Cryptocurrency mega-thread

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BTC certainly looks to have a head of steam up. ETH recovery gaining traction too. Have you seen this EIP-1599 proposal? Basically burning a little bit of ETH on every transaction. ETH maxis collective erection right now over that.
Yellow Feathers said:
70% BTC
27% LINK
3% ETH

Probably too much Link but it grew at a faster rate than BTC. If you made it through a two-year bear market it seems silly to give up now. We’re looking pretty good from a market cycle perspective.
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On FIG-LX1 using BigFooty.com mobile app
 
In my mind, there are a tonne more reasons now to invest in Bitcoin than there ever were. It's looking very bullish.

On that note, how's that old bean counter Chief doing...

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Quixote said:
In my mind, there are a tonne more reasons now to invest in Bitcoin than there ever were. It's looking very bullish.

On that note, how's that old bean counter Chief doing...

On FIG-LX1 using BigFooty.com mobile app
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I should do the spreadsheet again.

Who is manipulating Bitcoin this time?
 

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Approximates here, so I make no apologies if the individual percentages don't add up to 100%.

50% BTC
20% BCH
10% ETH
10% LTC
5% EOS
5% LINK
5% TRX
3% XMR
1% BNB

If we go go over 20k, I'll be looking to swap much of my BTC for some more shitcoins...preferably low caps. I'll be looking for the doors like there's no tomorrow when I see any signs of a storm on the horizon.
 
Yellow Feathers said:
70% BTC
27% LINK
3% ETH

Probably too much Link but it grew at a faster rate than BTC. If you made it through a two-year bear market it seems silly to give up now. We’re looking pretty good from a market cycle perspective.
Click to expand...
Anyone who held all the way from Dec 2017 until now has balls of steel or brains of mush.

I wouldn't be surprised if we have a pullback soon, but midterm the TA is looking bullish.
 
Thought you guys might like to know - non-commercial interest in futures for Bitcoin on the Chicago Mercantile Exchange (i.e. hedge fund involvement) has been steadily decreasing. It's now weighted 33.6% towards the sell side.

7th January futures - 26.6% sell
14th January futures - 25.2% sell
21st January futures - 27.2% sell
28th January futures - 31.2% sell
2nd April futures - 33.6% sell

This is what has happened over the past year:

1581235019898.png 1581235456567.png



When people are buying this stuff, who do you think is selling it?

All the people who bought this rubbish running up the price last year were just providing liquidity for hedge funds to reduce their positions and get into something better.

Retail traders are always the ones left holding the bag when the collapse comes. Futures are how FOREX traders do technical analysis on currencies.

But I'm sure the rules of commodities like gold, silver, platinum, oil and every other currency on the planet don't apply to Bitcoin. Let's do a comparison to gold:

1581236030067.png

1581236101023.png

This is real technical analysis and gate keeping - not drawing some lines on a chart. That only has a place when you're looking for an entry/exit point.

At least Tesla has some excellent future fundamentals to look forward to. That's vaporware I can get behind :)
 
Janus said:
Thought you guys might like to know - non-commercial interest in futures for Bitcoin on the Chicago Mercantile Exchange (i.e. hedge fund involvement) has been steadily decreasing. It's now weighted 33.6% towards the sell side.

7th January futures - 26.6% sell
14th January futures - 25.2% sell
21st January futures - 27.2% sell
28th January futures - 31.2% sell
2nd April futures - 33.6% sell

This is what has happened over the past year:

View attachment 820053View attachment 820058



When people are buying this stuff, who do you think is selling it?

All the people who bought this rubbish running up the price last year were just providing liquidity for hedge funds to reduce their positions and get into something better.

Retail traders are always the ones left holding the bag when the collapse comes. Futures are how FOREX traders do technical analysis on currencies.

But I'm sure the rules of commodities like gold, silver, platinum, oil and every other currency on the planet don't apply to Bitcoin. Let's do a comparison to gold:

View attachment 820067

View attachment 820069

This is real technical analysis and gate keeping - not drawing some lines on a chart. That only has a place when you're looking for an entry/exit point.

At least Tesla has some excellent future fundamentals to look forward to. That's vaporware I can get behind :)
Click to expand...
Future fundamentals?

Go on....
 
