OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
- Start date
@bob-loblaw : When Ethereum 2.0 rolls out, all the token holders that have staked their coins will be allowed to trade them (currently can't remove staked coins until rollout of 2.0). That's currently a significant number. This may cause a pretty significant dip. Wouldn't you want to sell just before the rollout and then maybe buy the dip if you believe in Ethereum longterm?
ETH is going to be way above $5k by the time 2.0 rolls out. Also, folks were scared of the big BTC crash once GBTC's lock-ups ended. Nothing happened.
Sometimes you shouldn't believe the FUD.
The opposite. I believe in ETH near and short term. Eventually the new features are going to bite themselves in the ass. When a utility token tries to become a store of value, it negates the utility. The more deflationary it becomes, the more people will hold it. The more they hold it, the less it gets used as utility. And ETH's deflationary (burn) measures get triggered by usage. It creates a longterm cluster f that's going to lead to it's demise.
Short term I'm not selling what I hold, unless I see massive price action that is not correllated to the movement in BTC. Let's say ETH pops to 10k, and BTC only to 70-75K. I'll probably pivot those into more BTC.
I'm mildly intrigued by Cartisi and it's utility on top of ETH as a solution to some of its problems, but I have yet to really deep dive into it.
Also, there's been a lot of leverage that's been getting flushed out the last 5 days, hence the price correction. I wouldnt be surprised to see price action swing between 55-70k the next week before closing the month in the 60-65k range.
Nice overview of PoW vs. PoS:
cointelegraph.com
Proof-of-stake vs. proof-of-work: Differences explained
Though Bitcoin's (BTC) transaction history is securely sequenced using proof-of-work (PoW), it consumes a lot of electricity and the number of transactions it can handle at once is limited.
cointelegraph.com
I'm buying whenever it dips under $60k, doubling buying if under $55k. My ETH position is solid, so I would need to see a bigger dip to buy more. Perhaps under $3.5k?
When all BTC is mined (2040?) who will want to verify transactions at that point? I’m assuming the answer is people will verify transactions in order to earn small processing fees off each transaction? If my assumption is correct, why is BTC necessary today? Couldn’t everything remain exactly the same today, minus the coins, and simply pay people small fees from each transaction as if it was 2040?
"Current estimates for mining of the final bitcoin put that date somewhere in February 2140."
What Happens to Bitcoin After All 21 Million Are Mined?
Bitcoin, the first and most popular cryptocurrency, is finite. Here's what could happen when it reaches its total maximum supply of 21 million bitcoins.
Thanks - so just for argument’s sake (as discussed in the article), wouldn’t it make more sense from a large-scale adoption perspective to implement a structure similar to what’s proposed when Bitcoin reaches its supply cap (i.e., no block rewards; but miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue)? Under this structure, you wouldn’t have the volatility, pumping by influencers, distraction of coins, etc. You also may not have the same computing/energy needs. Seems to be pro-technology and adoption since that would be the emphasis as opposed to the coin noise. BTW, I went back and watched the Scaramucci and CoinShare CEO interviews on CNBC Friday. Not a single comment about the tech - it was all about the $100K pump. Last point - is it strange that all of the whales like the Winklevoss twins, Novogratz, etc. seem to have done nothing to advance the underlying technology but instead focus on crypto exchanges and buying/selling BTC? I don’t think they even mine BTC do they? These questions are for my own edification because I’m looking to further diversify my portfolio and crypto is towards the top of potential purchases under evaluation."Current estimates for mining of the final bitcoin put that date somewhere in February 2140."
What Happens to Bitcoin After All 21 Million Are Mined?
Bitcoin, the first and most popular cryptocurrency, is finite. Here's what could happen when it reaches its total maximum supply of 21 million bitcoins.www.investopedia.com
I answered this in the long response a few days back. 2140 is when all should be mined. Why is BTC necessary today? That's monetary value the network is producing and paying in. The network revolves aorund miners being paid in BTC. Without that, there's zero incentive to run the network.
There needs to be a currency to be paid in.
Winklevii - whats their goal? Get more people on the Gemini platform
Nova - Get more people to buy Galaxy BTC fund.
Neither mine (that Im aware of) The Winklevii's platform is at least making the attempt to roll out additional tech /features. Credit Cards, crypto lending, staking, etc.
Watch some interviews with Jack Mallers. This kid is the next Gates/ Steve Jobs. Went to El Salvador to help build out tech for BTC. His company Strike is doing what I've been talking about witht he Bitcoin network, moving currency globally in seconds and with near zero fees.
