I just bought $200,000 of Bitcoin

[Sametboy2019]

I'll just leave this here.

[suzannegoh]

On 11/20/2022 at 7:58 PM, Neeranam said:

I bought gold in 2001 when I got married as I thought it a safe investment. Sold at x4 in 2012 ish.

Wish I'd bought BTC with it then! 

Of course you did, and you probably talked other people into investing in gold when it was slightly off its all-time have as you did with Bitcoin.  An estimated 75% of people who invested in Bitcoin are underwater now, including a disturbing number of retirees with limited investment knowledge who were swayed by Bitcoin evangelists last year, just as many similar people where swayed by goldbugs 10 years ago.

[lkn]

Here’s Tim Bray’s story about Amazon looking into offering blockchain-related services back when it was all the hype: https://www.tbray.org/ongoing/When/202x/2022/11/19/AWS-Blockchain

 

The short version is that despite their best efforts, and visiting blockchain-related startups and fin-tech businesses, they just couldn’t find any problem that it actually solved. Even one of the demos they got, the presenter answered that yes, it could all be done without a blockchain component.

 

His article was prompted by the Australian Stock Exchange’s abandonment of their long-ago announced blockchain project.

 

Really amazing just how many people have been fooled over the last seven or so years.

[Neeranam]

18 minutes ago, suzannegoh said:

Of course you did, and you probably talked other people into investing in gold when it was slightly off its all-time have as you did with Bitcoin.  An estimated 75% of people who invested in Bitcoin are underwater now, including a disturbing number of retirees with limited investment knowledge who were swayed by Bitcoin evangelists last year, just as many similar people where swayed by goldbugs 10 years ago.

Heard it all before, bitcoin is a great investment, especially with the current sale. 

Many people bought at 19k at the height of the last cycle and I heard EXACTLY the same things as I'm hearing from the Crypto Luddites on this thread. I didn't cash out enough in 2017 and learned my lesson and bought as much as I could in 2018/19/20, and the wise will do something called HODL until the next bull cycle which starts after the next halvening. Crypto/blockchain is the at a similar stage as the internet was in 1995. 

[Neeranam]

11 hours ago, Celsius said:

8k bitcoin by February. Day after day of new scam and new lie. It would be about 50 links if I post them here since the last post.

I highly doubt it. The bear market low is predicted to be Jan 23. 

 

[Neeranam]

 Whales are rapidly accumulating Ethereum, and those who haven't a clue are rapidly selling.

 

https://www.cryptoglobe.com/latest/2022/11/ethereum-whales-are-rapidly-accumulating-eth-as-crypto-prices-drop-says-analytics-firm/

[ozimoron]

4 minutes ago, Neeranam said:

 Whales are rapidly accumulating Ethereum, and those who haven't a clue are rapidly selling.

 

https://www.cryptoglobe.com/latest/2022/11/ethereum-whales-are-rapidly-accumulating-eth-as-crypto-prices-drop-says-analytics-firm/

If that was true, the price would be rising. A quick glance at the chart shows that it isn't.

[Neeranam]

2 minutes ago, ozimoron said:

If that was true, the price would be rising. A quick glance at the chart shows that it isn't.

https://studio.glassnode.com/metrics?a=ETH&m=distribution.BalanceExchanges

[ozimoron]

4 minutes ago, Neeranam said:

https://studio.glassnode.com/metrics?a=ETH&m=distribution.BalanceExchanges

The balance on exchanges rises when people intend to sell and falls when they intend to save them. People don't otherwise leave their crypto on exchanges.

 

also, that's a paywall site, so I can't see the trend there. If the balance on exchanges is falling that would support your assertion.

Edited November 22, 2022 by ozimoron

[Neeranam]

Just now, ozimoron said:

The balance on exchanges rises when people intend to sell and falls when they intend to save them. People don't otherwise leave their crypto on exchanges.

 

also, that's a paywall site.

Check out the Twitter thread, you can see much more info there. 

[ozimoron]

4 minutes ago, Neeranam said:

Check out the Twitter thread, you can see much more info there. 

I don't use twitter. Just tell me if the ETH balance on exchanges is rising or falling, thanks.

 

One reason for an increase in exchange inflows is that investors are looking to sell their crypto assets. Exchange inflows due to selling pressure is a bearish signal and indicate that prices could fall.

 

https://www.coindesk.com/learn/why-do-exchange-balances-matter-in-crypto/

Edited November 22, 2022 by ozimoron

[Neeranam]

2 minutes ago, ozimoron said:

I don't use twitter. Just tell me if the ETH balance on exchanges is rising or falling, thanks.

Why don't you use twitter?

 

According to CryptoCompare’s latest Asset Report, during the month of October, the price of Ethereum rose 18.4% while the flagship cryptocurrency Bitcoin rose 5.49. The S&P 500 index, meanwhile, rose by 5.26%, while the NASDAQ rose by 1.56%.

[ozimoron]

Just now, Neeranam said:

Why don't you use twitter?

 

According to CryptoCompare’s latest Asset Report, during the month of October, the price of Ethereum rose 18.4% while the flagship cryptocurrency Bitcoin rose 5.49. The S&P 500 index, meanwhile, rose by 5.26%, while the NASDAQ rose by 1.56%.

For reasons which are off topic here.

 

The current price of ETH is very close to a 2 year low.

[Neeranam]

FIAT currency is collapsing. 

Everything is down.

Genesis is not Bitcoin!!

SBF is NOT Satoshi Nakamoto! 

FTX is NOT Bitcoin. 

 

The ignorance is unbelievable. 

