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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Mystikal] * 1
    #28975666 -


Blackrock presentation on btc


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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

Edited by tomnl (10/06/24 04:57 PM)

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: tomnl]
    #28977560 -

Hearing a bit about SUI being the next solana.


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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: blackhawk]
    #28978163 -

The "Solana of Asia" is the word, whatever that means.  Bunch of folks in the ~200 strong private/paid CryptoMarketMentor trading group I'm in were all over it when it bounced off $0.80 a month ago.  I didn't buy in, and it's a little vertical for me here, but might not be a bad one to hold if we see a retracement to ~$1.50 and/or a bounce off of its 50 day moving average.  They just had a huge token unlock about a week ago, but it seems to have recovered right quick.  Quite the momentum at the moment.  If you are buying in here, I would try to stagger stops 1) below the prior day's low and 2) below the 8 day EMA which is presently around ~$1.82.


   


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...╬π╥ ╥π╬...

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: tomnl]
    #28978165 -

tomnl said:
Blackrock presentation on btc


I haven't watched this yet, but noticed the curator of the CMM group posted a different link to the conference this morning, with the following note:

Quote:
Team, here's a Bitcoin and Digital Asset presentation from BlackRock.

I am reposting it because the first video I found was altered by Bitcoin Maxis who blurred out and deleted anything about Ethereum and other tokens. 😅🤡

The talk starts at 23:00 minutes in.


https://www.youtube.com/live/uCl80AVw7Jo?si=pZVctwpaPvcFHwSv&t=1388


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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills] * 1
    #28984536 -

There's been a lot of chatter on SUI that I've been catching.  Decided to dig a little deeper when a colleague linked me to this Sui v Solana comparison review...



Quite interesting that both Sui and Aptos are the children of Facebook's failed Libra/Diem project.

The most immediately relevant thing I'm seeing in the CoinBureau discussion is the notion that Solana's Proof of History framework allows transactions to be processed in parallel.  As I've been reviewing some of the technical issues folks are having in the SUI discord chat support room,  the most glaring problem at the moment is that users who attempt to submit two or more concurrent transactions, end up with the associated objects in those transactions locked until the end of the current epoch.

Quite the unexpected surprise. Growing pains that will ultimately be worked out, I'm sure.  But the fact that it's not a widely published issue indicates to me that there really isn't a lot of use on the network yet.  If an issue like that were occurring on Solana, there would be a massive FUD campaign on it, just as there has been anytime the network has had a hiccup.

The second takeaway from the video that caught my attention was Sui's validator count of eight (relative to Solana's 1,364), and the rather high bar of requiring some $60 million of Sui (at current prices) to become a new validator.

The fact that SUI is presently valued at ~25% of Solana's (on a fully diluted valuation basis) indicates to me that SUI is relatively richly valued.  Consider that Solana's Total Value Locked is nearly ~$6 billion, relative to Sui's ~$1 billion.  Sui's Turbos.Finance DeFi protocol corroborates this lower liquidity, as most swap pairs have < $1M in liquidity, and in turn are generating absolutely bonkers fees on an APR basis.  Sui's best funded liquidity pool protocol Cetus.zone is more robust, but still indicative of low liquidity as the 24 hour volume often surpasses the total liquidity in a given pair, which is not something you tend to see in Solana's liquidity pools.

I'm of course not saying that SUI hasn't been a great trade, or that it won't continue to be a great trade.  Momentum has a funny way of overshadowing fundamentals, Sui likely has a decent runway for future growth and traders love paying up for accelerated growth.  The above three issues (in conjunction with Solana's first mover advantages / network effect) were simply what caught my eye as making Sui a markedly more speculative network.  Aside, it looks like Sui's Deepbook.tech network wide orderbook system will be launching their DEEP token tomorrow.


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...╬π╥ ╥π╬...

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
    #28984690 -

Good info


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hmm...

"I'm naked and fearless... And my fear is naked."

