Cryptocurrency mega-thread

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Quixote said:



BTC going significantly higher this time up.
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Coins go up, coins go down, you can't explain that.

I'm still holding my BTC from way back and I still think it's too primitive in functionality to ever really serve a proper purpose. The cognitive dissonance is strong.
 
The associate cognitive dissonance and dilution of inherent value has never been greater across traditional asset classes, if we're being honest.
ash_1050 said:
Coins go up, coins go down, you can't explain that.

I'm still holding my BTC from way back and I still think it's too primitive in functionality to ever really serve a proper purpose. The cognitive dissonance is strong.
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On POT-LX1 using BigFooty.com mobile app
 

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Then you've got people like Stan Druckenmiller saying recently BTC is a better SOV than gold... Greyscale buying more BTC than is being mined, companies buying BTC with 1% cash reserve, PayPal... We're nearly back at ATH and it's been an institutional, fundamental and yield driven rally so far.

Retail won't arrive until it's broken ATH.

I'd say the cognitive dissonance of the past is fast becoming irrelevant.

On POT-LX1 using BigFooty.com mobile app
 
Quixote said:
Then you've got people like Stan Druckenmiller saying recently BTC is a better SOV than gold... Greyscale buying more BTC than is being mined, companies buying BTC with 1% cash reserve, PayPal... We're nearly back at ATH and it's been an institutional, fundamental and yield driven rally so far.

Retail won't arrive until it's broken ATH.

I'd say the cognitive dissonance of the past is fast becoming irrelevant.

On POT-LX1 using BigFooty.com mobile app
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Do you have any concerns about the price action?

The market cap of USDT has grown from $4b US to $18b US over the past year.
 
ash_1050 said:
The stock market is no longer valuable? Property is no longer valuable? Bonds are no longer valuable?
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The current system is running on fumes, stock market is propped up by the BRRR machine. Dunno about you but I don't have much faith in legacy systems these days, stonks prime amongst them.

Of course real estate is valuable.

Bonds depends what bonds.

BTC has decoupled from Gold btw.

Do you realise decentralised CFD brokers are currently being created on-chain at the protocol level?

In the past these instruments only happened through brokers. In a few years time, it will all be on-chain -- trustless, permissionless and available to anyone with wallet and internet. Derivatives being the holy grail IMO.
 
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Evolved1 said:
Do you have any concerns about the price action?

The market cap of USDT has grown from $4b US to $18b US over the past year.
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IMO we are entering a bull market 2021.

USDT growth is for the vast part on Ethereum, not OMNI. It's a positive sign.

Make sure you have BTC and ETH core baskets, these should be your largest/primary holdings IMO.

However now is also a great time to accumulate stacks of very new "DeFi" 2.0 projects. Basically new protocols only on the market a matter of months; largely under the radar due to a number of factors; sub $10m cap now for the right projects will be plus $100m cap by mid-2021, once BTC lets some air back into the room.
 
Quixote said:
The current system is running on fumes, stock market is propped up by the BRRR machine. Dunno about you but I don't have much faith in legacy systems these days, stonks prime amongst them.

Of course real estate is valuable.

Bonds depends what bonds.

BTC has decoupled from Gold btw.

Do you realise decentralised CFD brokers are currently being created on-chain at the protocol level?

In the past these instruments only happened through brokers. In a few years time, it will all be on-chain -- trustless, permissionless and available to anyone with wallet and internet. Derivatives being the holy grail IMO.
Click to expand...

The BRRR machine is as a result of people needing to invest cash, if interest rates are low then logically it gets dumped into stocks. Having central banks inject liquidity is a QE measure that isn't going away any time soon, that should inspire confidence rather than conspiracy theory.

BTC was never coupled to gold.

Yes, I'm aware how trustless CFDs work using blockchain, none of that is using BTC.

Don't get me wrong, blockchain and associated technologies will be huge, however at the moment crypto is a cess pool of outdated tech (BTC), meme stocks (DOGE) and coins people have created simply to make profit off (ETN, which one poster on here has seriously invested in). Until such time as blockchain becomes more established and the underlying tokens attain value 99% of what's currently in today's market won't be around in 10 years time.

