The State of Cryptocurrency

[trog100]

ford is just crypto negative for the sake of being crypto negative.. people who have followed the thread for a while are fully aware of this.. newcomers may not be..

its currently on a little (unexpected) uptrend.. i think it could be due for another break upwards but then again it could do what some so called experts are saying and go lower before it goes higher.. i just read one guy saying it will hit 2000 before it hits 20000.. i cant see any reason why it has to go lower before it goes higher but some do think this..

as for bubbles.. they have already burst.. maybe that is part of the "go lower before it goes higher" principle.. buggered if i know..

trog

 

[Outback Bronze]

I think Ford has made this thread for some fantastic reading!

If it wasn't for him this thread would be as boring as bat shit.

Keep it up Ford : )

 

[trog100]

I think Ford has made this thread for some fantastic reading!

If it wasn't for him this thread would be as boring as bat shit.

Keep it up Ford : )

i would entirely agree.. ford has kept the thread alive.. he he

trog

 

[FordGT90Concept]

its currently on a little (unexpected) uptrend.. i think it could be due for another break upwards but then again it could do what some so called experts are saying and go lower before it goes higher.. i just read one guy saying it will hit 2000 before it hits 20000.. i cant see any reason why it has to go lower before it goes higher but some do think this..

Because there's nothing exciting about cryptocurrencies anymore. There's nothing to spur investment. Without investments, the market deflates.

 

[LFaWolf]

People like him are the reason why the market expanded: low knowledge investors buying cryptocurrencies that miners cashed out on. The fact he was scammed was what caused it to be reported on. The point was he invested money which pumped up the price of cryptocurrencies (granted, a tiny bit, but he wasn't the only one buying into cryptocurrencies in November/December). Sprinkle manipulation on top and you have a bubble about to burst.

Just your opinion. For all we know Larry Ellison could be manipulating bitcoin. But it is pointless to argue anyway. No one knows the true reason of the rise and fall of bitcoin. It is just a gamble.

 

[FordGT90Concept]

He could be and in which case, he would fall under "investor" in my statement.

Bitcoins ledgers are public so we have a pretty good idea the manipulation is happening.

 

[trog100]

Because there's nothing exciting about cryptocurrencies anymore. There's nothing to spur investment. Without investments, the market deflates.

true but going lower before it goes higher isnt quite the same as just going lower.. it presupposes that at some time something will come along that does excite the market and cause your general belief that down is the only way to go to reverse.. the statement it will hit 2,000 before it hits 20,000 did contain the words before the year end.. he he..

there is quite a strong belief that the crypto doldrums we have been stuck in for a while will reverse and crypto will head back to the highs we have seen before.. if that belief is strong enough that fact alone is enough to make sure it does.. i think potential big money investors are just waiting for what is considered a genuine bottom to be confirmed.. once that happens the money will soon flow back into the markets..

but then again (unlike you ford) i could wrong.. he he..

trog

 

[Papahyooie]

I don't usually make public predictions, but... now might be a good time to exit.

EDIT: As a side note, I'd like to throw out this gem in response to Ford's constant harping on "Crypto isn't a currency, it's a security"...
Jay Clayton says crypto is not a security

I'm sure Ford knows better than the Chairman of the SEC though.

 

[trog100]

I don't usually make public predictions, but... now might be a good time to exit.

EDIT: As a side note, I'd like to throw out this gem in response to Ford's constant harping on "Crypto isn't a currency, it's a security"...
Jay Clayton says crypto is not a security

I'm sure Ford knows better than the Chairman of the SEC though.

you could well be right.. but i made up my mind a long time back to stick with it and not sell.. i am still mining eth and holding it.. only the future knows if my decision to hodle on is the right or the wrong one.. he he

i dont need the cash so will leave it there in crypto land and see what happens..

trog

 

[Papahyooie]

I may yet be wrong. 6500 was a key support line for a rally. We're flirting with the line at the moment... if it goes significantly below we could be looking at a new low for the year. The classic "bull trap." But it did go back above 6500, so perhaps I'm wrong. I'll buy back in for a small loss if it hits 6700 again.

I just don't understand hodling like this. Take the money and run. You just got a profit in the last week (IF you were playing the game and not holding.) Take it and go, or at least take out your earnings. Then when you see what you think is the bottom, buy back in. You can't make money if you're constantly losing it.

 

[trog100]

i dont pay much attention to temporary support lines and such.. i watch what stuff does long term and think long term i am too lazy to trade the stuff..

if prices keep going down i will be watching an investment decrease in value if they go up i will be watching an investment increase in value.. currently things seem to be going sideways with no major ups or downs ether way.. i watch the price of gold silver and bitcoin.. i dont seem to view any of it as spendable money.. things would have to get pretty bad for me to sell anything i have long term stashed away.. he he

also i only stash things away i dont need.. one day i might but again i hope that day never comes.. maybe i should have been a squirrel..

trog

 

[FordGT90Concept]

Jay Clayton says crypto is not a security

At first he was confusing. Journalist asked him "are initial coin offerings securities" to which he responded "correct." Then later he says he's not going to regulate it and instead encourages ICOs to file as IPOs (tie the cryptocurrency to a publicly traded company).

The impression I get is that he feels as SEC chairman it's not his job to try to regulate cryptocurrencies. Unless he's given an executive order or a Congressional act, that is his interpretation of his role which is fine. Nothing in code says he must regulate cryptocurrencies. Commodity Futures Trading Commission does regulate cryptocurrency futures and perhaps he feels that is enough seeing how he didn't say anything against it at the end of the video.

Thing is, cryptocurrencies need regulation so people can trust the market to invest in it. The fact he doesn't want to regulate it is going to keep investors at bay because it's too risky.

i watch what stuff does long term and think long term i am too lazy to trade the stuff..

