NotTheNoobs

Cryptocurrencies => Cryptocurrencies => Topic started by: eddieb on September 23, 2019, 09:58:37 PM

Title: Bitcoin and Altcoins
Post by: eddieb on September 23, 2019, 09:58:37 PM
Just under 2 years ago, Dec 2017, I posted on another  forum this;
“...crypto currencies have exploded through 2017. Are prices set to fall drastically...or can growth continue throughout 2018 and beyond?”

Bitcoins stood at $19,343

Been a bit of a rollercoaster since then, anyone ridden it?
Title: Re: Bitcoin and Altcoins
Post by: Kaitsu on October 02, 2019, 03:21:48 PM
This was an interesting comment on Reuters today:

ST. LOUIS (Reuters) - It is “inevitable” that central banks including the U.S. Federal Reserve will start issuing digital currency, Philadelphia Federal Reserve bank president Patrick Harker said on Wednesday, while cautioning that the U.S. should not be the nation to lead such a move.

“Frankly I don’t think we should be the first mover as a nation to do this,” Harker said at a community banking conference here. But he added: “It is inevitable ... I think it is better for us to start getting our hands around it.”
Title: Re: Bitcoin and Altcoins
Post by: eddieb on October 02, 2019, 05:09:45 PM
It is interesting.  Slightly surprised that the US wouldn't want to take the lead on it.
Might Pres Xi see it as an opportunity for China to gain first mover advantage?  Certainly in other areas of finance China are embracing technology more comfortably than I would have expected.
Title: Re: Bitcoin and Altcoins
Post by: Kaitsu on October 03, 2019, 08:26:36 AM
It is interesting.  Slightly surprised that the US wouldn't want to take the lead on it.
Might Pres Xi see it as an opportunity for China to gain first mover advantage?  Certainly in other areas of finance China are embracing technology more comfortably than I would have expected.
A quick look at Googled "Central Banks and cryptocurrencies" seems to suggest there have already been many studies of this issue. I don't claim to have any idea about this but a quick glance seems to suggest one issue is what would central banks use it for that normal currencies cannot already achieve. Regulation is one serious aspect, but finding uses for it in monetary policy is yet another.

I do not know anything much about cryptocurrencies, but this is an interesting aspect to follow, I think, and does seem to follow the general trend of things towards digital alternatives.
Title: Re: Bitcoin and Altcoins
Post by: Magyar on October 03, 2019, 09:20:08 AM
Central governments and banks will have to find a way to make use of it, and a number are looking at this.
They probably feel they need to do something if only to counter the criminal element and tax-avoiders currently using unregulated cryptos, as well as offer more support to innocents who want to invest/speculate in them.
Title: Re: Bitcoin and Altcoins
Post by: eddieb on October 07, 2019, 07:03:12 PM
Big jump (almost 6%) today for Bitcoin. Still on its roller coaster ride, definitely not for the faint-hearted
Title: Re: Bitcoin and Altcoins
Post by: Caesar on October 16, 2019, 06:16:06 PM
Crypto's fall after bust-up of paedo website
https://m.investing.com/news/cryptocurrency-news/newsbreak-bitcoin-sinks-after-us-south-korea-bust-child-porn-site-1997153
Title: Re: Bitcoin and Altcoins
Post by: Caesar on October 20, 2019, 06:48:34 PM
Bitcoin continues to struggle to break the $8000 resistance. With a descending trend line and SMA's suggesting price could go lower,  now may not be the best time to be going long.
(https://editorial.fxstreet.com/miscelaneous/BTC_USD%20(19)-637071651038581141.png)
Title: Re: Bitcoin and Altcoins
Post by: Magyar on October 21, 2019, 09:47:11 PM
I just donot understand why so many peoples like bitcoin? It has no real value and no proper regulaton. I donot think I could risk my own money in this
Title: Re: Bitcoin and Altcoins
Post by: Caesar on October 22, 2019, 09:50:53 PM
Bitcoin struggling to get out of the 7700-8100 zone, with fall more likely than a rise looking at the hourly charts
Title: Re: Bitcoin and Altcoins
Post by: Caesar on October 24, 2019, 08:07:47 AM
Bitcoin is down around 8% this week and some analysts are expecting further falls to around the $7100 level.
Even the pro-Bitcoin websites are finding it difficult to be bullish right now.
Title: Re: Bitcoin and Altcoins
Post by: Caesar on October 24, 2019, 10:10:05 PM
Bitcoin Price Approaching Dangerous Levels ( CNN)
Although bitcoin’s most vocal supporters are unfazed by the recent pullback, the king of cryptocurrencies is approaching a critical inflection point that could trigger a deeper nosedive in price. At least one closely-followed trader is calling for a steeper correction back down to the $6,250 region – a move that would wipe out another 17% from current levels.

