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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: InnerWisdom] 3
#27193257 - 02/08/21 08:33 AM (2 years, 11 months ago) |
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It's another brick in the wall. The more we see long respected, forward thinking corporate and fund managers such as Michael Saylor, Paul Tudor Jones, Bill Miller, Ray Dalio, Stanley Druckenmiller, Elon Musk, et al.; accepting bitcoin as a viable treasury asset, the more bitcoin's global image as a viable asset becomes cemented. Musk and Tesla's endorsement of bitcoin is not going to end bitcoin's volatility, as crypto remains a relatively small asset class. But regardless of whether or not BTC ever crosses back below $40,000, this is another of the many steps that we have witnessed, moving us in the direction of increased adoption, broader exposure, mainstream understanding of this asset, and the eventual stabilization of price. It would seem likely that said price stabilization isn't happening today, or tomorrow, or even this year. But with every indication of the conventional financial world moving to accept crypto, it will happen, and it will likely happen at higher prices still.
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Nature Boy] 1
#27193502 - 02/08/21 11:05 AM (2 years, 11 months ago) |
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Quote:
Nature Boy said:
Quote:
qman said: Tesla [...] can buy tons more of Bitcoin if they choose to do so. [...] This is going to open the flood gates for other big companies to do the same thing in the months ahead.
Mmmmm...and that will bring way more volatility [...] I don't greet that news with anything but horror.
I'm 100% in cash right now.
I literally cannot imagine a scenario when I will not be holding some crypto. The entrance by big money should have the opposite effect on volatility. I believe the movement of traditional finance into the space is exactly what most of us who have been interested in crypto for the last several years have been expecting and in part been waiting for. Crypto has heretofore been a thin market, and by that nature, subject to extreme volatility for the entirety of its existence. The entrance of major financial capital is not likely to increase volatility and manipulation. On the contrary, most of the funds that are beginning to put money into this asset class, are long-term asset allocators with stronger hands than the average retail investor, with a stomach more readily primed to weather volatility and hold through the swings.
See this and this (emphasis on the second half of that last post).
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: sh4d0ws]
#27194900 - 02/09/21 07:16 AM (2 years, 11 months ago) |
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Quote:
sh4d0ws said: @geo
Did you buy POLS so that you can get access to certain pools for buying newly launched tokens, or are you strictly in it because you think POLS is a solid concept and will continue to increase in price?
I think it's definitely going to keep climbing but I'm also thinking access to some of these new token launches is a nice benefit
I have wanted to participate in some of the projects on Polkastarter. The Umbrella oracle project was one that caught my eye and launched just moments ago. However, everytime I attempted to join the pool, I was hit with a Cloudflare firewall error (Error 1020 Access Denied). The pool filled up inside of 10 minutes, so that's that, and frankly it wouldn't have moved the needle for me in terms of my P&L, since they were only allowing a maximum allocation of 0.23 ETH per contributor. Nevertheless, I'm waiting for approval to participate in their Telegram channel to report the issues, in hopes that they will find a way to smooth out the process.
Interesting discussion regarding usury Asante, thanks for sharing your thoughts.
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Lophosaurus]
#27195482 - 02/09/21 12:38 PM (2 years, 11 months ago) |
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I would be surprised if we don't see $50K before a meaningful pullback.
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Nature Boy] 1
#27195667 - 02/09/21 02:27 PM (2 years, 11 months ago) |
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Unfortunately, my crystal ball is still broken ... but when I say I expect BTC to hit $50K before a meaningful pullback, I basically mean that I expect BTC will hit $50K before it even attempts to re-test the January highs at $42K. On what timescale that plays out, is anyone's guess.
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: sh4d0ws] 1
#27195845 - 02/09/21 04:29 PM (2 years, 11 months ago) |
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Quote:
sh4d0ws said: Filecoin is on an absolute tear today
geo called this one a few weeks back when it was trading at like $22
I had just posted about this earlier today in a crypto slack group I contribute to.
Quote:
FIL off like a rocket. That was the move I was looking for a couple of weeks ago, but volume just wasn't there and it wasn't a trade worth sticking with. A nice day up nearly 60%, wish I would have kept a closer eye on it. Been too busy with my #stonks I suppose (set a daily record of +31.15% in my IRA today)
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: sh4d0ws] 2
#27197869 - 02/10/21 05:47 PM (2 years, 11 months ago) |
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Always had a soft spot in my heart for XTZ. 
Enkidu, bro, you're gonna burn your ass out if you keep trying to game every little zig and zag!
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Nature Boy] 3
#27197986 - 02/10/21 06:55 PM (2 years, 11 months ago) |
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TSLA put less than 8% of its cash reserves into bitcoin. It seems smart. I don't personally like holding dollars. The dollar supply is recklessly inflated time and time again. There's a reason the value of my house has more than doubled since I bought it, and it isn't because it got any prettier, the dollar just got uglier. Frankly, I have learned in my time, if not to ignore news, at least not to pay too much mind to it. It can be so sensational and built upon minimal evidence that it often equates to little more than noise to confuse you. Mind you, I do read a lot of news, but not while I'm trading. And I definitely cut the cable long ago, the talking heads are the absolute worst.
