Quoted from BMore-Pinball:Or sell it before it loses most of its value....
Hmm, what's going to lose more value over time...the dollar or BTC? PS...I'm still up on my BTC, not so much on my dollars. Hell, I'm still up vs my index funds.
Quoted from Astropin:Yes ...that's why I said it's a long way off.
You want to get BTC before it gets established as a reserve asset.
I honestly don’t see BTC ever being a reserve asset for banks and such. BTC is the total opposite of what they do and how they manipulate everything.
Do you really see BTC being a reserve asset at some point? I truly hope it remains a coveted store of value
Quoted from BMore-Pinball:Or sell it before it loses most of its value....
Are you not bullish on BTC anymore? From previous posts you seemed to be enthusiastic about it and wanting to store it for the long haul and buy more
Ask those who got in at 40k-60k how they feel about it now. Especially with all that 100k by christmas nonsense. I think you are going to find there are a lot of players that won't stay in, and without people getting in or staying in, it won't ever reach those values that people keep claiming it will get to.
Something has to change in a positive way to convince people, not just a few people touting how awesome and speculative pricing. There is nothing for the majority of people just trying to stay afloat to use it other than its value at this point, and watching that value dive by 1/2 in days doesn't sit well.
Quoted from Zablon:Ask those who got in at 40k-60k how they feel about it now. Especially with all that 100k by christmas nonsense. I think you are going to find there are a lot of players that won't stay in, and without people getting in or staying in, it won't ever reach those values that people keep claiming it will get to.
Something has to change in a positive way to convince people, not just a few people touting how awesome and speculative pricing. There is nothing for the majority of people just trying to stay afloat to use it other than its value at this point, and watching that value dive by 1/2 in days doesn't sit well.
Macro economics and sentiment affect btc's price in the short term. I believe it's fundamental properties assure it's accent over longer time frames. I could be wrong.
Quoted from KornFreak28:I honestly don’t see BTC ever being a reserve asset for banks and such. BTC is the total opposite of what they do and how they manipulate everything.
Do you really see BTC being a reserve asset at some point? I truly hope it remains a coveted store of value
At some point, I don't think they'll have a choice
Quoted from Zablon:Ask those who got in at 40k-60k how they feel about it now. Especially with all that 100k by christmas nonsense. I think you are going to find there are a lot of players that won't stay in, and without people getting in or staying in, it won't ever reach those values that people keep claiming it will get to.
Something has to change in a positive way to convince people, not just a few people touting how awesome and speculative pricing. There is nothing for the majority of people just trying to stay afloat to use it other than its value at this point, and watching that value dive by 1/2 in days doesn't sit well.
These are the cycles…. A lot of ppl got in at 18k then it crashed to 5k…. Every cycle this is what happens. And every cycle there are ppl saying look it crashed this will never catch on. No one can predict the future but so far I’m still bullish on Btc and crypto in general.
Quoted from Zablon:Ask those who got in at 40k-60k how they feel about it now. Especially with all that 100k by christmas nonsense. I think you are going to find there are a lot of players that won't stay in, and without people getting in or staying in, it won't ever reach those values that people keep claiming it will get to.
Something has to change in a positive way to convince people, not just a few people touting how awesome and speculative pricing. There is nothing for the majority of people just trying to stay afloat to use it other than its value at this point, and watching that value dive by 1/2 in days doesn't sit well.
I got in at 40k-60k range and I just want more. No pain no gain.
In other news, I bought two Okay Bears Yacht Club today. Time will tell if my investment does a 100x, lol. I still have fun with this NFT shit even though my last CryptoPunk is listed for 65 ETH with no takers. Better days ahead…hopefully.
6A601164-B405-47E8-9D30-AE084E931C72 (resized).jpegD14F6C60-0C3D-4D8A-A642-BCF8C79DB1DF (resized).jpegQuoted from darkryder:In other news, I bought two Okay Bears Yacht Club today. Time will tell if my investment does a 100x, lol. I still have fun with this NFT shit even though my last CryptoPunk is listed for 65 ETH with no takers. Better days ahead…hopefully.
[quoted image][quoted image]
Eth maxi huh? why not get the real one on Sol?