The fundamentals of Christianity look ******* great in the future once Jesus comes back.
 
Evolved1 said:
Future fundamentals?

Go on....
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"Futures are financial contracts obligating the buyer to purchase an asset or the seller to sell an asset and have a predetermined future date and price. A futures contract allows an investor to speculate on the direction of a security, commodity, or a financial instrument."

The only difference between a future and an option is you are obligated to buy/sell the underlying at a certain price with a future, whereas with an option you have the right, but not the obligation, to buy/sell the underlying at a certain price.

If there are more people selling bitcoin futures than there are buying them, the price has to fall. Futures are a leading indicator of any commodity or equity.

The only way it can't fall is if people who have no idea think that a commodity/stock is 'cheap' when it does start to go down and push up the price - which is good for the person who has committed to sell and bad for the person who has committed to buy.

Crypto is exactly like tulip mania in the 17th century. It's based entirely on speculation that the price is going to rise or fall without the actual underlying product having much worth at all. Now, some people postulate that due to its nature, it has become a digital form of gold...but gold has intrinsic value. It can be crafted into jewellery, used in industrial applications and has been around for centuries.

I'm not saying that crypto doesn't have a place in the market. But the whole point of a digital currency, to my mind, is to stop the speculation that happens in money markets so goods and services can be sold internationally at a constant rate.

Facebook's Libra had enormous potential as a stablecoin but they killed it as soon as they said that everyone has to use their proprietary wallet.
 
Quixote said:
Some good points made, some very poor points made.

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Here's a fun fact for you: At the current price, on April 4, $113,519,098 USD worth of BTC will be bought. At the same time, $185,399,872 USD worth of BTC will be sold.

This isn't a guess. It's a known fact, since each BTC future in the Commitment of Traders report is worth 5 BTC.

What do you think is going to happen to the price of BTC when $71.88 million USD is wiped from its value? I'll give you a hint: On November 19, the price of BTC tanked $455.30 USD in a single day because $36,975,120 was wiped from it's value when the trades were settled two days later on November 21.

So look for it to drop around $1000 USD in a single day on about April 6.

The hedge funds and investment banks are just pumping it up again so they can dump their positions.
 

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We're not all traders in here man. I'm investing in an attempt to create wealth and in things I feel strongly about. Macro view from where I sit. Cheers for the insight and posts though! It's good stuff.

On FIG-LX1 using BigFooty.com mobile app
 
It will be the same pattern as last time. A bunch of scrubs and micro investors will buy on the up due to FOMO. They will then sell at a profit or lose money in the inevitable correction/crash because they held too long, and then cut their losses and get a lesser percentage back.

I was one of those scrubs, not gonna do it again as Ive learnt FOMO isnt a viable long term investment strategy, and Im happy to invest in things I somewhat understand instead.
 
Quixote said:
You'll be looking at some serious yield for yr BTC and Ripple once liquidity pools are live at THORChain.
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There's always talk of the next big thing that will blow everything else out of the water. I'll believe it when I see it, for the moment it's a case of hold and see what happens.

Side note BTC halving in approximately 89 days. Traditionally this hasn't resulted in much price impact, though plenty of people will attribute large price rises 12-18 months after the halving to being as a result of the halving. Correlation =/= causation.
 
ash_1050 said:
There's always talk of the next big thing that will blow everything else out of the water. I'll believe it when I see it, for the moment it's a case of hold and see what happens.

Side note BTC halving in approximately 89 days. Traditionally this hasn't resulted in much price impact, though plenty of people will attribute large price rises 12-18 months after the halving to being as a result of the halving. Correlation =/= causation.
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I agree on the short term. Longer term, I think the forces of supply and demand do have an impact.
 
ash_1050 said:
There's always talk of the next big thing that will blow everything else out of the water. I'll believe it when I see it, for the moment it's a case of hold and see what happens.

Side note BTC halving in approximately 89 days. Traditionally this hasn't resulted in much price impact, though plenty of people will attribute large price rises 12-18 months after the halving to being as a result of the halving. Correlation =/= causation.
Click to expand...

No I'm talking about simple passive yield. Not buying another project.
 
But yes the halvening-a-ling, it's definitely happening, that much I know! I tend to agree with YF's take on it.

Side note, ETH bulls right now on some good s**t MDMA.
 
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