Current Events > Bitcoin dropping below 9k

(+) Yeah! (+)

crypto
is
dead
ripto
to
crypto
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Time to buy
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hodl

Megaman50100 posted...

Time to buy

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Kaiganeer posted...

hodl

hodl prob getting spammed on every crypto sub
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Crypto but the currency is tied to a standard which is modified to assist with disaster relief
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It's literally worth $0. How is it even still here?
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Satoshi Nakamoto.
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I suppose this is relevant.

https://www.youtube.com/watch?v=61Q6wWu5ziY" data-time="
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So is the pump dumping again?
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great time to buy tbqh
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TheBlueMonk_ posted...

Megaman50100 posted...

Time to buy

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MedeaLysistrata posted...

Crypto but the currency is tied to a standard which is modified to assist with disaster relief

oracle problem
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Didn't Clear invest in Crypto?

Come to think of it...has anyone heard from Clear lately?
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but i already made billions when it was at 25k
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Surprise Pikachu Face

I mean this shit's gonna continue for like 4-5 times with the same pattern of fluctuation and people will still get suckered into it long enough for the people rallying for suckers to buy for their own profit

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Kombucha posted...

I'm super surprised it went up to 9K. Wasn't it like 3K a year ago?

Was at 3K this past January, went up to 14K sometime in the summer, and is projected to hit 16K next month. Disclaimer: I don't own any BTC.
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Sad_Face posted...

I suppose this is relevant.

https://www.youtube.com/watch?v=61Q6wWu5ziY" data-time="

LMFAO, I'm ded from watching. Thanks for making me laugh in the morning Sad_Face!

Come to think of it...has anyone heard from Clear lately?

I heard he got banned from the site.
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what is with that dudes face??

fuck
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Volatility is good for hodlers, as long as it goes up over the long term
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Hanky_Bannister posted...

what is with that dudes face??

fuck

He's Satoshi Nakamoto, confirming the buy of 100,000 bitcoms.
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MACisBack posted...

Hanky_Bannister posted...

what is with that dudes face??

fuck

He's Satoshi Nakamoto, confirming the buy of 100,000 bitcoms.

xD

i wonder if that person will ever come forward.

the show Lodge 49 has a bitcoin connection in their story that is pretty funny.
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I wonder the same thing if he will ever come forward. I'll have to check that show out.

Also, Bitcom is from Maxine waters when she said there needs to be a hearing about crypto a few months back. I just can't forget that, too funny.
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MACisBack posted...

Bitcom is from Maxine waters when she said there needs to be a hearing about crypto a few months back. I just can't forget that, too funny.

lol nice
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Squall28 posted...

It's literally worth $0. How is it even still here?

It isn't here

It's everywhere
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MACisBack posted...

LMFAO, I'm ded from watching. Thanks for making me laugh in the morning Sad_Face!

No problem.

Hanky_Bannister posted...

what is with that dudes face??

fuck

And that's one of the Bogdanoff twins. They're a couple of French billionaires who bought their way into getting Ph.D.s in Math and Physics are into Alien conspiracies, science TV shows and bunch of other junk. They really worked their faces so 4chan just rolled with it for a bunch of memes.
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Buy low, sell high.
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Below 8000 now. I'm hodling on for deer life

Tony_Biggie_Pun posted...

Below 8000 now. I'm hodling on for deer life

i still hold a bunch of alts.

fun to see how this shit plays out.

i wonder if it has another run at some point.
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I still mine every now and then... helps me warm up my place in Winter.

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Very nice,I hope it crashes hard so I can buy in, I had no cash to buy in when it was $3k
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Hanky_Bannister posted...

i still hold a bunch of alts.

fun to see how this shit plays out.

Same as you TC, I'm just holding and watching.
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Hanky_Bannister posted...

Tony_Biggie_Pun posted...

Below 8000 now. I'm hodling on for deer life

i still hold a bunch of alts.

fun to see how this shit plays out.

i wonder if it has another run at some point.

I have a few alts too. Overall about ~$500 total (btc, etc, lite) give or take depending on the swings

Do you guys actually make much money out of this? I appreciate there can be some big swings which helps make even smaller holdings/portfolios have substantial gains (or losses), but even then with transaction costs to actually convert to real cash, isn't it not that profitable?

