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OT: Crypto

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MaroonOil

Redshirt
Jan 13, 2021
142
0
0
Enjoy the rise for those that hunkered down like I did for the 80th time. Pat yourself on the back but keep your bunker in order & well supplied.

Know it will drop again & go back up. That is all. Am I worried about the future government crackdowns? A little, just another dip buying opportunity for me.

DOGE on track with the bot BTC algos, so will follow it. Price of being took seriously, actually disappointed in it. Bought some modpools this summer because shot girl summer is hot.
 
The Peeper

The Peeper

Heisman
Feb 26, 2008
15,571
10,804
113
I hear there may be a new Dale's sauce coming out by football season, anybody else heard that?
 
dorndawg

dorndawg

All-American
Sep 10, 2012
8,777
9,463
113
Montpelier, Vermont is the only state capital without a McDonald's.
 
Jeffreauxdawg

Jeffreauxdawg

All-American
Dec 15, 2017
8,840
7,821
113
Hackers Steal $600 Million in Likely Largest DeFi Crypto Theft https://t.co/YjIyirhgsO— Edward Harrison (@edwardnh) August 11, 2021
 
D

DogStuckAtUM.sixpack

Redshirt
Feb 15, 2007
1,719
0
0
If we go into end times (and the internet and power is shut off), will you use your Coinbase wallet in your paperweight iPhone to bash someone in the head for a loaf of bread?**
 
missouridawg

missouridawg

Junior
Oct 6, 2009
9,391
289
83
There's a lot of people making jokes in this thread... and I'm completely ok with that.

But I'm close to redoing my mancave and my garage with crypto profits. And I didn't start in this until February 1st of this year.

It certainly isn't for the conservative investor, but if you can dig your heels in and ride a few waves, you can make some very quick and good money.
 
dorndawg

dorndawg

All-American
Sep 10, 2012
8,777
9,463
113
missouridawg said:
There's a lot of people making jokes in this thread... and I'm completely ok with that.

But I'm close to redoing my mancave and my garage with crypto profits. And I didn't start in this until February 1st of this year.

It certainly isn't for the conservative investor, but if you can dig your heels in and ride a few waves, you can make some very quick and good money.
Click to expand...

Oh, you've remodeled the garage. Must have cost you hundreds.

[video]https://getyarn.io/yarn-clip/83408444-33e1-46aa-8897-54b36c96fd03[/video]
 
N

natchezdawg

Redshirt
Oct 4, 2009
1,239
0
0
Whenever I see investing advice on here...

it reminds me of Joe Kennedy, Sr's words of wisdom - "When the shoe shine boys are giving stock tips, then its time to get out of the stock market".....
 
N

Nicephorus

Redshirt
Sep 3, 2018
150
0
0
JoeLee'sSocks said:
Hackers Steal $600 Million in Likely Largest DeFi Crypto Theft https://t.co/YjIyirhgsO— Edward Harrison (@edwardnh) August 11, 2021
Click to expand...

He’s actually in the process of returning the stolen funds. Apparently the transparent nature of blockchain makes laundering 600m a little difficult. No obscure Panamanian or Caymen banks to help out.

https://twitter.com/hsakatrades/status/1425304528321056772?s=21

He’s basically been making “blog” posts on the ethereum chain regarding his motives and plans. Even tipped someone 40k in ethereum for some advice they sent to him through an ethereum tx. You can actually encode messages in your ethereum transactions to other wallets that people can decode and read.
 
Jeffreauxdawg

Jeffreauxdawg

All-American
Dec 15, 2017
8,840
7,821
113
https://www.investopedia.com/terms/s/sucker-rally.asp

View attachment 21301

Two things to look at:

1. This rally is on really low volume. Look at the yellow line at the bottom, it represents average daily volume. Currently 20% of January-March volumes. That means there is not institutional buying.

2. It is getting stonewalled at the 50% retracement level. That's usually a spot where there is a turnaround in the other direction.

https://sacredtraders.com/ganns-50-retracement-rule/

Good place to take some profits. Especially as the looming showdown with the SEC appears to be moving into overdrive.

https://www.wsj.com/articles/sec-chief-gary-gensler-braces-for-clash-with-crypto-traders-11628164980

I'm back on the sidelines in my crypto trading account. I don't like the kind of volatility that appears to be on the horizon.
 