 

[Neeranam]

BTC hashrate is at an alltime high! 

There is nothing wrong with BTC. 

If you sold your BTC because of the news over the last couple of weeks, BTC is not for you -  move on.

[ozimoron]

Just now, Neeranam said:

BTC hashrate is at an alltime high! 

There is nothing wrong with BTC. 

If you sold your BTC because of the news over the last couple of weeks, BTC is not for you -  move on.

I sold my crypto about 9 months ago, glad I did. I'm all out. Interesting that the hash rate is high though. I don't mean to imply that BTC is dead, just that I think the economic conditions are not favourable for investment right now. Cash is king. The DXY is higher than it's been for 20 years, since the last big recession.

[Neeranam]

Just now, ozimoron said:

I sold my crypto about 9 months ago, glad I did. I'm all out. Interesting that the hash rate is high though. I don't mean to imply that BTC is dead, just that I think the economic conditions are not favourable for investment right now. Cash is king. The DXY is higher than it's been for 20 years, since the last big recession.

Interesting, did you make a profit with Crypto?

 

I would not like cash now, it's losing value, I'd rather have gold, actually I bought some Gold today. 

[ozimoron]

3 minutes ago, Neeranam said:

Interesting, did you make a profit with Crypto?

 

I would not like cash now, it's losing value, I'd rather have gold, actually I bought some Gold today. 

I probably lost about $5k over a year or so. Mainly just learning the hard way. Cash is not losing value., the USD is rising in value. Every other asset class is falling.

[Neeranam]

1 minute ago, ozimoron said:

I probably lost about $5k over a year or so. Mainly just learning the hard way. Cash is not losing value., the USD is rising in value. Every other asset class is falling.

Basically, crypto goes in 4 year cycles. 

 

The USD is rising against what? Certainly not groceries or general things needed to live. 

[ozimoron]

What I learned , or think I learned, was that crypto rose so much because of low interest rates and lots of stimulus leading to hot money. Much of the covid stimulus went into the hands of the rich who splurged it on anything they could find. Then, when the inevitable happened, together with the unforeseen extra supply crunch of Russia invading Ukraine and inflation rocketed up, I saw the writing on the wall and got out. I believe that assets will be flat (down) for some years to come. BTC can spend long periods in the doldrums.

[aldriglikvid]

24 minutes ago, Neeranam said:

FIAT currency is collapsing. 

Everything is down.

Genesis is not Bitcoin!!

SBF is NOT Satoshi Nakamoto! 

FTX is NOT Bitcoin. 

 

The ignorance is unbelievable. 

 

You forgot...

Bitcoin -15% in 30 days.

Edited November 22, 2022 by aldriglikvid

[ozimoron]

4 minutes ago, Neeranam said:

Basically, crypto goes in 4 year cycles. 

 

The USD is rising against what? Certainly not groceries or general things needed to live. 

Sure, but $1 is gaining in value compared to every other asset class. I believe it's misleading to consider that the dollar is losing value because prices are rising. Things just cost more. For the dollar to be losing value, at least one other asset class has to beat it. That's not happening. It's not really about the dollar losing value, it's that purchasing power is being lost (and ergo the standard of living) no matter what you use to pay for things.

[Celsius]

26 minutes ago, Neeranam said:

FIAT currency is collapsing. 

Everything is down.

Genesis is not Bitcoin!!

SBF is NOT Satoshi Nakamoto! 

FTX is NOT Bitcoin. 

 

The ignorance is unbelievable. 

 

 

Fiat currency is not collapsing. That is a lie.

 

If it was collapsing why are the bitcoin payments settled in fiat?

 

 

[Neeranam]

took 6 months to get 1000 users; 5 years to find 1 million users. Today, 13.8 years from inception, it has 300m+ users, 4% of the world. At current growth rates, 1 billion users will be hit in the next 3 years. That's 12% of the world.

 

 

[ozimoron]

I think that should read "have ever used", not "users". I might have some shillings worth of BTC lying around in my cold wallet, not sure. Doesn't make me a user.

Edited November 22, 2022 by ozimoron

[Neeranam]

I already didn’t fully trust mainstream media, but after being native to an industry that experienced an event as large as the FTX blowup & seeing how MSM portrayed it, I don’t think I will ever trust them. Makes me wonder how misleading reporting is on topics I’m not native to.

 

 

[Neeranam]

Just now, ozimoron said:

I think that should read "have ever used", not "users".

He says later - 

To clarify, these are unique users, not addresses. Early data is via

@glassnode

on-chain forensics, addresses clustered into users according to historic behaviour. Users emptying their wallets are removed from the count. Then add unique ID-verified exchange accounts & de-dupe.

[ozimoron]

1 minute ago, Neeranam said:

I already didn’t fully trust mainstream media, but after being native to an industry that experienced an event as large as the FTX blowup & seeing how MSM portrayed it, I don’t think I will ever trust them. Makes me wonder how misleading reporting is on topics I’m not native to.

He makes his money shilling NFT's, IIRC.

[ozimoron]

2 minutes ago, Neeranam said:

He says later - 

To clarify, these are unique users, not addresses. Early data is via

@glassnode

on-chain forensics, addresses clustered into users according to historic behaviour. Users emptying their wallets are removed from the count. Then add unique ID-verified exchange accounts & de-dupe.

By that definition, my cold wallet is still counted as a user, as I suspected. I did not fully empty it. Also bear in mind that whales own most of the BTC so the measure of users isn't very useful.

Edited November 22, 2022 by ozimoron

[Neeranam]

@ozimoron Twitter is the best place for real information.