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North Spore Shop: Injection Grain Bag, North Spore Mushroom Grow Kits & Cultivation Supplies

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: budmanman] * 1
    #28822226 -

Im shooting, champagnecorks!


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Been away so long I hardly knew the place
Gee, it's good to be back home
Leave it till tomorrow to unpack my case
Honey disconnect the phone
I'm back in the USSA
You don't know how lucky you are, boy
Back in the US
Back in the US
Back in the USSA

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: tomnl] * 2
    #28822775 -

That's the spirit :tongue2:!

Now, while it is absolutely disappointing to see SOL decisively break its "fat green line", now testing its 200 day moving average (not to mention ecosystem constituents such as JUP and KMNO getting severely punished as well), it's always important to zoom out, and in particular to do so on bitcoin, as it is the sector leader.  As crypto has a tendency to move with such rapid violence, it can seem like torture to endure a period of consolidation, but consolidation is necessary to build bases from which to ultimately move higher.  As heady as a 200% gain in 2023 can be (let alone being followed by another nearly 100% jaunt in the first quarter of 2024), one cannot expect that kind of momentum to continue without a period of resting/pullback/consolidation.

   


On the above monthly chart, we can see that BTC is really just taking a few months to grind sideways.  Altcoins like Solana will invariably suffer much higher volatility when momentum stalls, as we are witnessing presently.  Ethereum is a relative outperformer in the altcoin space, as it is the beneficiary of price support in anticipation of the near term approval of Ethereum ETF's in the US market before the year is out (and maybe even by the end of summer).

For additional context, consider the following annotated chart that I shared here a few months ago, indicating that historically, bitcoin doesn't immediately fly higher after its halving, typically trading sideways for 2-5 months and not reaching its cycle peak until 1-1.5 years after each halving event.

   


TLDR: Consolidation is boring, and can mess with your head especially when the stock market (and in particular the tech sector) is still rocking.  This is why you can only plan your trade, and trade your plan.  The waiting is the hardest (and often most necessary) part along the path toward success.


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┼ ··∙   long live the shroomery  ∙·· ┼
...╬π╥ ╥π╬...

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
    #28823437 -



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Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal.

And I am mentally unstable.

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: budmanman] * 2
    #28823921 -



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notapillow said: "you are going about this endeavor all wrong. clear your mind of useless fear and concern. buy the ticket, take the ride, and all that.... "

ChrisWho said: "It's all about the journey, not the destination."

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Mickalopagus]
    #28824434 -

Shit coins shit coins :crankey:


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Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal.

And I am mentally unstable.

Extras: Filter Print Post Top
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: budmanman]
    #28824937 -

Anyone think buying up ripple now is a good idea?

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: vandago]
    #28825476 -

Well it's a shitcoin so of course you should buy it :crankey:


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Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal.

And I am mentally unstable.

Extras: Filter Print Post Top
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: vandago]
    #28825520 -

Ripple has too much supply, it's too centralized, and there are huge self-allocations that the company running the show regularly liquidates to fund operations, thus creating even more of a supply overhang.  I would not buy XRP for anything outside of a short-term trade, and I don't even keep the chart on my screen to be honest, so I won't even be doing that.

SOL with a high volume hammer yesterday, today retaking its 200 day in a convincing manner.  Now that's a solid buy signal on a solid project.  Web3 gateway Moonpay says Solana leads all coins in completed transactions for the 5th straight week in a row.

   


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┼ ··∙   long live the shroomery  ∙·· ┼
...╬π╥ ╥π╬...

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
    #28826059 -

This is the first I’ve decided to buy into some crypto and t re t have short and long term investments. I’ve missed too many opportunities, and occasionally as of late have had spare money to do things like this with. Is sol a good long term investment?

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: vandago]
    #28826304 -

Long term as in 1, 5 or 10years?
if 5 or 10 I'd say only btc might be a good investment other chains have a high probability of being outdated by next cycle. I don't think there s one chain that made a new all time high against bitcoin 2 cycles in a row.

Long term BTC, for this cycle only sol might be a good bet.


