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It’s been years since I’ve read the book. Basically if I remember the book correctly, he says that you need assets like real estate that can work for you while you are sleeping. Saying that working for someone else 9-5 but not investing that money to make you money is not smart.
So he just wants people to invest in real estate or some business which can make them money instead of just spending your hard earned money.
It was a very popular book. Maybe it helped some people. But keep in mind he makes tweets all the time about the coming recession and he is always wrong. So don’t trust his stock tips.
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Basically instead of doing any of this just don’t tell anyone how much crypto you have. Tell your family but don’t tell your friends. Word will get around and depending on what social circle you are in someone might try and steal it from you.
This is why all these influencers and OG bitcoin people who go all over YouTube and brag about their wealth are not smart, eventually someone might attack them and demand their bitcoins. This is no different than carrying a bunch of cash with you around.
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Looks like the $40K area held . We had lots of wicks on the daily in this large support area. We came close to $40K psychological but didn’t actually break it which is good. Then we quickly rallied to $42K area.
If you zoom out it looks like a head and shoulders. I think we might head to $45-46K area and if we close as a wick then we might top out again, especially with all the GBTC that it is selling.
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Keep in mind these are just the commodity etfs. There is much more silver and gold out there just not in the form of an etf. Not every gold holder is holding it thru an etf but might hold it physically.
Either way it’s still a pretty impressive stat. However who knows if it will hold in 6 months. Seems every day there is half a billion coming out of the GBTC. So who knows what the AUM will be in a years time.
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Satoshi himself can’t really do much anymore. He can update the code but you need to have the majority accept it and run the nodes and miners to switch over.
This is the reason why it took forever to get segwit activated, it was very controversial at the time and many refused to signal that they allow the segwit fork to happen.
So I doubt he will be able to double the supply, the chain would die pretty much. No miner would mine a chain that they knew would dump in value.
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I am thinking what happens if we wick into the sub $40K psychological number and if we hold we will range for a few days and then we will most likely top at $45-47K and if we close as a wick on the weekly then this was the top. At least for a few months until the halving.
Many tops in the past usually had a failed high or some wick that went towards the ATH but closed below the ATH, usually implies that we are weak and we will start to head lower.
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Nobody seems to have a good understanding of who Satoshi is. The CEO of JP Morgan basically says that Satoshi might come back and increase the supply of bitcoin. Basically he doesn’t understand that even if he did come back, he wouldn’t be able to increase the supply.
Only way to do that would be to rewrite the code and have a hard fork which no one would run since it would cause chaos pretty much. This happened in the past with the other bitcoin fork coins but the original is the one with the most work and valid chain.
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Yes the message and post seemed legit until you got to the $200 part and the telegram. Like others have said you can easily google this yourself. If someone helps you find a wallet, you tip them like $5 or $10. You wouldn’t tip them over $200.
So I am leaning on being cautious if you DM this individual and he starts asking for some more sensitive info or wants you to go to some phishing website to claim the $200. Be careful.
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Yeah this is true, especially if you held cash in 2019. The amount you lost due to inflation is crazy. You would of been better off owning any other asset, including an car even. Because even with cars, most haven’t reached the 2019 prices still.
That’s why many who were renters got a bad end of the stick. Because they still have to rent but at higher prices while those who had a mortgage most likely pay less for living expenses than those who rent at the moment. All because those people owned a house instead of renting a place.
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I think the increase in fees last weekend was not only from ORDI and Sats but also because many traders tried to sell their Bitcoin after the Bitcoin ETF news, but it is true that Ordinal was the main reason why fees increased drastically. I can't even move my bitcoins because the fees are unreasonable, reaching 12 USD/transaction, that's pretty crazy. I don't know how long we will continue to be played by this ordinal community because it is quite annoying when you want to make a transaction but are hampered by high fees just because a number of people are playing their Ordinal in the network.
I would have assumed that the fees would be crazy during the etf approval but it was actually pretty cheap to make transactions during those days. Pretty much day prior to approval till Friday night, fees were cheap. You could have got many transactions approved with only 30sats/vbyte. The mempool started to ramp up on Saturday when the only assets moving were these Ordinals. I think it’s because people are impatient and instead of using lower fees like 30-40sats they spam the mempool and we are stuck with these 200 sat/vbyte fees. |
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Because of the GBTC outflows. If you sum up all the inflows and subtract the outflows from GBTC and BITO which was that Bitcoin future etf, you will see the net flow is $600M after 3 days.
When Bito launched it gained $500M inflows on the first day, and second day was $1000M and pretty much peaked there, a week later bitcoin topped.
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The reason he says this is because there is everyday when there is some liquidation event and you see tons and tons of people blowing up their accounts because they over leveraged.