The price action is relevant, it is the crowdsourced consciousness of truth. That's my primary metric. And for now, the movement in an instrument such as ETH or BTC is not what I could honestly call "heading south". There are dips, some of them more violent than others, but the trend is clearly intact, and momentum has been building for some time. In these scenarios, it's best not to overthink it. The trend is your friend.
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Grimsweeper]
#27198812 - 02/11/21 08:12 AM (2 years, 11 months ago) |
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POLS to all time highs this morning (not to mention BTC tagging a fresh ATH as well, although no follow through as of yet). I never did get the opportunity to add to the POLS position, because it never really pulled back, but that's OK, I have a meaningful chunk for a relatively early phase coin. The best issues tend to be the hardest to buy.
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: sh4d0ws]
#27201808 - 02/12/21 02:25 PM (2 years, 11 months ago) |
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Sold a bit of XTZ @ $5.12, will sell a little more if it can make it up to $6. Also swapped a handful of ETH into USDC via Uniswap @ $1860.
Nothing huge, only about 6% of aggregate personal holdings. Haven't sold anything in a while, and my personal account has been fully invested, so I think it's time to relish a piece of these rewards.
Tempted to bag the 50% return on POLS and liquidate some DOT here near $30... but those two are early stage and seem to have some solid mojo. Could conceivably see DOT 5-10x from here, depending on how fast its development moves relative to Ethereum.
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: sh4d0ws] 1
#27201930 - 02/12/21 03:21 PM (2 years, 11 months ago) |
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Quote:
sh4d0ws said: How much did you pay in gas fees to swap ETH to USDC ?
The Uniswap transaction incurred fees of ~$44, which was ~0.4% of the total value swapped. Kraken is currently charging me 0.12% on a limit (maker) order, 0.22% on a market (taker) order, so the DEX is a little more expensive. But I really like the idea of no middle man, this is what crypto is all about.
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Enkidu]
#27202610 - 02/12/21 08:49 PM (2 years, 11 months ago) |
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I agree the pattern on BTC is classic bull flag. There is some obvious supply front-running $50K, but the selling is not aggressive. Volume is also declining, so the path of least resistance, technically speaking, is a continuation upwards.
ETH is even stronger, just marching higher along its upper band. I took a little off today (and I do mean a little), simply out of prudence. My time honed discipline necessarily dictates that I take some profits when I'm up stupid amounts. There's nothing wrong with ETH, except for a bit of declining volume as it reaches into the stratosphere (declining volume during consolidation is a good thing, declining volume as price rockets higher indicates a bit of exhaustion). Seems like $2K is the sensible target and may result in some reflexive selling. For this moment here and how however, these things just keep working. Don't be afraid to take a little off the table as the elevator approaches the top floor.
(Don't worry, they'll add additional stories to the building in a few years, you can take the stairs down with fat pockets and catch the ride to the 300th floor after you've hit the bar and taken a nice nap in the Presidential suite ).
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: trees] 1
#27202721 - 02/12/21 10:24 PM (2 years, 11 months ago) |
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Quote:
trees said:
https://www.blockchaincenter.net/bitcoin-rainbow-chart/
That is one of the straight up coolest charts I've never seen until this very moment. Thanks for sharing.
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
#27204216 - 02/13/21 05:53 PM (2 years, 11 months ago) |
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Swapped my POLS back into ETH via Uniswap at a net price of $4.373/POLS + $33.50 in gas (< 0.2% of total value swapped on gas) and rather pleased to take the 143% gain inside of one week. I like POLS, quite a bit, and will look for an opportunity to re-enter, but it looks technically extended and even though ETH is also extended, POLS went downright parabolic and should be due for a retracement. I was actually considering adding to the POLS/ETH liquidity pool, but after reading up on the potential divergence losses incurred when when the pair ratio changes between the time of deposit and withdrawal, it seemed smarter to just bag the profit and move into the comparably safer leadership that is ETH.
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
#27205254 - 02/14/21 10:43 AM (2 years, 11 months ago) |
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Starting to put a few more sell orders on the books for my exchange held corporate account, as the account has been fully invested for some time and I would like to capture some premium on any subsequent pumps. About 25% of BTC to sell @ $53,600 (picked this as a somewhat loose measured move target from its bull flag of the past week). And two orders for a combined 25% of ETH to sell @ $2120 & $2450. Subject to revision as the price action dictates, naturally.
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geokills
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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: Grimsweeper]
#27207057 - 02/15/21 09:14 AM (2 years, 11 months ago) |
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Quote:
Grimsweeper said: Now I'm unsure of what I should hang on to or take gains from in the next day or two. Spent a shitload of cash last night. Happy with the buys but damn..
