Cryptocurrencies Part III - We ran as if to meet the Moon

[tacogeoff]

When Luna was at its height, it had like between 300-400 million in circulation. But they had a flawed system where more can be minted, so as of today, there are almost 7 trillion in circulation. This is like 50+ times more than Dogecoin's circulation, which is insane.

I would be utterly shocked if Luna rebounds, and it's almost safe to say that it's dead. Even if they have a solution to fix this, I can't imagine anyone wanting to work or invest in Do Kwon. You're better off throwing your money at other cryptos that got hurt in the market crash rather than this thing.

eh im not talking a large sum. just something just in case in does.

 

[S E P H]

Savage

View attachment 546005

When crypto goes down, that's your sign of buying more...

 

[Gardner McKay]

Luna is rekt. Made decent coin off the following LINU and TINU pumps though.

Do Kown knew this was coming. His actions preceding the Luna wreckage are a tell tale sign. Could it pump? Yeah. This is crypto. Literally anything is possible. Although, A lot of money has been pulled out of the market. I don't know that people have the bullets to fire into a coin like Luna to make it worth while.

ETH will be sub $1,000 and BTC will be $15k by end of year. Probably see a bear market pump this week followed by more destruction in the following weeks.

 

[x Tame Impala]

NFT's are digital Beanie Babies and i won't hear any pseudo intellectual argument otherwise. I wonder if a major reason for crypto prices dropping everywhere and not recovering as quickly as we'd expect is because people are being swindled into NFT investments instead.

 

[Gardner McKay]

NFT's are digital Beanie Babies and i won't hear any pseudo intellectual argument otherwise. I wonder if a major reason for crypto prices dropping everywhere and not recovering as quickly as we'd expect is because people are being swindled into NFT investments instead.

No, it is because there have been no more COVID related stimulus checks and markets all over are cratering. People vastly underestimate exactly how much COVID money contributed to the crypto boom. Given the work I did in the crypto space, I must have spoken with hundreds of people who dumped their entire check into crypto. For some it paid off very nice. Others... not so much.

NFT's are on their way to dying as well. Crypto is going to face a nasty reckoning next year when BTC is sub $15k (I'd say close to $5k) and ETH is back at a few hundred bucks.

 

[x Tame Impala]

No, it is because there have been no more COVID related stimulus checks and markets all over are cratering. People vastly underestimate exactly how much COVID money contributed to the crypto boom. Given the work I did in the crypto space, I must have spoken with hundreds of people who dumped their entire check into crypto. For some it paid off very nice. Others... not so much.

NFT's are on their way to dying as well. Crypto is going to face a nasty reckoning next year when BTC is sub $15k (I'd say close to $5k) and ETH is back at a few hundred bucks.

Exactly. I said it somewhere in this thread but these investment apps are essentially gambling apps and this whole market is based on meatheads (like myself) who think they’re about to make short term gains.

I did some research into ADA and ETH. I believed in the utilities for them both and thought I was making a sound, long term, responsible investment but it turns out these crypto’s are probably years away from achieving any sort of practical usage and the price fluctuations we’ve seen within this market are substantially based on people looking to make fast and easy money.

I should’ve listened to my gut because as soon as Coinbase started to allow penny cryptos to be traded something felt very shady. The people in this field know what they’re talking about but by and large these prices have been propped up by retail investors flying blind. I’m going to wait a little longer and hopefully ETH gets back to above $3k because as soon as it does I’m out. This market is way too volatile and it seems like 90% of people doing this have no idea what they’re talking about or what to expect.

Bottom line is even with inflation at 11% in America the average US consumer is always going to have more faith in the USD than in a volatile alternative currency. I’m sure it’s the same in Canada as well. No one will want to be paid in Bitcoin or use Bitcoin to make purchases outside of some very very very niche circumstances.

 

[Gardner McKay]

Exactly. I said it somewhere in this thread but these investment apps are essentially gambling apps and this whole market is based on meatheads (like myself) who think they’re about to make short term gains.

