OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
- Start date
I'm indifferent. But......we'll want two threads come later in the year when BTC races towards 100k. :) (not kidding btw)
The more I think abiout it, it's probably better served as a separate thread as there's a pretty civil exchange of thoughts (albeit infrequently) here. Merging in the stock talk will bring in the anti-crypto crowd and I honestly dont have the time to respond to nonsense anytime someone mentions crypto.
Price-wise, expect a short term dip the next 3 - 5 days as a bunch of coins got dumped on Binance from a few whales the last 36 hours.
Cardano went on a run recently. I'm looking for a good pullback to buy in. I could see an aggressive run happening on that coin in Sept, as there's a lot of things in the works. I dont have a position yet, but am looking to.
Elastos (which I've mentioned before, and sadly still hasnt moved) is due to pop soon. They've been aggressively rolling out things and people are beginning to take notice. Volume and supply are so low on that coin that all it will take is one aggressive buyer to move that coin much higher. I could easily see a $15-20 price by years end, up from it's current $3.50.
Amp also popped this week on rumors of Amazon using it's Flexa network to onboard BTC as payment.
Amazon and Apple are going to announce crypto integrations this year. If you're still on the sidelines, you'll want to be involved before then. Just my 2 cents
I bought some ADA a few weeks ago at $1.30'ish. Wish I bought more! :)
That is my smallest crypto position right now. Obviously BTC and ETH lead the way and I also have a significant amount of Galaxy Digital stock. I would like to add to ADA, but definitely not during this pump.
Great post on your other points!
This is a pretty amazing image put up by an on-chain analysts. The current amount of active BTC wallets/addresses is akin to the amount of users on the internet around this time in 1997. BTC growth expectations put us in 7 years at around the number of internet users in 2010. Essentially, we're at Amazon 1.0 right now.
For those whos interest is piqued by on-chain analysis, I highly recommend this video. It's by one of my favorite on-chain analysts, Checkmate.
It discusses the heavy accumulation by long term holders of BTC & ETH, and how it relates to the low volume of transactions on the network(s). Normally, low volume is a bad indicator, but a lot of what is being seen is showing that accumulating I mentioned by long term holders. Retail interest is not moving the needle right now.
Having open access to this information is one of the reasons why I love crypto.
It discusses the heavy accumulation by long term holders of BTC & ETH, and how it relates to the low volume of transactions on the network(s). Normally, low volume is a bad indicator, but a lot of what is being seen is showing that accumulating I mentioned by long term holders. Retail interest is not moving the needle right now.
Having open access to this information is one of the reasons why I love crypto.
Ethereum over $3500, clearly breaking out of that range it was in for 2-3 weeks. BTC meanwhile has backed off it's recent high's of 50K.
Seperate topic, Solano. It's chart looks similar to many other crypto charts, coming from nowhere, having a huge run in the spring(a little later then most) cooled off, but on this most recent crypto run up, unlike the majority of Crypto's, it has blasted past it's all time high's.
Is this run for Solano warranted? Or is it just a turbo charged momentum trade?
Seperate topic, Solano. It's chart looks similar to many other crypto charts, coming from nowhere, having a huge run in the spring(a little later then most) cooled off, but on this most recent crypto run up, unlike the majority of Crypto's, it has blasted past it's all time high's.
Is this run for Solano warranted? Or is it just a turbo charged momentum trade?
It's not fully a momentum trade, as there is a use-case for Solano. I discredited it a while ago, and am kicking myself for doing so. Truthfully, I should have put some money into all of the ETH competitors and just rode the ship to greener pastures. Oh well.
To tie in my prior comments on ETH, the amount of competitors getting traction and seeing usage is going to eventually hurt ETH in the long term. The more I read on the deflationary measures it took back in May, them more I'm beginning to get hesitant. The entire growth in new users lately on the Ethereum chain is due to NFT's. There's going to come a point where people get tired of paying $60+ in gas fees to move an NFT on that chain.
