Cryptocurrencies - General Discussion

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.

Quick question.

What channels do you buy BTC through? Is something like Luno safe or is that just a front for something that can be annexed by government(s)?

Cyclo wrote: Quick question.

What channels do you buy BTC through? Is something like Luno safe or is that just a front for something that can be annexed by government(s)?

Luno is fine, but like any other exchange they likely give your identification to companies such as Chainalysis that use it to track your transactions. The bitcoin blockchain is transparent so that is to be expected.

If you do buy on Luno move your BTC off the exchange if you know how to store your private keys securely as that will prevent the exchange from freezing, seizing or losing your BTC.

Exchanges are centralised companies that covert fiat to crypto and vice-versa, so they are controllable and corruptible. Buy on the exchange and move it to your own wallet.

00pump wrote: 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..

For sure. Looking back, crypto is definitely a prime example of live and learn and 'if only I had done...'

It took me almost 2 years and many sleepless nights after big losses to become profitable on most trades. In a bull market everyone's a genius. When the market is choppy is when you really learn. Some very expensive school fees but I enjoy the risk/reward and learning to improve a useful skillset even if it's through losses.

BTC is my insurance policy against inflation and the corrupt government controlled financial system. Fiat currencies will all ultimately collapse. The more I learn about Bitcoin the more conviction I have in it's success. I don't cash out any trading profits. It all goes to my ledger wallet for my retirement or emergency fund, a bit of ETH and some USDT on exchanges for trading.

if yall wanna make ur own crypto. jsut get kali linux...

wish i knew about kali and its capabilities earlier for anononimity

00pump wrote:
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..

For sure. Looking back, crypto is definitely a prime example of live and learn and 'if only I had done...'

It took me almost 2 years and many sleepless nights after big losses to become profitable on most trades. In a bull market everyone's a genius. When the market is choppy is when you really learn. Some very expensive school fees but I enjoy the risk/reward and learning to improve a useful skillset even if it's through losses.

BTC is my insurance policy against inflation and the corrupt government controlled financial system. Fiat currencies will all ultimately collapse. The more I learn about Bitcoin the more conviction I have in it's success. I don't cash out any trading profits. It all goes to my ledger wallet for my retirement or emergency fund, a bit of ETH and some USDT on exchanges for trading.

SOOOOO from a stats and risk management perspective i would say. "in a bull market everyones a genius"
Just have a huge heap of btc or eth.
The rest are shitcoins.
However i just paid my vacay for my GF and myself with shitcoins... soooo im not so sure. F*CK STOCKS BUY CRYPTO
{Straight outta the actuary's mouth}

Jacktuary wrote: if yall wanna make ur own crypto. jsut get kali linux...

wish i knew about kali and its capabilities earlier for anononimity

Kali is just a Debian distro with a bunch of tools ontop of it. I don't understand what you saying here.

We are in the middle of a hostile financial takeover. Bitcoin was invented to prevent exactly this, but so far it's behaving like a stock and not a currency. That's because adoption is still low and most that own Bitcoin measure its value against bullshit FIAT currencies. It's a mindset problem, 1 BTC is worth 1 BTC and not some arbitrary USD or ZAR value. It's because of this that stable-coins are the biggest threat to the crypto ecosystem. Over the last two week's we've seen what happened when the UST stable-coin went into a death spiral. Imagine what would happen should the same happen to USDT... Since USDT is centrally owned and controlled that makes it the perfect target for attack. Just something to think about.

That makes alot of sense. Mindset is the problem.

00pump wrote: That makes alot of sense. Mindset is the problem.

Yes, the problem is also that we are in a transitionary stage where moving from FIAT to BTC requires that BTC's value is measured against FIAT. That's a problem countries that adopted Bitcoin as a legal tender also face at the moment.

Hopefully our neighbours Namibia, Swaziland, Lesotho, Mozambique and Madagascar that are currently meeting in El Salvador also decide to adopt Bitcoin as legal tender.

You recon it's a good time to buy another bang? Or wait another day or two?

