It was probably Mr Buffet an Mr Munger trying to front run Fink. That about the amount of cash they are supposed to be sitting on right now.
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What’s the need for alt coins?
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Bitcoin blockchain is a transparent public blockchain and Glassnode is one of the blockchain analytics company that produces reports. They have paid services for institutional investors and other
There is no evidence that over $100 Billion of new money bought bitcoins
In the past 30 days, Bitcoin's market cap went up by over $150 Billion but nowhere near that amount of new money bought bitcoins
The BofA multiplier is 118 to 1
When the etf gets approved, and an estimated $10-20B of new money will buy bitcoins from Blackrock, Fidelity, WisdomTree, and other bitcoin etfs, that will translate to $1-2 Trillion increase of market cap of Bitcoin
And that's only on the first year
And every RIA will be in breach of their fiduciary duty if they do not allocate to this "new flight to quality asset according to Blackrock CEO and Mohamed El-Erian" that has been the best performing asset
hundreds of thousands of sales people will be marketing the bitcoin etfs to every joe, jane and grandmas and widows
Anyway...
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There is no evidence that $150 Billion of new money bought bitcoins in the past 30 days
The biggest exchange in the US is Coinbase came up with their earnings reports last week, they did not say 10's of Billions of $ were deposited into their exchange in the past 30 days to buy bitcoins
The stablecoins, specifically the biggest one is Tether did not increase by $50 Billion... you know what it increased by? about a billion
tl;dr, the number of bitcoins available on exchanges are historically low level and next April 2024, the amount of bitcoins being mined per day will decrease by half from 900 to 450 (halvening)
Prolly nothing
This thread has been informative but it has gotten a little off track. I guess my original question was to decide whether I should have a portion in alt coins or if 100% BTC is the correct answer. I actually bought $100 of XRP at the same time I bought my first BTC and the return has been higher on the XRP so far. What’s your opinion?
More Importantly WHO NEEDS THEM THE MOST!
Keep going. I’d like to know who needs them and why.
the people who own crypto digital assets need all the different altcoins
The different altcoins have different design objectives (utilities) for a complete financial ecosystem that is outside of the traditional finance (i.e. wall street, banking, etc)
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If you are truly honest with your question, go study the following items, go on google or youtube
Ethereum,, Solana, decentralized finance (defi), Uniswap, AAVE, Pancake Swap, blockchain gaming, decentralized exchange (dex), dapps, web3
I’m absolutely sincere. So far I understand the mechanics of BTC, how built-in scarcity makes it better than gold, and how the decentralized blockchain keeps it secure. I sort of understand the use for ETH when using anything built on top of the ethereum platform. I see how XRP will be used in banking but I haven’t looked into the actual mechanism. As for the other 30,000 other altcoins….how can someone come close to learning about all of them?
I don't understand all 30,000 altcoins and there is no need for anyone to be able to, most of those coins are scams
You only need to understand the ones that you will actually use
Ethereum has this thing called Ethereum Virtual Machine (EVM) and there are other blockchains that have EVM-capabilities (compatibilities) such that Metamask can connect to those other ones and you can use the same private keys and addresses on each of the different blockchains seamlessly
EVM can execute smart contract codes allowing dApps (decentralized apps) to function
A lot of words mean nothing unless you use those systems and applications
How you use them is by having crypto digital assets on a crypto wallet that will allow you to interact with all of these
I know you said you're sincere but why wouldn't you go on YouTube and search how does Uniswap work, or AAVE, or Pancakeswap, or Ethereum?
Banks, Exchanges (trading platforms), market places and other functionalities are possible on the blockchain
That's my question, with 30k out there how am I to find out about the ones that may be of use to me? My industry is agriculture and I've read several articles about startup blockchain companies that will revolutionize the food supply by providing granulated tracking from the field to the point of sale to the consumer, but they're just blockchain and aren't incorporating a cryptocurrency. I guess they need to be in a position to charge a fee for their services. Maybe a cryptocurrency would also be a mechanism to do that, but I haven't learned enough about it yet.
