I think the OP doesn’t realize how poor El Salvador is and how rich China and USA actually are. Even if they bought 10x as many coins and Bitcoin did a 10x from here it still wouldn’t come close. The president buys very little every time he tweets.

Saylor and musk bought in the billions and the most El Salvador can buy is in the couple million or so. So won’t make much of a difference really. They just aren’t buying enough. Don’t understand most of the original post to be honest.

I don’t think it was his idea to sell the coins but most likely the decision of the board. What is going on with the economy right now and how Bitcoin looked like it might break $20K (which it did after they sold) they figured it was best to liquidate their position at close to break even as possible and face as loss.

From what I remember they bought at $30K and sold 10% at $60K. So selling 75% at $29K is more or less break even. They needed to raise cash and with the stock going down due to his share selling and Twitter buying. They decided it was in the best interest.

I remember in 2015 being so bored with mining that I decided to mod all my Bitcoin ASICs at the time. Back then there was little profit in GPUs most people just mined BTC with ASICs.

I had Antminer S3 that I made very quiet, enough to keep in an office.
A loud Antminer S4 where I modded the voltage and made it as efficient as an Antminer S5.
An S5 which I spend probably $50 on some very expensive (forgot the brand) high flow/quiet case fans to make it bareable to sleep in the same room.

Another s5 where I took an actual car muffler and tried to make it quiet. It was quieter however was just too bulky.

Those were the fun days.

Generally in bear markets you don’t get these pumps. And even in a bull market you won’t get a 1000% pump in a day. I remember there rarely was a coin that did 100% and this was in a very strong bull market.

Only people that made 1000% gains were those that probably invested tons in Defi projects and had a good runner here and there while being rugged on some projects. Then there are those who made tons of NFTs. Or those that used Defi platforms and got 5 figures worth of airdrops. These days are long gone now…

Yes all these projects had these huge APY and the investors didn’t suspect a thing? Even the large lending platforms that got shut down recently.

People basically assumed all they gotta do is borrow money at like near 0% interest and get >10% guaranteed yields and they assumed nothing would go wrong. It’s crazy the amount of money that was lost due all these lending platforms due to Luna collapse.

Yes this is either a bull trap or we are all going to get short squeezed. Looking at the daily and weekly we are at major major resistance.

If these levels are engulfed then I am fairly sure $880 was the bottom due to the strength of this move. I think when we got 9.1% CPI last week and markets finished the week above that report, it suggests that many are thinking the worst is over.

Nobody knows when the bottom will be. Many people here think they have it figured out but in reality they are just guessing. The bottom might of happened or it might not be for a couple weeks or months.

Best advice is just to by little by little. So if it goes lower you get to average down your cost and if it goes higher you average up your cost but lower than market value since you had a lower price previously.

In my area, Bitcoin ATMs if anything seem to be flat or declining in value. Most likely reason is that many of them force you to KYC because they got no choice. And in the past those that didn't do KYC, they always had issues with banking partners.

If someone is going to KYC anyways they might as well just use an exchange and pay 1% fee instead of the 10% fee that most bitcoin ATMs charge. I think regulations are what is killing these bitcoin ATM off. I haven't used one in like 5 years as a result.

For you to create a stablecoin you will need some type of proof that its possible to redeam this coin for actual fiat. This is going to be very difficult to do right now. Look at how many people fear USDT because they keep failing to produce audits. Thats why everybody is using USDC instead.

There are so many higher and stable marketcap coins out there, why would they use your stablecoin? I don't think this is a smart idea at all. I don't think we really need another stable coin, there are dozens of them out there already.

The fact that Shib, a meme coin off Dogecoin has a market cap higher than Litecoin or FTT or LINK shows you the state of the market pretty much. Its crazy why this coin's value is still so high. Dogecoin I understand since Elon pumps it from time to time but Shib, I just don't understand.

I had a short on Shib a while back and assumed it would crash already but it still retains its value and I just don't understand why. Especially with the bear market we just had. The fact that last Summer lows still weren't breached tells you alot about the state of the coin.

$30K is going to be nasty resistance if it gets there. Look at the daily chart, it was strong support and now will be strong resistance. You can guage the state of the market by what happens at $30K.

If it closes above $30K then you can say that $17K was the low and we will trade higher. However there is a good chance that $30K will get tapped and it'll try and head back down to new lows.

I think until they actually have it in the code and an actual block number for the merge fork, we can keep assuming its going to get delayed as usual. They always run into some issues and it always gets delayed.

This being a very major milestone, I think if there is any minor bug or issue they will have to postpone the fork. I remember a couple years back, there was suppose to be a fork. They found some minor bug a day prior to the fork and they decided to cancel the fork and it was post poned. ETH price didn't really get affected by much because everybody knows the eth devs take their time and are always delaying stuff.

The US dollar is not down. It’s at highs right now. Hence why we lost the EURUSD parity earlier this week. Right now there is no recession confirmed because sales are still strong, most companies are making tons of money and labor market is tight.

The first hint of a recession will be when we start to get bad unemployment numbers which seem very positive right now. I think towards the end of 2022 we might start to see a recession.

Right now there aren’t that many coins staked because people probably are waiting for the merge to go live before they start to stake them. Since in the past once you started to stake you couldn’t stop. And this is why there is a little amount staked.

We will see how the merge comes and then most likely more people will be staking. And I also think in a bear market many won’t want to stake. If a bull market starts then more will be willing to stake then.

Either way Sept should be an interesting month.

Since you found a block it means it’s working. Unless you changed anything from the Bitcoin mining specs, the mining block target is 10 minutes.

Which means the average over a long line of blocks should be 10 minutes averaged out. Assuming same CPU speed and you are the only one mining. But there is variance, sometimes it can take 1 minute to find the block and other times it can take 100 minutes. Even Bitcoin is like this sometimes. So 30 minutes is normal.

I’ve been doing trading since the global finance crisis of 2008 and whenever someone wants to be a trader I tell them to think again. When you first start it seems easy but you will quickly realize that there is more to it than that.

Leverage is not the problem with most traders. There are many who don’t make money trading without leverage. The issue is due to fear and greed in trading which makes it difficult. Like I said before, if it was easy everybody would be doing it.

Those 2 old dudes still are using flip phones. They are very old school. Most people that old don't do well with digital technology. They generally stay away from it. So its no surprise they think its a scam.

Honestly back in 2012 when I first heard about Bitcoin, I also assumed it was some scam. However when I learnt more about it I discovered it has potential. I am fairly good with computers and code, so I can see how it works. For someone like Buffet I just don't think they can understand it to invest billions of their money into it.

I just think they should stay neutral on the subject instead of being negative however.

If this was a bull market it wouldn’t be so bad. However you need to realize that if the coins are at once sent to their owners and then many of those coins are going to hit exchanges then people will short Bitcoin along with those people who are going to sell those mtgox coins.

There will be little liquidity and it can get ugly. In a bear market everyone is scared to buy and most people only sell. The picked the worse time to release these coins.

Sure there are plenty of POW coins to mine. However go look up the profitability of most of those coins. You will find it to be awful.

Just because it’s mineable doesn’t mean it’ll be profitable. The miner supply is very small and every miner wants a cut of it. And if the coin has a small market cap you are making very little.

You are also competing against those that got free power and will mine pretty much anything.

Support and resistance is better than most other indicators out there. However you need to be in a strong trend for them to work.

Right now it’s a bad time to use the pivots are indicators because it’s choppy mostly and what happens is it ends up being a head fake. Basically a failed break out.

In trending markets they tend to work much better.