Gary Gensler: “In my opinion, Ethereum passed the Howey Test and that means that it would be considered a security.” https://twitter.com/BTCGandalf/status/1466159935843094531------------ If SEC declares ETH as a security, US exchanges (Coinbase, Kraken and others) will have to delist it, since it is not a registered security which must be traded on regulated exchanges. And the switch to POS will only worsen SEC's attitude. |
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I've lost count how many times this year a sudden 10% drop liquidates hundreds of millions high leverage long positions. Man, these n00bs never learn! You can't get rich overnight in Bitcoin, duche bags! But I'm happy, because I didn't hope for such low prices at this time of the year. Time for me to buy some cheap corn  |
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I'm aware it has nothing to do with how much money is required to move the market etc, this is based on liquid supply as well as demand, but it's incredibly relevant to institutions. Many of which aren't able to touch an asset, or consider Bitcoin as a reserve asset, unless it's worth >$1 trillion. Others will be more conservative, they won't go near BTC until it's valued at $2 trillion, $3 trillion or even $10 trillion (private banks). Some will even be patiently waiting until it's worth Gold's $20 trillion, and won't touch it with a barge pole until then. State banks I imagine. The lower the risk required, the longer they will wait before adopting Bitcoin as a reserve asset. Bare in mind very few institutions are currently using BTC in this manner so far, even if enough have already dipped their toes in the water.
My point was, when a certain valuation threshold is reached, there are certain institutions that will be forced into purchasing in order to reduce risk, hence $60K holding for so long earlier in the year imo. The market was overvalued but remained as such for 3 months around $50K-60K, much longer than many expected. Whereas previously consolidation at such overbought levels is unprecedented for BTC.
This post cointains some new and useful information, which I bolded. However, regarding the red coloured text I strongly dissagree. There are several market indicators which are showing that the fair value of Bitcoin should be >60K. One is the adoption acceleration, measured by the new addresses and investors. The others are related to demand/supply, mining rewards, etc. As a proof we see that after only 6 months the same price level was reached with half the volume, i.e. this price is probably way lower than the fair price. Nobody knows the fair price, but it is somewhere between the last stable price and the blow-off top which can stand only a week or two. In our case this is >70K for sure. Not to mention that at the local bottom of 30K-40K we were below the current market cap of one of the longer living shitcoins  So there is no way this to be the fair value, if this is what you are implying in your post. |
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56 800-59 500 in 1 min longs vs shorts full-scale war  |
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This dip is too small to be recognized as a 'crash'. At the local bottom of 55850$ it is only 18.8% below the last ATH. The bulls are still aiming at 100K and they are stealing with a huge discount from the weak hands (again ). Happy Black Friday to all that have fiat to buy the dip! There is no question that 100K can be reached in a few weeks when the whales decide to do it. Although the path looks longer starting with 56K compared to 69K, all those hundreds of thousands bitcoins sold now, won't block the way to 100K. I wasn't optimistic about PlanB predicitons, but now with this volume and oversold RSI's, the chance of getting 100K before 2022 has increased significantly. |
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Nice whiplash to over 60K. In your face, bears Now, lets go break that 70K!  |
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This is how it works: n00bs who have spent an entire day reading about what is a short/long position get aroused by the 99.99% possibility to get rich by opening a 100x leverage long position (yachts and lambos in their wet dreams I guess). And since their action is visible by everybody thanks to services like glassnode, it is easy for the bears to short the market liquidating $1 bil in 24 hours. It is like trying to win a poker game with your hand visible to everyone. Not gonna happen, pals. There is no such thing as a free lunch. Let's see if the optimism of the imbeciles will continue, leading to more liquidations. All this was helped by fake news and irrelevant fud throughout the year. Apart from that, everyone else is buying and holding as is seen by the stats. |
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 Carb… and that falls <3.5% I wonder how many sharks, whale and humpback we have on WO. No matter how many one has, the truth is:  So, there is no need to feel remorse for not having more bitcoins. What this diagram is not showing is the importance of each whole bitcoin in the category of crab and octopus. There is a huge difference between 1 and 10, as well 11 and 50, currently. The difference between several hundreds of thousands and several millions is very important. Especially for countries like US, where one needs 80K+ yearly for a normal living. In comparison, my expences are less than 10K per year. Of course, not counting the occasional expesive purchases like a new car, tv, computer, and so on. This year I've replaced my old stuff for about 10K, but I won't buy these things in the years to come. Anyway, my point is that it depends on both the place and the way of living. So, a crab in my country can live like a fish in US. Some think that only is US they have internet and tv. Lols. My country is one of the poorests and yet with one of the best services. 1gb optical internet, multiple tv services, 5g and wifi almost everywhere, all kinds of food delivery to my door, hudreds of restaurants, sea and mountain resorts, so on. I miss nothing, except the good healthcare, which is the main problem that I need to solve. There are only a few cities with a big private hospitals where one can get a proper treatment. I have multiple diseases which are not life treathening but I need to take care of them soon. My bitcoins may help me in that process, since my salary is only 1k per month. Actually, I've never imagined getting rich, since I don't do business and I hate working with people in general. But here we are now - even starting with modest savings that wouldn't be enough for a small apartment, now I am (virtually) at the middle of the list of the 1000 richest people in my country. Almost all of them are corrupt politiciands and fake businessmen, since there is no other way of getting rich here. It is impossible for the honest people to get rich via the traditional methods. But thanks to Bitcoin, this is a reality for me. Now the problem is to protect myself from the criminals, possibly escaping to a more secure and prosperous location with a good healthcare. I've heard that in Spain it is good, so I'm considering it. |
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So, after the leveraged longs were flushed out in a matter of minutes by the whales, when new ATH? Today or tomorrow? ------------- Why the $BTC pullback from 68k? There was a massive increase in BTC margined futures open interest this afternoon (traders going long BTC with BTC as collateral). No free lunch - these traders are in the process of being shaken out.  https://twitter.com/DylanLeClair_/status/1458559493550264326 |
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Does anyone know when exactly ETH becomes PoS ?
