Crypto Blowing Up

[slokor]

Originally Posted by SaiJin

I always feel like American tax is excessive.
You pay income tax, then when you spend money, you pay more taxes, it's like double and triple dipping.

ANy ways, I frikkin hate these manipulating whales making people sell so they can buy lower then the price goes up again.

How are whales making you sell? I dont follow.

[ebaywanton]

The secret formula to winning in crypto - BUY HIGH, SELL LOW!

HAHA

For real tho, these whales did manipulate the BTC price and made weak hands sell. It's a shame but also a lesson to paper handed sellers i guess

[nate]

Market is shifting. Bitcoin dominance below 50% into levels not seen since 2017-18. 1st wave of ALT szn is beginning. That's what's happening. Fk Bidens tax plan & fk whales.

I personally just moved some of my ETH to CB to take profit for the 1st time since starting this in 2017. Placed a limit order to sell 9 ETH @ 3,053 to pay off the 2019 truck I financed with artificially cheap fiat back in June from a dealership that was panic selling. Took me a whole 2.5 months to mine all those ETH. Was hard work, but someone had to do it.

[Beautiful]

Well done making some money and realizing those profits!

Selling before the ETH eip upgrade though?

[nate]

Originally Posted by Beautiful

Well done making some money and realizing those profits!

Selling before the ETH eip upgrade though?

I'm only selling a little over 1.5% of my ETH holdings to pay debt and free up income to have more liquidity to reinvest. Altho I will most likely look back and wish I had been more greedy and sold the event, 1.5% isn't much in the scheme of things and $3k ETH is guaranteed at this point. Setting it and forgetting it is a lot easier than trying to time the market. Plus I can't look genius to friends and family until I take profit and pay for some high value item they can physically see and touch while still having a portfolio worth more than the balance on my 30yr mortgage. This will not be the last cycle, and I'm getting to the point where I've spent tens of thousands of hours watching charts, educating myself on what's going on in this space that playing this game in a bull market is practically like taking candy from a baby.

[ebaywanton]

Nice to hear about your gains, well deserved with the work and research!

When do you think this cycle will end?

[nate]

Originally Posted by ebaywanton

Nice to hear about your gains, well deserved with the work and research!

When do you think this cycle will end?

I'm thinking Ethereum will most likely slowly outperform Bitcoin from now til July. I'm 100% sure ETH/BTC will cross 0.06 but could have a blow off top some where close to 0.1. DeFi projects will most likely pump harder and faster than ETH but will crash faster too. After July I think rotation will go back into Bitcoin pushing it past 100k... maybe to 150-200k in a blow off top around the end of September or October. Then ETH has the merger POW/POS coming so rotation back into ETH. Most traders will take profits before the end of the physical year for taxes so December will be painful. This market moves in quarterly cycles most likely due to taxes.

[james_112233]

Originally Posted by nate

I'm thinking Ethereum will most likely slowly outperform Bitcoin from now til July. I'm 100% sure ETH/BTC will cross 0.06 but could have a blow off top some where close to 0.1. DeFi projects will most likely pump harder and faster than ETH but will crash faster too. After July I think rotation will go back into Bitcoin pushing it past 100k to maybe 150-200k before having a blow off top end of September or October. Then ETH has the merger POW/POS coming so rotation back into ETH. Most traders will take profits before the end of the physical year for taxes so December will be painful. This market moves in quarterly cycles most likely due to taxes.

One can only dream of that scenario ! let's see what happens

[SaiJin]

Originally Posted by slokor

How are whales making you sell? I dont follow.

So whales sell their holdings to crash the prices, when prices crash people get scared so they tend to react without knowing about whales and think the bull run is over and they sell their coins.

Average people sell their coins, prices keep going down then whales rebuy at those lower prices, upping their coins and making profit on the sale at the same time then prices go back up even higher.

[SaiJin]

Originally Posted by nate

I'm thinking Ethereum will most likely slowly outperform Bitcoin from now til July. I'm 100% sure ETH/BTC will cross 0.06 but could have a blow off top some where close to 0.1. DeFi projects will most likely pump harder and faster than ETH but will crash faster too. After July I think rotation will go back into Bitcoin pushing it past 100k... maybe to 150-200k in a blow off top around the end of September or October. Then ETH has the merger POW/POS coming so rotation back into ETH. Most traders will take profits before the end of the physical year for taxes so December will be painful. This market moves in quarterly cycles most likely due to taxes.

When you said outperforming as in increases in %, not the $ yes?

Since I'm not a trader, I just Hodl with the hope that BTC will hit at least 500K in 3-4 years.

3 years from now is another halving.

[BlackLion]

You have to be loaded or rich to make it big with BTC. Its too late for miracles, but Dogecoin, xrp, and others will be making people millionaires in the future.

[nate]

Originally Posted by SaiJin

When you said outperforming as in increases in %, not the $ yes?

I meant increase in BTC value or both Fiat value and BTC value... But if you truly believe as I do this is not the last halving and as hard as it is to believe, we are still early, fiat value is less important than BTC value...

Pro-Tip: Never judge a project on its USD value. The only chart that matters is the coin_name_here vs. BTC chart.

