Bitcoin price discussion and analysis

[wayneL]

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Look interesting, nice if you got the breakout

~400USD seems to be a solid resistance level. A solid break from that and we're off to the races again.

I'm still like a new add a new gate with all this stuff but I certainly think the ETH story is solid, as far as my limited understanding is. (Along with BTC of course)

 

[noirua]

October 1 2020

 

[wayneL]

Just thinking we should be blowing some cobwebs off of this thread.

I have learnt a lot about cryptocurrencies in the last 3 or 4 months, but still admittedly a complete novice... I feel like I know about 10% of what I need to know.

Raoul Pal is boasting about being irresponsible long. Paul Tudor Jones has bought a bit, and a fewcorporates are stocking up a bit of BTC for their reserves... among other pretty convincing news for BTC.

This is the first time ever in my investing career that I have ever used dollar-cost-averaging, and I am dollar cost averaging into ETH and especially BTC.

Of course it's a volatile beast and fully expect a lot of euphoria and pain in the future in my HODL strategy.

But by way of commentary, which will be pretty superfluous for anyone watching Bitcoin, the recent volatile move up to around $13,000US is being pretty sticky around that level at the moment.

I now have about 80% of my cash holdings in cryptos and precious metals, something I would have never imagined at this time last year... And despite the potential volatility there, I am feeling really very comfortable with that.

FWIW

 

[verce]

We are probably witnessing a paradigm shift and once in a lifetime transfer of wealth to digital natives.

 

[Warr87]

I used to use wallets and a ledger to store my cryptos. i'm now just using CFDs to trade them to be honest. can trade them as futures as well. i'm preferring the option of CFDs right now.

 

[wayneL]

I used to use wallets and a ledger to store my cryptos. i'm now just using CFDs to trade them to be honest. can trade them as futures as well. i'm preferring the option of CFDs right now.

I'm using CFDs to wade in, then converting the underlying if I want to HODL that "tranch".

Yeah extra contest risk there, but also fiddling with some option strategies via FTX which is more than compensating right now

 

[BlindSquirrel]

I subscribed to Nuggets News a few months ago. The information that they've shared has allowed me to pay off that subscription several times over. It seems like there are some pretty knowledgeable folks over there. The weekly macro & crypto news videos that he puts out on Sunday nights (on youtube) are very informative.
It is exciting times indeed.

 

[wayneL]

I subscribed to Nuggets News a few months ago. The information that they've shared has allowed me to pay off that subscription several times over. It seems like there are some pretty knowledgeable folks over there. The weekly macro & crypto news videos that he puts out on Sunday nights (on youtube) are very informative.
It is exciting times indeed.

I've been following Alex for a while but just have an aversion to paid subscriptions.... it will only take a moment of weakness until I cough up the moolah for that.

I'm finding Simon Dixon and Steven Livera educational too.

It's funny, but I am kind of enjoying being a nooob all over again.

 

[DB008]

There have been huge developments in the crypto world (Bitcoin) the last few months.

Greyscale Investment Trust​

Greyscale now has $6.5 Billion ‘AUM’ (Assets Under Management) and approximately 450,000 BTC.​

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https://grayscale.co/bitcoin-trust/​

Microstrategy​

Microstrategy invested $425 million in BTC in Sep/Oct 2020 citing declining US Dollar (inflation) and nowhere else to park your money without erosion over long term time frames.​

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With Bitcoin trading at a $13,320 price at the time of writing, Saylor’s Bitcoin holdings would be worth $263.3 million,
a roughly 30% increase between the time of purchase.​

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Microstrategy invested in BTC link​

Square (founded by Twitter CEO Jack Dorsey) invests $50 million USD into BTC​

There have also been other Bitcoin proponents, prepared to commit large chunks of their portfolio to the cryptocurrency. On 7 October 2020, US merchant services aggregator Square Inc purchased 4,709 Bitcoins at an aggregate purchase price of US$50 million (A$70 million).​

Square has been working with Bitcoins in the crypto space since 2018 through its Cash App product, a means for customers to buy and sell Bitcoin securely.​

“To maintain transaction privacy and price slippage on execution, Treasury purchased the Bitcoin over-the-counter with a Bitcoin liquidity provider that we currently use as part of Cash App’s Bitcoin trading product,” the company announced.​

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Square Inc Bitcoin purchase link​

Paul Tudor Jones (legendary billionaire currency trader) and
has invested a percentage of his fund (Tudor Investment Corp) into BTC. ​