The only reason BTC still exists today, and the only reason I'm still holding it, is because it's the gateway drug for crypto. If you're buying crypto for the first time there's a fair chance BTC is involved. Likewise if you're a crypto 'expert' and want to withdraw cash there's a fair chance you're converting the portion to be sold to BTC before cashing out. It's flawed, but while it's got that limited utility it's worth a speculative hold.
 
ash_1050 said:
The BRRR machine is as a result of people needing to invest cash, if interest rates are low then logically it gets dumped into stocks. Having central banks inject liquidity is a QE measure that isn't going away any time soon, that should inspire confidence rather than conspiracy theory.

BTC was never coupled to gold.

Yes, I'm aware how trustless CFDs work using blockchain, none of that is using BTC.

Don't get me wrong, blockchain and associated technologies will be huge, however at the moment crypto is a cess pool of outdated tech (BTC), meme stocks (DOGE) and coins people have created simply to make profit off (ETN, which one poster on here has seriously invested in). Until such time as blockchain becomes more established and the underlying tokens attain value 99% of what's currently in today's market won't be around in 10 years time.

The only reason BTC still exists today, and the only reason I'm still holding it, is because it's the gateway drug for crypto. If you're buying crypto for the first time there's a fair chance BTC is involved. Likewise if you're a crypto 'expert' and want to withdraw cash there's a fair chance you're converting the portion to be sold to BTC before cashing out. It's flawed, but while it's got that limited utility it's worth a speculative hold.
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I disagree that BTC only exists as a gateway. There are plenty of offramps now and you can convert stablecoins directly into AUD.

As you say, the vast majority of altcoins die. Its best to not get too attached to any single alt. I've started to dump my bags when they're being shilled mercilessly and move on to something newer.
 
"The BRRR machine is as a result of people needing to invest cash, if interest rates are low then logically it gets dumped into stocks. Having central banks inject liquidity is a QE measure that isn't going away any time soon, that should inspire confidence rather than conspiracy theory."

You see it does inspire confidence, albeit short-term. I've been adjusting my holdings from sentiment reading and capital flow for quite some time. What doesn't inspire confidence in me is blind-faced belief in a clearly flawed and steadily devaluing system, IE, global fiat currency.

I guess I believe what's actually happening in the world right now (and no, not just in crypto and stocks and economics; crypto is but a small part of it) cannot be judged through the same lens as used 10 years ago. To be honest, that lens needs a complete overhaul every 5 years. We are in uncharted territory as apes come down from the trees; technology has completely changed the nature of our existence in an extremely short period of time. I have had something of a paradigm shift in the last couple years it could be fair to say. I've adjusted my perception on a few fundamental things and as such adjusted IRL too.

"BTC was never coupled to gold."

Might have been the wrong word. When the vaccine was found, gold dumped, BTC didn't.

"Yes, I'm aware how trustless CFDs work using blockchain, none of that is using BTC."

Why does that even matter, if it doesn't use BTC right now? I told you the explosion has happened on Ethereum, in Defi, with stablecoins. That's what this is about. BTC has been a pet rock for a long time. Eventually they will all be abstracted away, anyways, the layer 1s. L1 Bitcoin cross-chain integration is on Testnet as we type. The software is indeed eating the world.

"Don't get me wrong, blockchain and associated technologies will be huge, however at the moment crypto is a cess pool of outdated tech (BTC), meme stocks (DOGE) and coins people have created simply to make profit off (ETN, which one poster on here has seriously invested in). Until such time as blockchain becomes more established and the underlying tokens attain value 99% of what's currently in today's market won't be around in 10 years time."

You literally missed the core of crypto here. Like, the biggest part - the actual future (decentralised finance, Ethereum, etc etc). Man...

PS I haven't seen ETN mentioned for a long time, lol.

"The only reason BTC still exists today, and the only reason I'm still holding it, is because it's the gateway drug for crypto. If you're buying crypto for the first time there's a fair chance BTC is involved. Likewise if you're a crypto 'expert' and want to withdraw cash there's a fair chance you're converting the portion to be sold to BTC before cashing out. It's flawed, but while it's got that limited utility it's worth a speculative hold."

I mean the 'gateway' theory is fine and all. But to say it's the only reason Bitcoin is valuable, nothing else - that's going fairly wide of the point again I'm afraid.
ash_1050
 

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Do you really think if there was nothing behind the Bitcoin 'gateway' revolving-door-to-crypto -- any of this would still be around right now? We'd even be having this debtate? It's actually not logically possible. Your argument I'm pretty sure is self-defeating, unless you're just happy to know you can get out of the room before enough other people do and also to hold an entirely cynical view of the entire thing.

