The Cryptocurrency Trading Journal

[tsznecki]

What is the point of holding stablecoins if they move 1:1 with USD? Also, are you not taking into consideration that tether may very well blow up? The chance might be small, but its certainly more likely than winning the lottery. Holding 100k in tether is asking for trouble in my uneducated opinion.

Lastly, the amount of research on which alt coins to hold is staggering. Sure, there are a few in the past few months that have gone up 10x, but you practically have to be doing this full time like you in order to have any sense of what to do. Perhaps you can just spread out 10k across 5 or 10 of the most popular coins and like you say, use stops, and then wait to see which is a winner, but as for analyzing the technical merits of these coins, well, that is a daunting task and still mostly just a matter of personal opinion.

Let's address a few things here: 1)USD aka fiat isn't accepted on all exchanges. Why? How do you do settlements in real time globally with USD which takes at best hours to clear via TradFi when stables will do the job in a few block confirmations?

Yeah, you are uneducated. At least you realize that.

Yes, there's a lot of research. If you are too stupid, too ignorant or don't have the technical chops you won't realize these gains. Does not take away from the fact one can make great returns/an actual living in this current market.

Gotcha, so the stablecoin is simply to not be in the market if your exchange won't let you hold USD. And it's true that you can just play with game via charts, but I figured the idea was to jump on the next BTC or ETH, or at least figure out the new best thing.

2)This is a basic tenet. Not all exchanges want/will hold USD/fiat.

The fact that you didn't know that but still opine here on crypto like you know things on crypto even after your own admission that you are uneducated is ridiculous. Google Dunning Kruger, that's you.

Lastly: 3)Check if you are an adult the next time you have a meltdown and complain to @Baron and @Magna because you can't handle my post and get it removed because my post speaks the truth.

 

[tsznecki]

Apparently LTC will be accepted as payment at Walmart (assuming, its not fake news), I guess they mean online Walmart.

What I suspect this is, is a trial run. If it goes badly, WMT will just bow out with minimal repercussions because LTC isn't in the spotlight. If not, other cryptos will be onboarded and that should lead to price gains.

 

[NoahA]

Lastly: 3)Check if you are an adult the next time you have a meltdown and complain to @Baron and @Magna because you can't handle my post and get it removed because my post speaks the truth.

You kept calling me a gay bear. Do you know my sexual orientation? Is this the truth you are talking about? Adults don't need to through insults like this.

Firstly, and lastly, you have replied to me almost a dozen times and I have never cared to interact with you. Why you keep wasting your time on me makes you look like the uneducated one. Have fun reading more of my posts!

 

[Daal]

Here is a clever format for an ethical guru influencer, that ones that want to make money off their followers based on their 'wisdom'. This model would work especially well for a newsletter type of guru:

Influencer issues an NFT (say 1000 units), and deposits a lot of ETH in a smart contract (lets say 500 ETH, this amount needs to be much bigger than the proceeds from the NFT sale), that ETH is timelocked. If 2 years have passed and the owners of the NFT feel like they did not get the value creation of owning the NFT they were promised, they can vote with a 2/3 majority to redeem the ETH back. So not only will the influencer lose the proceeds from the NFT sale, he will lose money overall. The source code could be verified to make sure all the restrictions are in place

Way to go to align incentives. This is a bit of a crude method, im sure improvements can be made (perhaps that ETH can be put into DeFi as to earn a return instead of just sitting on the smart contract, the smart contract would handle that), also, perhaps the stake cant be too big as not to incentivize abuse but there are a lot of interesting things that can be done with smart contracts

 

[Daal]

Here is a clever format for an ethical guru influencer, that ones that want to make money off their followers based on their 'wisdom'. This model would work especially well for a newsletter type of guru:

Influencer issues an NFT (say 1000 units), and deposits a lot of ETH in a smart contract (lets say 500 ETH, this amount needs to be much bigger than the proceeds from the NFT sale), that ETH is timelocked. If 2 years have passed and the owners of the NFT feel like they did not get the value creation of owning the NFT they were promised, they can vote with a 2/3 majority to redeem the ETH back. So not only will the influencer lose the proceeds from the NFT sale, he will lose money overall. The source code could be verified to make sure all the restrictions are in place

Way to go to align incentives. This is a bit of a crude method, im sure improvements can be made (perhaps that ETH can be put into DeFi as to earn a return instead of just sitting on the smart contract, the smart contract would handle that), also, perhaps the stake cant be too big as not to incentivize abuse but there are a lot of interesting things that can be done with smart contracts

So many wisdom gurus have photos of lamborghinis, vacations to caribbean islands, etc, etc. Well, if they are so rich and so wise, why dont they put their cash on the line? Why not risk even more than they are asking? If they are just trying to 'give it back', then they should risk their neck.