A

Apoplectic_Objurgator

Redshirt
Nov 16, 2012
2,481
2
0
no **** - i put hurricane insurance money into crypto and will have made enough to pay off the entire mortgage when it breaks ATH in a few weeks. this infrastructure bill has shown how powerful the crypto world is. showing that regulation is inevitable will send btc to 100k plus by EOY. whats crazy is that users on the btc network are growing by almost 4mm people per day - 1B users by 2024. roughly the same number of users as the internet in 1997. but hey the internet is just a fad

if luddites don't like crypto they can always compete with gates and buy up farmland as a hedge against this 20% inflation
 
A

Apoplectic_Objurgator

Redshirt
Nov 16, 2012
2,481
2
0
JoeLee'sSocks said:
https://www.investopedia.com/terms/s/sucker-rally.asp

View attachment 21301

Two things to look at:

1. This rally is on really low volume. Look at the yellow line at the bottom, it represents average daily volume. Currently 20% of January-March volumes. That means there is not institutional buying.

2. It is getting stonewalled at the 50% retracement level. That's usually a spot where there is a turnaround in the other direction.

https://sacredtraders.com/ganns-50-retracement-rule/

Good place to take some profits. Especially as the looming showdown with the SEC appears to be moving into overdrive.

https://www.wsj.com/articles/sec-chief-gary-gensler-braces-for-clash-with-crypto-traders-11628164980

I'm back on the sidelines in my crypto trading account. I don't like the kind of volatility that appears to be on the horizon.
Click to expand...

traders gonna trade. look at the number of long term holders continuing to stack vs day trader volatility. TA has pretty colors - on chain data will give you the true picture if youre a HODLer
 
Jeffreauxdawg

Jeffreauxdawg

All-American
Dec 15, 2017
8,840
7,821
113
That's kinda the point. It's fake money when the criminals give it back right? The regulations coming are going to be crazy volatile. Institutional money is going to sit out for a while.
 
Mobile Bay

Mobile Bay

All-Conference
Jul 26, 2020
4,205
2,145
113
missouridawg said:
There's a lot of people making jokes in this thread... and I'm completely ok with that.

But I'm close to redoing my mancave and my garage with crypto profits. And I didn't start in this until February 1st of this year.

It certainly isn't for the conservative investor, but if you can dig your heels in and ride a few waves, you can make some very quick and good money.
Click to expand...

I have won a bunch of money at the Silver Star too. Doesn't make it a wise financial move to go there.
 
A

Apoplectic_Objurgator

Redshirt
Nov 16, 2012
2,481
2
0
JoeLee'sSocks said:
That's kinda the point. It's fake money when the criminals give it back right? The regulations coming are going to be crazy volatile. Institutional money is going to sit out for a while.
Click to expand...

regulations are going to be no more than reporting / 1099s. i don't know any legit person or business that will have a problem with that
 
mstateglfr

mstateglfr

All-American
Feb 24, 2008
16,100
5,909
113
Apoplectic_Objurgator said:
whats crazy is that users on the btc network are growing by almost 4mm people per day - 1B users by 2024. roughly the same number of users as the internet in 1997. but hey the internet is just a fad
Click to expand...

Oh I see, you took something that few people thought was a fad and turned out to not be, and applied that to BTC.
Brilliant logic.***
 
B

Beretta.sixpack

Senior
Oct 29, 2009
2,614
458
83
Count me as a HODL'er.......Middle May sucked....but it doesn't suck now!

Apoplectic_Objurgator said:
traders gonna trade. look at the number of long term holders continuing to stack vs day trader volatility. TA has pretty colors - on chain data will give you the true picture if youre a HODLer
Click to expand...

that is why i use coinbase pro....i set stops like i do with stock trading....ive been lucky to piggy back on a couple of doctor buddies of mine who have made 7 figure money over the last couple of years in crypto....they use a high dollar subscription service and i get their emails....i also subscribe to one....best money ive spent....

in the end, the ones you will see really survive the long haul will be Bitcoin and Ethereum.....but you will get a million opinions on why or why not....

I stick my EtH and BTC in a Nexxo Wallet and watch it earn 8% interest paid out daily....Ill hold them for a few years too.....all the other ones, i just trade like stocks and once you get a feel for it, its not that hard to ride a wave and sell....but greed will bite your *** in crypto, easily.
 
