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First time I’m feeling confident to say it out loud. The bottom for Bitcoin is close. Friends that used to invest in crypto completely stopped or sold being scared of recent price action.Media is talking down on it, the public drifts more towards the classic “it’s all a scam and goes to $0” and others declare it as dead. But is it really "dead"?
Nearly 1 million addresses own at least 1 BTC
While prices declined heavily through the year the active address count remains high
Bitoin v24.0 just released
Hashrate was on a constant rise having new ATH through 2022 and just started declining ( miner capitulating due recent price action )
LGC is hitting it's limit
OPINION
Yes crypto value has been going down for over a year now. Investors leave the place and shift towards equities that are less risky in case the bear market will continue to possibly last until 2024. But overall I personally believe the bottom is close.
Looking at macro economics, the stock market and how the crypto world is sitting on a cliff lately I don't see a bottom in yet. I expect the worst to be behind us in Q1 2023 when the FED ( hopefully ) has inflation finally under control and Investors have a more clear outlook for the future.
That is my target to start buying again ( traded through 2022 and will continue until then ). Consider the lack of support, miners capitulating and potentially more big players falling to upcoming regulation I've set my buy orders at 14k, 12k & a large amount under 9k. I don't really see a 10k or lower Bitcoin without a major player collapse and if so - only for a couple days if not hours to catch these prices.
No buy orders set for alt coins yet because I have no idea how most of them will perform when a capitulation happens. I'm gonna wait until Bitcoin hit the bottom or looks more stable in 2023. I might miss out on bigger gains but that's just my way of risk management to not catch a falling knife.
That being said, IF Bitcoin indeed hit the bottom the last weeks and is still sitting at 15-16k or even at 17k-20k I will still start buying in Q1 2023. I DO NOT see a bullrun in 2023. Maybe earliest mid/late 2024 or even 2025.
Hey everyone,
The top 250 today is a lot different than the top 250 from a few years ago. It is going to change again in the next few years. The changes I have noticed over the last few years are due to the fact that a lot of the coins just get abandoned due to mismanagement of developer funds. Or simply the project was a scam. Etc.
So I'm curious, you are welcome to answer 1 or all: Which top 250 coin do you think:
is an absolute scam
OR absolutely useless
OR abandoned/will be abandoned?
All I ask is you explain why you think so and if possible, provide proof.
Thanks.
I ask this question to help educate the community to stay away from projects that will cause them to lose money, and whatever other educational things that can come out of it.
I might be wrong, but I believe that the bear market shall pass and Grayscale custodized coins with Coinbase is legit. After weighing the risk/reward, I took the plunge as I reckon the discount will narrow with the next bull market. So I'm effectively buying ETH at 6-700 with a 45% discount. https://imgur.com/Fi7Fw3y
Although I have some ETH on my private wallet, I feel more comfortable making big purchases through my bank as my wife is not really tech savvy. Having said that, the price to pay is Grayscale management fees (2%) and missing out on staking (5-8%). If the discount of 45% narrows I will be more than able to cover the opportunity cost of staking and management fees.
I truly believe that interoperability is the future of Crypto and is necessary. I am not encouraging people to invest but to be aware of the different types of projects out there.
I've been following POLKADOT and COSMOS for quite a while now and I believe that the ecosystem they created addresses the current and common issues of other blockchains like bridges hacking, slow transaction and high fees.
I know how competitive the industry is so I want to know which project you guys are interested in and why?
These are the words I’m starting to see from article after article and it’s making me even more bullish than before. This makes me think we may be near the bottom. Also, the fact that everyone and their brother is predicting another huge crash and capitulation tells me that once again, we’re probably near the bottom. Sure, BTC might head down to 11-12k but I’d guess we see a bounce from there. Of course none of this is financial advice and this is just my speculation. Either way, I’m buying up my favourite cryptos at these juicy prices. I have a few hidden gems that I’m buying the crap out of and I’m just loving these discounts.
Friends, are we near the bottom? Are you accumulating or just doing nothing? Maybe even selling? Let me know!
Good morning,
I really appreciate some good due diligence or a nice discussion but using out of context numbers and including a lot of doom doesn't make any substantial Analysis. It's just spreading fear and doubt.
