Bitcoins/Litecoins/Virtual Currencies

Sanrith Descartes

Sanrith Descartes

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BTC overhead resistance at $36,142 (10 DMA) and $36,402 (20 DMA). On a test and fail expect it to drift back lower. New range of the current trough is $31,000 - $36,000 more or less.
 
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Arden

Arden

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Flobee said:
Click to expand...


Seems like great news for the entire crypto space, but let's keep our fingers crossed. If this experiment fails it will be bad news for everyone.

I'm a little 🧐 about El Presidente in El Salvador. This talk about harvesting energy from volcanos to mine BTC seems a little... Out there.
 
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Arden

Arden

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Additional mining bans in China. Despite the good news for BTC, China still has the ability to seriously hurt it.
 
Ravishing

Ravishing

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Imo BTC will stay between 25k and 40k until the next halving in 2024.
50K+ before then would surprise me.
If markets collapse then BTC <20K would be possible, otherwise very unlikely.
 
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Intrinsic

Intrinsic

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Sanrith Descartes said:
BTC overhead resistance at $36,142 (10 DMA) and $36,402 (20 DMA). On a test and fail expect it to drift back lower. New range of the current trough is $31,000 - $36,000 more or less.
Click to expand...

I consider myself intelligent but will attempt to disprove that by continuing this post…

What is the psychological economic/financial concept behind why it is difficult for me to look at BTC trading in the $30k range and find it difficult to instinctively latch on to the possible gains, say compared to a coin/stock/whatever at say $1 and conceptualize that if I buy 100 of those and it goes up to $2 I now have $200.

The idea of buying fractional coins of something already at $30k and playing off the swings within that range…. anyways, there’s another level here that I have difficulty intuiting.

Additionally it is much easier for me to “imagine” a price going from $1 to $2 and my “investment” going up accordingly. Conversely trying to rationalize something going from $30k to $60k seems, keyword seems, a harder pill to swallow that going from $1 - $2. Conceptually I understand it may not be but psychologically it is harder to overcome.

Also makes the barrier to own a whole coin seem odd. $30k to own a whole “thing” is comparatively a lot vs $1 to own thing Y. But now I have to keep track of owning 0.237892 of a thing.

That’s enough free writing. There’s a better way to step through all that I’m sure.
 
James

James

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Flobee said:
Meanwhile Ethereum is being forced to scale on layer 2 just like Bitcoin had to. The video does a good job laying out the argument for why Bitcoin is the better asset long term. It even goes over why Ethereum is a good coin and will hold value over time. James James loses his shit when anyone challenges his beliefs so its unsurprising he can't/won't understand the arguments. I'm not even saying that they're right, but its heterodox thinking to what you're going to hear everywhere else.

Worth listening to imo. Makes me bullish as fuck on BTC, if it can handle Defi use cases plus maintain the store of value + security properties it get harder to justify many other chains.
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The video does a horrible job of explaining the value proposition of Bitcoin, and I lose my shit when obviously flawed arguments are being used to claim something that is provably false. Ethereum is not "forced" to scale on Layer 2, they are researching literally every scaling mechanic possible, on L1 and L2 -- Ethereum increases the size of blocks all the fucking time, if you don't recall the last fucking retarded statement you made.
 
Flobee

Flobee

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James said:
The video does a horrible job of explaining the value proposition of Bitcoin, and I lose my shit when obviously flawed arguments are being used to claim something that is provably false. Ethereum is not "forced" to scale on Layer 2, they are researching literally every scaling mechanic possible, on L1 and L2 -- Ethereum increases the size of blocks all the fucking time, if you don't recall the last fucking retarded statement you made.
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Yea, I understand this. Ethereum is doing great things to innovate. You have 0 argument against anything stated in that video or that I state other than "You're retarded". Ethereum increasing block size is not something I would tout as a positive feature. They're doing it because layer 2 development can't keep up with demand on their chain because they've overloaded layer 1 with smart contract code.