I did some research into ADA and ETH. I believed in the utilities for them both and thought I was making a sound, long term, responsible investment but it turns out these crypto’s are probably years away from achieving any sort of practical usage and the price fluctuations we’ve seen within this market are substantially based on people looking to make fast and easy money.

I should’ve listened to my gut because as soon as Coinbase started to allow penny cryptos to be traded something felt very shady. The people in this field know what they’re talking about but by and large these prices have been propped up by retail investors flying blind. I’m going to wait a little longer and hopefully ETH gets back to above $3k because as soon as it does I’m out. This market is way too volatile and it seems like 90% of people doing this have no idea what they’re talking about or what to expect.

Bottom line is even with inflation at 11% in America the average US consumer is always going to have more faith in the USD than in a volatile alternative currency. I’m sure it’s the same in Canada as well. No one will want to be paid in Bitcoin or use Bitcoin to make purchases outside of some very very very niche circumstances.

Yeah. Even the most hardcore people I know are kind of over the overpromising and underdelivering so far. Crypto has yet to provide any tangible real world benefits. It doesn't mean that investing in crypto can't be enormously profitable. It can be. It is just harder in a bear market for that to happen. If certain products were having major breakthroughs, it would be a different story all together.

 

[The Crypto Guy]

JPMorgan backs bitcoin to rise 28% and says cryptocurrencies are now its preferred alternative asset

The investment bank now thinks bitcoin and digital assets should rebound after the great sell-off of 2021 and 2022.

finance.yahoo.com

Just growing and growing as the months and years go by.

 

[beowulf]

JPMorgan backs bitcoin to rise 28% and says cryptocurrencies are now its preferred alternative asset

The investment bank now thinks bitcoin and digital assets should rebound after the great sell-off of 2021 and 2022.

finance.yahoo.com

Just growing and growing as the months and years go by.

Ya just growing and growing..."Bitcoin is down about 37% for the year, while ethereum has tumbled about 48%. The total market value of all cryptocurrencies has plunged from about $3 trillion in November to $1.3 trillion in May."

And this is coming from JP Morgan one of the companies that said the mortgage market was solid before 2008...

 

[The Crypto Guy]

Ya just growing and growing..."Bitcoin is down about 37% for the year, while ethereum has tumbled about 48%. The total market value of all cryptocurrencies has plunged from about $3 trillion in November to $1.3 trillion in May."

And this is coming from JP Morgan one of the companies that said the mortgage market was solid before 2008...

Yea and? Have you taken a look at the stock market lately? Or any type of investment? Everything is down, only a fool thinks it stays down.

 

[beowulf]

Yea and? Have you taken a look at the stock market lately? Or any type of investment? Everything is down, only a fool thinks it stays down.

Yes but nowhere near at the same level

While the Dow is down nearly 15% in 2022, while the Nasdaq has dropped 29%, Bitcoin is down 37%, Ethereum is down 46% and it just gets worse from there. When supposed stable coins are going under there is a problem.

I had high hopes for Crypto but they remain useless for the most part. Very few can be used even at a few stores to make purchases even tough that has been promised for a long time. They are also being crapped on hard in Davos.

Crypto savaged at Davos by top officials: Here's who said what

Financial officials described cryptocurrencies as unreliable and worthless, with one even comparing them to pyramid schemes.

fortune.com

 

[The Crypto Guy]

Yes but nowhere near at the same level

While the Dow is down nearly 15% in 2022, while the Nasdaq has dropped 29%, Bitcoin is down 37%, Ethereum is down 46% and it just gets worse from there. When supposed stable coins are going under there is a problem.

I had high hopes for Crypto but they remain useless for the most part. Very few can be used even at a few stores to make purchases even tough that has been promised for a long time. They are also being crapped on hard in Davos.