But how much of it is? It's up almost 4x in a month, and 50x ytd. I'm sure you thought it was undervalued before this run, but is it now overvalued?
What metrics do you use? Do you recommend a site which provides those metrics?
I'm not sure how much is momentum. Full disclosure, I'm not fully paying attention, so this is a guesstimate. But I see a token that has a use-case. It's not a shit coin. Am I buying at this price, hell no. I could easily see a dip, but by the same time, I could easily see a 5x from here.
I use Glassnode a lot for following on chain analysis. I use checkonchain.com as well. I tell everyone looking to understand on-chain more to follow Checkmate, Will Clemente & Willy Woo on Twitter. They're three of the best analysts out there. They're not all rah-rah all the time. I've seen Will and Check both site bearish signals and get destroyed by the BTC twitter cyber hornets. They held their ground and both were right.
Will also does a 30 minute interview on Anthony Pompliano's best business show. He walks through a lot of metrics with charts and makes them very easy to understand. That usually occurs Friday afternoon on YouTube.
All this is not really applicable to Solano, but it's a good way to get a foundation for what is going on in the crypto space. If you bought into Solano at a much lower price, it may be wise to cash out some and shift profits to BTC.
I had a similar run in Axie Infinity. I rode it from $.75- $1 up to $75 and cashed out the bulk of my position and grabbed mostly Bitcoin, a little more Decred, and Elastos. I've been hammering Elastos home for a while now. It's $3.15 right now, which is criminally undervalued for project with this much going on.
The Best of Elastos | Beginners Guide
Elastos is a public blockchain project that integrates blockchain technology with a suite of reimagined platform services to produce a Modern Internet infrastructure that provides intrinsic protection for privacy and digital asset ownership.
elastos.academy
It's the best web 3.0 play out there. It's tied into the World Economic Forum. They're the leaders in Decentrialized id's (DiD's). They have working apps and operating system available to download on iOS and Android. They have 1,000 BTC to fund development. They have a DAO called the Cyber Republic. And there's only 28 million coins. This coin has more going on than 99% of coins out there.
Elastos is not on Coin, and I'm probably not going to start up a new account on a different platform to buy Elastos.I had a similar run in Axie Infinity. I rode it from $.75- $1 up to $75 and cashed out the bulk of my position and grabbed mostly Bitcoin, a little more Decred, and Elastos. I've been hammering Elastos home for a while now. It's $3.15 right now, which is criminally undervalued for project with this much going on.
The Best of Elastos | Beginners Guide
Elastos is a public blockchain project that integrates blockchain technology with a suite of reimagined platform services to produce a Modern Internet infrastructure that provides intrinsic protection for privacy and digital asset ownership.
It's the best web 3.0 play out there. It's tied into the World Economic Forum. They're the leaders in Decentrialized id's (DiD's). They have working apps and operating system available to download on iOS and Android. They have 1,000 BTC to fund development. They have a DAO called the Cyber Republic. And there's only 28 million coins. This coin has more going on than 99% of coins out there.
But when you say undervalued do you mean relative to other crypto's? Or, again, is there a way to see the usage, or dare I even ask, revenue/earnings, metrics for Elastos?
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What are your thoughts on SUSHI, ENJ, and GRT? I follow a crypto guy (Ian Dyer) who uses technical analysis and has a buy for these 3.I'm not sure how much is momentum. Full disclosure, I'm not fully paying attention, so this is a guesstimate. But I see a token that has a use-case. It's not a shit coin. Am I buying at this price, hell no. I could easily see a dip, but by the same time, I could easily see a 5x from here.
I use Glassnode a lot for following on chain analysis. I use checkonchain.com as well. I tell everyone looking to understand on-chain more to follow Checkmate, Will Clemente & Willy Woo on Twitter. They're three of the best analysts out there. They're not all rah-rah all the time. I've seen Will and Check both site bearish signals and get destroyed by the BTC twitter cyber hornets. They held their ground and both were right.