As much as people shit on him, Jack Dorsey is doing amazing things as well. He's open sourcing another layer two to sit up top of the network with potential to do all sorts of things.
They have to be denominated in a currency. Since there's no third party of govt middle man, there's no one to magically just give dollars to miners for block rewards. The reward is the native currency that is hard coded in. On top of that, the reward is the potential growth of the reward that is being recieved.
Almost as if it was a sign. Not an iota of substance. His entire premise is “everybody else is doing it”. Does this guy pay CNBC? Anyway, I’m doing my research because I’m interested and appreciate Bob-Lob’s feedback.
www.cnbc.com
Those who do their homework end up investing in bitcoin, Scaramucci says
Anyone who studies bitcoin carefully and understands the cryptocurrency will be convinced of its potential, said hedge fund investor Anthony Scaramucci.
Probably borrowed it from Cathie Wood. Her analysis was that if everyone just buy a little, it would go up a lot.Almost as if it was a sign. Not an iota of substance. His entire premise is “everybody else is doing it”. Does this guy pay CNBC? Anyway, I’m doing my research because I’m interested and appreciate Bob-Lob’s feedback.
Those who do their homework end up investing in bitcoin, Scaramucci says
Anyone who studies bitcoin carefully and understands the cryptocurrency will be convinced of its potential, said hedge fund investor Anthony Scaramucci.
So I just watched that, and honestly I thought that was his most reserved interview yet. You should watch the BTC pep rally he gave for 45 min on Pomp's show.Almost as if it was a sign. Not an iota of substance. His entire premise is “everybody else is doing it”. Does this guy pay CNBC? Anyway, I’m doing my research because I’m interested and appreciate Bob-Lob’s feedback.
Those who do their homework end up investing in bitcoin, Scaramucci says
Anyone who studies bitcoin carefully and understands the cryptocurrency will be convinced of its potential, said hedge fund investor Anthony Scaramucci.
What was the substance you were looking for? He talked about what he owned, talked about how others are more bullish and compared the volatility to early tech like Amazon.
I’d love to hear these whales talk about the utility and technology. Explain to the world in layman’s terms why BTC matters. I understand that’s hard to do in a quick CNBC interview but it’s a pattern I see over and over again. Since El Salvador is basically a beta for BTC, that’s not worthy of discussion? Novogratz didn’t say a word about El Salvador during his last CNBC interview which I found quite odd since his unicorn BitGo is the underlying wallet. Is the El Salvador beta not going well?
More on El Salvador. What’s interesting is that people only get the $30 in BTC if they use Novogratz’s BitGo wallet Chivo. It also seems that Novogratz is due for an update/answer on his success question.
Galaxy Digital Holdings agreed to buy California-based crypto unicorn BitGo which developed El Salvador’s official Bitcoin wallet, Chivo. El Salvador can opt to use other crypto wallets, but only those who download Chivo will get the $30 in BTC promised by the government.
dailyhodl.com
Galaxy Digital Holdings agreed to buy California-based crypto unicorn BitGo which developed El Salvador’s official Bitcoin wallet, Chivo. El Salvador can opt to use other crypto wallets, but only those who download Chivo will get the $30 in BTC promised by the government.
Was the Bitcoin Rollout in El Salvador a Success? Mike Novogratz Says It'll Be Clear By This Date - The Daily Hodl
Billionaire Mike Novogratz says the technical issues that marred El Salvador’s Bitcoin rollout are mere glitches.
dailyhodl.com
You're right. Spacial constraints of a tv interview limit a lot of these conversations. When they have someone on who is pro, let's say amazon, do they talk about tcp/ip protocols on AWS? no, it's about growth numbers, sales, price movement, etc.
I honestly havent followed El salvador closely since launch. The number growth reports coming out seem to have died off, which was expected after more than 1/2 the population signed up within a few weeks.
I’m sure there are other stocks that had volatility in the early days.
Of course. the comparison is that it became a disrupting tech.
Want another example of ETH being ripe to lose its market share. I just tried to 3 AAVE tokens from a wallet to an exchange to flip to something else. the ETH fees $159 on SLOW. almost $300 if i went with a fast transaction fee. That's horseshit and why the door is wide open for other smart contract platforms to continue to snipe its marketshare.
Almost 15% in fees. Unreal
Almost 15% in fees. Unreal
That’s why I agree it has limited upside. I don’t think 10k is coming. Meanwhile Solana hits ATH.
