I wish I jumped in "years ago". As the saying goes, never chase the pump! :)
OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
- Start date
Has anyone on this board ever used BTC to buy something?
www.cnbc.com
Second-largest U.S. mortgage lender ditches its plan to accept payments in bitcoin
United Wholesale Mortgage is ditching its plan to accept crypto payments after its two-month pilot.
I honestly don't know. I think ETH is going to regret all the changes it began implementing back in May. Theres a ton of utility on that chain, but it is still costly and slow. If I'm an ETH maxi, I'd be extremely nervous about other coins like Solana or Binance Smart Chain. I know Solana has had issues, but you'll continue to see utility flock away from eth. That being said, I still think that 100k-150k btc means an 8k to 10k ETH.
If I'm an eth holder I'm looking to exit at that point for the reasons I mentioned before.
If BTC reaches 250k next year I may also pull out, as there will probably be a major blow off top again.
I would 100% consider DCA-ing into bitcoin.
Yes and no. Ive used the Btc network via strike to pay people. But I've never spent my own btc. Why would I do that?Has anyone on this board ever used BTC to buy something?
Second-largest U.S. mortgage lender ditches its plan to accept payments in bitcoin
United Wholesale Mortgage is ditching its plan to accept crypto payments after its two-month pilot.
ETH maxi here. Not worried whatsoever. :)
"Continue" to see utility flock away? Doesn't something need to start before it can continue? LOL!
Looks like BTC futures ETF will be approved. Would not be surprised to see all time highs by Monday
On-chain data and chart comparisons of past bull runs point to a parabolic move. We shall see!
Isn’t the ultimate goal of BTC to make it legal tender and a replacement digital currency? If nobody spends it how do you increase adoption and utility?
People spend it all the time. Thats not my m o. Adoption as a currency will explode once people begin to understand lightning.
The ultimate goal for me is as an investment and growing store of value. Not spending or as a "currency".
Pumping indeed. Look at the title of the CNBC article and then the bullet point summary. Hasn’t even been approved?
The first bitcoin futures ETF in the U.S. is set to begin trading in the week ahead
The bitcoin futures ETF from ProShares will begin trading in the week ahead, an amended filing indicated.
- The Securities and Exchange Commission had not formally approved the creation of bitcoin futures ETF as of Friday afternoon and the agency may never make a formal declaration of approval for it.
- The proposed date for the listing is Monday, according to the new filing, but that doesn’t necessarily mean that’s when it will begin trading. That could come later in the week.
In a couple years from now when there is actual spot market BTC ETF's and BTC is up around $500K will you still be acting like this is not happening.Pumping indeed. Look at the title of the CNBC article and then the bullet point summary. Hasn’t even been approved?
The first bitcoin futures ETF in the U.S. is set to begin trading in the week ahead
The bitcoin futures ETF from ProShares will begin trading in the week ahead, an amended filing indicated.
- The Securities and Exchange Commission had not formally approved the creation of bitcoin futures ETF as of Friday afternoon and the agency may never make a formal declaration of approval for it.
- The proposed date for the listing is Monday, according to the new filing, but that doesn’t necessarily mean that’s when it will begin trading. That could come later in the week.
You're right... but how is this any different than a stock *buy the rumor sell tje news" mentality.Pumping indeed. Look at the title of the CNBC article and then the bullet point summary. Hasn’t even been approved?
The first bitcoin futures ETF in the U.S. is set to begin trading in the week ahead
The bitcoin futures ETF from ProShares will begin trading in the week ahead, an amended filing indicated.
- The Securities and Exchange Commission had not formally approved the creation of bitcoin futures ETF as of Friday afternoon and the agency may never make a formal declaration of approval for it.
- The proposed date for the listing is Monday, according to the new filing, but that doesn’t necessarily mean that’s when it will begin trading. That could come later in the week.
This is just a futures etf. Wait until a real one comes live next year, or apple/amazon/Walmart anounce Btc payments or holdings this quarter.
Good luck with that. I guess you forgot that BTC was at like $30K not long ago. Look what’s going on in El Salvador. It’s a joke. And if BTC hits $500K then Fort Knox will become the US Museum of Metals because gold/silver will be worthless. Ain’t happening. Again, I’m all for speculation and it’s great that folks are getting rich on crypto. But, there are very few that are in it for the technology. It’s all about Millennials trying to get rich quick. Fine by me.
My only point was that the title is completely deceiving assuming the approval is actually required.
Its cnbc though. Like all mainstream news, clicks are more valuable then proper editorial copy.
Does anyone know whether it’s actually been approved? This article on CoinBase says it was.
www.coindesk.com
SEC Approves Bitcoin Futures ETF, Opening Crypto to Wider Investor Base
ProShares is set to launch trading of its bitcoin futures ETF next week.
