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Crypto is Crashing HARD - opportunity.....

Lancers32

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Is that Martin Armstrong?

And were they not saying sell before it ran up to $60?
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Armstrong was saying Bitcoin was going to have problems at 60K. I don't think he was a fan ever was not a point of major focus for him. I just mentioned him not important but he is fairly well known. If you follow these moonboys and jokers on YT and Twitter you will get rekt.
 

Mujahideen

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Algorithm? Been around for 14 years it has no track record.

The only thing that has changed about btc is the sentiment. How it functions is exactly the same.
 

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Real viable projects emerged out of the excessive speculation of the 'dot com' bubble. Those that succeeded were not the leaders during it. So, which are the 'diamonds in the rough' this time. Well, I think I've found one.
 

Cigarlover

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Real viable projects emerged out of the excessive speculation of the 'dot com' bubble. Those that succeeded were not the leaders during it. So, which are the 'diamonds in the rough' this time. Well, I think I've found one.
DOGE. :laughing::laughing::laughing:
 

Ebie

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Bitcoin is “perfect”

it is capped at certain #of coins- no dilution possible
it is decentralized, not possible for government to fully control (yes, they can attack the on/off ramps and nodes)
it cannot be hacked (yes, they can attack the on/off ramps and nodes)
It is not backed by any commodity/material. (Yes, you can buy “backed”stocks etc, metal shares, but is the material really there? I wonder...)
It does not need to be “backed.” That would be a 3rd party liability. Any loss of trust, and, you lose value. Bitcoin already has the fact that it is “backed” not by a an alledged store of material objects, but, by scarcity.
Not a promise of a physical commodity with 3rd party risk.

The cons of Bitcoin, if you will, is that it is perfect and cental governments will not like it.
But I think that it will survive.
There is nothing else to invent or improve upon- it is fully block chained and decentralized.
And it has been tested.
The Canadian government was unable to freeze the cold or even the hot wallets (recently.)

And yes, it can be combined with PM s as a medium of exchange.
 

Nomis Elpmis

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Bitcoin is “perfect”

it is capped at certain #of coins- no dilution possible
it is decentralized, not possible for government to fully control (yes, they can attack the on/off ramps and nodes)
it cannot be hacked (yes, they can attack the on/off ramps and nodes)
It is not backed by any commodity/material. (Yes, you can buy “backed”stocks etc, metal shares, but is the material really there? I wonder...)
It does not need to be “backed.” That would be a 3rd party liability. Any loss of trust, and, you lose value. Bitcoin already has the fact that it is “backed” not by a an alledged store of material objects, but, by scarcity.
Not a promise of a physical commodity with 3rd party risk.

The cons of Bitcoin, if you will, is that it is perfect and cental governments will not like it.
But I think that it will survive.
There is nothing else to invent or improve upon- it is fully block chained and decentralized.
And it has been tested.
The Canadian government was unable to freeze the cold or even the hot wallets (recently.)

And yes, it can be combined with PM s as a medium of exchange.
Which fork of Bitcoin are you referring to because they are all forks (one is a fork back to original intent). BTC is a 'Segwit' fork that occurred in 2017. It is no longer 'perfect' as you refer to it. Needs a '2nd layer' to scale (lightning can't), which 'recentralizes' it and opens it to hacks & censorship. When the mining rewards get a little lower there will be no incentive to mine it and the chain will die. Several other nuanced issues I don't want to take the time to list. You are wrong in my opinion.
 

Mujahideen

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When the mining rewards get a little lower there will be no incentive to mine it and the chain will die.

Why would it die? It would become easier for cheaper hardware to mine it. At some point it would be profitable for someone to mine it.

The mining difficulty increases or decreases depending on the demand.
 

