Bitcoin Price Thread

[krugman25]

I'm a bit scared to get into the DeFi stuff. I don't understand it enough.

That's completely understandable. I'm deep into this space and I'm regularly overwhelmed by all of it. My go to response if someone wants to invest in defi but doesn't have enough knowledge or experience to know what individual tokens to buy and what to avoid, is to buy a token called DPI (DeFi Pulse Index). DPI is a decentralized, on-chain, capitalization-weighted index of DeFi tokens. It behaves similarly to a stock index and will give you broad exposure to the space. Most of the tokens in this index are leaders in the space and cover a broad range of sectors (LP DEX's, order book DEX's, layer-2 protocols, yield aggregators, borrowing and lending, synthetic assets, etc.). You can read all about the index and its inclusion criteria here https://www.tokensets.com/portfolio/dpi

Below is the list of tokens that are currently in the Index.

 

[Sprout]

I'm a bit scared to get into the DeFi stuff. I don't understand it enough.

Start with the first Bankless podcast. It will catch you up.


Edit: ^^^ High Signal-to-Noise. In terms of the mega trend, you are still early.

 

[orbit23]

I will be shorting Bitcoin if it goes above 60kek.. Maybe if it wicks into 62kek, who knows?

I do not have high confidence in the trade and am likely wrong. but if i am right then imo it would dump to 35-40k. I will probably get punished for being a stupid bear.

Might not get there, might get stopped. If i am wrong... i'll delete this post

 

[krugman25]

https://twitter.com/x/status/1388538639634817030

 

[johnarb]

https://twitter.com/x/status/1388538639634817030

I converted most of my eth to btc a couple of months ago, big mistake, eth outperformed btc

A lot of Eth is locked in staking for eth 2.0 or staking in defi ecosystem and even in cefi for yield or used as collateral for loans

I was looking at the aave platform a couple of weeks ago and was confused why there's over $2B worth of eth deposited there for very low yield of less than 1% APY and after thinking it through, I'm pretty sure the reason is to deposit eth for collateral to borrow a different crypto asset, i.e. stable coin

Even though eth is not a core holding in my portfolio, I'm very happy that it's going up and getting a lot of interest from the investor community, i.e. wall street

I think of Ethereum as the L1 financial system for most of the cryptos ecosystem facilitating the onramp and distribution of fiat-denominated values throughout, by means of stable coins and other erc-20 tokens, plus erc-721 tokens for NFT's

Ethereum is like the cardiovascular system of all cryptos, imho

 

[krugman25]

I'm pretty sure the reason is to deposit eth for collateral to borrow a different crypto asset, i.e. stable coin

Yep, this is exactly why. It avoids triggering a tax event. Any interest earned is just a bonus.

 

[johnarb]

Yep, this is exactly why. It avoids triggering a tax event. Any interest earned is just a bonus.

Your Raoul Pal video on another thread is great, and wish the naysayers could understand the video, but it takes real hands-on experience to make sense of the magnitude of this alternative financial system on the blockchain, lending/borrowing, collateral, yields, automated market makers, liquidity pools, decentralized exchanges

As I've mentioned on other posts, I've been cashing out to fiat and I use several bank accounts in case it gets frozen as has happened to others in the past. One of the banks was trying to get a hold of me a month or so ago but I didn't answer, and received a letter in the mail to expect the call soon and to answer or to call them back. Spoke to them answered some standard questions, person on the other side was very courteous and towards the end of the call said I can keep the letter for my records or discard it, the case is closed

The thing is I expected the above and wouldn't be surprised to get similar calls from my other banks, but you know what I don't expect to get is a call or letter from the blockchain even though I'm holding many multiples of the values in the above mentioned

I think it's a SAR filed by the bank and other banks may also have filed SAR's even if they did not contact me, yet

I've cashed out quite a bit, but now it's the weekend, so guess what, I have stopped and will continue on Monday, for anyone in cryptos 24/7, it's just what we expect from tradfi. Banks, gotta love them but other Fintech companies like PayPal and Square could really be better alternatives

 

[Pekelo]

I f you are not into Dogecoin, you are dogshit.

 

[orbit23]

It's always the best, just before it ends. right?

At this point i am starting to buy mega shitcoins. Ideal would be to buy when at 51k-50k BTC, but i am buying on the BTC pair and not USD.
Often i fomo in and then those biggest runners(ETH and DOGE in this case) correct first and everything dumps and that's the best time to buy other coins.

Usually the biggest crap goes just before it all ends and pops. If i am wrong, i hope so to get short and pay for the losses.

 

[johnarb]

It's always the best, just before it ends. right?

At this point i am starting to buy mega shitcoins. Ideal would be to buy when at 51k-50k BTC, but i am buying on the BTC pair and not USD.
Often i fomo in and then those biggest runners(ETH and DOGE in this case) correct first and everything dumps and that's the best time to buy other coins.

Usually the biggest crap goes just before it all ends and pops. If i am wrong, i hope so to get short and pay for the losses.

Check out CUMMIES!

Good luck, bro, hope you make a lot of profits, just make sure you don't overstay the trade as these are not investments for long term, imho