Crypto savaged at Davos by top officials: Here's who said what

Financial officials described cryptocurrencies as unreliable and worthless, with one even comparing them to pyramid schemes.

fortune.com

Good, I hope you sold all your crypto then. You’re going to be feeling really silly in the long term, that’s for sure.

 

[JetsFan815]

Yes but nowhere near at the same level

While the Dow is down nearly 15% in 2022, while the Nasdaq has dropped 29%, Bitcoin is down 37%, Ethereum is down 46% and it just gets worse from there. When supposed stable coins are going under there is a problem.

I had high hopes for Crypto but they remain useless for the most part. Very few can be used even at a few stores to make purchases even tough that has been promised for a long time. They are also being crapped on hard in Davos.

Crypto savaged at Davos by top officials: Here's who said what

Financial officials described cryptocurrencies as unreliable and worthless, with one even comparing them to pyramid schemes.

fortune.com

Yep. I am not afraid to put more money in say the S&P 500 during this downturn even though it is down big time as I trust it's fundamentals long term. On the other hand there is no way I am putting any more money in crypto, esp not in random coins.

 

[The Crypto Guy]

Yep. I am not afraid to put more money in say the S&P 500 during this downturn even though it is down big time as I trust it's fundamentals long term. On the other hand there is no way I am putting any more money in crypto, esp not in random coins.

Absolutely not. But Ether and Bitcoin are no brainers.

 

[x Tame Impala]

Absolutely not. But Ether and Bitcoin are no brainers.

What would it take for you to pull out or stop believing in Ethereum's utility?

 

[SuperScript29]

Absolutely not. But Ether and Bitcoin are no brainers.

I think Bitcoin at this point is a relic, so collecting it is more like owning a lost treasure of some sort and its value is mostly in that, hence making it a good investment imo. Ethereum on the other hand is a different story, the main value in it is that it's a utility coin for its ecosystem, but with those crazy gas fees along with the other much cheaper and more efficient blockchains being around, it's only a matter of time before one of these other competitors catches the right wind.

 

[The Crypto Guy]

I think Bitcoin at this point is a relic, so collecting it is more like owning a lost treasure of some sort and its value is mostly in that, hence making it a good investment imo. Ethereum on the other hand is a different story, the main value in it is that it's a utility coin for its ecosystem, but with those crazy gas fees along with the other much cheaper and more efficient blockchains being around, it's only a matter of time before one of these other competitors catches the right wind.

Ethereum is soooo far ahead of those other competitors. Nobody is ever catching up (esp in terms of usage and popularity). Even as much as those competitors and their minions try to make you think otherwise.

 

[The Crypto Guy]

What would it take for you to pull out or stop believing in Ethereum's utility?

It’s already so far along that it would have to take some sort of massive massive event. Like a nuclear war that would set the world back decades (or worse).

 

[SuperScript29]

Ethereum is soooo far ahead of those other competitors. Nobody is ever catching up (esp in terms of usage and popularity). Even as much as those competitors and their minions try to make you think otherwise.

Technologically speaking Ethereum is definitely not the best, in fact it's not even close. What they have going for them however is the popularity and usage as you mentioned. But that's due to Ethereum being the first of its kind and the maturity of the platform by having lots of dApps and resources available.

There are other blockchains that try to mimic Ethereum's functionality. As in having a utility coin and an ecosystem of tokens that live on the blockchain. Many of these other blockchains are much ahead in technology, faster, and cheaper. The problem is that they're not as popular and they don't have the maturity level of Ethereum. But that can all change with developer adoption. Once users realize that there are other decentralized ecosystems with rich apps that are cheaper, they'll start moving there, and from then you'll get major centralized exchanges like Binance, Coinbase, etc start to accept the tokens from these other blockchains, which will boost the popularity.

 

[x Tame Impala]

Technologically speaking Ethereum is definitely not the best, in fact it's not even close. What they have going for them however is the popularity and usage as you mentioned. But that's due to Ethereum being the first of its kind and the maturity of the platform by having lots of dApps and resources available.