Ebie

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Which fork of Bitcoin are you referring to because they are all forks (one is a fork back to original intent). BTC is a 'Segwit' fork that occurred in 2017. It is no longer 'perfect' as you refer to it. Needs a '2nd layer' to scale (lightning can't), which 'recentralizes' it and opens it to hacks & censorship. When the mining rewards get a little lower there will be no incentive to mine it and the chain will die. Several other nuanced issues I don't want to take the time to list. You are wrong in my opinion.
Good post.
My opinion was based mainly on what Max Keiser has said.
I was, and am, ignorant, and, I am too busy to fully study the issue.
You know more than me, and you "win."
I concede.

I will state that some people/situations have reasons to use BTC (or so I thought):
A) If you are an American, and, want to buy medication from India for example, you basically need bitcoin (because the American credit companies “prefer” big pharma...)
B) If you were a Canadian trucker, you would have been relatively better off with Bitcoin in a wallet. (Yes, there were other “options”...)
C) If you were a wealthy Russian (on the list) with a Canadian bank account (Yes, I know.
 

<SLV>

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Which fork of Bitcoin are you referring to because they are all forks (one is a fork back to original intent). BTC is a 'Segwit' fork that occurred in 2017. It is no longer 'perfect' as you refer to it. Needs a '2nd layer' to scale (lightning can't), which 'recentralizes' it and opens it to hacks & censorship. When the mining rewards get a little lower there will be no incentive to mine it and the chain will die. Several other nuanced issues I don't want to take the time to list. You are wrong in my opinion.
Yikes. Just when I thought I was beginning to understand cryptocurrency.


You might be right. But in the end, isn't adoption the ultimate determiner of success? History is littered with defunct companies who made superior products, but better companies with inferior products persuaded the markets to adopt. In this way BTC has better marketing than BSV.

Edit: Can't even get BSV on Coinbase.
 

Ebie

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Which fork of Bitcoin are you referring to because they are all forks (one is a fork back to original intent). BTC is a 'Segwit' fork that occurred in 2017. It is no longer 'perfect' as you refer to it. Needs a '2nd layer' to scale (lightning can't), which 'recentralizes' it and opens it to hacks & censorship. When the mining rewards get a little lower there will be no incentive to mine it and the chain will die. Several other nuanced issues I don't want to take the time to list. You are wrong in my opinion.
I have never seen anyone bring up the "forks" when debating Max Keiser.
I would like to see a debate where the "forks" came up.
Basically, the debates focus on the fact that it is "backed" by nothing.
No mention of it can be "hacked".
The anti--BTC debaters seem to concede that point.
 

Ebie

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Wikipedia:
Bitcoin is a decentralized digital currency that can be transferred on the peer-to-peer bitcoin network. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software.
My comment:
That (above) I understand.
But Forks???
 

Ebie

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By the way, it would be nice if stocks of companies also had block chain or something similar.
I know, it will not happen...
 

Mujahideen

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Wikipedia:
Bitcoin is a decentralized digital currency that can be transferred on the peer-to-peer bitcoin network. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software.
My comment:
That (above) I understand.
But Forks???


 

Mujahideen

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Yet another exchange is freezing. Nothing wrong with btc, but the exchanges are causing liquidations. Over leveraged.
 

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Here is a great description of digital currencies....

 

ZZZZZ

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BTC at critical support.

FVspQKkXsAAh4TO
 

<SLV>

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I am ready to double down on BTC tomorrow.
 

Mujahideen

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There is someone who called 20k when it was over 60k.

Says it can go under 10k, but long term is extremely bullish.

This pain had to happen, too many weeds in the garden.
 

Unca Walt

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That rainbow may not be "legal" to some observers, but what it shows cannot be refuted with that "rainbow isn't real" argument.

The curve is on a log-paper chart. The number on the chyron shows Bitcoin at 21K and change at this moment. That puts Bitcoin in the "illegal" chart's green "accumulate" band, and out (at least temporarirly) of the blues... again. And an arc on a logchart is not fake. Trust the engineer typing this, OK?

