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  • AMDC
  • Veteran

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    • April 19, 2018, 08:00:49 am
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The State of Cryptocurrency
« on: June 13, 2019, 03:22:18 pm »
Fervor for cryptocurrency (such as Bitcoin) has died down after record losses in 2018. Even Waygook.org had it's own sect of diehard crypto-investors that have since gone silent. What's on the horizon for cryptocurrency?


  • HappyPlanetAbuser
  • Super Waygook

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Re: The State of Cryptocurrency
« Reply #1 on: June 13, 2019, 03:48:12 pm »
I wish I had bought some or continued mining back in 2011 but I stopped after a week seeing I only got 0,001 bitcoin per week with my Geforce 650gtx.
Right now, I'm just buying it each month believing it will be 100k plus. Whenever there is political turmoil large investors enter that market, or when countries are in trouble everyone puts their savings in Bitcoin. (Zimbabwe, Venezuela.) Julian Assange has become incredibly wealthy now.

 Similarly, I am betting (this I call gambling) on DGB taking over from BTC once its limitations are reached. Tron is also interesting because Alibaba is behind it, but both are basically a deep pit in which I throw 200 euros a month in.
100 euros on DGB, 100 on Tron.
And to you lot in Korea, what is 100 dollars now really to you? 1 less steak dinner at some silly overpriced Brazilian restaurant with your gf.?
Who's ready for another 4 years of Trump 2020!


Re: The State of Cryptocurrency
« Reply #2 on: June 14, 2019, 08:50:31 am »
Similarly, I am betting (this I call gambling) on DGB taking over from BTC once its limitations are reached. Tron is also interesting because Alibaba is behind it, but both are basically a deep pit in which I throw 200 euros a month in.
100 euros on DGB, 100 on Tron.

I like DGB but the chart is unhealthy, it has been going down since last summer. You really are just throwing away 100 euros a month. I think we might get DGB for 50 sats and I might buy some at that price but  I wouldn't put money into something until it shows that it's broken out of a downward pattern. At least you know you're gambling.

History repeats itself, especially in financial markets and the cryptocurrency market will most likely play out very similar to the dot-com bubble where we will see most coins disappear but there will be a few that do very well long term. When the dot-com bubble burst the total market cap  was $6.7 trillion, but at the peak of 2017 the total market cap of crypto was only $750 billion, so we're still quite far from that scenario.


  • AMDC
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Re: The State of Cryptocurrency
« Reply #3 on: June 14, 2019, 11:44:03 am »
History repeats itself, especially in financial markets and the cryptocurrency market will most likely play out very similar to the dot-com bubble where we will see most coins disappear but there will be a few that do very well long term. When the dot-com bubble burst the total market cap  was $6.7 trillion, but at the peak of 2017 the total market cap of crypto was only $750 billion, so we're still quite far from that scenario.

This is what I'm thinking as well. The blind investments yielded some disastrous results, but now we'll see a rise in a few dominant cryptocurrencies and the tech will become deeply integrated into our lives, similar to the rise of Google/Amazon/YouTube after the dot-com burst.


Re: The State of Cryptocurrency
« Reply #4 on: June 14, 2019, 08:34:13 pm »
Similarly, I am betting (this I call gambling) on DGB taking over from BTC once its limitations are reached. Tron is also interesting because Alibaba is behind it, but both are basically a deep pit in which I throw 200 euros a month in.
100 euros on DGB, 100 on Tron.
And to you lot in Korea, what is 100 dollars now really to you? 1 less steak dinner at some silly overpriced Brazilian restaurant with your gf.?

Why stop there? Who needs stupid outdated concepts like hard currency anyway?

Quote
Quote from: Mr.DeMartino on Yesterday at 01:40:32 PM
    Trump is a liar and a con man.
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Quote from Mr.DeMartino on June 14, 2019 at 02:28:07 pm
Donald Trump is a lying sack of shit


Re: The State of Cryptocurrency
« Reply #5 on: June 18, 2019, 09:36:16 am »
As we approach $10K (in the next few days possibly), the fervor will come back.  You'll start to read about it in the media again. 

Smart people were scooping it up at $3K and have already almost tripled their money after only a few months.


  • oglop
  • The Legend

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    • August 25, 2011, 07:24:54 pm
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Re: The State of Cryptocurrency
« Reply #6 on: June 18, 2019, 11:12:01 am »
doubt it'll make much news until/if it reaches its ATH tbh. 10k is still almost 50% down from peak


  • HappyPlanetAbuser
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Re: The State of Cryptocurrency
« Reply #7 on: June 18, 2019, 12:40:22 pm »
I made a bit but now im shorting it. I think it'll go down to 6000. :azn:
Who's ready for another 4 years of Trump 2020!


  • oglop
  • The Legend

    • 2628

    • August 25, 2011, 07:24:54 pm
    • Seoul
Re: The State of Cryptocurrency
« Reply #8 on: June 18, 2019, 04:17:23 pm »
I made a bit but now im shorting it. I think it'll go down to 6000. :azn:
why do you think that?