And when it's happens what coin is good to replace in our mining rigs (especially with AMD Polaris GPUS) ?
No one really knows as the devs of Ethereum are well known in missing the deadlines they pone to do.Based on that I would say as a minimum can happen in late 2022 early 2023 so there is enough time to keep mining Ethereum and making money like all miners do. Plenty of other coins to mine if Eth goes PoS and the top of them are,ERG,ETC and RVN. According to the this post, the full switch to PoS is expected at Feb 2022. 4. We think ~4 months is a generous timeframe from having the code done to seeing the merge on mainnet. 5. We think there's a chance this can happy by February (obviously, still a lot of unknowns!), so we decided to set the bomb based on that. https://twitter.com/TimBeiko/status/1449051099457998851For now, PoS is working without major problems on the mainnet, so another 3 month delay looks less probable. As for the other coins, when ethereum mining stops, the 750Th/s are too much to be handled by all of the remaining coins put together. For example etc's nethash is 27Th/s and the other coins are several times lower than that. So, in order the mining to continue to be profitable, the price of the other coins will have to increase at least 25 times. Although possible in the long run, I can't see that highly probable in mid-term especially in short-term. So, the most probable outcome is that everyone who pays for the electricity to continue on a loss or to sell the gpus. This will quickly bring the prices of the current gpus below 500$. Like in 2020 at some point before the 5700's, amd 570's and 580's were priced around 200$ as new. And then the second hand gpus weren't too many. Now if these millions gpus are put on sale in ebay, the prices will go even lower. So, to calculate the current daily profit and extrapolate it one year from now is a big mistake. And the hope of selling a $4500 non gaming gpu for any price above $100 or a normal card for $2000 above $200 is another big mistake. So, it is better to invest directly in Bitcoin than hoping for ROI in the next one year. It is just a free advice to the newbies from a veteran miner since 2016. I have the choice now to use my rigs as heating devices through the winter, or to settle on a carribean island, enjoying my riches. |
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Look at that down wick. They didn't even manage a red candle (EDIT: on the hourly). Now look at the volume. Plenty of buyers, relatively speaking. I hope the fuckers had to give away lots of satoshis for peanuts.  There are quite a few wolf-of-wallstreet wannabies, who think with their pathetic millions (mostly borrowed) they can profit by shorting a trillion asset. Not gonna happen, n00bs! Even more pathetic are morons like proudcunt and billynocoiner. They want to make the false impression of funny trolling while holding a big stash. But the truth is that they've lost their precious bitcoins a long time ago, and their only hope is to gamble with high leverage. Which gives even more pain from the rusty pipes liquidations in their arses and each time they fail, they come here to cry. Here it is the real picture of any of those lost souls (r0ach, proudcunt, saverainforest, cryptotourist, mindrust, billynocoiner and many more who lost their sound mind a long time ago):  |
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Here's a fun exercise...
(this post probably belongs on the meta board, but whatever)
Take anyone's total earned merits (excluding airdropped and merit source airdropped) and divide by their total posts (not activity), and you get one's average merit per post.
Interesting metric. It seems to parallel a typical batting average in baseball major leagues. (I only checked a few well known legends, so don't quote me on that)
Mine is .259... pretty average... lol
If you are over .3 ....respect
above .4.... lemme know. I'd like to read your posts.
My posts are equal to activity. I guess I never wrote more than 14 posts in 2 weeks. 1427/1459=0.978 - very close to 1 merit per post |
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A pre-weekend pump? Not bad |
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This was a short lived low volume dip. Nothing to see here.  |
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Observing $62,376 = Better!
Let’s begin a slow grind up to $70,000 this week.
Have a good one today boys.
62 900 - even better! 70K seems quite doable for this week - it is only 11% away! And there is little resistance ahead. Nobody is willing to sell, excluding the short sighted traders of course. |
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Once again the fiat empire has been defeated! There is only one music worthy for days like this: https://www.youtube.com/watch?v=yixG8pfncOsStar Wars IV: A new hope - Final Scene (The Throne Room) and End Title P.S. Selling?!? I don't think so! I am celebrating with buying! |
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