I am most ricky-tick not a Bitcoin pusher. But that is just because long ago, I made a choice based on thousands of years of mankind's universal experiences showing a track record of perfection for Gold and Silver. My purchases have been modest but steady for nearly 50 years -- something not possible with Bitcoin for two reasons:

1. Bitcoin did not ever fargin exist until essentially "yesterday"
2. Bitcoin(s) are for millionaires. Satoshis or whatever partial bitcoins are called are not ounces. Ounces stay ounces. Oh, they can be divvied up into little pieces (gold satoshis?) but an average saver can buy ounces everywhere on earth for an affordable price in any fiat or trade.

There is a third thing: EMP, Carrington Event, Grid Sabotage, Society Breakdown <-- All these things totally negate, obliterate, and utterly remove Bitcoin from humanity. (*POOF*) <-- That fukking fast. Blip = Gone. For fukking ever.

Nothing -- at all -- will change the existence of Gold and Silver on this planet. Humans can -- and have -- gone through all kinds of turmoils and civilization levels... and the existence and use of Au/Ag continued unabated for as long as we have been out of the trees.

Those are the reasons for MY choice. I can understand another POV -- considering the imminent crash of our fiat, and the overarching reach of gummint into our finances.

1. Bitcoin is a haven from gummint, and
2. Bitcoin is a means of transferring wealth quickly and relatively easily

That said, to forever put a brick in the vacant mouths saying you cannot eat Gold:

1. No one with Gold ever starved in human history.
2. Those WITHOUT Gold have starved -- are starving today -- and have been the ones who starved throughout human history.

Considering the above points... and positing: that there is no electric grid, or that electronics worldwide have been eliminated from the human race by EMP's or CE's or World War... Those with Au/Ag will -- as has always happened during hard times before in our history -- remain afloat.
 
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Mujahideen

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I’m not sure how far society would get if it was only geared for a solar emp.

You’re not buying internet porn with gold.
 

Unca Walt

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It would be a staggering loss. No porn.

Time to hang it up... WAIT!! -- unless you use a dibby of Au to hire some broke Bitcoin folks to put on a raree show. Might be an improvement over TV.
 

<SLV>

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Frustrating to have my hands tied by the weekend and holiday when BTC dipped below 18k. Maybe a relief rally this morning... thinking I might leg in rather than doubling down this morning.
 

Lancers32

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Yikes. Just when I thought I was beginning to understand cryptocurrency.


You might be right. But in the end, isn't adoption the ultimate determiner of success? History is littered with defunct companies who made superior products, but better companies with inferior products persuaded the markets to adopt. In this way BTC has better marketing than BSV.

Edit: Can't even get BSV on Coinbase.
Yeah that Betamax cost me a small fortune.
 

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Frustrating to have my hands tied by the weekend and holiday when BTC dipped below 18k. Maybe a relief rally this morning... thinking I might leg in rather than doubling down this morning.
DCA bro. Keep some powder dry so you won't be tapped if it does go lower.
 

ZZZZZ

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There is someone who called 20k when it was over 60k.

Says it can go under 10k, but long term is extremely bullish.

This pain had to happen, too many weeds in the garden.
Damn, this guy is good. I will look into his other work.
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ds_mustang

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The problem is that cryptos are a brand new asset class, totally revolutionary. Nobody knows how it is supposed to behave or be traded, especially old school guys like Druckenmiller or Warren Buffett. Applying old models and theories to cryptos makes no sense.

Is there anybody out there who was screaming SELL! BTC at 60,000? I will pay attention to that person. And I don't mean people like Peter Schiff who was saying SELL! at 10,000 on the way up.
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Benjamin Cowen wasn't screaming, but he was arguing it was wise to take some money off the table at the highs. He's pretty good at objectively identifying times to buy and times to sell.

 

Lancers32

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Benjamin Cowen wasn't screaming, but he was arguing it was wise to take some money off the table at the highs. He's pretty good at objectively identifying times to buy and times to sell.