That's why Woznick got out: it's a mental chore to hold cryptocurrency because of the volatility.

 

[hat]

That's why Woznick got out: it's a mental chore to hold cryptocurrency because of the volatility.

That much I agree with. I just mine and build BTC. I keep an eye on the price to get an idea of how much it's worth, but I don't play the trading game.

 

[trog100]

bitcoin as an investment.. it all seems to be about time scales.. bitcoin has lost 70% of it value since its all time high six months ago but that all time high was pretty impressive..

https://bitcoinist.com/nocoiners-investing-in-bitcoin-is-gambling-better-go-with-these-stocks/

trog

 

[Papahyooie]

You're missing out.

 

[R-T-B]

Bitcoins ledgers are public so we have a pretty good idea the manipulation is happening.

I mean, yeah, people buy the price goes up. That's what we know.

Is that honestly manipulation?

 

[trog100]

what the "experts" think... mostly the "expert" think is up.. the only question being how low it goes before the "up"..

https://bitcoinist.com/6-recent-bitcoin-predictions-from-industry-experts/

me.. i think we are about to see or are seeing the start of the "up".. mind you i did say this a couple of months back and was wrong just like i might be this time.. he he..

i see a lot of money waiting for a "bottom" before it starts to move in.. once the money does start to move in up and away it will go back to the highs we have already seen..

trog

 

[FordGT90Concept]

i see a lot of money waiting for a "bottom" before it starts to move in.. once the money does start to move in up and away it will go back to the highs we have already seen..

The "money" is likely associated with Trump's brewing trade war. Global markets are in turmoil because of that and cryptocurrencies look relatively docile by comparison. Not saying it has hit the bottom yet; just saying global markets are in flux right now.

 

[trog100]

The "money" is likely associated with Trump's brewing trade war. Global markets are in turmoil because of that and cryptocurrencies look relatively docile by comparison. Not saying it has hit the bottom yet; just saying global markets are in flux right now.

there is a lot of money floating about which has to go somewhere.. as you say crypto has got boring but boring may be seen as good.. he he

the potential "bottom" does seem to have been well tested recently.. the last seven days has seen a nice close to 10% uptick.. time will tell.. he he..

trog

 

[trog100]

yesterday saw another 10%-ish jump in crypto prices.. up to around $7400..

gold for reasons i cant figure has gone down a fair bit over the last few days/weeks.. another crypto bull market may be on the way.. it would be interesting to see a repeat of last year..

trog

 

[dorsetknob]

gold for reasons i cant figure has gone down a fair bit over the last few days/weeks.

Gold is a Physical commodity subject to market supply and demand
Example PC sales have dropped and therefor gold used in manufacture has declined (Small drop i know)

another crypto bull market may be on the way.. it would be interesting to see a repeat of last year..

Time to stock up on tranks/sedatives and anti depressants then

 

[FordGT90Concept]

yesterday saw another 10%-ish jump in crypto prices.. up to around $7400..

gold for reasons i cant figure has gone down a fair bit over the last few days/weeks.. another crypto bull market may be on the way.. it would be interesting to see a repeat of last year..

trog

USD surged because of Fed raising interest rates.
Japan surged because of USD.
Cryptocurrencies surged and gold is down because of the news of both.

Frankly, this whole situation boggles the mind. The US/Chinese trade war doesn't matter because economic data remains strong when it really has no right to be.

I would not bet on a cryptocurrency bull market. I get the impression all of the securities markets are smoke and mirrors. There will be chaos when the smoke clears.

https://www.reuters.com/article/us-...gold-brexit-blues-sink-sterling-idUSKBN1K8026

Federal Reserve Chairman Jerome Powell stuck with an upbeat assessment on the U.S. economy while downplaying the impact of global trade risks on the outlook for rate rises.

“It basically means another rate hike in September and most likely another one after that in December,” said Rabobank Market economist Stefan Koopman.

“He couldn’t stay away obviously from the potential threats of protectionism, but he is still waiting to see how everything pans out so he wasn’t really concerned about it - and that is giving the market another boost.”

 

[yotano211]

USD surged because of Fed raising interest rates.
Japan surged because of USD.
Cryptocurrencies surged and gold is down because of the news of both.

Frankly, this whole situation boggles the mind. The US/Chinese trade war doesn't matter because economic data remains strong when it really has no right to be.

I would not bet on a cryptocurrency bull market. I get the impression all of the securities markets are smoke and mirrors. There will be chaos when the smoke clears.

https://www.reuters.com/article/us-...gold-brexit-blues-sink-sterling-idUSKBN1K8026

The US economy is showing small signs of going into a recession, I think it wont hit until 2020-21.

 

[trog100]

The US economy is showing small signs of going into a recession, I think it wont hit until 2020-21.

the world economy is showing more than small signs of going into depression.. people hold gold as a back up (insurance) for when things go wrong.. which is why i cant figure it going down as it is.. he he..

maybe some of the money leaving gold will go into crypto.. buggered if i know none of it makes much sense..

the latter half of the year may turn into the interesting half..

trog

 

[yotano211]

the world economy is showing more than small signs of going into depression.. people hold gold as a back up (insurance) for when things go wrong.. which is why i cant figure it going down as it is.. he he..

maybe some of the money leaving gold will go into crypto.. buggered if i know none of it makes much sense..

the latter half of the year may turn into the interesting half..

trog

I dont know about the world but US wont go into a recession anytime this year. The current President's tax cuts from a few months ago pushed the next recession back for some time and also denied some power to fight the next recession from the Federal Treasury, and it might have made the next recession last longer.