Cryptocurrency mega-thread

Remove this Banner Ad

beez said:
Luckily BTC bounced off the $58k range lows.
Click to expand...
Brutal brutal day! Mt Gox starting to distribute from cold wallets has created mass panic during a low volume period for the market. The German's aggressively selling in massive clips also not helping... Pretty well induced a crypto black swan event for the first time since FTX's collapse.

Summary of what's happened:
  • Biggest long liquidation event since the FTX collapse in November 2022 (and within 10% of that day too)
  • BTC and ETH daily RSI's at nearly 20
  • ETH has roundtripped the entire ETF approval candle from May
  • BTC trading below its lower Bollinger Band on the weekly; for context, it's only ever closed a weekly below here during bear markets (ETH also close to tapping this)
  • Last time it tapped the lower BB on the weekly was August 2023 (last time it lost the 200D EMA as well) - took 59 days of sideways chop before a sustained breakout
  • Most alts are down 70-90% from March highs and many are back near bear market lows from last June
  • ETH has lost an uptrend that it has held as support since last October
Took 8 weeks to recover after FTX and last August, so unless by some miracle the ETFs start aggressively buying again, I don't think much will change until late August. Potentially might see another wick just below where we end up at the end of this week; otherwise, I can see it being a lot of 'slightly up, slightly down' chop for a while.
 

Log in to remove this ad.

So after trump campaigned hard as the crypto president yesterday is anyone here finally starting to figure out that crypto is deeply immoral? Or are we all still blinded by greed for unearned wealth?

www.smh.com.au

Who is really powering J.D. Vance’s political rise? Tech bros not hillbillies

A small group of technology billionaires, including PayPal co-founder Peter Thiel, are behind his ascent.
www.smh.com.au www.smh.com.au
 
Seeds said:
So after trump campaigned hard as the crypto president yesterday is anyone here finally starting to figure out that crypto is deeply immoral? Or are we all still blinded by greed for unearned wealth?

www.smh.com.au

Who is really powering J.D. Vance’s political rise? Tech bros not hillbillies

A small group of technology billionaires, including PayPal co-founder Peter Thiel, are behind his ascent.
www.smh.com.au www.smh.com.au
Click to expand...

As opposed to Pelosi insider trading on traditional markets while doing shit that would get the regular person jail time if they got caught?

Or when we saw your traditional market homies get wrecked over GameStop and their manipulations in the market?

Funny how the anti-crypto types dick ride the Trad markets yet they are every bit as corrupt as any other market on the planet.
 
Seeds said:
So after trump campaigned hard as the crypto president yesterday is anyone here finally starting to figure out that crypto is deeply immoral? Or are we all still blinded by greed for unearned wealth?

www.smh.com.au

Who is really powering J.D. Vance’s political rise? Tech bros not hillbillies

A small group of technology billionaires, including PayPal co-founder Peter Thiel, are behind his ascent.
www.smh.com.au www.smh.com.au
Click to expand...

Who's morals? Not mine. I am an advocate for transparency and personal financial freedom that is available to everybody through public and immutable blockchains. Crypto has it problems, but there are scammers everywhere.
 
MSB ROYS said:
Who's morals? Not mine. I am an advocate for transparency and personal financial freedom that is available to everybody through public and immutable blockchains. Crypto has it problems, but there are scammers everywhere.
Click to expand...
How does crypto give you financial freedom any different to a bank robber stealing money from a bank gives the robber fianancial freedom?

Crypto is an investment that does not create any wealth. Its a useless asset in terms of creating goods or services of value. All it does is redistribute the existing pie of wealth. If you become richer from crypto gambling then you are taking wealth from others by devaluing the money in their bank accounts.

Crypto is also terrible for the climate and is adding to power prices.

And if crypto actually worked as a new form of money then it would rob taxes from governments and deny them the ability to provide all the useful services that people need. Like public education and health and welfare support.

So it may not be immoral in your view. But it would be immoral in most peoples views if they actually knew the implications of crypto. Unfortunately most people do not including most government officials and thus the reason this is not yet banned.
 
Last edited:
Seeds said:
How does crypto give you financial freedom any different to a bank robber stealing money from a bank gives the robber fianancial freedom?
Click to expand...
It is different in a few ways that I can think of. Firstly robbing banks is not legal, but buying and selling bitcoin is legal. I think the illegal nature of robbing banks means there are barriers to successfully pulling of a bank robbery; if it was as easy as buying digital currency, I am fairly certain there would be no more banks.