00pump wrote: You recon it's a good time to buy another bang? Or wait another day or two?

They say it's a good idea to buy when there is blood in the streets... I don't think there's enough blood in the streets yet.

Inflation is public enemy number one in the US at the moment and it's putting the current administration under pressure because of the upcoming mid-term elections. Politicians are psychopaths and will do anything to remain in power, they don't care what they destroy in the process. So, the US Fed will likely raise rates until they get inflation under control to save Biden's ass. The current market crash was the result of people seeing how high inflation still is so they are anticipating the Fed to increase rates more, they have not done so yet... imagine how bad the markets will crash if the Fed increases rates more than what the investors predicted. On the other hand, if they increase rates less than what the market anticipates it will cause a small market recovery.

I don't think the US Fed can increase rates more than 3% before their economy starts collapsing, so they are trying to talk down the markets and it's working at the moment. After the elections they will likely lower rates again, but it is going to be very turbulent until then.

The lockdowns in China are not due to some illness, they are trying to cause a supply chain delay in order to increase inflation in the US... they are trying to make things worse. Inflation is not only caused by too much borrowing, but also by too few "stuff" being produced.

If you decide to buy Btc now, don't go all in... rather dollar cost average. Just keep in mind that the price is going to be volatile and the next bull market is at least a year away... so if you buy then don't sell at a loss if the market goes down more, any investment now should be long term (4yrs +). Take your time and don't let FOMO set in.

I believe the market will crash more but best to just dollar cost average. Celcius network fiasco after the terra luna one is making things even worse on top of what admin said.

Hopefully in the future much more regulation around stablecoins can take place and the stimulus cheque people can stop treating crypto like a casino.

I invest mostly in crypto and metals and been in the crypto space for a while (2 bull and bear markets) but I have to say the last bull market there was WAYYY to much stupid money flooding into the market ,everyone throwing money at meme and shit coins with no utility expecting to become millionares over night.

Thanks bud. I'm going to buy a bit more over the next few days. I'm in no rush to cash out.

So.....bitcoin is currently I think at an all time Rand high...but not a dollar high. So with the guys well versed with crypto, whats the prediction, how high do you reckon we could go with the halving coming up in April?

I think Solana is also doing pretty well....

Wayne wrote:

So.....bitcoin is currently I think at an all time Rand high...but not a dollar high.

The fact that BTC reached its all-time high in Rand, approximately $17k, before the previous all-time high in Dollar, highlights the significant depreciation of the Rand against the Dollar. Additionally, one should consider that the Dollar itself has lost around 12% of its value since the previous all-time high.

Wayne wrote:

So with the guys well versed with crypto, whats the prediction, how high do you reckon we could go with the halving coming up in April?

I'm not comfortable enough to make any predictions, but it is a win no matter which way Bitcoin's fiat price goes. If the price crashes, I buy more... if the price moons, I enjoy watching the fiat maximalists panic.

Jack Mallers just announced Strike Africa: strike.me/blog/announcing-strike-africa/

"Strike Africa: The Strike App

The Strike App now offers major on & off ramps, buy & sell bitcoin, buy & sell USDT, on-chain payments, a full-service Lightning Network wallet, global P2P payments, and more in Gabon, Ivory Coast, Malawi, Nigeria, South Africa, Uganda, and Zambia, with more markets in Africa to come."

Hi Admin,

Had to say hi to you first out of respect. So is this the next thing? Luno is really annoying me with all the % fees. I really hope this could be better?

Pyroclasm wrote:

So is this the next thing? Luno is really annoying me with all the % fees. I really hope this could be better?

Strike is just another option. Competition is good. So far Luno is still cheaper as far as trading fees are concerned, but Strike offers cheaper withdrawal options, including Lightning payments. My biggest complaint about Luno is the extraordinarily high withdrawal fees they charge during periods of congestion on the Bitcoin network. I have seen Luno charge R800 per transaction when the same transaction should cost around R150 on-chain.

The US dollar is crashing against Bitcoin. 1 BTC is over $100k now.