a dollar. Meanwhile your neighbour is struggling to get by because he holds Cardano but is still waiting for smart contracts like his father before him. After dinner you go to bed, thankful that your late mother left 0.01 ether to you in her will , enough to pay off your mortgage and grant you financial security. God bless crypto, you mutter to yourself, watching the space x cyber moon rise over the horizon. submitted by /u/Wolf9574 [link] [comments] |
| We should not forget Cryptocurrency is not just about making money, it’s about replacing money. Posted: 23 Jun 2021 01:40 AM PDT Diversity creates resilience. "There is but one solution to the intricate riddle of life; to improve ourselves, and contribute to the happiness of others." Mary Shelley Maybe the adoption of the permissionless Blockchain; Cryptocurrencies, Smart contracts, Decentralised finances (Defi), Decentralised Autonomous organisations (DAO), will help alleviate some of societies failings? The one resource in the world that's absolutely not scarce at all is smart, creative, people with ideas we'd never have thought of. Which is then compounded with the anxious panic of modern life creating the permanent need to earn money, depriving us of security and meaningful experiences not occupied to earning more money. The problem is a majority of people spend most of their lives being told to shut up, and get back to bullshit jobs just to maintain order and control. On both the Left and the Right, there is a growing consensus that the elites are inept, corrupt and nepotistic, and use ruthless market forces, political lobbying and media campaigns to enrich themselves and immiserate everyone else. $olutions are out there Perhaps the financial, and by definition social, underpinnings of our society could be replaced with something else, something decentralised, permission less and immutable. The Blockchain is that disruptive technology with the potential to break the cycles of systematic political corruption and financial extraction. Which would mean we would have the time and space to create a meaningful sense of an authentic self and concentrate on living in a community where we are allowed to pursue our own projects, friendships and loves without interference. It's less about getting personally wealthy and more about making everyone wealthier. All the best, stay strong and good luck. EDIT - After engaging in the comments I have to admit I was just trying to make people feel a bit better because of all the crashes recently and didn't expect to get into massive political arguments. Peace. EDIT II - I did say… it's not JUST about making money. submitted by /u/spritecut [link] [comments] |
| I am one of the idiots who put most of my savings into crypto. Let me share some of my thoughts. Posted: 23 Jun 2021 01:09 AM PDT Hi! About half a year ago I've put about 85% of my savings into crypto. Situation was kinda desperate, plus I've been very uneducated in regards to market volatility. My country was reaching the near negative interest in banks and quite honestly, as someone fresh out of Uni, I didn't have too much to lose, so I went nearly all in, only leaving enough Fiat to hold me through about 3 months worth of minimum living conditions. I thought to myself "not a biggie". I got a job, just got an apartment to move out of my parents necks, and a decent enough Skoda Rapid. Housing - check, car - check, job - check. With all that and a glass half full outlook, I was all "I can get through this, easy". Needless to say, I've been very nervous with every dip, despite shortly not realizing that I've been in a profit so far. It's more stressful than I thought. Do I regret this decision? If I'd be in negative, probably. But so far, definitely am not. But what I'd like to say, is that I still think it was stupid of me to take such a leap, and for your own mental health, I recommend none of you do the same. They don't say "only invest what you can afford to lose" for nothing. There's a big truth to that. Also, another bit of mistake I did that nearly cost me big time. Don't trade! No matter what anyone says, you can't time the market. Many times I thought I sold at the top and bought at the bottom, not even remotely any of it was true and by now I'd end up tripping my investment. HODL and don't take this tempting deal of trading. Anyway, just wanted to share my little bit of story. Thanks for reading! submitted by /u/Doctor_Walrus1052 [link] [comments] |
| He’s Not a Dogecoin Millionaire. Because He Didn’t Sell Posted: 22 Jun 2021 05:16 PM PDT |
| Brave Search is now available as an alternative to Google Posted: 22 Jun 2021 07:24 PM PDT |
| With all the negative news lately I just wanted to thank /u/jonas_h for helping me donate cryptocurrency education books to rural SW Missouri and NW Arkansas libraries to help educate others about crypto! Posted: 22 Jun 2021 11:43 AM PDT Hello everyone! I know recently with the dip in prices and FUD it sentiment around here can become quite negative pretty fast. But I wanted to take a moment to personally thank /u/jonas_h for helping me get copies of his cryptocurrency education books so that I could work to donate them to all of the local libraries in rural Southwest Missouri and Northwest Arkansas. He and I corresponded back and forth for the past month or so and helped me get some books directly from the publisher and I have already began distributing them to all the local libraries in my area. I think using traditional ways to spread crypto education such as libraries will help included and educate our disadvantaged and less technically inclined groups in rural America. So if you get down about the value of your coins remember crypto is and always will be something great for everyone to share! Below is the picture from our first shipment of books to go out to local libraries! https://i.redd.it/2n8eyq6q2v671.jpg submitted by /u/matt8297 [link] [comments] |
| Hardware Wallet Scam Posted: 22 Jun 2021 04:32 PM PDT If you've purchased a hardware wallet and it came with a recovery seed sheet beneath silver scratch off foil, TRANSFER YOUR FUNDS IMMEDIATELY. Someone else has access to your wallet. Not a single hardware wallet has a recovery phrase pre-installed. Only use the wallet after you have reset it. And only buy from the official website. These scams look surprisingly legit. This would honestly fool me if I didn't know any better. Stay safe 🙂 submitted by /u/HeIioz [link] [comments] |
| Cardano Founder: Ethereum Will Overtake Bitcoin Posted: 22 Jun 2021 10:21 PM PDT |
| 'Bitcoin is a bubble ready to burst' Posted: 22 Jun 2021 08:35 PM PDT Alright let's look at every year's lowest price 2012: $4.6 2013: $13.3 2014: $731 2015: $164 2016: $353 2017: $738 2018: $3219 2019: $3426 2020: $4001 2021: $28932 I think I'm seeing a pattern here 🧐. Bitcoin's ATH on early January 2021 was 32k. This crash has set us back five months. Bitcoin has died 421 times now. You can't kill what's already dead. Bitcoin never dies. submitted by /u/HeIioz [link] [comments] |
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