crypts and ukraine

[Scorpio]

crypts getting crushed on the new news out of ukraine, where boots on the ground are moving

we have noticed prior to this that the crypts have been moving loosely with the stock market action,
wherein those are the first to go in weakness as 'risk' assets

where bitcoin and the like were 'money' like gold, or were a 'safe haven' has been proven false, emphatically

the true winners in that game of russian routlette are metals and energies, not crypto

then of course, we have trudy up in canada, going after crypt exchanges and the like, illegally locking and freezing accounts on a whim

to date, any of the arguments regarding safety, privacy, and untouchable status are being dissolved,

of course, we do have to mention that if you have your crypts off exchange and in a private wallet, then those are indeed safe and private,
away from the 'system' and invisible until they go hot with you doing something

 

[chieftain]

BTC and ETH are having their arses handed to them but its the NFT's that are interesting, there's some whoopin' going on over there.

 

[Scorpio]

I have no idea what they (nft's) are or how to watch them, ie clueless, so I have to stay away from them

 

[viking]

Examples:

How To Store Cryptocurrency Safely In 2022

Many can't get a good night's sleep because they know their cryptocurrency might get stolen.

cryptonews.com

Plus do forget to use VPNs.

 

[chieftain]

I have no idea what they (nft's) are or how to watch them, ie clueless, so I have to stay away from them

I should have been clearer. I was referring to the crypts used within the non fungible token space.

 

[Scorpio]

I was referring to the crypts used within the non fungible token space.

are they alt-coins? At least that is how I look at them,
and yeah, 15-20% down, big moves going on with those,
in my parlance, the small fry,

there is a buying op coming up, and I will go in accordingly,

 

[chieftain]

there is a buying op coming up, and I will go in accordingly

I smell a right royal gutting...

 

[solarion]

A death cross after a dead cat bounce off support. Now it's right back at that support and it looks like it'll go through it. Next stop should be just North of 30k...and where I plan to stack some BTC for the first time in a several years. In fact, bitcoin is almost exactly 100x higher than the last time I swapped any fiat for it.

There's a halving cycle to the movement of bitcoin that contributes to these swings. In addition there's a whole lot of uncertainty with regard to gumbymint regulations going forward. When that stuff gets resolved I would expect bitcoin to explode higher.

People playing with ratios could have made a bundle on this trade between PMs and cryptos. The same will be true when bitcoin finds its footing imo.

 

[Scorpio]

that is the thing, trying to figure out when to go in again,

been wondering about that 30k and the <2000 on ether,

would like to see 28 and 1800 but don't know if we get there or not

 

[Scorpio]

very very rudimentary for clarity,
but these are what I am watching

 

[Scorpio]

Bitcoin tanks as Russia goes to war with Ukraine, here’s what the charts suggest​

By BHUSHAN AKOLKAR 24. February 2022

• Bitcoin has taken another hit following reports of Russia invading Ukraine.
• Analyst Lark Davis highlights a couple of charts that investors need to take an interest in.

---

Bitcoin and the broader cryptocurrency market have undergone another severe correction today as Russia declares war with Ukraine. Earlier today, President Putin ordered a ‘military operation’ escalating his attack on Ukraine.
As of press time, Bitcoin (BTC) is trading 8 percent down at a price of $35,716 with a market cap of $676 billion. With the recent crash, Bitcoin has extended its weekly losses to a staggering 18 percent. The broader cryptocurrency market is down by a staggering 10 percent eroding more than $200 billion worth of investors’ wealth.


The Bitcoin price action has been following the steep correction in equity markets. On Wednesday, February 23, the U.S. stock markets witnessed a strong correction with the S&P 500 losing 1.84 percent hitting a new low for the year 2022. Popular crypto analyst Lark Davis explains:

S&P 500 looking grim right now. Unless it bounces soon then it will take out the yearly low. Which was also a key area of support from 2021. And AS WE KNOW, if stocks tank, then #crypto will likely follow right along.

