So like...maybe it's time for me to just admit...bitcoin > physical.

[val47]

Originally Posted by ninjacookies

Ironically my biggest money maker last night. That rising wedge drop was tremendous.


I'll try and keep this as concise as possible.

https://www.tradingview.com/x/GNYzTjSp/

That's basically a pricing chart that extends back to March last year (before ETH started it's meteoric rise)

That top red line indicates the strongest support line during this 1 and a half year period . That support line was breached a little over a day ago.

The next major support line is .028 btc, basically nearly half the value of where it's at now. There is very little propping it up between here and then. Same exact thing happened with LTC several weeks ago, which accelerated the price drop like a cannon.

That is not saying there won't or can't be mini pumps along the way. Nothing is ever a straight line down. But classical charting says this is going down to mid to 180 dollar range, and may not stop there.

I would not touch ETH with a 10 foot pole. There are big concerns regarding the dev, app developers are dumping, and the once cutting edge tech is becoming dated and challenged by other up and comers.

About the only top 10 coin right now that has an even remotely decent chart is stellar. And even then, you're going to keep losing USD if BTC keeps dropping because the 2 are tied strongly together.

The swamp is draining and people are dumping hoards of coins right now. Volume and market cap are bleeding profusely.

Again, I don't have a crystal ball and nobody else does, but I'd much rather base my decisions on probability than emotions.

And I see absolutely no reason for BTC and the rest of the market to start pumping anytime soon until the ETF decision next month. And if that gets postponed again or gets rejected...then God Bless.

BTC has to eclipse $6800 to have any tiny microscopic chance of showing anything of note to the upside.

I don't get whats happening to NEO, i'm hoarding just in case

[RogerGodahell]

Crypto has been in a death spiral for months. I don't think it's going away though. There were and still are a lot of scams out there. There are also some legit coins with value. IMO crypto really needs regulation to weed out the scammers and bring a comfort level to consumers and traders. With regulation i think we would see some stability.

I don't think it will ever go away though because there are some actual real world uses for block chain. I know the stories and the history about BTC and how it was supposed to have died 100+ times and always comes back stronger. There's actual historical proof of this i've seen it. It doesn't mean it will absolutely happen, but history usually is a good indicator.

[persona]

Originally Posted by val47

I don't get whats happening to NEO, i'm hoarding just in case

I bought into NEO at $2.73 and sold 75% af $150+ and still holding onto other 25% and decided to not sell anytime soon and just ride it out.

[ninjacookies]

Nice mini recovery rally for alts today. BTC trying to find support at 6500. As stated before, has to break big resistance at 6800 to show any semblance of a true rally.

Going to be interesting to see how this upcoming week fares. If btc doesn't hold 6500 this time it won't look good for the next few weeks, imo.

[ninjacookies]

Originally Posted by val47

I don't get whats happening to NEO, i'm hoarding just in case

It was bleeding just like every other alt in the market. Nothing else really.

However, it failed to make it past major resistance today, and most likely will be pulling back hard in the coming days; perhaps catastrophically.

[persona]

Crypto still in it’s premature stages to what it could be in the near future.
Yes it is the future just like majority of the people couldn’t fathom paying for an item by scanning their phone at a check out five years ago.
It is here to stay whether some like to dispute that fact or not.

[ninjacookies]

Originally Posted by persona

Crypto still in it’s premature stages to what it could be in the near future.
Yes it is the future just like majority of the people couldn’t fathom paying for an item by scanning their phone at a check out five years ago.
It is here to stay whether some like to dispute that fact or not.

Don't think anyone's debating whether or not crypto technology is here to stay. It is.

What people are disputing, is whether or not bitcoin or any of these current alts are what the majority will end up using in the future. It's open source...anyone from a teenage basement dweller, to governments, to current payment processors can create their own.

Just as the altavistas, geocities, and lycos' of years past, the entire landscape of a new technology can change in a matter of years...and former powerhouses can become distant memories....