I don't know what key words to search for. I've never heard of Uniswap, AAVE, or Pancakeswap until you mentioned them. If I search "alt coins" I get results about random coins by people who only say that this coin is going to 5x in 30 days or something and then they present their latest TA artwork for the world to admire. A video about SOL or Cardono pops up on my feed every day. It says nothing about the utility of the coin, just that it's going to the moon. And they have to mention BTC because a rising tide raises all ships.
My bag of crypto will be at least 90% BTC. A good portion of the rest will be ETH. I've bought a little XRP because it was rumored to be the coin that Elon will use when he adds money transfer capabilities to X, and Ripple has been spanking the SEC in court. It also doesn't necessarily disrupt the current banking system; it'll just make current operations easier. I am just putting that together from a bunch of rumors, so I really don't know what I'm talking about. That's why I'm asking questions on this forum. I bought $10 of DOGECOIN so I can be in the Elon club. I'm also gonna by some SPCE so I can be in the Richard Branson club.
Thats a great point. Why doesn't Coinbase and Binance operate on blockchain? Right now they are set up like a traditional exchange/brokerage house.
I'm sincere in wanting to learn about this stuff and I'm sincere saying that I believe there is huge potential to profit from BTC and others in the near term. I believe that blockchain and smart contracts are going to be big game changers.
I believe that BTC as strictly a store of wealth is a wild card and can implode as fast as it has exploded. In college I learned about some island where the locals used these big stationary rocks as stores of wealth. They had no other purpose other than representing how much you were worth. They had no use, they were in a fixed spot and couldn't be moved, and they couldn't be divided into smaller amounts. It was a terrible inconvenient money system but the islanders used it. It worked for them, but the rest of the world didn't adopt it when they found out about it. Crypto reminds me of that story, a system that a small minority is ready to use and has to convince the majority to adopt it.
The majority of the world will have to agree to use BTC to store value. I think it's a longshot and the only thing keeping it going right now is that people are desperate for something different. They are distrustful of the current system and have no confidence in the economy. BTC is a Hail Mary.
People can compare it to gold all they want but the majority of the world has used stocks as the main store of wealth for quite a while now. Real estate could also be argued as being the main store of wealth but when talking about sideline cash waiting for an investment to catch it's eye, I would argue that the cash holders are more likely to go to securities than real estate and more likely to go to stocks than crypto if a bull stock run is seen as possible. Recently everyone has been scared of the market and we're not fully invested like 1980 through 2008. You've got a lot of cash on the sidelines waiting for the right opportunity. I believe some of that cash will be injected into BTC as soon as a professional manager like Blackrock has an instrument to do it with. But if the stock market starts any kind of bull run based on anything perceived to be long-lived, the bulk of that cash will go there. At that point the BTC holders will have to make a decision and I don't think the BTC whales will skip out on a bull stock market. They'll dump the crypto on the public and buy SPX without blinking an eye. All that said, I'm currently a BTC bull and I'm risking money with hopes that it will be a big win. I also see that these big moves lately aren't sudden buying by the public, its big operators who are testing/manipulating the market. I think it's going to be a tough ride to stomach for sure. Or I could be wrong and it'll be a straight up ride like investing with Bernie Madoff.
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Think of 25,000 of them as penny stocks that you don't want to mess with.
Weight your crypto portfolio as you would a stock portfolio.A percentage toward blue chip,a percentage towards those that you have researched and see potential in (studied in the same way you would a stock) and the lowest percentage toward rumour mill,group buy,meme,etc,high spec coins(managed daily,ideally intra daily).
Some charts I found that may be of interest:
Actually,having re read your last post,that is exactly what you are doing.
Youre on the right track.
Theres so much to learn in this space.Keep absorbing information and the potential continues to reveal itself.
Best of luck.
