Cryptocurrency mega-thread

[ash_1050]

What did you think of the Visa news I shared above relating to a debit card being released to the Australian market that can directly spend either BTC, ETH, Bitcoin Cash or XRP?

It's incremental news, nothing more. Haven't been keeping an eye on anything crypto of late, will wait until if/when BTC is below $20k and then jump in again.

As you’re all mostly aware, my portfolio has been down anywhere from 20-40% the last 2 months, I don’t have a single investment in the green. However, I’ve done the research and have the conviction that the market will recover either this year or at worst next and have never felt the need to panic sell. I’ve also setup trading indicator tools (such as Bollinger Bands, RSI, MACD etc) to ensure I avoid emotional decisions in the future and start to take profits when it’s showing consistent oversold signals after a major run up. Conversely, start to buy back in when it’s showing consistent oversold signals. I’m also watching as much crypto content as I can and continue to learn of more experienced trade/on-chain analysts on social media.

Everyone has their own magic formula for predicting the future or for helping them sleep more comfortably at night. When invested I was putting 20+ hours a week into researching crypto, which adds up over time. Eventually I realised it's possible to scale it back to 3-4 hours a week where you go for quality rather than quantity of information once you've got a grasp on the fundamentals. Your mileage may vary though, as everyone approaches things differently, which is totally ok. If you've got the conviction the best thing you can do is hold and dollar cost average along the way when you think it's in an ideal buying range. No one got seriously rich from selling early, and no one made serious bank by cashing out well after the peak, so it's up to you to decide what your sell schedule is along the way and stick to it. If you hold for 366+ days the CGT discount is decent (assuming you make a profit), and if you keep tab on your transactions along the way it makes things much easier come tax time for declaring a capital gain/loss. That's about all I can pass on advice wise.

 

[Bostonian]

Is there an Australian law against trading privacy coins?

I made a withdrawal of AUD from binance recently and had to agree that I wouldn't exchange privacy tokens like monero/verge before they would allow the withdrawal to go through.

Well Monero is banned on SwyftX.

Because the banks are a bunch of dogs basically.

 

[Bostonian]

Based on fundamentals, not technical analysis.

I’ve seen nothing but talk from Charles since Cardano launched. Someone on Twitter took a screenshot showing a tweet from Charles in Dec’2018 that one year later there would be hundreds of dApps built on it. Still to this day there is nothing and not even functioning smart contracts.

One of those coins whose run was based on pure hype and no substance. If the market falls lower then expect blockchains like cardano to drop hard as opposed to blockchains which have lots of development happening on them, like Sol for example (even though Sol is 2.5 years younger than Cardano, there is so much more happening).

The only reason in my opinion why Cardano has held up ok is because such a high percentage of it is staked. I’ve never owned any Cardano but I would tread with caution if I was a holder.


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When you get everything you do peer reviewed it slows everything down way too much.

That's part of the reason why Gavin Wood left the ETH project, was moving too slow.

ETH and Cardano both drag the chain in getting things implemented compared to DOT and SOL.

 

[BACCS]

Anyone investing into the NFT space? As Axie shows, it seems like it doesn’t give a **** whether the general market is bullish or bearish, it just does its own thing.

 

[Ghost Patrol]

Anyone investing into the NFT space? As Axie shows, it seems like it doesn’t give a fu** whether the general market is bullish or bearish, it just does its own thing.

I grabbed some TVK a few days ago, is looking good

 

[Bostonian]

Anyone investing into the NFT space? As Axie shows, it seems like it doesn’t give a fu** whether the general market is bullish or bearish, it just does its own thing.

I will when the bear market arrives. Some of them will get down to cents.

 

[Evolved1]

I will when the bear market arrives. Some of them will get down to cents.

Do you think we're still in a bull market?

 

[Ghost Patrol]

maryjames

 

[Bostonian]

Do you think we're still in a bull market?

I think there's still the chance for one last climb upwards before the market crashes down but I'm not convinced we'll be seeing ATHs hit again for quite a while.

 

[BACCS]

Anyone looking for sub 30 again will be waiting a long time

 

[BACCS]

Wait, I could’ve got ETH for 14 bucks in mid 2017? Shitttt

 

[Evolved1]

Anyone looking for sub 30 again will be waiting a long time

Could happen this weekend.

 

[BACCS]

Could happen this weekend.

Because of the Grayscale unlock? I just don’t see it. The last 8 weeks have closed at 34k or above and there is absolutely no data supporting a further drop from this level at this stage. The push to the low 20s has been attempted three times now and failed, why is this weekend any different? On-chain metrics are as bullish as they have been before any bull cycle commences, 10+ years of this data is a good sample size. That volume spike between 31-34k is huge.

The RSI on the daily is about as mid range as it gets and the BB are so damn close together. I just don’t see in any of the data metrics a possibly of anything majorly lower from here, but hey this is crypto and shit happens you don’t expect! I do agree a volatile move is coming, but everything except for retail sentiment is pointing to this going upwards. Weak retail hands have been flushed out, whales have got exactly what they wanted.

 

[Evolved1]

Because of the Grayscale unlock? I just don’t see it. The last 8 weeks have closed at 34k or above and there is absolutely no data supporting a further drop from this level at this stage. The push to the low 20s has been attempted three times now and failed, why is this weekend any different? On-chain metrics are as bullish as they have been before any bull cycle commences, 10+ years of this data is a good sample size. That volume spike between 31-34k is huge.

