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Is anyone else starting to become a bit excited?

q85dw7osi4lebg

As per title, have we reached the bottom ?

Don't think we'll see the likes of $3200 ever again.

$5150 at time of posting.

Back in the mainstream media once more.

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Lex Luthor

Cryptocurrencies derive value not only because they serve as stores of wealth but also due to their utility as a means of payment. The more economic agents accept cryptocurrencies as a means of payment in the future, the higher their utility and value,” JPMorgan Chase explained

https://nairametrics.com/2020/12/10/u-s-biggest-bank-jp-morgan-chase-says-bitcoin-might-displace-gold/

I bet all along when they were trashing it for years they were buying it up by the bucket load

Donegal1234

Donegal1234 wrote: »

Coinbase have new earn campaign to earn 3$ dollars of band. Not much but it’s better then nothing.

Link https://coinbase.com/earn/band/invite/4rthqgz8

Coinbase just released another earn campaign on filecoin. Another 6 dollars for answering 3 question. Easy money.

Thargor

Donegal1234 wrote: »

Coinbase just released another earn campaign on filecoin. Another 6 dollars for answering 3 question. Easy money.

That just put me on a waiting list to earn Filecoin, I wont hold my breath.

I did however pick up $6 worth of MKR while I was in there the same way we picked up those other sh1tcoins a few weeks back. Also saw I had another XLM invite waiting for me, should have another $10 of that in the morning, up to $70 in free XLM now with recent gains so not too bad.

donnaille

Lex Luthor wrote: »

Cryptocurrencies derive value not only because they serve as stores of wealth but also due to their utility as a means of payment. The more economic agents accept cryptocurrencies as a means of payment in the future, the higher their utility and value,” JPMorgan Chase explained

https://nairametrics.com/2020/12/10/u-s-biggest-bank-jp-morgan-chase-says-bitcoin-might-displace-gold/

I bet all along when they were trashing it for years they were buying it up by the bucket load

Analysts views are just that, despite the media reporting it as JPM’s view - it isn’t.

q85dw7osi4lebg

wotzgoingon wrote: »

That's some chunk of change for a company to gamble with if it's true.

Microstrategy bought $250 million worth in August and are planning to buy another $400 million.

https://markets.businessinsider.com/currencies/news/microstrategy-plans-raise-400-million-private-offering-buy-more-bitcoin-2020-12-1029872851

Bob24

wotzgoingon wrote: »

That's some chunk of change for a company to gamble with if it's true.

Not trying to downplay their involvement, but for an institution with 235 billion dollars of assets under management, a 100 million dollars investment really is pocket change (at an individual level it would be like someone with a net worth of 235000 euros buying 100 euros worth of bitcoins, not exactly going all-in).

But as I said, still agree there move is worth noticing, as it seems to be a rather traditional insurance company. Probably a rather regulated business, and not the type which usually likes dipping their feet into unknown or uncertain territory.

q85dw7osi4lebg

Bob24 wrote: »

Not trying to downplay their involvement, but for an institution with 235 billion dollars of assets under management, a 100 million dollars investment really is pocket change (at an individual level it would be like someone with a net worth of 235000 euros buying 100 euros worth of bitcoins, not exactly going all-in).

But as I said, still agree there move is worth noticing, as it seems to be a rather traditional insurance company. Probably a rather regulated business, and not the type which usually likes dipping their feet into unknown or uncertain territory.

It’s pocket change alright but the fact it’s an insurance company is the important part. They usually look for relatively safe high yielding near guaranteed returns. I guess what happened to me will happen to them too, they’ll realise they don’t have enough and buy more.

Irish_rat

Addison Fancy Macrame wrote: »

Year end fiat bonus lands tomorrow. Guess what I am spending it on

Same as well overdue. Will dca a bit more up to the new year

Bob24

Addison Fancy Macrame wrote: »

Microstrategy bought $250 million worth in August and are planning to buy another $400 million.

https://markets.businessinsider.com/currencies/news/microstrategy-plans-raise-400-million-private-offering-buy-more-bitcoin-2020-12-1029872851

IMO Saylor is either getting carried-away or has further plans to drastically change the nature of his company which he hasn’t revealed yet.

As far as I understand he is rising debt to buy those additional bitcoins. I.e. he is leveraging the main business of the company to acquire an asset for speculative purposes.

This is going much further than the rationale he originally provided to explain bitcoin purchases (he said it was to protect the company’s existing treasury against currency devaluation, now he is borrowing to buy more). And it also seems uncommon as usually a company would leverage its balance sheets to invest in assets which will support its own business (an airline buying new planes, an oil company acquiring rights for new oil fields, etc), but here the money being raised will purchase a financial asset which has absolutely nothing to do with the business.

