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Bitcoin, Cryptocurrency, Blockchain, and You: Navigating the Future of Tech (a NeoGAF discussion thread)

Hnjohngalt

Member
It isn’t. This is what is going on, took me a bit to realize it.


The senate pushed a bill that plans to add higher surveillance on crypto transactions and tax most parties involved at a higher rate.

This bill essentially defeats many of the purposes of crypto. The market is currently being manipulated by whales based on extremely bullish and bearish potential outcomes related to this bill.

I am thinking about cashing out a bit if the vote passes the senate as Biden has announced support for the bill which means that the vote on the house has also a high chance to go through.

The vote is today so expect to see another price inflection right after the vote is announced.
Bill will not go in effect till 2023 if passed.. hodl!!!
 

haxan7

Banned
S3QvCsX.png
I don’t buy your hype
 

Ellery

Member
That is the question right. I am wondering whether Crypto works in cycles like the stock market (including supercycles) but on a much quicker timeline since the digitization has sped up our lives so much. In the 10 years that we have seen crypto (and mostly based on Bitcoin which we could use as a index basically to mirror the entire crypto world somewhat similarly to the SP500)

EWI4wlxWsAA4GDA.jpg



Everyone has seen this picture, but it is mostly interpreted in the way that confirms the bias of the interpreter. Obviously the big question is whether we are at "Bull Trad - Return to normal" or at "First Sell of - Bear trap".
Or maybe this is complete BS and the rules don't apply to the new age. Very good possibility given how much money has been printed and seeing a new challenger that is limited in supply.

If I had to purely guess out of the blue I would say the current and past spikes where done by whales who use the pumps to get attention and have other people join and accumulate and then to slowly and gradually dump a portion of it only to buy in again later and repeat the process of taking money from the people that buy high sell low.
I could be very wrong and crypto is the new age where things get completely out of hand and it overthrows Fiat money and somehow an infrastructure is created that allows it to thrive as a decentralized currency free of the money printing fiat madness.

That is the point where I am at and why I am not really invested in crypto, because I have no idea where this goes. There is close to 2 trillion dollar in crypto. It is mostly a speculative asset now, but the underlying technology of it is a lot bigger than most people realize. I am certain that the idea, conviction, push and technology of crypto will stay and improve, but where the price of specific coins is going to be in the future I dare not say, because that would be guessing as worthful as rollig a dice.
 

Ascend

Member
That is the question right. I am wondering whether Crypto works in cycles like the stock market (including supercycles) but on a much quicker timeline since the digitization has sped up our lives so much. In the 10 years that we have seen crypto (and mostly based on Bitcoin which we could use as a index basically to mirror the entire crypto world somewhat similarly to the SP500)

EWI4wlxWsAA4GDA.jpg



Everyone has seen this picture, but it is mostly interpreted in the way that confirms the bias of the interpreter. Obviously the big question is whether we are at "Bull Trad - Return to normal" or at "First Sell of - Bear trap".
Or maybe this is complete BS and the rules don't apply to the new age. Very good possibility given how much money has been printed and seeing a new challenger that is limited in supply.

If I had to purely guess out of the blue I would say the current and past spikes where done by whales who use the pumps to get attention and have other people join and accumulate and then to slowly and gradually dump a portion of it only to buy in again later and repeat the process of taking money from the people that buy high sell low.
I could be very wrong and crypto is the new age where things get completely out of hand and it overthrows Fiat money and somehow an infrastructure is created that allows it to thrive as a decentralized currency free of the money printing fiat madness.

That is the point where I am at and why I am not really invested in crypto, because I have no idea where this goes. There is close to 2 trillion dollar in crypto. It is mostly a speculative asset now, but the underlying technology of it is a lot bigger than most people realize. I am certain that the idea, conviction, push and technology of crypto will stay and improve, but where the price of specific coins is going to be in the future I dare not say, because that would be guessing as worthful as rollig a dice.
That is indeed the main question. Structure-wise, both the 'return to normal' and 'bear trap' scenarios are equally possible. However, looking at on-chain data, it is more likely that we are at the bear trap phase.

We must always remember that markets don't HAVE to follow this cycle, although generally they do. The difference is in the time frame, and markets behave like fractals. So you can be in a 'return to normal' on the short term and still be in a 'bear trap' in the long term, or vice versa.
 

