BITCOIN

HHarry

mooneysaver said:

Hmmm seems like since the halvening none of the Bitcoin critics want to discuss rhe Runes protocol. I can't possibly imagine why 

I would if, after googling and reading an article on it, I had any clue what it meant.  Somewhere between memecoins (which everyone seems to agree are nonsense) and NFT’s ( what’s the consensus here? - to me they’re nonsense).

MeteredOut

HHarry said:

mooneysaver said:

Hmmm seems like since the halvening none of the Bitcoin critics want to discuss rhe Runes protocol. I can't possibly imagine why 

I would if, after googling and reading an article on it, I had any clue what it meant.  Somewhere between memecoins (which everyone seems to agree are nonsense) and NFT’s ( what’s the consensus here? - to me they’re nonsense).

NFT are, and always have been, nonsense. I really do think that anyone that bought them thinking there were an investment, with money they could not afford to lose, should have power of attorney placed upon them for the safety of their own financial health!

As expected, the halvening was a damp squib. 

Not sure why the Runes protocol makes BTC remain as anything other than a speculative store of money; on initial reading, its just another flavour of meme coins that will allow shillers to extract money from the FOMOs.

Scottex99

Halving only a damp squib if you expected some short term massive pump in price?

The market is up since then and if increased demand from ETFs/Corps/Retail vs reduced supply from BTC mining rewards plays out as “expected” similar to previous cycles (plus new ETF money) then it could continue to rise

MeteredOut

Scottex99 said:

Halving only a damp squib if you expected some short term massive pump in price?

The market is up since then and if increased demand from ETFs/Corps/Retail vs reduced supply from BTC mining rewards plays out as “expected” similar to previous cycles (plus new ETF money) then it could continue to rise

If you look at social media, this is what meany were expecting "because it happened the past 3 halvenings". There's a lot of very amateur Technical Analysis going on out there.

Of course "It could continue to rise". 

It could also fall. How much (and for how long) people continue to follow the greater fool theory will determine which.

Scottex99

There are terrible takes on everything finance related on every social media, especially recently. Since when was that a metric to be considered? 

Plus the previous halving cycles suggest upward momentum approx a year from the date it happens, not after 1 day.

if there’s more buyers than sellers it’s goes up, if it’s the opposite it goes down, we all know this, I’m giving my basic reasoning why I think it’s the former.

Plus I’d argue that doing TA on super volatilie crypto assets is not the best use of time anyway, I can’t see how any TA possibly factored in Iran/Israel for example 

MeteredOut

Interesting to see if BTC is going to test down to the $60K level.

There's a lot of "why's it not gone to the moon after the halving like everyone said it would" on social media. Greater fool theory strikes again.

IvanOpinion

You just blew my theory that the position of this thread reflects how well Butcoin is doing.
When this thread rises it usually means bitcoin is up and being pumped by the believers?
When this thread lanquishes in the dark depths of the board it means it is down and the believers don't want it mentioned?

MeteredOut

IvanOpinion said:

You just blew my theory that the position of this thread reflects how well Butcoin is doing.
When this thread rises it usually means bitcoin is up and being pumped by the believers?
When this thread lanquishes in the dark depths of the board it means it is down and the believers don't want it mentioned?

I mentioned the same a couple of weeks back too - it was definitely the case then, and I'd state still is, for those that are advocates of crypto.

I'm not sure MSE has that many crypto followers though. Get the algorithms on Insta or TikTok to serve up crypto content, and you'll see how wild things are. So many shillers pushing the alt coins, so many people asking if its a good time to buy or a good time to sell, so many now wondering why their recent investment is down 20%. People are treating it like a side-hustle but putting what is, for them, a significant portion of their assets, then wondering why they're not rich all whilst the influencers are crying HOLD and TO THE MOON on the latest meme-coin they've been paid (in said coin) to sell.

User232002

IvanOpinion said:

You just blew my theory that the position of this thread reflects how well Butcoin is doing.
When this thread lanquishes in the dark depths of the board it means it is down and the believers don't want it mentioned?

MeteredOut said:

I mentioned the same a couple of weeks back too - it was definitely the case then, and I'd state still is, for those that are advocates of crypto.

What are you two on about? Friendly reminder, 6 months ago Bitcoin was $20k.

Where are these 'losses' of which you speak?

MeteredOut said:

I'm not sure MSE has that many crypto followers though. 

Because the demographic skews older and the boomer generation would very much rather young people simply towed the line than build their own, fairer, monetary system.

ColdIron

User232002 said:

Because the demographic skews older and the boomer generation would very much rather young people simply towed the line than build their own, fairer, monetary system.

Toed the line. We boomers understand grammar