Is anyone else starting to become a bit excited?

grindle · 21-01-2021 01:28PM

Deleted User wrote: »

What does this mean

They're either bullish or bearish market indicators depending on where you sit on the fence.

Personally I think it's just bored people looking to spot patterns and then ignoring it every time it bucks the trend, most traders lose money because they trade thinking they know something everybody else doesn't.

Narrator wrote:

They do not.

TXPTGR1 · 21-01-2021 01:41PM

Deleted User wrote: »

What does this mean

It means the poster is a moron
TA is a joke- at least this guys only losing the pocket money his parents give him but plenty of people going to ruin their families future following this nonsense

grindle · 21-01-2021 01:44PM

TXPTGR1 wrote: »

pocket money

:rolleyes:
I hope the poor lad's able to survive somehow.

SteelyDanJalapeno · 21-01-2021 01:46PM

Deleted User wrote: »

What does this mean

Means the price will go up or down

cnocbui · 21-01-2021 01:47PM

TXPTGR1 wrote: »

It means the poster is a moron
TA is a joke- at least this guys only losing the pocket money his parents give him but plenty of people going to ruin their families future following this nonsense

What is your investment performance in % over the last 12 months, just out of interest?

unkel · 21-01-2021 02:23PM

Rather than start a new thread, I thought I'd throw it in here.

Why do people use stable coins?

The likes of USDT seem very dodgy to me, it's not audited, and does anyone really believe they have one real dollar as backup for every tether dollar? I don't think so. Arse could fall out of that and you could be left with nothing.

If you want to move out of a coin, just sell it for BTC and then sell for EUR and transfer to your bank account? The only safe option imho.

Or am I missing something?

SteelyDanJalapeno · 21-01-2021 02:36PM

unkel wrote: »

Rather than start a new thread, I thought I'd throw it in here.

Why do people use stable coins?

The likes of USDT seem very dodgy to me, it's not audited, and does anyone really believe they have one real dollar as backup for every tether dollar? I don't think so. Arse could fall out of that and you could be left with nothing.

If you want to move out of a coin, just sell it for BTC and then sell for EUR and transfer to your bank account? The only safe option imho.

Or am I missing something?

I don't use them, but I imagine for active traders, they are the easiest path to buying and selling repeatedly.

The method you mentioned above is the safest, but it will be expensive in fees, manual and slow.

Even for non active traders, the arse could fall out of BTC before you get to execute you're above method if you are reacting to a pull back, the safest not safe method is setting stop losses which can only usually be done against stable coins

Bob24 · 21-01-2021 02:42PM

unkel wrote: »

Rather than start a new thread, I thought I'd throw it in here.

Why do people use stable coins?

The likes of USDT seem very dodgy to me, it's not audited, and does anyone really believe they have one real dollar as backup for every tether dollar? I don't think so. Arse could fall out of that and you could be left with nothing.

If you want to move out of a coin, just sell it for BTC and then sell for EUR and transfer to your bank account? The only safe option imho.

Or am I missing something?

In the case of Tether, I think most users actually only trade with it and don’t hold it for any long period of time (people who want to hold stablecoins to generate yield tend to go to USDC, PAX, or TUSD which are all more solid). It is not just a feel, but also backed by numbers: the daily volume for Tether is 4 times its market cap, meaning that on average a USDT token changes hand 4 times a day.

It is particularly used for trading smaller coins whereby USDT might be the most liquid (or the only) trading pair or for using platforms which require to use stablecoins to access leverage/derivative products. This generates large volumes (especially leveraged products) but doesn’t really mean people are entrusting Tether as a way to store value. It is more a conduit to trade and access certain products.

For sure, it would be better if the industry moved to another stablecoin, but the network effect and Tether’s ubiquity makes it hard to achieve. At the end of the day I think most users just see it as convenient because ubiquitous and don’t bother too much about the potential risk of “incident” with it because they never hold any large bag for any prolonged period (so even if they agree their might be something dodgy about it they see their personal risk as rather limited).