Ethereum's use case incentivizes centralization as that increases efficiency. Its why chains like Binance are taking bites out of their market share.

Bitcoin avoids this by scaling fully on layer 2+ so it doesn't need to make these decentralization sacrifices. Time will show which approach is superior

EDIT: For what it's worth I do think that its possible a larger country, say somewhere in Europe, adopts ETH as a legal tender in the next 12-24 months. I think they do this because Ethereum is centralized and can be controlled. There is a significant incentive for institutions + nation states to do this as people that don't understand decentralization think ETH is decentralized + superior. ETH can still win, but it will be bad for the world.
 
Haus

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Arden said:
Seems like great news for the entire crypto space, but let's keep our fingers crossed. If this experiment fails it will be bad news for everyone.

I'm a little 🧐 about El Presidente in El Salvador. This talk about harvesting energy from volcanos to mine BTC seems a little... Out there.
Click to expand...
Well, geothermal energy production is a real thing in areas it can be done. And it would be a completely green energy source. Sounds like he's being the good guy here. heh

Arden said:
Additional mining bans in China. Despite the good news for BTC, China still has the ability to seriously hurt it.
Click to expand...
I'm honestly willing to take a hit on market valuation to ban as much mining in China as possible since it would also mean China having less of a capability to screw with the crypto market.
 
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James

James

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Flobee said:
Ethereum increasing block size is not something I would tout as a positive feature. They're doing it because layer 2 development can't keep up with demand on their chain because they've overloaded layer 1 with smart contract code.
Click to expand...

That's because you're an idiot that doesn't know what scaling a blockchain even means, let alone how Ethereum is going about accomplishing it. One of the points they made in that video was that layer 2 loses out on the composability of Etheruem's layer 1, which is actually not true for Ethereum at all but is true for fucking Bitcoin.

Flobee said:
Ethereum's use case incentivizes centralization as that increases efficiency. Its why chains like Binance are taking bites out of their market share.
Click to expand...

This is so stupid I can't believe you wrote it. It's like you don't even understand that Ethereum's use case is so powerful that even copycat centralized chains are making money off of it.

Flobee said:
Bitcoin avoids this by scaling fully on layer 2+ so it doesn't need to make these decentralization sacrifices. Time will show which approach is superior
Click to expand...

Ethereum's approach is superior, there's been five years of development on it that proves this is the case. I already linked you a whole article on why L1 needs to be able to keep up with L2, but you fucking dismissed it because you have zero concept of anything because HURR DURR BITCOIN ITH DETHENTRALITHED.
 
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Arden

Arden

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Haus said:
Well, geothermal energy production is a real thing in areas it can be done. And it would be a completely green energy source. Sounds like he's being the good guy here. heh


I'm honestly willing to take a hit on market valuation to ban as much mining in China as possible since it would also mean China having less of a capability to screw with the crypto market.
Click to expand...

Yeah the China thing is going to be super interesting. I totally agree it would be a good idea to go ahead and get them removed from the space now rather than later. BUT, my understanding is that they are still very, very invested in the space. A huge portion of BTC mining still comes from them. To have them suddenly drop out the BTC picture completely would likely have an absolutely devastating (if temporary) impact on the crypto ecosystem.

Of course China could always fully embrace VET and make it so that I never have to work again :emoji_grin:
 
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Flobee

Flobee

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Arden said:
Seems like great news for the entire crypto space, but let's keep our fingers crossed. If this experiment fails it will be bad news for everyone.

I'm a little 🧐 about El Presidente in El Salvador. This talk about harvesting energy from volcanos to mine BTC seems a little... Out there.
Click to expand...
 
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Jackie Treehorn

Jackie Treehorn

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Flobee said:
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These new Nvidia mining cards are gigantic.

925E5EE5-522A-46DF-A7A6-1838F9D075BB.jpeg
 
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