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

[El Diablo Blanco]

Not sure. Lets see if it establishes a support level at 30K. Some solid stability there may provide a good platform for the next climb.

Expect lots of volatility next 3-4 days. The calm before the storm...

There is no storm.  Yellin is going to crush BTC.  One of the whales is going to panic and sell and watch this hit $10K

[LurkerNoMore]

You have the first post in this thread 

No, it was already started when I joined on.   Who remembers the original poster here?  Was he banned?

[Griffith]

https://www.coindesk.com/ethereum-based-consensys-quorum-partners-with-chinas-bsn-blockchain

Ethereum-Based ConsenSys Quorum Partners With China’s BSN Blockchain

New York-based Ethereum hub ConsenSys has partnered with the Blockchain-based Service Network (BSN) to bring its enterprise ledger, Quorum, to China’s nationwide blockchain project.

As part of the partnership, announced Monday, ConsenSys Quorum, an open-source protocol layer that serves as a foundation for businesses to build Ethereum-based applications, will be available in about 80 different cities through BSN’s public city nodes throughout mainland China.

The BSN was founded in April 2020 by Red Date Technology, a Beijing-based software company, China UnionPay and China Mobile. BSN spans various cloud environments and portals in China (Quorum is already integrated with Alibaba Cloud), and is also backed by the Chinese government in the form of the National Development and Reform Commission (NDRC), an economic planning agency.

Designed to be the backbone of the so-called “Digital Silk Road,” BSN has so far deployed 108 public city nodes, connecting over 80 cities across mainland China and eight public city nodes in other countries around the world, according to a press statement.

“After the launch, BSN will include Quorum in BSN’s training programs in 2021 to substantially accelerate the enterprise adoption of blockchain technology and Ethereum-based solutions in China,” Yifan He, CEO of Red Date Technology and the executive director of BSN Development Association, said in a statement.

“GoQuorum will also be interoperable with other permissioned frameworks and open permissioned frameworks on BSN,” He said, “building the blockchain cornerstone for the ‘new infrastructure’ in China.”

Enterprise blockchain has been given strong support from the government in China and the tech is a good fit for the country’s sprawling manufacturing landscape, he said.

[Bindare_Dundat]

https://www.coindesk.com/ethereum-based-consensys-quorum-partners-with-chinas-bsn-blockchain

Ethereum-Based ConsenSys Quorum Partners With China’s BSN Blockchain

New York-based Ethereum hub ConsenSys has partnered with the Blockchain-based Service Network (BSN) to bring its enterprise ledger, Quorum, to China’s nationwide blockchain project.

As part of the partnership, announced Monday, ConsenSys Quorum, an open-source protocol layer that serves as a foundation for businesses to build Ethereum-based applications, will be available in about 80 different cities through BSN’s public city nodes throughout mainland China.

The BSN was founded in April 2020 by Red Date Technology, a Beijing-based software company, China UnionPay and China Mobile. BSN spans various cloud environments and portals in China (Quorum is already integrated with Alibaba Cloud), and is also backed by the Chinese government in the form of the National Development and Reform Commission (NDRC), an economic planning agency.

Designed to be the backbone of the so-called “Digital Silk Road,” BSN has so far deployed 108 public city nodes, connecting over 80 cities across mainland China and eight public city nodes in other countries around the world, according to a press statement.

“After the launch, BSN will include Quorum in BSN’s training programs in 2021 to substantially accelerate the enterprise adoption of blockchain technology and Ethereum-based solutions in China,” Yifan He, CEO of Red Date Technology and the executive director of BSN Development Association, said in a statement.

“GoQuorum will also be interoperable with other permissioned frameworks and open permissioned frameworks on BSN,” He said, “building the blockchain cornerstone for the ‘new infrastructure’ in China.”

Enterprise blockchain has been given strong support from the government in China and the tech is a good fit for the country’s sprawling manufacturing landscape, he said.

China is going nuts with crypto. America needs to get its shit together.

[OneMoreRep]

There is no storm.  Yellin is going to crush BTC.  One of the whales is going to panic and sell and watch this hit $10K

I think the US Federal Reserve + the European Central Bank won't allow for an uprise of BTC for much longer. Granted, that's speculation on my part, but then again so is everything behind BTC in many ways.

The big money families behind the various central banks won't just allow for these underground digital currencies to dethrone them as the masters of the universe.

"1"

[Humble Narcissist]

I think the US Federal Reserve + the European Central Bank won't allow for an uprise of BTC for much longer. Granted, that's speculation on my part, but then again so is everything behind BTC in many ways.

The big money families behind the various central banks won't just allow for these underground digital currencies to dethrone them as the masters of the universe.

"1"

They could just pay off the inventor of Bitcoin to shut it down.

[OneMoreRep]

They could just pay off the inventor of Bitcoin to shut it down.

