$ (BTC) The Bitcoin Thread - NO SHITCOINERS ALLOWED

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shameful existence said:
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bitinfocharts
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That's the wallet of the whale who did in fact sell some ~ $58k but otherwise has eaten shit for years on their sales, oftentimes buying back in even higher, but steady DCA has resulted in their current position.
It's a bit like how people take what Michael Saylor has to say as gospel even though he lost his ass during the dot com bubble.
 
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An Avenging Bird said:
That's the wallet of the whale who did in fact sell some ~ $58k but otherwise has eaten shit for years on their sales, oftentimes buying back in even higher, but steady DCA has resulted in their current position.
It's a bit like how people take what Michael Saylor has to say as gospel even though he lost his ass during the dot com bubble.
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Yeah, Microstrategy has been buying too. I actually thought this could be their wallet.
It's been active for two years. Went through some of this year's buys and sells and it looks very well timed for the most part. Biggest outgoing transactions lately were all peaks. But what do I know, I forgot how to sell a long time ago.
 
Sorry if this has been mentioned before but has anyone noticed weird bitcoin machines cropping up? I just went to the next town over and stopped for gas and saw a poster saying they were selling bitcoin inside. Curious, I checked it out and right next to the ATM they had a machine where you could buy bitcoin with cash.
Edit: Realizing now I have a picture of the poster (but not the machine)
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So there's that I guess.
 
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Dr. Ricearoni said:
Sorry if this has been mentioned before but has anyone noticed weird bitcoin machines cropping up?
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I don't know where you're located, but those have been around for a while. Even Coinstar machines will supposedly sell you bitcoin now.
You won't find a machine that doesn't require you to dox yourself though (or fool around with fake IDs), even for a penny's worth of bitcoin.
 
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Kosher Dill said:
I don't know where you're located, but those have been around for a while. Even Coinstar machines will supposedly sell you bitcoin now.
You won't find a machine that doesn't require you to dox yourself though (or fool around with fake IDs), even for a penny's worth of bitcoin.
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Im out in bumfuck nowhere ohio and the only people who live here are spics and druggies so its really weird its out here cause the druggies do their deals cash only.
 
Dr. Ricearoni said:
so its really weird its out here
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I think there are guys who just go around selling bitcoin ATMs to convenience stores whether it's a good idea or not - similar to the previous wave of cash ATM salesmen. Around me there's one local grocery chain that bought a bunch of them, which I'm sure they're regretting.
 
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Since he was mentioned here... I watched most of a recent Michael Saylor interview on Benjamin's channel and he's unpleasant beyond belief. Most of it is just his preachy monologue in which he keeps repeating a bunch of talking points and in the last 30 minutes or so he almost tries to pick a fight, pushing a technologists vs chartists dichotomy and clearly not understanding the channel he's on. The comment section is quite funny though.
 
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shameful existence said:
Since he was mentioned here... I watched most of a recent Michael Saylor interview on Benjamin's channel and he's unpleasant beyond belief. Most of it is just his preachy monologue in which he keeps repeating a bunch of talking points and in the last 30 minutes or so he almost tries to pick a fight, pushing a technologists vs chartists dichotomy and clearly not understanding the channel he's on. The comment section is quite funny though.
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always important to remember no matter the topic that manhattan is built on granite
 
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shameful existence said:
Since he was mentioned here... I watched most of a recent Michael Saylor interview on Benjamin's channel and he's unpleasant beyond belief. Most of it is just his preachy monologue in which he keeps repeating a bunch of talking points and in the last 30 minutes or so he almost tries to pick a fight, pushing a technologists vs chartists dichotomy and clearly not understanding the channel he's on. The comment section is quite funny though.
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I suspect that the conversation took that strange turn out of emotional necessity (for Saylor).
Though I'm not a fan of his BTC maximalism, his apparent position is fully justified, though his target was inappropriate. and I also suspect a more nefarious reason for his outburst.

As I'm quite certain many of you have also observed, cryptocurrency analysis in social media is substantially biased towards (attempts at) technical analysis of charts.
There are countless channels on Youtube, consisting of youngsters attempting to analyze the price action of specific cryptos, in addition to (erroneously) using their own (often imperfect) understanding of chart patterns, indicators etc. to prognosticate the likely direction of said cryptos.
As any successful veteran trader will tell you (or anyone involved with a brokerage, such as myself), technical analysis can never, ever prognosticate with any consistency or laser accuracy - Though some (like Peter Brandt) employ a pure-technicals approach (risk management and timing is the secret sauce to his success), more than not employ a mixed analysis approach instead (both fundamentals and technicals).

At present, it isn't a simple task to fundamentally appraise the valuation of a cryptocurrency. The usual numbers one sees floating around (market cap, ICO status etc.) are not 'first order' parameters to assess fundamentally. We also don't see a proper transference of 'traditional' fundamental derivative statistics (like Q/Q growth), and others (like yearly RoE) simply aren't feasible for fully decentralized cryptos, and attempting such analysis using 'declared validators' (such as in Tezos) clearly contains exposure bias.
I am not aware of anything that resembles a robust fundamentals-based analysis in the crypto sphere ATM.

