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Cryptocurrency |OT2| Money's New ERA Shoots for the Moon! | Read OP for Thread Rules

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Thewonandonly

Thewonandonly

Avenger
Oct 25, 2017
4,236
Utah
Mr. Snuffleupagus said:
That's cute, wait until your £80k became £10k in 3 days or, for those invested in LUNA, went to nothing.

Yeah I'd personally avoid SOL for the time being and honestly would just hold over investing in for the next month or so. The market is volatile and bear-y, I think there is still room to drop.
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God I couldn't imagine man that would be so depressing… sorry if that's you bro that's rough..

And ya that's kind of what I'm thinking. Feel will be in a bear market for a little while as it seems like word of mouth on crypto is at an all time low at the moment.
 
Mr. Snuffleupagus

Mr. Snuffleupagus

Avenger
Oct 30, 2017
13,154
Your Imagination
Thewonandonly said:
God I couldn't imagine man that would be so depressing… sorry if that's you bro that's rough..

And ya that's kind of what I'm thinking. Feel will be in a bear market for a little while as it seems like word of mouth on crypto is at an all time low at the moment.
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It's cool, luckily £10k was what I had in in the first place, then it rose and subsequently fell, so I finished in the green having learned a lesson of "Always take profits"...because I didn't haha

I can't imagine how I would have felt had I have actually lost that much.
 
Ignatz Mouse

Ignatz Mouse

Member
Oct 27, 2017
10,741
This is probably not a popular reply, but I feel like NFTs exposed how much cash flowing into crypto was pure speculation (and short term at that) and the crash has popped that bubble. Crypto is some form will carry on but it's going to be a long walk to bull markets again, and most coins are effectively over.
 
Red Comet

Red Comet

Member
Jan 6, 2018
1,487
Ignatz Mouse said:
This is probably not a popular reply, but I feel like NFTs exposed how much cash flowing into crypto was pure speculation (and short term at that) and the crash has popped that bubble. Crypto is some form will carry on but it's going to be a long walk to bull markets again, and most coins are effectively over.
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Agreed, although I believe with the upmost conviction that the next 12 months or so may be a historically good time to buy Bitcoin.
 
Ignatz Mouse

Ignatz Mouse

Member
Oct 27, 2017
10,741
For a while I worked at a crypto backend outfit and as NFTs took off, crypto just sat flat no matter what. All the new coin excitement seemed to be going to NFTs.
 
Pomerlaw

Pomerlaw

Erarboreal
Banned
Feb 25, 2018
8,536
We are in the end game now.
Sens. Cynthia Lummis and Kirsten Gillibrand said Tuesday that they are ready to debut the first major attempt from Capitol Hill to create a regulatory framework for crypto.
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www.cnbc.com

Bipartisan crypto regulatory overhaul would treat most digital assets as commodities under CFTC oversight

The first major bipartisan legislation aimed at taming the "Wild West" crypto market would classify digital assets as commodities like wheat or oil.
www.cnbc.com www.cnbc.com
 
Aurizen

Aurizen

Member
Oct 25, 2017
3,592
Philly
Pomerlaw

Pomerlaw

Erarboreal
Banned
Feb 25, 2018
8,536
Bitcoin is crap and not a threat to decrepit bank systems money transfers and fees like XRP is.

So I would not be surprised if you are right. lol
 
Red Comet

Red Comet

Member
Jan 6, 2018
1,487
Aurizen said:
No alts?
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I think alts are going to continue to bleed against Bitcoin in the near term so I'm avoiding. Once BTC goes parabolic again I'll start dipping my toes in other waters. Not that there aren't potentially great alt plays out there right now, it's just I'd prefer the relative safety and reliability of big daddy BTC.
 
Aurizen

Aurizen

Member
Oct 25, 2017
3,592
Philly
Red Comet said:
I think alts are going to continue to bleed against Bitcoin in the near term so I'm avoiding. Once BTC goes parabolic again I'll start dipping my toes in other waters. Not that there aren't potentially great alt plays out there right now, it's just I'd prefer the relative safety and reliability of big daddy BTC.
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gotcha, I'll do the same.
 
Skies

Skies

Member
Oct 25, 2017
2,259
Friday: US CPI came in higher than expected -> stock market plummets to yearly lows -> crypto crashes -> US fed meeting next week with higher rate hikes back on the table -> crypto crash continues into the weekend in anticipation.

That's how I see it. Then you have the selling pressure leading to things like Luna/Terra and now apparently STeth (?) Becoming depegged from lack of proper liquidity which just compounds the effect.

dariruzaka said:
Everything crashing especially ETH.. what's going on?
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In a bear market there is
A.Bitcoin
B. everything else.