One doesn’t have to look very far to know where the dangers are, as even the most basic technical setup reveals the possibility of another violent selloff. At any moment now, bitcoin’s 50-day moving average is about to cross below the 200-day moving average. The so-called “death cross” is an overwhelmingly bearish indicator for everyone except long-term holders of the virtual currency.
Title: Re: Bitcoin and Altcoins
Post by: Caesar on October 27, 2019, 08:11:50 AM
Breakthrough for Bitcoin?
There was a strong rise in bitcoin price from above $8,000 and $9,000 against the US Dollar.
The price even spiked above the $10,000 resistance, but it failed to hold gains and declined.
There is a short term bullish trend line forming with support near $9,080 on the 4-hours chart of the BTC/USD pair
The price could bounce back as long as it is trading above the $8,600 and $8,500 support levels.
Title: Re: Bitcoin and Altcoins
Post by: Caesar on October 27, 2019, 08:13:02 AM
BEIJING (Reuters) - China's parliament has passed a new law on cryptography as the country gears up to launch its own digital currency, state media reported late on Saturday.

China's central bank set up a research team in 2014 to explore launching its own digital currency to cut the costs of circulating traditional paper money and boost policymakers' control of money supply.

China's proposed new digital currency would bear some similarities to Facebook (NASDAQ:FB) Inc's Libra coin and would be able to be used across major payment platforms such as WeChat and Alipay, a senior central bank official said last month.

China's cryptography law, which takes effect on Jan. 1, is aimed at "facilitating the development of the cryptography business and ensuring the security of cyberspace and information", the official Xinhua news agency said, citing parliament. The law states that the state encourages and supports the research and application of science and technology in cryptography and ensures confidentiality.

Facebook's proposed cryptocurrency has sparked concerns among global regulators that it could quickly become a dominant form of digital payment and a channel for money laundering given the social network's massive cross-border reach.

Libra will be a digital currency backed by a reserve of real-world assets, including bank deposits and short-term government securities, and held by a network of custodians. Its structure is intended to foster trust and stabilize the price.

Like other cryptocurrencies, Libra transactions will be powered and recorded by a blockchain, which is a shared ledger of transactions maintained by a network of computers.

Chinese President Xi Jinping said last week that the country should accelerate the development of blockchain technology as a core for innovation.
Title: Re: Bitcoin and Altcoins
Post by: Caesar on October 31, 2019, 02:21:18 PM
Happy birthday Bitcoin!
Its 11 years today since publication of the Bitcoin white paper by the still-unknown person or group only known as Satoshi Nakamoto.
On its eleventh birthday, Bitcoin is priced at $9,110 following a 2.50 percent decrease over the past 24 hours. Not the best birthday present for investors.
I wonder where it will be in another 11 years?
Title: Re: Bitcoin and Altcoins
Post by: Caesar on October 31, 2019, 06:44:04 PM
Chinese authorities have taken action to censor any anti views on Bitcoin and blockchain.
Communications around the criticism, opposing views are now banned by China

The Chinese made the decision to ban anti views towards Bitcoin and blockchain as they look to support the blockchain community and the crypto world, with their recent shift in view.

It has now seen authorities enforcing the criticism, opposition views or casting of aspersions on Bitcoin and blockchain technology.