Does anyone know whether it’s actually been approved? This article on CoinBase says it was.
SEC Approves Bitcoin Futures ETF, Opening Crypto to Wider Investor Base
ProShares is set to launch trading of its bitcoin futures ETF next week.
These articles are confusing so its hard to tell but they never actually "approve" anything. They have a time period where they can comment and ask questions but if that time period passes without comments it is deemed effective and can be launched. It's a strange process.
During that time the fund or etf can't make any public comments so you won't get anything from them either.
The first bitcoin futures ETF in the U.S. is set to begin trading in the week ahead
The bitcoin futures ETF from ProShares will begin trading in the week ahead, an amended filing indicated.
I don't think the SEC "formally" approved it. However, the way I am reading these articles is that the SEC doesn't normally "approve" such things, but they can block them. Since the SEC hasn't blocked the Proshares BTC Futures ETF by now, it is "approved". Any other thoughts?
By the way, how do you think a futures ETF will perform vs the price of the asset?
Also, another good sign is that futures ETFs are normally for commodities. So there is some indirect recognition that the SEC considers BTC as such.
I really dont know if they were approved. Twitter and Bloomberg pushed leaked content out there saying they were going to go through on Monday, which is why everyone has made the assumption they are.
Here's a quote from Bloomberg:
"Bloomberg News reported Thursday that the SEC isn’t likely to block the products from starting to trade next week, according to people familiar with the matter."
Proshares is supposed to launch on Monday, with 3 more (I believe) rolling out in the next week.
Watch for ATH on Monday, with a lot of traditional media taking notice. I could easily see a top headline on Drudge, expansive coverage on CNBC, etc. Then the fomo begins...
Here's a quote from Bloomberg:
"Bloomberg News reported Thursday that the SEC isn’t likely to block the products from starting to trade next week, according to people familiar with the matter."
Proshares is supposed to launch on Monday, with 3 more (I believe) rolling out in the next week.
Watch for ATH on Monday, with a lot of traditional media taking notice. I could easily see a top headline on Drudge, expansive coverage on CNBC, etc. Then the fomo begins...
I’ve read articles that seem to indicate once the ETFs go live there will be a sell the news drop, especially for those that jumped in recently just to make a few bucks. Then I’m sure a healthy bounce will follow. What’s strange is that El Salvador is not getting nearly as much press as you would expect since it’s the ultimate BTC case study.
I think the drop is occurring right now. Monday will be a different day.
El Salvador is barely being talked about. The orchestrated sell the morning of their official launch as currency shifted the story from a momentous occasion to the sky is falling type articles. Part of the lack of domestic coverage is our sovereign nature to care only about the US and assume that all other countries are inferior.
El Salvador is barely being talked about. The orchestrated sell the morning of their official launch as currency shifted the story from a momentous occasion to the sky is falling type articles. Part of the lack of domestic coverage is our sovereign nature to care only about the US and assume that all other countries are inferior.
It's now over a Trillion dollars in market cap. This is not all about millienials. This is about institutional acceptance.
And I expect much more in Q4.
As most can tell I'm bullish, but if everything I'm seeing on chain holds true, it's going to be insanity for the next 6 mos or so. I wouldnt be shocked if BTC outran my bullish projections of 100k.
It's amazing how early and young the crypto market truly is. So much more room to growth and expand. Crypto market cap of $2.5T sounds like a lot, but truly, it is a drop in the bucket. I'm buying and holding thru the entire decade.
BTC at $500K would mean a $8ish trillion market cap.
I think gold is currently $11 trillion. If BTC rides higher, it likely pulls from golds market cap, more then 30%? I dunno, but 30% would leave the market cap on par with BTC at around $8 trillion so not exactly worthless.
Silver is currently at $1.2 trillion, so BTC is ready to over take that. (Again?)
That’s where it gets interesting. No doubt BTC will have to draw from gold’s market cap in order to take the next leg higher. It’s already done it to the tune of about 10% which is why gold has been lagging. Can’t see the world letting their gold reserves take a major nose-dive. If gold drops 20-30% we could be looking at another crisis of sorts.
Ignore some of the YouTube clickbait language, but this channel focuses a lot of time on on-chain data for BTC and ETH. Good info. You can actually look-up the sources being used yourself, if wanted:
For those interested in how a major bank thinks of crypto. BoA issued a 140-page report on crypto:
newsroom.bankofamerica.com
BofA Global Research Launches Coverage of Digital Assets
Report Finds Digital Assets are Too Large to Ignore
October 4, 2021 at 9:00 AM Eastern
Bank of America today launched its digital asset research with the publication of a report entitled “Digital Assets Primer: Only the first inning,” led by Alkesh Shah, head of Global Cryptocurrency and Digital Asset Strategy.