PS: for full disclosure, I have never touched Tether myself as I never had to and I do think there are dodgy aspects to it. The above are the reasons why I think it is still dominent, not an endorsement of it.

Dohnjoe · 21-01-2021 03:41PM

unkel wrote: »

Rather than start a new thread, I thought I'd throw it in here.

Why do people use stable coins?

The likes of USDT seem very dodgy to me, it's not audited, and does anyone really believe they have one real dollar as backup for every tether dollar? I don't think so. Arse could fall out of that and you could be left with nothing.

If you want to move out of a coin, just sell it for BTC and then sell for EUR and transfer to your bank account? The only safe option imho.

Or am I missing something?

Value risk via volatility. BTC has lost e.g. 10% in 10 minutes. People need a relatively stable medium to hold value while they cash out.

BrandonBay86 · 21-01-2021 04:02PM

[Deleted User] wrote: »

What does this mean

Despite all the other incorrect answers given, all it means is that there is a period of large volume and generally high volatility incoming. You can go long or short with it, or both. In this situation it should be bullish, but if these lines were accurate 100% of the time we’d all be billionaires instead of millionaires.

Personally, I only use it as a method to micro-time my DCA purchases. I.e if it’s the day of the week that I usually buy, and we are falling and 5% above support still, I’d “generally” expect another 5% drop before we start to go back up.

BrandonBay86 · 21-01-2021 04:03PM

unkel wrote: »

Rather than start a new thread, I thought I'd throw it in here.

Why do people use stable coins?

The likes of USDT seem very dodgy to me, it's not audited, and does anyone really believe they have one real dollar as backup for every tether dollar? I don't think so. Arse could fall out of that and you could be left with nothing.

If you want to move out of a coin, just sell it for BTC and then sell for EUR and transfer to your bank account? The only safe option imho.

Or am I missing something?

Tether may or may not be backed by USD, however USD is backed by nothing at all.

BrandonBay86 · 21-01-2021 04:07PM

TXPTGR1 wrote: »

It means the poster is a moron
TA is a joke- at least this guys only losing the pocket money his parents give him but plenty of people going to ruin their families future following this nonsense

Leave my folks out of this. The €2500 they give me every month is more than you make by slaving your life away in the salt mines. I can do why I want with that cash. I know which position I’d rather be in, jealousy gets you nowhere.

unkel · 21-01-2021 04:08PM

BrandonBay86 wrote: »

Tether may or may not be backed by USD, however USD is backed by nothing at all.

Somehow I'd feel safer with a bunch of dollars / euro than with some tether

maninasia · 21-01-2021 04:34PM

TXPTGR1 wrote: »

It means the poster is a moron
TA is a joke- at least this guys only losing the pocket money his parents give him but plenty of people going to ruin their families future following this nonsense

It's not like that . TA helps to predict the crucial turning points. It's kind of useful.
A lot of traders follow these and maybe bots too so it pays to pay attention.
Volume is a key indicator that I follow along with resistance levels.

maninasia · 21-01-2021 04:36PM

BrandonBay86 wrote: »

Leave my folks out of this. The €2500 they give me every month is more than you make by slaving your life away in the salt mines. I can do why I want with that cash. I know which position I’d rather be in, jealousy gets you nowhere.

My ten thousand a month pays for a nice penthouse and hotties on call.

Dohnjoe · 21-01-2021 04:40PM

cnocbui wrote: »

Some people believe the future intent of the market can be predicted from studying the chart of a traded asset. I think it's called technical analysis. That is what I beleive was being referred to - suposedly identifiable patterns, like that formed by tea leaves in the bottom of a cup.

As surprisingly few chartists become billionaires, I personally have my doubts.

The biggest stacks I know of are by people who simply bought early and didn't sell. No TA, no analysis, no skill, just patience (and some luck).

Anyway apparently we're riding some pennant heading towards a golden cross with multiple levels of resistance meaning it could go up, or it could go down.

BrandonBay86 · 21-01-2021 04:59PM

Dohnjoe wrote: »

The biggest stacks I know of are by people who simply bought early and didn't sell. No TA, no analysis, no skill, just patience (and some luck).