Originally Posted by SaiJin

Since I'm not a trader, I just Hodl with the hope that BTC will hit at least 500K in 3-4 years.

3 years from now is another halving.

Next cycle stock 2 flow places Bitcoin at $1M. Plan accordingly.

Believe it or not, ETH might be as good if not better an investment than BTC. Almost all projects in this space either run on ETH or run on something that have copy & pasted code from ETH. This is not 2017. This space has matured a lot in 4 years. Ethereum is able to make changes, For BTC it is much more complicated. What Vatalik invented was Cryptocurrency economics. Not just a store of value. Ethereum is evolving. Right now Ethereum is facing the same issues Bitcoin faced in 2017 with a network that is growing faster than it can increase throughput making fees high. The upgrades that are coming this year in July or August will increase throughput by 6,500%. + Right now miners are making 100% of the fees generated from the transactions on the network. After the update in July 70% of the fees will be burnt. That Ethereum will cease to exist. On top of that Ethereum is switching from Proof of Work to Proof of Stake some time at the end of the year, beginning of next year. Proof of Work incentivizes miners (who are the validators and secure the network) to sell the Ethereum they mine to pay for power. Proof of Stake incentivizes node operators (the validators who will secure the network) to lock 32 Ethereum in a smart contract in order to run a node which is essentially mining but with out the need for expensive hardware.

It will be as if ETH had multiple halvings, but just like BTC it will take months for the supply shock to have an effect.

[slokor]

Originally Posted by SaiJin

So whales sell their holdings to crash the prices, when prices crash people get scared so they tend to react without knowing about whales and think the bull run is over and they sell their coins.

Average people sell their coins, prices keep going down then whales rebuy at those lower prices, upping their coins and making profit on the sale at the same time then prices go back up even higher.

Well theyre not 'making' you sell. Thats the psychology of trading playing its part.
Gotta have nerves of steel when you play this game. Back in 2017 i rode it to $20k then all the way down to $3k - never sold a satoshi of it and kept accumulating.
I suppose your level of belief in this new economic system plays a big role as well - Im a true believer myself.

[slokor]

Originally Posted by BlackLion

You have to be loaded or rich to make it big with BTC. Its too late for miracles, but Dogecoin, xrp, and others will be making people millionaires in the future.

Takes money to make money....
Thats how its always been and how itll always be.
That includes dogecoin and all their clones. You have to look at the initial amount invested and the percentage it grew. Invest only $100 in dogecoin and you wont be a millionaire anytime soon.

[Beautiful]

Originally Posted by nate

I'm only selling a little over 1.5% of my ETH holdings to pay debt and free up income to have more liquidity to reinvest. Altho I will most likely look back and wish I had been more greedy and sold the event, 1.5% isn't much in the scheme of things and $3k ETH is guaranteed at this point. Setting it and forgetting it is a lot easier than trying to time the market. Plus I can't look genius to friends and family until I take profit and pay for some high value item they can physically see and touch while still having a portfolio worth more than the balance on my 30yr mortgage. This will not be the last cycle, and I'm getting to the point where I've spent tens of thousands of hours watching charts, educating myself on what's going on in this space that playing this game in a bull market is practically like taking candy from a baby.

Looks like your sell order will be filled by today/tomorrow

Congrats

[BlackLion]

Originally Posted by slokor

Takes money to make money....
Thats how its always been and how itll always be.
That includes dogecoin and all their clones. You have to look at the initial amount invested and the percentage it grew. Invest only $100 in dogecoin and you wont be a millionaire anytime soon.

True, but I invested the same amount of money (extremely small amount) into BTC recently, and DogeCoin. I am losing funds on BTC, but made more back with DOGE. Doge is performing better for me. What I'm basically trying to say is that for people who cannot risk large amounts of funds, it will be easier to make a large sum from cheaper crypto than bigger ones that's already well established without the risk/fear of losing out "big time".

[yankee]

@BL, If you invested that $100 into inventory to have resold, Would you have made more money? Odds are, you would have made magnitudes more money compared to any crypto purchase.

[BlackLion]

Would've been more for now, but I have a good feeling about DogeCoin. As far as reselling goes I've purchased a few items but they just aren't selling, or they could be "slow" sellers. I'm going to have to try another category.

[Beautiful]

$5 says nate cancelled his sell order

[SaiJin]

I'm not selling until it hits 500K minimum.

[slokor]

Trading on the ETH/BTC pair has proven itself once again in the last 48 hours.
Switched from BTC to ETH two days ago and a few hours ago back to BTC. Im sure you can figure the profit involved in that.
To me thats the only proper way to make money when it comes to crypto.

[nate]

Originally Posted by Beautiful

$5 says nate cancelled his sell order

Was watching the depth chart on coinbase and ETH had too much strength. I figured itd over shoot 3k by up to 10%. I moved my order back to 3,488. BTC did a 3x from ATH, 4.2k is ETH 3x. Will probably over shoot it by July but it's going to be a physiological barrier to watch for-sure. Any thing over this 0.06 ETH/BTC breaks the 4 year trend the pair has been in. Now can only chart prior resistance and support levels from 2017. Trend maybe broken.