The analyst further explains that Bitcoin has failed to reclaim the 50-day moving average in early February. The analyst explains that this indicator is down for the first time since mid-2020.
On the other hand, a major cross-over has happened on the MACD levels for Bitcoin. Bitcoin’s MACD has gone into the negative which doesn’t happen much often. As per the historical trends, this is a sign that it is the beginning of a much bigger sell-off. The MACD levels indicate that we are entering a mega-bear cycle.

#bitcoin monthly MACD in the red. Hasn't happened very often. But it has often been associated with the beginning of a much bigger sell off. Big question is if this is the start of a new mega bear cycle like 2014 or 2018. Or simply an anomoly news event like the 2020 covid thing. pic.twitter.com/ulI16yWcOT
— Lark Davis (@TheCryptoLark) February 24, 2022

Key Bitcoin support levels to watch​

Since Bitcoin has been breaking crucial support levels, analysts are expecting that we could be heading to $30,000 and even lower. analyst Lark Davis explains:

Key support for #bitcoin right now is at $33,000 and $29,000. At this time we can still look a higher low unless we go back under 33k. 29k Would be key to hold if the war fears really rattle the market. That is support from the 2021 lows.

As of now, the Bitcoin Fear and Greed Index has dropped into the “extreme fear” zone at 23/100. World leaders have condemned Russia’s actions. Ethereum founder Vitalik Buterin tweeted:

Very upset by Putin’s decision to abandon the possibility of a peaceful solution to the dispute with Ukraine and go to war instead. This is a crime against the Ukrainian and Russian people. I want to wish everyone security, although I know that there will be no security. Glory to Ukraine.

It remains to be seen as to how much the Russia crisis escalates and what impact it can have on the global crypto market.

BHUSHAN AKOLKAR

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

Bitcoin tanks as Russia goes to war with Ukraine, here's what the charts suggest

As of now, the Bitcoin Fear and Greed Index has dropped into the "extreme fear" zone at 23/100. World leaders have condemned Russia's actions.

www.crypto-news-flash.com

 

[#48Fan]

I just kick back and DCA. Preparing for the next run up. The bear is a time for foraging.

 

[Jodster]

Hey Scorp, NFT's are really simple to understand.
Think of any picture you take, like a .jpg or .bmp and embed a one-of-a-kind piece of computer code inside it. Basically block-chain hidden inside a larger file.
Now imagine attaching this NFT to music files, video, or any other computer file, making it a unique and collectible file.
It's just basically a digital fingerprint that guarantees the uniqueness of the file.

 

[D-FENZ]

I have no idea what they (nft's) are or how to watch them, ie clueless, so I have to stay away from them

Hey Scorp, NFT's are really simple to understand.
Think of any picture you take, like a .jpg or .bmp and embed a one-of-a-kind piece of computer code inside it. Basically block-chain hidden inside a larger file.
Now imagine attaching this NFT to music files, video, or any other computer file, making it a unique and collectible file.
It's just basically a digital fingerprint that guarantees the uniqueness of the file.

It's in off-the-charts loony territory. Just because something is unique or one of a kind doesn't mean squat. Think every single tie-dyed shirt ever made.

 

[#48Fan]

Hey Scorp, NFT's are really simple to understand.
Think of any picture you take, like a .jpg or .bmp and embed a one-of-a-kind piece of computer code inside it. Basically block-chain hidden inside a larger file.
Now imagine attaching this NFT to music files, video, or any other computer file, making it a unique and collectible file.
It's just basically a digital fingerprint that guarantees the uniqueness of the file.

This is way too simple. Think of making an NFT of a house you own. Then you use that same NFT to sell the house over the internet settled in crypto. So, whoever owns the NFT, owns the actual house (or anything else for that matter).

 

[spinalcracker]

maybe the bottom is already in?

is there a possible scenario where here which will make Bitcoin go up and not down?

stay tuned

 

[Lancers32]

BTC and ETH are having their arses handed to them but its the NFT's that are interesting, there's some whoopin' going on over there.