Ellery

Member
That is indeed the main question. Structure-wise, both the 'return to normal' and 'bear trap' scenarios are equally possible. However, looking at on-chain data, it is more likely that we are at the bear trap phase.

We must always remember that markets don't HAVE to follow this cycle, although generally they do. The difference is in the time frame, and markets behave like fractals. So you can be in a 'return to normal' on the short term and still be in a 'bear trap' in the long term, or vice versa.

Yup. It is always hard to predict a game changer and crypto definitely has what it takes to be a game changer.

It is hard for me to say where the world stands on crypto because I am not even sure where I stand on it. On the one hand it makes absolutely no sense that those crypto coins are worth close to 2 trillion dollar, because they basically have no real use. From a speculation standpoint it does hoping that the ponzi scheme continues to find the next person that is willing to get in and if the world actually ends up adoping some sort of decentralized money system then 2 trillion is the very beginning.

It is pretty crazy to think about that Bitcoin is already close to 1 trillion $USD and was above it some months ago when the entire physical amount of money in the US is only 2.1 $ trillion.
 

Ascend

Member
Physical money is not a good measure of supply though, because around 90% of the USD money supply is digital. We must remember that crypto is global though, and it's not just the US that exists. 2 Trillion might sound like a lot, but if you look at the following site, you'll see how small the market still is.

 

Hnjohngalt

Member
I have enj for gaming... others i like thst are not gaming per se are Atom. Vet, Harmony One. And hopeful on Dot and Sol
 
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Ascend

Member
Can we talk about gaming block chains a bit here? I want to start researching and discover the next axie infinity before it happens. What is my Gaf peers looking at?
It's hard to predict what exactly will take off... There was no discernable difference between Axie and other games before the explosion.
 

Synless

Member
It's hard to predict what exactly will take off... There was no discernable difference between Axie and other games before the explosion.
I’m thinking more or less we bring some visibility to the projects. I’m not too familiar with anything beyond axie, enjin, illuvin, and some others. I wouldn’t mind taking a gamble on some other projects if I see something nice come up.
 

Irobot82

Member
Bah ... Blockfi is reducing interest rates again. Any good staking alternatives, Neogaf?
For what coins?

Exodus Wallet is pretty good I think? I don't really have comparison other than Coinbase.

Algorand 5.50%
Cardano 4.91%
Cosmos 9.02%
Neo 2.26%
Ontology 15.93%
Tezos 7.88%
VeChain 1.49%
Solana 6.21%
 

Little Mac

Gold Member
For what coins?

Exodus Wallet is pretty good I think? I don't really have comparison other than Coinbase.

Algorand 5.50%
Cardano 4.91%
Cosmos 9.02%
Neo 2.26%
Ontology 15.93%
Tezos 7.88%
VeChain 1.49%
Solana 6.21%
Basically looking for a place I can put what little BTC and ETH (and I guess USDC) I have and earn a little passive income. Thanks for your reply.
 

Irobot82

Member
Basically looking for a place I can put what little BTC and ETH (and I guess USDC) I have and earn a little passive income. Thanks for your reply.

I'm leery of camping my main coins like BTC and ETH into a third parties wallet. But with Exodus if you convert some of your crypto to those coins, when you stake them it stays in your wallets and you earn interest.


Edit:

It's been said several times on this thread before and so it will be said again.

Rule #1: Not your keys, not your crypto.
 
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I’m thinking more or less we bring some visibility to the projects. I’m not too familiar with anything beyond axie, enjin, illuvin, and some others. I wouldn’t mind taking a gamble on some other projects if I see something nice come up.
My favorite picks in this space would be:
- Axie (prob too late)
- Vidya
- Gods unchained
- Mana
 

Irobot82

Member
Surprised not a peep. Huge rally. Cardano hit $3. BTC $50k. Ethereum up a shitload.
Whoopdy dooooo. This is like the 3rd or 4th time we hit $50k!

J/K

Man I wish I had more ADA. I bought some when it was diiiiiirt cheap because I believed in the chain. Ragrets and all.
 

Little Mac

Gold Member
As I mentioned earlier, I wanted to move my crypto off of Block Fi because of their falling interest rates. I ended up going with Celcius and it's been a fairly easy transition. Very similar platform. Celsius rates are good I think ... Eth 5.35% under 100, BTC 6.2% under 1, USDC is 8.88%. Hopefully rates stay up. Regardless, if anyone wants a Celsius referral code which ends up getting us both $50 in BTC, message me.
 
