MISC Crypto Crew (MCC) Vol: XIV: Scaling troubles and NFT bubbles

[ghostfacedup]

So I'm still seeing people talk about how they want to "load up" on alts and chitcoins. That tells me we need much more pain. Best thing would be a mini bear market to obliterate alts... Maybe down to low 20k.

[entropy91]

So I'm still seeing people talk about how they want to "load up" on alts and chitcoins. That tells me we need much more pain. Best thing would be a mini bear market to obliterate alts... Maybe down to low 20k.

Alts can dip without BTC moving you know. They've actually been somewhat strong on this correction

[entropy91]

You have to hold to defeat the Pope bros

https://mobile.twitter.com/Pontifex/...93742226939905

Don't let the Catholic church buy your bags

[BetaAsPhuck]

This market will never be healthy with BS alts getting pumped up and rising. The market needs a total cleansing because of this crap. Doge needs to get back to like .05 or something. This crap is unsustainable.

Based on what I've read or seen (though I'm open to anyone arguing the opposite) the crypto industry is still in it's infancy. The majority of it just exists as speculative assets and are the equivalent to penny stocks.

The majority of DEFI projects are not actually aimed at providing DEFI alternatives to TRADFI, they are just different ways for people to cycle profits made from speculating.

Private finance is a genuine useful thing, unique to crypto (XMR, XHV, ARRR, ZEC, PIVX, SCRT, PHALA, FIRO, BEAM, etc), and if the market was based on utility they would probably all be in the top 20.

There are people who are making social media with cryptocurrency intrinsic to it's use (e.g. Odysee, Onlycoins, KimDOTCOM's upcoming project, etc).

Gaming and NFTs are what will likely make blockchain tech go mainstream, because they will allow big corps, self-employed peeps, and indie developers to do things that are unique to blockchain tech that people will want to buy.

I don't think this bull market is crypto maturing into a respected market, because it's not there at all. I think that money is pumping into crypto largely due to the money printing extravaganza.

PimpMaster IMO is 100% right that Bitcoin's value is solely in it's network effect and brand, Michael Saylor is playing the game... Buy and then convince other people to also to buy. Most other cryptos are in exactly the same boat.

Once I came to that conclusion memecoins stopped annoying me, and they can actually be a good gateway for people to get involved/interested in crypto industry/ blockchain tech. Maybe next bull cycle the industry will have created genuinely useful things.

[entropy91]

Based on what I've read or seen (though I'm open to anyone arguing the opposite) the crypto industry is still in it's infancy. The majority of it just exists as speculative assets and are the equivalent to penny stocks.

The majority of DEFI projects are not actually aimed at providing DEFI alternatives to TRADFI, they just different ways of for people to cycle profits made from speculating.

Private finance is a genuine useful thing, unique to crypto (XMR, XHV, ARRR, ZEC, PIVX, SCRT, PHALA, FIRO, BEAM, etc), and if the market was based on utility they would probably all be in the top 20.

There are people who are making social media with cryptocurrency instrinsic to it's use (e.g. Odysee, Onlycoins, KimDOTCOM's upcoming project, etc).

Gaming and NFTs are what will likely make blockchain tech go mainstream, because they will allow big corps, self-employed peeps, and indie developers to do things that are unique to blockchain tech that people will want to buy.

I don't think this bull market is crypto maturing into a respected market, because it's not there at all. I think that money is pumping into crypto largely due to the money printing extravaganza.

PimpMaster IMO is 100% right that Bitcoin's value is solely in it's network effect and brand, Michael Saylor is playing the game... Buy and then convince other people to also to buy. Most other cryptos are in exactly the same boat.

Once I came to that conclusion memecoins stopped annoying me. Maybe next bull cycle the industry will have created genuinely useful things.

Bro why don't you just admit you're Kimdotcom already

[BetaAsPhuck]

Bro why don't you just admit you're Kimdotcom already

[Maxamanius]

Best thing to do right now if you didn’t take profits before the crash, instead of panic selling for a loss or holding to 0 is trading some (not all) of your alts into btc. The ones that gained tremendous value over Bitcoin last several months as btc dominance will continue to rise the more the market dips and into a bear market.

