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

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    #4712
    thecomedian
    Registered Users Posts: 1,601 ✭✭✭thecomedian


    Rob2D wrote: »
    Strange they should want to clamp down on the mining. Obvious FUD. China always knew what it was doing by holding a lot of BTC. It's gonna give them a great leg up over the US in years to come.

    Do they want to get rid of bitcoin and promote their own crypto instead?


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    #4713
    Rob2D
    Registered Users Posts: 2,449 ✭✭✭Rob2D


    thecomedian wrote: »
    Do they want to get rid of bitcoin and promote their own crypto instead?

    Or they might want to use BTC as their own in a way. The US is a big threat with it's own crypto coming but nobody will trade the Yuan, real or digital, over the dollar worldwide. At least not yet. But people WILL trade BTC. So I can definitely see China wanting as much as they can get their hands on.


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    #4714
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    Rob2D wrote: »
    Strange they should want to clamp down on the mining. Obvious FUD. China always knew what it was doing by holding a lot of BTC. It's gonna give them a great leg up over the US in years to come.

    Regulator and government talk is often vague/cryptic on purpose, and they are not being very generous with details here. So I wouldn’t draw any conclusions.

    When they say “crack down on mining” it might just mean closing a few dodgy mining operations which have particularly poor environmental impact or are illegally using subsided electricity. It might also be an excuse to close those which are not indirectly controlled by the government while developing others the government has more influence on. Maybe a bit of both to kill 2 birds with one stone.

    Also I think they are hinting at the the Chinese population to get ready for their new CBDC.


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    #4715
    mcriot29
    Registered Users Posts: 386 ✭✭mcriot29


    Bob24 wrote: »
    Apparently the Chinese government published a new press release on limiting mining and trading.

    I'll have to find a Chinese speaker to get exactly what they are saying :-) (the original source is below but the relevant part of the press release is translated by Google as "crack down on Bitcoin mining and trading behavior").

    http://www.gov.cn/xinwen/2021-05/21/content_5610192.htm?ivk_sa=1023197a

    (funnily some BTC detractors have been mentioning mining concentration in China as a source of concern, so according to them this should be positive news :-))

    They have been clamping down last while on mining was on tv last week showing the police raid a mining place for bit coin place was a big shed full of computers like huge hundreds of them


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    #4716
    Donald Trump
    Registered Users Posts: 19,431 ✭✭✭✭Donald Trump


    Rob2D wrote: »
    Or they might want to use BTC as their own in a way. The US is a big threat with it's own crypto coming but nobody will trade the Yuan, real or digital, over the dollar worldwide. At least not yet. But people WILL trade BTC. So I can definitely see China wanting as much as they can get their hands on.




    Onshore market is still very restricted and controlled. You need special permission to do anything there. CNY is not freely convertible (and is non-deliverable). You can do what you like in the offshore market alright.


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    #4717
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    mcriot29 wrote: »
    They have been clamping down last while on mining was on tv last week showing the police raid a mining place for bit coin place was a big shed full of computers like huge hundreds of them

    Yes, and it is not the first time they talk about it either.


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    #4718
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Mellor wrote: »
    It would have disappeared, in the same way that a wind farm that isn't built doesn't generate any power. But the fact the geo-thermal generator exists means it is moving energy to he grid. If mining is using that then it displacing other power which is an issue.
    If Icelands power is 100% renewable then it's no impact. And it may be, But the entire extent mining does not occur in 100% renewable zones.

    What present of the total mined is mined in Iceland?

    I'm not advocating mining, I'm really not, just pointing out that there are locations where it isn't a drain on the world's resources and some mining companies have taken advantage of that over the years. They did it for profit of course, not to save the earth, but still. Btw, I'm not a poster who has defended or promoted BTC/crypto mining.

    Iceland's primary energy supply is about 85% renewable now. Much of that other 15% is oil for transport purposes. I've been to dams and hydro stations there, also small businesses dotted around the country. My mind has been blown at how good they have it there in terms of energy availability. It's like a gift from the gods.

    It is thought that 8% of BTC in circulation was mined in Iceland, according to the Icelandic Blockchain Foundation. Of course, since people can mine many kinds of crypto at home with their own rigs, I imagine that an even smaller percentage of all the crypto mined in the world has been mined in Iceland.

    If the world is going to eventually move to a new form of money, it sure as hell will need to be exponentially greener than BTC.

    If you are interested in further reading, I recommend these articles...

    https://www.wired.com/story/iceland-bitcoin-mining-gallery/

    https://www.dw.com/en/bitcoin-mining-is-scandinavias-cryptoboom-coming-to-an-end/a-57443905


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    #4719
    HGVRHKYY
    Registered Users Posts: 416 ✭✭HGVRHKYY


    thecomedian wrote: »
    Do they want to get rid of bitcoin and promote their own crypto instead?