The RSI on the daily is about as mid range as it gets and the BB are so damn close together. I just don’t see in any of the data metrics a possibly of anything majorly lower from here, but hey this is crypto and sh*t happens you don’t expect! I do agree a volatile move is coming, but everything except for retail sentiment is pointing to this going upwards. Weak retail hands have been flushed out, whales have got exactly what they wanted.

I follow price action more than news or on-chain metrics. Willy Woo, one of the better known onchain analysts, was bullish at 55k this year and before the covid dump of March 2020.

Resistance/support is weakened the more times it's touched. It took 9 months before 6k was finally cracked in 2018, then we had a landslide.

I'm neutral until 29k is cracked.

 

[BACCS]

I follow price action more than news or on-chain metrics. Willy Woo, one of the better known onchain analysts, was bullish at 55k this year and before the covid dump of March 2020.

Resistance/support is weakened the more times it's touched. It took 9 months before 6k was finally cracked in 2018, then we had a landslide.

I'm neutral until 29k is cracked.

Do you have a number above this that will crack you to bullish? A bit harsh on Willy Woo regarding the COVID crash, no data can predict that.

 

[Evolved1]

Do you have a number above this that will crack you to bullish? A bit harsh on Willy Woo regarding the COVID crash, no data can predict that.

Some analysts were predicting a dump before the halving based on PA of previous cycles. I'm a fan of Willy Woo though I think there are limitations with trading using onchain metrics.

I'm bullish on a reclaim of the 50MA daily which is currently at 35k. I'm bearish on a dump below 29k on a daily close. Anything between is noise.

 

[The Dice Man]

Could happen this weekend.

Could happen in the next hour or 2.

 

[Evolved1]

Could happen in the next hour or 2.

There's no fun in that. Much better to leave bulls and bears on the edge for another month or two.

 

[Shupe]

Is there an Australian law against trading privacy coins?

I made a withdrawal of AUD from binance recently and had to agree that I wouldn't exchange privacy tokens like monero/verge before they would allow the withdrawal to go through.

Haha, weird 'agreement'. But yes, privacy coins are frowned upon and I don't think can be traded on many CEX's. That said, still very tradeable on various DEX's should you like a particular project (Monero is the leader in this space IMO).

I guess it's a good thing about crypto, Aus government can 'ban' something, but there's always a way around it.

The biggest mistake I've made was after being in XRP for 3+ years then cashing out my 250,000 XRP in about August 2017, and then watching it go on an absolute run. Got back in mid December, and exited with a decent profit, but had I held on those extra 4 months I'd have netted AU$1.7m pre-tax. Taught me the value in holding, not trying to time the market, and in having an effective strategy in place that you adhere to.

Quoting this as a valuable learning lesson for people new to the game. You hear a lot of people talk about DCA'ing into projects, particularly when when prices are all over the place. However, just as importantly, have a plan and DCA out of projects as well.

When invested I was putting 20+ hours a week into researching crypto, which adds up over time. Eventually I realised it's possible to scale it back to 3-4 hours a week where you go for quality rather than quantity of information once you've got a grasp on the fundamentals.

Another quality post. I agree with the above. I was definitely like BACCS - consuming everything in every waking breath. Listening to podcasts/youtube whilst I drive. Jump on the computer as soon as I get home. You name it.

I found the issue with this is that I was getting so much information from various different sources to the point where it was all contradicting and nothing made sense. At the end of the day, you can make the graph show whatever you want it to show.

I now spend maybe a few hours a week, have a couple of trusted resources and focus on the fundamentals of a project. I know the price action will follow, so I'm happy to hold.

 

[BACCS]

Haha, weird 'agreement'. But yes, privacy coins are frowned upon and I don't think can be traded on many CEX's. That said, still very tradeable on various DEX's should you like a particular project (Monero is the leader in this space IMO).

I guess it's a good thing about crypto, Aus government can 'ban' something, but there's always a way around it.



Quoting this as a valuable learning lesson for people new to the game. You hear a lot of people talk about DCA'ing into projects, particularly when when prices are all over the place. However, just as importantly, have a plan and DCA out of projects as well.



Another quality post. I agree with the above. I was definitely like BACCS - consuming everything in every waking breath. Listening to podcasts/youtube whilst I drive. Jump on the computer as soon as I get home. You name it.

I found the issue with this is that I was getting so much information from various different sources to the point where it was all contradicting and nothing made sense. At the end of the day, you can make the graph show whatever you want it to show.

I now spend maybe a few hours a week, have a couple of trusted resources and focus on the fundamentals of a project. I know the price action will follow, so I'm happy to hold.

I am definitely finding the contradiction with listening to too many sources, so I have gradually cut this down. However, as I am so new to the space I want to absorb as much info as I can and then workout what suits my investment strategy. I don’t think spending as much time on it as I am now is sustainable long term, but given the mistakes I made early I am extra driven to avoid those again. I’ve at least stopped checking my portfolio daily as I know what prices coins need to hit to get back into the greens again, whatever happens before that is just noise.

 

[Evolved1]

 

[Evolved1]

Big inflows on coinbase. Pucker up ladies and gents.

 

[The Dice Man]

Big inflows on coinbase. Pucker up ladies and gents.

What does this mean? Big drop in price incoming?

 

[Evolved1]

What does this mean? Big drop in price incoming?

Probably. Large coinbase inflows indicate that smart money is selling.

 

[The Dice Man]

Probably. Large coinbase inflows indicate that smart money is selling.

Thanks.

Ive had half of my stack in USDC all week as every thing has been moving down, and wondering how the Greyscale news will effect the market. Ive just been trading in and out of coins trying to find small profits.