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Just so ya'll know   I'm fucking rich    

Very definition of a shitcoin, can't believe people still HODL it.    

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@misteraven I have no idea, some say as low as $1000 for BTC so we may still be on the downswing. I think this is an anticipatory Jan 1st selloff, price movements seem to be deliberate, and predictive based on what's supposed to happen in a month.

 

The last big upswing was for EOS from $1 to $20 happened just over a Month before launch. The price even crashed two weeks later before EOS actually dropped, 100% speculation. It's going to be skiddish for a minute but I'll probably scoop more up before January.

 

As far as predictions go I will say this, going forward everyone expects the next halvening to drive the price back up, since the market supply of BTC will be cut in half with the miner rewards. I wouldn't wait too long to get back in before that, as there will probably be an anticipatory boom/bust before the actual halvening happens.

 

I pulled everything out in Jan, took profits, and withdrew all but $10,000 from the exchange to reinvest into crypto once the market bottomed out. Cardano dropped all the way to .21 a month later, so I scooped 10k worth to sit on. That shit is worth 2k now .035 and that's my only hodl minus a couple ether I keep for Metamask. It's a dark night indeed.

 

Almost got burned again a week or two ago, I've  been making steady deposits into coinbase, basically matching whatever I put into savings, and I had built up a pretty good chunk. Haven't exchanged any of it into crypto yet, and almost fucked again right before this most recent drop. Literally had it in Coinbase Pro, pulled up the exchange, put it all on a BTC order. I didn't like the the way the charts were looking so I didn't pull the trigger, thought I'll check again later tonight. 48 hours later and I'm like damn, $6500 down to below 4k like that, so lucky I didn't do it.

 

By the time I scoop I might be grabbing multiple BTC which would be dope. Have a couple for the next bull, and a few for the next bull run after that.

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23 hours ago, Mercer said:

@misteraven I have no idea, some say as low as $1000 for BTC so we may still be on the downswing. I think this is an anticipatory Jan 1st selloff, price movements seem to be deliberate, and predictive based on what's supposed to happen in a month.

 

The last big upswing was for EOS from $1 to $20 happened just over a Month before launch. The price even crashed two weeks later before EOS actually dropped, 100% speculation. It's going to be skiddish for a minute but I'll probably scoop more up before January.

 

As far as predictions go I will say this, going forward everyone expects the next halvening to drive the price back up, since the market supply of BTC will be cut in half with the miner rewards. I wouldn't wait too long to get back in before that, as there will probably be an anticipatory boom/bust before the actual halvening happens.

 

I pulled everything out in Jan, took profits, and withdrew all but $10,000 from the exchange to reinvest into crypto once the market bottomed out. Cardano dropped all the way to .21 a month later, so I scooped 10k worth to sit on. That shit is worth 2k now .035 and that's my only hodl minus a couple ether I keep for Metamask. It's a dark night indeed.

 

Almost got burned again a week or two ago, I've  been making steady deposits into coinbase, basically matching whatever I put into savings, and I had built up a pretty good chunk. Haven't exchanged any of it into crypto yet, and almost fucked again right before this most recent drop. Literally had it in Coinbase Pro, pulled up the exchange, put it all on a BTC order. I didn't like the the way the charts were looking so I didn't pull the trigger, thought I'll check again later tonight. 48 hours later and I'm like damn, $6500 down to below 4k like that, so lucky I didn't do it.

 

By the time I scoop I might be grabbing multiple BTC which would be dope. Have a couple for the next bull, and a few for the next bull run after that.

Damn, man really wish I had the market knowledge you have. I understand the tech for the most part but not nearly as familiar or comfortable with the indicators and thus predicting.

 

Any chance you'd be willing to kick off a primer of some sort or lead the charge in an effort where those of us interested can assist and contribute? Maybe a new group?

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On 11/27/2018 at 1:31 PM, misteraven said:

Damn, man really wish I had the market knowledge you have. I understand the tech for the most part but not nearly as familiar or comfortable with the indicators and thus predicting.

