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

[Humble Narcissist]

https://finance.yahoo.com/quote/BTC-USD/

Crypto tanking. So much for a hedge against inflation.

[Mayday]

They are trying to prevent a run on the bank. Tradfi banks would do the exact same thing. Wait for things to cool down and let it trickle out if it must. Like a pressure relief valve.

If things recover I will eventually do solo Ethereum staking. Not going to trust a Coinbase or Celsius with staking anymore, unless they provide guaranteed protections. If a Storage Facility goes bankrupt can they seize the contents of their storage units? Hell no! So why can't crypto assets have the same protections?

Ahhhh yes, decentralised finance where they freeze funds if people sell…. 👀 

The economic Deflationary wave trumps anything crypto wants to do. Been this way for 6 months but people refused to believe it.

Liquidation path leads to 21k.

BTC @ 23.8k now yet dominance dropping to 47.7%. This is the liquidation path, people YOLO into longs and provide sell pressure.

Until we see Bitcoin regain market control the bottom is not in.

[Mayday]

Current NFT floor prices:

Jpeg of a rock US210k
Jpeg of an ape US85k
Jpeg of a punk US60k

Wouldn’t it be funny if this was the bottom and a Jpeg of a rock drawn in MS Paint was actually worth US210k and then millions in a couple of years from now?

[Mayday]

Binance just halted withdrawals temporarily due to a stuck transaction causing a backlog

LoL love the excuses. Surely Coinbase follows soon?

People YOLOing hard into alts hard now. It’s LUNA all over again but on the full market. People on my feed getting bullish calling the bottom yet Bitcoin has lost dominance even at 23.7k. Crazy, price will go down until we see that break upwards.

[2020 Olympia]

So... when do I buy bitcoin? 25k now or wait? Will it go lower? How low? Is it a smart move?

[Grape Ape]

So... when do I buy bitcoin? 25k now or wait? Will it go lower? How low? Is it a smart move?

Helps if you just read the thread.

[affeman]

Finally the thread title is accurate again - "Bitcoins - about to hit $5,000 per coin today!" lol

[FitnessFrenzy]

BTC $ 23,236.94

[El Diablo Blanco]

At what temp does it take to meltdown a Bitcoin ? Apparently mid 90’s. 

[epic is back]

all that in english?

so again how do you  convert btc into us dollar?

you Exhange btc which is nothing, backed by nothing, like a giant email, blockchain

then somome buys it, and gives you us currency?  one is insured one is not,

i dont get how its a fair echange

[sync pulse]

As I understand it...Bitcoin derives it's value from the "Block Chain" process...A never ending process of computers running a program somewhere in the world...They call this "Mining"...What would happen to Bitcoin (and the money put into it) if after a time all the mining operations start to taper off and then stop altogether?

[El Diablo Blanco]

The government is going to wish they never decided to tax crypto. Next year they will have so many people writing off losses they are going to be fucked when they see how little a lot of people will be paying on their tax returns.   They got greedy taxing it when going up but now will face the consequences.  I bet before the end of year that they will put a limit to the max crypto losses you can take.

[epic is back]

no one files anymore

not after whats happening now

[2020 Olympia]

Helps if you just read the thread.

not going to do that...

[Mayday]

Is it a smart move to take out low interest loans during low interest times, invest and hodl through bad patches then rinse and repeat?

It’s best to follow the economic waves. They move before interest rates move.

We’ve been in a deflationary wave for 7 months now and we still have 8.6% CPI. We need to see CPI back under control at 3% before the wave changes. What will fuck with everyone is in Q3-Q4 CPI will start decreasing but prices will remain high.

[Mayday]

BTC 22.5k and is still losing dominance @ 46.6%.

We are approaching max spastisism as we near 20k. The closer we get, the more spastics ‘long the bottom’ the more sell pressure is added as they get liquidated.

[obsidian]

BTC 22.5k and is still losing dominance @ 46.6%.

