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Are we excited yet?

Nody

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Continuation of Is anyone else starting to become a bit excited?

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Rob2D

Deleted User wrote: »

Visa alone which does over 150 million a day.

A common misconception. The current systems in place only make a note of a transaction. With the actual settlement happening later. Much later in some cases.

This is why when you tap your card in a shop for example, it doesn't appear on your balance for a couple days.

Idioteque

Luckycharms_74 wrote: »

Talking on RTE Radio 1 now about Crypto and Musk

It was Sean Keyes she had on to cover whats going on in Crypto

Larbre34

Rob2D wrote: »

A common misconception. The current systems in place only make a note of a transaction. With the actual settlement happening later. Much later in some cases.

This is why when you tap your card in a shop for example, it doesn't appear on your balance for a couple days.

It appears within minutes to hours.

Luckycharms_74

Idioteque wrote: »

It was Sean Keyes she had on to cover whats going on in Crypto

What did you make of him.

Some of the texts to the show about crypto "emperor new clothes" :rolleyes:

[Deleted User]

I'm curious to see if the market begins to self regulate Musk, will it just become the Simpsons episode of "Just don't look."

Either way, I've said it elsewhere, he's damaging the Tesla brand with all this, and the inevitable Doge burns will just increase disdain and distrust of the brand. His ego is blind to this and I guess he think's he's a genius by manipulating the crypto market to make up losses in Tesla and whatever other gains he's getting from doing so, inevitably he'll suffer some sort of financial backlash.

Pdoghue

I just caught the end of the piece. Typical RTE.. they read out some texts to the programme.. all negative on crypto. And Claire sounded like she hadn't a clue..

There was an interesting piece by Gillian Tett (FT) in The Irish Times on Saturday.
https://www.irishtimes.com/business/personal-finance/sustainability-issues-a-hurdle-to-crypto-enthusiasts-1.4565430

Larbre34

What a bust this now is.

As the world looks again at commodities to fuel the stimulus of new growth, the absolute absence of a 'store of value' in crypto is dawning on investors.

Between that and the increasing default association with criminality and environmental destruction, well, this monkey has gone to heaven.

Dante

I find this hilarious. This has all the hallmarks of one hell of a bubble if Elon Musk's tweets are the single biggest influence on prices. The man could literally tank the whole thing with a single tweet saying its all a crock of bolix and to dump while you still can.

I'm sure prices will skyrocket again in the near future, but it has no rhyme or reason other than people joining the hype train.

weemcd

Rob2D wrote: »

I wouldn't. They're horribly overpriced here. Get something nice instead

I say let Elon tweet away to his heart's content. The market always bounces back afterward. So the more he does it the more resilient the market will become.

The one thing I've noticed in the last few months is, this market loves recoveries. I've lost count on the number of shake outs in the past 3 weeks alone. Big dumps followed by green candles everywhere within 48 hours.

It'll make a lot of people nervous but if you hold I think you can still take massive gains. At some point there will be a huge correction, not these bi-weekly small dumps.

Trillion dollar question is when. I think the bull run continues through the rest of this year. Purley speculation on my part.

Bob24

Deleted User wrote: »

400,000 bitcoin transactions a day compared to Visa alone which does over 150 million a day.

I've no idea why anyone who likes bitcoin would ever share the fact that it takes up half of all global banking, even including the bank branches themselves.

It would be a misunderstanding of what Bitcoin does to compare it to Visa only.

Visa is a payment network and does nothing more.

Bitcoin covers a lot more layers of the financial system: a hard asset (to be compared to gold), a convenient and trusted means of exchange (to be compared USD/EUR/etc), a custody system (to be compared to banks and vaults), a transaction signalling and settlement system (to be compared SWIFT/SEPA), and a payment layer (to be compared to Visa/Mastercard).

Visa is built on top of all the other layers and would not achieve anything without them, whereas with Bitcoin they are all built-in (people can discuss whether this is a good design and have different opinions, but objectively this is not comparable to Visa-only).

[Deleted User]

Larbre34 wrote: »

What a bust this now is.

As the world looks again at commodities to fuel the stimulus of new growth, the absolute absence of a 'store of value' in crypto is dawning on investors.

Between that and the increasing default association with criminality and environmental destruction, well, this monkey has gone to heaven.

You do realise that blockchain technology has many potential uses that aren't tied to financial use cases, don't you?