 

Any chance you'd be willing to kick off a primer of some sort or lead the charge in an effort where those of us interested can assist and contribute? Maybe a new group?

I haven't checked in on the groups for a while, I'll take a look. Always more than happy to answer any questions.

 

As far as market insight all I do is keep up with the crypto sub-reddits, and a few crypto blogs/youtube channels. 

 

Recent turmoil was caused by Bitcoin SV hardfork from the bitcoin cash chain. This hardfork was basically the result of the BCH community rejecting the ultimatums of Craig Wright, an early adopter/billionaire who claimed to be Satoshi Nakamoto, and is mocked by the majority of the people in crytpto because of his hilarious failure, and excuses to not produce any evidence.

 

None of the BCH community would agree to meet his recent demands, so he decided to hard fork the Bitcoin Cash chain. The problem was, the Bitcoin SPV fork he created didn't have replay protection built in. This meant, once you sign a transaction on one of the forks, that signature can be reused on the other fork's chain by bad actors  to send your funds without your permission. Dude did that shit on purpose and it fucked all 3 chains, including both Bitcoin Cash, and Bitcoin, as well as the new fork called Bitcoin Satoshi Vision.

 

Looks like that's sorted out as of yesterday and we've got replay protection now, so everyone is predicting a bounce back up. Problem is the market doesn't listen to those predictions and does what it does. We'll see. Up until this recent drop it's been stable for a remarkably long time.

 

 

23 hours ago, mn1_fuckos said:

 

your-ideas-are-intriguing-to-me-id-like-

 

@Merceryou sound like a broker take my money.

 

Ive tried to read into creating a stock portfolio through brokerage firms but I don't believe I'd even have enough knowledge or funds to even toy with the idea.

 

Holler at me next time you're in NYC, it's fairly simple. I think they've even got a Robin Hood app now that you can buy both stocks, and cryptos. I don't fuck with stocks outside of my 401K but hear Robin Hood is a good app for investing.

 

https://www.robinhood.com/

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I doubt it, at least the sha256 ASICs will still be running. There’s most likely a large number of miners on the planet with free access to electricity that will keep it going.

 

The next year or so would be a good time to invest in cheap 7nm ASICS (sha256)  if one were inclined to mine, don’t think a faster generation will be available any time before the halvening.

 

I think the alternate types of ASICS like LTC, ETH, and also GPU mining is far less likely to fully recover as ETH now has an ASIC as well, and is moving toward proof of stake, and ditching proof of work. 

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Eventually, the public begins to realize what is taking place. It seems that the government is attempting to use inflation as a permanent form of taxation. But the public has a weapon to combat this depredation. Once people realize that the government will continue to inflate, and therefore that prices will continue to rise, they will step up their purchases of goods. For they will realize that they are gaining by buying now, instead of waiting until a future date when the value of the monetary unit will be lower and prices higher.

 

In other words, the social demand for money falls, and prices now begin to rise more rapidly than the increase in the supply of money. When this happens, the confiscation by the government, or the “taxation” effect of inflation, will be lower than the government had expected, for the increased money will be reduced in purchasing power by the greater rise in prices. This stage of the inflation is the beginning of hyperinflation, of the runaway boom.

 

The lower demand for money allows fewer resources to be extracted by the government, but the government can still obtain resources so long as the market continues to use the money. The accelerated price rise will, in fact, lead to complaints of a “scarcity of money” and stimulate the government to greater efforts of inflation, thereby causing even more accelerated price increases.

 

This process will not continue long, however. As the rise in prices continues, the public begins a “flight from money,” getting rid of money as soon as possible in order to invest in real goods, almost any real goods, as a store of value for the future. This mad scramble away from money, lowering the demand for money to hold practically to zero, causes prices to rise upward in astronomical proportions. The value of the monetary unit falls practically to zero. The devastation and havoc that the runaway boom causes among the populace is enormous.