First of all, Nexo survived the 2018 bear market that was magnitudes worse. Furthermore Credissimo is a established bank that is related to Nexo.
Now about the business model:
Nexo earns off spreads, provides liquidity and interest based on loans that are overcollateralized. Always been this way and worked very well.
Interest rates start at 13-14% for loans and yield for stables top out at around 10%. There are some special offers with higher yields but Nexo is known for adjusting rates if needed.
Nexo was always careful about regulation and has several registered licenses the countries they operate. European countries are not weak on regulation and if you want to operate there you have to comply why Nexo always did. In the US Nexo stopped their earning program due to regulatory uncertainty since Nexo is not chasing short term gains but wants to establish themself long term.
Furthermore Nexo was a first mover of funds attestation (a real audit is planned). Nexo is not depended on several funding rounds and VC like others (FTX etc.) because they actually have an established business model and generate positive cash flows.
Here you can read more details about the business model explained in depth:
https://twitter.com/Nexo/status/1597268175598813186?t=JOFhCzR54q8eWxKLdcIh3A&s=19
I don't want to shill Nexo at all. Please everyone that feels uneasy withdraw your funds and go into self custody.
However, I hate stupid FUD that is solely based on "if the others go down Nexo will too". At least provide some actually due diligence or analysis and bring clear arguments.
No one has to believe me and everyone should do his own research but the whole crypto market suffers by FUD that can't be backed up with numbers or facts.
With a master in finance and a job as an analyst in one of the top 6 banks in Europe I can't stand random shill or random doom without an extensive analysis.
Lastly, I want to stress again i don't wanna shill Nexo and everyone that feels uneasy should withdraw their funds but let's have a discussion based on facts and not feelings.
As the holiday season approaches and 2021 draws to a close, it may be an opportune time for us to wind down, reset ourselves and make a considerable effort to center ourselves in the midst of the crypto contagion.
I thought it would be a good idea to prepare my mind and soul for the long and gruelling task of HODLing by framing this journey in terms of mindsets. First, to equip myself with the growth mindset. Believing that I have the capacity to learn in spite of all my personal and professional responsibilities assailing me will motivate me to try new things. I will also not be deterred by losing money to projects that don’t work out.
Secondly, it is easy to stick to the tried and tested way of accumulating BTC and ETH, but doing the same thing repeatedly may induce a feeling of fatigue. Hence, I hope to have an inquisitive mindset so that I will always be curious about things that I don’t know. Specifically, I’m looking into the prospect of staking. Recently, thanks to posts from Redditors, I have delegated some $ATOM in my Keplr wallet. Currently looking into other methods of staking/delegating. Perhaps I will embark on ADA and/or Tezos next. Delegating ADA in a Yoroi wallet seems to be the method adopted by many a Redditor - and I might just follow suit in 2023.
Lastly, an entrepreneurial mindset. Now that I learnt how to list NFTs on OpenSea, I hope to take it one step further and mint my own NFTs there. Just learnt about how the ‘create’ function on OpenSea empowers one to mint AI-generated artworks. Can’t wait to try that out for myself!
So this is how I intend to march into 2023 - by having a growth, inquisitive and entrepreneurial mindset. What other mindsets do you think are necessary for a successful crypto investor?
Currently waiting for my ledger to be delivered, it was supposed to come in today but got notified that my shipment is being delayed. I've got my coins on Binance, should I patiently wait a few days for my ledger to come or sell all my crypto on Binance and move fiat out till the ledger comes and then buy again? It will either come this week or next week hopefully.
Anyone else currently in the same boat or were so previously? Do you guys think Binance will be there to stay for the long run? Are there any exchanges anyone even trusts right now?
Edit: Thanks for all your input guys, I have come to the conclusion that I will convert everything to moons and put my seed phrase in different gardens
Hello all, this recent bear market is making me appreciate more and more the value of privacy and I think Monero is just about the best I can do.
So for those with Ledger, what’s the best way to buy and store Monero? Or is there anything else I should be doing with Monero once I have it? Is there a way to ‘hide’ my purchase of Monero?
