- Sackie's NEW crypto prediction -- to reach 20k.

The only digital protocol that seems useful could be BSV as it has scaled and seems more scalable.
If BSV can deliver BTC and ETH will be irrelevant in a few years. The problem for many is that it will nullify any quasi annonomity currently held. This could also decimate most exchanges.

I shorted the previous run up to 20k, and probably could've traded some more, but it has no practical use. Many times I keep getting asked about buying crypto and my reply is the same "What for?".

Hey! Donuts have value, and weight. And add weight

 

I think the only time crypto will have some true value when we have a JP Coin, a MS Coin, GS coin, Euro Coin, or a US Federal Reserve Coin, etc, from which everything else may be valued. They'll be audited and backed by real assets, and require regular market disclosure. Just like, well the current financial system (imperfect as it may be)

I know this is the absolutely worst nightmare of the current crypto folk, but I think will end up being the end-game...

The whole idea of "decentralised" suddenly rising up and it all overthrowing the existing system is a fallacy. Will never happen.

Who knows, right now, the biggest dumps could well be the 50+ year old banks trying their best to kill crypto in the short term, all the newer exchanges, those leveraged up, and the new-found billionaires in order to encourage greater regulation, and place the longer term play right into their hands.

It's exactly what I would do

 

Hard to believe the crypto fallout will not have some kind of contagion effect into other asset classes. Surely that amount of money can't just evaporate without a flow-on.

 

A view on that aspect here.

Sold my house and put it all into bitcoin. [Crypto]

 

I doubt there's enough nutters like that to move the needle on the housing market.

My point is more: Evergrande was $300bn and the world was worried.
Crypto was a trillion and the world is... well, gloating a bit?
Enron was 63bn. Almost sounds funny in retrospect.

 

Yeah, crypto's have limitations and regulators are not going to just let it take over...lol....the US will start bombing data centres before that happens !

Re shorting, yeah, but how does one short or sell an actual coin.....bah....

 

While that's true the whole thing is a zero sum game. For everyone who loses, there is someone else who wins, apart from the trading / mining costs, which are taken by the respective service provider. It's not like debt deflation in that respect.

From an economic productivity POV, as well as a tax evasion / money laundering POV, it's just one massive drag on the economy. If and when it goes to custard, the real economy can be released from that drag. China realised this long ago, which is why they banned it. So much for the ability to cross international borders. We just didn't have the stomach for that but it would have made everyone's life easier - people could have focussed on adding real value to their communities instead. Maybe this will be the excuse Western governments need to grow a pair...

It's certainly doing a wonderful job at the moment of being a store of value that is incorruptible and unable to be defaced blah, blah, blah... if BTC is the real store of value, then USD must be going to the moon right now!

 

I put in a little short at 20500, the fomo is real

Cryptonians, Lunatics and hodlers be like

 

I love how all these crypto sceptics on a property investment forum claim that crypto is just some giant pump and dump ponzi scheme, with nothing tangible to back it up. Yet they measure the value of real estate against fiat, which is consistently debased by governments and central banks simply printing more of it.


Note, 99% of the crypto space is complete rubbish. But Bitcoin is a fascinating new technology which has the potential to do some amazing things. Each to their own though, write it off you want....

 

Btc next leg down could be starting tonight. My shorts all in again since the 11th.

 

Out of interest how tight to you have your stops? Or do you have a trailing stop? I would be a little hesitant to short at this level as the risk to reward seems too high.

 

Been shorting BCHUSD since btc was declining from about 44k. RR has been asymmetrical on each trade based off my trading set up. Mostly shorted on daily but also 4h.

Sl placement is discretionary trailing. Current calculable risk to equity is zero as all SL have passed entry point on most recent trade.

 

Can someone explain exactly what crypto currency is in like one sentence?

Sorry but I would never invest in this stuff - just need to know what the hell it is.

I get that it's a currency but what is it and why would someone want to invest in it?

it's been hard to get this answer for a while

thanks in advance

 

It’s a medium of exchange to that sits on a new cryptography technology.

99% of the crypto currency out there are just private printer currency. In the past, there have being private money too. They all die eventually…. as does government backed currencies

For example, I can issue “Tofucoins”. It’s about if everyone else has trust in using Tofucoins as a medium of exchange

 

You still in the short? I think if we don't get another leg down by aug we're prob due a little rally.

 

Entered again short just under 24k. Trying my luck for one more leg down. SL hit 3 times trying for this leg down over the last few weeks. Time will tell. I've tightened this short sl to BE already so worst case I BE on this recent trade and try again at some point.

 

I’d buy your “Tofucoins” if it could buy any kind of tofu in the world (utility)

 

As long as you can find a tofu vendor who accepts Tcoin. I promise I will only ever mint 10 million.

 

@Sackie

 

Sexy indeed.

I've been shorting it via cfds for months and added more positions.