The best case scenario for bitcoin in my opinion is about 600k. That puts it at the same market cap as gold. Past that I think it would be very difficult to go anywhere as a store of value. And honestly it would probably be less than that, unless you get every country to buy into it like gold (unlikely) it won’t get that high. If they regulate stable coins it will cause a massive deleveraging probably in the short term, as Terra showed that when stable coins are shown as not being as backed as well as was thought, the whole market crumbles. If they don’t regulate stable coins then I could see bitcoin doing a blowoff top where it goes higher than it should shorter term.
I think the times of bitcoin going 10x in a short time period are probably over unless it melts down to $5k and back to $50k. Law of large numbers makes it really hard for it to grow fast once it gets to like that 1 trillion market cap. Same thing happens to all assets, you just run out of money to run the asset higher unless you highly leverage it up (see GameStop).
Quoted from taylor34:The best case scenario for bitcoin in my opinion is about 600k. That puts it at the same market cap as gold. Past that I think it would be very difficult to go anywhere as a store of value. And honestly it would probably be less than that, unless you get every country to buy into it like gold (unlikely) it won’t get that high. If they regulate stable coins it will cause a massive deleveraging probably in the short term, as Terra showed that when stable coins are shown as not being as backed as well as was thought, the whole market crumbles. If they don’t regulate stable coins then I could see bitcoin doing a blowoff top where it goes higher than it should shorter term.
I think the times of bitcoin going 10x in a short time period are probably over unless it melts down to $5k and back to $50k. Law of large numbers makes it really hard for it to grow fast once it gets to like that 1 trillion market cap. Same thing happens to all assets, you just run out of money to run the asset higher unless you highly leverage it up (see GameStop).
In August 2018, Apple became the first American company ever to be worth $1 trillion, an achievement that took 42 years. It surged past $2 trillion two years later.
Quoted from Pdxmonkey:Eth maxi huh? why not get the real one on Sol?
Yeah, I missed the memo on those SOL Okay Bears. Not convinced those are a good long term play, but who knows. I had some spare ETH to throw at a few NFTs and the Okay Bears Yacht Club are already up to .2 floor. Maybe the next BAYC or a rug pull, we will see LOL.
Quoted from darkryder:Yeah, I missed the memo on those SOL Okay Bears. Not convinced those are a good long term play, but who knows. I had some spare ETH to throw at a few NFTs and the Okay Bears Yacht Club are already up to .2 floor. Maybe the next BAYC or a rug pull, we will see LOL.
Personally I don’t buy derivatives, especially unlicensed ones, they’re great for the OG projects though.
I had an Okay Bear I bought for 8 sol but sold way too early.
Quoted from Pdxmonkey:Personally I don’t buy derivatives, especially unlicensed ones, they’re great for the OG projects though.
I had an Okay Bear I bought for 8 sol but sold way too early.
I normally don’t either, but these look quality and the volume has been heavy and I didn’t want to miss it in case they take off.
On another random note, DVD is looking pretty darn good at 97, wow. Good on him!
5C7938C3-083F-499E-85E1-C59A92877C1C (resized).pngQuoted from taylor34:The best case scenario for bitcoin in my opinion is about 600k. That puts it at the same market cap as gold. Past that I think it would be very difficult to go anywhere as a store of value. And honestly it would probably be less than that, unless you get every country to buy into it like gold (unlikely) it won’t get that high. If they regulate stable coins it will cause a massive deleveraging probably in the short term, as Terra showed that when stable coins are shown as not being as backed as well as was thought, the whole market crumbles. If they don’t regulate stable coins then I could see bitcoin doing a blowoff top where it goes higher than it should shorter term.
I think the times of bitcoin going 10x in a short time period are probably over unless it melts down to $5k and back to $50k. Law of large numbers makes it really hard for it to grow fast once it gets to like that 1 trillion market cap. Same thing happens to all assets, you just run out of money to run the asset higher unless you highly leverage it up (see GameStop).
Now that it's confirmed this cycle is over and "BTC to $100k+ by end of 2021" turned out to be nonsense, it's a lot easier to realize that the $68k top was only a 3.4x from the 2017 cycle's high... that's 3.4x over 4 years... the ultra conservative SPY itself went up 170% over that time (and many large cap individual stocks went 10x) so it's great, but next cycle is obviously going to be less than a 3.4x if it holds the trend... maybe half of that would be a $115k... for waiting 3+ years. Sure buying right now would be a 4x... which is really good, but it's a far cry from the $500k-$1M people are still predicting for the 5-10 year timeframe.
