Bitcoin/cryptocurrency thread

[gaz5]

Is anyone invested in XRP? By all accounts the pre-trial went very well on the 22nd.

I am.

I like the use case for it (SWIFT is something I know well, including its issues, so any viable replacement is a good thing).

I listened to the pre-trial call (about 35 minutes, you can find on YouTube) and it certainly sounded like the SEC were stretching. Though obviously I'm not a lawyer.

The arguments put forward by the Ripple lawyer and those of the lawyers for both individuals named seemed pretty concrete and they did confirm that they will be filing a motion for dismissal.

It also became pretty clear in the call that how they were defining XRP and trying to designate it a security would have wider reaching implications for the whole Crypto market, making that outcome (I think) even more unlikely as the SEC only had US jurisdiction and that's a pretty big market place for the SEC to exclude themselves from.

I think the most likely outcome is a deal of some sort, similar to Tether secured yesterday, and on we go. It comes across to me as the SEC just looking for their "cut", so to speak.

XRP is my biggest hold at the moment. I consider it a long term hold (years, not months) and I'm in at an average of 37p, which you can still get cheaper than if you have capital to spend (which I don't or I'd add more).

My target for it is $2.50. which is about 35% below it's ATH and would represent a notional 5x for me. I've seen a lot of people talking about it going higher (much higher!) than that, but I don't think it's numbers support that without a pretty massive token burn that doesn't appear to be in the offing.

I'll also take some profit out if it reaches $1 and again at $1.50.

To get to $100 (like some folk are suggesting) would give it a market cap of over $1 Trillion (I think!), which is more than Bitcoin.

It could potentially get into double figure dollars, but again, without a token burn (if my maths is right) even getting to $10 would give it a market cap of ~$427 billion, 3 and a bit times Ethereum's current value.

I definitely think there's value there and a potential return to its ATH of high $3 could happen. But for me it's a large cap coin, so it's potential gains are limited, even though it has a cheap price at the moment.

I'll caveat all of the above with "I'm very new to the crypto world myself and still trying to find my feet, so that is all just my opinion, not financial advice, DYOR" [emoji1787]

[wee_bairn]

25 minutes ago, gaz5 said:

I am.

I like the use case for it (SWIFT is something I know well, including its issues, so any viable replacement is a good thing).

I listened to the pre-trial call (about 35 minutes, you can find on YouTube) and it certainly sounded like the SEC were stretching. Though obviously I'm not a lawyer.

The arguments put forward by the Ripple lawyer and those of the lawyers for both individuals named seemed pretty concrete and they did confirm that they will be filing a motion for dismissal.

It also became pretty clear in the call that how they were defining XRP and trying to designate it a security would have wider reaching implications for the whole Crypto market, making that outcome (I think) even more unlikely as the SEC only had US jurisdiction and that's a pretty big market place for the SEC to exclude themselves from.

I think the most likely outcome is a deal of some sort, similar to Tether secured yesterday, and on we go. It comes across to me as the SEC just looking for their "cut", so to speak.

XRP is my biggest hold at the moment. I consider it a long term hold (years, not months) and I'm in at an average of 37p, which you can still get cheaper than if you have capital to spend (which I don't or I'd add more).

My target for it is $2.50. which is about 35% below it's ATH and would represent a notional 5x for me. I've seen a lot of people talking about it going higher (much higher!) than that, but I don't think it's numbers support that without a pretty massive token burn that doesn't appear to be in the offing.

I'll also take some profit out if it reaches $1 and again at $1.50.

To get to $100 (like some folk are suggesting) would give it a market cap of over $4 Trillion (I think!), which is over 4 times Bitcoin.

It could potentially get into double figure dollars, but again, without a token burn (if my maths is right) even getting to $10 would give it a market cap of ~$427 billion, 3 and a bit times Ethereum's current value.

I definitely think there's value there and a potential return to its ATH of high $3 could happen. But for me it's a large cap coin, so it's potential gains are limited, even though it has a cheap price at the moment.

I'll caveat all of the above with "I'm very new to the crypto world myself and still trying to find my feet, so that is all just my opinion, not financial advice, DYOR"







 

Yep the xrp fanatics have crazy predictions which I also believe are pie in the sky stuff. I bought in at around .41c so similarly will be taking profits at the $1 marker which I do think could be seen this year.

I think I have missed the dip for BTC as I had hoped it would have dipped a bit further and could have caught it with payday Friday. 

 

[gaz5]

Yep the xrp fanatics have crazy predictions which I also believe are pie in the sky stuff. I bought in at around .41c so similarly will be taking profits at the $1 marker which I do think could be seen this year.
I think I have missed the dip for BTC as I had hoped it would have dipped a bit further and could have caught it with payday Friday. 
 