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@gloBal_enemy posted...

Do you guys actually make much money out of this? I appreciate there can be some big swings which helps make even smaller holdings/portfolios have substantial gains (or losses), but even then with transaction costs to actually convert to real cash, isn't it not that profitable?

It absolutely is profitable. The fee to sell is depends on the platform in which you sell. If you sell P2P, there's none but you still need to coordinate the setup yourself. On a platform like Coinbase, the fees to sell range from 1.5%-4%.

https://support.coinbase.com/customer/portal/articles/2109597-buy-sell-bank-transfer-fees

But when you swing trade, you don't sell to cash. You sell to a stable coin like USDC or Tether. These are (supposedly) backed by the US dollar. So you can flip between currencies without fear of volatility like what's happening now.

I don't swing trade because I'm much too emotionally invested in Chainlink. But I do implore people to learn how to swing trade. It tests your ability to make decisions based on logic without the influence of emotions. The less attached you are, the better because this can really crank up the anxiety and stress. I feel that people who don't give 2 craps about crypto would be really good traders.

Of course to make those life changing gains, you have to believe in the project you're invested in, which comes at odds with the fundamental rules of trading. So they say, there are smart traders who make a lot of small gains, and dumb investors who make the insane FU amounts of money.
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Fair enough. Thanks for the detailed explanation. I think Im too risk averse to put any serious coin in given I also have a $2m mortgage lol.

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@gloBal_enemy posted...

Fair enough. Thanks for the detailed explanation. I think Im too risk averse to put any serious coin in given I also have a $2m mortgage lol.

I still recommend you you try it out, even with $10. Heck, Coinbase gives away about $30 worth of crypto for watching a bunch of videos and you can consolidate to a single crypto currency (like Chainlink) to swing trade with or test out with. When you witness the beauty yet horror of the transparency of the network, how everyone can see your transactions and how you can see their transactions, when you experience for yourself being able to send crypto to ANYONE in the world as creating a crypto wallet is literally as simple as downloading a crypto wallet and opening it up, it'll blow you away on just how revolutionary this tech is.

People in Iran and in Cuba can bypass US sanctions through blockchain tech. And the US has sanctioned banks with fines over billions of dollars. Even for legal transactions, it takes time. I did a Moneygram and it cost me $20 to send $500 to someone on another island outside of the US territory in the Caribbean and it took a day to process. Crypto, it takes 5 minutes for a transaction to go through on the Ethereum network. 15 minutes on the considerably larger Bitcoin network. Less than a minute with the Stellar Network. And the network fees for the transaction were probably 20 cents at most.

I know it's a tall order to invest time into something you're not keen on or have no prior interest in, but I implore you, this is the future and is going to completely disrupt society as we know it. The big banks know this, and they know the US dollar's lifespan has a hard limit with crypto in existence. You don't need risk anything, just put in the bare minimum just to get the understanding and experience and hopefully it'll spark an interest in learning about the ebb and flow of money in this world and what gives currency its value.
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https://www.youtube.com/watch?v=gz7IPTf1uts" data-time="
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Sad_Face posted...

I still recommend you you try it out, even with $10. Heck, Coinbase gives away about $30 worth of crypto for watching a bunch of videos and you can consolidate to a single crypto currency (like Chainlink) to swing trade with or test out with. When you witness the beauty yet horror of the transparency of the network, how everyone can see your transactions and how you can see their transactions, when you experience for yourself being able to send crypto to ANYONE in the world as creating a crypto wallet is literally as simple as downloading a crypto wallet and opening it up, it'll blow you away on just how revolutionary this tech is.

People in Iran and in Cuba can bypass US sanctions through blockchain tech. And the US has sanctioned banks with fines over billions of dollars. Even for legal transactions, it takes time. I did a Moneygram and it cost me $20 to send $500 to someone on another island outside of the US territory in the Caribbean and it took a day to process. Crypto, it takes 5 minutes for a transaction to go through on the Ethereum network. 15 minutes on the considerably larger Bitcoin network. Less than a minute with the Stellar Network. And the network fees for the transaction were probably 20 cents at most.