Chinese President  Xi Jinping recently rocked the crypto industry with a speech exalting blockchain, praising the economic benefits and efficiencies available through the technology.
Title: Re: Bitcoin and Altcoins
Post by: Caesar on October 31, 2019, 09:17:50 PM
Not a great birthday for Bitcoin,  but a very decent week!
Title: Re: Bitcoin and Altcoins
Post by: Caesar on November 01, 2019, 09:18:08 PM
And on the week it celebrated its 11th birthday,  Bitcoin ends the week well in the green
Title: Re: Bitcoin and Altcoins
Post by: Caesar on November 04, 2019, 05:11:59 PM
Just had a bit of a start, googled Bitcoin and first thing I saw was today's price, 7214. Then realised that was in sterling and not dollars.
Think I need a cup of tea to relax.

Anyhow,  according to CNBC, following studies of them 2017 rise in Bitcoins price  2 finance professors in the US have attributed most of the rise to one individual!

https://www.cnbc.com/2019/11/04/study-single-anonymous-market-manipulator-pushed-bitcoin-to-20000.html
Title: Re: Bitcoin and Altcoins
Post by: Caesar on November 06, 2019, 08:03:34 AM
Bitcoin continuing its recent climb. 10, 000 might be a hard level to break, but with Crypto's you never really know. 
Title: Re: Bitcoin and Altcoins
Post by: Caesar on November 09, 2019, 02:10:17 PM
Supporters of cryptocurrencies, especially Bitcoin,  believe that, as a decentralised currency with millions of owners around the world, the crypto asset has a better long-term outlook because central banks or governments can’t manipulate it. Since only a limited amount of Bitcoins can ever be produced they say this implies its value is much less likely to be eroded by inflation over the long term.

However, Bitcoin has a lot of drawbacks as well. Price of the crypto asset is exceptionally volatile, so you can’t really use it on a day-to-day basis. Imagine leaving home with £20 only to find that when you get to the shop, it’s worth £10.

Transaction costs are quite high, and criminals have targeted owners repeatedly in the past, stealing hundreds of millions of dollars worth of the cryptocurrency.

Bitcoin is only worth as much as other investors are willing to pay for it. That can mean either $20,000 a piece or $1,000.

This year Bitcoin has pulled back some of last years fall, but nowhere near half of it, and it is difficult to put a finger on why it has risen or why it would continue.  My concern ith Bitcoin is that as things currently stand, it is like building a house on a foundation of sand, you just never know when its going to collapse beneath you.



Title: Re: Bitcoin and Altcoins
Post by: Caesar on November 10, 2019, 12:29:32 PM
Bitcoin halving

When it was first devised, bitcoin was programmed with a hard limit of 21 million, with new bitcoins entering the system as an incentive for network processors (“miners”) in a gradual and controlled rhythm. The initial reward rate for mining was 50 bitcoins and rate at which they are created is reduced by half every four years, ostensibly to mimic the increased difficulty of gold mining. On Nov. 28, 2012, this was halved to 25, and since July 9, 2016, miners have been receiving 12.5 bitcoins for each block successfully processed.

The next reduction, after which the network incentives will be 6.25 bitcoins per block, is expected in May 2020.

Previous halvings have triggered bull runs,  and followers of Bitcoin are expecting more of the same next time round, with some suggesting it has already begun. Others argue that it has not only begun, it has ended and that anticipated price growth based on the effect of halving is now priced in. If the 2nd group are right, then the only way is down for Bitcoin since there are no fundamentals to support a rising valuation.

Either way, all of this just further demonstrates the difficulty in judging the value of Bitcoin and determining whether to invest in it or cash in and run.





Title: Re: Bitcoin and Altcoins
Post by: Caesar on November 13, 2019, 05:50:16 PM
Mike McGlone, an analyst with Bloomberg Intelligence, says technical signals suggest the biggest cryptocurrency could face further headwinds ahead.

The trading range between Bitcoin’s 50- and 200-day moving averages has diminished to its narrowest since June, potentially indicating that an inflection point may be on the horizon. Though Bitcoin’s already fallen below its 50-day moving average, a drop below the 200-day could trigger a sell signal.