Appreciate any advice. Just a dude trying to traverse crypto.
Also, where do you see Monero in terms of regulation? Can a privacy coin be regulated? Or would it simply be disallowed from purchasing in certain countries? So getting it now would be even more important? Curious, I have no idea and would love some insight!
So, the thought just crossed my mind today while I was taking a number 2.
We have been seeing sooo many stories and theories going on about this coin and that company and whatever being a scam or not having the backing that they say they do.
Maybe, just maybe …. Someone is fudding the market on purpose to bring down the price….. maybe that person or entity lost a lot of money in the last couple month or year and are trying their best to bring the boat back so they can get back on.
This sounds pretty reasonable to me and I don’t put it out of reach from the possible truth. Thoughts? I’ve always thought That America was waaaay behind in mining and accumulating…. Other countries were far ahead and waaay earlier….
Who knows… would like your thoughts though!
Thanks ! Keep accumulating if you believe blockchain will still be the future… it will outlast whatever turd coins are out there now… just like my opinion though, totally not advice from a professional.
The below is partially taken from the Blockworks Daily email.
It may feel like everything in crypto that could go wrong, has gone wrong.
But crypto Twitter is now more than ever a constant drumbeat of which domino is next to fall.
We may have previously dismissed all of these theories without much thought, but the lesson of FTX may be that nothing is to be dismissed. Ever.
So what tin-hat theories should we be paying attention to? Here are a few of the leading candidates, alongside arguments for and against.
Grayscale Bitcoin Trust
Theory: Grayscale doesn't hold the bitcoin it claims to hold.
For: This would explain the huge and expanding discount to NAV that GBTC trades at.
Against: Grayscale custodies its bitcoin with Coinbase, and Coinbase would probably tell us if they were short. Grayscale is audited — and not by an auditor that claims to live in the metaverse (like FTX’s). Grayscale is regulated by the SEC. They are owned by a good (if currently impaired) actor — Barry Silbert’s DCG. And on-chain sleuths say they do, in fact, hold the bitcoin they claim to.
Risk level: 1/10. After realizing all the bitcoin being traded at FTX was fictional, it seems more imaginable that Grayscale could be selling fictional bitcoin, too. But I still find it pretty unimaginable.
Tether
Theory: Tether doesn’t hold all the reserves it claims to hold.
For: We’ve been waiting on a full audit of Tether's reserves for years. Tether is offshore and unregulated. It’s not always been clear where offshore.
Against: Lindyness: If Tether was going to fail, it surely would have by now, right? Tether has been processing billions of redemptions without issue. “Assurance opinions” have offered more transparency.
Risk level: 5/10: An "assurance opinion" is not an audit. Tether says that 9% of its assets are in secured loans, with "none to affiliated entities." But if SBF couldn't resist taking a $1 billion loan from Alameda, could Tether’s owners resist similarly "borrowing" a few billion from the USDT piggy bank?
Other fiat stablecoins
Theory: The bank deposits backing fiat stablecoins are at risk.
For: As detailed here by the ever-vigilant exposer of financial fraud, Edwin Dorsey, stablecoin issuers hold much of their reserves with weirdly small banks. Many of those, like Silvergate Bank, are suspected by Dorsey and others of having, um, less-than-stellar risk and compliance practices.
Against: Most stablecoin reserves are invested in Treasurys, which are presumably ring-fenced should the banks that hold them go bust.
Risk level: 5/10. FTX is a reminder that banks can fail and the reserves backing stablecoins are held at banks. Many of those banks are small and some are of questionable character. The crypto exchange FalconX, for example, was concerned enough about Silvergate to stop using it for wires, temporarily.
The concern is understandable: Silvergate’s small depositors are explicitly guaranteed by FDIC, but all depositors of, say, JPMorgan, are implicitly guaranteed by the government. Until crypto customers are welcome at too-big-to-fail banks like JPMorgan, stablecoin reserves will be at risk.
Coinbase
Theory: Coinbase is doing FTX things — we just don’t know it yet.
For: CEO Brian Armstrong’s statement in May that Coinbase has “no risk of bankruptcy” was quickly walked back by the CFO who said on CNBC that Coinbase has a “small risk of bankruptcy.” Coinbase bonds yield 15%, which suggests the market thinks “small” might be a little too generous still.