The only thing propping up bitcoin now is simply the fact it was the first...and every other alt is valued against it. It is the slowest and most outdated crypto tech and basically impractical for minor transactions, as the fees will be more than the item is worth.

[ninjacookies]

Drop as expected. Market was looking weak at 6500. 6240 has to hold or this thing is going to drop down faster than a Vegas stripper.

[jcardstore]

Good article on the dangers of the "fear of missing out"

https://www.cnbc.com/2018/08/20/afte...investors.html

[ninjacookies]

Originally Posted by jcardstore

Good article on the dangers of the "fear of missing out"

https://www.cnbc.com/2018/08/20/afte...investors.html

I think the problem most hodlers deep in the red have is being stuck in the mindset of comparing current prices to all time highs, viewing everything thru a cheap value parascope. I dropped that mindset after my major blunder with silver. Past performance/patterns do not always guarantee future outcomes. Cost averaging only works if prices eventually recover.

My guess is just about as good as anyone's, but crypto is the most volatile currency/investment one could make and carries the associated risk. Major players like Nvidia and many cloud mining services are dropping out of the race now that profitability is in danger.



Looks like we got a swift unexpected bounce after that huge drop yesterday. Seems as though there's some accumulation for an upcoming ETF this thursday. But 6500 resistance is holding tight. If the ETF gets rejected, I will be shorting my entire portfolio 25x the second the decision gets announced.

[ninjacookies]

Massive pump while bitmex went down for 'scheduled maintenance' that ended up going on for an hour vs. 10 minutes. Ironically maintenance was scheduled right as btc was at a critical decision moment in a long term pennant formation.

But yeah. Totally legit.

[persona]

Originally Posted by jcardstore

Good article on the dangers of the "fear of missing out"

https://www.cnbc.com/2018/08/20/afte...investors.html

Great read but at the same time for everyone of those FOMO stories there is always a successful story as well.
I’ll be the first to admit that I’ve made more from crypto in one year than I have in past 6+ years of working and I made a decent six figures annually.
I no longer work and I just invest on the side now all due to crypto.
Yes, I have to pay for my own insurance and I have zero benefits compared to when I was working but at the end of the day I’ve accomplished much more finically due to crypto than I’ve had it planned.
One of the leading Korean company is coming out with their own crypto next year and I finally believe it will get the Korean market going and back on track.

[ninjacookies]

Originally Posted by persona

Great read but at the same time for everyone of those FOMO stories there is always a successful story as well.
I’ll be the first to admit that I’ve made more from crypto in one year than I have in past 6+ years of working and I made a decent six figures annually.
I no longer work and I just invest on the side now all due to crypto.
Yes, I have to pay for my own insurance and I have zero benefits compared to when I was working but at the end of the day I’ve accomplished much more finically due to crypto than I’ve had it planned.
One of the leading Korean company is coming out with their own crypto next year and I finally believe it will get the Korean market going and back on track.

I think the key point in your situation is that you got in extremely early. News stories like this are geared towards people that got in mid or late into the bull run up and essentially trapped themselves into values that were 90- multi hundreds of percent lower than they are now. So they're faced with the prospect of either hodling or fomo'ing back in during each mini rally hoping to cost average their losses in the eventual hopes the market cycle continues and new ATH's are hit.

No different than the silver market. The major problem with crypto is a good chunk of these investors simply took or continue to take the word of random youtube fever pitches from people with zero financial credentials or real knowledge of how the market works. And threw their entire bank account or retirement account into it.

But I suppose they also might deserve their fate based on this blind investment strategy. Current hodlers may end up looking like geniuses in 10 years, or the laughing stock of wallstreet if the current crypto landscape ends up another Bitconnect failed social experiment.