If I was a shareholder, I think I would start to seriously wonder what exactly I own (is it becoming a leveraged crypto hedge-fund?) and to question this last move. If my goal was to get exposure to bitcoin I would probably have better ways to do it than through Microstrategy. And if I was owning shares because I believed in their BI software business I would be concerned that the CEO is heavily coupling the future if the company with something which has nothing to do with that business.

Mucashinto

With BTC - how much of an impact do people think the cost to mine 1 has on price?

Did my usual half-arsed research and half-digested an article (from just after the last halving) that said costs were a lot lower than anticipated ($8k vs $12k). It mentioned that miners are more likely to dump on the market straight-away then, a nice doubling up for them.

Then I noticed that everytime Greyscale's purchases are mentioned, it's in terms of newly mined bitcoins. Like they purposely buy new BTC, rather than just BTC. So, if they're buying almost all the new coins at $18k up - it stops the price dropping as that's what really affects it, not existing coins being traded?

Again pure guesswork, but as this works in my favour I would like it to be true. Bias, innit

q85dw7osi4lebg

I agree, could be that the $175 million profit has gone to his head.

Just glad it kick started phase5 I.e the accumulation of Bitcoin by similar companies.

Soon each stock will be the ETF we never had

q85dw7osi4lebg

Mucashinto wrote: »

With BTC - how much of an impact do people think the cost to mine 1 has on price?

Did my usual half-arsed research and half-digested an article (from just after the last halving) that said costs were a lot lower than anticipated (€8k vs €12k). It mentioned that miners are more likely to dump on the market straight-away then, a nice doubling up for them.

Then I noticed that everytime Greyscale's purchases are mentioned, it's in terms of newly mined bitcoins. Like they purposely buy new BTC, rather than just BTC. So, if they're buying almost all the new coins at €18k up - it stops the price dropping as that's what really affects it, not existing coins being traded?

Again pure guesswork, but as this works in my favour I would like it to be true. Bias, innit

Yes they’re currently buying up the majority of new coins OTC thus not affecting market price. Shows that retail aren’t really selling as the price is relatively stable.

When they stop buying it might be a different story so hopefully they can keep it up in the short term.

Mucashinto

Addison Fancy Macrame wrote: »

Yes they’re currently buying up the majority of new coins OTC thus not affecting market price. Shows that retail aren’t really selling as the price is relatively stable.

When they stop buying it might be a different story so hopefully they can keep it up in the short term.

I honestly can't see this price dropping tbh. May well be hubris and I'm going on pure feeling rather than anything but I swear it feels like it's been decided - BTC is going to be valuable in the short/near term. Like end of story, it ticks a lot of desirable boxes, can justify the rationale, is suitably modern compared to metals...and that's just the way it is.

The bit of runway I have on any price drops affords me this confidence tbf but yeah roll on March imo. Exciting times.

Bob24

Addison Fancy Macrame wrote: »

Soon each stock will be the ETF we never had

And to tie to this: the more companies/institutions are holding BTC, the harder it gets for regulators to reject ETF applications. Everyone kind of stopped paying attention to this space as part-alternatives to ETFs have developed (grayscale, ETPs, etc), but I think we could be surprised with an ETF being approved at some point next year.

Bob24

This ETH fund just started trading on the Toronto stock exchange: https://3iq.ca/the-ether-fund/

They stop short of referring to it as ETF in the documentation so I guess technically it isn't one, but it looks pretty close to me (seems like an open ended fund whereby shares can be freely bought and sold on the stock exchange). They are having a good time with their 1.95% management fee though :-)

cnocbui

Addison Fancy Macrame wrote: »

https://www.wsj.com/articles/massmutual-joins-the-bitcoin-club-with-100-million-purchase-11607626800

MassMutual Joins the Bitcoin Club With $100 Million Purchase

“ Massachusetts Mutual Life Insurance Co. bought $100 million of bitcoin for its general investment account, the latest sign of mainstream acceptance for the upstart digital currency.”

I tried and failed to find a video I saw, which was of a matureish lady in the US who invests on behalf of a large municipality, so probably larger than the Irish state, saying Bitcoin had proven itself as an investment grade asset class, with a phrasing, if I am recalling correctly, strongly implying she had invested municipality funds in it.

I nearly fell of my sofa when I saw it. This was an interview with the likes of Bloomburg/CNN/CNBC.

q85dw7osi4lebg

cnocbui wrote: »

I tried and failed to find a video I saw, which was of a matureish lady in the US who invests on behalf of a large municipality, so probably larger than the Irish state, saying Bitcoin had proven itself as an investment grade asset class, with a phrasing, if I am recalling correctly, strongly implying she had invested municipality funds in it.

