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

[obsidian]

How many is jumping on this one?   

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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.
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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.

[Jakobslander]

It's Economics 101: All other variables held constant, an increase in demand of a product tends to increase the price of the product.

To me, what is currently going on is there a major dump of of the stolen Mt. Gox coins. It takes time to cycle through the system.

Wouldn't be surprised if BTC does a 360º at 4:01PM on Friday and decides to go to 40k. The market is going to fuck people over just like that.

[SOMEPARTS]

It's Economics 101: All other variables held constant, an increase in demand of a product tends to increase the price of the product.

To me, what is currently going on is there a major dump of of the stolen Mt. Gox coins. It takes time to cycle through the system.

Wouldn't be surprised if BTC does a 360º at 4:01PM on Friday and decides to go to 40k. The market is going to fuck people over just like that.

You should do the weather. If somebody holding Mt Gox coins didn't sell at 60k why would they sell at 29k?

These are fables. 

[Mayday]

It's Economics 101: All other variables held constant, an increase in demand of a product tends to increase the price of the product.

To me, what is currently going on is there a major dump of of the stolen Mt. Gox coins. It takes time to cycle through the system.

Wouldn't be surprised if BTC does a 360º at 4:01PM on Friday and decides to go to 40k. The market is going to fuck people over just like that.

The argument from Bitcoin influencers has always been fixed supply and scarcity.

on chain data analysts monitor this very thing, supply and demand yet they have the absolute worst track history of being correct. They see demand increase and immediately call for higher price but then price falls…….

look at alt coins which have inflating supply yet price still followed bitcoin and went up…… unlimited supply and price went up kind of flies in the face of what Bitcoin promises.

The point of it is ‘belief’ of the buyer is what sets price. When we have retail buyers enter the crypto market for a FOMO run, nothing is running out its simply that they believe it is going up in value so they pay more for it. Supply doesn’t change, you can still buy any amount at the click of a button.

When retail is nuked at 64k there is no change to supply but the buyers who remain in market believe it is worth much less than before and therefore price sells. So when we see demand increase we see price fall like right now.

I’m just saying it’s a different way to see it and treat it for what it is. Unlimited supply, unlimited access, yet growing demand can see a fall in price. It’s belief. So if right now you hold Bitcoin the problem is the major players believe it’s worth 14k and therefore this is where it will inevitably end up.

[TheAnimal]

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

Nice 
Shitcoins falling is great.

[Jakobslander]

You should do the weather. If somebody holding Mt Gox coins didn't sell at 60k why would they sell at 29k?

These are fables. 

I didn't say they sold at 29k, they probably sold at 60k and that's how we got to 29k.

Right around the time of the Coinbase IPO I remember hearing from Richard Heart that some of the addresses that were tied to the Mt. Gox fiasco were moving coins around. He didn't make anything of it but... what a coincidence huh?! Months later, 29k.

[Jakobslander]

The argument from Bitcoin influencers has always been fixed supply and scarcity.

on chain data analysts monitor this very thing, supply and demand yet they have the absolute worst track history of being correct. They see demand increase and immediately call for higher price but then price falls…….

look at alt coins which have inflating supply yet price still followed bitcoin and went up…… unlimited supply and price went up kind of flies in the face of what Bitcoin promises.

The point of it is ‘belief’ of the buyer is what sets price. When we have retail buyers enter the crypto market for a FOMO run, nothing is running out its simply that they believe it is going up in value so they pay more for it. Supply doesn’t change, you can still buy any amount at the click of a button.

When retail is nuked at 64k there is no change to supply but the buyers who remain in market believe it is worth much less than before and therefore price sells. So when we see demand increase we see price fall like right now.

I’m just saying it’s a different way to see it and treat it for what it is. Unlimited supply, unlimited access, yet growing demand can see a fall in price. It’s belief. So if right now you hold Bitcoin the problem is the major players believe it’s worth 14k and therefore this is where it will inevitably end up.

I'm with you on most of the stuff, but it's not the on chain analysts' fault. All they can do is tell us that there is a shortage or a glut of any coin. What they CAN'T and WON'T do is tell you if there's more buyers than sellers or vice versa. No one knows that. We see it represented in the price. What we ALL know is going to happen though is that these coins being sold by the weak hands are being accumulated by stronger hands, and that this will eventually culminate on a huge run up (200k-300k).

Look at gold: hasn't gone past historic highs in decades, inflation is ramping up and yet it's barely moving, with a decent dump on the way. Now, it takes time for moves to develop, price wise, but when they do, oh boy! Gold is going to dump short term, but the next leg up, get ready because it's going to Peter North it's way to 5k.