This is no different from everyone buying shares in biopharma companies who have no product and just concepts. A lot of it is speculation, but there are crytpocurrencies that have actual real world use cases based on their blockchain.

seannash

Cryptoquant just sent a notice out that the flow of bitcoin onto exchanges has increased

Timmaay

weemcd wrote: »

The one thing I've noticed in the last few months is, this market loves recoveries. I've lost count on the number of shake outs in the past 3 weeks alone. Big dumps followed by green candles everywhere within 48 hours.

It'll make a lot of people nervous but if you hold I think you can still take massive gains. At some point there will be a huge correction, not these bi-weekly small dumps.

Trillion dollar question is when. I think the bull run continues through the rest of this year. Purley speculation on my part.

I'm not gonna lie I'm continuing to take profits and convert crypto into stablecoins, however days during large FUD like this weekends sh1te aren't the time, instead I'll way for more of them wild green days. I'll still let the likes of 1/3 of my 5 main crypto coins run, but I'll happily take profit's on the rest of my 5x return.

FileNotFound

seannash wrote: »

Cryptoquant just sent a notice out that the flow of bitcoin onto exchanges has increased

Will this mean continues fall in price?

Blazer

circadian wrote: »

You do realise that blockchain technology has many potential uses that aren't tied to financial use cases, don't you?

This is no different from everyone buying shares in biopharma companies who have no product and just concepts. A lot of it is speculation, but there are crytpocurrencies that have actual real world use cases based on their blockchain.

exactly..its already being linked to automation and will be bigger over the course of the next few years..

https://www.redwood.com/article/blockchain-and-automation-a-perfect-match/

seannash

FileNotFound wrote: »

Will this mean continues fall in price?

Thats whats suggested, other theories are whales send it to exchanges to spook the market into selling.

Bob24

Larbre34 wrote: »

It appears within minutes to hours.

Some payment/banking Apps are provisionally displaying the transaction as soon as the payment is made. But that transaction definitely isn’t settled within the timeframe you mention (I.e. the amount could change or the transaction could disappear for at least 2 days after the payment - and up to 30 days if the vendor choses to keep it on hold).

With bitcoin, the transaction and the settlement are essentially a single step. I.e. you are getting instant and final settlement as soon as the payment transaction is recorded.

[Deleted User]

seannash wrote: »

Thats whats suggested, other theories are whales send it to exchanges to spook the market into selling.

I picked the wrong time to start investing in crypto haha :pac:

weemcd

Meredith Rotten Tannery wrote: »

I picked the wrong time to start investing in crypto haha :pac:

Perhaps not... big discounts available today. BTC for example at it's lowest since February.

FileNotFound

Meredith Rotten Tannery wrote: »

I picked the wrong time to start investing in crypto haha :pac:

Haha I am just starting myself, havent really done anything yet, so wondering if this might be an actual good thing for me.

Been watching the fall and wondering when a good time to but into Etheruem and Bitcoin would be. Dabble with these and maybe try a few others as people suggest...

seannash

I'm not an advocate for TA in crypto but in this particular video he talks about a distribution schematic called the Wyckoff distribution that lines up with what the price action of bitcoin has been doing.
Have we been manipulated this whole time?
Interesting to see that someone worked out an optimal way to bleed money out of new investors.

The model shows it going to 28...... I dont have a clue if it will or wont to be honest.

https://www.youtube.com/watch?v=R1gSac_gUc8

sparkletooth

Meredith Rotten Tannery wrote: »

The problem is not that it has gone down a bit. The problem is why

The problem is newbies don't look at charts or look at previous cycles.

We're ~6 months into a bull market (12 months after BTC's last halving). Fear index is high = opportunity

Suppress the ape brain and HODL. Buy the dips if you have anything left. NFA

[Deleted User]

Rob2D wrote: »

A common misconception. The current systems in place only make a note of a transaction. With the actual settlement happening later. Much later in some cases.

This is why when you tap your card in a shop for example, it doesn't appear on your balance for a couple days.

Even if it takes seventeen years to process a transaction, it's still the same amount per day.

Bob24 wrote: »

It would be a misunderstanding of what Bitcoin does to compare it to Visa only.

Visa is a payment network and does nothing more.

Bitcoin covers a lot more layers of the financial system: a hard asset (to be compared to gold), a convenient and trusted means of exchange (to be compared USD/EUR/etc), a custody system (to be compared to banks and vaults), a transaction signalling and settlement system (to be compared SWIFT/SEPA), and a payment layer (to be compared to Visa/Mastercard).