The most widely-owned-digital asset has erased much of the gains it posted after China’s President Xi Jinping said the country was inclined toward increasing investments of blockchain technology as it searches for industrial advantages. While crypto enthusiasts took that as a positive for Bitcoin, the token has subsequently traded lower, dropping near 5% this month. The Bloomberg Galaxy Crypto Index has lost more than 2% in the same period.

Title: Re: Bitcoin and Altcoins
Post by: Caesar on November 14, 2019, 05:51:43 PM
Cryptoqueen brother admits he played a role
https://www.bbc.co.uk/news/technology-50417908
Title: Re: Bitcoin and Altcoins
Post by: Caesar on November 21, 2019, 10:06:55 AM
Bitcoin has crashed below $8000 for the first time in a month and shows no sign of stopping any time soon.
It slipped below its 200-day moving average line, an event considered a sell signal by many analysts and chartists.
Part of the blame for this has been levied at China,  who announced a few weeks ago that it may start to embrace the blockchain technology that supports cryptocurrencies, and has since taken steps to curb crypto trading.
Watchdogs in Shanghai, for instance, issued notices calling for a cleanup of companies involved in trading of digital assets, while one in Beijing warned against illegal exchange operations.

Bitcoin was down 1.9% as of 9:03 a.m. on Thursday to trade at $7,938 and has dropped about 14% this month, data compiled by Bloomberg show. The Bloomberg Galaxy Crypto Index, which tracks major cryptocurrencies including Bitcoin and Litecoin, has lost 12% in November.
Title: Re: Bitcoin and Altcoins
Post by: eddieb on November 23, 2019, 08:36:15 AM
Bitcoins woes continued yesterday.
After dropping below $8000 earlier this week,  it dipped under $7000 yesterday.
It seems the Shanghai offices of Peoples Bank of China said it would tackle growing cases of illegality involving virtual currencies, following similar comments from their colleagues in Shenzhen
Chinese President Xi Jinping said last month that the world's second-biggest economy should accelerate the development of blockchain technologies,  and it seems that China will develop its own Crypto for this purpose.
Title: Re: Bitcoin and Altcoins
Post by: eddieb on January 26, 2020, 08:38:34 AM
Re-reading an article from November,  so this may not be news to everyone.
The New Zealand gov issued a tax bulletin giving companies permission to legally pay employees using cryptocurrencies 
The only proviso being that the cryptocurrencies used must be convertible to flat currency,  which is typically the case with the major cryptos
Title: Re: Bitcoin and Altcoins
Post by: Caesar on March 12, 2020, 09:05:30 PM
After a decent last few months,  Bitcoin has been hammered today and now sits just under $6000, from a high yesterday of $8000
Title: Re: Bitcoin and Altcoins
Post by: eddieb on March 20, 2020, 11:08:52 AM
After dropping down to the 4000's earlier this week, Bitcoin have had a resurgence, and is closing in on $7,000. And its not alone, Bitcoin is up around 20% over the last 24-hour trading period, while other major tokens, including ethereum, Ripple's XRP, litecoin and bitcoin cash, are up between 15% and 22%.

From what I read, this seems to be being driven by Stablecoin tether, which are tied to the currency they are designed to 'mirror'. Over the last 48-hours some $120 million worth of tether has been minted, though the company behind tether said this was just an "inventory replenish" that had not yet been issued , but Simon Peters of etoro thinks that if the entire $120 million of new tether went into the crypto markets, it "could move prices significantly."

Personally, there is too much here that is out of the hands of the ordinary guy in the street for me to even consider buying into crypto's. If a single, or small number of, people/companies can move the market to the degree we have seen over the past couple of days we should remember that they could just as easily get out and leave us holding huge losses.
Title: Re: Bitcoin and Altcoins
Post by: Kaitsu on March 20, 2020, 02:53:54 PM
I wonder where it will be in another 11 years?
Now that is a good question!  ;D I also wonder where we will be then, too! Will retail trading exist at all any more!