[Mayday]

I'm with you on most of the stuff, but it's not the on chain analysts' fault. All they can do is tell us that there is a shortage or a glut of any coin. What they CAN'T and WON'T do is tell you if there's more buyers than sellers or vice versa. No one knows that. We see it represented in the price. What we ALL know is going to happen though is that these coins being sold by the weak hands are being accumulated by stronger hands, and that this will eventually culminate on a huge run up (200k-300k).

Look at gold: hasn't gone past historic highs in decades, inflation is ramping up and yet it's barely moving, with a decent dump on the way. Now, it takes time for moves to develop, price wise, but when they do, oh boy! Gold is going to dump short term, but the next leg up, get ready because it's going to Peter North it's way to 5k.

Ok cool.

Gold I think could be simplified by looking at the bond market who has yields coming down. Those buyers are saying there is no inflation.

Money supply is leveraged 25x and we can make inflation vanish very quickly because of leverage unwinding.

A good example is lumber. 500% inflation a year after the pandemic….. today it’s dropped to roughly 90%.

Oil went from -$30 to $77 and this week it dropped nearly 20%.

We have almost 1T being parked at the Fed. 8 months of QE being kept aside as banks say it’s too risky to put it into the market. It suggests deflation is the serious risk.

Weimar had a lot of volatility as markets would blow up one minute and collapse the next. Gold did that a lot during that phase, it wasn’t stable. Lasted 10yrs and only in the final year did we see total collapse and then hyperinflation as a result.

So probably gold will be all over the place and then finally BAM and outcome of 400% in one year perhaps?

[Griffith]

https://cointelegraph.com/news/rothschild-investment-corp-has-increased-its-bitcoin-exposure-by-300-since-april

Rothschild Investment Corp has increased its Bitcoin exposure by 300% since April

https://dailyhodl.com/2021/07/21/1700000000-investment-firm-bolsters-holdings-in-grayscale-bitcoin-and-ethereum-trusts/

$1,700,000,000 Investment Firm Bolsters Holdings in Grayscale Bitcoin and Ethereum Trusts

[Griffith]

https://www.finextra.com/newsarticle/38490/mastercard-simplifies-card-payments-for-crypto-firms/retail

Mastercard is using the USDC stablecoin to make it easier for people to spend their cryptocurrency with its cards.

Today the card giant revealed that it is working on a pilot with Circle, the principal USDC operator, as well as Evolve Bank & Trust and Paxos Trust, to enable banks and crypto companies to offer a card option to people wanting to spend their digital assets anywhere Mastercard is accepted.

[polychronopolous]

Core Scientific, a major U.S. bitcoin mining company, is going public via SPAC


Cryptocurrency mining operator Core Scientific said Wednesday it is listing on the Nasdaq through a merger with Power & Digital Infrastructure Acquisition Corp.

The deal with the special purpose acquisition company values Core Scientific at roughly $4.3 billion.


It's not clear when trading will begin. The ticker name was not announced.

Core, which has operations in North Dakota, North Carolina, Georgia, and Kentucky, is one of the largest providers of blockchain infrastructure and hosting, as well as one of the largest digital asset miners, in North America.

Rival bitcoin miners Riot Blockchain and Marathon Digital have market capitalizations of $2.18 billion and $2.25 billion, respectively.

Core's "blockchain infrastructure business is unparalleled, backed by more than 70 blockchain and infrastructure-related patents and applications," said Darin Feinstein, co-founder and co-chairman.

Bitcoin has had a wild year, peaking at more than $63,000 before crashing to a current value of around $31,500, but it's still up more than 245% from a year ago. SPACs of bitcoin mining companies are another way to bet on the crypto craze with a slightly longer-term time horizon than speculating on the currencies themselves.


Core, which primarily mints bitcoin, says it generated $60 million in revenue in 2020 and anticipates $493 million this year. The company declined to disclose net income or loss.

So far in 2021, Core has minted more than 3,000 bitcoin, including 1,683 for its own account, co-chairman and CEO Mike Levitt said in an interview. During that same time period, Marathon's mining fleet produced approximately 846 bitcoin and Riot produced a total of 1,167.

Core is adding capacity at its existing sites and is looking to build more facilities in potentially one to two more states. It operates about 80,000 rigs, and by the end of 2022, will be operating well in excess of 300,000 miners, according to Levitt.

https://www.cnbc.com/amp/2021/07/21/cryptomining-operator-core-scientific-going-public-via-spac.html?__twitter_impression=true