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

[Jakobslander]

The number of 1,000+ coin wallets are decreasing, hence whales are selling. Therefore the overall population of whales is decreasing. You understand yes? You can’t include those wallets in your ‘they are buying’ comment because that would be incorrect. Otherwise post the on chain chart and I’m happy to be wrong.

The price has gone down decisively, the charts show this. It’s a bear market. Need to wait for the bottom. It’s that simple.

Of course there will be pumps. Nobody is disputing that. The argument is the bottom is not in and therefore any pump that happens in the near future will die off and we go lower with each retracement.

You and I have common ground, you like alt coins and so do I.

IMHO, it's a wave 2 of a 5 wave sequence bud. The only difference is that the powers-that-be have to show you the precipice before they turn the spigots back on.

Happens all the time.

[Mayday]

This chart is clearer

1,000+ Size wallets have been dumping for some time.

This chart doesn’t give any hint that these participants have begun accumulating again and is still in a downward trend.

look to the far left and see what accumulation looks like in coins and price action. Just like in March 2020 We need a major capitulation event to occur in order to form a bottom before the market  can begin accumulating again.


Important dates to watch are:
17th-19th July for GBTC unlocks.
26th July for Tesla financial reporting which will confirm if Tesla still holds BTC…… this is the big one!

[Griffith]

https://dailyhodl.com/2021/07/15/whales-are-quietly-pouncing-on-ethereum-as-crypto-market-meanders-according-to-analytics-firm-santiment/

Whales Are Quietly Pouncing on Ethereum As Crypto Market Meanders, According to Analytics Firm Santiment



https://beincrypto.com/btc-whales-accumulating-as-exchange-deposits-increase/

Bitcoin Whales Accumulating

[Mayday]

ETH is something I really like. Forget the market for the moment.

As someone who purchases lots of toys and I use other people’s money to pay for them, the loan process is so shit and is as slow today as it was 20yrs ago.

We should be able to walk into a motorbike or car dealership, say I’ll take that one and then do the invoice/loan/payment all in an app and walk away with the vehicle 15 minutes later. That is something I can really get behind as a technology.

The bank loan process is such bullshit. I can use 1k USD to leverage into 100k in 2 seconds in the crypto exchange yet it will take 5 working days to apply for finance, approval, payment.

[LurkerNoMore]

The number of 1,000+ coin wallets are decreasing, hence whales are selling. Therefore the overall population of whales is decreasing. You understand yes? You can’t include those wallets in your ‘they are buying’ comment because that would be incorrect. Otherwise post the on chain chart and I’m happy to be wrong.

The price has gone down decisively, the charts show this. It’s a bear market. Need to wait for the bottom. It’s that simple.

Of course there will be pumps. Nobody is disputing that. The argument is the bottom is not in and therefore any pump that happens in the near future will die off and we go lower with each retracement.

You and I have common ground, you like alt coins and so do I.

How will you know when it is reached?

[LurkerNoMore]

A little off topic, but I saw this article today of this country destroying the equipment from illegal crypto mining operations.  Apparently, over $1M worth of equipment.  The operators are accused of stealing about $2M worth of electricity. 

Newbie question, but after they mined the coins (or whatever), wouldn't they be stored online in a wallet?  Or do most miners store them on their hard drives?

https://www.yahoo.com/finance/news/malaysia-crush-1069-crypto-mining-rigs-steamroller-131251559.html

[FitnessFrenzy]

[Griffith]

All the more reason for crypto to exist.

As well as DEFI.

[LurkerNoMore]

How many is jumping on this one?   

---
The El Salvador government has plans to launch a native cryptocurrency that consumers will be able to use for services, Latin American digital newspaper El Faro reported Friday night.
---

[a_pupil]

How many is jumping on this one?   

---
The El Salvador government has plans to launch a native cryptocurrency that consumers will be able to use for services, Latin American digital newspaper El Faro reported Friday night.
---

NarcoCoin to the moon

[obsidian]

How many is jumping on this one?   

---
The El Salvador government has plans to launch a native cryptocurrency that consumers will be able to use for services, Latin American digital newspaper El Faro reported Friday night.
---

How many are jumping on this one? Plural!

[Griffith]

https://dailyhodl.com/2021/07/17/london-hard-fork-will-trigger-enormous-run-up-in-demand-and-value-of-ethereum-says-consensys-founder-joseph-lubin/

London Hard Fork Will Trigger ‘Enormous’ Run-Up in Demand and Value of Ethereum

ConsenSys founder Joseph Lubin believes that Ethereum’s value will surge, as he expects the leading smart contract platform to face exponential demand ahead of its August upgrade.

In an interview with CNBC, Lubin says that his team is seeing a steep rise in interest from those who wish to build on the Ethereum (ETH) platform and that demand for ETH is also growing.