How actively are you trading bitcoin? I have never touched it yet, but I have occasionally looked at the charts provided by my broker for BTCUSD for example, but it hasn't lit the fuse for me yet for some reason - maybe just over-cautious and unfamiliar!
Title: Re: Bitcoin and Altcoins
Post by: Caesar on April 13, 2020, 04:03:31 PM
The amazing story of Dr Ruja, the cryptoqueen
https://www.bbc.co.uk/sounds/play/p07npk7p
Title: Re: Bitcoin and Altcoins
Post by: Caesar on May 25, 2020, 08:09:48 AM
Not wishing to appear negative,  but anyone thinking of getting in cryptos might want to read this article first
https://www.helpnetsecurity.com/2018/02/05/look-inside-cryptocurrency-fraud/
Title: Re: Bitcoin and Altcoins
Post by: Caesar on July 16, 2020, 08:01:09 AM
Major Bitcoin scam hits Twitter
https://www.bbc.co.uk/news/technology-53425822
Title: Re: Bitcoin and Altcoins
Post by: PipMeHappy on July 17, 2020, 07:51:15 PM
Not wishing to appear negative,  but anyone thinking of getting in cryptos might want to read this article first
https://www.helpnetsecurity.com/2018/02/05/look-inside-cryptocurrency-fraud/

Does this mean that staying away from 'altcoins' and sticking to the original flavour (Bitcoin)
is still safer?
Title: Re: Bitcoin and Altcoins
Post by: Caesar on July 18, 2020, 08:06:39 AM
Does this mean that staying away from 'altcoins' and sticking to the original flavour (Bitcoin)
is still safer
Hello Pipmehappy.
I haven't seen anything yet that gives me confidence any cryptocurrency is safe.
It seems every few months some site or other gets hacked and there does not seem to be any recourse which the traders can take since the very thing that attracts many of them, anonymity, means they cannot prove they ever owned the currency.
Hopefully the upcoming government backed cryptos will resolve this
Title: Re: Bitcoin and Altcoins
Post by: Pipstar on September 08, 2020, 10:00:08 PM
I was talking to a friend earlier. He bought some Bitcoin in February this year about 6 weeks before lockdown and kept the 16 digit code in a secure folder on his pc at work ( he is self employed).
Has just been allowed back into the rented service office he uses and realised he has forgotten his login details for the folder as he hasn't used it for months.
He says its " just a few thousand " worth of Bitcoin, but I was wondering is there any other way he can get access to his secure folder? Seems such a shame to waste it.
Title: Re: Bitcoin and Altcoins
Post by: Kim on September 09, 2020, 08:16:43 AM
Thats unfortunate @Pipstar I hope he remembers it.
Title: Re: Bitcoin and Altcoins
Post by: Pipstar on September 13, 2020, 09:47:54 AM
Thats unfortunate @Pipstar I hope he remembers it.
He isn't that concerned about it Kim, says its not a lot of value and if that's the cost of learning a lesson then he has to pay it.
You never know, it might come back to him one day like these things sometimes do.
I'll let you know if he remembers.  :D
Title: Re: Bitcoin and Altcoins
Post by: ElvisChute on September 17, 2020, 03:57:55 PM
Must be nice not to have to care about losing access to Bitcoins.  If only...
Title: Someone Just Emptied Out a Bitcoin Wallet With $964,000,000 In It
Post by: YenPounder on November 04, 2020, 08:36:49 PM
It's not yet clear if a hacker made off with a gigantic payday, or if the wallet's secretive and long-dormant owner just came out of retirement. https://www.vice.com/en/article/g5bbaj/someone-emptied-out-bitcoin-wallet-with-964000000-million

Bitcoin Tops $14k As Billion-Dollar 'Silk Road' Wallet Moves For First Time Since 2015: https://www.zerohedge.com/crypto/bitcoin-tops-14k-billion-dollar-silk-road-wallet-moves-first-time-2015
Title: Re: Bitcoin and Altcoins
Post by: eddieb on November 04, 2020, 09:05:06 PM
Either way, that is an incredible amount.
Somebody is going to have a very nice Christmas

I've not looked at bitcoin for a while, I've never really been convinced about the whole idea of cryptocurrency probably because of how its used by criminal organisations and the like.

