# Bitcoin #
velocityjohnno wrote:Threatening 90,000 in last hour, it really does need a deep options market at this stage.
A fair bit of sell pressure just below the $90k mark
Some exchanges did push into the USD$90k overnight!!
$US100k is the new target. Approx only 2 million BTC is on exchanges available for retail...the ETF are taking up most of the sales.
"MicroStrategy said it had spent about $US2 billion buying bitcoin between October 31 and November 10"
I can't see any significant retrace.
zoom zoom zoom.
Does this have something to do with what’s happening with bitcoin ? https://www.forbes.com/sites/digital-assets/2024/11/11/the-us-government...
Just a bit self serving.
Can't wait for the monkey NFTs to return
velocityjohnno wrote:Can't wait for the monkey NFTs to return
I think those days are well and truly gone
Yep my bro's NFT blockchain space station game got nuked at the last peak, I never got to rent out shop spaces in the station to gamers for the in-game Ethereum based token currency, while issuing NFTs of space ships and repairs conducted on them. It all came crashing down. Oh well.
US$93,000+
What a ride
My target of 90-95 wasn’t too bad!! Gonna take some serious buying pressure to push it past the magical USD$100k.
I’d probably short it around 98-99.
Craig wrote:I can't get past the energy use now for crypto :/
Wait till AI takes off...
Hit another ATH this morning. If it breaks the $94.5k mark we're off to the mystical $100k!!!
donweather wrote:Roadkill wrote:I wouldn't buy an ETF when you can just buy the crypto direct. I use nexo and I stake my BTC & ETH on NEXO. I have had it staked for years and the returns are massive. returns are paid weekly.
Who owns the private keys to your staked crypto? How massive returns are we talking?
I didn't reply to this earlier as most people don't believe the returns or crypto and tend to like telling how it's a scam etc etc..but as you asked so it is a courtesy to reply. I have tended to downplay what I have made as you just get called a wanker and being full of shit.
NEXO holds my BTC & ETH, yes I can lose it all. I have taken my initial investment and more back and now hold the majority on a ledger wallet, Nexo returns now are less than previously paid.
I bought Axie Infinity and held it on Coinspot and was getting 75% interest from memory...I did that for just under a year and expected the coin to be exposed as a scam and the whole lot to disappear at any time, I was prepared to lose the lot....they now pay about 46% interest.
Nexo is paying me about 12% on what I have on their platform..paid daily. currently I get about US$100 paid weekly in BTC or ETH..in total I have received about US$30k in interest over the last few years.
My initial outlay was less than AUS $5000.
I do think 99% of crypto is a scam..and best to work on the bigger fool theory and not be the one left holding the scam...that is why I got out of Axie.
The whole crypto house could crumble at any time imo. I still struggle to work out why we need it.
donweather wrote:Hit another ATH this morning. If it breaks the $94.5k mark we're off to the mystical $100k!!!
FOMO kicking in for many...retail availability getting smaller and more people hording what they have..it's a pretty hard time to trade the highs and pick a good re-entry point. I think a few have tried and have been burnt of late.
I sold a third of my holdings.
I don’t want to say who but someone close to me has been investing heavily into it. They said they made a 40k gain on election day. FWIW they watch it closely, they think it’s got a bit further to run, but will be converting it all into a home deposit in roughly 12ish months. Minus the tax of course
Good luck to them SD but just be aware BTC is very volatile so make sure they take their profits on the way up.
Or at the very least set a god damn stop loss.
shoredump wrote:I don’t want to say who but someone close to me has been investing heavily into it. They said they made a 40k gain on election day. FWIW they watch it closely, they think it’s got a bit further to run, but will be converting it all into a home deposit in roughly 12ish months. Minus the tax of course
Picking an exit is the hardest bit. Getting out and being happy with a profit is a good goal. A house is a far better asset than crypto imo.
Yeah, nervous times for sure, because things could still go terribly from here and the “life changing” thing they want could be in a negative context.
But all good I don’t have much of an understanding of how it works but they seem all over it. They excelled in their degree so learnt a few tricks there. This person is in their early 20s so they’ve got themselves into this situation with consistent hard work and investing. Interesting to watch and also try to discern from the sidelines between dreams and goals
A lot of people have made big $ from crypto. But of course that also means a lot of people have lost big $ from crypto.
Remember when you sell someone else is buying at that point also.
Always have an exit strategy and don’t ever have regrets when you’re taking money off the table.
A lot of kids and teenagers have huge bank accounts from crypto. School kids with more money than mum and dad…some have cashed out, some have held and lost most of it, some are still holding.
Most people don’t believe the amount of money some people have made.
Every crypto $ I have is based off zero skill, zero clever decisions, zero real knowledge…it’s just one of those times “you get lucky”
I intend to sell most of mine soon and buy a place near the Japanese Alps.
It’s not all roses…my biggest lose was US$18k when I had a wallet drained over night..and when that happens there is no call centre or customer services team to ring.
Sell.
Just a refresher for me - is crypto simply a speculative vehicle to make money?
