Is anyone else starting to become a bit worried? mod note in first post

Arrival

Dohnjoe wrote: »

JohnnyFlash wrote: »

I doubt they’ll mention Tether/Bitfinex tomorrow as they are due in court on the 29th of this month for the NYAG case. You’d also imagine there’s a FBI investigation taking place.

When you see cowboys like Pomp, Tom Lee and Ran Neuner spinning Munchen’s speech yesterday as a positive then you know they are worried.

Out of curiousity, why do you follow crypto so closely?

I get that people have a holding and follow it because of that, or some are keenly interested in the tech, but you appear only interested in it's failure, so why follow it? (genuine Q)

Keen schadenfreude enthusiast and no life

JohnnyFlash

Dohnjoe wrote: »

Out of curiousity, why do you follow crypto so closely?

I get that people have a holding and follow it because of that, or some are keenly interested in the tech, but you appear only interested in it's failure, so why follow it? (genuine Q)

Thanks for the question. My spotty nerd of a nephew got involved in crypto back in 2017, and his mother was boasting about how he had made huge returns on his investment. He ended up losing almost everything, and we subsequently found out that he had stolen money from his mother’s savings account to invest in such gems as nano, verge, and steem.

So my interest started to develop in that time tbh. I’m a relatively wealthy individual so decided to refund the amount he had robbed. So I started to read about proof of work, McAfee, Tether, Justin Sun, Dan Larimer, ICO’s, exchange hacks, people losing their life savings, people committing suicide because of crypto, and worked out that the entire thing is nothing but an elaborate scam designed to separate people who know a little about computers, but nothing about economics or human psychology from their money.

It’s a fascinating area, and if even one person hasn’t invested in this ponzi then I’ve done some good. And don’t worry - I don’t really care if some of you have made money- there’s always a few winners in these types of schemes. It’s still a massive scam though. Ye lads don’t get as annoyed tbh as when I serve up these facts on twitter. Get death threats and everything from salty bagholders with usernames like CryPT0Genius5.

Dohnjoe

Thanks for the response, I don't know how much of that is real or bull****, but I'll take it at face-value

Dohnjoe

Looks like we're sliding back down again, wonder if we'll go back into the bear zone or some type of long lull

stockshares

makeorbrake wrote: »

Starts at 9am - Eastern Standard Time.



Impossible to say - that is being interpreted both positively and negatively.



Well, we don't know how that 'discussion' will go. For all we know, it might concentrate on the 'privacy' theme.

As with every minute of every day in crypto, anything is possible.

Going by Reuters Facebook were questioned today by the senate.

From Reuters Article
"LONDON (Reuters) - The cryptocurrency market took a beating on Tuesday with bitcoin losing over 10% in value after U.S. lawmakers grilled Facebook (FB.O) on its cryptocurrency plans, as political and regulatory scrutiny of digital coins intensifies.

The social media giant is fighting to get Washington onside after it shocked regulators and lawmakers with its announcement on June 18 that it was hoping to launch its own digital coin called Libra in 2020.

David Marcus, the company’s top executive overseeing the planned Libra project, answered questions from the Senate Banking Committee. During the hearing, a U.S. senator said Facebook was “delusional” to believe people will trust it with their money.

Facebook’s Libra plan, which is seen as a major step for wider adaptation of virtual currencies, has helped stoke this year’s rally in bitcoin, ethereum and other digital coins.

“Libra is essentially slammed in the Senate,” said Lennon Sweeting, head trader at Coinsquare Capital Markets Ltd. “It’s just headline-driven volatility.”

Digital currencies will likely recover with bitcoin returning to a $11,000-$12,000 trading range, Sweeting said.

At 2:56 p.m. (1856 GMT), bitcoin BTC=BTSP fell 11.69% to $9,582.12 on the Luxembourg-based Bitstamp exchange. It fell below $10,000 for the first time in two weeks.

The world’s biggest and best-known cryptocurrency climbed to nearly $14,000 in late June, not long after Facebook unveiled its Libra plan. That was still far below its record high of nearly $20,000 set at end of 2017.

Ethereum, the No. 2 virtual currency, ETH=BTSP lost 13.32% to $198.2 after hitting $190.41, which was its lowest level since May 13.

Other widely followed currencies such as ripple .MVXRP were down 8% on the day."


Who is being questioned tomorrow?

grindle

stockshares wrote: »

Going by Reuters Facebook were questioned today by the senate.

https://www.reuters.com/article/us-crypto-currencies/bitcoin-falls-below-10000-after-facebook-grilled-on-crypto-plans-idUSKCN1UB24Tho's is being questioned tomorrow?

The Libra grilling was great. Strange to be egging on a bunch of senators but if they're needling FB it has to be a good thing.

+1000 points to the Senator who used the phrase "flagrant bullshít" at one point.

Edit: for those who didn't catch it.

stockshares

grindle wrote: »

The Libra grilling was great. Strange to be egging on a bunch of senators but if they're needling FB it has to be a good thing.

+1000 points to the Senator who used the phrase "flagrant bullshít" at one point.

Edit: for those who didn't catch it.