Do you follow them or invest in them yourself?
Title: Re: Bitcoin and Altcoins
Post by: YenPounder on November 04, 2020, 11:04:38 PM
Do you follow them or invest in them yourself?

I find articles like this interesting, but I don't invest in crypto. I'm unconvinced about Bitcoin, but not for the same reasons. I don't understand it enough to trade, and I'm not sure of it as a store of wealth. It certainly didn't work out for the guy in the article, if his $1 billion dollars were stolen.
Title: Re: Bitcoin and Altcoins
Post by: Pipstar on November 05, 2020, 01:14:15 PM
I posted before about a friend who lost his wallet login key.
He 'only had a few thousand pounds worth, but this must happen to a lot of people.
Your $900m is a different story
Title: Re: Someone Just Emptied Out a Bitcoin Wallet With $964,000,000 In It
Post by: YenPounder on November 05, 2020, 06:04:24 PM
It's not yet clear if a hacker made off with a gigantic payday, or if the wallet's secretive and long-dormant owner just came out of retirement. https://www.vice.com/en/article/g5bbaj/someone-emptied-out-bitcoin-wallet-with-964000000-million

Bitcoin Tops $14k As Billion-Dollar 'Silk Road' Wallet Moves For First Time Since 2015: https://www.zerohedge.com/crypto/bitcoin-tops-14k-billion-dollar-silk-road-wallet-moves-first-time-2015

Initially, speculation had it that $1 billion worth of bitcoin might have just been stolen by hackers. It turns out the government was behind it all along.

The Justice Department this week reportedly seized that unprecedented sum, which sat dormant for years in a wallet linked to Silk Road, the online black market that was shut down in 2013.
Title: Re: Bitcoin and Altcoins
Post by: Caesar on November 05, 2020, 06:36:19 PM
the government was behind it all along.
Do they have the right to do that? Seems odd,to say the least.
(I can't follow your link, its flagged as unsafe)
Title: Re: Bitcoin and Altcoins
Post by: YenPounder on November 05, 2020, 09:06:08 PM
(I can't follow your link, its flagged as unsafe)

Thanks for the heads up. For some reason this forum website converts my link which was for Market Watch into something called markeTwitch.

Perhaps this forum does not allow links to that site directly.

Below is the ending for the URL. Try copying and pasting that into your browser after Market Watch DOT Com to see the article.

/story/somebody-may-have-just-gotten-away-with-stealing-1-billion-11604592280
Title: Re: Bitcoin and Altcoins
Post by: Caesar on November 05, 2020, 10:19:26 PM
There shouldn't have been a problem, maybe just autocorrect playing up.
Anyhow, got there in the end, thanks
Title: Re: Bitcoin and Altcoins
Post by: eddieb on November 26, 2020, 03:19:36 PM
After hitting highs of $20k yesterday, Bitcoin has dropped 12% today and is sitting at $17,233.
How much of this years rise is down to the 4-yearly halvening is anybodies guess, but this cycle does seem to repeat 2016 and if it continues the same way price could head towards or beyond $10k
Not one for the faint-hearted
Title: Re: Bitcoin and Altcoins
Post by: PipMeHappy on November 27, 2020, 08:02:20 AM
Caught about 2500 pips and as it seemed to be stalling
 I closed. the trade - I will leave it atthat for now.

Title: Re: Bitcoin and Altcoins
Post by: eddieb on November 27, 2020, 09:57:17 AM
I think there could be a fair bit of action here over the next few months
Title: Re: Bitcoin and Altcoins
Post by: PipMeHappy on November 29, 2020, 11:49:23 PM
BTC/USD up 13000 pipsin the last hour...

What a way to start thetrading week!