Visa is built on top of all the other layers and would not achieve anything without them, whereas with Bitcoin they are all built-in (people can discuss whether this is a good design and have different opinions, but objectively this is not comparable to Visa-only).

What does all of that have to do with anything? We're talking about electricity costs and I'm pointing out that for twice the electricity, the regular banking system achieves a lot more. I used Visa as an example and you made the mistake of pouncing on it when it's a small percentage of banking transactions.

Bob24

Deleted User wrote: »

What does all of that have to do with anything? We're talking about electricity costs and I'm pointing out that for twice the electricity, the regular banking system achieves a lot more. I used Visa as an example and you made the mistake of pouncing on it when it's a small percentage of banking transactions.

You were comparing "400,000 bitcoin transactions a day compared to Visa alone which does over 150 million a day."

My post was explaining why those 2 things can't be compared as they are rather different (as I explained Bitcoin can process those transaction on its own while Visa requires all the layers below it to exist, so those layers should be included in the energy footprint comparison).

Visa transactions don't exist without a settlement layer, which doesn't exist without a banking network, which doesn't exist without currencies, which don't exists without the gold industry (including production and custody), central banks, government treasuries and armies to back them and make them trusted. Bitcoin transactions can exist independently from all of these.

Again, from a philosophical or a technical point of view people might not like combining all these layers into one system and that is fine, but objectively if an energy footprint comparison has to be made it should be with a group of independent systems which together can achieve the same thing as Bitcoin independently (not with only part of those systems which could not function without the others). Of course it is a difficult comparison to make as it involves deciding what percentage of the footprint for the base layers is dedicated to supporting the top ones and this will be open to arguments, but assuming it is 0% clearly isn't the right answer.

[Deleted User]

Bob24 wrote: »

You said "400,000 bitcoin transactions a day compared to Visa alone which does over 150 million a day."

My post was explaining why those to things can't be compared as they are vastly different (as I explained Bitcoin can process those transaction on its own while Visa requires all the layers below it to exist, so those layers should be included in the energy footprint comparison).

Visa transactions doesn't exist without a settlement layer, which doesn't exist without a banking network, which doesn't exist without currencies, which don't exists without the gold industry, central banks, governemtns and armies to back them and make them trusted. Bitcoin transactions can exist independently from all of these.

You'd have the makings of a point if the vast majority of people didn't use said banking system to acquire or get rid of bitcoin. I would hope no one here would argue that bitcoin could survive without it.

And they are included. The electricity to even run the lights in every bank branch in the world are included in the banking system estimate.

Donald Trump

sparkletooth wrote: »

The problem is newbies don't look at charts or look at previous cycles.

We're ~6 months into a bull market (12 months after BTC's last halving). Fear index is high = opportunity

Suppress the ape brain and HODL. Buy the dips if you have anything left. NFA

So you cashed out at the top yourself and now have all that lovely fiat to pile back into BTC for the dips?

What price point are your forecasting/planning to buy back in at?

Do you do all your investing based on backward looking information?

HGVRHKYY

seannash wrote: »

Cryptoquant just sent a notice out that the flow of bitcoin onto exchanges has increased

Would be interested to see the amounts of BTC, as in are they large holders or mostly small

seannash

HGVRHKYY wrote: »

Would be interested to see the amounts of BTC, as in are they large holders or mostly small

Its just the total flow in, doesn't break it down by wallet address

I think he's on twitter, I follow him on Telegram

sparkletooth

Donald Trump wrote: »

So you cashed out at the top yourself and now have all that lovely fiat to pile back into BTC for the dips?

What price point are your forecasting/planning to buy back in at?

Do you do all your investing based on backward looking information?

WTF are you talking about?

You sound clueless. Are you a trader?

Donald Trump

sparkletooth wrote: »

WTF are you talking about?

You sound clueless. Are you a trader?

It was a simple question for you.

You base your trading strategies on backward looking data? For a relatively novel asset with no intrinsic value? You're working with real-world numeraires? Is there anything even forward looking that is available for crypto that you could be using?

To paraphrase Nassim Taleb, you sound like the fella who might think he is a genius for obliviously "picking up pennies in front of the steamroller"

You can speculate with your own money - do momentum trades or whatever you like. But you shouldn't be coming on an encouraging others to blindly both "buy the dips" and "Hodl" ffs.