Doesn't sound like a lot of fun!

I'm having Lots of fun ;)
 
Quixote said:
You see it does inspire confidence, albeit short-term. I've been adjusting my holdings from sentiment reading and capital flow for quite some time. What doesn't inspire confidence in me is blind-faced belief in a clearly flawed and steadily devaluing system, IE, global fiat currency.
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I mean you can go full libertarian on it and try discard our current monetary constructs, but until there's a better system in place that's the system that works. Completely agree it was set up incorrectly and has its flaws, but the concept of the stock market, property and gold being three of the main vehicles for investment isn't going away in our lifetime.

Quixote said:
Why does that even matter, if it doesn't use BTC right now? I told you the explosion has happened on Ethereum, in Defi, with stablecoins. That's what this is about. BTC has been a pet rock for a long time. Eventually they will all be abstracted away, anyways, the layer 1s. L1 Bitcoin cross-chain integration is on Testnet as we type. The software is indeed eating the world.

You literally missed the core of crypto here. Like, the biggest part - the actual future (decentralised finance, Ethereum, etc etc). Man...
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You're still using the terms crypto and blockchain interchangeably, they're two totally different things. Blockchain is unquestionably going to change the way we go about our daily lives as it creates a better way to transact. My personal opinion is that while blockchain requires a gas of sorts to power it that gas won't be valuable and are unlikely to come in the form the v1 and v2 (and some would argue v3) versions of coins we have today.

Quixote said:
I mean the 'gateway' theory is fine and all. But to say it's the only reason Bitcoin is valuable, nothing else - that's going fairly wide of the point again I'm afraid.
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Bitcoin is 12 years old and has yet to produce a single purpose other than being a gateway to buying other coins. It hasn't been widely adopted, still has a stigma attached to it and has very little interest from society as a whole. The only reason it has value is because people are using it as a vehicle for trading into other cryptos.

I suspect there's a bit we're going to have to agree to disagree on here. I've been in crypto for longer than most, and while I'm not entirely up to speed with the last 12-24 months of progress it's still very much a case of people banging the same drum saying 'crypto is coming, crypto is coming' that they've been saying for years. It's not unlike VR, 3D printers or anything else that's still in its infancy, other than people can try make money off it as it evolves along the way.
 
Quixote said:
Hi mary james.

You should 100% dump all of your LTC immediately. Either into BTC, ETH or Stablecoins.

This is investment advice. Feel free to attempt to sue me if I'm wrong.

You're welcome.

Q
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Nope. I’m holding right now. It’s looking good. Gone up 25% since your post. I’ve gone big into yearn.finance.
 
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Yes I'm eating my words on the short-term that's for sure!

You're in YFI? I farmed half a dozen, dumped for excellent profit, still maintain its a triple-digit shitcoin at best but who knows A s**t tonne of money to be made by simply following what a few of the large holders are doing and adjusting accordingly.

Also long-term LTC going to zero. Like Gary Ablett Seniors credibility.
maryjames said:
Nope. I’m holding right now. It’s looking good. Gone up 25% since your post. I’ve gone big into yearn.finance.
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On POT-LX1 using BigFooty.com mobile app
 
Increasingly I'm thinking two things:

* The app-chain model is looking hard to beat.

* Protocols where the token value is intrinsically tied to chain security AND TVL/AUM, by code in the protocol, market forces and/or arbitrage when incorporating liquidity pools, are the way to go.

In terms of this there's a project called:

deus.finance

Which I think is the most interesting of the sub $10m cap projects right now.
maryjames said:
Finally nimiq made its move. It was my only coin in the red of late.
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On POT-LX1 using BigFooty.com mobile app
 
Quixote said:
Yes I'm eating my words on the short-term that's for sure!

You're in YFI? I farmed half a dozen, dumped for excellent profit, still maintain its a triple-digit shitcoin at best but who knows A sh*t tonne of money to be made by simply following what a few of the large holders are doing and adjusting accordingly.

Also long-term LTC going to zero. Like Gary Ablett Seniors credibility.

On POT-LX1 using BigFooty.com mobile app
Click to expand...
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