Crypto trading

[Reyaj]

Again. You just don't get it. I'm a software engineer. You have no idea the pace at which technology moves these days.

76% of executives at banks, financial institutions and other monetary places feel crypto will take over fiat currency in under 10 years. That will be well after Blockchain takes over everything else.

People who have their eyes open see what's happening. People who don't are having it happen right in front of their faces and have no idea what's actually happening. Don't be one for those people. It's still only the end of the beginning.

So you still holding to what you said about BTC hitting $100 by end of year?

 

[BackInTheGame78]

So you still holding to what you said about BTC hitting $100 by end of year?

My opinion remains unchanged. Short term noise can be loud but in the end it's just noise.

The demand for crypto is starting to explode as Verifone put it...will be allowing merchants to accept crypto for payment before end of the year. One of the largest payment processors in the world allowing crypto for payments is mega off the charts bullish.

We are still in the beginning. Nearing the end of the beginning but the beginning nonetheless.

Latest Verifone News

Stay up to date with our press releases, product launches, success stories and media touchpoints.

www.verifone.com

 

[jaygreenb]

I don't dispute it is neat stuff, but if the transaction is illegal, like it is now in China, that will throw a damper on things. What are the Chinese btc owners supposed to do now, hold forever?

Why China Finally Decided to Ban Bitcoin

Beijing concluded it was an energy sucking money laundering tool, among other things.

slate.com

"U.S. regulators are training their sights on Bitcoin as well. Securities and Exchange Commission Chair Gary Gensler spoke at length about cryptocurrencies in an event hosted by the Washington Post on Tuesday, and he didn’t seem too optimistic about their future. Gensler noted that he doesn’t think there’s a “long-term viability” and later signaled that the SEC is working “overtime” to create new regulations for cryptocurrency markets that are likely to be quite a bit more aggressive than what’s already on the books. Of particular concern for the cryptocurrency is that Gensler left the door open to regulating stablecoins, or cryptocurrency that’s pegged to fiat currency, as securities. If that were to be the case, a number of cryptocurrency lending and trading platforms would be in serious violation of SEC rules. Say a prayer for the winklevii."

https://twitter.com/i/web/status/1443629579416002567

Its not too late, obvious banning isn't going to happen. Not being a smartass, happy to help if you want to get some exposure.

 

[Reyaj]

It's going back up!

 

[wifehunter]

It's going back up!

 

[jaygreenb]

It's going back up!

I suspect Q4 is going to be a moon shot.

 

[BackInTheGame78]

It's going back up!

How ya feeling now? I still expect a retrace to bounce off support line of the falling wedge it just broke through around 43.5-44K over the weekend at some point...but once that happens...prepare for liftoff. Better have your bags packed by that point.

 

[Reyaj]

How ya feeling now? I still expect a retrace to bounce off support line of the falling wedge it just broke through around 43.5-44K over the weekend at some point...but once that happens...prepare for liftoff. Better have your bags packed by that point.

I don't have your capital but I'm definitely putting in what I can..

 

[Reyaj]

Been over 50 so far, you think it dips back to 46?

 

[BackInTheGame78]

Been over 50 so far, you think it dips back to 46?

To 46? Ehh probably not but you never know. I'd say a pullback to maybe 48 or high 47s is possible looking at the chart.

 

[jaygreenb]

Been over 50 so far, you think it dips back to 46?

I suggest just setting up an auto buy, don't try to time it unless you are an experienced trader. The emotions of it usually keep you from buying when you should and cause you to fomo in when you shouldn't. In several years will not make much difference if you bought within a few thousand price range.

 

[jaygreenb]

Been over 50 so far, you think it dips back to 46?

Dollar Cost Averaging Bitcoin - dcaBTC

Dollar cost averaging Bitcoin is a popular strategy. This bitcoin investment calculator shows the return of a BTC DCA strategy.

dcabtc.com

Here is a DCA calculator just to give you an idea of how powerful it is to do over time.

 

[Reyaj]

Dollar Cost Averaging Bitcoin - dcaBTC

Dollar cost averaging Bitcoin is a popular strategy. This bitcoin investment calculator shows the return of a BTC DCA strategy.

dcabtc.com

Here is a DCA calculator just to give you an idea of how powerful it is to do over time.

