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

[obsidian]

Update on 2 rumors.

1 - that Bezos is buying up BTC big. He was last week seen on his boat with Michael Saylor, so very likely he is a Bitcoiner and sees the future.

2 - that Bezos is buying Filecoin. He fully understands data storage, and he knows Filecoin will eat Amazon's juicy margins. If you can't beat em, join em.

I know neither with certainty, but at the same time, the info comes from reasonably smart people who have a sense of these types of things.

So, take it with a grain of salt, always be skeptical, due your own research - but do give my points above some thought (and remember where you head this first).

Ever heard of Siacoin? It is a storage coin like Filecoin, only years ahead in development. I got into SIA back in 2017. Converted it all to BNB back in 2021.

https://www.reddit.com/r/siacoin/comments/mixwb2/who_is_actually_ahead_in_development_siacoin_or/

[Flexacon]

Ever heard of Siacoin? It is a storage coin like Filecoin, only years ahead in development. I got into SIA back in 2017. Converted it all to BNB back in 2021.

https://www.reddit.com/r/siacoin/comments/mixwb2/who_is_actually_ahead_in_development_siacoin_or/

Storj is another similar project, and so is the Graph (GRT) which is newer, shinier and exposed to other narratives. This would be my pick as the winner of this cycle at least.

Good article that compares 3 of these projects.

https://academy.youngplatform.com/en/blockchain/what-is-cloud-storage-ipfs-filecoin-storj-the-graph/

[SouJerz]

I’m split 60/40 Bitcoin/ether right now.  On the fence about waiting for ether ETF to come out. IF it does price should shoot up relative to Bitcoin meaning the ETH/BTC ratio goes over .58 hopefully as close to .70 as possible and either sell my ETH and buy BTC or convert ETH all to BTC.  ULTIMATELY I understand it comes down to the choice I make but would love to hear opinions on what you guys would do and gals if there’s any into crypto.  I heard satoshi is female and actually used to work for the CIA.  Also isn’t the USA the largest known holder of BTC through confiscations?  Obviously China is a giant holder through back channel purchases.

Anyone with 2 cents to add?

[gib]

Storj is another similar project, and so is the Graph (GRT) which is newer, shinier and exposed to other narratives. This would be my pick as the winner of this cycle at least.

Good article that compares 3 of these projects.

https://academy.youngplatform.com/en/blockchain/what-is-cloud-storage-ipfs-filecoin-storj-the-graph/

There are big differences between some of these projects and FILECOIN.

FIL does not seek to store data on the blockchain. Rather, it stores data in a secure and decentralized manner across global storage providers at the lowest cost (ie liternally 99% cheaper than you would pay for Amazon or Google or Microsoft). FIL also have the largest usage, and by far the largest scale of adoption. And FIL is actually already profitable, making money each day.

You may well see MASSIVE scale.adoption and use of this network in the decade ahead. The storage demands of AI in the decade ahead will be huge, and AI will automatically plug in to FIL over time.

Take a look at the current price graph - it is poised to pump.

To learn a little more on why its so revolutionary and so important see: https://filecointldr.io/

[gib]

I’m split 60/40 Bitcoin/ether right now.  On the fence about waiting for ether ETF to come out. IF it does price should shoot up relative to Bitcoin meaning the ETH/BTC ratio goes over .58 hopefully as close to .70 as possible and either sell my ETH and buy BTC or convert ETH all to BTC.  ULTIMATELY I understand it comes down to the choice I make but would love to hear opinions on what you guys would do and gals if there’s any into crypto.  I heard satoshi is female and actually used to work for the CIA.  Also isn’t the USA the largest known holder of BTC through confiscations?  Obviously China is a giant holder through back channel purchases.

I'll comment (since you are asking for feedback).

For technical and technological reasons, not to mention economic and philosophical reasons, personally I would be more weighted to BTC (say 85 or 90%), and the rest ETH, SOL, and FIL and whatever other alts you want to dabble with.

The big risk for ETH is that the ETFs will not be approved as some hope, leading to immediate disappointment and selloff. Personally, I just can't see how the SEC can approve what is obviously an unregistered security. (Having said, that, the consensus view from numerous experts is that the chance of an approval is relatively high). 

We are also seeing many of ETH's most desired features being built on BTC as a base layer, and then also ETH having its lunch eaten in terms of speed and efficiency by Solana. Eth no longer has the "better alternative to digital money than BTC" narrative, so it's kind of stuck in between a rock and a hard place with SOL.

Many in Wall St in finance are now also incentivised to back BTC, and nothing else. Game theory at play, and so this could also hurt ETH.