I would invest on someone doing that regardless of whether I knew them or not. Just the fact that they did it would tell me everything I need to know. Instead, what I'm seeing right now is influencers money grabbing their followers with NFT sales and not even giving out their real name. Its sickening

 

[Daal]

Raoul Pal is starting to buy more NFTs, I think he wont stop and he should launch the Real Vision token or NFT at some point in the next 12 months (although, it might be 24 months, but it shouldn't be more than that). So I just subscribed for Real Vision because almost surely he will give priority to subscribers for minting or airdropping the tokens. The profit from the token should cover the price of a subscription many times over

 

[ph1l]

Apparently LTC will be accepted as payment at Walmart (assuming, its not fake news)

It was a hoax.
https://finance.yahoo.com/news/lite...ersarial-environment-of-crypto-163629770.html

Litecoin jolted by Walmart hoax, exposing 'extremely adversarial environment' of crypto
David Hollerith
·Senior Reporter
Mon, September 13, 2021, 11:55 AM·2 min read

Crypto investors got a fresh injection of volatility on Monday, after Litecoin (LTC-USD) spiked — then quickly tanked — after news of a partnership with Walmart (WMT) was exposed as a hoax.

Litecoin rallied as high at 25% in under half an hour, after a fake announcement circulated early Monday that stated the U.S. retail giant would allow customers to pay in the digital currency. It spurred LTC up from $174 to a session high of $232 — before it came back to earth once Walmart knocked down the fake press release.

"As it pertains to Litecoin, the press release is not real," a representative for Walmart said in a statement.

Litecoin was last hovering above $179 in midday U.S. trading.

Litecoin's early move in the wake of a hoax involving Walmart
The drama surrounding the digital coin couldn't have been more ill-timed, with regulators ramping up their scrutiny of the free-wheeling world of crypto trading and lending. Securities and Exchange Commission Chairman Gary Gensler is set to testify before the Senate on Tuesday, with crypto expected to be one of the top discussion items.

Some market players were quick to point out that several news outlets advanced the story without verifying it with Walmart, and compared the incident to "pump and dump" schemes popular in stocks with little to no liquidity.

"Cryptocurrency is an extremely adversarial environment. News, be it good or bad, should always be verified at the source." Neeraj Agrawal, communications director at Coin Center, a Washington D.C. based cryptocurrency nonprofit research and advocacy center, told Yahoo Finance.

"This type of thing is not unique to crypto," he added.

Charlie Lee, a former Google and Coinbase engineer, created Litecoin in 2011.

Currently, Coinmarket Cap ranks Litecoin as the 13th most valuable cryptocurrency, with a market capitalization of $11.8 billion. The hoax added nearly $4 billion to that amount, before it came off its highs.

https://twitter.com/x/status/1437414553969729539

 

[Daal]

The first big miss of my NFT career: Fragments of an Infinite Field
https://rarity.guide/project/159

The first samples that I saw from this work (before it was released) blew me away and I thought people would go nuts for it. Unfortunately, I run into a good opportunity Saturday and had to deploy my Ether there.

But I was very impressed with this work and even exchanged messages with the artist on instagram as she shares my nationality. Heck, I even told her I would do anything to get my hands on her work but I didnt try hard enough.
I had some fiat in crypto exchanges that I promised not to convert into Ether and buy NFTs with it, because NFTs have a way of sucking you in and I already invested way more than I thought I would. But I should have done anyway. My first impression was the correct impression, people are going nuts over it and its trading already at a 7x gain from the bottom mint price (it was a dutch auction)
I will probably never get the opportunity to invest in this at a reasonable price ever again (MAYBE in the bottom of the next bear market). It will probably be in the top 5 or maybe even top 3 of Generative art work so far, and its the first time someone did gen work that is so visually pleasing that it has now reached "fomo escape velocity", as crypto gets bigger, more and more people will want one of these.
It sucks that I missed, but I was in a tough situation because I'm still learning how to judge generative art and I had promised myself not to buy more ether to buy more NFTs
I really wish I did, gen art is the ultimate NFT monopoly, there is no roadmaps, future plans, risk execution, etc. Its just great art and an historical item at the same time. I better step up my game and stop fucking it up if I want to hit a big one

 

[Daal]

One thing that I'm learning about art/collectibles is that cheap things are a trap. Buy quality, more expensive quality stuff tend to do much better than cheap stuff. Cheap stuff is cheap because its not that great and wont do great in terms of returns or enjoyment of ownership. High quality assets are expensive, and they are the ones that tends to do well long-term.

 

[Daal]

Random thoughts:
In real time as a technology gets adopted "hype" and network effects look exactly the same, in most instances
Idiotic contrarian commentators do not realize this