Bitcoins - about to hit $5,000 per coin today!

[obsidian]

On the 2nd layer lightening network, BTC transactions will be able to scale to over 100,000 per second. That will then be reconciled on the base layer of Bitcoin. So you get the speed of a visa-like payment, with the security of something far more solid than the fait money that underlies Visa fiat transactions. Which is why, of course, Visa, PayPay, Square, and many others, are offering BTC as an underlying store of base value.

Eth is not a store of value. It is a platform. Eth can be infinitely produced - it is not inherently or mathematically scarce like Bitcoin is. That will however, not stop people treating it as a speculative instrument, (at least in the shot-term).

I keep saying Bitcoin is not the only player in town. There are more developers involved with Ethereum and probably also investors. That's the network affect which brings value to Bitcoin and Ethereum. Ethereum is going to go up. If I was you I would sell some BTC for ETH while the ratio is still in favor of Bitcoin. I see ETH settling eventually at 6:1 with Bitcoin. But in the near term perhaps it can get to 15:1 or 10:1. Maybe I am wrong?

I plan on converting some Ethereum to Bitcoin. But not at the current ratios. Ethereum has some catching up to do.

[Griffith]

USD and other fiat currencies are in a hyperinflationary collapse against many cryptos including Bitcoin, Ethereum, Litecoin and others. This is what happens when banks keep printing fiat currencies.

The beauty of Bitcoin and others is the finite supply. It is now a major milestone for a major investor to acquire 50,000 BTC. Think about that! And it is becoming incredible hard to get anymore. The same thing will happen to Ethereum. And with Ethereum they are now considering burning ETH to limit the supply.

Bitcoin was around $1000 in January 2017. Then it shot up to $19,500 by the end of the year.

Ethereum was around $1000 on January 4th 2021. So how high could it go by the end of the year? I have seen estimates of up to $27,000! Time will tell. But we know the government will keep printing dollars.

And as indicated in the above post, several central banks are actively experimenting with using Ethereum to develop their central bank digital currency (CBDC).

Imagine a digital Thai Baht, Singapore or HK Dollar using Ethereum? For instance, HK processes the third highest amount of global forex transactions, almost US$450 billion daily.

[Bindare_Dundat]

 The same thing will happen to Ethereum. And with Ethereum they are now considering burning ETH to limit the supply.

Bitcoin was around $1000 in January 2017. Then it shot up to $19,500 by the end of the year.

Ethereum was around $1000 on January 4th 2021. So how high could it go by the end of the year? I have seen estimates of up to $27,000! Time will tell. But we know the government will keep printing dollars.

Its not a consideration, its happening from what I understand.

[Griffith]

Its not a consideration, its happening from what I understand.

ETH Supply to Be Halved- presently, Ethereum has about 4.7 million ETH in issuance yearly, with ETH 2.0, ETH supply will range between 100,000 and 2 million annually, apparently less than 2 million.

Halving Will Be Accompanied by “Burning”- following every significant increase in transaction volumes, the total ETH in circulating supply will be reduced due to “burning”.

Explaining what was meant by “burning”, Buterin said that the initial transaction fees charged by the protocol will be halved, the first part goes to the miner as a ‘reward’, while the other part just gets burnt.

[gib]

For Eth to scale, millions more need to be produced on an ongoing basis. Burned ETH will have to be replaced by new ETH. You can run all that ETH theoretically could be used for as a platform, unless the supply is virtually infinite. Think about it.

[gib]

I truly think most people who own eth fully understand it. (And that includes myself by the way). Its an incredibly ambitious project they have, with very few successful scaled use cases. But that will of course, not stop people speculating on it as a coin, despite it never having been intended to be used as such (and indeed any "cost" of the eth in fact being prohibitive to their goals of having eth function as a platform for smart contracts).

[Griffith]

For Eth to scale, millions more need to be produced on an ongoing basis. Burned ETH will have to be replaced by new ETH. You can run all that ETH theoretically could be used for as a platform, unless the supply is virtually infinite. Think about it.

My understanding is that the burned ETH will further reduce the available supply for that year.

[Griffith]

I truly think most people who own eth fully understand it. (And that includes myself by the way). Its an incredibly ambitious project they have, with very few successful scaled use cases. But that will of course, not stop people speculating on it as a coin, despite it never having been intended to be used as such (and indeed any "cost" of the eth in fact being prohibitive to their goals of having eth function as a platform for smart contracts).

I'm mainly seeing it's potential for growth if it becomes a platform used by more banks, stablecoins and central banks. At the moment, all stablecoins are using Ethereum.