Against: Coinbase is US-domiciled and US-regulated. More importantly, it does not offer the type of leveraged products that got FTX in such a mess.
Risk: 0.5/10. There doesn’t seem to be much to this one other than Brian Armstrong saying things are fine, and whenever a CEO says things are fine, everyone on Twitter assumes they’re not fine.
Binance
Theory: Binance is doing FTX things, we just don’t know it yet.
For: Binance has no fixed headquarters and its CEO founder, Changpeng ‘CZ’ Zhao, lives in anything-goes Dubai, which is less than reassuring. The exchange is mostly off-limits for US customers, the US may be off-limits for CZ (given investigations by the DOJ and IRS), and Binance may have recently helped Iran avoid US sanctions.
Against: Binance’s BNB Coin has a $47 billion market cap. There’s no on-chain evidence that Binance is in any sort of distress (“weird vibes” is the worst the Twitter sleuths can do). Binance is probably crypto’s most profitable business — and probably by a wide margin.
Risk level: 3/10. I’m not going to brush everyone with the SBF brush — SBF is not a normal person. Most people are normal. CZ seems pretty normal.
Hoping for the best
In TradFi, it's a red flag when bank executives start giving nuanced answers to yes-or-no questions.
In crypto, we’ve taken that a large step further: Any answer to every question is now a red flag.
After SBF tweeted “We don't invest client assets (even in treasuries)” just days before we found out that FTX had “invested” nearly all client assets in things much, much worse than treasuries, it’s hard to take anyone’s word for anything.
Which is why we all believe in trustless, decentralized finance.
But DeFi cannot exist without CeFi, CeFi is complicated, and complexity breeds conspiracy theories.
So far, many of those theories have proven true.
Partially taken from the Blockworks Daily email.
Hii, I want to buy and get it sent directly to my wallet, and found that these ones have the lowest fees. Does anyone here have any recommendations of which I should use?
The sites:
Banxa I did a few transactions and comparing to any exchange is cheapper because I dont need to pay to withdraw (now that FTX is gone) and it didnt took too long to I receive my btc on my wallet. And after a few days I found this okx, I saw that they are sponsoring the F1 team McLaren but I wanted to hear more about it before starting using them.
Do you guys use any other sites? Any recomendations?
I tried Binance, Kraken, Crypto.com, Coinbase but none of them offers a cheap and easy way to DCA into crypto for low amounts of FIAT.
For stocks I can set up free DCA-orders with my broker starting at 1€.
But for crypto? It is expensive. Binance charges 1€ just to top up fiat. Kraken's fees are 6x higher when sing their automatic DCA compared to manually time order setup.
I feel like basic DCAing should be absolutely free, easy and encouraged by all exchanges.
Not only it is generally considered a very conservative, but successful investment strategy, it also reduced volatility when enough people use it and exchanges could plan customer's DCA executions to compensate volatility and do arbitrage.
Why do they make it so difficult to just buy a small amount of crypto daily?
I have been manually setting up orders on kraken for every single day for almost two years now and it starts getting annoying. Especially since I can set up only 40 time market orders at a time.
BEFORE everybody starts commenting “just get one and stfu”, i’m a teen with no job, who puts their spare launch money into crypto, and before the energy crisis used to mine with their gaming pc.
I really like ledger, so i’d like to buy one. The nano S would be 100% fine if not for the fact that i basically do every crypto trade on my iPhone, which really teases me to instead save for the nano X
again, i don’t have much in crypto but i really don’t want to loose the one I have, which as of writing this sits in coinbase and binance.
for reference, if i sold all my crypto right now i’d be able to buy a nano S, but it would stay empty for a while, because again i don’t have much cryptocurrency as of writing this
thank you for your help
EDIT: after reading a lot of your comments, i’ll start using some type of hot wallet, and one i get an amount of crypto which is x3-x4 the cost of the ledger i’ll buy it
A lot of us really took a beating this year…it was a mess and a total garbage fire of one thing after another.