Will also does a 30 minute interview on Anthony Pompliano's best business show. He walks through a lot of metrics with charts and makes them very easy to understand. That usually occurs Friday afternoon on YouTube.
All this is not really applicable to Solano, but it's a good way to get a foundation for what is going on in the crypto space. If you bought into Solano at a much lower price, it may be wise to cash out some and shift profits to BTC.
I had a similar run in Axie Infinity. I rode it from $.75- $1 up to $75 and cashed out the bulk of my position and grabbed mostly Bitcoin, a little more Decred, and Elastos. I've been hammering Elastos home for a while now. It's $3.15 right now, which is criminally undervalued for project with this much going on.
The Best of Elastos | Beginners Guide
Elastos is a public blockchain project that integrates blockchain technology with a suite of reimagined platform services to produce a Modern Internet infrastructure that provides intrinsic protection for privacy and digital asset ownership.
It's the best web 3.0 play out there. It's tied into the World Economic Forum. They're the leaders in Decentrialized id's (DiD's). They have working apps and operating system available to download on iOS and Android. They have 1,000 BTC to fund development. They have a DAO called the Cyber Republic. And there's only 28 million coins. This coin has more going on than 99% of coins out there.
ETH competitors right now are just pie in the sky ideas and most are not truly functioning ecosystems. The reason why ETH fees are high is due to the volume of transactions which continues to grow. This will be addressed with ETH 2.0 in 3-6 months (and with some recent layer 2 solutions). The "competitors" have low fees now because nobody is using them. Give them ETH volume and none of them would even function without massive centralization (which nobody wants) or their fees would skyrocket beyond belief.
ETH is ever evolving and improving. Don't believe the hype. Nobody will catch it.
Ethereum spiked after the crypto market read your post.
Currently over $3700.
Though it does sound counter intuitive that fees increase as transactions increase.
I mean I can see having low prices to lure customers, but conversely economies of scale makes me think prices would go down with significantly higher levels of transactions.
Would love to see actual usage and fee #'s for the respective businesses. They are businesses right?
LOL! Great stuff. I'm a market mover. :)
I believe fees go up due to the limited size of blocks (only so many transactions can be in each block). Higher fees incentivize miners to include your transaction in the next block instead of a different transaction at a lower fee. Obviously, once ETH moves to proof of stake, this dynamic goes away.
Rally jumped in unison with ETH today.
The sports and entertainment NFT's, and the potential for them going fwd, looks to be a driver.
I did pick up $3 worth of Rally for free on Coin. I added a little more to it, so I'm enjoying today's run.
The sports and entertainment NFT's, and the potential for them going fwd, looks to be a driver.
I did pick up $3 worth of Rally for free on Coin. I added a little more to it, so I'm enjoying today's run.
It's only on Kucoin. I actually use KuCoin to purchase a lot of my Alts that I cannot get on Gemini. There's a tremendous value in getting alts before we (Americans) have mass availability to them. I watched AMP go from $.003 to $.11 after appearing on Gemini then Coinbase.
Depending on how technical you want to get into the space, I would look into a Kucoin account. They have a TON of stuff you cant get on most US exchanges. There's no KYC verification. Assuming you dont have Chase, you can easily use BANXA to promptly move USD from a Bank to Kucoin via your Debit Card. The only drawback is that since it's not regulated domestically, you'll want to move your coins/tokens off their exchange to a hardware or software wallet.
In regards to being undervalued, you have a coin that has more going on fundamentally than 99% of crypto coins/tokens out there.
The organization behind the coin built a decentralized internet, web 3.0. Where you own your own data. There is no big brother AWS/Google collecting data on your internet habits. It's privatized via blockchain. It's a brilliant concept.
It's founders arent anonymous. One of them, Rong Chen was a Microsoft veteran who helped create Internet Explorer in the mid-90s. The other, Feng Han is tied into some of the largest technology companies in China.