Yeah I mean if long term it's going to rise I should just buy

 

[jaygreenb]

Yeah I mean if long term it's going to rise I should just buy

Exactly, if you believe where this is headed in the future and adoption will increase over the long term the price will eventually reflect that. Anything is possible short term but just have a multi year outlook

 

[BackInTheGame78]

I have some questions I don’t understand with crypto.

the only value we ascribe to it is that which we ascribe to it. Fiat is the same, it’s worthless.

however, Fiat is backed by a government who can raise taxes, issue bonds and create law, effectively. Fiat ultimately is backed by the police and the army.

crypto is backed mainly by its ability not to be manipulated or inflated and it’s less expensive trading (which Fiat can copy. As I understand it they have stable coins for dollar and Sterling etc)

My opinion has been that if people think the central banks and governments will cede control of their ability to control currency, guess again. They definitely won’t be allowing tax avoidance via crypto, illicit business via crypto. Not in the long term. At this point they aren’t on top of it.

plus all the advantages of crypto are hugely appealing to a government. Programmable money (which can only be spent as the issuer wants) is vastly appealing. Welfare can only spend on basic utilities. Plus the wealthy can retain things like air travel and luxury goods for themselves. Eg only they can buy meat, the plebs buy climate change friendly lab meat. The advantages to those who run our banking systems and institutions are endless. Imagine the power you’d have as an anointed government official because you hold the key to certain luxury goods. You would have a rolling schedule of women and favours.

anyway, I am not sure what I missing with crypto, but if you look at the fundamental idea, it’s something which is basically digital, friction and charge free banking and transactions. Very few people can actually buy goods with ripple or Bitcoin. It seems the price is rising on the hype.

clearly I am most likely wrong as the value of these currencies suggest their is a future. I personally deal in investment management and these currencies appear to be commodities like gold. They don’t create value like a share or a bond does, they are like gold. Gold at least has an intrinsic value.

of course crypto has all the benefits of digital, banking free trade, speed and cost etc, but this can easily be copied by Fiat.
What am I missing here?

I am not knocking crypto, I want to understand, not argue, and I would be very grateful for your insight.

I actually own a small value in Ripple.

I've posted several longerish reads in this thread about why crypto, which would answer this question.

Basically it's the future of everything. It's like you being in 1995 and saying you don't understand the big deal about the internet and what people are going to do with it.

As far as the money part, 76% of CEOs and high level executives at banks, financial institutions and other monetary places disagree with you and think within 10 years that crypto replaces fiat currencies worldwide.

 

[BackInTheGame78]

Like a lot of these discussions you’ve got defensive without actually explaining.

the 75% of blah blah is an appeal to authority - a logical fallacy which doesn’t answer a question.

could you link to these discussions because I get a lot of “it’s the future” without any detail.

bear in mind I’m an executive in asset management and absolutely nobody is talking about crypto. The only people taking stakes to my knowledge are investment trusts and hedge funds.

I’m not anti crypto, I want to understand if you believe that central banks and governments will just walk out of managing the money supply.

Ive got an economics degree and a level 6 diploma in macro and micro economics, and am CFA qualified, just so you know, these aren’t the mutterings of someone who doesn’t understand the current system.

Verifone, one of the largest payment processing companies on the world cited "exploding demand" from their merchants as the reason why they will be enabling them to start accepting crypto as payments through their terminals(think every credit card machine in a store) before the end of the 4th quarter this year.

The second largest mortgage company in the US will be accepting crypto as payment at some point in the 4th quarter.

El Salvador just adopted Bitcoin as a form of currency.

Institutions like JP Morgan have spent millions of dollars opening up crypto divisions. Bank of America just released their report on crypto and said it's an emerging market ass that has "become too large to ignore".

Redirect Notice

Jobs for crypto analysts and smart contract developers have skyrocketed in the past few months and are coming from everywhere, even companies not involved in crypto currently like Walmart.

The SEC just approved Volt Equity ETF which is the closest thing to a Bitcoin ETF yet and likely will have the way for one later this year to be approved.

Basically more and more places are going to start adopting and using it for payments and it is going to become mainstream.

