The way the difficulty bomb works is that the block times don’t reduce times until well into the difficulty bomb. So if by Aug they are aiming for the POS, then there is a chance they might just leave the difficulty bomb in there. The times will be slower but issuance will be reduced which is what the devs want.
If we are in some deep bear market then the 30 second block times won’t make a difference because blocks won’t be full and fees might be cheap anyways. It was like this a few years back before they released an update to change the difficulty bomb because we were getting 40 second block times.
Go on etherscan and look at the graphs for block times, you will see what I am talking about.
Nope. Difficulty bomb is an exponential function, with 2 to the power of a 100,000 step function of block height(2^x; where x is the step function). Right now the increasing difficulty is caused by mining(LHR unlock increased diff by like 5%), and thus it is mitigating any effect of the time bomb. Once we reach a block, which add another step to x. We will see a humongous increase in the difficulty. It will be so much that any mining will be deemed useless. The chain will halt and all transactions will stop. It's literally a bomb. It will explode within seconds, on a particular block height. Bomb will reach that height by 15th of june. By then we might notice an increase by 10 seconds, as we approach the date. The increase will be concentrated towards the end. So the difficulty bomb has been updated? So you are saying that as soon as June 15 it will immediately increase by 10 seconds? Because before when the bomb hit you wouldn’t notice it until a few weeks and then as the month when on it started to get pretty much. And the devs just left it for some reason. So maybe now they will prevent it from happening but with the ETH devs you never know what really will happen. |
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I don’t think it will ever go back to its previous market cap. After what happened do you think anyone will trust the project anymore? Would you ever use their UST stable coin? Most likely not.
If it does relaunch I think I’ll be pumped at the beginning however I don’t see it ever surviving. The way they handled this entire matter was unprofessional and trust is just lost. Let’s just hope the small holders of UST get made whole at least.
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The way the difficulty bomb works is that the block times don’t reduce times until well into the difficulty bomb. So if by Aug they are aiming for the POS, then there is a chance they might just leave the difficulty bomb in there. The times will be slower but issuance will be reduced which is what the devs want.
If we are in some deep bear market then the 30 second block times won’t make a difference because blocks won’t be full and fees might be cheap anyways. It was like this a few years back before they released an update to change the difficulty bomb because we were getting 40 second block times.
Go on etherscan and look at the graphs for block times, you will see what I am talking about.
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Pretty much what was said in the first reply. It’s trading like a risk on asset and tied to the stock market especially the tech stock index the nasdaq 100.
Until we see any type of decoupling it will keep following it. Many market makers and arbs are pretty much following the nasdaq and copying any major moves. So until we get a disconnection somewhere, where crypto rises and nasdaq is flat or downwards. It will be bearish.
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With crypto it was probably ETH promising to go POS back in Summer 2016. I was looking to expand my rigs and buy a bunch of the upcoming RX series GPUs.
However with POS around the corner I wouldn’t want to get stuck with all these GPUs which I would have to unload at a loss when it goes POS.
Now 6 years later and still no POS.
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Yeah no idea why they decided to remove it and then a few hours later relist it. If you bought when it was relisted you would of made crazy money.
Only reason I can think is because they stopped the chain and the supply increase was capped. Before it went from like 100M coins to like over a trillion and hence why so many zeros in its price.
Even if you bought at 1 cent you would be down big since it reached a low of $0.000005 or something similar.
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yes as a coincidence it is quite strange to discover the 100% unlock in conjunction with the release of the new lhr cards, but I think nvidia has nothing to do with it, what's the point of releasing some gpu lhr and providing the unlock at the same time?
The cards were produced in the past few weeks or months. And it was a hardware mod. So hence why they released a software mod right now. It makes sense. Right now gamers have more access to GPUs to they aren’t whining as much as in the past. If you went to any gaming forum or Reddit you would see all the hate towards miners. Now they are happy so no more point of LHR. |
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The chairman went on some radio show last Friday and basically hinted that 75bps is possible. Last CPI print was small however it still wasn’t a decrease.
So it’s very possible if we get more positive CPI then a 75bps hike will most likely happen. Crypto and stocks will tank as most will go to bonds instead.
If that happens Bitcoin might break the $25K support area and probably head to $20k. Markets are already illiquid as they are.
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Between him predicting that we might have a pandemic a few years back and now this. Very strange how he is always correct in most situations.
However you need to understand he invests his money everywhere. So maybe it’s just a coincidence why this happened. No idea if he knew there would be a food shortage a few years back.
He knew about the pandemic because he said that the research funds were low and we were at risk of a pandemic which actually happened.
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Another thing I forgot to mention is the BTCUSDLONGS on Bitfinex. If you put in the ticker in trading view you will see that many bought the dip. Usually when Bitcoin dips they load up and when it rips they off load.