Totally understand that there are a wide range of ways for people to invest money - in order to make money (and that's fine) - but I thought cryptocurrency (and blockchain technology) was going to provide a transparent, decentralized way for consumers to buy and sell goods and services. Y'know, to get around the banking system.
However the only conversation I hear about cryptocurrency is how much money people are making by buying/selling it on the various exchanges.
There are uses for crypto Ben. Real world uses. Problem is very little mainstream adoption. I think at the end of the day some really good cryptos with really good real world uses will survive but 95%+ of them will die eventually.
And whilst BTC is the USD of crypto its real world use is useless IMO.
But hey I’m onboard for the ride.
Roadkill wrote:A lot of kids and teenagers have huge bank accounts from crypto. School kids with more money than mum and dad…some have cashed out, some have held and lost most of it, some are still holding.
Most people don’t believe the amount of money some people have made.
Every crypto $ I have is based off zero skill, zero clever decisions, zero real knowledge…it’s just one of those times “you get lucky”
I intend to sell most of mine soon and buy a place near the Japanese Alps.
It’s not all roses…my biggest lose was US$18k when I had a wallet drained over night..and when that happens there is no call centre or customer services team to ring.
Sorry to hear of your stolen funds. Would be good if you could possibly describe how this happened so others may learn from it (ie not have it happen to them).
She just cracked the $95k!!!
donweather wrote:She just cracked the $95k!!!
Sitting around $148k Aus.
Staggering stuff.
donweather wrote:There are uses for crypto Ben. Real world uses. Problem is very little mainstream adoption. I think at the end of the day some really good cryptos with really good real world uses will survive but 95%+ of them will die eventually.
And whilst BTC is the USD of crypto its real world use is useless IMO.
But hey I’m onboard for the ride.
Totally get the real-world scenarios. Just can't see where any of them are!
Meanwhile, everyone's making money because... well, I don't really know.
I went in on gold at about $390 au / ounce back in 1999 ;);)
- then dumped a big chunk into silver at $21 au / ounce in 2018
… was recommended gold by a good friend back in the day who simply said to me “more war equals a stronger gold price”, never really understood the mechanics (recently had bitcoin ppl insisting I should get on their train too).
- happy to say, regardless of bitcoin’s perceived ‘success’, I’m not into fads or trends and that’s how I still see it.
… good luck to those sticking with it, lots of ‘stories’ and speculative eggspurt theories abound, it’s all a bit video gamish and fantasy money talk tho - I reckon the big dogs will clean up and the lil mum and dad investors will get scorched unfortunately.
- haha, the whole yay what a ride wow staggering price whoop dee doo stuff is just part and parcel of the folly of thinking you’re a part of something kewl and mysterious
Yawn ;);)
… & always be wary of the trough with blackrock snouts ;)
https://www.forbes.com/sites/digital-assets/2024/11/20/surprise-blackroc...
donweather wrote:Roadkill wrote:A lot of kids and teenagers have huge bank accounts from crypto. School kids with more money than mum and dad…some have cashed out, some have held and lost most of it, some are still holding.
Most people don’t believe the amount of money some people have made.
Every crypto $ I have is based off zero skill, zero clever decisions, zero real knowledge…it’s just one of those times “you get lucky”
I intend to sell most of mine soon and buy a place near the Japanese Alps.
It’s not all roses…my biggest lose was US$18k when I had a wallet drained over night..and when that happens there is no call centre or customer services team to ring.
Sorry to hear of your stolen funds. Would be good if you could possibly describe how this happened so others may learn from it (ie not have it happen to them).
I wanted to bring the funds back to AUS and put into my bank account. I had to swap one coin into another coin (Ethereum) to facilitate the transfer. When I was swapping between coins it just sat in an in progress circle for hours. I went to bed and when I checked in the morning all funds gone. This was years back and it’s impossible to get help. A good lesson.
thermalben wrote:Just a refresher for me - is crypto simply a speculative vehicle to make money?
Totally understand that there are a wide range of ways for people to invest money - in order to make money (and that's fine) - but I thought cryptocurrency (and blockchain technology) was going to provide a transparent, decentralized way for consumers to buy and sell goods and services. Y'know, to get around the banking system.
However the only conversation I hear about cryptocurrency is how much money people are making by buying/selling it on the various exchanges.
Different things to different people. Some are 100% convinced it is valid and can make some things easier, and cheaper. It's definitely a speculative way to lose money. To me it is simply a speculative asset that you don't want to be left holding if/when it implodes. 99% is a scam and the other 1% has some use..but not world shattering use. Something else that is not crypto can do the same job as far as I can tell.
I have yet to have anyone really explain in detail how it all works...if you keep asking questions most of the so called experts get pissed that you don't just accept what they say and fall back on telling you to DYOR (do your own research)
I have no idea how it works, I think it is a scam, I have only put in as much as I am happy to lose, and I expect the whole crypto thing to implode at any time. Whenever that is, I don't want to be holding.
Most coins have zero real value and developed by liars and con artists and shady people that want to take your money.
We're you using the same compatible network for both coins? I always do a small $10 transfer trial before transferring big amounts for this exact reason.