There's 1,000 in BTC in their treasury to develop and build. Roughly 50 million USD to continue developing this project. That's in addition to amount of ELA that is owned.
It's governed by its own DAO - decentralized autonomous organization - https://www.cyberrepublic.org/
This is one of the strongest DAO's in the crypto space.
There is currently a large scale marketing proposal in front of the DAO. This project launched 4 years ago to large fan fare, similar to how DFinity (ICP) launched this year. There was zero marketing for the project after the launch, and the coin price dropped to below $5. All money was spent on tech development. With the tech infrastructure now laid, they're pivoting back to marketing.
It's also deflationary, with the max circulation getting capped at 28 million. As a comparison, BTC is 21 million. Asa comparison, Solana has a supply of over 500 million, Polkadot, Chainlink and Uniswap 1 trillion. And I no longer know how many hundred million ETH tokens are out there.
As far as seeing revenue/earnings, you're essentially buying shares of a company worth well over 50 million for $3 a share. The market cap is so low, it wont take much action to quickly move this over $5, $10 or $15. It's ATH is $90. It was $90 when this was just a pipe dream of an idea. It's now a tangible product that is the most undervalued coin/token in crypto.
Sushiswap has value, although defi volume has really shit the bed for some reason lately. I do think there is a good opportunity for it to come up to the price of uniswap. The good news about defi platforms is that if you know what you're doing, you can provide liquidity to the pools and see great interest on your tokens. 10, 20 up to 200% on some of them.
Graph I never looked into. Sorry
Enjin I've had on my watch lists for months now and never acted on. I recall reading something promising on it earlier in the year.
Lol. It's a great token, but it's going to have its reckoning unfort. Would you keep going to a bank that was charging you 5, 10, $60 anytime you made a deposit or withdrawal? No. You'd go down the street and find another bank. We're seeing the same beginning to happen in crypto.
Eth will always have value, but you will continue to see its market domination get sliced into by some of the other smart contract chains.
DO. NOT. BUY. CRYPTO. ON. ROBINHOOD.
It is not insured. If they ever have a liquidity crisis and collapse (it's not outside the realm of possibility. Almost happened wth GME) the crypto holdings are gone! Also, you never actually own the coins. You hold an IOU from RH saying you have .005 BTC or whatever is purchased there. You cannot withdraw from their platform to a wallet or another exchange. That is REALLY bad.
If you want to day trade doge or some other shitcoin, go for it. If your intention is to really get into alts, look elsewhere.
Is there any reporting on this, or better yet, sites which actually track this?
Just look at the market caps of competitors on coinmarketcap. You can see the growth on BNB, ADA, DOT, SOL. four of the top nine coins by market cap are direct competitors to ETH.
You can dive deeper on this chart. https://coinmarketcap.com/charts/
Scroll to the bottom and look at the BTC domination chart. Change the sorting to stacked instead of overlapping. You'll see the 4 tokens I mentioned above gaining marketshare. ETH isnt losing marketshare, due to the NFT explosion, but if I'm watching BNB go from .5% to 3.75%, ADA from .88% to 4.28%, Sol .08% to 1.56% and DOT from .76% to 1.4%
As someone who owns ETH, this is concerning to me. These platforms were barely a blip on the radar last year and now they are growing competition to ETH. And they're faster and cheaper to perform smart contracts and defi transactions on. This is part of why I have concerns on ETH.
I like SOL as a competitor to ETH. ETH's gas fees can be out of control at times. SOL has been making a big splash with NFTs the last month or so. I don't know if SOL is a long term play, but I'm definitely holding a little to see where it goes.
I have no such concerns with ETH and explained why above. Such competitors may be "growing" in market cap due to speculation, but not with usage and transactions (which will rule the day in the end).