Quoted from Baiter:Now that it's confirmed this cycle is over and "BTC to $100k+ by end of 2021" turned out to be nonsense, it's a lot easier to realize that the $68k top was only a 3.4x from the 2017 cycle's high... that's 3.4x over 4 years... the ultra conservative SPY itself went up 170% over that time (and many large cap individual stocks went 10x) so it's great, but next cycle is obviously going to be less than a 3.4x if it holds the trend... maybe half of that would be a $115k... for waiting 3+ years. Sure buying right now would be a 4x... which is really good, but it's a far cry from the $500k-$1M people are still predicting for the 5-10 year timeframe.
Where do you think we are on the chart?
D21B17A7-F243-403A-BE87-15B7D510D4E0 (resized).jpegAnd why pick the high of 2017? That was over a year after a halving and well past the start of bull run.
Quoted from Pdxmonkey:Where do you think we are on the chart?
[quoted image]
Approximately the "perceived benefit" stage.
Quoted from Pdxmonkey:And why pick the high of 2017? That was over a year after a halving and well past the start of bull run.
We are still "early adopters" but its main use case as a hedge against money printing has failed so far. Maybe because it's early, but this is the exact economic situation it was designed for.
I chose 2017 because the peaks between previous cycles are less relevant over time. the previous cycle was a 16.7x peak to peak, the one after was 3.4x in a money printing inflationary environment with more mass adoption plus some institutional adoption. It's a stretch to think that more than a 3.4x can happen next time, and BTC is slowly becoming whale heavy and easier to manipulate.
ETH seems like a better bet right now... higher transaction volume, more use cases and layer 1's, deflationary, defi, smart contracts, move toward POS addresses all the FUD around energy usage, and thus people are starting to use it as a store of value. It may not moon either, but it seems odds are it will rise faster than BTC.
Quoted from darkryder:On another random note, DVD is looking pretty darn good at 97, wow. Good on him!
dude is legendary in so many ways!
Quoted from Baiter:Now that it's confirmed this cycle is over and "BTC to $100k+ by end of 2021" turned out to be nonsense, it's a lot easier to realize that the $68k top was only a 3.4x from the 2017 cycle's high... that's 3.4x over 4 years... the ultra conservative SPY itself went up 170% over that time (and many large cap individual stocks went 10x) so it's great, but next cycle is obviously going to be less than a 3.4x if it holds the trend... maybe half of that would be a $115k... for waiting 3+ years. Sure buying right now would be a 4x... which is really good, but it's a far cry from the $500k-$1M people are still predicting for the 5-10 year timeframe.
I hope you are wrong
Quoted from Astropin:Any HEX holders on here? (Hopefully not)
Oof, HEX just dived a bit the last few days - i bought in the 12c range, sold out at 18 a few weeks back. Hexicans are a pretty passionate bunch!
Quoted from robm:Oof, HEX just dived a bit the last few days - i bought in the 12c range, sold out at 18 a few weeks back. Hexicans are a pretty passionate bunch!
Their supreme leader is the biggest scammer I've ever seen ...and I've seen a lot. Cavet emptor.
Quoted from Astropin:Their supreme leader is the biggest scammer I've ever seen ...and I've seen a lot. Cavet emptor.
Who you guys talking about?
Quoted from KornFreak28:Who you guys talking about?
Richard Heart...founder of HEX and scammer extraordinaire.
Quoted from KornFreak28:I hope you are wrong
Until this cycle BTC was the only on/off ramp for all other cryptos and one of the reasons this peak was underwhelming is because that main BTC use case went away. Peaks are flattening, and troughs may not go as deep but that's only for top 10 coins the rest will lose their 99%.
To say we're still early understates the reality that NFTs provided the only significant use case for crypto this past year, overshadowing defi as the speculated front-runner, so crypto is still a technology looking for its killer use case that serves the world's population. I was just lamenting yesterday about how it takes 3 days to clear a money transfer in the traditional banking system, which is not even a thing in crypto, but solving that will require banks to use the tech. They will eventually, likely with their own chains.
BTC still has its place as the only decentralized crypto which helps avoid a Luna debacle. But as of today, I have zero confidence a $1M BTC is anything but a pipe dream. I'll call $150k next cycle, an inflation adjusted $100k in today's dollars which is still optimistic. BTC is an extremely volatile investment and going forward won't be as life changing as people want because more money will be made elsewhere.
I hope I am wrong too 
I've been done with him for a while now...but if you're still listening to Raoul Pal...stop.
