OT: Ok crypto guys
- Thread starter Seinfeld
- Start date
Looks like a head and shoulders pattern has formed the 2nd shoulder
so if we drop below 30k we could see a much larger crash.
so if we drop below 30k we could see a much larger crash.
I opened a long bitcoin position today with a break even of $27.9k. I'm holding long term, so if I end up with bitcoin at that price point, I'll be happy. No idea where it is going short term.
I have no strong conviction either way. I got spooked when btc dipped under 50k and Elon was engaging in twitter fights with btc diehards. Cashed out half my holdings at that time which ended up being a good call. I’d made too much the last year to risk riding it back down without securing a nice profit.
Currently in spot eth, btc, and a handful of defi alt holdings that I had higher conviction in. Hoping we range over the summer and pump again end of year like 2017 but who knows. Not looking to add to my position till we get a clearer bottom.
Currently have my stables mostly deposited in https://www.convexfinance.com/ and selling my farmed tokens. APYs starting to dry up across all the stablecoin “yield farms” though with everyone cashing out with most safer options dipping under 20% APY.
Instadapp https://instadapp.io/ is a decent option too. Just released their INST token. Paying around 15% APY in their token weekly based on your net value you deposit on their platform. If anyone has had deposits on aave, compound, or maker, check it out. They awarded tokens to people at release based on their position size based on a snapshot taken at release. You have to import your position to their platform to claim them though. Got a free few thousand USD worth of tokens out of it so definitely worth my time.
Currently in spot eth, btc, and a handful of defi alt holdings that I had higher conviction in. Hoping we range over the summer and pump again end of year like 2017 but who knows. Not looking to add to my position till we get a clearer bottom.
Currently have my stables mostly deposited in https://www.convexfinance.com/ and selling my farmed tokens. APYs starting to dry up across all the stablecoin “yield farms” though with everyone cashing out with most safer options dipping under 20% APY.
Instadapp https://instadapp.io/ is a decent option too. Just released their INST token. Paying around 15% APY in their token weekly based on your net value you deposit on their platform. If anyone has had deposits on aave, compound, or maker, check it out. They awarded tokens to people at release based on their position size based on a snapshot taken at release. You have to import your position to their platform to claim them though. Got a free few thousand USD worth of tokens out of it so definitely worth my time.
Have you checked out Nexo?
Nexo wallet is fantastic...daily interest on all holdings, and nexxo tokens increase the amount of daily interest
Nexo wallet is fantastic...daily interest on all holdings, and nexxo tokens increase the amount of daily interest
I agree. That head and shoulders pattern has been on the docket for a while and if it doesn't break the neckline on this downward action in the next few days, I think you have to start leaning towards a range or a head and shoulders failure (a head and shoulder failure would be a break above the shoulder top of $41-43K... In this case the price target would be around $75k.) But as it stands today, the charts are extremely bearish. As BoDawg mentioned this is right on time for a head and shoulders pattern. The RSI has held its bearish trend (RSI is the measure of selling vs buying action, right now its in a downward range that will need to break before the price downtrend will break.) The 50 and 200 day simple moving averages have just completed what is affectionately known as a death cross. All of this coincides with China apparently putting the screws to BTC and all of those mining companies and other Chinese whales are likely offloading as much as possible without causing a complete crash.
Other than retail and BTC perma bulls, I can't imagine who is buying heavily right now or will be soon to counteract the trend. I know El Salvador has adopted it as a legal currency, but I'm not really sure that's a good thing. When El Salvador is the forward thinking market leader, I might steer clear for a while.
If the head and shoulders breaks the neckline, next support is down near the $20K range. So buying at $30K would cost you 50% if it gets there. I will post again if something bullish (Pivot on heavy volume or RSI trend break) changes my tune, but right now I am on the sidelines.
Anyhow, here is the chart... Cryptos are a wild ride. You never know what tomorrow will be bring. Stay frosty.
View attachment 20663
Other than retail and BTC perma bulls, I can't imagine who is buying heavily right now or will be soon to counteract the trend. I know El Salvador has adopted it as a legal currency, but I'm not really sure that's a good thing. When El Salvador is the forward thinking market leader, I might steer clear for a while.
If the head and shoulders breaks the neckline, next support is down near the $20K range. So buying at $30K would cost you 50% if it gets there. I will post again if something bullish (Pivot on heavy volume or RSI trend break) changes my tune, but right now I am on the sidelines.
Anyhow, here is the chart... Cryptos are a wild ride. You never know what tomorrow will be bring. Stay frosty.