We are approaching max spastisism as we near 20k. The closer we get, the more spastics ‘long the bottom’ the more sell pressure is added as they get liquidated.

22k now.

I have shut most of my Ethereum rigs off because the difficulty is still high and the yields low. Waiting for all the miners to quit and then I will start mining Ethereum again, perhaps in 3 weeks. Unless the difficulty stays the same. Then I won't mine. Mining has been my way to DCA into Ethereum but right now it is cheaper to buy Ethereum than mine it. Difficulty needs to drop a lot. Looks like they are going to take their time before merging. That's fine. In current market conditions good news will just be wasted. Better to take time now and work out all the bugs before the merge.

Some DCA advice from Alex Becker:

"Gents- I have to stress. Its EXTREMELY unlikely we are not going lower. Bitcoin LIKELY has another 20-30% to give. Top 10 coins another potential 40-60%. THE DIFFERENCE is we are 70-90% off all time high. We are NOT buying the anywhere near the peak that have caused these massive losses. We are buying lows that will LIKELY provide multiple Xs next bull run YET deliver some losses short term. The goal here is not to buy the bottom and lose zero. Its to consistently invest in projects at prices that are 1/5th to 1/20th of what they will be in in 2-3 years. Please consider and remember any thing you put in right now will likely go lower, this is why we DCA."

[obsidian]

I did some rough calculations and based on my electrical cost and Ethereum mining yield the past few 7-8 months I've been buying Ethereum at a price of around $1,273. Before EIP1559 and when the mining difficulty was much lower I was able to buy Ethereum via mining for as low as $150 per 1 ETH.

Mining sucks right now. However even at these low yields and prices it is almost break even compared to just buying the Ethereum. Interested to see how the difficulty adjusts in the next few weeks.

[Marty Champions]

I did some rough calculations and based on my electrical cost and Ethereum mining yield the past few 7-8 months I've been buying Ethereum at a price of around $1,273. Before EIP1559 and when the mining difficulty was much lower I was able to buy Ethereum via mining for as low as $150 per 1 ETH.

Mining sucks right now. However even at these low yields and prices it is almost break even compared to just buying the Ethereum. Interested to see how the difficulty adjusts in the next few weeks.

i have plenty if iron and salt water for batterys to power your mining my nikka

[epic is back]

i have plenty if iron and salt water for batterys to power your mining my nikka

when the dollar goes all digital

then you want to trade your digital currency for it


uh oh

[obsidian]

i have plenty if iron and salt water for batterys to power your mining my nikka

Thanks my nikka! Can it handle about 6000 watts 24 hours per day?

[Mayday]

I did some rough calculations and based on my electrical cost and Ethereum mining yield the past few 7-8 months I've been buying Ethereum at a price of around $1,273. Before EIP1559 and when the mining difficulty was much lower I was able to buy Ethereum via mining for as low as $150 per 1 ETH.

Mining sucks right now. However even at these low yields and prices it is almost break even compared to just buying the Ethereum. Interested to see how the difficulty adjusts in the next few weeks.

Yep, miners were already going under below 33k. Had some spastic on Twitter tell me there will be no miner capitulation because why would they sell…..

BTC dominance dropping further down to 45.9% now …..as BTC slapped 21.7k.

And people said we can’t get down to 11k…….

LUNA took 6 days to go from $109 to $0.000024. We are day 3.

[Theoak*]

Be interested to see how much the raise interest rates this week and the effect it has on the market. Or is that already being priced in and we see a pump in all markets?

[jude2]

50 points is priced in and expected. If they do more it might be interesting.

[Flexacon]

Yep, miners were already going under below 33k. Had some spastic on Twitter tell me there will be no miner capitulation because why would they sell…..

BTC dominance dropping further down to 45.9% now …..as BTC slapped 21.7k.

And people said we can’t get down to 11k…….

LUNA took 6 days to go from $109 to $0.000024. We are day 3.

There is a fair bit of support around 19/20K

I rolled some funds for a bounce from here,  but I'm out after that and will wait until October or bag hold.