From what I understand ETH is akin to mailing a letter via the post office. Slow as $hit and the network can't handle the traffic. It will never work. Makes more sense to buy if you can the cryptos that some of the banks are currently using.

 

[Jodster]

It's in off-the-charts loony territory. Just because something is unique or one of a kind doesn't mean squat. Think every single tie-dyed shirt ever made.

If you had a tie-dyed Gerry Garcia shirt, it wouldn't be uncommon for it to fetch hundreds or thousands.

If I take a picture and put an NFT token in it, it would be worth shit.
But if you take an original frame from a Simpson's episode and embed an NFT, it's worth many hundreds of thousands of dollars, as had already been proven. Uniqueness/rareness isn't as important as the "celebrity" factor.

 

[anywoundedduck]

From what I understand ETH is akin to mailing a letter via the post office. Slow as $hit and the network can't handle the traffic. It will never work. Makes more sense to buy if you can the cryptos that some of the banks are currently using.

But, we are hearing that the banks, themselves, are at risk.
If Biden tries what Trudough did, threaten to sieze or freeze accounts, then there could be a run on the banks. Canada Banks are reeling at the moment. Not out of the woods, yet.

 

[Lancers32]

But, we are hearing that the banks, themselves, are at risk.
If Biden tries what Trudough did, threaten to sieze or freeze accounts, then there could be a run on the banks. Canada Banks are reeling at the moment. Not out of the woods, yet.

I am talking about the cryptos the banks are using to make transactions move money from one entity to the other.

 

[anywoundedduck]

I am talking about the cryptos the banks are using to make transactions move money from one entity to the other.

Oh, never mind then.

 

[spinalcracker]

maybe the bottom is already in?

is there a possible scenario where here which will make Bitcoin go up and not down?

stay tuned




View attachment 246141

is it true?

no way

 

[solarion]

It's true if you believe fake markets are real. Remember there are bitcoin "futures" now. The futures, btw do not deal in bitcoin at all. They're cash settled. IOW, they're bet slips on the future price of bitcoin. If that scam sounds familiar, it's because it's precisely the same scam used to manipulate commodity markets.

...yet stupid people never seem to learn.

 

[nickndfl]

It's in off-the-charts loony territory. Just because something is unique or one of a kind doesn't mean squat. Think every single tie-dyed shirt ever made.

It's literally investing in snowflakes.

 

[ds_mustang]

Crypto has become very correlated with tech stocks. It's a bad direction that I guess comes from the higher institutional ownership who have no clue what crypto really is. So I'm not particularly bullish short-term on price since I don't think much of the stock market upside. But I still see crypto as very different from equities. And I think crypto should do very well in a war environment. Meanwhile it produces income which is more than I can say of many tech stocks or currencies. And the upside case is still there, just timing is a question.

It's nice to see gold getting some action when things started going bad. Gold still stands alone as the last refuge.

 

[ds_mustang]

It's literally investing in snowflakes.

It's snowflakes investing in snowflakes. The younger generation has no concept of value because the principles of value have been corrupted. Today "value" is whatever the crowd is trending on.

 

[the_shootist]

It's literally investing in snowflakes.

If I can't hold it, I can't depend on it. I might throw a few spare shekels at crypto at some point but never any of the wealth I've accumulated over the decades which I'm trying to preserve and protect.

 

[Ebie]

It's true if you believe fake markets are real. Remember there are bitcoin "futures" now. The futures, btw do not deal in bitcoin at all. They're cash settled. IOW, they're bet slips on the future price of bitcoin. If that scam sounds familiar, it's because it's precisely the same scam used to manipulate commodity markets.

...yet stupid people never seem to learn.

Stocks can be printed (counterfeited) sort of legally via the naked short system.

