Shit, this looks like the top now that everybody knows its for them!
Bitcoin Price Thread
- Thread starter Magna
- Start date
There's only 120M bitcoin owners in the whole world
We're trying to get to 1B bitcoin owners in the next few years
Wealth was never meant to be distributed equally.There's only 120M bitcoin owners in the whole world
We're trying to get to 1B bitcoin owners in the next few years
Now don't get me wrong, in the past few days, I have been made a crypto believer. I have literally jumped in with both feet. The only thing is that the prices are rather lofty. Any of the stuff that I'd be interested in has already done a practically 10X in just the past year.
Now saying all that, it seems like ADA is very attractive to me. ETH needs to move to 2.0 in order for it to maintain its high spot in my opinion. SOL doesn't look good because of the huge 48% allocation to insiders and the fact that is might not be truly decentralized, so I'm a bit iffy on that one. If I could get in at a low price, fine, but these levels for it seems high.
Just bought some ADA, and transferred it to Kraken to do some staking to get my feet wet. It was zero fees! I see that DOT even pays 12% vs. the 4-6% I will get for ADA. Saw a video clip from Raoul Pal about how holding cash in the traditional financial world is just dumb at this point and it clinched it for me.
Now granted, there is huge downside, and its a small amount of money I don't need. But I now accept that traditional finance is dead. You have to be constantly aware of what is going on and prepared to switch coins as new tech emerges, but I see now that it is the future. When smart contracts really take off, it will revolutionize stock trading I bet.
I'm sure the government will throw everything at it when they see how much control they have lost, and I'm sure this will lead to dark and uncertain times, but there is no going back now, and they will lose. Darn, wish I saw it sooner.
Wealth was never meant to be distributed equally.
Now don't get me wrong, in the past few days, I have been made a crypto believer. I have literally jumped in with both feet. The only thing is that the prices are rather lofty. Any of the stuff that I'd be interested in has already done a practically 10X in just the past year.
Now saying all that, it seems like ADA is very attractive to me. ETH needs to move to 2.0 in order for it to maintain its high spot in my opinion. SOL doesn't look good because of the huge 48% allocation to insiders and the fact that is might not be truly decentralized, so I'm a bit iffy on that one. If I could get in at a low price, fine, but these levels for it seems high.
Just bought some ADA, and transferred it to Kraken to do some staking to get my feet wet. It was zero fees! I see that DOT even pays 12% vs. the 4-6% I will get for ADA. Saw a video clip from Raoul Pal about how holding cash in the traditional financial world is just dumb at this point and it clinched it for me.
Now granted, there is huge downside, and its a small amount of money I don't need. But I now accept that traditional finance is dead. You have to be constantly aware of what is going on and prepared to switch coins as new tech emerges, but I see now that it is the future. When smart contracts really take off, it will revolutionize stock trading I bet.
I'm sure the government will throw everything at it when they see how much control they have lost, and I'm sure this will lead to dark and uncertain times, but there is no going back now, and they will lose. Darn, wish I saw it sooner.
Which App you used to buy ADA? I have coinbase now, and thinking about FTX (Baron TY
) or Gemini?I think any are good, but coinbase seems to have high fees from what I read. I use Kraken, but I'm also thinking about Kucoin since that Max guy has nothing but good things to say about it.Which App you used to buy ADA? I have coinbase now, and thinking about FTX (Baron TY
Coinbase Pro is a little better on fees and you can move back and forth between the exchange and Pro but overall Coinbase really sucks.
I had the strangest interaction with them when I was establishing accounts basically saying that I could exchange and trade but they were withholding the free $5 in BTC (lol) because I appear to be a fake person.
Yeah NO.
@NoahA
Saw the tweet from Will Clemente III, but I do not trade, I hodl long term. Bring it on!
This is a bullish period (eoy) for bitcoin but there will be battles along the way
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https://www.blockwareintelligence.com/p/blockware-intelligence-newsletter-57f
Funding reached upwards of 150-175% APR on some exchanges, which is not sustainable. Where I really became concerned (I tweeted about this Wednesday night) was when funding was rising as price was grinding down. These dislocations between price action and funding are where I find using funding as a tool most useful. Seeing this dynamic meant that the effort perps were exerting to push price up was being overwhelmed by selling from spot. In other words perp traders were longing the dip on leverage.
We have been following the behavior of long term holders (entities who have held their BTC for >155 days) for months now, going all the way back to summer. After reaching all time highs in the long term holder supply shock ratio (very macro bullish), we are finally starting to see these LTHs begin to distribute. We have been expecting this.
As we’ve talked about, long term holders buy into weakness, and sell into strength. They don’t perfectly buy the cyclical bottoms and they don’t perfectly sell the cyclical tops. Seeing this distribution (long term holders selling their bags to new market participants) is natural Bitcoin investor behavior and I suspect we’ll continue to see long term holder’s supply decrease.
Saw the tweet from Will Clemente III, but I do not trade, I hodl long term. Bring it on!
This is a bullish period (eoy) for bitcoin but there will be battles along the way
---------------------------------------
https://www.blockwareintelligence.com/p/blockware-intelligence-newsletter-57f
Funding reached upwards of 150-175% APR on some exchanges, which is not sustainable. Where I really became concerned (I tweeted about this Wednesday night) was when funding was rising as price was grinding down. These dislocations between price action and funding are where I find using funding as a tool most useful. Seeing this dynamic meant that the effort perps were exerting to push price up was being overwhelmed by selling from spot. In other words perp traders were longing the dip on leverage.
We have been following the behavior of long term holders (entities who have held their BTC for >155 days) for months now, going all the way back to summer. After reaching all time highs in the long term holder supply shock ratio (very macro bullish), we are finally starting to see these LTHs begin to distribute. We have been expecting this.
As we’ve talked about, long term holders buy into weakness, and sell into strength. They don’t perfectly buy the cyclical bottoms and they don’t perfectly sell the cyclical tops. Seeing this distribution (long term holders selling their bags to new market participants) is natural Bitcoin investor behavior and I suspect we’ll continue to see long term holder’s supply decrease.
I did run across a few of his videos. I wasn't super impressed with his presentation though to be honest. It might be a bit biased of me to hold it against him that he is only 19, but the way he spoke didn't leave me with too much confidence. He showed a bunch of charts from glassnode, but even with his explanations the correlations weren't that clear. Willy Woo seems to be a better presenter.
Ya, if you're in it for long term, all of these dips are just better buying opportunities. Although BTC is what I'm sitting on (very small position), its actually the alt coins that I want to focus on more. BTC is not going to do a 10x, but some other coins still might.