 

The relatively fixed-income groups are wiped out. Production declines drastically (sending up prices further), as people lose the incentive to work—since they must spend much of their time getting rid of money. The main desideratum becomes getting hold of real goods, whatever they may be, and spending money as soon as received. When this runaway stage is reached, the economy in effect breaks down, the market is virtually ended, and society reverts to a state of virtual barter and complete impoverishment.

Commodities are then slowly built up as media of exchange.

 

The public has rid itself of the inflation burden by its ultimate weapon: lowering the demand for money to such an extent that the government’s money has become worthless. When all other limits and forms of persuasion fail, this is the only way through chaos and economic breakdown for the people to force a return to the “hard” commodity money of the free market.

 

- Murray N. Rothbard

Man, Economy, and State

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Continuation:

 

The most famous runaway inflation was the German experience of 1923. It is particularly instructive because it took place in one of the world’s most advanced industrial countries.130 The chaotic events of the German hyperinflation and other accelerated booms, however, are only a pale shadow of what would happen under a World State inflation.

 

For Germany was able to recover and return to a full monetary market economy quickly, since it could institute a new currency based on exchanges with other pre-existing moneys (gold or foreign paper). As we have seen, however, Mises’ regression theorem shows that no money can be established on the market except as it can be exchanged for a previously existing money (which in turn must have ultimately related back to a commodity in barter). If a World State outlaws gold and silver and establishes a unitary fiat money, which it proceeds to inflate until a runaway boom destroys it, there will be no pre-existing money on the market. The task of reconstruction will then be enormously more difficult.

 

- Murray N. Rothbard

Man, Economy, and State

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  • 4 weeks later...

So decided to buy 30.5 ETH and just set up a buy order for that @ $114.5

No idea if it will dip that low again any time soon.

 

723056407_ScreenShot2018-12-29at12_34_53PM.thumb.png.c34a43954686d6def5803c28816866b6.png

 

Had 1.5 ETH on Metamask, and figured if I could hold 32, I'd have the minimum required amount for POS after the Casper release.

Proof Of Stake, as opposed to POW (proof of work) which is how most cryptocurrency blocks are currently mined.

 

Instead of wasting a bunch of electricity mining ETH using ASICs or Graphic cards, proof of stake allows you to set up a very inexpensive node, and process transactions for the network. This doesn't involve burning up processing power like in traditional mining, which wastes electricity trying to guess the nonce and earn a block reward. Instead of mining, 32 ETH can be staked, or locked up VIA a smart contract now creating a financial incentive for a node operators to operate as good actors, which would result in a loss of you staked ETH otherwise. You're still rewarded additional ETH on top of the Staked ETH you already hold, making this a better stream of passive income than traditional mining, and sustainable. 

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Nope, didn't buy back in yet.

 

Made a limit order, basically saying if the price drops to (X) then buy (X) amount. I was hoping for another drop below 114 before this pump up. Now I'm going to have to wait, cancel the lowball order I placed and pay more, or change strategy. Looking at Monero now which is ridiculously undervalued at this point when compared to the rest of the market.

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yea wish i would have got in on that ETH bump. Very skeptical but i just copped some LTC,  it has really solid support at 30-31 and once it breaks 35 its gonna be at 50 in hours.

 

Mercer you ever use Tether?

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No, I haven't used/held any of the stable coins yet, and would avoid tether at all costs during bear markets. There's a pretty strong consensus in the community that there's no way Tether is actually backed by any real holdings. They basically won't allow an audit, and at one point even boasted they were being audited, then fired the company doing the audit a couple of weeks into it.

 

Gemini has released an audited stablecoin that's actually backed by real USD and in compliance with fractional reserve banking rules unlike tether. Truth be told if I would have moved everything into a stablecoin when the bear hit I'd be way up from where I'm at now, and there's no telling where the bottom is.

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1 hour ago, where said:

How do you feel about LTC?