    Definitely contributes towards it, digital yuan being widely used would give them a lot more of a hold on their population


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    #4720
    Jeff2
    Registered Users Posts: 7,066 ✭✭✭Jeff2


    Another big drop coming now.


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    #4721
    Jeff2
    Registered Users Posts: 7,066 ✭✭✭Jeff2


    ETH going below €1800 any second now.

    Edit and has.


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    #4722
    FileNotFound
    Registered Users Posts: 2,004 ✭✭✭FileNotFound


    How low can it go really.

    Where does one set the limit buy on this, or is it going further like plenty of online peeps seem to claim!!


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    #4723
    HillCloudHop
    Registered Users Posts: 105 ✭✭HillCloudHop


    Why are people so eager to rush in and 'buy the dip' now? Give it a few months to see if this is a true bear market. DCA in then over a couple of years and wait patiently for the next bull run.


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    #4724
    DonnieCorko
    Registered Users Posts: 233 ✭✭DonnieCorko


    Hey guys. Wondering if anyone has had issues transferring money from Binance to AIB. Amount isnt small but not 6 figures either. Worried in case they may freeze my account or whatever.


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    #4725
    FileNotFound
    Registered Users Posts: 2,004 ✭✭✭FileNotFound


    HillCloudHop wrote: »
    Why are people so eager to rush in and 'buy the dip' now? Give it a few months to see if this is a true bear market. DCA in then over a couple of years and wait patiently for the next bull run.

    I guess that's the "if" getting to people.

    I'm new to this and like an excited muppet wanting to jump on any decent drop haha. Thankfully what's in is in already.


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    #4726
    Rob2D
    Registered Users Posts: 2,449 ✭✭✭Rob2D


    DonnieCorko wrote: »
    Hey guys. Wondering if anyone has had issues transferring money from Binance to AIB. Amount isnt small but not 6 figures either. Worried in case they may freeze my account or whatever.

    Just give them a buzz beforehand and clear it.


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    #4727
    Jeff2
    Registered Users Posts: 7,066 ✭✭✭Jeff2


    HillCloudHop wrote: »
    Why are people so eager to rush in and 'buy the dip' now? Give it a few months to see if this is a true bear market. DCA in then over a couple of years and wait patiently for the next bull run.

    Because some buy the dip sell the high and no interest in long term.
    Make fast money.

    I've made money today.


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    #4728
    jmlad2020
    Registered Users Posts: 691 ✭✭✭jmlad2020


    If you're worried now you're in the wrong game. Don't invest in Cryptocurrency if you can't afford to lose it all.

    A bit to advice.


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    #4729
    Jeff2
    Registered Users Posts: 7,066 ✭✭✭Jeff2


    jmlad2020 wrote: »
    If you're worried now you're in the wrong game. Don't invest in Cryptocurrency if you can't afford to lose it all.

    A bit to advice.

    You forgot to add go for blue chip shares.
    But its less fun. :)


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    #4730
    HillCloudHop
    Registered Users Posts: 105 ✭✭HillCloudHop


    jmlad2020 wrote: »
    If you're worried now you're in the wrong game. Don't invest in Cryptocurrency if you can't afford to lose it all.

    A bit to advice.

    There's no point blindly 'buying the dip' and giving money to the bears either. It will take months for this to bottom out.


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    #4731
    SortingYouOut
    Registered Users Posts: 1,374 ✭✭✭SortingYouOut


    HillCloudHop wrote: »
    There's no point blindly 'buying the dip' and giving money to the bears either. It will take months for this to bottom out.

    What makes you so sure about that?

    Beverly Hills, California



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    #4732
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    SortingYouOut wrote: »
    What makes you so sure about that?

    None of us can be sure, but the signs aren't exactly 'bullish'...

    - At least 80 btc/alt pairings on Binance are in double digit reds for the past 24 hours. This follows days of red before it.

    - Over half of the Top 100 on CMC are at least 50% down over the past 7 days, many of them down at least 60% from their 2021 high.

    What went from something which could have been a market correction earlier in the week (if we rebounded) has now descended into a full-on crash as the week progressed. If the Americans don't wake up today and buy these "discounts" or at best hold, there's no telling how low this will go in the short term.


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    #4733
    Dohnjoe
    Registered Users Posts: 17,938 ✭✭✭✭Dohnjoe


    SortingYouOut wrote: »
    What makes you so sure about that?