I picked up a cold storage wallet last summer finally before the whole FTX trainwreck and I could absolutely see just how important it is to not keep any crypto assets(…or even disappointments) on a CEX.
I could see that with the FTX crash a lot more people are wanting to have hardware wallets…I like mine but initially it was a little too convoluted to set up…that’s my only issue.
But wondering what new features and ideas you’d like to see with a new or next level wallet? As I think more are going to be developed over the next few years.
Binance is different from Coinbase in terms of organization structure. Coinbase is a public company that its financial status is transparent. It reports earnings every quarter where you can find out their balance sheet, cash flow, revenue, credit, the total number of issued shares, who owns how much of the shares, etc. I am not saying it's not possible for Coinbase to go bankrupt, but its financial state is not a black box.
Instead Binance has a similar financial structure and does the similar business with FTX. The only difference is that Binance doesn't have an Almeda sitting in their backyard. They both run a CEX, issued a token that counts for a big part of their balance sheet (God knows exactly how much it counts), spent a lot of money on dealing with regulations/sovereign, advertisement and acquisitions. The both of the CEOs are pretty much same type of shady person. Most importantly, the financial state is a completely black box. Imagine that one day when BNB becomes a non liquidate asset for whatever reason, wouldn't Binance be just like today's FTX?
I'm not so sure, what do you think?
I apologize if some of these questions are obvious to some, but I was thinking about all these Centralized Exchanges and their credit cards, powered by Visa. I've never used one, but I remember looking into it and seeing the absurd rewards (I think they were rewards for staking). I'm trying to understand what Visa's actual role is.
Do they exchange crypto for USD during the transaction, or do they just collect a fee in USD?
Who issues the interest to the stake-holder and is this issued in the staked asset or in USD?
In essence, what exposure does Visa have to these insolvent black holes of debt as a company that issues credit? I'm having a hard time articulating the questions because it has to do with details I don't understand.
if you had a good amount of them you wouldn't be crying right now about not having fiat to buy the dip. Next time there's a crash you can bet I'm gonna have enough money to buy any dip.
Dividends and distributions come from actual profits from the company. Crypto yield comes from what? Staking? Which is essentially just Inflating the token? Fees? Lending?
With crypto you're essentially just hoping to time the market and make a profit with capital gains. If you have your dividend paying stocks in a tax advantaged account then you don't even gaf about taxes or timing the market and all that BS
Right now, a lot of good dividend stocks have fallen in price and the yields are pretty good. I'm not going to name any - you can figure it out yourself. I'm into a lot of boring recession proof type of stocks myself.
If you guys are serious about things like Financial Freedom or Passive income or whatever. Then it makes sense to get access to cash flow from real established Business with real revenue.
The real big Boys play in the stock market. I used to be one of these clowns saying things like "those idiots and their fiat mentality" but you guys know Wall Street big boys control everything. Shit even BTC price is closely correlated to the S&P500 and the Nasdaq. That's why people cream or even shit their pants when they hear Blackrock or Citadel or whoever is getting into crypto. You're just a little baby shrimp compared to the big dogs.
This post was inspired by a guy I read who was talking about his Bitcoin retirement plan which was essentially just buying BTC. I mean ok it's possible he could win big and whoop my ass with his gains. But then again perhaps he won't. Those BTC Maxis say they will never sell their bitcoin anyways, that dude will probably try to use it as collateral and get a loan (so he has to trust a third party which btc maxis hate) and then how will he pay that loan? 🤷♂️ some btc maxis I've talked to have said they'll just take out another loan to pay the first loan and so on. Idk how that works but ok.
I got my targets of how much crypto I want but once I get that I'm going to stop accumulating crypto. I already have 2 ETH. I'm good with ETH for now.
If you guys disagree thats cool I honestly hope you guys get your 50x or 100x gains. I'm going to be like a 🐢 and play it slow and steady.
Stocks and then real estate is what I'm going to be getting into long term. Crypto will always be a part of my life but I can't be a crypto only guy. It makes no sense. If I won the lottery tommorow there's no way I would yolo into bitcoin or anything. Sure I would buy crypto but majority would go into more legitimate assets.
I'm expecting people to call me a dumbass lol. If you disagree please try to be nice guys. ✌