[RogerGodahell]

Originally Posted by persona

Great read but at the same time for everyone of those FOMO stories there is always a successful story as well.
I’ll be the first to admit that I’ve made more from crypto in one year than I have in past 6+ years of working and I made a decent six figures annually.
I no longer work and I just invest on the side now all due to crypto.
Yes, I have to pay for my own insurance and I have zero benefits compared to when I was working but at the end of the day I’ve accomplished much more finically due to crypto than I’ve had it planned.
One of the leading Korean company is coming out with their own crypto next year and I finally believe it will get the Korean market going and back on track.

That's awesome im glad it worked out for you. What did you have bitcoin or altcoins or a mixture? Who's the Korean company Samsung? I had a bunch of ICX at one time but traded it for NEO.

Originally Posted by ninjacookies

I think the key point in your situation is that you got in extremely early. News stories like this are geared towards people that got in mid or late into the bull run up and essentially trapped themselves into values that were 90- multi hundreds of percent lower than they are now. So they're faced with the prospect of either hodling or fomo'ing back in during each mini rally hoping to cost average their losses in the eventual hopes the market cycle continues and new ATH's are hit.

No different than the silver market. The major problem with crypto is a good chunk of these investors simply took or continue to take the word of random youtube fever pitches from people with zero financial credentials or real knowledge of how the market works. And threw their entire bank account or retirement account into it.

But I suppose they also might deserve their fate based on this blind investment strategy. Current hodlers may end up looking like geniuses in 10 years, or the laughing stock of wallstreet if the current crypto landscape ends up another Bitconnect failed social experiment.

I feel it could definitely could go either way it's still way too early to tell. Me personally i got in at the absolute worst time. Like they say once you hear about something and everyone else has it's probably too late. I got into crypto in the middle of January at the peak or right around there. I knew it was a risk going in but i still haven't sold so it's not a complete loss yet. There are a lot of crap coins out there but i think the big players will stick around. I think i still have about 220 NEO.

[ninjacookies]

Originally Posted by RogerGodahell

That's awesome im glad it worked out for you. What did you have bitcoin or altcoins or a mixture? Who's the Korean company Samsung? I had a bunch of ICX at one time but traded it for NEO.



I feel it could definitely could go either way it's still way too early to tell. Me personally i got in at the absolute worst time. Like they say once you hear about something and everyone else has it's probably too late. I got into crypto in the middle of January at the peak or right around there. I knew it was a risk going in but i still haven't sold so it's not a complete loss yet. There are a lot of crap coins out there but i think the big players will stick around. I think i still have about 220 NEO.

I'd say you're in the majority. Stories like Persona are definitely in the minority.

Very, very few individuals had the cajones or willpower not to cash out early in the run up. Even 2,000 and 4,000 were huge unthinkable milestones. 20k was just ridiculous.


At this point there's really no sense in you cashing out, unless you learn the art of trading and graphing (it's not necessarily hard, just takes an extreme amount of time and dedication and still frustrating because you'll suffer losses).


BTC making a nice little mini rally over 7k. I'm actually a bit surprised, since 6800 was the magic number for the bulls to get past to show any semblance of continuation.

I suspect this may lead into the next major ETF decision coming up in a few weeks. Though I certainly would not encourage anyone to FOMO in at this time. It can suffer a 600 dollar loss in the blink of an eye and put he entire market back in strong bear mode. Entire market is extremely volatile and unpredictable right now, morseo than usual.

[persona]

Originally Posted by RogerGodahell

That's awesome im glad it worked out for you. What did you have bitcoin or altcoins or a mixture? Who's the Korean company Samsung? I had a bunch of ICX at one time but traded it for NEO.



I feel it could definitely could go either way it's still way too early to tell. Me personally i got in at the absolute worst time. Like they say once you hear about something and everyone else has it's probably too late. I got into crypto in the middle of January at the peak or right around there. I knew it was a risk going in but i still haven't sold so it's not a complete loss yet. There are a lot of crap coins out there but i think the big players will stick around. I think i still have about 220 NEO.