Title: Re: Bitcoin and Altcoins
Post by: eddieb on November 30, 2020, 08:51:48 PM
Good trade you grabbed there PMH.
I am hoping bitcoin will fall back, thats what happened last time it shot up like this.
I know the game has changed slightly since then, but I still feel this is too frothy.
I suppose we just have to wait and see. One thing for certain, there aren't many dull days when you trade Bitcoin
Title: Re: Bitcoin and Altcoins
Post by: Caesar on November 30, 2020, 09:17:03 PM
Did any of you know that PayPal now sell Bitcoin? This was news to me

Paypal bought up to 70% of all the newly mined bitcoin since the payments giant started offering cryptocurrency services four weeks ago.

Read the whole article here
https://news.bitcoin.com/paypal-bought-70-of-all-newly-mined-bitcoin-last-month-as-demand-rockets/
Title: Re: Bitcoin and Altcoins
Post by: eddieb on November 30, 2020, 09:46:05 PM
Did any of you know that PayPal now sell Bitcoin?
Yes, and its possibly partly why the price has shot up this month.

Is it a good idea? Not convinced yet.
Title: Re: Bitcoin and Altcoins
Post by: krugman25 on December 02, 2020, 03:08:47 PM
More major crypto news to hit the wire: Visa Partners With Ethereum Digital Dollar Startup.  I can't wait for this to be a thing.  When I close a position I almost always move my capital into USDC.  It would be really nice to be able to just use that USDC directly at retailers without needing to first convert it to USD and move it into my bank account.  I am sure this will require having the USDC on a centralized exchange like Coinbase, but it would be even better if we could do this while keep our money on-chain and in our own custody.

https://www.forbes.com/sites/michaeldelcastillo/2020/12/02/visa-partners-with-ethereum-digital-dollar-startup-that-raised-271-million/?sh=423b0c414b1f
Title: Re: Bitcoin and Altcoins
Post by: PipMeHappy on December 02, 2020, 07:29:34 PM
@krugman25  interesting...

There are rumours of a Coinbase IPO in 2021: could
this mean anything for cryptos?
Title: Re: Bitcoin and Altcoins
Post by: krugman25 on December 02, 2020, 07:59:00 PM
@krugman25  interesting...

There are rumours of a Coinbase IPO in 2021: could
this mean anything for cryptos?

I think it will be really bullish for DeFi coin prices tbh.  For example, Uniswap now does more than double the daily trading volume of Coinbase (see https://www.coindesk.com/defi-flippening-uniswap-topples-coinbase-trading-volume (https://www.coindesk.com/defi-flippening-uniswap-topples-coinbase-trading-volume)).  As a matter of fact Uniswap collects more fees per day than the entire Bitcoin network (see https://twitter.com/JohnTodaro1/status/1331033818581569536?s=20 (https://twitter.com/JohnTodaro1/status/1331033818581569536?s=20)).  Uniswap's current market cap is 800 million.  How I think the Coinbase IPO could help Uniswap and other DeFi protocols token prices are by creating a market cap reference point for a very similar product.  If Coinbase IPO's for $50B and Uniswap is valued at $5B at the time then it could cause some upward pressure on UNI's token price over time.  Especially if Uniswap's trading volumes are 2x or 3x higher than CB's and even more so if Uniswap starts transferring part of the trading fees to UNI token holders as profit sharing which some protocols have already started doing such as Harvest Finance and Yearn.
Title: Re: Bitcoin and Altcoins
Post by: PipMeHappy on December 03, 2020, 09:18:23 AM
Thanks, that is. a great post and I hope everyone is reading it because an IPO from one
of the founding companies of the whole venture capital commercialisation of early cryptocurrencies is the closest we have to fundamentals and a centralised volume dataset
for the sector. In fx for example there are currency futures and options, whicheven though do
not lead cash price and have a smaller share of its size at least offer a centralised volume and open interest dataset for reference when looking at support and resistance at key price levels, not to mention central bank actions and their measurable consequences in trading the spot charts. With cryptos there is little such centralised data and it does feel like throwing. darts into a dark whole...I am curious to see some of your videos and Learn something new.