I thought 2K might be a bit of a support level as it struggled to break through that level a couple months back.
Way too much leverage and margin going on! In cryptos and regular markets.
www.google.com
If I miss out on sub-2k ETH by waiting for the trading day, I may start building a new pile via PayPal. Cryptos seem to always dip on Sundays!
I bounced last week as well. It maybe ok to nibble here, but I think I might wait for a day when there is a huge downturn to make a big investment.
Sundays are normally the low point of the week. Don't know why, some say due to the lack of retail investment activity or the something with the Asian markets.
Of course he’s bullish…Tom Lee is making a fortune from his Fundstrat subsidiary, FSInsight, offering crypto advisory services to banks, advisors, hedge funds:Tom Lee still bullish on BTC and cryptos:
Bitcoin bull Tom Lee still sees $100,000 by year-end, says volatility is its opportunity
Fundstrat's Tom Lee told CNBC he remains bullish on bitcoin this year despite the cryptocurrency's recent struggles.www.cnbc.com
www.forbes.com
Oh boyLeaked report from Goldman! They see a high chance of the "flippening". This means ETH overtaking BTC in market cap. ETH will likely need to be > $10k for this to happen.
🚀 🚀 🚀 🚀 🚀
Leaked Goldman Sachs Prediction Gives ‘High Chance’ Ethereum Will Eclipse Bitcoin
A leaked report from Wall Street giant Goldman Sachs has given ethereum a "high chance" of overtaking bitcoin as a "dominant" store of value—calling it the "Amazon of Information"...
www.marketwatch.com
ETH below $1500 is unlikely, unless it is via one of those split second crashes that rebound within minutes. Reviewing the on-chain data for ETH and BTC, over the past week most of the newer wallets having been selling and the older wallets have been buying. As such, there is a lot of firm support for ETH and BTC. Hey, cryptos are cryptos, so anything is possible, but the general trend will be up.
I'd venture to say that price execution on Coinbase is better than Robinhood, easily making up for the free trade.
GARBAGE. It has a lot of hype right now but solves nothing. Want to get in on decentralized web. The play is still Elastos, and its selling at a steep discount still.
There's several issues with RH. First is that its not really free. If you buy at "market price" as the vast majority will, the price is often much higher than posted price. Second is that you will never own your coins. Ever! You get an IOU slip saying you have crypto. That sounds fine, but if there is a liquidity crisis in RH, lets say everyone tries to cash out of doge at a given time, you could lose all of your crypto. It's not insured.
Final news of the day. Down goes Ray Dalio.....confirms BTC ownership after years of resistance:
Dalio says 'I have some bitcoin,' at crypto conference: 'Personally, I'd rather have bitcoin than a bond'
Billionaire hedge-fund manager Ray Dalio says that he owns some bitcoin, making the prominent investor one of the latest traditional investors to declare...
insights.glassnode.com
Where did you get that information from? Most of the mining is done in China, but North Korea makes up less than half a percent. Iran is somewhere around 3%, behind Kazakhstan and Malaysia. I see you conveniently left the US off your list, a notable ommission since we are usually in the top 3, and have been 2nd over the past few months. I'm also not sure why that would be a red flag for investors. Our own government could just as easily decide to ban it or tax the hell out of it to protect more traditional investing but justify it by saying that it's to fight terrorism or drug dealing in order to get the uninformed masses to think it's the right thing to do.
If there are no miners, who is processing the transaction?
I didn’t “conveniently” or intentionally leave off the US. According to most sources the US is in the 5%-7% range. But, for present purposes let’s call it 10% since I’ll concede that sources/dates are all over the place. If you look at the stats the remaining 88% are the troublesome countries and probably 2% total are random countries like Canada, Germany, Norway, etc. I don’t see how having China, Russia, N. Korea, and Iran as the central mining operations doesn’t scare the hell out of BTC investors/holders. Makes no sense…
Isn't that why platforms like PayPal and Coinbase are preferable to wallets? If I own BTC on one of those platforms, I can sell and cash out at any time. Do those platforms need miners to sell the BTC they reimbursed for me in order to sell it to another buyer??