Question is how much are they going to buy exactly? It’s already at ATH. However if Bitcoin dips more to like $20K they can also keep buying, most likely not get liquidated and it’ll be like 100K worth of Bitcoin longs.
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It wasn’t only Luna which caused it to crash. It was also the nasdaq. When Bitcoin broke those lows so did the nasdaq index.
The reason people sold Bitcoin is because they knew that guy had moved $1.5B and that is when the sell off started. He sent it to an exchange and people basically panicked.
However nobody knows for sure whether those bitcoins were actually sold.
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Remember the point of the LHR cards. It was mostly introduced because gamers were whining to Nvidia how they can’t purchase any GPUs because they were sold out due to miners buying everything and they had to overpay from scalpers.
So they did it mostly to please the gamers. No idea if it worked or not. Miners still bought their cards. However now that GPUs are becoming more accessible and less miners are buying them due to ETH low profitability, they might as well unlock them.
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I also listened in the past to those devs and they are confident one day of making the merge and then next week they are saying there are issues and needs to be delayed.
I know it won’t be in June. Honestly that’s only 2 months from now which is not possible. So maybe earliest Aug however they will most likely run into more issues as the day becomes closer.
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Unless it’s one of those 0% car loans then most likely the interest rate will be too high anyways. Also it’s crazy to borrow money to invest.
Go on the Luna Reddit and read some of those posts. People borrowed money to buy Luna or to stake UST and now they are ruined and need to pay back all that debt.
Never borrow money to invest.
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Maybe it was or maybe it was not. I think it mostly depends on how the nasdaq performs for the next few weeks. If the nasdaq is going to keep making new lows then mostly likely so will Bitcoin.
If $25K was not the low then most likely something like $22-23K might be. I don’t think we will get to $20K. Way too many people want to buy in that area and most likely will get front run. Also Bitcoin never retests it’s prior cycles ATH. However there is no guarantee that this time it will be the same.
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No investment is safe. People assumed that Netflix or Facebook would be safe investments and look how badly they performed this year. You want safe investments then invest in treasury bonds/yields or just keep it in your savings bank account.
I got friends like that also. They wanted to give me $10K and said turn it into $100K. Like it’s easy making a 10x investment. Too many people consider Bitcoin and crypto as a get rich quick scheme and hence why they get burned.
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Many people bought Bitcoin at the peak because they were worried about inflation. So instead of losing 8% of their buying power they lost more than 50%.
These are the people that mostly sold during the big dump. I remember November 2021 very well. Celebrities were shilling Bitcoin. Everywhere you went in public people on their iPhones were on Binance trading shitcoins.
It’s not a surprise that we had a nasty crash. Way too many people were expecting something crazy like $250K or $1M Bitcoin.
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The dev was warned that his coin had problems and security issues. People showed ways how someone with a large enough bankroll can cause a crash like this. However he is kept insulting people who pointed out flaws in his coin.
I remember on twitter people saying its a scam and the entire UST backed by BTC is going to collapse if there is any volatility in the markets. Instead it was a flaw which caused BTC to go down because it had to be sold in thin liquidity to keep the peg up 1:1 however when all was said and done, the UST stablecoin failed anyways and was delisted a few hours ago on most exchanges.
Crazy stuff. Feel bad for everyone that kept their funds and savings on that stablecoin.
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The reason why people are devasted is because it wasn't their investments like Bitcoin or Ethereum that lost value, it was the stablecoin. The stablecoin should of been pegged properly to the US dollar and this shouldn't have happened.
The issuance rate couldn't keep upwith keeping the peg at 1:1 and seems that both the UST and LUNA pairs are getting removed from most exchanges as we speak. Basically its like $40B gone in a week or two. This was much worse than the Bitconnect scam back in 2018.
People are mad because Do Kwon made it seems like keeping it backed by BTC would make it more secure and decentrazlied than tether and people kept their life savings in it.
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(....)
Patience and stay away from leverage….
Dollar Cost Averaging (DCA) is also the best method these days if we want to accumulate cheap bitcoins these days. Yes, I believe that $20,000 is still possible as it was the previous ATH before the very long bear run before 2017-2018. I am still looking forward to it, if ever we will drop there, it is almost the same percentage drop from the top of $20,000 before which is my buying zone also. I don't think it will go to $20K however. In the past it didn't retest a prior high. I think either the $25K might of been the low or the low might be like $22K or so. Either way we need to see how this weekly candle closes. Tomorrow is another stock trading days and if there is a sell off due to bad earnings bitcoin could again go and retest the $25K area and possible break it this time. I have a feeling this is going to be a busy weekend of trading. |
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