He (in a video) recommended earning "basically risk-free" 20% interest by staking LUNA.
He has since cleansed the internet of that video and now claims he never said it. Of course, some people saved copies.
My goal is to purchase more btc
In the meantime I am taking my assets off the exchange that I am in and putting into cold storage. Ledger x and s just arrived
Any traps for transfer to watch out for new players ?
Quoted from KornFreak28:BTC crashing!
nah that's well within it's wild daily fluctuations. The chart looks like a noisy square-wave generator
Quoted from RA77:My goal is to purchase more btc
In the meantime I am taking my assets off the exchange that I am in and putting into cold storage. Ledger x and s just arrived
Any traps for transfer to watch out for new players ?
Just double check the address before sending. There are some "copy & paste" viruses out there that will change the address after you've copied it...if you do copy & paste.
Quoted from Astropin:I have not sold the rest of my alts (yet), but even so BTC has now crossed 80% dominance in my holdings. It was only in the mid 60's at one point last year.
I think most alts are probably going to zero other than Ethereum. Too many of them are just hot air and/or useless, and like the dot com bust 20 years ago, most of them are going to zero or close to zero in the next couple years. Bitcoin and Ethereum will be left and then whoever out of the rest survives (like possibly Solana).
Quoted from taylor34:I think most alts are probably going to zero other than Ethereum. Too many of them are just hot air and/or useless, and like the dot com bust 20 years ago, most of them are going to zero or close to zero in the next couple years. Bitcoin and Ethereum will be left and then whoever out of the rest survives (like possibly Solana).
So You mean Egg coin, Poop coin and Pussy coin aren’t going anywhere?
My Algo bag is now down 80% and my Solana bag is down 75%. Matic...65%.
My ETH will forever show profit because I sold enough at 4100 to more than cover my total investment. Currently it's at +261%.
I'm super curious about Ethereum's proposed Proof of Stake switch, and any predictions for its future.
https://www.technologyreview.com/2022/03/04/1046636/ethereum-blockchain-proof-of-stake/
There was some factoid floating around how in Texas' overburdened electrical grid something like 40% is used for Proof Of Work / BTC.
some of the quotes out there are wild...
"One cryptocurrency miner in Rockdale, Texas, uses at least 400 megawatts of energy. For context, that’s enough to power a large city." (via https://www.kvue.com/article/news/local/texas/texas-crypto-miners-summer-power-grid-conditions-ercot-expects-record-demand/269-ca5a6aa9-b4d5-4920-801a-08fa635be481 )
"It’s too early to estimate how much Texans’ power bills could rise as a result of Bitcoin mining. But the city of Plattsburgh, New York, may provide clues. After power prices surged, Plattsburgh temporarily banned crypto mining in 2018 until it could pass measures to regulate the industry. Two counties in Washington state took similar steps.
Overall, Bitcoin mining cost residents and businesses in upstate New York about $250 million a year in higher annual electricity bills, a 2021 University of California Berkeley study concluded. Mining pushes up monthly electric bills about $8 for individuals, and $12 for small businesses, the researchers estimated."
(via https://www.governing.com/next/what-risks-does-crypto-mania-pose-to-texas-power-grid )
"Austin Energy, which powers the state capital, says investors want to build five mines just outside Austin that would need a total of 1,000 megawatts of electricity, equal to about two-thirds of the city's current demand. That may require the utility to build more transmission lines, said Erika Bierschbach, vice president of energy market operations."
So I know BTC is seem as the standard-bearer, and after the last month any dreams of rattling that seem to have been popped. But is there hope for a Proof Of Stake system to rise to dominance and upheave these electricity demands?
The demand for electricity is still vastly beyond what could be considered reasonable, and places with more rickety infrastructure will see risks rise, as the value of mining still vastly eclipses the cost of doing so. It also outpaces all of the "future hopium" that we were constantly fed about how Bitcoin would revolutionize energy generation through market pressure, because infrastructure does not move that quickly and engineering at that scale is HARD.
Quoted from cait001:I'm super curious about Ethereum's proposed Proof of Stake switch, and any predictions for its future.
https://www.technologyreview.com/2022/03/04/1046636/ethereum-blockchain-proof-of-stake/
There was some factoid floating around how in Texas' overburdened electrical grid something like 40% is used for Proof Of Work / BTC.
some of the quotes out there are wild...