I'll have s look at that, who's in Tomorrow?

grindle

stockshares wrote: »

I'll have s look at that, who's in Tomorrow?

The same guy is gonna be speaking to the House Financial Services Committee.

stockshares

grindle wrote: »

The same guy is gonna be speaking to the House Financial Services Committee.

Thanks, what way do you think this will play out?

makeorbrake

stockshares wrote: »

Thanks, what way do you think this will play out?

Impossible to say. Most likely a nothing burger as it's Facebook that's in the dock - so the focus may be on privacy / anti-trust issues, etc. However, Bitcoin / crypto can get implicated in those discussions - so it depends on what falls out from that perspective - if a hard line attitude is revealed or an approach that appears to be onboard with embracing innovation.

grindle

stockshares wrote: »

Thanks, what way do you think this will play out?

Who knows? Facebook will probably get their ducks in a row and have their hands tied by the American government to make it less of a boon for the company and more of a boon for the American government/NSA & Five Eyes. I can see it going ahead. The hearing today was very negative towards FB's involvement, but generally quite positive about the concept as long as it follows their rules.

Any centralised shítcoins should die, I really can't see any reason for why EOS would retain any value - "Well, it's more centralised than FaceBucks, but it does have a lot of gambling apps being spammed by bots!" - but the crypto market is irrational.

However the chain is interoperable with other chains will be interesting to see (if it is - they could have that plan scuppered by getting their hands tied). The American government could easily force it to be a walled garden and it would still be a huge success, but whether or not companies would want to use it as a smart contract platform worldwide could be hampered by having to follow American laws and having those eyes prying even though they're outside that jurisdiction.

It opens things up for FB to get into collectible or one-off tokens/NFTs so could cause a ruckus in the gaming and gig ticketing industries if FB (or any other company who wants access to 2 billion consumers) wants to spread their wings. Gamers probably wouldn't want to lose their pseudonymity, so maybe no direct integration with FB in terms of usurping Steam but I can't see any problem with them taking over from Ticketmaster and absofúckinglutely destroying that ongoing fraudulent shítstain of a scumbag company.

stockshares

What's the recommended way of handling this dip. I know people say buy the dips but if there's more bad news tomorrow the price could free fall.

Should we sell into a Stablecoin until it recovers.

makeorbrake

stockshares wrote: »

What's the recommended way of handling this dip. I know people say buy the dips but if there's more bad news tomorrow the price could free fall.

Should we sell into a Stablecoin until it recovers.

Even if you solicit them, any answers you get are just opinions (including anything I include here - you make your own decisions). You need to consider what approach you will take on the way in i.e. the day you're buying is the day your selling ...you already need to have an exit strategy as regards where you plan to opt out at (if things go either north or south). Of course, I'm not saying any of that is in any way easy - it's not and I'm only a novice at this myself.

As I see it, there are three ways you can approach this:

1. Fundamental analysis - I've been glued to that for a few years and it's dangerous as it can be entirely misleading most of the time.

2. Technical analysis - Some put some faith in that - some rubbish it. I see some value in it (in my limited knowledge) but it works on probabilities - it's not a prediction tool (it shouldnt surprise you that there are no prediction tools). It's more like an irish weather forecast.

3. You take the longer-term view - and rather than trying to size up the short/medium term (which is nay on impossible a lot of the time), you decide in your own mind if the whole proposition makes sense and hodl or sell if you think it doesn't.

I've usually relied on the last one. However, I've paid some heed to 1 and 2 combined recently - together with the belief that this recent run up was far too steep. I think people can sometimes get ahead of themselves (it's human nature). (and of course, I have to qualify that by saying that it's crypto so at any moment, today's reversal could reverse and shoot for the moon. It's only 24 hours ago, we were swinging the best part of $1k the other direction).

Remember, for this type of speculative market to work, it can't possibly be so easy to figure out. That's the nature of the beast.

grindle

Got to make those choices yourself. If you think the price is going up long-term, you know what the safest choice is.

If you weren't sure of tethering up a week ago when it was $13k, why would you tether up now? Maybe there's another 25% cut but I don't get why selling at this price is better than $13k. What if you tether up and the price swings back for absolutely no reason (just like the drop) and you then have 5-10% less shítcoin?
I'll never understand crypto/fiat day-trading, seems very emotional. It's like watching a horse race except the horses are blinfolded and their front legs are tied together.

JJJJNR

Accumulate

Bob24

grindle wrote: »

I'll never understand crypto/fiat day-trading, seems very emotional. It's like watching a horse race except the horses are blinfolded and their front legs are tied together.

Partly explained by the fact that there are a lot of inexperienced people in the game who are doing this like playing lotto (much more than if you look at stocks or gold markets).

I tend to believe institutional involvement has increased, but according to the CEO of Binance at least on their platform that trend is not really pronounced and things are still dominated but retail investors.

stockshares

Interesting opinions in this article about what caused the current drop from Kevin McCarthy, Barry Gilbert, Peter Brandt and others.