They could, but I don't think they would make such an obvious move.

"1"

[El Diablo Blanco]

They could just pay off the inventor of Bitcoin to shut it down.

Isn't that the scary part?  Some unknown guy still holds the code for this?  What shit is he/they capable of?

[Humble Narcissist]

Isn't that the scary part?  Some unknown guy still holds the code for this?  What shit is he/they capable of?

I think we will find out soon enough.

[Bindare_Dundat]

Isn't that the scary part?  Some unknown guy still holds the code for this?  What shit is he/they capable of?

Lol

[Mayday]

BTC looking very sick right now.   

My scenario was BTC to 21k then to 55k.

I’m not seeing data deviate from my model so as far as I am concerned this is still the plan.

I said the week of Feb 4th would be the bottom. We still have plenty of time, no rush.


However I’ll flag the ‘black swan’ entering the swimming pool is the CME ETH futures on the 8th Feb. this date alone could alter the data pattern and then we see BTC to 11k-14k.

In saying that, during the week of the 4th if BTC completes a pullback the futures may leave Crypto alone because they would be shorting from a Bull support position after a pullback which is not ideal.

[FitnessFrenzy]

$ 30,915.80

[Mayday]

$ 30,915.80

It broke 30k support last night

[Bindare_Dundat]

BTC looking very sick right now.   

My scenario was BTC to 21k then to 55k.

I’m not seeing data deviate from my model so as far as I am concerned this is still the plan.

I said the week of Feb 4th would be the bottom. We still have plenty of time, no rush.


However I’ll flag the ‘black swan’ entering the swimming pool is the CME ETH futures on the 8th Feb. this date alone could alter the data pattern and then we see BTC to 11k-14k.

In saying that, during the week of the 4th if BTC completes a pullback the futures may leave Crypto alone because they would be shorting from a Bull support position after a pullback which is not ideal.

So if the ethereum approval fails we see a big dip with btc as well? Thats what you're saying here? How long do you anticipate recovery?

[Mayday]

So if the ethereum approval fails we see a big dip with btc as well? Thats what you're saying here? How long do you anticipate recovery?

Apologies if I have caused some confusion in my posts. I will try and clarify.

I use a base level model then build risks/opportunities from there.

First and foremost, BTC to 21k price point whether that is a close or a wick. This is my base model for BTC.

BTC leads the market and determines the price range of ETH. If BTC goes to 21k we will see ETH around the 600-700 range. This is by base model for ETH and assumes a ratio pullback from 4.1% to around 3.1% during savage drops. Hence ETH falls faster in a pullback than BTC.

Crystal clear? Nice

From there we have 2 possible scenarios IMO:
1) a bounce from 21k and a second parabolic move
2) a large downward swing on price to 11k-14k which is a bear market move

The argument for outcome 1 is the pullback hasn’t been inline with the brutal pullbacks from parabolic runs that then caused a bear market like outcome 2. Weekly we have gone from 38.1k to 30.2k which is a 20.6% decline in 19 days. This is inline with drops that then had rallies after. Therefore this scenario gets my vote (for now).

The argument for outcome 2 is the negative action the market takes when the ETH futures come into play. We only have one data point for this which resulted in market obliteration via shorting BTC. So the odds of a crash are 1 in 1......

We therefore assume the same market action would be taken but this would be both on BTC and ETH shorts. The large holders dump coins en masse and at the same time take short positions and bleed everybody dry. It would mean the ETH ratio gets obliterated from a 0.041 position to around a 0.021 position.

The fly in the ointment for scenario 2 is the timing of the futures will be at the bottom of a pullback. The question becomes would the market really short it further? In 2017 futures were introduced at the top of a parabolic run so it was ripe for a massive short. This time it is the opposite.


Recovery:
Outcome 1 - a couple of days to bounce from 21k up to 26k-28k range and stabilise.
Outcome 2 - bear market for maybe months.

[Bindare_Dundat]

Thank you for explaining further.
I know you mentioned you don't read crypto news so I hope you don't mind if i ask your opinion on articles that suggest that after Feb 8ths decision, long term either scenerio still remains bullish for btc but short term pain might be inevitable. 

Is the long term game plan still viable?

[Mayday]

Just a side note, the length of time changes the numbers.

I believe there is 10-14 days left of pullback. I am going the route of shorter but more aggressive pullbacks and ramps because this is what I have seen in the data. 19 days from peak and we are at a -25% pullback. That is very aggressive hence my 21k target which is a 48% pullback on price.

However, the pullback might decide to take another 21-28 days in which case the bottom will be less aggressive. This would put a price target around 25k which is a 39% pullback. This would require a change of the buy/sell patterns displayed in these last 19 days to being less aggressive. Definitely possible.

Both price target are plausible.