Some would argue ETH has done enough to set itself apart from the pack, and while I agree it's the safest ALT to hold in a bear market..... BTC is obviously still the king.

www.tradingview.com

Bitcoin Dominance Chart — BTC.D — TradingView

Watch Bitcoin dominance and how it changed over time — calculated by TradingView, this ratio can help you see the crypto market from a different angle.
www.tradingview.com www.tradingview.com

This is a good chart (imo) to keep an eye on during bear markets. Bitcoin is closing in on 50% dominance now. Previous bear seasons have seen us go to the 70% and above. Not sure we if we will ever reach that high ever again, but ALTs still have plenty of bleeding left to do.
 
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Smithy

Smithy

Member
Oct 25, 2017
765
Skies said:
Friday: US CPI came in higher than expected -> stock market plummets to yearly lows -> crypto crashes -> US fed meeting next week with higher rate hikes back on the table -> crypto crash continues into the weekend in anticipation.

That's how I see it. Then you have the selling pressure leading to things like Luna/Terra and now apparently STeth (?) Becoming depegged from lack of proper liquidity which just compounds the effect.



In a bear market there is
A.Bitcoin
B. everything else.

Some would argue ETH has done enough to set itself apart from the pack, and while I agree it's the safest ALT to hold in a bear market..... BTC is obviously still the king.

www.tradingview.com

Bitcoin Dominance Chart — BTC.D — TradingView

Watch Bitcoin dominance and how it changed over time — calculated by TradingView, this ratio can help you see the crypto market from a different angle.
www.tradingview.com www.tradingview.com

This is a good chart (imo) to keep an eye on during bear markets. Bitcoin is closing in on 50% dominance now. Previous bear seasons have seen us go to the 70% and above. Not sure we if we will ever reach that high ever again, but ALTs still have plenty of bleeding left to do.
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As you've been correct a lot of times in the past, guess it's time to take ya bags guys lol. Hopefully not too heavy! 🪦
 
Donos

Donos

Member
Nov 15, 2017
6,526
Was about to throw a bit more into the ring (into BEST) besides the dire outlook but now my car unexpectedly took out couple k € out of my pockets...

Whole market Situation would maybe bother me more if i hadn't sat through these deep valleys of 2018/2019 and seen how my tiny portfolio grew back to a big stack again. Not saying that it will repeat again and again but i'm just going to keep sitting on these bags, even if they burn.
Nothing to lose since i never add the portfolio value to money i have/could have.

What's the NFT situation is right now? Still read that three letters here and there every day (i usually avoid anything NFT related).
 
Red Comet

Red Comet

Member
Jan 6, 2018
1,487
Welp. Just got an email that Celsius is pausing withdrawals. Guess the STETH chickens have come home to roost.
 

reKon

Member
Oct 25, 2017
13,708
Uhh Celsius might be fucked. Hopefully it's not a major liquidity issue, but if they enable transfers/withdrawals again, I'm assuming everyone is going to pull out and their reputation will be tarnished for good.
 
Red Comet

Red Comet

Member
Jan 6, 2018
1,487
reKon said:
Uhh Celsius might be fucked. Hopefully it's not a major liquidity issue, but if they enable transfers/withdrawals again, I'm assuming everyone is going to pull out and their reputation will be tarnished for good.
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Yup. I've been wary about Celsius ever since they restricted to accredited investors. Something not right going on over there.
 

reKon

Member
Oct 25, 2017
13,708
Apparently most of their ETH is locked up in staking for ETH 2.0. That's far from the worse problem to have right now. I know they've suffered losses from hacks in connection with risky investments but I believe that they've still been profitable. I don't know the impact of the Cel token tanking on all of this, but Celsius has seemed to be the most transparent CeFI even when everything has been going to shit.

I hope they pull (but if it turns out they continued to engage in highly risky investments after this past year.... Fuck those idiots).
 
PennyStonks

PennyStonks

Banned
May 17, 2018
4,401
User banned (2 weeks): drive-by trolling
Imagine holding fun money when half the world is about to struggle feeding themselves 🤣🤣🤣
 
Aurizen

Aurizen

Member
Oct 25, 2017
3,592
Philly
reKon said:
Apparently most of their ETH is locked up in staking for ETH 2.0. That's far from the worse problem to have right now. I know they've suffered losses from hacks in connection with risky investments but I believe that they've still been profitable. I don't know the impact of the Cel token tanking on all of this, but Celsius has seemed to be the most transparent CeFI even when everything has been going to shit.