“The best profit-maximizing strategy is to own the fastest horse,” Jones, the founder and chief executive officer of Tudor Investment Corp., said in a market outlook note he entitled ‘The Great Monetary Inflation.’ “If I am forced to forecast, my bet is it will be Bitcoin.”​

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Jones, who said his Tudor BVI fund may hold as much as a low single-digit percentage of its assets in Bitcoin futures, becomes one of the first big hedge fund managers to embrace what until now has largely been snubbed by the financial mainstream. He was motivated to take a hard look at Bitcoin after considering the implications of massive fiscal spending and bond-buying by central banks to combat the coronavirus pandemic.​

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Tudor Investment Corp link​

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Stone Ridge Asset Management​

Stone Ridge Asset Management confirming a $115m Bitcoin purchase this week. Following the acquisition, the $10bn private firm’s BTC holdings are under the custody of its spin-off New York Digital Investment Group (NYDIG).​

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Stone Ridge Asset Management link​

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[DB008]

If you have listen to this, l highly recommend it. Goes for a while, but when your buy $425 million worth of BTC, you better know what your doing.....

Pomp Podcast #385: Michael Saylor On Buying Bitcoin With His Balance Sheet







.​

 

[DB008]

Trezor has discounts this month on all products

https://shop.trezor.io/


Discount code is TECHMONTH2020​

For storing your seed

Blockplate - Simple, Durable Bitcoin Wallet Seed Protection

Blockplate’s innovative metal seed storage is the absolute simplest way to protect your bitcoin wallet recovery phrase on durable, long-lasting steel. Third party tested and proven.

www.blockplate.com

.​

 

[DB008]

Stock to Flow model

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[Roller_1]

What do some of you guys recommend for long term positions of bitcoin? i want to get some exposure (5-10k) but not fully across everything. Is it best to buy and store in wallets or futures, i can't seem to see any main stream ETF's available. cheers

 

[DB008]

i want to get some exposure (5-10k) but not fully across everything

What does this mean?

 

[Roller_1]

What does this mean?

as in i dont fully understand the wallet system etc. Are they secure? What are the best options?

Basically i want to get some exposure without turning it into a whole new strategy

 

[DB008]

I would advise extreme caution to newbies about purchasing a hardware wallet and moving funds there.

If you stuff it up, you can lose everything. I know someone who forgot a password, and is now locked out of his hardware wallet, about $100k gone.

Maybe just set up an account at a crypto exchange, and hold the funds on the exchange, with 2 factor auth set up.

 

[Warr87]

Stock to Flow model

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View attachment 114190​

Could you explain/expand a little for the uninitiated? I'm not sure what I'm supposed to be reading or inferring from this lol.

 

[DB008]

.

 

[BlindSquirrel]

Maybe just set up an account at a crypto exchange, and hold the funds on the exchange, with 2 factor auth set up.

Perhaps best to open accounts with a few different exchanges in case one gets hacked.
I've got Binance, Coinspot, Bittrex, Independent Reserve, Coinbase, FTX...

 

[DB008]

Perhaps best to open accounts with a few different exchanges in case one gets hacked.

I'm not sure that makes a difference.

I looked at what Coinspot offers in this regard

Scroll to bottom of page

https://www.coinspot.com.au/security

ISO 27001 Certification​

In order to achieve the ISO 27001 standard as mandated by the International Organisation for Standardisation, CoinSpot was required to complete an external audit undertaken by SCI Qual International (an accredited JAS-ANZ certification body).​

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The certification process requires an in-depth investigation and ongoing audits of Information Security Management processes and practices. This includes processes relating to the management of; digital asset storage, information relating to employees, contractors, suppliers, clients, products, processes, and intellectual property. These stringent policies are designed to eliminate unauthorised access, use, destruction, modification or closure of the organisations information management systems.​

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Industry Best Practice Offline Storage Protocols​

CoinSpot maintains industry best-practice by securing a vast majority of assets in highly secure offline locations.​

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Customisable Account Level Security​

CoinSpot has a suite of customisable account security settings such as; Two-Factor Authentication, custom withdrawal restrictions and session timeout limit settings available to all users to improve the security of your account.​

I think the custom withdrawal might be the way to go - ie, disable withdrawal and provide ID and what-not to activate withdrawals.

This is not financial advice, just my thoughts. I provide no financial advice regarding cryptocurrencies.

Also, does Coinspot provide U2F (like Yubikey) to login?

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