Any Bitcoin or Cyrptocurrency enthusiasts?

[andro0_11]

Will see whats going to happen tomorrow after the summit. Crypto is way oversold at the moment.

[murdered_by_ebay]

whether crypto is oversold is questionable , there are a quite a few titles trading high above their local and/or historic bottoms of the last couple of years

others had massive rallies in the last several years and the price retreated only a little from their tops

I would only believe it is oversold if I see a stable uptrend of the broad market. right now we are in a mixture of bear market and sides ways market and in such a market even bitcoin may fall significantly , by 50%+ for example

[rsot]

The 1 month trend of 10% decrease is worrisome but not intolerable for the long run...

[andro0_11]

Originally Posted by murdered_by_ebay

whether crypto is oversold is questionable , there are a quite a few titles trading high above their local and/or historic bottoms of the last couple of years

others had massive rallies in the last several years and the price retreated only a little from their tops

I would only believe it is oversold if I see a stable uptrend of the broad market. right now we are in a mixture of bear market and sides ways market and in such a market even bitcoin may fall significantly , by 50%+ for example

I'm referring the ''oversold'' indicator based on RSI and trends. F&G index lowest since the 2022-23 fears (when it dropped from ATH to sub 20k). And the sentiment for that Strategic Reserve from the market was that US will add-up some BTC, but it ended with only the 200K they already have. Unfortunately with the trade wars and tariffs - the entire market is down, USD losing strength last couple weeks in rates never before - my personal view is that crypto wont go against the market trends - if markets dumb, crypto dumbs aswell

[james_112233]

I hope the run up to Trump getting in to office wasn't the peak of the bullrun and we still have a long way to go for the rest of the year.

Alts have done nothing so far ...

A boring bullrun to say the least.

[agent006140]

Do you guys follow news?
I was reading newspaper last nite and there was a long article on how the North Koreans stole over one billion dollars worth of cryptos from the second largest Crypto exchange recently,resulting in not just losses but customers liquidating their accounts.
There is another article which said not sure how Trump is going to build his crypto reserve,as US govt now holds 200,000 coins worth over $ billions,would these coins be transferred into the reserve account?

sorry as some one corrected me,it is more than 1 billion

[rsot]

Thanks for the news agent - if you have the links to the stories, it's good to post them up for source

[andro0_11]

Originally Posted by agent006140

Do you guys follow news?
I was reading newspaper last nite and there was a long article on how the North Koreans stole over one billion dollars worth of cryptos from the second largest Crypto exchange recently,resulting in not just losses but customers liquidating their accounts.
There is another article which said not sure how Trump is going to build his crypto reserve,as US govt now holds 200,000 coins worth over $1 billions,would these coins be transferred into the reserve account?

So far the official news from the government is that the crypto reserve will hold only seized actives and they do not have plans in buying crypto to top it up, using taxpayer dollars. Based on todays price - that reserve is worth over $17B USD. I think you are referring the Bybit hack from last month. At least I havent heard any update on that (the hack was in $1-2B USD range). If you indeed have some links for read, please share

[agent006140]

It is in the Wall Street Journal newspaper March 7,2025 -the Bybit raid.
Too detail for me to follow,

[murdered_by_ebay]

bybit hack or US government btc reserves can not create a broad market trend. even if bybit collapsed completely there would just be some volatility for a while and everything would calm down. with US government I don't believe they would be actively buying

my take is that a strong growth of the market will only occur if institutions push it and I think they will , they first need to take position at low levels and some time later they will cash out as a market growth always attracts people , they tend to go in on rising prices so that the ones who are already in will be able to sell to them

basically it is the same principle as with the trump coin , just on small scale , lots and lots and lots of people lost money on it , some lost entire savings

[agent006140]

Institutions have already bought,they will buy more if retail customers give them more money.

[murdered_by_ebay]

I think large institutions manipulate the market , crypto is a lot smaller than FOREX so it is easy to manipulate and most importantly it is not illegal

[rsot]

Originally Posted by agent006140

It is in the Wall Street Journal newspaper March 7,2025 -the Bybit raid.
Too detail for me to follow,

Chuckles - thanks for the laugh agent - I already posted the bybit info on a different post

[Papyrusman]

Can you bullish guys tell me what the actual use case is for crypto? I get a store of value, like gold or something else, sure. But tech-wise, it seems like a different version of stuff we already have—that's in place already and working.

[james_112233]

It's magic internet money, and we're all degenerate gamblers ... didn't you know ?

[Papyrusman]

Hah. I totally get that aspect, I'm a big fan of numbers go up.
It's the tech "argument" for crypto I'm always curious about!

[andro0_11]

Originally Posted by Papyrusman

Can you bullish guys tell me what the actual use case is for crypto? I get a store of value, like gold or something else, sure. But tech-wise, it seems like a different version of stuff we already have—that's in place already and working.

If you have the time to read about it, few things I can guide you to check will be:

- Benefits and use case of blockchain technology.
- Utility coins (like cross-payment blockchains for banking - XRP | XLM)

[murdered_by_ebay]

the biggest advantage of crypto (not all but many coins) is that using them

a) allows to circumvent the banking system with it's stricter and stricter rules

b) keep money in a place where it is impossible for anyone to take it away from you (if certain safety measures have been put in place)

c) making quick payments all over the world and with minimal to no control and minimal fees

d) take it with you wherever you go with nobody being able to see it or even suspect you might have it

e) unlike banks with their accounts , anyone can open a wallet and use it anywhere

of course there is more but these are certainly important for many as it is essentially money that escaped from the prison that had been built for it. many states and especially western states have been working on total control of money flows for years , tightening the noose around people. crypto is like a convict that escaped prison and will never be caught again

[rsot]

Nice list murdered - though slowly everyone wants to impose fees...nuisance

[murdered_by_ebay]

with crypto fees can be avoided , of course if you want to do BTC only you will be ripped off like someone I know recently complained about a $40 BTC withdrawal fee on crypto.com

if they switched to other coins they could be paying nearly 0 in fees and if they need BTC they can just swap because swaps are easy to do , that is the purchase that creates problems

[SaiJin]

Originally Posted by murdered_by_ebay

with crypto fees can be avoided , of course if you want to do BTC only you will be ripped off like someone I know recently complained about a $40 BTC withdrawal fee on crypto.com

if they switched to other coins they could be paying nearly 0 in fees and if they need BTC they can just swap because swaps are easy to do , that is the purchase that creates problems

$40 to swap BTC to Cash ?

[murdered_by_ebay]

Originally Posted by SaiJin

$40 to swap BTC to Cash ?

no that is withdrawing any amount of BTC