This phenomenon, coupled with the upcoming London hard fork which will effectively make ETH a deflationary asset, will boost the price of Ethereum significantly, says Lubin.

“We’re seeing exponential demand for the Ether token to run transactions, to run programs on the network, on top of essentially massively decreasing supply. So we anticipate that there will be an enormous run up in demand and the value of Ether.”

In the second financial quarter of 2021, the Ethereum network settled over $2.50 trillion in transactions, notes Altcoin Daily host Austin Arnold in a new video.

Although development and interest in the Ethereum platform have only increased in Q2, ETH’s price has not reflected that growth, says Arnold. Today, Ethereum is trading under $2,000 – well below it’s all-time high of over $4,000 in May.

The host suggests that this disparity is due to the rapid increase in demand for stablecoins on the Ethereum network, implying that holders are moving their funds out of ETH and into the dollar-pegged cryptocurrencies.

Lubin believes that the divergence of price from interest for Ethereum could change when the upgrade debuts on August 4th.

[Theoak*]

ETH is something I really like. Forget the market for the moment.

As someone who purchases lots of toys and I use other people’s money to pay for them, the loan process is so shit and is as slow today as it was 20yrs ago.

We should be able to walk into a motorbike or car dealership, say I’ll take that one and then do the invoice/loan/payment all in an app and walk away with the vehicle 15 minutes later. That is something I can really get behind as a technology.

The bank loan process is such bullshit. I can use 1k USD to leverage into 100k in 2 seconds in the crypto exchange yet it will take 5 working days to apply for finance, approval, payment.

I can do that now using btc as collateral. No credit checks, no background info. Post up btc and obtain a loan for 1% for any amount.  Available  to aussies aswell.

[Mayday]

I can do that now using btc as collateral. No credit checks, no background info. Post up btc and obtain a loan for 1% for any amount.  Available  to aussies aswell.

I’m talking full integration between dealer - lender - buyer of basic unsecured loans for vehicles. I haven’t seen anything move quick in the finance space.

I recently bought a new Mercedes for my wife. I drove to the dealer and gave them a bank cheque so we could walk away with the car. That has been the only way to do it and faster than any bank transfer because dealer finance have to see the inbound payment and assign to a sale which causes delays. Credit card costs me 0.25% of total value meanwhile a bank cheque was $20.

Mass market doesn’t use secured/collateralised loans so holding BTC is irrelevant for 99% of consumer market. When you see your assets are already available in app there is no need for any BTC type loan because you already have collateral.

It also stands to argue borrowing against BTC like Saylor suggests will be regulated into oblivion anyway. So it’s not an end solution.

[FitnessFrenzy]

[gib]

I’m talking full integration between dealer - lender - buyer of basic unsecured loans for vehicles. I haven’t seen anything move quick in the finance space.

I recently bought a new Mercedes for my wife. I drove to the dealer and gave them a bank cheque so we could walk away with the car. That has been the only way to do it and faster than any bank transfer because dealer finance have to see the inbound payment and assign to a sale which causes delays. Credit card costs me 0.25% of total value meanwhile a bank cheque was $20.

Mass market doesn’t use secured/collateralised loans so holding BTC is irrelevant for 99% of consumer market. When you see your assets are already available in app there is no need for any BTC type loan because you already have collateral.

It also stands to argue borrowing against BTC like Saylor suggests will be regulated into oblivion anyway. So it’s not an end solution.

It will happen. Right now, people are just borrowing against their BTC, used as collateral, and then using the cash given to them for day to day purchases in fiat currencies. I have friends doing this entirely with crypto visa cards. Payment providers will soon make the process more seamless, so the seller gets cash (or BTC) as they wish, paid out on leverage on the underlying coin. I know people who are trying to live as much of their life as they can in this way. Great if BTC keeps rising, but not great if it does now, or if it declines to the point where your leverage forces a liquidation.

[gib]

https://dailyhodl.com/2021/07/17/london-hard-fork-will-trigger-enormous-run-up-in-demand-and-value-of-ethereum-says-consensys-founder-joseph-lubin/

London Hard Fork Will Trigger ‘Enormous’ Run-Up in Demand and Value of Ethereum

Could do. But the move to proof of stake could trigger a massive decline. Lets see,

[Mayday]

It will happen. Right now, people are just borrowing against their BTC, used as collateral, and then using the cash given to them for day to day purchases in fiat currencies. I have friends doing this entirely with crypto visa cards. Payment providers will soon make the process more seamless, so the seller gets cash (or BTC) as they wish, paid out on leverage on the underlying coin. I know people who are trying to live as much of their life as they can in this way. Great if BTC keeps rising, but not great if it does now, or if it declines to the point where your leverage forces a liquidation.