I was more responding to 05, but I may as well opine on your above explained. Other chains are being used and growing. They're not "not being used." If you strip away NFT usage, Ethereum chain volume loses a good amount of its current volume.
I'll leave this thread on here from Checkmate who is more knowledgeable on crypto than the vast majority of people in the space. He sums up why the deflationary nature going forward is going to F most projects that are living on that chain.
I'm not talking market cap, I'm talking usage. Does the usage (or revenues if there are any) support the market caps?
Seems like your link is saying ETH will dominate. Maybe Axie carves out a niche for itself.
Not seeing anything about stripping away NFT usage. Nor why we should strip away that usage.
Wait until sports teams and concerts issue tickets via NFTs. Why? So they can profit on resales! This is coming soon.
Market cap isnt the best barometer for success, as its easily manipulated by flooding the market with tokens. See XRP, Doge or shitcoins. Usage and market cap arent always correlated. I just used MC for the purpose of conveying the "top 10 coins"
Click into the whole thread. Axie is a play to earn video game on the Ethereum chain. Check is saying that under the new deflationary environment of Ethereum, it's the only project generating enough revenue to be even competitive in the new environment after EIP1559.
Side note, what Axie has done this summer has been remarkable.
As far as stripping out NFT usage, it's touched on in the video I linked yesterday. He touches on how ALL the new growth on Ethereum stems from NFT's
We've already gone down this path and discussed this. What did the NBA do to avoid the high gas prices for it's NFT marketplace? It built its own chain for Top Shots. Why... to save money.
Yes, tickets are moving there and will be NFT's in the next 4 years, BUT.... why why why would they operate on a protocol that is going to charge $40, 50 or $60 per transaction. People are not going to pay twice as much for a ticket due to gas fees. This is 100% the reason why competition in the space is going to hurt Ethereum.
Retail wont stand for that shit. It's worst than Ticketmaster.
But stepping back from the future into the present, lets say I want to move tokens from one exchange to another. Am I going to use Ethereum and pay $30 in gas, or am I going to use Tron or any other ETH competitor and move the same amount for $1. This is what you're not seeing as (unless I'm wrong) you're not purchasing coins directly and not moving them form exchanges to wallets. As this continues to get easier for retail, people are going to choose the cheaper option every single time.
Because the transaction is NOT one ticket, it is thousands and thousands of tickets worth millions. Things are bundled, especially via layer 2 solution protocols. $60 fee is a rounding error of a rounding error. Stop thinking small.
I need to read up more on all of those layer 2 solutions (e.g. optimism roll-ups). I think that's the missing piece to the ETH story. I know the basics, but I need to dive deeper.
For the record, I love the blockchain ticket use case, but ETH fans have been talking about it for over 5 years. Also, why would venues or major entertainment companies like Ticketmaster rely on ETH instead of a product like IBM’s:
IBM Blockchain - Enterprise Blockchain Solutions and Services
IBM Blockchain technology empowers businesses to digitize transactions through a secured, shared and distributed ledger, improving efficiency and transparency.
www.ibm.com
This is my issue with eth. Large vendors or companies can just look elsewhere. The NBA already did it with their Top Shots NFT program.For the record, I love the blockchain ticket use case, but ETH fans have been talking about it for over 5 years. Also, why would venues or major entertainment companies like Ticketmaster rely on ETH instead of a product like IBM’s:
IBM Blockchain - Enterprise Blockchain Solutions and Services
IBM Blockchain technology empowers businesses to digitize transactions through a secured, shared and distributed ledger, improving efficiency and transparency.
If it holds 50k today, I could very easily see BTC ripping to 60k in the next 5 - 7 days. Almost all of the on chain metrics are screaming for a run. The only holdout is still volume, which is either getting minimized by people by people buying and hodling, as well as lightning network usage. The volume will pick up from FOMO once we get a few aggressive candles.
Keep your eyes on Sept 7th. I have a hunch we'll see fireworks either leading up to that day or on the 7th.