View attachment 20663
Stick to on chain options personally. Higher returns although requires more technical knowledge.
Instadapp.io is actually a pretty neat dapp. Sorta bridges defi with centralized options. You create a wallet (Defi savings account or DSA) on chain which is basically a smart contract you control. This allows you to do complex defi interactions (flash loans, collateral swaps, transfer of principle between aave and compound, etc) with a single click and tx on their UI.
Instadapp.io is actually a pretty neat dapp. Sorta bridges defi with centralized options. You create a wallet (Defi savings account or DSA) on chain which is basically a smart contract you control. This allows you to do complex defi interactions (flash loans, collateral swaps, transfer of principle between aave and compound, etc) with a single click and tx on their UI.
you and me both. I'd think the price would go up if mining slows down, but if there's a lot of weak hands in at these levels then the bottom could be significantly lower.
A lot of big time money has come in at these levels and even higher. Hopefully this $30k level can become long term support.
A lot of big time money has come in at these levels and even higher. Hopefully this $30k level can become long term support.
This is unrelated but I’ve got some Beanie Babies I paid $5K each for back in 1998 if anybody is looking for a deal.
Relax, just kidding fellas.
https://nypost.com/2015/02/22/how-the-beanie-baby-craze-was-concocted-then-crashed/
Relax, just kidding fellas.
https://nypost.com/2015/02/22/how-the-beanie-baby-craze-was-concocted-then-crashed/
Tend to keep my stables in USDC. It's redeemable for 1:1 for cash on Coinbase. USDC is real popular in defi as it is perceived to be lower risk than Tether given it is a US based company and subject to US regulations and also supported by Coinbase, now a publicly traded company. A large portion of that Tether supply is located on exchanges, especially Binance and other Asian exchanges. I sometimes keep some in DAI which is decentralized and issued by Maker. DAI is backed by overcollateralized ETH or WBTC, or 1:1 with USDC. I'd trust it more than Tether also as it is the "original" decentralized stable coin and has survived some big market nukes in the past. Those are the big 3 in stable coins currently.
Mark Cuban was dabbling in a "partially collateralized algorithmic stable coin" which is a fancy term for a decentralized ponzi scheme. Basically a "stable" coin backed partially by real collateral (USDC in this case) and a "volatility token" (Titan in this case). As the "stable" coin (Iron was the name) maintains it's dollar peg or goes above peg, it becomes backed by an ever increasing % of Titan and decreasing % of USDC (a real stablecoin).
Early on IRON tended to stay at or above peg as people were being given TITAN tokens (to the tune of 600%+ APR or more in Titan tokens before the collapse) to mint it and add to a liquidity pool with USDC (basically a pool of USDC and Titan tokens that allows people to provide liquidity for large swaps/trades between the assets and help keep IRON on peg as it was less sensitive to big sells due to all the liqudity in the pool). Given the returns were so great people kept minting it with Titan and USDC. This did 2 things; it increased TITAN demand/price which kept APR high (as it was being paid in Titan tokens). It also kept IRON at or above peg which caused the % backed by TITAN to gradually increase (passing 30% before the collapse).
Eventually, several large early investors got out probably after doing 20x or more ROI in a matter of 2 weeks or something crazy. They dumped all their TITAN and IRON tokens for USDC. This caused the IRON price to drop below peg. People panicked and began redeeming their IRON "stable" coins for the current % USDC and Titan backing. They would immediately dump the Titan portion for USDC in order to try to become whole which caused TITAN to drop more. This chain reaction continued till TITAN went to near 0 and IRON became insolvent in a matter of hours. Cuban was hit especially hard because he was dabbling in the Titan token yield farms too which basically all went to 0.
Moral of the story is if you're getting 600%+ APR for holding a "stable" coin, you're not holding a stable coin. You're getting paid a fat APR to take a huge risk.
Mark Cuban was dabbling in a "partially collateralized algorithmic stable coin" which is a fancy term for a decentralized ponzi scheme. Basically a "stable" coin backed partially by real collateral (USDC in this case) and a "volatility token" (Titan in this case). As the "stable" coin (Iron was the name) maintains it's dollar peg or goes above peg, it becomes backed by an ever increasing % of Titan and decreasing % of USDC (a real stablecoin).
Early on IRON tended to stay at or above peg as people were being given TITAN tokens (to the tune of 600%+ APR or more in Titan tokens before the collapse) to mint it and add to a liquidity pool with USDC (basically a pool of USDC and Titan tokens that allows people to provide liquidity for large swaps/trades between the assets and help keep IRON on peg as it was less sensitive to big sells due to all the liqudity in the pool). Given the returns were so great people kept minting it with Titan and USDC. This did 2 things; it increased TITAN demand/price which kept APR high (as it was being paid in Titan tokens). It also kept IRON at or above peg which caused the % backed by TITAN to gradually increase (passing 30% before the collapse).