There are other blockchains that try to mimic Ethereum's functionality. As in having a utility coin and an ecosystem of tokens that live on the blockchain. Many of these other blockchains are much ahead in technology, faster, and cheaper. The problem is that they're not as popular and they don't have the maturity of level of Ethereum. But that can all change with developer adoption. Once users realize that there are other decentralized ecosystems with rich apps that are cheaper, they'll start moving there, and from then you'll get major centralized exchanges like Binance, Coinbase, etc start to accept the tokens from these other blockchains, which will boost the popularity.

I don’t know man I spent a lot of time waiting for Cardano to take off and gain value, it never did. Topping off at $3.10 and never getting above $2 again isn’t enticing. People don’t want to commit their money to something so volatile and that may never take off.

XLM and Algorand too. Technical prowess and utility doesn’t mean much if “investors” don’t make money

 

[SuperScript29]

I don’t know man I spent a lot of time waiting for Cardano to take off and gain value, it never did. Topping off at $3.10 and never getting above $2 again isn’t enticing. People don’t want to commit their money to something so volatile and that may never take off.

XLM and Algorand too. Technical prowess and utility doesn’t mean much if “investors” don’t make money

You have to realize that it doesn't matter how powerful your tool is, if other programmers are not willing to adopt it for whatever reason, it's not worth it. I never looked into Cardano, but from what I heard, it's a very complicated tech to work with. Granted both Cardano and XLM skyrocketed during their existence.

I do like Algorand and that's the current blockchain I'm mostly interested in. The tech is awesome and as a programmer, I can see other programmers jumping in and developing stuff for it. Also keep in mind that it's among the new blockchains like Solana, Avalanche, Polygon, etc. The value of such blockchains can only rise if their tokens get adopted. That's the thing that makes ETH and BNB popular, they have a lot of tokens and usage in their decentralized ecosystem. The most popular decentralized exchanges at the moment are those that utilize ETH and BNB as their native coin.

 

[The Crypto Guy]

Technologically speaking Ethereum is definitely not the best, in fact it's not even close. What they have going for them however is the popularity and usage as you mentioned. But that's due to Ethereum being the first of its kind and the maturity of the platform by having lots of dApps and resources available.

There are other blockchains that try to mimic Ethereum's functionality. As in having a utility coin and an ecosystem of tokens that live on the blockchain. Many of these other blockchains are much ahead in technology, faster, and cheaper. The problem is that they're not as popular and they don't have the maturity of level of Ethereum. But that can all change with developer adoption. Once users realize that there are other decentralized ecosystems with rich apps that are cheaper, they'll start moving there, and from then you'll get major centralized exchanges like Binance, Coinbase, etc start to accept the tokens from these other blockchains, which will boost the popularity.

But they haven't. That's the thing. Ethereum is still the go to and always will be. And Ethereum will continue to advance and upgrade to get faster and cheaper over time as it has been and will be doing over the next year.

And I'm not saying Ethereum will be the only one, far from that, there will absolutely be other successful ecosystems, but I just don't see anything coming close to the usage that Ethereum will have. Not anytime soon at least (a decade?)

 

[SuperScript29]

But they haven't. That's the thing. Ethereum is still the go to and always will be. And Ethereum will continue to advance and upgrade to get faster and cheaper over time as it has been and will be doing over the next year.

And I'm not saying Ethereum will be the only one, far from that, there will absolutely be other successful ecosystems, but I just don't see anything coming close to the usage that Ethereum will have. Not anytime soon at least (a decade?)

Well ETH 2.0 has been an ongoing talk and it's supposed to reduce the fees, but so far it's just talk.

Anyways, you gotta give it some time, I doubt it will be a decade though. All these other blockchains need is for major exchanges to adopt their network and a few popular tokens to be produced in their ecosystem, which should drive more traffic and popularity.

 

[Ceremony]

This is going well.

 

[The Crypto Guy]

This is going well.

Up and down it goes. If you aint in it for the long run, you shouldn’t be in it at all.