BITCOIN

Scottex99

HansOndabush said:

Scottex99, this video from someone who trades crypto, briefly covers the main concepts of charting and how the indicators were in place for a fall in bitcoin before the big drop i.e. head and shoulders, ascending wedge, MA crossing. It is a very good video, even blasts a hole through all the stupid crypto hype:

https://www.youtube.com/watch?v=y--7HycnXF0

Someone who lost 350k trading equities and got divorced*.

I’ll give him credit for some of that being for comedic effect though.

Few points:

”A few thousand dollars” of DOGE is kids stuff.
Didn’t check the date but we broke through 32k support and we’re not at 22, we’re at 38.
Stablecoins are good for payments yep but this has nothing to do with BTC, whether it was intended or not people don’t buy stuff with BTC.
CBDCs will just be stablecoins with government oversight and probably interference. Digital RMB is all fine and well until the Chinese gov has every single penny you spend ,accounted for and tracked.

So what stupid hype is he blasting a hole through?

lozzy1965

Thrugelmir said:

lozzy1965 said:

Malthusian said:
It is a closed system, and it is true. Punters' money in == punters' money out.

Isn't that true of any investment?

Investors lend their money to companies to create wealth. The function of stock markets is to raise capital. Not just a speculation numbers game played on a screen. 

Nope.  Not when I buy 1 share that is already in existence.  That money goes to the person I bought the share from, not the company.  It's value is my perception of the value of the company vs the sellers perception.

HansOndabush

Scottex99 said:

HansOndabush said:

Scottex99, this video from someone who trades crypto, briefly covers the main concepts of charting and how the indicators were in place for a fall in bitcoin before the big drop i.e. head and shoulders, ascending wedge, MA crossing. It is a very good video, even blasts a hole through all the stupid crypto hype:

https://www.youtube.com/watch?v=y--7HycnXF0

Someone who lost 350k trading equities and got divorced*.

I’ll give him credit for some of that being for comedic effect though.

Few points:

”A few thousand dollars” of DOGE is kids stuff.
Didn’t check the date but we broke through 32k support and we’re not at 22, we’re at 38.
Stablecoins are good for payments yep but this has nothing to do with BTC, whether it was intended or not people don’t buy stuff with BTC.
CBDCs will just be stablecoins with government oversight and probably interference. Digital RMB is all fine and well until the Chinese gov has every single penny you spend ,accounted for and tracked.

So what stupid hype is he blasting a hole through?

$30K support was not broken but touched and bounced. Bitcoin is now likely in the bull trap phase of a bubble; see:

https://transportgeography.org/contents/chapter3/transportation-and-economic-development/bubble-stages/

The next move will be down to the long term base trend line sub $20K.

The stupid hype I refer to is 'diamond hands', 'paper hands', 'HFSP' and all that utter nonsense which is so typical of a bubble mania.

BearWhite

What I like about Bitcoin 'bubbles' is how the price has always been much higher than in the previous bubble:

• 2013 - $1242
• 2017 - $19,783
• 2021 (assuming this was the top) - $64,805.

Does that mean long term it's a trend rather than a bubble?

lozzy1965

HansOndabush said:

Scottex99 said:

HansOndabush said:

Scottex99, this video from someone who trades crypto, briefly covers the main concepts of charting and how the indicators were in place for a fall in bitcoin before the big drop i.e. head and shoulders, ascending wedge, MA crossing. It is a very good video, even blasts a hole through all the stupid crypto hype:

https://www.youtube.com/watch?v=y--7HycnXF0

Someone who lost 350k trading equities and got divorced*.

I’ll give him credit for some of that being for comedic effect though.

Few points:

”A few thousand dollars” of DOGE is kids stuff.
Didn’t check the date but we broke through 32k support and we’re not at 22, we’re at 38.
Stablecoins are good for payments yep but this has nothing to do with BTC, whether it was intended or not people don’t buy stuff with BTC.
CBDCs will just be stablecoins with government oversight and probably interference. Digital RMB is all fine and well until the Chinese gov has every single penny you spend ,accounted for and tracked.

So what stupid hype is he blasting a hole through?

$30K support was not broken but touched and bounced. Bitcoin is now likely in the bull trap phase of a bubble; see:

https://transportgeography.org/contents/chapter3/transportation-and-economic-development/bubble-stages/

The next move will be down to the long term base trend line sub $20K.

The stupid hype I refer to is 'diamond hands', 'paper hands', 'HFSP' and all that utter nonsense which is so typical of a bubble mania.

I do tend to think of charts as somewhat of a Black Art.  Will be interesting to see what happens now though.  At least you've 'predicted it' BEFORE it happens.  Everyone just needs to remember this post now so they can either say "Wow" or "See, utter nonsense"  

HansOndabush

BearWhite said:

What I like about Bitcoin 'bubbles' is how the price has always been much higher than in the previous bubble:

• 2013 - $1242
• 2017 - $19,783
• 2021 (assuming this was the top) - $64,805.

Does that mean long term it's a trend rather than a bubble?

I wouldn't like to say about anything longer than the current cycle. People love to gamble so some sort of crypto market will continue. Whether bitcoin gets 'bigged up' to another high years down the line, I doubt it but it is possible.

Scottex99

BearWhite said:

What I like about Bitcoin 'bubbles' is how the price has always been much higher than in the previous bubble:

• 2013 - $1242
• 2017 - $19,783
• 2021 (assuming this was the top) - $64,805.

Does that mean long term it's a trend rather than a bubble?

Will be a huge bubble when it’s $400k in 2023 haha

Scottex99

$30K support was not broken but touched and bounced. Bitcoin is now likely in the bull trap phase of a bubble; see:

https://transportgeography.org/contents/chapter3/transportation-and-economic-development/bubble-stages/

The next move will be down to the long term base trend line sub $20K.

The stupid hype I refer to is 'diamond hands', 'paper hands', 'HFSP' and all that utter nonsense which is so typical of a bubble mania.

All the phrases that are mentioned are different when they come from noobs getting rekt buying dog coins and from people who actually “know what they are doing”. And at least half the time it’s in jest anyway. I wouldn’t get hung up about it. Funnily enough YouTube just suggested a vid from that same guy titled “why I sold all my Bitcoin”. Actually it’s why I sold all my Bitcoins, eww.

I came from traditional banking, this is a million miles from that mainly boring stuff. The whole industry is full of memes and generally fun whilst people still work hard and build stuff. I just traded 150 BTC and stopped to tell a story halfway through. That’s why I’m in it personally 

HansOndabush

Was it a story about someone losing all their wealth gambling on crypto?

[Deleted User]

HansOndabush said:

Was it a story about someone losing all their wealth gambling on crypto?

No, it was the story of when Scottex99 invented radiation.