I know it's a tall order to invest time into something you're not keen on or have no prior interest in, but I implore you, this is the future and is going to completely disrupt society as we know it. The big banks know this, and they know the US dollar's lifespan has a hard limit with crypto in existence. You don't need risk anything, just put in the bare minimum just to get the understanding and experience and hopefully it'll spark an interest in learning about the ebb and flow of money in this world and what gives currency its value.

So far the extent of my investment has been electricity to mine on Nicehash. I think the biggest challenge here is it seems quite difficult to realise the investments since the local banks here in Australia (or at least mine) all block transactions with crypto-related organisations (eg Coinbase). My small wallet is really only used for paper gains and I used it once to buy DisplayFusion since they accepted crypto.


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gloBal enemy posted...

So far the extent of my investment has been electricity to mine on Nicehash. I think the biggest challenge here is it seems quite difficult to realise the investments since the local banks here in Australia (or at least mine) all block transactions with crypto-related organisations (eg Coinbase). My small wallet is really only used for paper gains and I used it once to buy DisplayFusion since they accepted crypto.

Ah. I did have that problem as well in the beginning. I've been blocked on multiple exchanges due to my region. Fortunately, one of my banks has yet to veto my transactions and the other temporarily blocked my transactions until I assured them it wasn't fraud and I was in control of my funds. I did feel pushed to buy P2P but I dropped out because a transaction I was setting up took a bit too long and I got cold feet. Found another place that would take my money after Coinbase blocked me (somehow they restored my account so I'm not going to complain or question it).

My friends have all demanded I confirm that I could cash out. Made me waste a couple dollars proving my methods work. Honestly, I never put much thought into it. I figured I'll figure it out when I cross the bridge. Would I rather go on an adventure and figure out how to cash out a million bucks or ignore an opportunity of a lifetime cause I can't figure everything out from the start?
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Sad_Face posted...

Ah. I did have that problem as well in the beginning. I've been blocked on multiple exchanges due to my region. Fortunately, one of my banks has yet to veto my transactions and the other temporarily blocked my transactions until I assured them it wasn't fraud and I was in control of my funds. I did feel pushed to buy P2P but I dropped out because a transaction I was setting up took a bit too long and I got cold feet. Found another place that would take my money after Coinbase blocked me (somehow they restored my account so I'm not going to complain or question it).

My friends have all demanded I confirm that I could cash out. Made me waste a couple dollars proving my methods work. Honestly, I never put much thought into it. I figured I'll figure it out when I cross the bridge. Would I rather go on an adventure and figure out how to cash out a million bucks or ignore an opportunity of a lifetime cause I can't figure everything out from the start?

fair enough. I think Im probably just too risk averse and prefer the more traditional investment classes anyway.

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You just taught me about lending electricity for mining (I don't mine, it's far too costly to set up where I live, and I am working on my Chainlink node anyways) so I wouldn't say you are too risk adverse, you're farther ahead than my IRL friends who come up with every excuse not to drop $10 back when my token was under a dollar.

I would be wary of traditional methods. They say that people are selling stocks far more than in recent years, in fact, people are speculating that the Bezos affair was a ploy to allow Bezos to cash out billions of dollars worth without being charged with insider trading. Most economists are talking about warning signs about a global recession. All the more reason to learn about crypto.
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Sad_Face posted...

I would be wary of traditional methods. They say that people are selling stocks far more than in recent years, in fact, people are speculating that the Bezos affair was a ploy to allow Bezos to cash out billions of dollars worth without being charged with insider trading. Most economists are talking about warning signs about a global recession. All the more reason to learn about crypto.

market's grossly overvalued, diminishing returns on indexes, corporate debt has ballooned, there are signs of inflation, free money from the bernanke-yellen era is drying up, and interest rates are still low

we're in the fast lane to the late 1970s

may god have mercy on us all

also, hodl y'all
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^Venezuela and Argentina have both gotten slapped with hyperinflation. The Chinese yuan also got hit hard where it inflated in the past few months. I recall the story was that Trump was accusing them of currency manipulation while others saying they were trying to protect their currency from further inflation. I have to reread what happened. There's also the Federal Reserve currently doing a repo operation, repurchase agreement, injecting $75 billion per week day from last week till October 10th I believe. I'm not at all familiar with what a repo operation is so I am going to spend my time reading up on it this weekend.

