Cryptocurrencies - General Discussion

lets ride it out, i think its gonna boom again now with the current global state.

my eth going stronks, to the moon!

Anyone know anything about Lucky Block? Why I ask is that it was advised by some traders to a family member in the states ? I see some good gains, I just don't want to go spending money on something I don't know much about

00pump wrote: Anyone know anything about Lucky Block? Why I ask is that it was advised by some traders to a family member in the states ? I see some good gains, I just don't want to go spending money on something I don't know much about

Another ponzi where new retail investors will be dumped on after pumping the price. This has excellent marketing but stinks like a get rich quick scam. 65% of the Luck Blocks tokens are preallocated to the team, devs, pre launch investors and partners. -> Too easy to manipulate the price.

The Lucky Blocks CEO and team launched a crypto called 'Defi Coin' last year which is now down over 90% from Launch, and another crypto called 'Stakemoon' down about 75% since launch less than 2 months ago. This team has no credibility...

Muscleaddict wrote:

00pump wrote: Anyone know anything about Lucky Block? Why I ask is that it was advised by some traders to a family member in the states ? I see some good gains, I just don't want to go spending money on something I don't know much about

Another ponzi where new retail investors will be dumped on after pumping the price. This has excellent marketing but stinks like a get rich quick scam. 65% of the Luck Blocks tokens are preallocated to the team, devs, pre launch investors and partners. -> Too easy to manipulate the price.

The Lucky Blocks CEO and team launched a crypto called 'Defi Coin' last year which is now down over 90% from Launch, and another crypto called 'Stakemoon' down about 75% since launch less than 2 months ago. This team has no credibility...

Really appreciate that info MA

What's your guys thoughts on crypto with Russia 'special military operation. I'm seeing it all over the show. Are there any ideas about a good time to buy a bunch? I see it went up a lot in the last 5 days and down a bit in the last day. Is it now, the next day or so? Any advice, I'd appreciate.

00pump wrote: What's your guys thoughts on crypto with Russia 'special military operation. I'm seeing it all over the show. Are there any ideas about a good time to buy a bunch? I see it went up a lot in the last 5 days and down a bit in the last day. Is it now, the next day or so? Any advice, I'd appreciate.

I'm not giving advice, just an opinion. I'm much better at the technical aspects of BTC than with the market related stuff.

The markets are all over the show and money are likely to flow in and out of crypto, so expect massive volatility. I'm not a trader or speculator, so the volatility does not bother me. I'm in it for the long haul and see Bitcoin as the least risky long term store of value that currently exists. I calculated earlier in the week that the Rand lost 62% of its value since 2009. One should expect a very turbulent few years ahead, because from a political perspective decentralised cryptos are competing against central bank digital currencies and most politicians (especially the authoritarian ones) don't like competition or stuff they do not control.

00pump wrote: What's your guys thoughts on crypto with Russia 'special military operation. I'm seeing it all over the show. Are there any ideas about a good time to buy a bunch? I see it went up a lot in the last 5 days and down a bit in the last day. Is it now, the next day or so? Any advice, I'd appreciate.

As a new investor you're best off sticking with the tried and tested Bitcoin and Ethereum, and just dollar cost averaging a bit every month no matter what the price is. Most of crypto is still a ponzi. In the long run you will outperform any RA/Pension fund/Balanced fund by far. Timing the markets to outperform just holding takes years to learn and for most is more stress than it's worth.

Bitcoin just jumped 30% in 10 days and with a spike in price like that a dip to test lower prices again is completely normal.

I'm happy to add to my position at $41K today. Like admin said you can expect some crazy shit and volatility in the crypto world with adoption of central bank digital currencies. There's a battle coming. So if BTC does dip to $20K, just buy more and don't panic sell. This will take years to play out.

I appreciate the input admin / MA..

I have money put here and there, but in a normal savings account, I'm getting like 3k interest, which is peanuts for the amount in there, yup I can move it to better interest bearing accounts. And it isn't like I'm needing the money anytime soon, so maybe just wait for a little dip rather purchase BTC with it.

And you right admin, look at what a few days can do to a currency, so I hear your logic in that its probably the safer bet.

I'm learning slowly, so let me give it a bash..

So thanks for the help guys. Quite amazing to see the profit I have made on this recent spike in crypto. I've read some bits, but any clear reason for the current spike? I'm eager to deposit a fair chunk of change, but I am now waiting for the next dip, any idea when that will be?

Also MA, do you by any chance use Binance for trading ?

00pump wrote: any clear reason for the current spike?

The Russian sanctions are also backfiring for the countries that are imposing the sanctions. Russia plans to sell oil and gas for RUR and that is threatening USD's status as world reserve currency. That will greatly benefit cryptocurrencies in the process, because when people loose faith in fiat they will look for alternatives such as crypto.