Behind the scenes there are huge things going on that will just "seem to suddenly happen" when they do, but they have been in the works now for years.

We are still at the very early stages of it all, but it is going to go parabolic once all of this starts happening.

Also within 5 years there will not be a single thing you can do from a technology standpoint that doesn't use Blockchain technology. It will literally be in everything. Those companies issue their own tokens and people who believe in what they do buy them. Those are alt coins and they are booming.

Anyone who bets against crypto will be on the wrong side of history, I will promise you that. Believe, don't believe it, doesn't matter to me. Screenshot this post and revisit it in 5 years.

 

[BackInTheGame78]

i agree.

Blockchain isn’t crypto though is it?

Of course it is...all crypto is built on blockchain technology.

 

[BackInTheGame78]

i agree.

Blockchain isn’t crypto though is it?

the point I am questioning is whether etherium, BTC, ripple etc, what would be the need for them if you had a centrally controlled digital currency?

It would be fairly easy for a government to say we control digital currency and you can’t trade with the emergent currencies. I mean, why? I can pay my mortgage with fiat, or I can go through all the effort of buying one of many currencies and pay with that. What’s the point in changing?

people tend to do the easiest thing. Logging on to coin base. Accessing your app, working out what you’re exchanging at, paying….while you’re still generally getting paid in fiat…what’s the point?

If it’s widespread adopted, let’s say etherium or ripple, so your employer pays you in that. Your pension, social security, that’s going to work off a decentralised system the government doesn’t control? Not how the world works.

massive risk. Huge currency risk for everyone. Economics are vastly complex. How many of these currencies will collapse?

If you ask me, eventually you will just get digital fiat. That’s where this is heading.

the question again, what does BTC and etherium, ripple etc, what do they do that a central bank currency can’t do?

If the supply is fixed, how do you avoid huge inflationary/deflationary spikes when you don’t have the ability to employ monetary policy?

You cant even really have one currency for the EU. Hell, the USA or U.K. could do with two currencies with differing purchasing power and interest rates. How on Earth this can replace the current system without enormous instability is beyond me. It’s a nice idea but without central oversight, it is going to result in some huge annomalies and being honest,the idea of these independent currencies replacing the banking system and central banks just isn’t possible. It’s like saying we are going back to trading in gold.

the current system is the way it is for good reason. I just can’t see how this can happen without central management. Economics are too complex, the economy is managed by central banks who control liquidity, the risk free rate, inflation etc. You cant do any of that with independent currencies.

I get a strong “we are the 99% and we can smash the greedy bankers vibe” from crypt advocates but I don’t get many answers on this. Blockchain is one thing, overthrowing central banks and the banking system on the other hand, isn’t possible or desirable

I suggest you read up on DeFi.

When was the last time you were paid 10% APR to take out a loan to buy a house?

Yes...you read that right. You get paid 10% APR to borrow money.

 

[BackInTheGame78]

If you took out a mortgage in BTC about 2 years ago for £200,000 you’d now owe about £2M.

One quick check of Defi (admittedly I haven’t researched it fully) says that it’s a P2P lending network . Not backed by collateral.

would you pay someone 10% to lend them your own money?

the converse of this must be true. If borrowers are paid 10% on their liabilities, then savers are paying 10% in negative interest.

The concept of negative interest rates aren’t sustainable without inflation. It’s a law of nature.

The entire system of asset pricing collapses with a negative risk free rate. CAPM doesn’t work, the bond market collapses. Equity markets don’t exist because the magic crypto tree can provide returns in excess of dividend streams.

what you’ve suggested doesn’t make sense. The money has to come from somewhere. If it comes from savers then surely nobody is incentivised to save at negative rates. If it’s coming from a third party or “magic money tree” if you will, that’s only possible through a central agency selling £10 notes for £9.

Me thinks a lot of this is the blind leading the blind.

Most of those assumptions are wrong.

 

[BackInTheGame78]

And the endless march towards mainstream continues

DAOs Are Taking Over, With New Wyoming Law

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. History is unfolding before us with BLOCKS DAO LLC paving the way as the first legally registered DAO LLC coming out of the groundbreaking...

www.yahoo.com