Right now ETHBTC is like .06, it’ll probably go back to .02 or .03 in a bear market. You could potentially get double or triple the amount of btc for your ETH if u trade now rather than later. This goes for other alts you have that may still be valued high vs btc then trade back into alts when btc value increases over your alts

[entropy91]

RIP Loge bros

Sorry for dumping on u brehs

[Abzu]

Do Doge and SHIB still have a chance? I have a tiny position on them and am down like 50% since I entered last week lmao

If these coins do not start recovering soon then BTC will likely go below 10K.

It's even worse for Doge, I'm afraid it could go to .05 lol.

Hope you can buy more bags to spread out the weight.



My plan is to flip both.

I have a limit order on BTC at ~26K.

I have a limit order on Doge at ~.16.



Any proceeds likely go to BTC around 10K for the long term hold.

Best thing to do right now if you didn’t take profits before the crash, instead of panic selling for a loss or holding to 0 is trading some (not all) of your alts into btc. The ones that gained tremendous value over Bitcoin last several months as btc dominance will continue to rise the more the market dips and into a bear market.

Right now ETHBTC is like .06, it’ll probably go back to .02 or .03 in a bear market. You could potentially get double or triple the amount of btc for your ETH if u trade now rather than later. This goes for other alts you have that may still be valued high vs btc then trade back into alts when btc value increases over your alts

This is good advice if you do expect a crash but if you are bullish then hold.

If you have to take a small loss now, you will be able to make it up a cheaper prices.

If you are not sure then you should prob get out soon and buy back in if it does go lower.

[Abzu]

This market will never be healthy with BS alts getting pumped up and rising. The market needs a total cleansing because of this crap. Doge needs to get back to like .05 or something. This crap is unsustainable.

You are right but you might as well be talking about TSLA and the stock market, TSLA is basically an altcoin lol

[entropy91]

NOOOOOOOOO

The gov was supposed to BAN Bitcoin and crypto not adopt it!

https://mobile.twitter.com/Documenti...59535282245632

https://www.illinoispolicy.org/illin...20as%20Bitcoin.

[onepieceisreals]

Anyone buying shib? So cheap right now
Got almost 100 million lol

[Barteh]

NOOOOOOOOO

The gov was supposed to BAN Bitcoin and crypto not adopt it!

https://mobile.twitter.com/Documenti...59535282245632

https://www.illinoispolicy.org/illin...20as%20Bitcoin.

Well duh they wanna tax it.

[entropy91]

Does anybody actually believe the chinese aren't actively building up their own Bitcoin reserves?

It gives them the advantage of breaking away from the USD, massive increases in purchasing power and effectively allows them to hyperinflate their currency with zero ****s given.

What year do the hash wars start?

[BetaAsPhuck]

More FUD from the Financial Times about Bitcoin's impact on the environment...

https://www.ft.com/content/1aecb2db-...3-3b929291c8ac


This narrative IMO is not going away any time soon. Climate change is likely going to get a big push as COVID takes a lull.

[entropy91]

https://mobile.twitter.com/RealSexyC...90118532034560

Interdasting

[entropy91]

More FUD from the financial times about Bitcoin's impact on the environment...

https://www.ft.com/content/1aecb2db-...3-3b929291c8ac

2 days old; priced in

[ghostfacedup]

More FUD from the Financial Times about Bitcoin's impact on the environment...

https://www.ft.com/content/1aecb2db-...3-3b929291c8ac


This narrative IMO is not going away any time soon. Climate change is likely going to get a big push as COVID takes a lull.

liberal media bollocks.

[Trapstar4.4]

Load the Vitalik FUD

https://edition.cnn.com/2021/05/20/i...ire/index.html

Lmao and I still find it interesting how the china fud had to be recycled so quickly. And now we are back at $37k


I really do believe the goal is to get btc to dump harder than it did. Maybe they will get there but that china FUD recycle was mighty quick. At this rate we will get news of another china ban on Monday hahahaha

Either way idgaf. Anybody that needs to sell, pls go ahead and do so. I'm just trying to get to the beach as much as possible this summer. This frequent fud phase gets annoying

[BetaAsPhuck]

2 days old; priced in

Just showed up in my Twitter feed. According to Twitter it was posted (to be shown to feeds) 4 hours ago.

Which means that it's going to show up on the feed of a lot of people who have made crypto related searches on Twitter.

Edit: Showed up on the trending tab 4 hours ago, posted on Financial Times Twitter account yesterday.