Up until ETH peaked and BTC didn’t recover i was thinking we’d get away with a lot.

July 26th is only 7 days away.

[Flexacon]

London hard fork/low gas fees = major NFT boom

NFTs are bought with ETH, which could mean ...

[Griffith]

London hard fork/low gas fees = major NFT boom

NFTs are bought with ETH, which could mean ...

Yes, and almost all stablecoins use ETH.

And there’s also increasing demand for Defi.

[Mayday]

Yes, and almost all stablecoins use ETH.

And there’s also increasing demand for Defi.

Fed looked into Tether and said it’s 10x. They’re coming for stablecoins, leverage and private wallets.

It’s not even market nukes anymore it’s limping along draining blood every step.

[FitnessFrenzy]

THORChain (RUNE) is down 83 % from its high.

[Griffith]

https://u.today/ethereum-eth-to-massively-outperform-in-a-couple-of-years-raoul-pal

Ethereum (ETH) to Massively Outperform in a Couple of Years: Raoul Pal

Raoul Pal is a renowned investor and founder of top-league financial media company Real Vision. In the latest episode of Camila Russo's Defiant podcast on decentralized finance, he explained why he switched from Bitcoin (BTC) to Ethereum (ETH).

Raoul Pal goes "all in"

Mr. Pal recalled that he was "noticing and commenting" on the most devastating economic bubbles in recent history: 1998, 2008, 2012 and so on. As a result, he started to look for the recipe that would tell how such disasters could be avoided.

That is why he has been interested in Bitcoin (BTC) and cryptocurrencies since 2013. Amidst the 2020 recession, he indicated a decisive point for his theory on Bitcoin (BTC):

And that was the time I said, this is the opportunity. There's only one way for this to go: it's either going to zero which was almost no chance, or this was the start of the move. So I started buying Bitcoin then. Then I really went very long when it broke 10,000 which was the triangle.

By the August of 2020, 100 percent of his liquid portfolio was allocated in the flagship cryptocurrency. However, in Q3-Q4, 2020, he decided to partially move his riches to Ethereum (ETH) and a couple of other tokens.

Meanwhile, Mr. Pal holds only cryptocurrencies in his liquid portfolio.

Flippening expected

Mr. Pal is certain that, in the macro view, Ethereum's (ETH) performance will be far more impressive than that of other cryptocurrency heavyweights:

And then I broadened that out and increased my Ethereum exposure by about October thinking that Ethereum was actually going to massively outperform for a couple of years.

Thus, his personal bet is 55 percent Ethereum (ETH) and 25 percent Bitcoin (BTC), while the rest is distributed between the number of tokens. Regarding his "basket," Mr. Pal indicated communities, social tokens and NFTs outside of the art market as his focus areas.

At the same time, he does not believe that equities and bonds are in a bubble: the latest volatility spikes can largely be attributed to the deprecation of the value of fiat money.

[Flexacon]

Fed looked into Tether and said it’s 10x. They’re coming for stablecoins, leverage and private wallets.

It’s not even market nukes anymore it’s limping along draining blood every step.

More FUD (or not)

EU Proposes Ban on Anonymous Cryptocurrency Transactions

https://www.bnnbloomberg.ca/eu-proposes-ban-on-anonymous-cryptocurrency-transactions-1.1630937

One thing about the EU is that they don't fuck about when it comes to tech, the financial system and regulations.

[Mayday]

More FUD (or not)

EU Proposes Ban on Anonymous Cryptocurrency Transactions

https://www.bnnbloomberg.ca/eu-proposes-ban-on-anonymous-cryptocurrency-transactions-1.1630937

One thing about the EU is that they don't fuck about when it comes to tech, the financial system and regulations.

It makes sense. You can’t take shares off an exchange and put them on your home laptop, why allow it with crypto?

Tesla on the 26th will be a biggie.

Meanwhile message from main on chain influencers is whales are buying and little fish are buying, everybody buying basically. Yet price still dumps which leads me to my next point.

Where did all the BS scarcity arguments go? Scarcity hasn’t changed yet price is falling. We can still buy 24/7 365 days a year in seconds. Meanwhile I go to the supermarket to buy toilet paper and it’s out, I drive to other shops until I find some and yes I’d happily pay more just to get it and not fuck about. That is scarcity……

Price ceiling is determinedly by the buyer. Scarcity is manipulated to achieve optimum price or goal of the seller. Scarcity doesn’t give the price, the buyer does because they are the one without and will tell the seller what they are willing to forgo to get it.

It’s easier to think this way because then it’s easier to understand why price falls despite demand being there (just not at the previous price).

Many On chain people are failing at this right now. They keep looking at demand and not following price mentality. They keep calling for up only because they see lots of demand and high demand to them means scarcity = price must go up. So they keep calling for up only and instead price goes down.