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godhandiscen

There are millions of whiny 5-year olds on Earth, and I AM THEIR KING.
I have been buying Solana along with ETH in the last two weeks. It feels criminal to make so much money from what are essentially gambles. The financial system is broken or some shit.

I know I am profiting massively from these market inefficiencies, and I am not trying to be a downer, but at some point the people left out of the game will wake up and will burn the game to the ground, literally.
 
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Cashed out today, this growth can't sustain. Will invest again after it crashes down.

Having said that Eth immediately jumped up again after I converted to tether. Sods law.
 
May I asked what the joke is? I’m new to crypto and just have $200 invested in Cardano as a feeler! Kinda already doubled the return.
The joke for this is that ADA (Mostly Charles Hoskinson) has been speaking about smart contracts being released on cardano for YEARS. I'm sure it'll happen sometime, but waiting for 3~ years.... MERCY!

This is pretty much the same joke that ETH has; Eth 2 will be coming soon! (Have heard this for 3+ years) but I've got a lot more faith in eth than ADA
 

Irobot82

Member
The joke for this is that ADA (Mostly Charles Hoskinson) has been speaking about smart contracts being released on cardano for YEARS. I'm sure it'll happen sometime, but waiting for 3~ years.... MERCY!

This is pretty much the same joke that ETH has; Eth 2 will be coming soon! (Have heard this for 3+ years) but I've got a lot more faith in eth than ADA
I felt the same until I listened to the Lex podcast with Charles.
 

Irobot82

Member
Hmm, might have to get it a listen; but regardless i've heard Charles talk LOTS over the last few years, but what I haven't seen is smart contracts actually get released 🤣
They're super slow for reasons such as, not having a DAO hack and rolling back a chain, or issues with updating Geth clients causing a chain split. You know....things that would worry people.
 
They're super slow for reasons such as, not having a DAO hack and rolling back a chain, or issues with updating Geth clients causing a chain split. You know....things that would worry people.
Well DAO hack has more to do with vulnerabilities with how the smart contracts are written, I mean these things cant happen on ADA if smart contracts never actually get released ;)

Also, its extremely likely that we will see the same sort of things happen on ADA when smart contracts actually get released. DAOs getting hacked is more of a flaw in how the smart contract was written, and not the language itself (though solidity does have its issues). Eth 2.0 has also taken a very long time and its still likely 2+ years from full completion
 

Hardensoul

Member
The joke for this is that ADA (Mostly Charles Hoskinson) has been speaking about smart contracts being released on cardano for YEARS. I'm sure it'll happen sometime, but waiting for 3~ years.... MERCY!

This is pretty much the same joke that ETH has; Eth 2 will be coming soon! (Have heard this for 3+ years) but I've got a lot more faith in eth than ADA
Ahh, thanks!
 

godhandiscen

There are millions of whiny 5-year olds on Earth, and I AM THEIR KING.
They're super slow for reasons such as, not having a DAO hack and rolling back a chain, or issues with updating Geth clients causing a chain split. You know....things that would worry people.
Your smart contracts can’t get hacked if you don’t release smart contracts.


1m06z4.jpg
 
Not financial advice, but it seems like we are experiencing a liquidation event; Which generally is a good time to start averaging into the market. As you can see in the following charts, longs were overly exposed with high leverage and the sell off is causing major liquidations across the entire market. When bitcoin begins to sell off, especially in a liquidation event the entire market tumbles. 326,000+ traders got REKT in the last 24 hours (majority in the last 2 hours)

A5cdzkr.png

pHGcXEl.png
 
What the fuck just happened, USDT gas fee jumped from $60 to $500 and a bunch of my transactions failed and swallowed my reasonble-at-the-time gas fee.

GJBJmCk.png

LO0PDB4.png
 
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I just wish the crypto market could figure out how not to follow what Bitcoin does to the letter. Bitcoin is selling off? Guess that means every other token/currency is going to also sell off 🤦
It's a double edged sword:
  • It creates opportunity to enter coins on watchlists
  • It's easy to see the good coins, they bounce back fast
So far it looks like a small crash, I wanted projects like ThorChain and Anker to drop further but it didn't happen.

I only increased my positions in API3 and Theta, and will pick up some Saito later.
 
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