He is one of the more sensible guys in the space. I imagine all of his buys are well under current prices. Well under. I remember him saying on the way up when Bitcoin traded through 30K quite some time back that he was not buying anymore. If you are going to pay attention to these guys I would put him in a small select group to follow.
 

ds_mustang

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He is one of the more sensible guys in the space. I imagine all of his buys are well under current prices. Well under. I remember him saying on the way up when Bitcoin traded through 30K quite some time back that he was not buying anymore. If you are going to pay attention to these guys I would put him in a small select group to follow.
He's on my list as one of the few I bother to put time into. He has a very good handle on crypto growth being exponential and faster than internet growth was, but also that the space gets ahead of itself and then corrects. And he charts those relative levels pretty clearly so you can see where you are.
 

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Another thing I watch that I've found useful is crypto lending liquidations. People borrow using their crypto as collateral. They try to choose a collateral level high enough that their loan doesn't get liquidated as crypto moves down in price. When those people are wrong and get liquidated, especially in large numbers, that's a good buy point. I don't even think about buying anymore unless I see liquidations.

We recently saw huge liquidations at the lows the other day. I don't know if that was THE low, but it was a good low. Collateral levels have adjusted and we'd have to fall a lot farther before we see more liquidations now. So I hope that was the low.
 
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ZZZZZ

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Another thing I watch that I've found useful is crypto lending liquidations. People borrow using their crypto as collateral. They try to choose a collateral level high enough that their loan doesn't get liquidated as crypto moves down in price. When those people are wrong and get liquidated, especially in large numbers, that's a good buy point. I don't even think about buying anymore unless I see liquidations.

We recently saw huge liquidations at the lows the other day. I don't know if that was THE low, but it was a good low. Collateral levels have adjusted and we'd have to fall a lot farther before we see more liquidations now. So I hope that was the low.

Is there a public website to view all that?
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ds_mustang

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Is there a public website to view all that?
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The lending protocol I've been following is Liquity (https://www.liquity.org/ ). There are other larger lending protocols like AAVE and Compound (which I read also had massive liquidations), but I'm not as familiar with them.

All the data is on the blockchain and is public, but you need a way to view it. For Liquity a viewing dashboard is here:

There's a lot of stuff there, but the liquidations are in the table "Recent Liquidations." Basically during a price drop I want to see liquidations in that table before I think we might bounce, and the more the better.

You can see in the table on 6/18 there was a whale that got 71,863 ETH collateral (worth about $66 million) liquidated to cover a $60.7 million dollar loan. The extra $6 million difference is the gain the liquidators make to liquidate the loan and is why the "LUSD Stability Pool APR" at the top of the page shows a 7 day APR of 688%. We made some fat money on that liquidation (I participated as I was staking in the Stability Pool). That was the largest liquidation in the history of the protocol.
 
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Mujahideen

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ETH and the smart contracts seems very interesting.
 

ds_mustang

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ETH and the smart contracts seems very interesting.
Smart contracts add the decentralized financial services (among other things) that bitcoin is missing. Without smart contracts you have non-transparent centralized companies providing the services and then you get issues like we just saw with Celsius imploding and locking everyone's funds.
 
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Mujahideen

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Smart contracts add the decentralized financial services (among other things) that bitcoin is missing. Without smart contracts you have non-transparent centralized companies providing the services and then you get issues like we just saw with Celsius imploding and locking everyone's funds.

I agree.

But I also believe btc is significantly more decentralized than ETH. How many ETH will ever exist? Sometimes simplicity can be better in its own way.

Can you use btc or some type of btc place holder on eth smart contracts? I see conflicting answers for this.

I see BTC, ETH, physical bullion, government currency, and stocks and options, all as tools.

And if someone wants to live like the Amish because they are scared of the internet or power grid going down due to the sun farting then they will get left behind even if the sun does eventually fart.
 
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