"life isn't worth living without the threat of death"

"I got my plans in a ziploc bag, let's see how unproductive we can be"

"nobody lives their lives fully except for bull fighters"

My Trade List

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: ashfiken]
    #28986067 -

Note to anyone who pre-ordered the Solana Seeker (formerly known as Saga 2) phone.  The MEW coins that were airdropped to your Saga 2 wallet are trading near their all time high.  At the current price, the MEW airdrop alone covers 71% of the price of the phone.  In conjunction with the remaining handful of coins that were airdropped, 82% of the $450 cost is covered.

I also find the disappearance of massive sell walls on bitcoin order books, for the first time in well over a year, a rather encouraging sign!

   


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...╬π╥ ╥π╬...

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
    #28986336 -

Ehat does that chart mean: buy, sell, or hodl


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split_by_nine said:
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Big_Dub]
    #28986346 -

It means it could go up or down.


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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] * 1
    #28986507 -

It means we're all gonna be friggin RICH in the next 27 hours.


--------------------
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: Big_Dub] * 1
    #28986681 -

Big_Dub said:
Ehat does that chart mean: buy, sell, or hodl


The last chart I posed depicted a cumulative tally of standing sell orders on exchange.  As you can see, there were A LOT of folks just sitting around with sell orders over the past year (and then some).  This is supply, folks ready to dish out whatever item is being sold.  When there's a lot of supply, price has a harder time moving higher, as the basic economic law of supply and demand is the ultimate arbiter of realized price.

That the chart depicts steadily declining aggregate sell orders, indicates declining supply, which means that the road higher should be easier as well.  Particularly if we start to see increasing buy orders on exchange, that would indicate persistent underlying demand that is supportive of price during market shocks.  In other words, folks are transitioning to a "buy the dips" posture from the "sell the rips" posture they've held for the last year+.

This is a positive development for the space.


Aside: You might wonder why bitcoin was able to climb so well during the bulk of the big sell wall data in late 2023 and early 2024.  This is likely due to the US based bitcoin exchange traded funds coming to market, which have brought in billions of dollars of sidelined capital.  The ETF flows won't show up as standing orders on exchange order books, and thus cannot be incorporated into the aforementioned chart.  Long time holders used this newfound liquidity to sell into, hence the large sell walls on exchanges from individual investors.  The takeaway is that it looks like the folks who wanted to cash out, now have.


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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]
    #28988075 -

Market's a bit of a snooze-fest today 🫠... although bitcoin walking up above the upper bollinger band and printing higher highs and lows for three days running is a good sign!

Meanwhile, I've been enjoying reading a bit of historic lore on Satoshi.  In particular, these curated/annotated highlights from email communications between Satoshi and Martii Malmi are quite interesting for those who like to read and gain a bit of insight into the considerations that went into bitcoin's early development: Newly Revealed Satoshi Email Correspondence with Martti Malmi

And if you like those, you'll probably also like this very well referenced social history of the early heavyweights that contributed to bitcoin development: What Happened When Bitcoin Creator Satoshi Nakamoto Disappeared

Regarding the Malmi emails, I was especially surprised to see a comment Satoshi wrote noting that "there are donors I can tap if we come up with something that needs funding, but they want to be anonymous...", as this comment would seem to indicate that there were/are people aware of Satoshi's true identity, making it all the more impressive that it remains unknown publicly.


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...╬π╥ ╥π╬...

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
    #28988123 -

The HBO bitcoin documentary is pretty good.  Watched it the other night.  Obviously a lot of speculation on who satoshi it but was interesting and had lots of camera time with the OG cypherpunks.


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Nothing says love like grannies prolapsed anus!

quote]Urb said:
I know... Its fucked up... Ill fix it minyana..[/quote]

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: mndfreeze]
    #28988233 -

It was an OK watch, a bit of a meandering plot, although I did enjoy the extensive screen time with Adam Back.  I think the conclusion singling out Peter Todd was a reach, although the editor tailored the storyline reasonably well to support the thesis.  Having read quite a bit of Satoshi's forum and email communications, Peter's dialect doesn't really sync up in my view, and the actual evidence provided, while curious, wasn't particularly damning.


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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
    #28988451 -

Checkin' in on transaction counts, notice how sustained and relatively low transactions were during the prior bear market, and how much activity has picked up as price has moved.  This is a good thing, an active network adds legitimacy to the thesis that there is real value here.