Yes, I am sure that the Chinese and Russian leaders (and indeed many communist/terrorist countries), North Korea, Iran, etc are accumulating. Various divisions of the US Govt are of course doing likewise. All of which is good for Bitcoin, as demand with a fixed supply = increase in price.

[Flexacon]

You may well see MASSIVE scale.adoption and use of this network in the decade ahead.

Take a look at the current price graph - it is poised to pump.

To learn a little more on why its so revolutionary and so important see: https://filecointldr.io/

Almost everything has pumped or is poised to pump/pump some more. FIL in terms of pumponomics is a laggard though. It is a 3rd cycle coin full of bag holders who will look to dump. It's also been heavily diluted in the bear market. None of this is conducive to face melting pumps. This is why my point was something newer and shinier will do better for now.

The big risk for ETH is that the ETFs will not be approved as some hope, leading to immediate disappointment ans selloff. We are also seeing many of ETH's most desired features being built on BTC as a base layer, and then ETH having its lunch eaten in terms of speed and efficiency by Solana. Eth no longer has the "alternative to digital money of BTC" narrative, so its kind of stuck in between a rock and a hard place.

I agree holding ETH (and not staking) is not a good move right now as an ETH sell off will probably happen both with or without an ETF approval.

As for ETH having its lunch eaten, yes I agree with that too, but it will for the most part be eaten by Ethereum layer 2s. Also ETHs most bullish catalyst isn't the ETF it's Eigen Layer. And FYI since the BTC ETF approval ETH has out performed BTC.

Many in Wall St in finance are now also incentivised to back BTC, and nothing else. Game theory.

My take is very different..

ETFs care about volume and collecting fees, not about picking winners and losers. On exchanges ETH does about 1/3 the volume of BTC. If that 1/3 volume translates to ETFs then it's would be a huge win for ETF providers. They are not incentivised to pick a winner here, they are incentivised to have both.

As for ALTs, well Uniswap which is US based has always said they wouldn't distribute the governance fees they collect to token holders/stakers because of regulatory concerns (the whole token/security debate). They have now reversed this decision and are putting to vote a proposal to redistribute fees. I don't think they'd do this if they didn't have some kind of regulatory clarity on this issue. The exact details just have not been publicly announced yet, but it would potentially be a win for crypto/Alts.

[SouJerz]

So if i do decide to pull the trigger and convert some of my Ether into BTC any opinions on the best way to do that?  I am thinking send my ether to Kraken or maybe a different exchange and use the converter from Eth to BTC?  Or would it be wiser to sell my Ether and then Buy BITCOIN with the cash?  THe current exchange i am on has high fees (compared to other exchanges) so im thinking Kraken is the way to go or is there a recommended exchange to use that has lower fees yet is known and safe, Im a little iffy about using binance.

my friend recommended SWAN or RIVER haven't really heard of either but this is the friend who told me to buy BTC and ETH back in 2016 so his advice has paid off in the past.   AS always i appreciate everyones two cents whether i decided to use your advice or not always falls on my shoulders.

Personally i am leaning towards Kraken but would love to hear opinions.  I also have  TREZOR for cold storage.


FUDGE I just realized if I swap crypto I’m going to get hit with capital gains taxes!!!!

[obsidian]

We are also seeing many of ETH's most desired features being built on BTC as a base layer, and then also ETH having its lunch eaten in terms of speed and efficiency by Solana. Eth no longer has the "better alternative to digital money than BTC" narrative, so it's kind of stuck in between a rock and a hard place with SOL.

That's a joke. There are a lot more great developers working on ETH compared to BTC. And ETH has needed years of development to get to where it is now with a decentralized and secure way to accomplish DEFI. BTC is years behind and slower than ETH. The Lightning network is apparently a mess. The ordinals was an accidental development due to the incompetence of BTC developers.

Solana L1 is faster but prone to shutdowns. And its tokenomics is not great. They give stakers yield by printing more SOL. So while people think their transactions are cheap, the inflationary nature of SOL means their holdings are diluted, similar to the USD.

I personally think ETH will outperform BTC in this bull run. ETH initially also held better than BTC in the previous bull run. It was holding steady when BTC started dropping, which dragged ETH down eventually.

I am bullish on ETH and always will be. It gives yield and is deflationary. It's  deflation rate was around -1% the past 7 days. Soon the supply will dip below 120 million ETH. It remains to be seen how the Dencun upgrade will affect the burning mechanism.

https://ultrasound.money/

[obsidian]

As for ETH having its lunch eaten, yes I agree with that too, but it will for the most part be eaten by Ethereum layer 2s. Also ETHs most bullish catalyst isn't the ETF it's Eigen Layer. And FYI since the BTC ETF approval ETH has out performed BTC.