I think I mentioned it on this thread previously and NEO was one of my biggest gainers. I purchased a hefty amount of NEO under $2 and sold around $150 and didn’t wait around for it to hit $180+.
During August of last year to Jan of this year when Crypto boom was at its highest I was a heavy trader and I think majority of the people who got in around August of last year have all have profit as long as they stuck around and sold prior to Feb of this year.
I remember TRX was trading for .00003 and when it sold for .30 cents.
I’ve broguht up BTC few times in the gold thread and Stock market thread and no one cared at that point.
I believe Ninjacookies and my self were only few on this site that brought up crypto here and there and I assume we have both made out decent.
As mentioned above by Ninja, Crypto is not going away and it’s still in its premature stages and I do believe 7-8 years from now we’ll all be using crypto as our main source of payment.
Just look at our phones with Applepay - Google wallet etc.
Paying for stuff with a scan of your phone was unthinkable to many just five years ago.

[jcardstore]

Originally Posted by ninjacookies

I'd say you're in the majority. Stories like Persona are definitely in the minority.

Very, very few individuals had the cajones or willpower not to cash out early in the run up. Even 2,000 and 4,000 were huge unthinkable milestones. 20k was just ridiculous.


At this point there's really no sense in you cashing out, unless you learn the art of trading and graphing (it's not necessarily hard, just takes an extreme amount of time and dedication and still frustrating because you'll suffer losses).


BTC making a nice little mini rally over 7k. I'm actually a bit surprised, since 6800 was the magic number for the bulls to get past to show any semblance of continuation.

I suspect this may lead into the next major ETF decision coming up in a few weeks. Though I certainly would not encourage anyone to FOMO in at this time. It can suffer a 600 dollar loss in the blink of an eye and put he entire market back in strong bear mode. Entire market is extremely volatile and unpredictable right now, morseo than usual.

I was Bitcoin mining with my friend before it was cool... we had mined around 100BTC and sold everything in late 2013 early 2014 at an average of $700ea. Just thinking how much money we left on the table is sick but I'm not going to go chasing now.

[jcardstore]

Originally Posted by persona

I think I mentioned it on this thread previously and NEO was one of my biggest gainers. I purchased a hefty amount of NEO under $2 and sold around $150 and didn’t wait around for it to hit $180+.
During August of last year to Jan of this year when Crypto boom was at its highest I was a heavy trader and I think majority of the people who got in around August of last year have all have profit as long as they stuck around and sold prior to Feb of this year.
I remember TRX was trading for .00003 and when it sold for .30 cents.
I’ve broguht up BTC few times in the gold thread and Stock market thread and no one cared at that point.
I believe Ninjacookies and my self were only few on this site that brought up crypto here and there and I assume we have both made out decent.
As mentioned above by Ninja, Crypto is not going away and it’s still in its premature stages and I do believe 7-8 years from now we’ll all be using crypto as our main source of payment.
Just look at our phones with Applepay - Google wallet etc.
Paying for stuff with a scan of your phone was unthinkable to many just five years ago.

There is absolutely no chance this will happen. Crypto will never be the main payment method as long as it is decentralized and inefficient. The government and powers that be will never let that happen. The transaction costs alone make that a pipe dream

If you're going to invest in crypto you can't do it with the expectation that this will be mainstream in 7-8 years like you're saying. If you already have that expectation you're going to be really disappointed when it doesn't happen

[ninjacookies]

Originally Posted by jcardstore

I was Bitcoin mining with my friend before it was cool... we had mined around 100BTC and sold everything in late 2013 early 2014 at an average of $700ea. Just thinking how much money we left on the table is sick but I'm not going to go chasing now.

Only the true OG's will remember the youtube videos with a handfull of views of struggling college students and 'off the grid' retirees with makeshift btc/ltc farms in their living rooms. 4 large floor fans in push/pull configuration pointing out the window with 5-10 chained cpu towers, or several rows of usb asic miners.

Remember mining a tenth of btc in just over 2 days of mining with my lowly core2duo sony back in the day, and quitting because it just wasn't cost or time effective.