I doubt anyone actually trades successfully Long term with any leverage greater than 10x. When people use 100x, especially on an alt coin then I wouldn’t be surprised if they didn’t get liquidated sometime in the first few hours. That and your fees are charged with the leverage and taken from your account which isn’t leveraged with fees so your liquidation is actually closer than 1% price moves.
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Today I am pretty sure there was more net outflows from the etfs than inflows. This is mostly due to GBTC, according to the filings, they sold another $600M or so. So if you compare the volumes for the rest you will find that more was outflows than inflows today.
I think when they finally stop selling then we will get some nice momentum to the upside but with all this massive selling I think we will chop around and eventually head lower to the $30Ks due to all this sell pressure.
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If you are new then I would suggest a hardware wallet. It costs some money but it’s the safest in terms of security. Keeping your crypto on your hot wallet is risky and I think you are better off just leaving it on your exchange as long as you use 2fa and unique password.
You can use something such as Electrum, or even the original Ethereum client to sign your transactions. You can do this offline with a computer that you never use online but the learning curve is fairly big and hence why you should just use a hardware wallet.
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There's no service like that for zksync yet. I tried it but it turns out Etherscan doesn't have a branch of their famous Explorer on zksync. If you're a developer or a technical person, you can directly call the approval function on the ERC20 tokens you interacted with and set the approval to 0. This is the only workaround I can think of right now. For reference, see the approve() function for ERC20 standard: https://eips.ethereum.org/EIPS/eip-20I noticed there is a new explorer for ZkSync ERA and it looks similar to Etherscan and all the other explorers. https://era.zksync.network/tokenapprovalcheckerIt has a function to check for token approvals and also revoke them but I don't know if its safe to use since the website is fairly new. |
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The reason it dropped is because nobody expected it to drop. Everyone knew it would be approved and everyone was expecting a pump. Since everybody was expecting a pump obviously the opposite had to happen.
Sure many had the “sell the news” in the back of their minds but everyone thought that this time will be different. On my Twitter pretty much 90% of people are calling for new ATHs and something crazy like $1M per bitcoin like ARK fund.
Hence this is the reason why it dropped. We will see what happens tomorrow, as long as it doesn’t break $40K then we should be fine.
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Minting? What is this exactly? You mine for these BRC20 tokens? Aren’t these tokens already in circulation. How does minting BRC20 work exactly?
BRC20 tokens aren't mined like Bitcoin, these tokens are created with a few steps. First the token is simply deployed in a JSON file and then the same JSON file is inscribed to a Satoshi on Bitcoin blockchain. In the JSON file the developer sets the name, the maximum supply of the token, and the limit per mint is also applied in that JSON file. Now the developer deploys this file on Bitcoin network as ordinal inscription. Consider this inscription as Bitcoin transaction and for it the developer sets a very high fee so it can get confirmed in next block. Now the token is deployed the developer will start minting the values that he added in limit per mint of the deployed file. If I'm not wrong then each mint is also a transaction or you can say an ordinal inscription and it has to be confirmed on Bitcoin blockchain and that's why for each mint the developer usually sets a very high fee to get it confirmed in next block. That's what I know about the BRC-20 tokens if I have said something which's not correct or missed something then someone should add that extra information via a reply. Thanks for explaining. This is the most accurate explenation I’ve come across. Because I was always puzzled why these people pay crazy amounts for the inscription to be approved next block, I didn’t think it made a difference but apparently it does hence the crazy fees. What is your take on the future of these BRC20? I love bitcoin and all but I would rather do ERC20 on the Ethereum network. I don’t think it’s efficient on the bitcoin network at all. |
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Technically they should be good for the bitcoin market. Because more supply will be absorbed by these etfs and kept there for many years.
So why did price fall? Many reasons.
First one is that GBTC is finally unlocked and many just want to cash out finally after 10 years. Those BTC were locked for 10 years in that trust.
There are some which think this will be a sell the news event like after the bitcoin futures, coinbase ipo and bitcoin etf of futures.
Another reason could be that we went from $17K to $49K and needed a pullback. So either of these reasons is why we are going down in price.
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I am still trying to understand how it all works. So BRC20 have two purposes on the bitcoin network.
Minting? What is this exactly? You mine for these BRC20 tokens? Aren’t these tokens already in circulation. How does minting BRC20 work exactly?
Transactions? Is this similar to sending an ERC20 transaction? Where you send BRC20 tokens on the bitcoin blockchain? This I actually understand.
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Yeah I think for old people who want to invest in crypto an etf is much better than holding crypto on some CEX with no 2fa. Or they do self custody and end up losing their seed somehow.
Etfs are a great way to expose yourself to crypto without worrying about all the technical stuff you need to learn ahead of time to make sure you don’t lose your crypto. I think it will reduce scams.
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