   


Checkin' in on exchange reserves, very steady decline.  This is supportive of a lack of supply (i.e. selling interest), as folks tend to move their bitcoin on exchange when they want to cash out, and pull it off exchange when they want to hold on for longer term positioning.

   


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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Mystikal]
    #28989069 -

Nice! Holding long-term can definitely pay off if you’re patient. I’ve done something similar, picking up small amounts here and there over the past year. I mostly use stealthex.io when I want to swap between different cryptos quickly. It’s pretty easy and doesn’t need an account, which I like because I hate extra steps. I’m not a day trader, so I just let things sit for the most part, but it’s nice to know I can use the platform whenever I need to without any hassle. Just keep an eye on the market—you know how crazy it can get sometimes!

Edited by Gurlywa (10/18/24 10:37 AM)

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Gurlywa]
    #28990228 -

I wonder if a sharp decline like that in the reserves could be indicative of bottoms in the future. It would be nice to see the reserves much further back in time.

Also what percentage of that steady decline starting january 2024 is from the institutions getting in on the spot bitcoin etf. There was a huge spike in google searches for the term "bitcoin etf" in january of this year.



"bitcoin" alone got a little jump in january for the etf, and march for bitcoin reaching all time highs, but it doesn't seem like general interest is totally there, not bull market level interest yet at least.



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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Mystikal]
    #28990247 -

Mystikal said:
I just bought $500 worth of Bitcoin. Holding long term.

:popcorn:


Wow this aged well so far. Up 9.84% in the 11 days since I made this post. Wish I had balls and put more into it.

Edited by Mystikal (10/18/24 01:02 PM)

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: blackhawk]
    #28990459 -

blackhawk said:
I wonder if a sharp decline like that in the reserves could be indicative of bottoms in the future. It would be nice to see the reserves much further back in time.


Unfortunately, the data via CryptoQuant only goes back as indicated in the above screenshot. 

This following "30 day apparent demand" indicator is pretty good at signaling short-term extremes:

   

It won't signal an absolute top, but it does give you a pretty reliable bias as to whether you should be leaning more aggressive or conservative, as the red and green shaded areas reach their extremes.  There's another indicator that does pretty well with this, but I'm not recalling it off the top of my head, will try to remember to post it if/when I come across it again in the future.  I've been looking at charts for so long, that I don't often use secondary indicators (although I do find them intriguing to look at from time to time), but instead I manage things almost exclusively with key moving averages (20/50/200 SMA's for medium/long term positioning + 8 day EMA for shorter term actions) in conjunction with Bollinger Bands which become most informative during volatility compression aka "squeezes" for building a position and extreme volatility expansion (price closes outside the second standard deviation bands for multiple days) in order to prepare for a resting/retracement period.


Quote:
Also what percentage of that steady decline starting january 2024 is from the institutions getting in on the spot bitcoin etf.


As you have alluded, most institutions are likely exposing themselves to bitcoin via the bitcoin ETF's, which partner with the exchanges for custody.  I am not sure how the exchanges account for this custody, but it would seem to me that even if the bitcoins being purchased by the ETF's are moved from an "exchange" account ledger to a "custody" account ledger, they would still be part of the exchange's total reserve, and wouldn't affect the exchange reserve metric.  None of the domestic ETF's self-custody the bitcoin held in their funds, they all use domestic exchange custody services, most commonly Coinbase Prime.


Quote:
There was a huge spike in google searches for the term "bitcoin etf" in january of this year.  "bitcoin" alone got a little jump in january for the etf, and march for bitcoin reaching all time highs, but it doesn't seem like general interest is totally there, not bull market level interest yet at least.


I agree.  This is a metric I watch as well, and it doesn't seem like the retail crowd has been pushed into FOMO mode yet at all.  If we do end up seeing an uncharacteristically large spike in search queries for bitcoin, I would use that as a primary indicator to start lightening up on any funds designed for short/medium-term trading.


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...╬π╥ ╥π╬...

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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills] * 4
    #28990657 -

:notsureif:

   
    The McRib Indicator


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