The freeze on Russian assets are going to worry other countries with large USD reserves such as China and India and they will probably sell them off eventually which will hurt USD more. Small countries that use the USD will suffer due to this and there is the hope that they will switch to BTC as legal tender.

There's so many factors that influence the market and I don't have the skill, resources or time to analyse them myself, so like to keep an eye on the fear and greed index as well as follow my gut feeling which is pretty accurate for reasons I cannot explain: www.lookintobitcoin.com/charts/bitcoin-fear-and-greed-index/

00pump wrote: I'm eager to deposit a fair chunk of change, but I am now waiting for the next dip, any idea when that will be?

That's the trillion dollar question, predicting the top and bottom is what every trader dreams about. There are markers and trends one can look for that help to predict these things, but it's all just estimated guesses in the end and there is no 100% reliable way I know about. I just read what the market analysts have to say with a great deal of scepticism and follow my own instincts. Perhaps someone like MA with more skill can comment on what to look for specifically. Exchange sell and buy volumes is probably the best indicator I can think of.

Politicians/regulators are currently the biggest threat to crypto and there is some EU hearing later this week about private wallets, so that is something to watch out for.

00pump wrote: So thanks for the help guys. Quite amazing to see the profit I have made on this recent spike in crypto. I've read some bits, but any clear reason for the current spike? I'm eager to deposit a fair chunk of change, but I am now waiting for the next dip, any idea when that will be?

Also MA, do you by any chance use Binance for trading ?

Yes, I've used Binance for years but not as much now since they blocked leverage trading for South Africans. Its never a great idea to leave your money long term on any exchange but Binance is as safe as it gets with exchanges.

BTC is heavily overbought with 8 green days in a row and due for a correction which would be a buy the dip at ±$45,800 - $46,200 for me. I don't see it going lower than $45K unless stock markets dump. I'd say in the next day or 2. BTC has finally broken out of the painful 2 month ±$37K-$45K range convincingly so continuation upwards is far more likely... Looking awesome. But I wouldn't sit and try and time the dip. Have price alerts or buy orders set on Binance because these dips can recover so fast when the market is bullish.

If BTC can hold over $48K for a a whole day then $52K is very likely, but it's more likely to be rejected at $48K and have a small correction first. I'm expecting one hard push to get over $48.2K which will be rejected and trap retail buyers for some exit liquidity. I reckon Eth will almost certainly out perform BTC this year with Eth 2.0 merge coming up. I have taken some profits and will buy back into BTC, ETH, LUNA, SOL when $BTC is around $46K or buy back in if it can hold $48.5K for continuation.

Important to keep an eye on the NASDAQ. Its had a nice recovery so far but with all the economic uncertainty things could change fast and it's been quite closely correlated with crypto markets. If it dumps then BTC and crypto will follow.

admin wrote:

00pump wrote: any clear reason for the current spike?

There's been a number of small positive news stories concerning BTC lately that made the market slightly more bullish again. One that stood out for me is the plan for a $10-billion BTC allocation by Terra to back USDT with. I believe they buy around $125M worth of BTC per day and plan to do so for 3 months.

Longer term, the Russian sanctions are also backfiring for the countries that are imposing the sanctions. Russia plans to sell oil and gas for RUR and that is threatening USD's status as world reserve currency. That will greatly benefit cryptocurrencies in the process, because when people loose faith in fiat they will look for alternatives such as crypto.

The freeze on Russian assets are going to worry other countries with large USD reserves such as China and India and they will probably sell them off eventually which will hurt USD more. Small countries that use the USD will suffer due to this and there is the hope that they will switch to BTC as legal tender.

There's so many factors that influence the market and I don't have the skill, resources or time to analyse them myself, so like to keep an eye on the fear and greed index as well as follow my gut feeling which is pretty accurate for reasons I cannot explain: www.lookintobitcoin.com/charts/bitcoin-fear-and-greed-index/

00pump wrote: I'm eager to deposit a fair chunk of change, but I am now waiting for the next dip, any idea when that will be?

That's the trillion dollar question, predicting the top and bottom is what every trader dreams about. There are markers and trends one can look for that help to predict these things, but it's all just estimated guesses in the end and there is no 100% reliable way I know about. I just read what the market analysts have to say with a great deal of scepticism and follow my own instincts. Perhaps someone like MA with more skill can comment on what to look for specifically. Exchange sell and buy volumes is probably the best indicator I can think of.

Politicians/regulators are currently the biggest threat to crypto and there is some EU hearing later this week about private wallets, so that is something to watch out for.