  • HappyPlanetAbuser
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Re: The State of Cryptocurrency
« Reply #9 on: June 18, 2019, 05:51:24 pm »
This recent spike was down to one exchange closing to US customers so they had to sell all their altcoins for BTC and close their positions. As soon as they are back on their US site, they will sell cash out their BTC and go back into those altcoins like Litecoin (which is now cheap) and Ether. I'm half in BTC half in this obscure Zerocoin which they use in Thailand? as currency. Don't follow my trade though, it might have peaked already, this 50% increase was only because they can use it now as payment all over the country via QR code.
Immediately I have to say I lost on the last dump of 20.000 BTC. And there was even a Chinese trader who commited suicide because he had 165 million US on margin because he expected the price to drop. If you connect that story and the recent pumps you can tell that someone saw that price wall and triggered that short. I saw one triggered in realtime at 8900, so I sold at 9100, while it was spiking up uncontrollably to 9300. To me, this sidewards movement are the whales letting the price consolidate, giving the news chance to spread and then dump it on the little man. Buy the rumour, sell the news. You just saw it happening.

« Last Edit: June 19, 2019, 01:45:59 am by HappyPlanetAbuser »
Who's ready for another 4 years of Trump 2020!


Re: The State of Cryptocurrency
« Reply #10 on: June 18, 2019, 06:14:09 pm »
I made a bit but now im shorting it. I think it'll go down to 6000. :azn:

You're right thinking that it's going to go down, I expect it to test the bottom over the summer. However shorting crypto with more than 5x leverage is far too risky due to the volatility. All it takes is a $1,000 candle to the upside and your account is rekt. You might get lucky and make money but try that 10 times and your account is dead.


  • HappyPlanetAbuser
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Re: The State of Cryptocurrency
« Reply #11 on: June 18, 2019, 06:24:47 pm »
I'm too small a fish to be granted 5x leverage :)
Who's ready for another 4 years of Trump 2020!


Re: The State of Cryptocurrency
« Reply #12 on: June 18, 2019, 08:49:39 pm »
I'm too small a fish to be granted 5x leverage :)

You never heard of Bitmex  :laugh:


  • HappyPlanetAbuser
  • Super Waygook

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Re: The State of Cryptocurrency
« Reply #13 on: June 19, 2019, 01:41:06 am »
I just saw an 8 million short wall at 9100 but also lots of buy pressure at 8700 dollars so maybe I'm gonna lose money.  ;D

« Last Edit: June 19, 2019, 01:44:34 am by HappyPlanetAbuser »
Who's ready for another 4 years of Trump 2020!


Re: The State of Cryptocurrency
« Reply #14 on: June 19, 2019, 08:25:03 am »
If you have a lot of trading experience and you are only playing with a portion of your holdings then I think that's fine.  I think shorting is pretty gutsy though when a big green candle can wipe you out instantly (and we've seen this happen over and over recently).

Selling a large portion of your main holdings in anticipation of a dip is incredibly ballsy...is belo sweating?!   :-[

We seem to be defending $9K pretty strongly even after the Libra announcement (which admittedly looks very polished).  But there is no way I see us testing the bottom again in the coming months.  Dips are being bought up so quickly now and then we continue to float upwards.


  • oglop
  • The Legend

    • 2628

    • August 25, 2011, 07:24:54 pm
    • Seoul
Re: The State of Cryptocurrency
« Reply #15 on: June 19, 2019, 09:26:41 am »
interesting fact (admittedly not mine):
in the past, bitcoin never goes below a previous high once it's broken the second time in a bull market, and it never falls below an atl in a bear market. so... we won't see prices below 9000 again? :p


Re: The State of Cryptocurrency
« Reply #16 on: June 19, 2019, 09:37:06 am »
interesting fact (admittedly not mine):
in the past, bitcoin never goes below a previous high once it's broken the second time in a bull market, and it never falls below an atl in a bear market. so... we won't see prices below 9000 again? :p

Now you're speaking my language  :laugh:


Re: The State of Cryptocurrency
« Reply #17 on: June 19, 2019, 10:37:33 am »
Selling a large portion of your main holdings in anticipation of a dip is incredibly ballsy...is belo sweating?!   :-[

You should never go full fiat. I have long term BTC but I'm currently in the ETH trade waiting for that to take off. I expect ETH to move up whilst BTC drifts down or goes sideways. ALTS might be bottoming by then so possibly some opportunities there.

We seem to be defending $9K pretty strongly even after the Libra announcement (which admittedly looks very polished).  But there is no way I see us testing the bottom again in the coming months.  Dips are being bought up so quickly now and then we continue to float upwards.

Markets will go where you least expect them to. You usually get 3 or 4 chances at "bottoms", we've already had 2, so I think we have a couple left maybe just one more chance to buy around 4K or lower. Wouldn't be surprised to see a wick down to $2800 if they go down in that area.
« Last Edit: June 19, 2019, 10:40:27 am by belo horizonte »


Re: The State of Cryptocurrency
« Reply #18 on: June 19, 2019, 11:10:35 am »
We seem to be defending $9K pretty strongly even after the Libra announcement (which admittedly looks very polished).  But there is no way I see us testing the bottom again in the coming months.  Dips are being bought up so quickly now and then we continue to float upwards.

Markets will go where you least expect them to. You usually get 3 or 4 chances at "bottoms", we've already had 2, so I think we have a couple left maybe just one more chance to buy around 4K or lower. Wouldn't be surprised to see a wick down to $2800 if they go down in that area.

Yeah that's why I was buying in the $3Ks when 90% of people were calling for a further drop to $1K - $2K.  BTC hasn't been very good at providing the "usual chances" that we see in other markets.  Outside of something really horrific happening, I just can't see a 65% pullback.

Long term I suppose it doesn't matter too much but I couldn't deal with the stress and headaches of trading this.


Re: The State of Cryptocurrency
« Reply #19 on: June 19, 2019, 11:15:49 am »
Mods, could this be merged with the main crypto thread?

https://www.waygook.org/index.php?topic=98252.440