McCarthy is positive on BTC but against Libra. He likes BTC for decentralisation and opposes Libra for its lack of it. He thinks Libra will try and control the market.

https://cointelegraph.com/news/bitcoin-below-10-000-down-266-in-7-days-what-caused-the-pullback

makeorbrake

stockshares wrote: »

Interesting opinions in this article about what caused the current drop from Kevin McCarthy, Barry Gilbert, Peter Brandt and others.

Be cautious about accepting the reasoning given in media for drops or hikes. These publications all seem to feel that they have to roll out something. We've had multiple instances of CNBC giving one reason one day and within 24 hours turning around and given a completely opposing reason.

If you leave the fundamental stuff aside, do markets just go straight up? Or do they tend to zigzag their way forward? I'd wager that the recent increase was unnatural and that a pullback to the mean averages is logical.

As regards the hearings/press conference/presidential tweet - I don't think that anything truly telling came out of that for Bitcoin/Crypto (although we have another one this morning so lets see). They all went on with you have to play by our rules - not much more than that. Other than that, you could argue that they established further - Bitcoin/Crypto in the public psyche - so from that point of view, it's useful. I'm not sure if there was enough in it to move the market (i'd say the market was moving anyways - regardless of whether those events happened or not).

My 2 satoshis on the subject.

stockshares

makeorbrake wrote: »

Be cautious about accepting the reasoning given in media for drops or hikes. These publications all seem to feel that they have to roll out something. We've had multiple instances of CNBC giving one reason one day and within 24 hours turning around and given a completely opposing reason.

If you leave the fundamental stuff aside, do markets just go straight up? Or do they tend to zigzag their way forward? I'd wager that the recent increase was unnatural and that a pullback to the mean averages is logical.

As regards the hearings/press conference/presidential tweet - I don't think that anything truly telling came out of that for Bitcoin/Crypto (although we have another one this morning so lets see). They all went on with you have to play by our rules - not much more than that. Other than that, you could argue that they established further - Bitcoin/Crypto in the public psyche - so from that point of view, it's useful. I'm not sure if there was enough in it to move the market (i'd say the market was moving anyways - regardless of whether those events happened or not).

My 2 satoshis on the subject.

Is the hearing on at 2pm Irish time and Is it shown live.

makeorbrake

stockshares wrote: »

Is the hearing on at 2pm Irish time and Is it shown live.

It's on at 10 am D.C. time here.

stockshares

makeorbrake wrote: »

It's on at 10 am D.C. time here.

Great stuff, thank you

stockshares

makeorbrake wrote: »

It's on at 10 am D.C. time here.

Is anyone watching this now

makeorbrake

stockshares wrote: »

Is anyone watching this now

Yup. They're pressuring Marcus for a moratorium but FBIcoin won't yield. They want it classed as a bank and he's getting queries on how FBIcoin will comply with KYC/AML.

Bitcoin not getting a mention with the exception of statements before the hearing and on opening by congressman Henry - who said that he had no issue with Bitcoin and that it was here to stay.

The last guy has had to google "FIAT" (dufus!).

stockshares

makeorbrake wrote: »

Yup. They're pressuring Marcus for a moratorium but FBIcoin won't yield. They want it classed as a bank and he's getting queries on how FBIcoin will comply with KYC/AML.

Bitcoin not getting a mention with the exception of statements before the hearing and on opening by congressman Henry - who said that he had no issue with Bitcoin and that it was here to stay.

The last guy has had to google "FIAT" (dufus!).

Yeah Hoffenim I think, he seems clueless. They seem to want to trap or lead Marcus into saying Calibra are going to use banking services. The face on the Chairwoman, she has her mind made up.

stockshares

Mr Duffy has asked a good as. Will people have to meet Facebooks social guidelines to use Calibra. He's saying the Facebook could end up determining Social standards rather than Society determining what Facebook can do.

sexmag

Sherman just referenced 9/11 as innovation, WTF?

makeorbrake

sexmag wrote: »

He just referenced 9/11 as innovation, WTF?

Sherman has a hard-on for both Bitcoin/Crypto and Libra. He came out a couple of weeks ago saying Bitcoin would usurp the USD as the worlds reserve currency - and he wants it banned.

He's taking the same line with Libra - hiding behind the terrorist financing AML/KYC nonsense.

"If crypto is used to finance the next terrorist attack in america"......."this is an attempt to transfer enormous power from america to Faccebook". We need Zuckerberg here!

:rolleyes:

This is the usual horsesh1t that has been spun out for years - motivate people to your point of view through fear into compliance.

stockshares

sexmag wrote: »

He just referenced 9/11 as innovation, WTF?

Yeah Sherman has a Hard On for Zuckerberg. Talk about scaremongering. He's said the American people will have Zuck if crypto is used to finance the next terrorist attack on the US.

sexmag

The last guy there before the break really seems to know his stuff and the question he asked weren't judgemental but the questions that needed to be asked, he was good and neutral

sexmag

stockshares wrote: »

Yeah Sherman has a Hard On for Zuckerberg. Talk about scaremongering. He's said the American people will have Zuck if crypto is used to finance the next terrorist attack on the US.

They love to use terrorism as a mic drop for any kind of power move they want to make