I nearly fell of my sofa when I saw it. This was an interview with the likes of Bloomburg/CNN/CNBC.

Might be the governor of Wyoming or one of those, they are well into it up there.

Bob24

Addison Fancy Macrame wrote: »

Might be the governor of Wyoming or one of those, they are well into it up there.

Yep, it looks like Wyoming is quickly turning from the cryto-hell state to the crypto-heaven one. The State has a deliberate policy to attract crypto-related businesses with more friendly regulation.

There was a decent interview on this on RealVision this week: https://www.realvision.com/shows/the-interview-crypto/videos/caitlin-long-bitcoin-the-future-of-regulation/

(Membership required, but it is free for the crypto content and I’d recommend to anyone who doesn’t know it - they have pretty good stuff).

makeorbrake

Senator-Elect Cynthia Lummis served as Wyoming's State Treasurer for the best part of 10 years (up to a couple of years prior to bitcoin coming into existence). As she alluded to in this clip, that experience left her with a clear understanding of what constitutes a good 'store of value'. We're left in no doubt as to where she thinks bitcoin fits in in that respect.

cnocbui

makeorbrake wrote: »

Senator-Elect Cynthia Lummis served as Wyoming's State Treasurer for the best part of 10 years (up to a couple of years prior to bitcoin coming into existence). As she alluded to in this clip, that experience left her with a clear understanding of what constitutes a good 'store of value'. We're left in no doubt as to where she thinks bitcoin fits in in that respect.

Bingo, I'm impressed, that's exactly the person and interview I recall. I love the bit about 'our own currency' not fitting the bill.

Former State Treasurer of Wyoming, which has a GDP equivalent to Thailand.

Daithi40

Is it finally time to bet on bitcoin? - The Times and The Sunday Times
https://apple.news/AxpCUwx7iQly_HQBju2mnJg

Mucashinto

cnocbui wrote: »

Former State Treasurer of Wyoming, which has a GDP equivalent to Thailand.

WTF :eek: Really? Jesus, Thailand was the original tiger wasnt it? Like the bread-basket of SE Asia, only country in that part of the world to have never been colonised etc. Haha, Wyoming, what the hell! USA Number One

crushproof

Sorry but whiles it's good news she speaking about Bitcoin there's no chance Wyoming has the same GDP as Thailand.

Thailand - $455.4 billion
Wyoming - $38.037 Billion

jimmii

Daithi40 wrote: »

Is it finally time to bet on bitcoin? - The Times and The Sunday Times
https://apple.news/AxpCUwx7iQly_HQBju2mnJg

Was surprised to see that this morning. Great to see that sort of coverage in that sort of paper.

jimmii

crushproof wrote: »

Sorry but whiles it's good news she speaking about Bitcoin there's no chance Wyoming has the same GDP as Thailand.

Thailand - $455.4 billion
Wyoming - $38.037 Billion

Amazing to see how many states that do have a higher gdp. Maybe now Wyoming is on board bigger states will follow.

Bob24

jimmii wrote: »

Amazing to see how many states that do have a higher gdp. Maybe now Wyoming is on board bigger states will follow.

I would say Wyoming is applying a typical small v.s. large jurisdiction strategy.

Pretty typical for smaller jurisdictions to try and identify an administrative niche which allows them to compete with larger ones to attract capital. Things like Delaware within the US, or even Ireland within the EU which offer large benefits to companies registered in their respective jurisdictions. Looks like Wyoming is trying to do something similar for crypto-businesses.

So while what’s happening there is a good sign in terms of institutional recognition, I wouldn’t necessarily expect the likes of California or New-York to follow all the steps of Wyoming.

cnocbui

crushproof wrote: »

Sorry but whiles it's good news she speaking about Bitcoin there's no chance Wyoming has the same GDP as Thailand.

Thailand - $455.4 billion
Wyoming - $38.037 Billion

You are right, my error, I was lead astray when locating wyoming. Wyoming has about the same GDP as Tunisia, Thailand's is about the same as Virginia's. Ireland's GDP is about the same as Colorado's.

Lex Luthor

2 to put on your watchlist for the next 12 months
$Theta & $Tfuel

I'm also a big fan of $DGB

none of these 3 have really popped yet, Tfuel had a couple little spikes in the last week

Irish_rat

Well theta pumped after the Google announcement back in the summer. Still very early days, reckon anything under a dollar will be a steal in years to come provided the team aggressively push the marketing side and expand.

Outside of the top blockchains it's the most exciting project in the crypto space imo.

Truckermal

Bought some yffs at €20 3 weeks ago, checked it this morning and it's under €2...