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a ten ton catastrophe on a sixty pound chain

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: vandago]
    #28826899 -

SOL is my biggest position, and I am loosely targeting a $250-$850 / SOL price in the coming 1-3 years.  Note that this of course may not happen, however if you search this thread for my recent posts mentioning Solana, you'll be able to understand the various metrics and considerations that have led me to commit my personal account to SOL in a major way.  In the accounts that I manage for others (such as the Shroomery as well as a family account), I am more conservatively positioned, with BTC as my largest holding, followed by ETH and SOL.


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┼ ··∙   long live the shroomery  ∙·· ┼
...╬π╥ ╥π╬...

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
    #28829587 -



--------------------
Been away so long I hardly knew the place
Gee, it's good to be back home
Leave it till tomorrow to unpack my case
Honey disconnect the phone
I'm back in the USSA
You don't know how lucky you are, boy
Back in the US
Back in the US
Back in the USSA

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: tomnl]
    #28829752 -

Interesting day to be sure...

Tough Day for the SEC, despite announcing a lawsuit against Consensys, as the Supreme Court has struck down the "Chevron" doctrine.

Chevron meant that the enforcement agency was the automatic subject matter expert. 

Now, they are not.  SCOTUS overturning Chevron deference limits the SEC's unilateral interpretive power against Bitcoin. All those 'staff opinions' that said "such and such is a security"?  Gone.

Courts must now scrutinize the SEC's anti-Bitcoin stance, potentially leading to fairer regulations and a more balanced legal environment​.

   



Oh, and in case you missed it...

VanEck filed for a Solana Spot ETF earlier this week, with ARK21 following suit. :rockon:

Although these ETF's are unlikely to be quickly approved, they are indicative of the leadership position the Solana network finds itself in, at a fraction of the valuation of its front-running peers Bitcoin and Ethereum.  Solana's constant push toward implementing features relevant to retail applications, in conjunction with low fees and high throughput, make me even more comfortable overweighting this name.


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┼ ··∙   long live the shroomery  ∙·· ┼
...╬π╥ ╥π╬...

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
    #28836667 -

So when do you think, given patterns, the best time to dump a few hundred into solana? Obv I’m taking all advice with a grain of salt and treading carefully. This is disposable money in my head, that I’m cutting back other avenues of unnecessary spending to achieve. It just makes sense to start investing, because it made sense when I neglected it and I see the outcome if done right.

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: vandago]
    #28836712 -

SOL has come down 25% in the last five weeks.  Although crypto still looks weak short-term, you can't effectively catch it very easily on the upswing, as the assets trade 24/7 and those big up days can cause an asset like SOL to lurch higher by 10%-15% without breaking a sweat.  I'd suggest buying right here, right now, with SOL just above its 200 day moving average; so long as you are committed to maintaining exposure to the asset for the next 1-5 years.


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┼ ··∙   long live the shroomery  ∙·· ┼
...╬π╥ ╥π╬...

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
    #28836904 -

They're all shit coins



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Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal.

And I am mentally unstable.

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: budmanman]
    #28838826 -



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a ten ton catastrophe on a sixty pound chain

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Dekozn]
    #28842862 -
Log in to view attachment

Not looking great, but more or less par for the course in crypto, to see these massive drawdowns on occasion.  I don't like that we broke the 200 day moving average on BTC, ETH and SOL, but we didn't break in a huge way, and are seeing some stabilization.

More optimistically, sentiment indicators (i.e. Fear/Greed) are at their lowest levels of the year (lowest level's since before the recent rally began last November even!).  Sentiment always lags price, and when it starts to hit extremes, that typically means that a reversal is getting close.  That shouldn't be taken to indicate a reversal is imminent, but I'm not too worried about major legs down from here.

If we did get another major leg down, I'd suspect $45K BTC / $2.5K ETH / $100 SOL will hold.  But I'm not positioning for that. 

I'm pedal to the metal baby! :rockon:

VanEck's June recap attached to this post for anyone interested.


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┼ ··∙   long live the shroomery  ∙·· ┼
...╬π╥ ╥π╬...

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
    #28842971 -



--------------------
Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal.

And I am mentally unstable.

Extras: Filter Print Post Top
Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: budmanman]
    #28863717 -

So currently I’ve almost doubled up on ripple.

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North Spore Shop: Injection Grain Bag, North Spore Mushroom Grow Kits & Cultivation Supplies

General Interest > Money Matters
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