"One cryptocurrency miner in Rockdale, Texas, uses at least 400 megawatts of energy. For context, that’s enough to power a large city." (via https://www.kvue.com/article/news/local/texas/texas-crypto-miners-summer-power-grid-conditions-ercot-expects-record-demand/269-ca5a6aa9-b4d5-4920-801a-08fa635be481 )
"It’s too early to estimate how much Texans’ power bills could rise as a result of Bitcoin mining. But the city of Plattsburgh, New York, may provide clues. After power prices surged, Plattsburgh temporarily banned crypto mining in 2018 until it could pass measures to regulate the industry. Two counties in Washington state took similar steps.
Overall, Bitcoin mining cost residents and businesses in upstate New York about $250 million a year in higher annual electricity bills, a 2021 University of California Berkeley study concluded. Mining pushes up monthly electric bills about $8 for individuals, and $12 for small businesses, the researchers estimated."
(via https://www.governing.com/next/what-risks-does-crypto-mania-pose-to-texas-power-grid )
"Austin Energy, which powers the state capital, says investors want to build five mines just outside Austin that would need a total of 1,000 megawatts of electricity, equal to about two-thirds of the city's current demand. That may require the utility to build more transmission lines, said Erika Bierschbach, vice president of energy market operations."
So I know BTC is seem as the standard-bearer, and after the last month any dreams of rattling that seem to have been popped. But is there hope for a Proof Of Stake system to rise to dominance and upheave these electricity demands?
The demand for electricity is still vastly beyond what could be considered reasonable, and places with more rickety infrastructure will see risks rise, as the value of mining still vastly eclipses the cost of doing so. It also outpaces all of the "future hopium" that we were constantly fed about how Bitcoin would revolutionize energy generation through market pressure, because infrastructure does not move that quickly and engineering at that scale is HARD.
How energy is calculated. The problem isn’t how much energy it uses but rather where that energy comes from.
On to the original question of Eth PoS
It’s switching to sharding blockchains and should be real interesting…like fixing an airplane mid flight.
Quoted from cait001:I'm super curious about Ethereum's proposed Proof of Stake switch, and any predictions for its future.
https://www.technologyreview.com/2022/03/04/1046636/ethereum-blockchain-proof-of-stake/
There was some factoid floating around how in Texas' overburdened electrical grid something like 40% is used for Proof Of Work / BTC.
some of the quotes out there are wild...
"One cryptocurrency miner in Rockdale, Texas, uses at least 400 megawatts of energy. For context, that’s enough to power a large city." (via https://www.kvue.com/article/news/local/texas/texas-crypto-miners-summer-power-grid-conditions-ercot-expects-record-demand/269-ca5a6aa9-b4d5-4920-801a-08fa635be481 )
"It’s too early to estimate how much Texans’ power bills could rise as a result of Bitcoin mining. But the city of Plattsburgh, New York, may provide clues. After power prices surged, Plattsburgh temporarily banned crypto mining in 2018 until it could pass measures to regulate the industry. Two counties in Washington state took similar steps.
Overall, Bitcoin mining cost residents and businesses in upstate New York about $250 million a year in higher annual electricity bills, a 2021 University of California Berkeley study concluded. Mining pushes up monthly electric bills about $8 for individuals, and $12 for small businesses, the researchers estimated."
(via https://www.governing.com/next/what-risks-does-crypto-mania-pose-to-texas-power-grid )
"Austin Energy, which powers the state capital, says investors want to build five mines just outside Austin that would need a total of 1,000 megawatts of electricity, equal to about two-thirds of the city's current demand. That may require the utility to build more transmission lines, said Erika Bierschbach, vice president of energy market operations."
So I know BTC is seem as the standard-bearer, and after the last month any dreams of rattling that seem to have been popped. But is there hope for a Proof Of Stake system to rise to dominance and upheave these electricity demands?
The demand for electricity is still vastly beyond what could be considered reasonable, and places with more rickety infrastructure will see risks rise, as the value of mining still vastly eclipses the cost of doing so. It also outpaces all of the "future hopium" that we were constantly fed about how Bitcoin would revolutionize energy generation through market pressure, because infrastructure does not move that quickly and engineering at that scale is HARD.
No PoS system will suplant Bitcoin's PoW system...ever. PoS is literally the same thing as the current monetary system. A PoS system can never be truly decentralized. There is no "workaround" for a proof of work system. It's required for BTC to remain decentralized.
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