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Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

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30 minutes ago, workswithseed said:

I'm really sad to pull money out. I figured the last pump was from our conflict from 2 weeks ago, I wonder why the jump.

There is some buzz around new bitcoin futures options out there with CME Group. Previously Bakkt was one if not only futures options available and they have been slowly ramping up to $1M in daily trades.  CME came along with their first day on Monday with $2.3M.

But there is no way to tell if that is the only factor.

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20 hours ago, workswithseed said:

I'm really sad to pull money out. I figured the last pump was from our conflict from 2 weeks ago, I wonder why the jump.

Don’t try to trade in and out. Long term, it’s going to pump. Stay in. 

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If we can break and hold 9.1K I think we can make it up to 11 which should signal Bull is back on and perhaps we can find our way back to 20K this year. Before that happens I'm watching for a pull back to 8K (7950) that aligns with a Fib and watch for whether that can hold..

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Nice last 7 days especially with top alts.  Some coins I own and the 7 day pct growth

BTC: 11%

ETH: 22%

EOS: 22%

XRP: 16%

BNB: 22%

XLM: 32%

 

Of course when they're down that much next week, I will not post the changes.

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42 minutes ago, workswithseed said:

Well, Bitcoin just shot the hell up.

alt coins have had a good week too.

Crypto seems to benefit from global stock market volatility.  Not that the average investor and definitely not the institutional investor move their funds to crypto but the size of crypto is so small, it doesn't take much to move it.

Also we're getting closer to the bitcoin mining halving event. Currently ~1800 bitcoins per day are created for the miners. Or $17m created every day.  That drops in half in 96 days.  Many people think that the once-every-4-years halving event signals a push upwards. Whether or not that is accurate, it doesn't really matter if people believe it.

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35 minutes ago, Nice Guy Eddie said:

alt coins have had a good week too.

Crypto seems to benefit from global stock market volatility.  Not that the average investor and definitely not the institutional investor move their funds to crypto but the size of crypto is so small, it doesn't take much to move it.

Also we're getting closer to the bitcoin mining halving event. Currently ~1800 bitcoins per day are created for the miners. Or $17m created every day.  That drops in half in 96 days.  Many people think that the once-every-4-years halving event signals a push upwards. Whether or not that is accurate, it doesn't really matter if people believe it.

I'm hearing to put all that I've got into crypto. I can deal with that.

Ha, I didn't even that such events happened 

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Halving events don't occur with every coin but definitely with bitcoin.  Bitcoin currently has 18.2m coins in existence. The coin was designed to stop at 21m.  Right now miners basically win a lottery* of 12.5 bitcoins every 10 minutes (1800 per day.)   In 2009, the reward was 50 bitcoins every 10 minutes, and it dropped to 25 in 2012, and 12.5 in 2016.  And so on.  By 2032, the "winning" miner will receive .78 bitcoins (112 per day)

Anyway, miners will basically see their income drop by 50% in 90 days from a bitcoin perspective. 

FYI, bitcoin is set to stop producing new coins in 120 years.  

Right now, bitcoin holders have to absorb up to 1800 new bitcoins per day on the market which dilutes it. But since this will be cut in half in 3 months, many believe this should put pressure on the price to rise. It makes sense from an economic standpoint but no one knows for sure. The only 2 other halving events saw the price rise by 10x as the event approached. Of course they were both more extreme and the price was much lower.

 

* The actual process is more complicated than just a lottery but similar enough for this explanation.

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couple more items to add, it's been estimated that up to 4m bitcoins are lost because either the owner forgot about them, forgot the passwords, or he died without telling anyone the password.  This is estimated based on lack of transactions from those wallets in years.

And it seems crazy that people would forget about them, but at the time, they were worthless.  Worth zero so it didn't matter if you forgot the password to a wallet with 200 bitcoins. Now that wallet is worth $1.9M.   The founder(s) of bitcoin, Satoshi,  is sitting on 980K bitcoins or $9.4B. But he has disappeared and not touched his wallet in years. Very interesting mystery that hopefully is solved someday.

 

Edited by Nice Guy Eddie

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14 hours ago, T’Boo Ted Marshall said:

I haven’t messed with mine in a few years.

T'Boo is Satoshi?

9.8 gave us a small reaction and I expect 10K to put up a fight as well. If we can break through that I'd be looking for 11K fairly quickly where I might start scaling out of my longs. I'm only about 50% and was waiting for 6Ks to put in the other half unfortunately. 

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On 1/20/2020 at 8:19 AM, Rusty Shackelford said:

Oh lawd, the responses to this tweet, pure gold.

 

Some amazing replies like you said.  ‘Retard tax’ LOL

90A7C61C-51DA-41A4-ADC6-3B465CAEAC1C.png

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5 hours ago, ChiTownDoc said:

Some amazing replies like you said.  ‘Retard tax’ LOL

90A7C61C-51DA-41A4-ADC6-3B465CAEAC1C.png

I got a kick out of Schiff screwing up like everyone else, but it is an example of the user experience of Bitcoin still needing work. As a younger gen Xer I feel pretty comfortable handling wallets and transactions myself, but I think the vast majority of people older than me will find it too daunting from a tech perspective. Have to make it more frictionless. 

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The issue with Schiff is a problem that can be solved if you find a custodian for your coins. But you run a risk that the custodian could screw up or get hacked.  Or to simply be smart about your password or recovery phrase.

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ETH seems to be moving more than BTC over the last week or so. Kinda odd because I feel like often they’re joined at the hip (relatively) with movement.

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