Naturally, for the unimaginative, unprincipled and perfunctory operators, the current conditions make technical analysis presentations (or an attempt at it) the only functional means of producing 'content' for mass-consumption in an emerging asset class.
Aside from bastardizing technical analysis and promising certitude, it is a highly irresponsible endeavor (many of these channels have no disclaimers or acknowledge any credentials to speak on markets), and is very unhelpful to the long term growth of the crypto realm (over-leveraged, position trade-leaning retailers, quants etc operating in a fundamentally anchorless environment -> significantly wild price movements -> if continues to remain so, will absolutely deter more institutions or investors from backing particular crypto projects).

Saylor is, therefore, absolutely correct to chastise the talking-heads, technical-tool-fools of Youtube. They're cynically presenting 'content' for their own edification, and at the detriment of stability in that asset class.

However, aside from his misplaced ridicule towards that particular channel (many actually do responsible charting, like Melker) there lies another critical flaw with his general narrative (ie. BTC is king), and I suspect something a touch more nefarious in his approach.
In a sentence, if his words are taken at face value and sans hyperbole, he assumes that BTC will eventually become 'prime real estate' owing to its historical/current market cap supremacy since Satoshi launched it, and due to its status as the defining crypto to 'normies' (some of whom will be both retail and institutional investors), coupled with the multiplier effect.

This line of reasoning actually isn't based on any 'traditional' fundamental approach - Market cap alone is a very poor signifier (fex. Apple never exceeded $200B for the first two-thirds of the company's existence - Nobody would've predicted a near-exponential market cap increase back in 2000).
Satoshi isn't known, the reason for their disappearance remains unknown, who they'd worked with offline is also unknown, certain use-cases associated with BTC (ie. the privacy meme) have since been maximized by other cryptos, and it's at least possible to prognosticate the likelihood of institutional backing based on the founder's identity (fex. Brandon Eich of Brave-BAT - Is anyone really surprised a comp sci veteran's crypto project is actively used in Twitter, Reddit, and Amazon integration is imminent?).
Given those uncertainties, the logical strategy to hedge against the unknowns in a novel asset class is to diversify investments across cryptos with tangible fundamentals and a well-defined use-case that supercedes BTC's limitations.

Saylor, however, is not advocating the above, but the opposite. Which is suspicious.

The most cynical interpretation (which would also explain his anti-technicals outburst somewhat) is that he's capitalizing on the quasi-preeminence of BTC for what is effectively a longer-timeframe pump and dump - The BTC and Doge rallies indicate that 'hype' is (unfortunately) a powerful and prevailing phenomenon in the asset class, and he's using his background and other platforms to maximise the BTC maximalism by persuading a sufficient number of people against the backdrop of this being a fundamental-deficient asset class.

His annoyance was, therefore, potentially (in part) due to those other chatting heads distracting everyone from his one True and Honest cryptocurrency, in addition to the F-tier pseudo-technical analysis.

In sum, I suspect that he's (perhaps unironically) no different to the over-leveraged Zoomers advocating that a bastardized Reverse Head and Shoulders with >10 RSI means a random altcoin is 'going to the moooooooo'

Enough typing for today.

Edit: A disclaimer, for what it's worth, regarding my own positions in crypto, out of transparency and honesty.
Observer of BTC since 2014, spectated the Blocksize War, I own some BTC (HODL naturally), anticipate it will continue to rise due to hype and increased utilization by 'normies'.
However, I have no faith in BTC's longevity beyond a generation (ie. 2040), due to the fundamentals stated above, and future generations (Gen Alpha or Beta) will likely not have the same emotional attachment/crypto ignorance of the Boomer-Gen X-late Millennial population, and will likely realize the limitations, with alternatives taking its place for specific use-cases.
Therefore, I am not a BTC maximalist, I find this perspective unduly myopic, favor greater stability and investment in other more viable projects, don't object to it playing the role of the S&P 500 for this generation, but do object to advocacy of BTC maximalism (it distracts everyone from cryptos that are actually useful beyond this silly 'digital gold' status that BTC's been reduced to).
That being said, not a 'shitcoiner' (it clearly serves a time-limited purpose as a gateway to the applicable altcoins - hopefully).
 
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An Avenging Bird said:
That's the wallet of the whale who did in fact sell some ~ $58k but otherwise has eaten shit for years on their sales, oftentimes buying back in even higher, but steady DCA has resulted in their current position.
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So who is it? Official or unofficial Us government agency?
 
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From what I am reading alot of the Bitcoin miners in China are moving their operations to the United States. Things are probably going to drop in price more in the coming weeks as the nodes go offline but once reestablished in North America things will pick up again.
 
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mindlessobserver said:
From what I am reading alot of the Bitcoin miners in China are moving their operations to the United States. Things are probably going to drop in price more in the coming weeks as the nodes go offline but once reestablished in North America things will pick up again.
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Are they using malware to hijack computers to do the mining?
 
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