So far some central banks are experimenting with its use, but if it's announced they are officially using the Ethereum platform to issue central bank digital currency, this would be huge.

And if not adopted by central banks, I believe stablecoins backed by hard currency have great potential in developing countries where purchasing foreign currency is very difficult or even not possible.

[Bindare_Dundat]

An answer to the recent Eth inflation/deflation discussion is here at, around 28min mark

[FitnessFrenzy]

the etherium hype train is strong right now.

[El Diablo Blanco]

Ethereum won’t be with more than Bitcoin.  There way more units of ethereum than there are of BTC

[Mayday]

Ethereum won’t be with more than Bitcoin.  There way more units of ethereum than there are of BTC

ETH market cap last few years was roughly 20% of BTC.

Price of ETH can go 5 times to be of equal value with BTC which would mean looking for a value ratio of 0.1 ETHBTC.

In saying that, the ratio is skewed today due to seasonality so the 0.042 value trending now is not a result of a permanent shift but a short term trend.

I think 99.99% of information today being said online is misleading because they want people to believe ETH is flying upwards while reality shows even with an increasing ETHBTC ratio valuation the price is falling.....

ETH to 20k is a distraction when ETH has a 10% lower price than it’s peak during this current parabolic run. Besides, the timing of the quotes are from months ago yet social media is chucking them up as if it was said yesterday.....

[pellius]

I have Cash App where it is very simple to buy BTC and any other stock but I don't see any option to buy Ethereum. How do you buy Ethereum?

[FitnessFrenzy]

I have Cash App where it is very simple to buy BTC and any other stock but I don't see any option to buy Ethereum. How do you buy Ethereum?

e.g. coinbase

[El Diablo Blanco]

Read this. Interesting.

There are currently 11 wallets without outbound payments since 2014, holding a total of 273,182 BTC.[1]

As soon as one of these ‘whales’ (large holders) sell their Bitcoins, the price will decline firmly. It happened before. This will trigger bots to sell more, plummeting the rates even more.

Some of these wallets might be inaccessible. Or the holders are waiting for the right moment to manipulate the rates?

Nobody knows.

[obsidian]

Ethereum won’t be with more than Bitcoin.  There way more units of ethereum than there are of BTC

According to Coinmarket Cap there are in circulation:

18,609,481 BTC
114,388,819 ETH

114,388,819 / 18,609,481 = 6.14

So there's about 6.14 times more ETH minted than BTC.

This is why the true price ratio should be 6:1.

https://coinmarketcap.com/

[Bindare_Dundat]

To the moon!! Lol

Good day today.

[Bindare_Dundat]

Price of ETH can go 5 times to be of equal value with BTC which would mean looking for a value ratio of 0.1 ETHBTC.

[Mayday]

Read this. Interesting.

There are currently 11 wallets without outbound payments since 2014, holding a total of 273,182 BTC.[1]

As soon as one of these ‘whales’ (large holders) sell their Bitcoins, the price will decline firmly. It happened before. This will trigger bots to sell more, plummeting the rates even more.

Some of these wallets might be inaccessible. Or the holders are waiting for the right moment to manipulate the rates?

Nobody knows.

They are going to short the market.

[Griffith]

https://markets.businessinsider.com/currencies/news/ethereum-price-explodes-secure-new-all-time-high-analysts-double-14702021-1-1029998498

Ethereum explodes 21% in just one day to secure a new all-time high past $1,470 - and analysts expect it to double in the next two weeks

The world's second-largest cryptocurrency, with a market cap of $160 billion, has risen on 90% a year-to-date basis, outpacing bitcoin's 10% rise.

But Ethereum's rally is expected to match the momentum in bitcoin's. Analysts at Galaxy Trading expect the price to trade as high as $3,000 in the next few weeks. Comparing bitcoin and Ethereum's rally, the analysts noted a similar pattern of limited price momentum followed by a major breakout.

Ethereum has gained 1,200% in value since the March 2020 coronavirus-induced market crash, compared with a 700% increase in the value of bitcoin. In 2020, the Ethereum network saw over $1 trillion worth of transactions on its blockchain - exceeding the transaction volumes of payment platforms such as PayPal.

[Bindare_Dundat]

Btc just made a move after showing some resistance to the upside, similar to ethereums moves yesterday. If it holds this for a while could be bullish run.

MAYDAY  are you paying attention to wallet activity?

[Bindare_Dundat]

They are going to short the market.

Dead wallets.most.likely.

[Griffith]

 

[Bindare_Dundat]

Pay attention to the pumpamentals.

[El Diablo Blanco]

Dead wallets.most.likely.

There are stories of at least 3 of them who had thrown away or locked themselves out of their BTC.  How sad.