It is strange seeing people defend banks. They are crooks.
 
Ghost Patrol said:
If history is anything to go by, Seeds posting in this thread is a crypto bottom signal.
Click to expand...
giphy.gif


(kidding kidding :))
 

(Log in to remove this ad.)

Ghost Patrol said:
The more you post, the more likely it is that you'll signal the bottom again.
Click to expand...
My guess is it will go back up in the short term as the market has completely overreacted to the US unemployment rate rise which is partly being driven by rising labour force and not solely a contraction in workers.

But wasnt bitcoin supposed to be a hedge against inflation and not an extreme risk asset that moves in line with the stock market but with greater magnitudes? If its an asset and not money that what returns does it produce? There has never been an asset with no returns that didnt fall down to a price of zero.

Now that we realise crypto can never be money all economists place their long term forecats for crypto at zero. The market will eventually figure it out. Although it could take a long time to get there if crooks like trump get in charge and try to force the fed to buy them. As a crypto advocate Im guessing you are hoping trump wins this election?
 
Last edited:
Seeds said:
My guess is it will go back up in the short term as the market has completely overreacted to the US unemployment rate rise which is partly being driven by rising labour force and not solely a contraction in workers.

But wasnt bitcoin supposed to be a hedge against inflation and not an extreme risk asset that moves in line with the stock market but with greater magnitudes? If its an asset and not money that what returns does it produce? There has never been an asset with no returns that didnt fall down to a price of zero.

Now that we realise crypto can never be money all economists place their long term forecats for crypto at zero. The market will eventually figure it out. Although it could take a long time to get there if crooks like trump get in charge and try to force the fed to buy them. As a crypto advocate Im guessing you are hoping trump wins this election?
Click to expand...
Gold?
 
Seeds said:
Now that we realise crypto can never be money all economists place their long term forecats for crypto at zero. The market will eventually figure it out. Although it could take a long time to get there if crooks like trump get in charge and try to force the fed to buy them. As a crypto advocate Im guessing you are hoping trump wins this election?
Click to expand...

It's not about Trump winning, it's about Republicans are more supportive of sensible legislation.

There are younger Democrats who are supporting Republicans in this position.

It's the corrupt old grifters like Warren and Waters that keep puppets like Gensler in power.

Crypto is and can be a currency.

Just not in the basic way you look at it.
 
Seeds said:
My guess is it will go back up in the short term as the market has completely overreacted to the US unemployment rate rise which is partly being driven by rising labour force and not solely a contraction in workers.

But wasnt bitcoin supposed to be a hedge against inflation and not an extreme risk asset that moves in line with the stock market but with greater magnitudes? If its an asset and not money that what returns does it produce? There has never been an asset with no returns that didnt fall down to a price of zero.

Now that we realise crypto can never be money all economists place their long term forecats for crypto at zero. The market will eventually figure it out. Although it could take a long time to get there if crooks like trump get in charge and try to force the fed to buy them. As a crypto advocate Im guessing you are hoping trump wins this election?
Click to expand...

Bitcoin all time highs happened under Biden, not Trump. I don’t think US President really makes much difference tbh.

As for inflation hedge… if you buy low and sell high it’s great.
 
Ghost Patrol said:
View attachment 2089056
Click to expand...
Are you unable to read my posts? The direction of the price has nothing to do with my point. How many times does this need to be repeated? In fact the price going up does nothing more then provide more proof as to why governments need to intervene in markets and ban these libertarian scams. Crypto is even more libertarian then Ayn Rand.
 
Ghost Patrol said:
Bitcoin all time highs happened under Biden, not Trump. I don’t think US President really makes much difference tbh.

As for inflation hedge… if you buy low and sell high it’s great.
Click to expand...
Trump was against crypto in his first term. He has now done a 180 and is all for it cos he recognizes what it is. A tool to scam people and destroy government.

Trump plans on forcing the FED to buy crypto. This could keep this bubble going for another decade.
 
Seeds said:
Are you unable to read my posts? The direction of the price has nothing to do with my point. How many times does this need to be repeated? In fact the price going up does nothing more then provide more proof as to why governments need to intervene in markets and ban these libertarian scams. Crypto is even more libertarian then Ayn Rand.
Click to expand...

It's more about your timing than the content you provide.

I thought I had made that clear?
 

Remove this Banner Ad

Cryptocurrency mega-thread

Remove this Banner Ad

Back
Top