Aye, some of the predictions are pure fantasy stuff. Not that I'd be complaining of they were right and I was wrong. [emoji1787]

I managed to get a little more BTC last night at £34,400, higher than the bottom of the dip but low enough for me. My average BTC buy at the moment is just under £32,000 (obviously only fractions of a coin given I'm playing with small capital to get into the game [emoji846]).

As a few folks have said though, I think BTC at anything below £40k is a good price at the moment, given the predictions/trajectory.

I'm not so optimistic, but there certainly seem to be plenty who are still bullish it will breach $100k this year.

Personally, I see it as a balancing act to reduce risk in my overall portfolio (given the correlation with Alts) so I'm planning on keeping it between 10-15% overall.

TL/DR: I think you'll still get a decent price on Friday.

[iron mike python]

5 hours ago, Baptiste Bourgeois said:

 

 

I was also helped by catching wind of an airdrop of some BSC shitcoin on 4chan called Tulip(https://bscscan.com/token/0xa2df0d085da2664f5270a3f7979d7026cd21ed12). Now usually these give you out a $1 or $10 max amount. But these madmen handed out 9800 tokens worth FOUR HUNDRED DOLLARS, which I of course sold instantly on PanCake swap. Still in absolute shock that it actually happened. If you can ignore all the pump and dump shills, and rampant racism, you can really find some valuable info on 4chan /biz/ board.

 

 

 

 

 

Unironically /biz/ made me rich. I had already watched them get rich through BTC and ETH. There was no way I was going to miss the next gem. The next gem was LINK and  through the bear market the board was a LINK board with the scams dying off. 

It is so Darwinian. 99% of the posts are scams but then you can Identify real discussions and arguments. Once an idea catches on and all the arguments have been had you will be able to identify the authentic threads. For example the Bancor BNT general threads are authentic just now. (I am in a few telegram groups with a lot of fans)

The crazy thing was Link was such a 'gem' that instead of Biz organising a marketing campaign throughout 2018 we went the other way and decided to FUD it. Reddit wasn't allowed to know about it until early 2020, every single LINK thread was downvoted so we could get cheap link. It worked.

So basically keep reading it. Especially if we head into another bear market.

Edited February 24, 2021 by iron mike python

[iron mike python]

I tend not to shill my "own coin" Chainlink on here because I don't really want anyone to feel anger at me for suggesting a coin that doesn't "moon". (Other coins have went up MUCH more in this bull market)  but I'd just like to write a bit about it here and why it SHOULD start to perform better (with respect to BTC, LINK's USD price will still depend on how well BTC does)

The reason it should start to perform better is due to todays release of Offchain Reporting (OCR) on Ethereum mainnet. (Chainlink's Latest Upgrade 'A Rapid Evolution' for DeFi: CEO Sergey Nazarov - Decrypt)

Up until now each chainlink node has to pay for gas, but OCR means that the nodes can now aggregate prices and data offchain between themselves then post a single transaction (result) to the mainnet. This is big because each transaction has a cost (Especially with the gas prices on Ethereum recently). OCR should improve gas costs by 90% due to only a single transaction being necessary.

In the pic above you can see the old type feed (FL) compared to the new OCR. You can see the bottom node is now profitable compared to the other node.

So how does this affect the market? Nodes have been selling their LINK rewards to pay for the high Ethereum gas costs which means that the Chainlink price has been suppressed throughout the bull market. As more nodes become profitable through OCR it means that the network is healthier and more types of data feeds will be provided (e.g. AAPL, MSFT and other stocks will be provided to Synthetix and Injective)

Chainlink feeds are also available on Binance Smart Chain and Matic

TLDR = up until now Chainlink has been subsidised and Nodes are running at a loss due to fees. OCR now lets nodes profit and therefore boosts the network. NOT INVESTMENT ADVICE

[gaz5]

Got 20 CAKE now which i've got sitting in AUTOfarm, at a nice daily APR of 0.44%. I've invested into 5 BSC coins total now, love the project, but trying to restrain myself from going absolutely balls deep in it. [emoji1787]

I have my cake staked in pancakeswap.

Just had a look at Autofarm and it looks like I can get 3 times the rate by staking there, essentially in the same PCS pool, because it auto compounds it and I don't need to pay the gas fees to do it, just a very small percentage of my profits for managing it?

That right?

Any gotchas with Auto Farm?

[Fraser Fyvie]

Dumped the majority of my $ETH. Completely unusable with the current fees . A cool $95 for trying to stake my $AAVE 

May buy back in later but can't see it mooning much at the moment. $SOL looking like a better alternative in the mid-term, currently getting 19% on my tokens there at a fraction of the cost.

Edited February 25, 2021 by Fraser Fyvie

[iron mike python]

1 hour ago, Fraser Fyvie said:

Dumped the majority of my $ETH. Completely unusable with the current fees . A cool $95 for trying to stake my $AAVE 

May buy back in later but can't see it mooning much at the moment. $SOL looking like a better alternative in the mid-term, currently getting 19% on my tokens there at a fraction of the cost.

