General cryptocurrency market discussion

[Garpal Gumnut]

Yes crypto exchanges: for me: btc market;
So far very good but if noone trade, the business model collapses, also their commission is a percentage of the crypto.
If they played the up trend and kept these as crypto not cash, non only is the commision drying up but there is a ridk that previous income vanish as well..i would bet it will happen for some exchanges

Thanks for that @qldfrog . I've been looking at crypto from the sidelines. Your comments are very informative. Sorry to see ARV dump like that.

gg

 

[basilio]

As in the crypto exchanges? Possibly. Looks of uproar on Reddit about buyers having been locked out of their crypto brokers so if the fall continues then it may be the end for some if they continue to lock it their clients.
Unfortunately this story of behaviour always happens - it has happened with equities and has happened with FX in the past (I remember FXCM getting flogged when the Swiss implemented negative rates and traders couldnt adjust their positions).

When bubbles burst the market, by definition, is not orderly.
I suggest that with that in mind all investment markets will now go into risk on mode.
No one will want to be last out of the door.
And I'm not sure anyone should trust the various puts, options, derivatives, stops etc that are intended to protect one's investment.
Just my opinion.

 

[qldfrog]

Thanks for that @qldfrog . I've been looking at crypto from the sidelines. Your comments are very informative. Sorry to see ARV dump like that.

gg

let's just say I try to see cryptos from a detached view, I made some good coins out of these but not major, and had to kick myself when deciding to buy one more fullat 12k AUD or so, and delaying so much that I could not afford to gamble the full BTC prize.
I see BTC risk as the legal/gov one, and it seems gov are now coming for the kill;
disclaimer: I kept 0.2 BTC

 

[scarlettsmith694]

Coinbase stock marked its record low of US$208 in Wednesday’s trading. Bitcoin plunged as much as 29 percent before regaining some of the losses.

 

[over9k]

And wouldn't you know it, riot just clipped resistance before dropping back down again:



Looking like a buy opportunity tomorrow if it keeps on its one day pattern.

 

[over9k]

Told you not to trust anything:



That's a +10% to -3% in under three hours.

And yes, that line is the resistance line I pointed out earlier:

 

[makteb]

I don't think the bottom is in yet folks. If you frequent reddit, there's a lot of outrage directed towards Musk and many are of the opinion that bitcoin is now toast and other coins will rise - not saying that they're right but that's the perception and perception matters.

I'm not in crypto, but this instrument has absorbed so much cash I. E. Fiat, that it has started to affect other markets - did someone say contagion?

I'm watching this closely. Bitcoin is falling from all time highs, so is the DJI, and the NASDAQ and commodities (see lithium and rare earth prices, oil, iron ore).

This is part of a global, multi instrument trend - double top anyone? .. Meanwhile the eurozone officially entered a double dip recession overnight.

Hold on for the ride

Told you not to trust anything:

View attachment 124590

That's a +10% to -3% in under three hours.

And yes, that line is the resistance line I pointed out earlier:

View attachment 124591

you need to let the audience know tfs are important. I know your trying to display knowledge and improve people's awareness, even the veterans forget sometimes.


Heed the words of veteran trader Heidl Von Wagner (aka vinni da man), emotion has no place in a traders, maybe in an investors heart.

 

[Dark1975]

you need to let the audience know tfs are important. I know your trying to display knowledge and improve people's awareness, even the veterans forget sometimes.


Heed the words of veteran trader Heidl Von Wagner (aka vinni da man), emotion has no place in a traders, maybe in an investors heart.

Wise words , but particularly more interested in your avatar !! lol . The bear giving it to the bull ? Maybe a sign to cum ? i mean come ?

 

[moXJO]

Heed the words of veteran trader Heidl Von Wagner (aka vinni da man), emotion has no place in a traders, maybe in an investors heheart.

Hey, if you don't cry into your cornflakes once in a while you're doing it wrong.

 

[waterbottle]

Found this piece on yahoo news overnight. Not much movement on crypto in response to it though...


Bitcoin Drops As Biden Targets Crypto

Bitcoin fell after it emerged that the Treasury Department is going to crack down on cryptocurrency markets and transactions. It is making the move as part of President Joe Biden's proposed tax compliance measures.

It said any transfer worth $10,000 or more has to be reported to the Internal Revenue Service. In a release, the Treasury Department flagged the fact that cryptocurrencies can be used to facilitate "illegal activity broadly including tax evasion."

"This is why the President's proposal includes additional resources for the IRS to address the growth of cryptoassets," the department said in a statement. "Within the context of the new financial account reporting regime, cryptocurrencies and cryptoasset exchange accounts and payment service accounts that accept cryptocurrencies would be cover ed."

 

[over9k]

Hey, if you don't cry into your cornflakes once in a while you're doing it wrong.

Or curse the heavens when it moons after you sell

 

[sptrawler]

I think we have talked about the Feds wont allow another currency to undermine their own, it boils back to how do you control monetary policy, when you don't control the currency.

 

[Dark1975]

I think we have talked about the Feds wont allow another currency to undermine their own, it boils back to how do you control monetary policy, when you don't control the currency.