Now add in the 3.5% ETH staking yield. At current prices BTC is up 59% the past 3 months. And ETH is up 60%. But if you're staking then that number might as well be 63.5%.

https://www.reddit.com/r/ethereum/comments/15qy0g9/whats_the_advantage_for_ethereum_to_scale_through/

Regarding the parasitic nature of Ethereum L2s on L1:

https://mirror.xyz/0xf60c678dAb84CE6285E23C078912066B1B267f42/fw_kJ16GoYz8zdOtfoFfFFzVfWGm7ZyYMXYZCzbhkUY

With L2s being cheaper to use, everyone will move away from L1, reducing the price of ETH

This seems to the be the most common anti-rollup argument, but people forget: this is the goal! Vitalik Buterin has clearly stated that after the Surge (the 2nd stage of the upgrade), Ethereum should ideally serve only as the consensus and data availability layer, with all executions taking place on Layer 2 scaling solutions, specifically rollups. But what about all the gas? Yes, Ethereum will no longer earn gas fees from users if they transact on L2s, but remember that the L2s themselves have to settle on the L1 mainchain, and that costs gas too.

[obsidian]

There are big differences between some of these projects and FILECOIN.

FIL does not seek to store data on the blockchain. Rather, it stores data in a secure and decentralized manner across global storage providers at the lowest cost (ie liternally 99% cheaper than you would pay for Amazon or Google or Microsoft). FIL also have the largest usage, and by far the largest scale of adoption. And FIL is actually already profitable, making money each day.

You may well see MASSIVE scale.adoption and use of this network in the decade ahead. The storage demands of AI in the decade ahead will be huge, and AI will automatically plug in to FIL over time.

Take a look at the current price graph - it is poised to pump.

To learn a little more on why its so revolutionary and so important see: https://filecointldr.io/

I'll take a look at FILECOIN. I got into SIACOIN in 2017 but the interface was weird at the time. You had to jump through hoops to get it in a wallet - I don't recall that Binance offered it at the time. But it all worked and the transfers were fast. I had the tokens in a local wallet on my hard drive. Eventually I was able to transfer it to Binance and converted to BNB.

https://www.ultraupdates.com/2023/05/siacoin-vs-filecoin-which-is-more-promising/

Siacoin Vs. Filecoin: Which Is Better For File Storage?
When it comes to file storage, both Siacoin and Filecoin have their own advantages and disadvantages. Siacoin is cheaper than Filecoin, which makes it an attractive option for individuals and small businesses. However, Siacoin’s network is relatively small, which means that it may not be able to handle large amounts of traffic.

Filecoin, on the other hand, offers a higher level of redundancy and flexibility in terms of storage providers. This makes it a better option for larger businesses and organizations that require a high level of reliability and scalability.

Siacoin Vs. Filecoin: Which Has A More Promising Future?
When it comes to the future potential of Siacoin and Filecoin, there are several factors to consider. Siacoin has been around for longer than Filecoin and has a more established user base. Additionally, Siacoin has a more active development team, which means that the platform is constantly improving and evolving.

Filecoin, on the other hand, has the backing of some of the biggest names in the cryptocurrency industry, including Winklevoss Capital and Sequoia Capital. This gives it a significant advantage when it comes to attracting investment and developing partnerships.

Conclusion
Both Siacoin and Filecoin have their own strengths and weaknesses. Siacoin is cheaper and offers a high level of security, while Filecoin offers a higher level of redundancy and flexibility. Ultimately, the choice between the two will depend on your specific needs and use case.

[SouJerz]

So some are bullish ether while others are bearish hopefully the bulls win because I’m no longer considering swapping my ETH for BTC due to capital gainz taxes.  I guess I need to stack more BTC to get up to an 80/20 split.

What exchanges do you all like for buying crypto?

Kraken? Coinbase? Swan? River? Binance?

[obsidian]

Memes pumped hard.

DOGE up 80% the past 3 months.
SHIBA up 164 % the past 3 months.
PEPE up 403% in the same period.

Notice the smaller market caps pumping harder. It's easier for them to go up because of this. This is why Solana can outperform Ethereum and Ethereum can outperform Bitcoin.

[obsidian]

So some are bullish ether while others are bearish hopefully the bulls win because I’m no longer considering swapping my ETH for BTC due to capital gainz taxes.  I guess I need to stack more BTC to get up to an 80/20 split.

What exchanges do you all like for buying crypto?

Kraken? Coinbase? Swan? River? Binance?