Digital assets represent a $2 trillion+ market value with 200 million+ users, and have the potential to transform every industry by improving efficiency and reducing friction across transactions. Hundreds of companies are forming within this new ecosystem, creating a new asset class.
The primer provides an investment framework for the digital asset landscape, looking through a variety of lenses: tokens that act like operating systems; applications powered by smart contracts; stablecoins pegged to fiat currencies; central bank digital currencies that could replace money; and non-fungible tokens that connect creators and fans in a different way.
“Bitcoin is important,” said Shah, “but the digital asset ecosystem is so much more. Our research aims to explore the implications across industries including finance, technology, supply chains, social media and gaming.”
“Digital assets are transforming the way in which markets, businesses and central banks operate,” said Candace Browning, head of BofA Global Research. “Bank of America offers a market-leading global payments platform and blockchain expertise, and the addition of digital asset research further strengthens the depth and breadth of our offerings for investors.”
YouTube breakdown of the report:
.....https://www.youtube.com/watch?v=rxc69iMzOxo&list=WL&index=16
Sorry the auto-link isn't working. Cut and paste w/o the "....." at the beginning.
BofA Global Research Launches Coverage of Digital Assets
bank of America today launched its digital asset research with the publication of a report entitled “Digital Assets Primer: Only the first inning,” led by Alkesh Shah, head of Global Cryptocurrency and Digital Asset Strategy.
BofA Global Research Launches Coverage of Digital Assets
Report Finds Digital Assets are Too Large to Ignore
October 4, 2021 at 9:00 AM Eastern
Bank of America today launched its digital asset research with the publication of a report entitled “Digital Assets Primer: Only the first inning,” led by Alkesh Shah, head of Global Cryptocurrency and Digital Asset Strategy.
Digital assets represent a $2 trillion+ market value with 200 million+ users, and have the potential to transform every industry by improving efficiency and reducing friction across transactions. Hundreds of companies are forming within this new ecosystem, creating a new asset class.
The primer provides an investment framework for the digital asset landscape, looking through a variety of lenses: tokens that act like operating systems; applications powered by smart contracts; stablecoins pegged to fiat currencies; central bank digital currencies that could replace money; and non-fungible tokens that connect creators and fans in a different way.
“Bitcoin is important,” said Shah, “but the digital asset ecosystem is so much more. Our research aims to explore the implications across industries including finance, technology, supply chains, social media and gaming.”
“Digital assets are transforming the way in which markets, businesses and central banks operate,” said Candace Browning, head of BofA Global Research. “Bank of America offers a market-leading global payments platform and blockchain expertise, and the addition of digital asset research further strengthens the depth and breadth of our offerings for investors.”
YouTube breakdown of the report:
.....https://www.youtube.com/watch?v=rxc69iMzOxo&list=WL&index=16
Sorry the auto-link isn't working. Cut and paste w/o the "....." at the beginning.
For starters, on chain has showed a record number of BTC becoming illiquid. Indicating people are pulling BTC off exchanges and onto cold storage. It's also shown whales (more than 1k BTC) greatly increasing their holdings since the May dip.
The long term supply shock ratio is at its highest levels ever. ie: the amount of supply available. Long term holders hold a record amount of BTC. Every time LTH amount hit this level, the price took off in the following months.
Over leveraged buyers continue to get flushed out. You saw it happen this weekend on the mini dip we had on Sat.
Also, retail hasnt jumped in since the crash from ATH. Combine retail with what is currently occuring and its a rocketship
Article says Proshares will begin trading tomorrow:
www.marketwatch.com
A ‘spot' bitcoin ETF 'ain’t so great’, says ProShares strategist ahead of provider's futures-linked fund
ProShares is offering the first bitcoin-linked exchange-traded fund in the U.S., giving investors exposure to the cryptocurrency through the futures market...
www.marketwatch.com
Yes indeed.Article says Proshares will begin trading tomorrow:
A ‘spot' bitcoin ETF 'ain’t so great’, says ProShares strategist ahead of provider's futures-linked fund
ProShares is offering the first bitcoin-linked exchange-traded fund in the U.S., giving investors exposure to the cryptocurrency through the futures market...
Greyscale has also applied to convert to a spot ETF.
Crypto asset manager Grayscale has filed to convert its bitcoin fund into a spot ETF: report
Grayscale intends to file an application with the SEC to convert its bitcoin fund into a spot ETF, according to CNBC Friday.
markets.businessinsider.com
No all time high today (yet), as I hoped. Tomorrow should bring that with the futures etf trade. The traditional financial media is looking at tomorrow as a buy the rumor sell the news moment. I'm not buying that sentiment.
I've been impatiently waiting for some of my alts to clear out of staking to convert to BTC. I'm hoping to make this before the real price movement happens.