N

Nicephorus

Redshirt
Sep 3, 2018
150
0
0
Seems more recent institutional buying interest has been shifting more into ethereum. Coinbase even reported more recent institutional eth volume than btc.

https://twitter.com/fintechfrank/status/1425586708305829891?s=21

How much of this is due to EIP-1559 going live I don’t know but it basically has halved ethereum inflation since it went live couple weeks ago.

Ethereum is also home to the NFT (non-fungible token aka unique tokens containing digital rights to a artwork or other item) buying/flipping mania currently underway. I assume this is a reason for renewed interest in ethereum also.
 
F

FreeDawg

Senior
Oct 6, 2010
3,878
655
98
The decline in volume was on the correction, which is good. High volume on downtrend = over. And I disagree on the 50% retracement being the level to watch. I’ll be watching the 618 and really the 702. If alts go wild as we approach the 702 I’ll take my ball and go home. If we crack the 702 we’ll do a full fib extension from the 2018 bear, which we have yet to do and done on both previous halving cycles. The whale wallets have been accumulating heavy since 28k according to on chain data. All on low volume which is exactly what they do. Notice JPM has switched its tune? It’s because they’re about to lure retail in again imo. I think a much more likely scenario than getting turned away at the 50% retracement is as we approach the 702 fib, media goes wild with a $100k & higher BTC target and the actual top being 85kish. All that said, I’m still looking for ATHs in DOW and the crypto total market cap followed by a massive correction and starting a multi-year bear market. I’m preparing more for the emotional part than anything if it is about to get wild like I think it will. Clear head and don’t forget to hit that sell button.
 
Jeffreauxdawg

Jeffreauxdawg

All-American
Dec 15, 2017
8,840
7,821
113
That's tits info brother. May jump back in soon as we are sitting on top of the 200 day SMA nicely.
 
F

FreeDawg

Senior
Oct 6, 2010
3,878
655
98
I’ve followed you’re trading post and I know you know your stuff. That’s just my 2 cents. I think if we get turned back for good this cycle it’s at the 702 extension. If alts are going crazy into the retracement, I’m interpreting that as money rotating out of btc and in to alts and the finale of this cycle. I’d rather see alts just slowly clawing back to Feb-March levels as btc approaches the 702. Id interpret that as a sign we see a push to a new ATH for BTC with the rotation in to alts after. That scenario is better for my exit plan but I can’t go in to it over biased only wanting to see that. The last 6 months have been a roller coaster of trades where I feel like a genius, holding on for life, and questioning if I’m an idiot. I’ve tried to hold to my conviction and plan. It is yet to be seen if I’ll exit a hero or not.
 
J

JungRebel

Redshirt
Aug 23, 2012
2,606
0
0
Pulled the initial for this year in June.
Every week I take 1/8 the initial in profit.
The balance keeps going up.
***So does the systemic risk.***
I have nothing in there I cant afford to lose.
PAY YOUR TAXES.
 
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M

MaroonOil

Redshirt
Jan 13, 2021
142
0
0
Just hold, it’s that easy.

Our government wanting to tax crypto more is both a good & bad thing. One, it tells us BTC is here to stay & our government is acknowledging that. They are wanting to snag 28 billion of extra profits(you already get capital gained anyways).
Two, they are trying to crackdown on more tax evasion, you trade over 10k in crypto, you get flagged, etc. Brokers have to report. Mountains of rules that anyone can go read.

My only concern with the whole thing is the market reflection/reaction. Should be a good dip to get in. I’m a firm believer in the higher ATH we see, this baby will wipe out real assets. I mean, why even ROTH IRA when you have a trusted pattern here. I only say that because I believe there will never be another BTC. Especially my generation, in which all this has made us super wealthy, well a percentage anyways. It is all being embraced by the ones that will eventually have their turn to run the world like every other generation. I said 100k by July & I was wrong but we will see it. Who knows when, but it is happening.
 
TheStateUofMS

TheStateUofMS

All-Conference
Dec 26, 2009
10,311
2,346
113
The fact it's so easy should be a sign.

But I'm with you ETH and BTC likely here to stay. No idea what the price should be though. I do know 0% interest rates has inflated everything and crypto is probably the biggest.
 
TheStateUofMS

TheStateUofMS

All-Conference
Dec 26, 2009
10,311
2,346
113
I've only bought and never sold. Definitely a HODLR.....but if it starts getting to +$80k I'll be tempted. Is reporting it for taxes a *****? What rate is it taxed?
 
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