Yes, that's a good point. And if you do decide to take profits, make sure you immediately pay the capital gains tax (guess 20% for long term capital gains) and hold some of the USD profits back as well. In the previous bull run I made the mistake of doing trades and never keeping the USD profits in a bank account. I went straight back into crypto with the profits.  So I had to pay taxes on USD gains that I never really realized since the tokens dumped the following year and I never kept the USD. I won't make that mistake again.

[obsidian]

So some are bullish ether while others are bearish hopefully the bulls win because I’m no longer considering swapping my ETH for BTC due to capital gainz taxes.  I guess I need to stack more BTC to get up to an 80/20 split.

What exchanges do you all like for buying crypto?

Kraken? Coinbase? Swan? River? Binance?

I only have experience with Coinbase, which worked well at the time. Last time I bought any cryptos was in late 2017 / early 2018. All  the rest of my cryptos I got through mining Ethereum and making trades.

[SouJerz]

I only have experience with Coinbase, which worked well at the time. Last time I bought any cryptos was in late 2017 / early 2018. All  the rest of my cryptos I got through mining Ethereum and making trades.

You don’t have millions in PEPE?

[obsidian]

You don’t have millions in PEPE?

No, but I reasoned earlier this year that I should have. I know it will pump and dump. Capital Gainz taxes is what held me back! 

[Mayday]

Laser eyes 👀

[Flexacon]

Now add in the 3.5% ETH staking yield. At current prices BTC is up 59% the past 3 months. And ETH is up 60%. But if you're staking then that number might as well be 63.5%.

I am bullish on ETH and always will be. It gives yield and is deflationary. It's  deflation rate was around -1% the past 7 days. Soon the supply will dip below 120 million ETH. It remains to be seen how the Dencun upgrade will affect the burning mechanism.

https://ultrasound.money/

Still very good reason to be very bullish longer term, but the next few months could potentially be volatile.

But man it's probably too late to properly take advantage of it, but the play for ETH for the last 12 months was staking and then restaking (as well as farming on L2) using protocols like EitherFi and Pendle.

Hardcore ETH maxis have been milking this stuff hard. They haven't been earning 3.5% yield. It's more like 20%, plus all the L2 points and airdrops they've farmed. They used the yield and L2 profits to buy and stake more ETH. They've probably x1.5 their ETH stash or more depending on the risk they were willing to take.

Eigen is gonna be the biggest points airdrop ever. ETH maxis are gonna print HARD and they'll repeat the same buying more ETH and staking play with eigen profits. So ETF rejection, macro dumps, selling short term etc won't matter because ETH maxis have their game plan for this cycle.

[obsidian]

Still very good reason to be very bullish longer term, but the next few months could potentially be volatile.

But man it's probably too late to properly take advantage of it, but the play for ETH for the last 12 months was staking and then restaking (as well as farming on L2) using protocols like EitherFi and Pendle.

Hardcore ETH maxis have been milking this stuff hard. They haven't been earning 3.5% yield. It's more like 20%, plus all the L2 points and airdrops they've farmed. They used the yield and L2 profits to buy and stake more ETH. They've probably x1.5 their ETH stash or more depending on the risk they were willing to take.

Eigen is gonna be the biggest points airdrop ever. ETH maxis are gonna print HARD and they'll repeat the same buying more ETH and staking play with eigen profits. So ETF rejection, macro dumps, selling short term etc won't matter because ETH maxis have their game plan for this cycle.

I don't know anything about airdrops or L2 points. I have never received any. All I got was staking rewards at around 3.5 - 4%. The only way my ETH stash would have increased 1.5X is if the interest rate was 50%.

[Flexacon]

I don't know anything about airdrops or L2 points. I have never received any. All I got was staking rewards at around 3.5 - 4%. The only way my ETH stash would have increased 1.5X is if the interest rate was 50%.

You needed to bridge ETH over, interact (spend gas, mint NFTs etc) and basically help test the L2s before they launched their mainnets. Those people got air dropped things like ARB and OP tokens.

For yield you need to restake your staked ETH to get more yield. You can also borrow against your staked/restaked ETH, buy more ETH with that, then stake/restake, borrow and buy more ETH.

[Mayday]

65.2k 

[D.O.A.]

I just realized in Europe its Bitc. 60.000+ today. I have done well the last 2 years ..I have to say..damn!lol

[SouJerz]

I just realized in Europe its Bitc. 60.000+ today. I have done well the last 2 years ..I have to say..damn!lol

How will you have done when it’s 250,000 a coin in the next 5 years?

[gib]

65.2k 

Just blasted through 66K.

[SouJerz]

Just blasted through 66K.

This cycle is going to 150K  we're not even post halving yet,  My million dollar question is where does the merry go round stop (this cycle)  and how low does it drop?  40K? I hope so that's when you reload the guns, but what if we never see under 100k again.