Wow, that's quite a list! What's with the WBTC? Placeholder for using decentralized exchanges?
So far the action has been very constructive off of the overnight lows. It definitely feels like that was a short-term bottom. Unfortunately, I didn't have any orders open, but frankly, they probably wouldn't have been hit if I did as my levels would have been a bit lower than where things bounced.
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills] 1
#27207283 - 02/15/21 11:51 AM (2 years, 11 months ago) |
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POLS is doing the unexpected and continuing to climb, presently above $6 and trading well outside of its daily bollinger bands (the bottom band is actually in negative territory, which is rather unusual). I can't in good conscience buy it up here, but this looks like something you would want to own on a pullback. Would like to see DOT consolidate here between $25-$30 to build a higher base. Ideal if this can happen in conjunction with a breakout rally to ETH $2K+, as I would then plan to migrate some of the appreciating ETH value into the basing DOT (and possibly back into POLS if it retraces while DOT consolidates, which seems like a somewhat probable scenario). Just spitballing here, but that's what I'm looking for.
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geokills
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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: budmanman]
#27208973 - 02/16/21 08:15 AM (2 years, 11 months ago) |
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Quote:
Enkidu said: It has [sic] proven to me yet it wont crash and that its safe.
It is really important to recognize that nothing that is going to produce an outsized return can be considered "safe". Financial reward is proportional to the risk taken. Want something safe? Put your money in an FDIC insured certificate of deposit account and earn that 0.5%. There is still inflationary risk there, but hey you'll probably get at least the same nominal dollar amount back when you withdraw. You simply can't make capital gains without taking on risk, period.
Quote:
budmanman said: People who trade a lot become hyper emotional gambling addicts from it eventually.
That's a bit of a reach there budman. I do get what you're saying, to the effect of hyperactive trading will generally cause people to blow up their accounts. I have also tried to impart to Enkidu in particular over past weeks, that his apparent tendency to overtrade can, even if he doesn't lose his shirt, run the very real risk of burning him out mentally. However, trading a lot does not necessarily equate to hyperactive trading or to developing a gambling addiction. I'm sure by most measures, I trade a lot. I also know when not to trade.
The bulk of my active trading is done in the equity market, where spreads are tighter, volatility is lower and the trend patterns are generally more reliable. Crypto is exceedingly difficult to actively trade because it is subject to such sloppy fast moving patterns, not to mention that it's a 24/7 market, and no one can stay up 24/7 to monitor their positions. Nevertheless, I will still trade around a little bit when I notice a longer term trend taking a change. I am meaningfully above my 2017 peak at this point, after having removed about 1/3 of my capital from my account during that time. To be sure, I rode a good chunk of that 2017 portfolio to significantly lower levels during the subsequent two years (never going negative), but crypto is an asset allocation play before it is a trading vehicle for me, and ultimately I am up considerably from that 2017 peak even after my withdrawal of capital.
I think one of the hangups for new traders is that crypto is enticing since the entire market tends to move largely in tandem (this has the very real effect of making us feel smarter than we are when the market is strong). But truly, the equity market is where you should be cutting your teeth if you are a new trader. It gives you rest when the market is closed, so you can review what you did and create your setups/screens for the next day, which may be the most important things to do if you want to continue growing as a successful trader. The equity market also behaves in a considerably more orderly fashion. It can be intimidating since there are so many stocks to choose from, versus crypto where most issues tend to move in lockstep. However, it is because of these attributes, not in spite of them, that equities offer a better learning environment for any aspiring trader.
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geokills
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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: trees]
#27209210 - 02/16/21 11:18 AM (2 years, 11 months ago) |
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For what it's worth, we are still in trend and the path of least resistance on BTC remains higher. ETH is having a bit of a harder time, but it has also outperformed over the past several months. I don't see anything particularly wrong with either chart, just more sideways chop as we digest these huge moves. I would be prepared to stomach BTC and ETH re-testing $40K and $1400 respectively.... hopefully that doesn't happen, but even if it does, so long as they bounce near those levels, it won't invalidate the longer term trends.
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geokills
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Re: Cryptocurrency Big Dogs: Bitcoin (BTC), Ethereum (ETH) and Tezos (XTZ) [Re: trees] 2
#27209239 - 02/16/21 11:35 AM (2 years, 11 months ago) |
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Cardano (ADA) was one of my larger positions for years, and I made out quite well with them during the 2017 rush. Ended up ditching the project because they were soooooo slow with regard to keeping pace with their roadmap. It almost seemed like the project was dying from a lack of developer interest. I appreciate their peer-reviewed and academic oriented methodology, and if they can keep their development on pace, I agree they stand to be one of the better layer 1 platforms out there. But for now, I prefer Polkadot (DOT) as the "up and coming" layer 1 play.
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