Technically speaking so many other coins out now work way better, Litecoin has consistently fallen in rank amongst other coins since I've been following crypto. 

 

Wrote a long post in here hating on it a while ago:

 

On 1/18/2018 at 12:44 PM, Mercer said:

I use an iPhone app called crypto pro on my phone. I basically enter in my trades/buys/sells and it shows me what my portfolio looks like in real time without holding any keys/personal info on the phone. I use Exodus's "Eden" wallet, and whatever single use wallets are needed by other coins I hold like Monero, ect.

 

 

So with Litecoin:

 

When Litecoin first came out, it kind of made sense. BTC blocks took 10 minutes, Litecoins took 2.5 minutes. Charlie Lee also multiplied the supply by 4 times, and switched the hashing algorithm so the ASIC's used to mine bitcoin wouldn't work for Litecoin, all good. Cheap Chiness knockoff at best, back then fees were almost non-existant. No red flags, like a pre mine or unfair distribution, the coins were fairly distributed and no one held a superwhale majority, or enough coins to singlehandedly crash the market.

 

Strike 1

 

Flash forward to when Charlie Lee is working for coinbase as an engineer. He somehow got Coinbase to list LTC, keep in mind there was almost zero demand for it, while other more useful/reputable coins weren't listed. Charlie Lee tweeted something like "Hey Brian, why don't we add Litecoin to coinbase?", and Brian Armstrong (CEO of Coinbase) tweeted back something like "Sure @charlielee, why not". Pretending to make this decision on twitter was cute. There were credible rumors of insider trading (scooping up as much LTC as possible just before announcing LTC would be listed on Coinbase) then once the data was analysed, it pretty much proved there was, in fact, insider trading. Not a big deal, niggas gotta eat, but insider trading is a shady move when a cryptocurrency's point man is tainted by it.

 

Strike 2

 

That brings me to the "Litecoin is the Silver to Bitcoin's Gold" mantra. Sure, transactions are cheaper now, and take 25% less time to confirm, but there are other coins out there like Ethereum (15 second blocks) and Dash that make Litecoin look like a joke. So how much merchant adoption do you think Litecoin has achieved? Obviously they're not attempting alchemy here to be a "digital gold" store of value like Bitcoin right? Zero adoption, or efforts made to do so, not a single merchant was partnered with to create a use for Litecoin. Charlie Lee never intended to make good on the promises of digital silver. As it stands right now, the only use for Litecoin is moving crypto out of Coinbase, and onto Binance so you can trade for altcoins with an actual future (BTC fee's are to high). I personally prefer ETH for that.

 

Strike 3

 

Charle Lee is an outspoken Crypto Superstar, I follow his twitter and it's quite entertaining. He's positioned himself as a "Bitcoin Maximalist" Meaning he trash talks other coins by saying Bitcoin is king, blah blah, blah. Dude made a fucking altcoin himself though. Half the shade he's tried to throw at other coins is unsubstantiated bullshit he parrots from Bitcoin Maximalists. When the scaling debate heated up he positioned himself on the side of bitcoin core, offering to use Litecoin as a live testnet for Segregated Witness, and Lightning. If Segwit x Lightning lives up to the lofty claims by it's supporters, it would basically make Litecoin obsolete. Bitcoin transactions would be instant, fees would be almost non existent.

 

So on the other side of the scaling debate are people who support the BCH hardfork (whom Charlie likes to mock). In my opinion they've solved the scaling debate, and have been catching up to BTC's market cap since forking. "Coincidentally", right before they're listed on Coinbase Dec. 20th, there are signs of insider trading again, someone is scooping up massive amounts of BCH. Also, at the EXACT same time, this motherfucker announces he's cashed out of all his Litecoin holdings. While it's at an all time high. Brazen as fuck. His excuse "I wanted to be able to argue on the internet without people thinking I'm shilling for Litecoin" Yea right.

 

For me, a coin needs more than a catchphrase, it needs at least the potential for a use case.

 

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