It’ll definitely end up alongside parachute pants when it’s finally dumped into the history bin. But the money is real, as are the massive losses and gains, and that has real world implications for those with their hat in the ring
Short off $98k was good but damn it rebounded quicker than I expected and it’s looking damn close to that elusive $100k now.
Meanwhile:
- 12 year old kit creates meme coin
- Reaches US$1 million market cap within days (why?)
- Kid dumps stock, pockets $30K whilst live streaming, flips off viewers
- Social Media reacts, revenge-pumping the coin to market cap of US$85 million
- Kid's $30K would have been worth $4 million
- Unhappy traders dox the kid, leaking his name/school and abusing his Mum on Instagram
https://decrypt.co/292594/this-child-made-30k-rugging-a-solana-meme-coin...
Line up regulation in action, 2024 style
thermalben wrote:Meanwhile:
- 12 year old kit creates meme coin
- Reaches US$1 million market cap within days (why?)
- Kid dumps stock, pockets $30K whilst live streaming, flips off viewers
- Social Media reacts, revenge-pumping the coin to market cap of US$85 million
- Kid's $30K would have been worth $4 million
- Unhappy traders dox the kid, leaking his name/school and abusing his Mum on Instagramhttps://decrypt.co/292594/this-child-made-30k-rugging-a-solana-meme-coin...
Haha!
But also reading that article was painful. So much garbage talk.
Seriously though, that little episode - of which there have been hundreds over the last few years - is why I can't take cryptocurrency seriously.
RK has it figured out. He sees it for what it is, but will still take a chalet for his troubles. Go with the flow
thermalben wrote:Seriously though, that little episode - of which there have been hundreds over the last few years - is why I can't take cryptocurrency seriously.
You do have to commend the kid for thinking outside the box. But well done to the community for showing him up also.
Craig wrote:thermalben wrote:Meanwhile:
- 12 year old kit creates meme coin
- Reaches US$1 million market cap within days (why?)
- Kid dumps stock, pockets $30K whilst live streaming, flips off viewers
- Social Media reacts, revenge-pumping the coin to market cap of US$85 million
- Kid's $30K would have been worth $4 million
- Unhappy traders dox the kid, leaking his name/school and abusing his Mum on Instagramhttps://decrypt.co/292594/this-child-made-30k-rugging-a-solana-meme-coin...
Haha!
But also reading that article was painful. So much garbage talk.
Unfortunately, all I see is an unhealthy, addicted kid who will struggle to find any joy in real life. Dopamin releases he would be getting from that digital addiction would be hard to match with day to day life. Just watch those videos and observe his body language. It's scary, this stuff should be illegal for kids under 16 years of age. I might be proven wrong but my estimate is that many kids like this develop mental health issues.
donweather wrote:thermalben wrote:Seriously though, that little episode - of which there have been hundreds over the last few years - is why I can't take cryptocurrency seriously.
You do have to commend the kid for thinking outside the box. But well done to the community for showing him up also.
If a 12 year old kid invents something that has a genuine purpose, and benefits people in some way shape or form, and he ends up making $30K - or $4 million - then I say bravo.
But the fact that a 12 year old kid can make this kind of money in a couple of days by simply creating a meme coin and gaming the system (whilst live streaming) - well, that kinda sums up cryptocurrencies to me.
And let's not discuss the electricity consumption required to mine crypto, and the resulting implications for the environment.
As most know i was right into this for a while, broke even so i have no real negative emotion from it all, but i do have the hindsight viewpoint, it really was like gambling it was addictive and such a buzz.
If smart like Don you can make great money, but it comes at the expense of others, it really is modern day global pyramid scheme.
I think the negative's are also there in huge energy use for no real benefit, also while a cliche it really does have negative effects in money laundering and illegal trade from terrorist groups to drug cartels etc
I cant see it going anywhere though, you cant ban it, and everyone knows if it crashes, it will rebound because people will buy again.
thermalben wrote:donweather wrote:thermalben wrote:Seriously though, that little episode - of which there have been hundreds over the last few years - is why I can't take cryptocurrency seriously.
You do have to commend the kid for thinking outside the box. But well done to the community for showing him up also.
If a 12 year old kid invents something that has a genuine purpose, and benefits people in some way shape or form, and he ends up making $30K - or $4 million - then I say bravo.
But the fact that a 12 year old kid can make this kind of money in a couple of days by simply creating a meme coin and gaming the system (whilst live streaming) - well, that kinda sums up cryptocurrencies to me.
And let's not discuss the electricity consumption required to mine crypto, and the resulting implications for the environment.
Don't blame the kid for riding the system. Blame the idiots who purchased the meme tokens. Those idiots were only in it for FOMO. The kid just created something that allowed idiots to pay him for his creation. This ain't the first time someone created something and sold it to idiots and it won't be the last. NFTs ring a bell anyone?
Also, please don't confuse the energy consumption of BTC with other cryptocurrencies. There are a myriad of very very less energy intensive cryptocurrencies that have real world usage, using a fraction of the electricity and computing power that BTC requires.
The Bitcoin graph looks Interesting ! ?