Crypto currency

UFHealthGator

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Admittedly I don;t really understand it, so I will ask again. When something like this happens, who do you call, Ghostbusters?

https://www.cnbc.com/2021/08/11/cry...s-steal-600-million-in-poly-network-hack.html


Hack is terrible, but if anything this shows why blockchain tech is great for law enforcement. All the USDT (stable coin) that he took was black listed by tether, meaning unusable. His wallets are now public knowledge. Better yet he actually KYCed those wallets with some centralized exchanges so his identity is already known. Finally any transactions out of his wallets are publically tracked. Its not like he ran away with US paper cash never to be seen again.

Defi applications are definitely risky. They are programmed smart contracts that can be vulnerable to bugs and loopholes. But they are distinctly different than for example, simply buying bitcoin and storing it on your hardware wallet.

This space is still early, but eventually it will be more secure than your credit card, bank account , loans that are vulnerable to identity theft every day.

I know you look at this from the perspective of a US citizen. Most of the world does not have the luxury of having a government to coddle you with FDIC insurance when your reckless bank fails, or regulated stock market brokers rob you blind. Most of the world has shady banking or even no banking system, and no government to come and hold their hands. Defi / crypto is far more secure than anything they had before.
 

BMF

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Cryto's are on a nice run the last week or so. I'm torn on what I should do if it keeps running (take some profit or let it ride)....
 

EyeDocGator

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My gut feeling is that crypto-mania is akin to tulip-mania. I do not think this will end well.
4-10_1.png
 

EyeDocGator

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This is the US stock market....

The stock market mania, like crypto mania, is fueled by the Fed's enormous amount of monetary creation. Value investing in stocks is dead since the stock market has turned into a giant casino. Crypto has become a giant crapshoot. Trees don't grow to the sky and crypto won't go up forever.
 

no1g8r

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An argument could be made that the value of the stock market and crypto hasn’t gone up, but that the value of the dollar has gone down.
 

UFHealthGator

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My gut feeling is that crypto-mania is akin to tulip-mania. I do not think this will end well.
4-10_1.png

Crypto is more like the early days of the internet. A dot com bubble like crash is not out of the question. But as long as there is internet, this tech is staying in the future. We are very early in the adoption curve and largely speculative. Just like the dot com bubble, many tech companies disappeared, but the few that remained, the Amazons and Googles of crypto will dominate the future of Crypto.
 

UFHealthGator

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An argument could be made that the value of the stock market and crypto hasn’t gone up, but that the value of the dollar has gone down.

What is crazy is actually the DXY is trying to break out. Essentially the Dollar is less valuable, but most other major fiat currencies are tanking worse.
 

EyeDocGator

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. But as long as there is internet, this tech is staying in the future.

A lot of people think crypto is the future of money. It is totally dependent on the internet and governments control the internet. In the past, desperate governments have done far worse things than turn off the internet. The crypto bubble is much larger than the dot com bubble. Some form of crypto may indeed survive and thrive in the future. Right now I think the risks are huge.
 

UFHealthGator

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A lot of people think crypto is the future of money. It is totally dependent on the internet and governments control the internet. In the past, desperate governments have done far worse things than turn off the internet. The crypto bubble is much larger than the dot com bubble. Some form of crypto may indeed survive and thrive in the future. Right now I think the risks are huge.

If you see a future where governments including ours just turns off the internet, then no point in investing in anything at all. Everything will tank. Might as well just build a bunker and stock on ammo and canned food.

Now assuming we don't live in that future where the internet is just turned off entirely, many cryptos can never be shut down as long as there is internet, no matter what government do. Bitcoin is designed to specifically withstand that. Sure you probably will have a hard time converting your Bitcoin to USD, but at some point in the adoption in curve, you won't even need to. This is all worst case scenario.

What we are seeing is the opposite. The crypto community has already started to infect the structure of governmrnt. Many elected officials are out right fighting to legitimize crypto. Hundreds of billions of dollars by top companies are already invested in the space and trillions are coming in.

When big institutions get into something, you better believe they will buy the politicians to protect it. Game theory at its finest.
 

Gatormac2112

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Only time will tell. I still have a hard time seeing the value in cryptocurrency, because it’s largely not a currency at all as it stands right now. I’m putting a little money in it, but only because I think there might be someone willing to pay more in the future, not that it has any intrinsic value.
And value investing isn’t dead, it’s just on hold.
 

Concrete Helmet

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What is supposed to happen to crypto's in September? My Chiropractor told me to get out or reduce a lot by September(he's been in and out for about 5 years). He told me this about 4or 5 month's back when it was going bonkers and then when I was there this week he ask me if I was still in. I told him I was(only a few G's)and he mentioned it again. Now I saw someone else talking about it crashing to 13-18k in September....what's the deal with September?
 

UFHealthGator

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What is supposed to happen to crypto's in September? My Chiropractor told me to get out or reduce a lot by September(he's been in and out for about 5 years). He told me this about 4or 5 month's back when it was going bonkers and then when I was there this week he ask me if I was still in. I told him I was(only a few G's)and he mentioned it again. Now I saw someone else talking about it crashing to 13-18k in September....what's the deal with September?

September historically has not been a great month. Bitcoin usually tests its support level in September,( happened on every september the past 5 years).

3/4 times after the test it bounced back up. 1 time it broke down. One time it tested as resistence coming up and it failed. Support currently is somewhete in the low 40s.

 

Gatormac2112

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September historically has not been a great month. Bitcoin usually tests its support level in September,( happened on every september the past 5 years).

3/4 times after the test it bounced back up. 1 time it broke down. One time it tested as resistence coming up and it failed. Support currently is somewhete in the low 40s.


How can support be somewhere in the 40's when it was just in the 20's a couple weeks back?
 

UFHealthGator

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How can support be somewhere in the 40's when it was just in the 20's a couple weeks back?

Support is just a 20 week moving average that changes with time. It broke down below support on 5/18 which lead to massive crash. Support flipped to resistance for 3 months between 5/18 and 7/20, until it finally broke above it. Just because it is called "support" does not gurentee that it will hold. Its just an easy way to classify a bearish over all sentiment and a bullish sentiment. When bitcoin is below its 20 week moving average, crypto goes into bearish stance where everything else just bleeds.
 

Egor's Assistant

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....

What we are seeing is the opposite. The crypto community has already started to infect the structure of governmrnt. Many elected officials are out right fighting to legitimize crypto. Hundreds of billions of dollars by top companies are already invested in the space and trillions are coming in.

When big institutions get into something, you better believe they will buy the politicians to protect it. Game theory at its finest.
I just went to a car dealership that accepts crypto as payment... in Missouri. Things are changing fast.
 

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