If I understand correctly, the miners are the ones who are adding the new blocks to the blockchain.
I understand that but how is BTC and ETHE bought and sold on PayPal, Coinbase and possibly Robinhood?
Miners don't process transactions, exchanges do.
No. You store it in an offline wallet. You trade it on an exchange like Coinbase. You don't store it on an exchange because if it's being stored online, it's prone to being hacked and stolen. You can still cash out at any time, you just have to first transfer it to an exchange prior to doing the transaction. The miners have nothing to do with this.
Yes, you are conveniently naming the countries you want to, whether you realize it or not. According to your own figures and the link you provided, the US mines almost twice as much as Iran, and is second to only China. Iran isn't in the top 5, and North Korea isn't even in the top 10. Well yeah, when you take the one country mining most of the bitcoin (China) and then add any other country, of course that combination is still mining most of the bitcoin. You could also say that the majority of bitcoin is mined by China and USA, China and Canada, China and Germany, China and Norway, or even China and Greg Schiano, but instead you only choose Russia, North Korea, and Iran. I also still don't see why this matters--bitcoin is bitcoin no matter where it is mined, it's not a national currency tied to a government.
How about we simply look at the numbers which speak for themselves:
Right so like I said, most of the bitcoin is mined in China, so you can combine them with any other country you want and say that's where most of the bitcoin comes from. The US currently mines the 2nd most. I'm still not clear on why you think this is a problem. It's been this way for over a decade and a lot of people have made a lot of money. What is it that you think is going to happen as a result of where it is being mined?
I think he has a fair point regarding where it is being mined. Why is it concerning that our countries biggest adversaries are the dominant players in terms of mining? I'd start with the concern of bad actors being funded by a rather nebulas enterprise, and I would leave a large area of concern open to the unknown.
If BTC miners are on the front lines and receive BTC as the reward for completing "blocks" of verified transactions, why are we comfortable with our biggest adversaries virtually owning this critical piece of the BTC ecosystem? With such a high percentage of miners concentrated in a few problem countries, how do we even know that their operations aren’t fraudulently verifying transactions? Yeah, I’m not interested in the whole “decentralized” argument because when you then take it a step further down the supply chain BTC ownership is also highly concentrated (although I wish I could find a legitimate source for the precise percentage). So, let’s recap - you have HIGH concentration in both BTC mining and ownership yet it’s “decentralized”? And, in the day and age when US politics and a presidential election can be influenced via bad actors nobody thinks BTC could be a scheme and manipulated? As if my 12 year old son couldn’t create a bunch of YouTube videos, bots, Twitter handles, websites, etc. to push a BTC agenda. Anyway, for those of you making a fortune from BTC and crypto all the power to you. If you can’t beat them, join them. Just wish there were enough answers to convince me starting with how nobody knows the origin or identity of Satoshi Nakamoto.
I was under the impression he was using where it is mined as a reason for it to not be a wise investment, but I could be wrong. Either way, if Iran and Russia are dominant players, then we are even more dominant. North Korea doesn't even belong in this discussion. They mine less than half a percent. They and Iran are only being added to China so he can say that our enemies mine most of the bitcoin. Really the only dominant player is China. Since they alone mine the vast majority of it, you can add any other country you want and then say that "China, ______, ______, and _____ mine almost all bitcoin." Everyone except China mines less than we do.
This is one of those situations where I personally don't know the answers but the fact that big time established investors as well as large financial institutions are in the space makes me strongly think that there is legitimacy here.
To be fair, it is the US, and then a bunch of countries who we are not buddy buddy with.
China is in the lead by far, then it's us and Russia neck and neck. After that it's Kazakhstan and Malaysia, two countries that I believe we have positive relations with. Iran is below them, and after Iran it's Canada, Germany, and Norway. Everyone after that is below half a percent.
So I guess that would be the concern right there.
ETH is moving to a proof of stake operation model. When implemented, it won't require mining (like the proof of work model).