Yeah no one disputes that, but some crypto currencies like Xrp / xlm or Ada are the technology platforms that currencies will run on.
I think alot of people on this forum have bad information on blockchain technology ?
For e.g : xrp or xlm have validation nodes everywhere.
Simply put when u transfer money from anywhere in the world ? we use a 25 year old system called ' swift " which takes 24hrs - 3days which validation thru many networks and banks and fees are high.
Well in short Xrp can do payments anywhere around the world in minutes cutting the middle man and fees of transfers are less than 1/10 of 1 cent . Thats right under 1 cent.
This is one simple crypto coin with one function.
Tho some coins like bitcoin have been used as digital gold like a term of storage . Tho probaly thinking like you. No status quo will allow this to happen. Tho understanding also that u cant shut blockchain down . Tho I understand the u.s will use tether as there stable coin.. tho still Chinese whispers atm.

There are many different formats of coins with different systems networks like finance/ music etc etc.
Hope this gives you a better perspective.
But i think in 20 years .. block chain will run everything cause its supercede tech on digital platforms.
Like investing in Google or amazon 20years ago .
Tho picking the wrong coin or crypto is like picking yahoo instead of Google
Hope this info serves u well
Pls note this is not finacial info
Pls DYOR

 

[sptrawler]

Yeah no one disputes that, but some crypto currencies like Xrp / xlm or Ada are the technology platforms that currencies will run on.
I think alot of people on this forum have bad information on blockchain technology ?
For e.g : xrp or xlm have validation nodes everywhere.
Simply put when u transfer money from anywhere in the world ? we use a 25 year old system called ' swift " which takes 24hrs - 3days which validation thru many networks and banks and fees are high.
Well in short Xrp can do payments anywhere around the world in minutes cutting the middle man and fees of transfers are less than 1/10 of 1 cent . Thats right under 1 cent.
This is one simple crypto coin with one function.
Tho some coins like bitcoin have been used as digital gold like a term of storage . Tho probaly thinking like you. No status quo will allow this to happen. Tho understanding also that u cant shut blockchain down . Tho I understand the u.s will use tether as there stable coin.. tho still Chinese whispers atm.

There are many different formats of coins with different systems networks like finance/ music etc etc.
Hope this gives you a better perspective.
But i think in 20 years .. block chain will run everything cause its supercede tech on digital platforms.
Like investing in Google or amazon 20years ago .
Tho picking the wrong coin or crypto is like picking yahoo instead of Google
Hope this info serves u well
Pls note this is not finacial info
Pls DYOR

I think the theory and technology is great and will be used, but at the end of the day the economy runs on people working, getting paid and paying taxes to the Government to supply services.
It can't work if everyone gets paid and no one supplies services, everyone gets wealthy until the toilet doesn't flush and the garbage is two stories high along the streets, which are littered with smashed cars because the traffic lights aren't working.
So unless the crypto's want to run everything, it wont work, because it wont be elected leaders it will be the crypto owners and they are about making money.

 

[Dark1975]

I think the theory and technology is great and will be used, but at the end of the day the economy runs on people working, getting paid and paying taxes to the Government to supply services.
It can't work if everyone gets paid and no one supplies services, everyone gets wealthy until the toilet doesn't flush and the garbage is two stories high along the streets, which are littered with smashed cars because the traffic lights aren't working.
So unless the crypto's want to run everything, it wont work, because it wont be elected leaders it will be the crypto owners and they are about making money.

yeah I don't know about the politics...
All i know blockchain is far superior technology , That is far greater security , harder to hack , Faster , decentralised , everything is seen by all users , just faster and better technology. Pretty much of all the brains in developing software are now working in this field,
It's like going from dial up ( modem ) tech to Telstra 5 g network.. So regardless will be used

 

[againsthegrain]

yeah I don't know about the politics...
All i know blockchain is far superior technology , That is far greater security , harder to hack , Faster , decentralised , everything is seen by all users , just faster and better technology. Pretty much of all the brains in developing software are now working in this field,
It's like going from dial up ( modem ) tech to Telstra 5 g network.. So regardless will be used

xrp is centralised which makes it such a anomaly to be rated as a actual crypto and also makes it unique. If the govts and central banks do try crack down on decentralised cryptos it just mite make xrp shine... like a diamond? caugh Elon hands

 

[over9k]

China reiterates a crackdown on energy use for bitcoin mining, hilarity ensues:





Lots of orders for small amounts executing suggesting that this is a retail trader favourite too.

 

[sptrawler]

yeah I don't know about the politics...
All i know blockchain is far superior technology , That is far greater security , harder to hack , Faster , decentralised , everything is seen by all users , just faster and better technology. Pretty much of all the brains in developing software are now working in this field,
It's like going from dial up ( modem ) tech to Telstra 5 g network.. So regardless will be used

Yes it will be used, but it will be government crypto, not ponzi nerd crypto IMO.
The governments will just hijack it IMO.

 

[over9k]

RIOT now consolidated at the previously postulated support point:



Looks like the fun is over for now


Imagine being the poor bastard that bought on the open run trying to get on a momentum trade & then getting black swanned. Ouch.

 

[qldfrog]

Yes it will be used, but it will be government crypto, not ponzi nerd crypto IMO.
The governments will just hijack it IMO.

Why would governments use cryptos?
Their dream is the opposite!
They want a fully traceable highly corruptible and opaque digital currency that they can increase/ decrease the pool of behind the scene and more importantly seize or seize part of, directly implementing negative interests.
They might boast the crypto or blockchain words in the PR flyers but this is as far from BC based cryptos as can be.
Governments do not want cryptos at all, just a traceable highly centralised and controlled digital only currency.
That's my view ?