Very interesting information. I also like that fear and greed chart you posted. I guess its all super uncertain and requires spending quite a bit of time and energy on international markets, what's happening with politics, its pretty exhausting. Just the entire wasted 2 years of a 'pandemic' shows how fickle the political system is and makes it impossible to know with certainty what the next 'thing' is going to be. At least with Russia, you kind of know what you dealing with, I respect that over the fear tactics / mind games and control or lack their of these other leaders have.

I'm starting to understanding you thinking regarding currency and crypto, and based on my own belief system and seeing what's going on around me, I'm starting to think my money is safer in bitcoin than it is in rands or trusting in provident funds being able to provide enough when it comes to retirement / I should actually not count on a cent from these schemes, even though I put 24 percent of my salary into it a month.. I'm pretty tired of the 'system' and the way in which it works, its all smoke and mirrors, it's also extremely consuming on ones thoughts and takes away hours / days / years that you can never get back.

Muscleaddict wrote:

00pump wrote: So thanks for the help guys. Quite amazing to see the profit I have made on this recent spike in crypto. I've read some bits, but any clear reason for the current spike? I'm eager to deposit a fair chunk of change, but I am now waiting for the next dip, any idea when that will be?

Also MA, do you by any chance use Binance for trading ?

Yes, I've used Binance for years but not as much now since they blocked leverage trading for South Africans. Its never a great idea to leave your money long term on any exchange but Binance is as safe as it gets with exchanges.

BTC is heavily overbought with 8 green days in a row and due for a correction which would be a buy the dip at ±$45,800 - $46,200 for me. I don't see it going lower than $45K unless stock markets dump. I'd say in the next day or 2. BTC has finally broken out of the painful 2 month ±$37K-$45K range convincingly so continuation upwards is far more likely... Looking awesome. But I wouldn't sit and try and time the dip. Have price alerts or buy orders set on Binance because these dips can recover so fast when the market is bullish.

If BTC can hold over $48K for a a whole day then $52K is very likely, but it's more likely to be rejected at $48K and have a small correction first. I'm expecting one hard push to get over $48.2K which will be rejected and trap retail buyers for some exit liquidity. I reckon Eth will almost certainly out perform BTC this year with Eth 2.0 merge coming up. I have taken some profits and will buy back into BTC, ETH, LUNA, SOL when $BTC is around $46K or buy back in if it can hold $48.5K for continuation.

Important to keep an eye on the NASDAQ. Its had a nice recovery so far but with all the economic uncertainty things could change fast and it's been quite closely correlated with crypto markets. If it dumps then BTC and crypto will follow.

Thanks bud, I'll set those price alerts and just starting doing some small trades to get myself into some pattern. I'm sure there are also a few good traders who share some level of trading information. It looks like you have done well for yourself by staying consistent.. I wish when I started mining many years ago I didn't land up selling my coins and cashing out, when I look at the price at which I sold them for I would have been a pretty rich man now if I had continued and kept them in a wallet hahaa, live and learn I guess..

Learning from each post. Thank you. Need to get into it.

00pump wrote: I'm starting to understanding you thinking regarding currency and crypto, and based on my own belief system and seeing what's going on around me, I'm starting to think my money is safer in bitcoin than it is in rands or trusting in provident funds being able to provide enough when it comes to retirement / I should actually not count on a cent from these schemes, even though I put 24 percent of my salary into it a month.. I'm pretty tired of the 'system' and the way in which it works, its all smoke and mirrors, it's also extremely consuming on ones thoughts and takes away hours / days / years that you can never get back.

I don't buy Bitcoin to make money, I buy it to preserve wealth and prevent it from being eroded, seized or stolen. For Bitcoin to gain value is an added bonus.

All fiat currencies are controlled by tyrannical States and institutions and it is vital that money is separated from the State and anyone else's control for us to regain financial control and monetary freedom. You cannot get rid of the State by voting and the State has the monopoly on violence so you cannot easily overthrow them so a more practical solution is to create parallel structures that exists unconstrained by the State. Parallel structures should be created for all oppressive State structures, including the financial system and that is where Bitcoin fits in. Bitcoin is the only true decentralised currency that is uncensorable and unseizable.

There are countless examples, but more recently we saw how the Canadian government froze the bank accounts of the Freedom truckers and those that made donations towards their cause. Politicians and those in power reduce the value of your money/labour and keep you a slave. The work you did yesterday is worth less today thanks to the central power of the State over the financial system, but with Bitcoin the energy you invested lasts forever and you can transfer it instantly without anyone else's permission.

Let's not forget about our parasitic State and their pans to steal our property and how they inflate and degrade the ZAR.

It's vital that Bitcoin succeeds, it's our one and only chance to regain financial control. No government will ever allow another decentralised monetary network to gain this much traction.