 

  Anyone with an Eth address should reply to this tweet on Twitter. It is probably going to be an airdrop. Could be worth pennies, could be worth millions. 

Free money though.....If you are worried about opsec then make a new address

[gaz5]

 
  Anyone with an Eth address should reply to this tweet on Twitter. It is probably going to be an airdrop. Could be worth pennies, could be worth millions. 
Free money though.....If you are worried about opsec then make a new address

Make a new address?

You mean set up a whole new wallet that I don't have anything else in (and will never have anything else in?)

[gaz5]

 
The reason the Autofarm rate is higher is because it auto-compounds on a daily basis. I believe you could get a similar rate if you did manual daily compounds on PCs, but you would need to pay the gas fee which obviously cuts into profit. You also get a little bit of AUTO tokens with it, which is a nice bonus.
 
As for gotchas, none that I know of, however AUTO is fairly new having only launched at the start of February, and are as yet only 75% complete with their audit by Certik https://certik.org/projects/autofarm. There are other farms available too, originally I used beefy(https://app.beefy.finance/), however I switched out because I find the UI quite bad [emoji1787] 
 
It's obviously more risky than pancake swap, but I personally am prepared to take that risk for the better gains. PancakeSwap themselves are aiming to introduce auto-compound pools for PancakeSwap 2.0 in Q2 2021, if you can wait until then  https://pancakeswap.medium.com/emission-reductions-to-do-list-and-pancakeswap-v2-20a0f9b46464
 
as ever, dont just trust me and DYOR [emoji846]

Cheers for that, I hadn't seen the PCS roadmap. [emoji106][emoji106]

I was planning on compounding myself once a month on PCS to minimise the gas fees, so I think I'll just leave things as they are just now.

If they manage to get compounding sorted in early Q2 I won't be missing out on much and I'll be fees neutral for my compounding (by the time I paid my exit fees on PCS and entry fees on AUTO).

[iron mike python]

25 minutes ago, gaz5 said:

 

 

Make a new address?

You mean set up a whole new wallet that I don't have anything else in (and will never have anything else in?)

 

You could do that. Just go to https://metamask.io/ and follow the instructions, this will make a new address for free. Then post the address to that tweet. 9000 people have done it so far.

[SANTAN]

If anyone is active on Cypto Twitter you'll probably know Cobie. He is doing a Twitch stream with KSI right now with 5k viewers, KSI's YouTube friend Callux was pretty deep in Cryptotwitter for the last few years...

Mans just said how he effectively pumped and dumped on $Reef

[gaz5]

If anyone is active on Cypto Twitter you'll probably know Cobie. He is doing a Twitch stream with KSI right now with 5k viewers, KSI's YouTube friend Callux was pretty deep in Cryptotwitter for the last few years...
Mans just said how he effectively pumped and dumped on $Reef [emoji23]

Yeah, there's been a lot of that happening on Reef. I keep an eye on it as I have a long term hold with it.

I like the project, but fully expecting it to take a while to go anywhere, if it ever does!

The Reef telegram groups are "interesting" places. [emoji846][emoji846]

[Fraser Fyvie]

Net worth in tatters. The only option is to bid again.

[gaz5]

Net worth in tatters. The only option is to bid again.

[emoji1787]

Aye, same. Just rock back and forward saying "it's a long game, it's a long game" to yourself. It's (kinda) working for me this morning. [emoji1787][emoji1787]

I was lucky, I'm off on holiday this week so caught the start of it at around 01:00 last night. Managed to get a few orders in (XRP, ETH & BNB) to catch a bit of the dip and DCA down my averages for the long term.

As a complete aside, is anyone staking ETH 2.0? Long lock in, is it worth it?

[SANTAN]

Got another couple of hundred $BTC nice for the dip to wait til payday. 

[jamamafegan]

Noticed this dip in the markets and decided to get my first bitcoins at about £34k

[Aufc]

God bless cardano

[Zetterlund]

Bitcoin down to the $43k range and 25% down from the highs. Maybe a few squeaky bums in some corporate boardrooms but nothing unusual after such a rise.

We should see some attractive entry points when the dust settles with many popular mid-caps down over 30%. Pancake Swap nearly minus 50% in the last week - ouch.

[iron mike python]

1 hour ago, Zetterlund said:

Bitcoin down to the $43k range and 25% down from the highs. Maybe a few squeaky bums in some corporate boardrooms but nothing unusual after such a rise.

We should see some attractive entry points when the dust settles with many popular mid-caps down over 30%. Pancake Swap nearly minus 50% in the last week - ouch.

Yeah, I do think it is a key area.  I reckon 40-44k is a good accumulation area. This is the area Tesla bought so stays in the public consciousness.

Below that could be nasty. 

8/11 years of Bitcoins history in March have been red months