 

[ds_mustang]

It's true if you believe fake markets are real. Remember there are bitcoin "futures" now. The futures, btw do not deal in bitcoin at all. They're cash settled. IOW, they're bet slips on the future price of bitcoin. If that scam sounds familiar, it's because it's precisely the same scam used to manipulate commodity markets.

...yet stupid people never seem to learn.

I agree with you the futures market is a bad thing for crypto, as well as the ETF structured via futures (so it holds no crypto and has a built-in downward bias due to technicalities of rolling futures). But where gold is difficult to secure and manage, pushing most people into futures/ETFs, bitcoin is easy to secure and use directly. Plus crypto exchanges and 3rd party custodians are not (yet) captured and truly want crypto to succeed. We're also seeing countries adopting bitcoin as currency, something gold lost decades ago. And of course crypto is a lot bigger than just bitcoin now and isn't just simple digital property anymore. It's a technology with its own unique use cases including income production, finance, lending, etc. So I see very good odds that crypto might not be suppressed by the weapons that have kept gold down. It will be interesting to see how it plays out.

 

[solarion]

So then you tell me how bitcoin suddenly transformed into a put on the VIX. Never have I seen bitcoin behave this way. It has never been tied directly to nasdaq 100 action the way it is currently.

...and it's not simply price action based on geopolitical risk, because as we've seen time and again, geopolitical risk, like banking sector risk should be pushing bitcoin higher. Something is very wrong with the way bitcoin is trading of late, and it smacks of institutional manipulation.

Real risks to bitcoin "price" should stem from the notion that the fake president is going to institute executive action against cryptos due to "national security" excuses. ...or the bags of shit in CONgress, but war in Ukraine should have bitcoin soaring. Nope.

 

[ds_mustang]

So then you tell me how bitcoin suddenly transformed into a put on the VIX. Never have I seen bitcoin behave this way. It has never been tied directly to nasdaq 100 action the way it is currently.

...and it's not simply price action based on geopolitical risk, because as we've seen time and again, geopolitical risk, like banking sector risk should be pushing bitcoin higher. Something is very wrong with the way bitcoin is trading of late, and it smacks of institutional manipulation.

Real risks to bitcoin "price" should stem from the notion that the fake president is going to institute executive action against cryptos due to "national security" excuses. ...or the bags of shit in CONgress, but war in Ukraine should have bitcoin soaring. Nope.

I don't disagree with you. I think bitcoin is possibly in trouble in a lot of ways and has been for a while. Bitcoin's various stock/flow price models just failed for the first time recently. And as the entire crypto space follows bitcoin, it all has been underperforming compared to last bull runs. Also you see the trouble when the latest trend is bitcoin maximalists talking shit about the advances of the smart contract space and arguing FOR government regulation of smart contract crypto to save bitcoin from its own impending obsolescence.

As I've said before, crypto is much larger than bitcoin. At some point there might be some sort of bifurcation of the crypto space into store-of-value/property coins (which bitcoin clearly dominates), and smart contract crypto (which is where all the mind-blowing development is). It might even be US government regulation that causes that bifurcation if the maxis get their wish and smart contracts are regulated differently than bitcoin.

Bottom line I think bitcoin has more to fear from price suppression from wall street than smart contract crypto as bitcoin is basically just property like gold. Meanwhile smart contract crypto has more to fear from outright government regulation targeted against it as it contains the potential to eventually replace the financial system with something radically new and different. I'm invested in both, but I have a larger position in smart contract crypto because I think the opportunity is much higher. And looking to history it doesn't seem that big advances get held back by regulation for long.

But yeah, if I was only in bitcoin I might be worried.

 

[solarion]

Now it(bitcoin) is even sinking with the NDX up 1.28%. The thing just can't catch a break lately. Tough to recall the last time sentiment was so bearish. While that could be a good thing, I think there's likely more downside to come, so I'm holding my fire until I'm convinced there's a bottom in. PMs seem a better risk/reward here, particularly after that joke of a reversal yesterday.

