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Cryptocurrency mega-thread

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burge13 said:
I have no idea tbh but it also can't/won't reach heights people claim it will without it either

KYC seems hated (for reasons that make little sense) but it's needed
It probably should be a 'financial product' by now to give it more oversight and powers to authorities over scams. $3B stolen and nothing anyone can do? That isn't a 'normal scam' like overnight youtube experts claim. I think BTC/ETH will make up portions of peoples super before long but needs alot more regulation, laws, audits etc to be able to

Cracking down on paid shillers is an interesting one because the ASX has those laws and yet it does SFA!

By 'regulation of exchanges' what would you propose there? Proof of liquidity/assets? regular audits?

Tether and the like should 100% need to prove liquidity. I'd doubt they can, no way every $ is backed
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Independent audits and proof of assets would be a good start, along with some oversight to ensure the order books aren't being directly manipulated by exchanges.

Tether released a breakdown of their assets, two thirds of which are held in commercial papers. I'd like to see that independently audited to verify the actual value and determine where the funds came from....preferably when I'm not holding any USDT.

 
Evolved1 said:
Elon invariably tweets at resistance. This time at the weekly open.

There's a fair chance we would have rejected there irrespective of Elon's tweet. People give him far too much credit.
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I understand how he works, there was always volatility coming today with the monthly and quarterly futures contracts expiring (the largest of the year for ETH too).

It was going to be especially significant for ETH and if it wasn’t back above 2200 before expiry (there was an article recently explaining this was a critical level due to the number of contracts positioned near this value), then further downside was inevitable and that’s exactly what seems to be happening. I didn’t think any positive momentum could occur until after these contracts expired.
 

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BACCS said:
Haha, recovering money from a scam via insurance, have you seen the process for this and how many people end up not recovering their money? Who cares if scammers are caught when another 10 will pop up at the same time? If you're falling for crypto scams then you're the type of person to fall for fiat scams, what is exactly your point here?

I have not seen a person in crypto so far that doesn't want more regulation and it will come eventually.
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from who? Governments aren’t going to regulate crypto unpess it’s their own making crypto largely pointless.
 
Bostonian said:
A lot of coins are already near the 65-80% off ATH.

Will present a lot of opportunities for future returns of 2x-5x on various coins.

If you're happy with those returns and not a greedy mother trucker many gains could be made.
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2x to 5x? What do you base that on? Why not 10-15 times?
 
Bostonian said:
Because you can set your profit strategy levels at whatever risk you want to take.

Only requiring 2-5 makes the possibility of attaining all return goals a high probability.
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I’m aiming for that 2-5x gain (whenever that comes) and will then pull out my initial investment into stablecoins and leave the rest to ride whatever happens from there. If we have truly reached a long term bear market by this point though, then I’ll pull it all out and wait for a decent entry point again.
 
Seeds said:
from who? Governments aren’t going to regulate crypto unpess it’s their own making crypto largely pointless.
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Govts are interested in regulating crypto in so far as how tokens are exchanged for govt backed currencies.

If I sell you magic bean token A for $1 and you sell it for $1000, the govt wants to know about it.
 
Evolved1 said:
I think it's over folks. Next halving is due in 2024.
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Mate, patience! I will only start to think this cycle is over when the price is still chopping around here at the end of July/early August. I'm sure there are some posters in here that think I'm delusional, but that doesn't bother me, I'm standing by my call.
 

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Scotland said:
Really? Really?
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We already pay taxes on crypto transactions in Australia, the crypto exchanges are monitored by the ATO, for the average retail investor crypto is already regulated. There's still a way to go, but to say it isn't already regulated to a degree is just false. Crypto exchanges are also improving security and are starting to introduce insurance cover. The true regulation needs to come in for the institutions with the money and reach to actually influence the market.
 
BACCS said:
Mate, patience! I will only start to think this cycle is over when the price is still chopping around here at the end of July/early August. I'm sure there are some posters in here that think I'm delusional, but that doesn't bother me, I'm standing by my call.
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The rejection from mid-range yesterday was bad. Bitfinex whales are shorting every major resistance and making a killing. Confirmation for me is price going below 30k again. At that point I'm looking for shorting opportunities.

Mining bitcoin is still profitable at 20k. I'm starting to wonder whether that price will hold.

Anyway, I'm a far better short term trader than seer into the future. That's just my 2c worth.
 
Evolved1 said:
The rejection from mid-range yesterday was bad. Bitfinex whales are shorting every major resistance and making a killing. Confirmation for me is price going below 30k again. At that point I'm looking for shorting opportunities.

Mining bitcoin is still profitable at 20k. I'm starting to wonder whether that price will hold.

Anyway, I'm a far better short term trader than seer into the future. That's just my 2c worth.
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Fair enough mate, I’m a long termer so we obviously will have different perspectives. The rejection yesterday wasn’t surprising, the monthly and quarterly futures contracts closing have always led to volatility (from researching how it’s impacted price in the past). I’m less concerned about dropping below 30k again over if we are still chopping in about a months time.
 
BACCS said:
Fair enough mate, I’m a long termer so we obviously will have different perspectives. The rejection yesterday wasn’t surprising, the monthly and quarterly futures contracts closing have always led to volatility (from researching how it’s impacted price in the past). I’m less concerned about dropping below 30k again over if we are still chopping in about a months time.
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A few months of chop would be bullish to me. I might end up buying your bags in September. :p
 

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HirdyLannister said:
down down prices are down
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a.gif

Very representative of crypto bear markets of old, two legs down, one leg up. That's why it's so important to look at weekly graphs and not get caught up in the day to day fluctuations. Only 1 of the last 15 weeks has BTC put on more than 5%, however 4 of 15 weeks it's lost more than 14%. Now is not the time to buy. US$20k here we come.
Screen Shot 2021-06-26 at 6.46.52 pm.png
 
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That 30k region is a hard nut to crack. Since everyone else is bearish, I'm starting to doubt my own bearishness. If I wake up to 33k tomorrow, I may buy in again.
 
Bought a little at 31.5k, and laddering buys down again.

Counter trading the majority usually works.
 
gazzathegreat said:
The bull runs don't last very long eh.
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Well they do, this is just a mini bear market like 2013 in the middle of the bull cycle. Unless we are in unchartered territory here, this bull cycle ain’t over. If I’m wrong well then that sucks, but I’m very confident there is plenty more upside to come this year and into early 2022. If this is truly the end of the bull cycle, then there a lot of crypto analytic tools that have just been rendered useless.
 
BACCS said:
Well they do, this is just a mini bear market like 2013 in the middle of the bull cycle. Unless we are in unchartered territory here, this bull cycle ain’t over. If I’m wrong well then that sucks, but I’m very confident there is plenty more upside to come this year and into early 2022. If this is truly the end of the bull cycle, then there a lot of crypto analytic tools that have just been rendered useless.
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The 2013 cycle could be an aberration due to Mt Gox market manipulation. The market is young enough that no analytical tool is going to be foolproof.

Nothing suprises me in crypto. We could be at 10k or 100k by EOY. Anyone who gives definitive targets is full of shit.
 

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