I hope they pull (but if it turns out they continued to engage in highly risky investments after this past year.... Fuck those idiots).
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I thought only like 12% is locked
 
Red Comet

Red Comet

Member
Jan 6, 2018
1,487
Randam said:
Are there signs, that it will go back up?
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BTC is about to kiss it's 200 week MA at around $22k something. In past bear markets the 200 week MA has been a support so we might not go lower than that. But then again, we might. BTC dipped below it briefly during the Covid crash of March 2020. Damn tempting to buy at these prices but I'm also holding the line til we got some clearer signs the bottom may be in.
 
Gohlad

Gohlad

Avenger
Oct 28, 2017
1,072
Red Comet said:
BTC is about to kiss it's 200 week MA at around $22k something. In past bear markets the 200 week MA has been a support so we might not go lower than that. But then again, we might. BTC dipped below it briefly during the Covid crash of March 2020.
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The difference to then though, is that at those times inflation wasn't this high and the central banks still kept printing money and bailing out markets. I fear we might dip even below the 200 week MA. :(
 
Red Comet

Red Comet

Member
Jan 6, 2018
1,487
Gohlad said:
The difference to then though, is that at those times inflation wasn't this high and the central banks still kept printing money and bailing out markets. I fear we might dip even below the 200 week MA. :(
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We could, which would then have me looking at around $20k since I believe that was the previous cycle high. BTC has never put in a lower low than the previous cycle high, but there is a first time for everything. The Fed meeting this week may play a big part. Just conjecture. Trying to accurately predict the bottom is a fools errand.

Edit: looks like we've arrived at the 200 week MA. Curious to see what happens next.
 
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Gohlad

Gohlad

Avenger
Oct 28, 2017
1,072
Red Comet said:
We could, which would then have me looking at around $20k since I believe that was the previous cycle high. BTC has never put in a lower low than the previous cycle high, but there is a first time for everything. The Fed meeting this week may play a big part. Just conjecture. Trying to accurately predict the bottom is a fools errand.
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Yes, I agree, predicting the bottom is impossible. I think 20k should hold strong, but oh well we never know, this will be an interesting week for sure.

I guess we'll see how the 200 weekly MA holds out soon enough 😅
 
Skies

Skies

Member
Oct 25, 2017
2,259
Smithy said:
As you've been correct a lot of times in the past, guess it's time to take ya bags guys lol. Hopefully not too heavy! 🪦
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Thank you for the kind words.

I have strictly been going off previous bear market patterns since late last year. But there comes a point where patterns mean nothing. And that point might be a full blown recession, which the crypto market has never endured before.

I am personally treading extremely lightly and staying on the sidelines as much as possible until there is a clear sign of some type of economic recovery. Patterns be damned at this point (imo).
 

NMNR

Member
Oct 29, 2017
1,508
You won't get clear signs the bottom is in till later, which by then the opportunity is gone.

These moves aren't explicitly related to recessionary concerns etc. But concentration of systematic risk caused by Celsius.

It's unsustainable DEFI exploding.

I am glad this is happening, DEFI is good but not when you still have these quite high returns (still) being offered.

A lot of these DEFI companies too are run by "tech" focused individuals that really don't know anything about treasury and risk management.

Wherever you guys go, you need to research the leadership team.
 
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Skies

Skies

Member
Oct 25, 2017
2,259
NMNR said:
You won't get clear signs the bottom is in till later, which by then the opportunity is gone.

These moves aren't explicitly related to recessionary concerns etc. But concentration of systematic risk caused by Celsius.

It's unsustainable DEFI exploding.

I am glad this is happening, DEFI is good but not when you still have these quite high returns (still) being offered.
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I somewhat disagree.

At this point it's not like a catalyst is going to happen and Bitcoin suddenly shoots to anywhere close to ATH over night. Even when the economy starts to recovery, crypto will lag behind greatly, as it is still a high-risk asset. Sure you might miss your chance to grab Bitcoin at 15k or even sub 20k (examples), but it is a much smaller risk than to act as if anyone knows where the true bottom of this cycle might be and trying to optimize profits by timing it correctly.

My understanding is that Celsius/Luna/Terra/STeth all stemmed from liquidity issues that only happened due to market fears causing unstable selling pressures on susceptible assets. I admittedly haven't done much research into their downfalls so I might be off base, but I still don't think any of those events would have happened without the economic downfall that has led to draining of the majority of all trading markets over the last six months.
 
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