Eventually, several large early investors got out probably after doing 20x or more ROI in a matter of 2 weeks or something crazy. They dumped all their TITAN and IRON tokens for USDC. This caused the IRON price to drop below peg. People panicked and began redeeming their IRON "stable" coins for the current % USDC and Titan backing. They would immediately dump the Titan portion for USDC in order to try to become whole which caused TITAN to drop more. This chain reaction continued till TITAN went to near 0 and IRON became insolvent in a matter of hours. Cuban was hit especially hard because he was dabbling in the Titan token yield farms too which basically all went to 0.
Moral of the story is if you're getting 600%+ APR for holding a "stable" coin, you're not holding a stable coin. You're getting paid a fat APR to take a huge risk.
wrote cash-secured put options. upfront cash income with the possibility of buying at a discount of today’s price in the event it falls below $30k. Keep the premium no matter what.
I’m being paid cash to provide the liquidity that enables people to short bitcoin. So I wish more people would short bitcoin, as it drives up the premiums I’m paid to facilitate the trade.
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I think we will be back when all the Chinese miners have re-located.
As Joelee has stated, my perma bull self & retail army is taking this personally. This is an assault brought on by China cracking down. These dickheads try to control everything & reality hurts, screw them.
We HAVE always bounced back. Why I trust the process, no sidelining for me. I took some nice profits when we went back to 40k, time to throw it all back in when this price gets too enticing.
Anyways, I believe bad hyperinflation is around the corner & it is time to hedge in this bear market. Biden is going to give out another stimmy, I like why he is doing it but at this point, it could make things worse USD wise. idk
Re-positioning on DOGE & taking it on the chin but it will follow BTC. When BTC goes back up, so will it. See you in Omaha boisss
As Joelee has stated, my perma bull self & retail army is taking this personally. This is an assault brought on by China cracking down. These dickheads try to control everything & reality hurts, screw them.
We HAVE always bounced back. Why I trust the process, no sidelining for me. I took some nice profits when we went back to 40k, time to throw it all back in when this price gets too enticing.
Anyways, I believe bad hyperinflation is around the corner & it is time to hedge in this bear market. Biden is going to give out another stimmy, I like why he is doing it but at this point, it could make things worse USD wise. idk
Re-positioning on DOGE & taking it on the chin but it will follow BTC. When BTC goes back up, so will it. See you in Omaha boisss
Must have been some conference. Bitcoin dropped 30% and everybody got COVID. Sheesh. ***
https://pagesix.com/2021/06/11/miami-bitcoin-conference-spreads-covid-19-among-crypto-fans/
https://pagesix.com/2021/06/11/miami-bitcoin-conference-spreads-covid-19-among-crypto-fans/
There's no way those rates are sustainable and they'll come crashing down and then there will be a run on these "currencies." You got in early, so maybe you'll be okay, but I'm afraid most of this is going to zero. It's a new industry. It'll have growing pains just like anything else on this planet has.
You are well educated on this stuff, but at the end of the day, is everything you're saying actually verifiable? I know once folks started looking under the hood of Tether, it was not as nearly as back by USD as they claimed or even commercial paper and the commercial paper they're using is God only knows who. Not even sure how safe they are.
It's going to end badly for many at some point whether that's next week, next year or 10 years. That's my take.
I'm long BTC and ETH though, but I still view it as speculative.
You are well educated on this stuff, but at the end of the day, is everything you're saying actually verifiable? I know once folks started looking under the hood of Tether, it was not as nearly as back by USD as they claimed or even commercial paper and the commercial paper they're using is God only knows who. Not even sure how safe they are.
It's going to end badly for many at some point whether that's next week, next year or 10 years. That's my take.
I'm long BTC and ETH though, but I still view it as speculative.
It's really difficult for inflation when technology is the ultimate deflationary force and becomes a bigger and bigger part of our lives with each passing day...not to mention all the folks who are retiring. Creates a generation of savers. Also the amount of debt we have will keep growth in check over the long run. We're likely to start heading towards Japan at some point, but we'll probably avoid that bc we actually have a functioning immigration system and there's an actual path to become a US citizen.
I don't see hyper inflation, but I know that's one of the main bull cases for BTC.
I don't see hyper inflation, but I know that's one of the main bull cases for BTC.
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