Perusing bitcoinforumtalk in 2011 and thinking the stuff was an expensive pipe dream back then (before I promptly dumped money into silver). Auroracoin, mazacoin, earthcoin...toplulz.


The problem is that the landscape shifted towards strictly trading these virtual coins with intentions of making a quick flip. Maybe 5 percent (being generous) are actually in it for the day to day usage/tech. Exactly what it was not created to do.


ETF's? Perhaps they didn't see what etf's did to the precious metals markets. Nobody is actually buying the crypto itself...just trading paper certificates. Makes it that much easier for the powers that be up in those fancy 50th floor offices to further suppress prices to the ground. Perhaps I'm overlooking something....

[RogerGodahell]

I think if a major company utilizes crypto it could propel it to mainstream. If it were Amazon or or Facebook, not necessarily those companies but something along those lines. Someone will bring it mainstream and take it to the next level eventually. Who will it be? no one knows. Or it could just be gradual. Like previously mentioned it's (blockchain) not going away though. There's tons of white papers and projects, we just need some real world usage. It will continue to evolve. I think it's funny when i read the comment sections when there's an article on Yahoo or whatever and the majority of uninformed people say it's a scam. Yes there are a bunch of scam coins but there's also some real good ideas and projects going on. You just need to research and sift through the garbage.

[jcardstore]

Originally Posted by ninjacookies

Only the true OG's will remember the youtube videos with a handfull of views of struggling college students and 'off the grid' retirees with makeshift btc/ltc farms in their living rooms. 4 large floor fans in push/pull configuration pointing out the window with 5-10 chained cpu towers, or several rows of usb asic miners.

Remember mining a tenth of btc in just over 2 days of mining with my lowly core2duo sony back in the day, and quitting because it just wasn't cost or time effective.

Perusing bitcoinforumtalk in 2011 and thinking the stuff was an expensive pipe dream back then (before I promptly dumped money into silver). Auroracoin, mazacoin, earthcoin...toplulz.


The problem is that the landscape shifted towards strictly trading these virtual coins with intentions of making a quick flip. Maybe 5 percent (being generous) are actually in it for the day to day usage/tech. Exactly what it was not created to do.


ETF's? Perhaps they didn't see what etf's did to the precious metals markets. Nobody is actually buying the crypto itself...just trading paper certificates. Makes it that much easier for the powers that be up in those fancy 50th floor offices to further suppress prices to the ground. Perhaps I'm overlooking something....

If you would have seen our rigs you would have cracked up. When we first started we had 10 open air rigs all daisy chained and 2 butterfly labs (if anyone remembers them lol). We actually found a guy who would rent us a room for $350/m with all utilities included. After a couple months and he got his electric bill he tried to do everything to kick us out lol.

We were pumping out some serious BTC at peak. We sold immediately after it peaked the first time which was late 2013 I believe.

The problem is that there’s no practical and efficient use for the coins right now. Don’t care what anyone says it will not replace fiat anytime soon probably not even in our lifetime. Regardless of how well it’s viewed by the general public governments won’t adopt it as long as it’s decentralized which is really the only factor driving its use.

There have been plenty of large companies that adopted crypto, see overstock, and it didn’t really move the needle at all. It’ll be even harder now for mainstream adoption because of the sour taste in many peoples mouths after losing fortunes.

[mnvikingstwins]

Fun day

[ninjacookies]

Originally Posted by mnvikingstwins

Fun day

This. Is why FOMO is dangerous.


Blink of an eye and bull dreams thwarted. Yeesh.

[RogerGodahell]

One month later, not much going on, stagnation, sideways movement.

[persona]

funny poems about snakes


Started with $25K last Jan and in last 20 months I've managed to pay off my mortgage and purchase few other properties and quit my job and able to just sit around the house all day and do pretty much nothing other than go to costco once a week and buy 10lbs of Ketchup or 48 rolls of paper towels I won't use for two years.
Crypto has done wonder for my self and my family.
I have no desire to back away from it it has opened new doors that I never imagined.