This is where I value Bob-Lob’s insight. I like hearing real life examples of issues with stuff like ETH. So then it begs the question - is Cuban just an ETH pumper because he’s been extremely vocal.
Thanks. I dont think Cuban is an ETH pumper. There's utility for it and it's the biggest name in town. It's like a company wanting to use Microsoft OS in the early 2000's, meanwhile there's this much better OS out there called Linux, but it's not ready for primetime just yet. He's just talking up the name he knows...
There's a good chance it hits that if BTC does what I fully expect it to do the next 3 or 4 mos.
Elastos popped from $4.20 to $6.67 today before pulling back to around 5.50-5.75. There is so much tech involved in this project it's staggering.
Aldo, if there's a crypto project you're looking to get into (besides the obvious BTC) look into Elastos. All this talk about web 3.0 and how its the future... we'll the foundation is built. It's here. It exists on iOS and Android. Elastos is web 3.0. There's three paths ELA can go down. It can never get adopted. It can be the future of the internet. It could be the future of the internet, but it's infrastructure is gobbled up by Microsoft. I genuinely believe that there is not a better project in crypto. I've been waving this flag for so long I've been missed good upside projects like ADA, Solana, DOT, etc.
Aldo, if there's a crypto project you're looking to get into (besides the obvious BTC) look into Elastos. All this talk about web 3.0 and how its the future... we'll the foundation is built. It's here. It exists on iOS and Android. Elastos is web 3.0. There's three paths ELA can go down. It can never get adopted. It can be the future of the internet. It could be the future of the internet, but it's infrastructure is gobbled up by Microsoft. I genuinely believe that there is not a better project in crypto. I've been waving this flag for so long I've been missed good upside projects like ADA, Solana, DOT, etc.
You guys still don't understand. Your experience is the equivalent of spitting in the ocean. For large players, those horrible fees are a rounding error of a rounding error.
Remember the last time Solana and Cardano tried to scale up? Solana crashed for hours and Cardano has actually never tried yet. Both are years away from primetime and only IF they can attract more high quality developers, which both sorely lack.
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Remember, the first internet access was dial up . First doesn’t mean best
You know what happened in the end with OS vs. Linux, right? 😜
I believe that there will be multiple "winners" in the smart contract/defi blockchain space. The future opportunities are almost unfathomable in scope. No matter what possible scenario you choose, ETH will be one of those winners.
And remember, ETH is not standing still and letting new tech pass it by. It is constantly improving and changing.
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What Pushed Solana Prices To A Fresh, All-Time High Today? — Forbes
Solana's sol token attained its latest record price today. Market observers pointed to multiple factors as pushing the digital asset higher.
Solana might be the "Cardano Killer". It's a nice second fiddle to ETH. But remember, it's not ready for primetime and needs a lot of work to ensure stability without excess centralization. After ETH and BTC, I definitely want a reasonably sized #3. I was building an ADA position, but I'm not sure about that. Perhaps I will hedge and buy some of ADA, DOT, and Solana?Some Solana info for you
What Pushed Solana Prices To A Fresh, All-Time High Today? — Forbes
Solana's sol token attained its latest record price today. Market observers pointed to multiple factors as pushing the digital asset higher.apple.news
Lol. I'm someone relatively well versed in crypto with a healthy amount in my portfolio, experience in wallets, defi, lending, staking, etc. and this still annoys me. Taking $150 off a $1000 transaction is straight trash. There's no way to spin that positively. And it was a basic transaction, from wallet to exchange. And mind you, the $150 was just the fee from the network. Add in exchange fees and that number goes higher.
Let's say I was some Joey Jerkoff with a small amount invested in crypto. Those fees hurt. There's countless Joey's out there that are going to turn elsewhere. Look at this from future mass adoption. Fees and speed will continue to deter people from using the ETH network. And as things like defi get easier to the layman people are going to pivot away from a slow buggy operation.
Nut said it good. Think back to how AOL crushed the internet in 93-98. When they pivoted to unlimited minutes, their network couldnt keep up and eventually people went elsewhere. Eth runs the risk of going the way of Steve Case and his SkiFan1 username .
I'm obviously joking that you don't get it since you and @ScarletNut are the crypto experts on the board. However, the big players with many or large transactions are using the layer 2 rollups and greatly lowering their gas fees per transaction (they are bundled). I'm not sure if you can piggy back on a rollup or not, but the fact that you only have one modest transaction to make is the most costly scenario with ETH right now.
Or would someone (T2K) use a full service broker these days to trade stocks with $50-100 commissions on both ends or use a broker with no or low commission trades?