[Gringo12]

Citibank just rang me and said they can give me my credit limit in cash with no interest for 6 months and only a 1% process fee. God dam in times like this thats tempting

[Barteh]

Does anybody actually believe the chinese aren't actively building up their own Bitcoin reserves?

It gives them the advantage of breaking away from the USD, massive increases in purchasing power and effectively allows them to hyperinflate their currency with zero ****s given.

What year do the hash wars start?

By "the Chinese" you mean the government? It's certainly likely they're involved but what makes you assume that it's to build up their own reserves? Why not short term profit? Why not just to **** around with western retail investors to create chaos?

[swolefnatic]

[entropy91]

By "the Chinese" you mean the government? It's certainly likely they're involved but what makes you assume that it's to build up their own reserves? Why not short term profit? Why not just to **** around with western retail investors to create chaos?

Lettuce beef real tea

Everyone knows fiat currency is completely worthless. Why wouldn't they accumulate Bitcoin?

The thing about distributed tech is it's essentially unstoppable. If they actually ban Bitcoin / bitcoin mining they potentially stifle innovation and give up hash rate to other countries. Not to mention if other countries accumulate for reserves they risk both losing out on growth AND allowing their enemies to gain a sizable advantage.

They could both accumulate and **** with western investors. In fact it's probably THE BEST way to accumulate.

I don't think there's any scenario where countries like China and North Korea aren't accumulating Bitcoin.

[entropy91]

Just showed up in my Twitter feed. According to Twitter it was posted (to be shown to feeds) 4 hours ago.

Which means that it's going to show up on the feed of a lot of people who have made crypto related searches on Twitter.

Edit: Showed up on the trending tab 4 hours ago, posted on Financial Times Twitter account yesterday.

Dunno but Nic Carter was going in dry since yesterday

https://mobile.twitter.com/nic__cart...62499605504008

[Barteh]

Lettuce beef real tea

Everyone knows fiat currency is completely worthless. Why wouldn't they accumulate Bitcoin?

The thing about distributed tech is it's essentially unstoppable. If they actually ban Bitcoin / bitcoin mining they potentially stifle innovation and give up hash rate to other countries. Not to mention if other countries accumulate for reserves they risk both losing out on growth AND allowing their enemies to gain a sizable advantage.

They could both accumulate and **** with western investors. In fact it's probably THE BEST way to accumulate.

I don't think there's any scenario where countries like China and North Korea aren't accumulating Bitcoin.

Meh not saying it can't be true or anything but it seems like I just don't think as much in certainties as you do.

[JuicedMayhem]

Been in crypto since early 2017 and in my opinion current conditions say we are heading back to $20k bitcoin possibility $10k in a little longer term

[MaskBruh]

Been in crypto since early 2017 and in my opinion current conditions say we are heading back to $20k bitcoin possibility $10k in a little longer term

I'll raise you. Been in and out of crypto since 2013 and we are half way in halving cycle/bull market. S2Flow chart syncs this perfectly. Final dump (25k-32k) low price point before we 5-8x EOY. Manipulation by big players to buy cheap.

[BDSMBBW]

Bought $18k of Bitcoin cash avg. 676
$14.6k in Bitcoin at 36,500
$12k Ethereum at 2396

BITCOIN CASH?

hope that was just a typing mistake or maybe i am reading it wrong.

this is the first time i am seeing someone mention bitcoin cash in this thread..

Been in crypto since early 2017 and in my opinion current conditions say we are heading back to $20k bitcoin possibility $10k in a little longer term

those numbers won't be seen till there's a correction in world markets.

[bibimbape]

Lettuce beef real tea

Everyone knows fiat currency is completely worthless. Why wouldn't they accumulate Bitcoin?

The thing about distributed tech is it's essentially unstoppable. If they actually ban Bitcoin / bitcoin mining they potentially stifle innovation and give up hash rate to other countries. Not to mention if other countries accumulate for reserves they risk both losing out on growth AND allowing their enemies to gain a sizable advantage.

They could both accumulate and **** with western investors. In fact it's probably THE BEST way to accumulate.

I don't think there's any scenario where countries like China and North Korea aren't accumulating Bitcoin.

False.

The chinese are building their own digital currency. It's called the DCEP. Why would they use bitcoin when they can create their own.

Baggies, when will they learn.



















































































































JFL.