Fascinating stuff when you start learning to invest.
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Maybe I have undersold my background on the topic of investing in traditional asset classes. Without divulging too much on the internet (not that anyone should or needs to believe me), I'm what is legally termed a 'sophisticated investor'.

So back on topic, the point around markets being grossly overvalued, diminishing returns, etc... who is to say this isn't the new normal? And to say something is overvalued can only be a statement made relative to the intrinsic or fundamental value of something - but it's not to say that the pricing won't become the new normal given market prices are all about supply and demand.

I look at something like cryptocurrency and the biggest issue I have with it is there is absolutely no fundamental value to it beyond supply and demand (market prices) and it's based entirely on scarcity. Those who claim to be traders are often buying and selling almost entirely on technical analysis with a little bit of fundamentals around regulation and ability to cash out. Unlike say a traditional asset (not counting derivatives) where even if prices plummet, you still have something whether it be a share in a company' residual assets/equity, a metal which could be used in the manufacturing process, or a roof over your head. And whilst I know everyone hates regulation and government rules, but that's what makes a true market so appealing. Yes I'm aware there are downsides to this, but there are also plenty of upsides which help keep the market in many ways, fairer.

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gloBal enemy posted...

I look at something like cryptocurrency and the biggest issue I have with it is there is absolutely no fundamental value to it beyond supply and demand (market prices) and it's based entirely on scarcity. Those who claim to be traders are often buying and selling almost entirely on technical analysis with a little bit of fundamentals around regulation and ability to cash out. Unlike say a traditional asset (not counting derivatives) where even if prices plummet, you still have something whether it be a share in a company' residual assets/equity, a metal which could be used in the manufacturing process, or a roof over your head. And whilst I know everyone hates regulation and government rules, but that's what makes a true market so appealing. Yes I'm aware there are downsides to this, but there are also plenty of upsides which help keep the market in many ways, fairer.

That's part of what makes its more appealing than Fiat currency. With the bitcoin, we know there's a bottom, the cost of maintaining the network. The bitcoin will not go lower than the point in which mining is no longer profitable. On the flipside, its ceiling is, like you said, built upon the trust of the network and its usage. And we know that there will only be 21 million bitcoins in existence. Contrast this to the US dollar that the Federal Reserve can print whenever they want however they want.

Now the other big blockchain is Ethereum, the progenitor blockchain of smart contracts and dApps, decentralized applications. In 2017, it took off in the ICO (Initial Coin Offering) rush. Ethereum allowed dApp developers to create their own token that they can use for their projects or as shares for their company. As the dApp race took off, this lead to a large demand in ether, the coin for the ETH blockchain, as you needed it do process any transaction and more importantly, it was used to trade for the tokens that each team offered when they raised funds for their project. As such, ETH took off in value to meet the demand. It differs from the bitcoin as ETH is considered "gas" as opposed to the BTC being a currency, and ETH doesn't have a hard cap on the amount that can be in circulation like the BTC.

For my project of choice, its value will come from the usage of the network, specifically from staking. To recap on what Chainlink is, it's the framework for a decentralized oracle network, the HTTPS of blockchain for an analogy. Oracles are the bridge between smart contracts on the blockchain and API data providers, and essentially connect smart contracts to the "real world" and give them real use cases. Anyone can create a Chainlink oracle node to join the network (at the moment, it's curated, so centralized, but this will change). But what incentivizes good oracle nodes is that the Link tokens will be held as collateral for jobs. Multiple Oracle nodes will share a job of sending data to a smart contract from an API source. The smart contract will determine if the data is correct by majority rules, if one oracle sends data the differs from the rest, that data can be correctly assumed as tampered and it'll be penalized by giving up link tokens. The others will be rewarded. High value smart contracts, ones that demand high collateral values in Link will push the price of the Link tokens up.

This is what I adore about crypto, good projects have utility functionality for their tokens as opposed to it being purely shares.

And I don't agree that the current stock market could be the new normal. I know China has an issue of getting heavy investment but nothing to show for it. They tons of ghost cities. The Deutsche Bank recently went through a serious number of lay offs and even the CEO is warning of a crisis. I admit, I need to read up on all these things. There's a lot going on and I want to learn it all.
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its already up to $12,100 again
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Rika_Furude posted...

its already up to $12,100 again

Wut
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i'm holding for the long haul
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