I believe it’s eyeing 26k-28k at the moment. Generally speaking we see a hard puke to the bottom at the very tail end of a pullback. Going from 26k to 25k is more of a cuddle than a hard puke so I think it’ll still be an aggressive drop towards the 21k mark.

[Bindare_Dundat]

Just a side note, the length of time changes the numbers.

I believe there is 10-14 days left of pullback. I am going the route of shorter but more aggressive pullbacks and ramps because this is what I have seen in the data. 19 days from peak and we are at a -25% pullback. That is very aggressive hence my 21k target which is a 48% pullback on price.

However, the pullback might decide to take another 21-28 days in which case the bottom will be less aggressive. This would put a price target around 25k which is a 39% pullback. This would require a change of the buy/sell patterns displayed in these last 19 days to being less aggressive. Definitely possible.

Both price target are plausible.

I believe it’s eyeing 26k-28k at the moment. Generally speaking we see a hard puke to the bottom at the very tail end of a pullback. Going from 26k to 25k is more of a cuddle than a hard puke so I think it’ll still be an aggressive drop towards the 21k mark.

Ok. But again,  im curious, about  the long term scenerio for those that choose to hodl...are their hopes in vain for future ATH's if things go way down? Even a year from now,  will we ever see the high prices we have been seeing recently.or is  this ride.over?

Appreciate your.time.in responding to my limited knowledge posts. I'm trying to grasp it all and you do help.

[Mayday]

Thank you for explaining further.
I know you mentioned you don't read crypto news so I hope you don't mind if i ask your opinion on articles that suggest that after Feb 8ths decision, long term either scenerio still remains bullish for btc but short term pain might be inevitable. 

Is the long term game plan still viable?

We have a decade history of price revival. The major coins will be fine.

On the flip side for the majority of alt coins, they will die a fiery death.

For BTC I still think:
Next move is 21k
Parabolic to 55k (slightly higher on the daily)
massive market short and puke down to 25k
move to a 40k baseline

It is more probable for BTC to hit an all time high in the coming months than it is at the back end of the year. That is also something to consider.

[Mayday]

Ok. But again,  im curious, about  the long term scenerio for those that choose to hodl...are their hopes in vain for future ATH's if things go way down? Even a year from now,  will we ever see the high prices we have been seeing recently.or is  this ride.over?

For BTC I have stated I don’t think it will go as high as people think. I think it will be overtaken.

When the wealthy and powerful tell you it has no future one should probably listen. Doesn’t mean we can’t make money in the short term. But HODLers might lose out.

[Bindare_Dundat]

For BTC I have stated I don’t think it will go as high as people think. I think it will be overtaken.

When the wealthy and powerful tell you it has no future one should probably listen. Doesn’t mean we can’t make money in the short term. But HODLers might lose out.

That is both settling and frightening to hear. Lol

I had one last question and again I apologize if its a stupid one.

Why would the ethereum futures contracts have such a negative.effect on btc's price? They are separate entities and btc has had the most effect on the movement of the other coins, not the other way around..

[obsidian]

For BTC I have stated I don’t think it will go as high as people think. I think it will be overtaken.

When the wealthy and powerful tell you it has no future one should probably listen. Doesn’t mean we can’t make money in the short term. But HODLers might lose out.

Weak hands getting shaken from the tree right now lol! Just hold and forget about it. The price will go up and down. Long term it will trend up! They are not going to stop printing dollars because they don't have a choice. The US debt will also never be paid off with a strong dollar. Perhaps a weak dollar....

[Mayday]

That is both settling and frightening to hear. Lol

I had one last question and again I apologize if its a stupid one.

Why would the ethereum futures contracts have such a negative.effect on btc's price? They are separate entities and btc has had the most effect on the movement of the other coins, not the other way around..

BTC drives market direction so you make BTC go down to ensure ETH is in a downward trend and then you apply huge shorting pressure to ETH on top which would see that ratio of 0.041 unwind which creates a larger short position.

ETH really could get utterly demolished in that scenario because just unwinding the ETH ratio back to 0.03 creates a 30% pullback alone and then add on top a market pullback of 20% and it’s suddenly very appealing to short BTC and get a 50% position vs a 30% position with the added security that you made the market swing downward anyway so it’s pretty much a guaranteed win vs shorting just ETH.

Don’t get overly bogged down in it. If you are putting money in the line, Just sit and wait.

[Mayday]

Weak hands getting shaken from the tree right now lol! Just hold and forget about it. The price will go up and down. Long term it will trend up! They are not going to stop printing dollars because they don't have a choice. The US debt will also never be paid off with a strong dollar. Perhaps a weak dollar....

It isn’t a question surrounding monetary policy.

It is a question of whether BTC becomes the chosen one. Right now, it isn’t.

The powerful wealthy have said BTC will die. Therefore I’ll side with the billionaires and banks.

[El Diablo Blanco]

Imagine Bitcoin at $10000000 there would’ve be enough money to cash it out.