Anyway apparently we're riding some pennant heading towards a golden cross with multiple levels of resistance meaning it could go up, or it could go down.

Where did you hear that ?

unkel · 21-01-2021 05:01PM

Dohnjoe wrote: »

Value risk via volatility. BTC has lost e.g. 10% in 10 minutes. People need a relatively stable medium to hold value while they cash out.

You can cash out as quickly to USD or EUR as you can cash out to USDT, no?

el diablo · 21-01-2021 05:03PM

Bruno Mannheim wrote: »

when you claim the Zil, they automatically award you the gZil at the same time and put it in your wallet

You have 2 options then
Swap the gzil for zil and restake the zil or hold the gzil

I think the latter could prove to be a better choice in the long run

There is no ZIL for me to claim. The amount I purchased last summer is still in my Zillet.io wallet with no ZIL or gZIL available to claim. I staked my ZIL balance on Zillet.io yesterday.

BrandonBay86 · 21-01-2021 05:26PM

maninasia wrote: »

My ten thousand a month pays for a nice penthouse and hotties on call.

Wouldn’t have it any other way.

tomwaits48 · 21-01-2021 06:05PM

Anything particular going on today or is that 10% swing pretty normal?

BrandonBay86 · 21-01-2021 06:06PM

tomwaits48 wrote: »

Anything particular going on today or is that 10% swing pretty normal?

Typical day at the races. That’s the 5th such day in 2021 already.

el diablo · 21-01-2021 06:11PM

tomwaits48 wrote: »

Anything particular going on today or is that 10% swing pretty normal?

Fake rumours of a BTC double spend.

BrandonBay86 · 21-01-2021 06:14PM

el diablo wrote: »

Fake rumours of a BTC double spend.

Mad that this day in age such fud is still spread. It’s impossible to double spend, some will just never get it.

The only way anyone could really ever benefit from it is if someone accepted it with just one confirmation, which nobody does, as it’s the equivalent of accepting a cheque for a private sale of a car.

Bruno Mannheim · 21-01-2021 06:31PM

tomwaits48 wrote: »

Anything particular going on today or is that 10% swing pretty normal?

a day in crypto is like a month in stocks

buy on the red days if you want your portfolio to grow

Grumpypants · 21-01-2021 06:34PM

Started topping up today. First time in a while.

Grumpypants · 21-01-2021 06:40PM

unkel wrote: »

Rather than start a new thread, I thought I'd throw it in here.

Why do people use stable coins?

The likes of USDT seem very dodgy to me, it's not audited, and does anyone really believe they have one real dollar as backup for every tether dollar? I don't think so. Arse could fall out of that and you could be left with nothing.

If you want to move out of a coin, just sell it for BTC and then sell for EUR and transfer to your bank account? The only safe option imho.

Or am I missing something?

It has a few cases. If you want to send $100 back home (and home doesn't have a great banking system) and you want to be sure when it gets there it is still worth 100. Then a stable coin is a good option. If you sent bitcoin yesterday only $90 would be there today.

If you are selling bitcoin for Euro and transferring out to banks to be safe, then sepa transferring back in, it will take days to complete. If you buy with a card you pay heafty fees.

But if you sell your bitcoin for a stable coin you can quickly get it off and back onto the exchange to take advantage of short lived dips.

antgal23 · 21-01-2021 06:57PM

Bruno Mannheim wrote: »

a day in crypto is like a month in stocks

buy on the red days if you want your portfolio to grow

It went red from 42 to 38 and people bought, would you still advise people to buy as it continues falling?

Dohnjoe · 21-01-2021 07:09PM

antgal23 wrote: »

It went red from 42 to 38 and people bought, would you still advise people to buy as it continues falling?

I wouldn't touch any of this right now.

BrandonBay86 · 21-01-2021 07:12PM

Dohnjoe wrote: »

I wouldn't touch any of this right now.

Yeah wait until it’s 100K +

Is anyone else starting to become a bit excited?

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