 

[ds_mustang]

Here's a video of the CEO of Strike (a sort of bitcoin version of Venmo/Cash App). He has a nice take on how the Fed has fucked everything up and we're all financially "homeless", but he then starts crapping on smart contract crypto and begging for government regulation to save bitcoin. The days of bitcoin being for libertarians is over, bitcoiners are now begging for government protection from further advances in the crypto space.

Note that if it happens that the US regulates ETH and other smart contract crypto differently than bitcoin, it won't change anything except for the short term in the US. Smart contract crypto development will continue in freer parts of the world. If you talk to actual smart contract developers it's already to the point where they aren't interested in basing projects in the US because of the potential regulation risks. The world is a big place and if the US isn't going to lead in new technology, new technology will go elsewhere.

 

[hernancortes]

One of the spicier gold/crypto debates you'll see. I'd not heard of Richard Heart before.

 

[solarion]

Schiff is a real smart guy, and I agree with 99% of what he says, but he despises cryptocurrencies to the point that I think he's incapable of objectivity on the subject. Thanks for the link, it should be a good chat, particularly with gold moving up and bitcoin enthusiasm tempered lately.

"Everything he just said was very stupid." ROFLMAO

 

[#48Fan]

Schiff is a real smart guy, and I agree with 99% of what he says, but he despises cryptocurrencies to the point that I think he's incapable of objectivity on the subject. Thanks for the link, it should be a good chat, particularly with gold moving up and bitcoin enthusiasm tempered lately.

"Everything he just said was very stupid." ROFLMAO

Schiff is secretly stacking Bitcoin. He says what he says about it because it keeps him in the spotlight.

 

[solarion]

Think? I never get that impression from him. Matter of fact, I've shut him off on a few occasions when he's launched into a lengthy rant about how much he hates crypto currencies. That may be a me thing, and perhaps he's peddling red meat to the typical gold bug crowd to hook people. I dunno, it rubs me wrong after 15mins or so of his repeating "bitcoin is worthless" though.

That said, in this debate I see Peter as a whole bunch more likable and credible than Richard. With the exception of the stuff Heart said about the Depository Trust & Clearing Corporation(DTCC) with regard to equity share custody, I haven't gotten much that's useful from his over the top preening, and often bizarre arguments. His evasion of simple questions doesn't help much either. Gold has a long history of retaining value, and his hex thing has a track record of a whopping 3 years, yet Richard seems to suffer from recency bias.

Actually I did find Heart's comment about bitcoin potentially bottoming at 11k interesting. No real idea why he chose that particularly number though. Also he got Peter talking about how much better a value platinum is than gold too...so that was a plus, as it's so clearly true. All in all a worthwhile debate.

The best jab of the debate ultimately came from Schiff. "Get yourself a watch made out of hex". lol

 

[newmisty]

Why I like gold. It comes right from the earth, already existing in it's most brilliant and purest form.
Once harvested from Mother Earth, this gold can be held in the hands and can even be and physically manipulated with almost anything around. I can squish it into a ball and play with it like a child, then hit it with a hammer until a beautiful woman longs to adorn her delicate wrist with it. Later, if need be, I can walk into any shop across the world and be given a pile of local currency for it. No electricity, no wires, no so called 'digital wallet' 'clouds', 'exchange', vpn, nft or any other modern jargon. Just pure & simple, plain honest money.

"Simplicity is the highest form of sophistication."

 

[ds_mustang]

I've watched a dozen Schiff debates and most arguments he makes against bitcoin can be turned around and made about gold if you're being honest about it. The only thing gold has over bitcoin is physicality (which might not actually be an advantage these days), and history.

 

[solarion]

Gold is a much easier sell for most people. I mean, plunk an ounce of gold in someone's hand and the vast majority of people know they've holding something special...something valuable. On the other hand talking to the uninitiated about cryptos can result in bewildered and bored stares, particularly in a bear market.