    No one is sure. But am not the slightest bit surprised it's going down, put it that way. Likewise I wouldn't be surprised if, despite some token rallies, this kicks off a longer bear trend.

    If that occurs, am fine with it, I sold much of my stack over the past months and will rebuy in if it gets low enough again in a year or two.

    Usual disclaimer: anything could happen


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    #4734
    Dohnjoe
    Registered Users Posts: 17,938 ✭✭✭✭Dohnjoe


    Aeon Fx wrote: »
    What we have seen the last week or two is an orchestrated transfer of wealth in the market. Whales and institutions selling huge positions and taking huge positions driving price down forcing out weak minded retail investors and forcing them into liquidation so the bigger players can accumulate bigger positions for more control in the future.

    Now is by far the best time to buy ETH for example at 2000$ as of right now its dropped more than 50% from its ATH. It's an easy call and its at this price point big positions and players are quickly taking over the market unbeknown to the average retail trader.

    Everyone I know most of whom are 6/7 figure traders are all buying up huge stacks on their main asset's in this space right now while hedging small short positions to cover the downside in the meantime.

    lol


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    #4735
    OEP
    Registered Users Posts: 1,176 ✭✭✭OEP


    SortingYouOut wrote: »
    What makes you so sure about that?

    Basically betting on history repeating itself, which isn't a bad bet to make


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    #4736
    HillCloudHop
    Registered Users Posts: 105 ✭✭HillCloudHop


    Aeon Fx wrote: »

    Now is by far the best time to buy ETH for example at 2000$ as of right now its dropped more than 50% from its ATH. It's an easy call and its at this price point big positions and players are quickly taking over the market unbeknown to the average retail trader.

    To paraphrase Warren Buffet, 'The cryptocurrency market is a device for transferring money from the impatient to the patient.'

    I'm in no rush to buy more, certainly not at these prices. The suicide hotline on Reddit hasn't been posted yet for example.

    The streets aren't bloody enough for me. I'll likely start buying in 3-6 months time at the earliest. Maybe there will be another rally in the meantime, so be it.


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    #4737
    mcriot29
    Registered Users Posts: 386 ✭✭mcriot29


    It’s very possible they will all drop another 20 percent over the next few months, buying now may not even be a good idea just my view.


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    #4738
    Dohnjoe
    Registered Users Posts: 17,938 ✭✭✭✭Dohnjoe


    HillCloudHop wrote: »
    To paraphrase Warren Buffet, 'The cryptocurrency market is a device for transferring money from the impatient to the patient.'

    100%
    I'm in no rush to buy more, certainly not at these prices. The suicide hotline on Reddit hasn't been posted yet for example.

    Actually it has, posted several times for that 20% in one hour drop the other day
    The streets aren't bloody enough for me. I'll likely start buying in 3-6 months time at the earliest. Maybe there will be another rally in the meantime, so be it.

    I'm speculating there'll be a "spring 2018" style rally, and if it slips into that pattern, then I'll be looking at buying around a year from now


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    #4739
    HillCloudHop
    Registered Users Posts: 105 ✭✭HillCloudHop


    Aeon Fx wrote: »
    Streets not bloody enough lol I like that spoken like a shark. All depends on available capital I guess throwing 1% of capital for me at this price is still a very safe risk appropriate investment.

    I'm just looking to build huge positions over time and these are the prices to get in at but I'd be happy to get in lower again no doubt

    I'm only guessing like everyone else here. I just have badly scarred hands from catching knives in the 2018 crash. I prefer accumulating in established bear markets if possible.


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    #4740
    Chuckie_Egg
    Closed Accounts Posts: 204 ✭✭Chuckie_Egg


    Its peak was around 60k, we've had several 80% sell offs in the past, a few 90% ones but they are very rare, so an 80% drop from there is back to 12k (I reckon 10k support) Its possible it could drop further as it really depends on what is driving the sell off. It's more than profit taking, I suspect something else is going on in the background. One thing for sure is the Elon party is over for now


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    #4741
    Dohnjoe
    Registered Users Posts: 17,938 ✭✭✭✭Dohnjoe


    Aeon Fx wrote: »
    Streets not bloody enough lol I like that spoken like a shark. All depends on available capital I guess throwing 1% of capital for me at this price is still a very safe risk appropriate investment.

    I'm just looking to build huge positions over time and these are the prices to get in at but I'd be happy to get in lower again no doubt

    We're only 2 weeks into this. It's crypto, anything could happen, but personally, I'd give it time.

    In 2018 many said we weren't going to see sub $400 Eth again, but there we were buying sub $100 Eth by that Christmas. And speaking of 2018, I'd overlay that chart and zoom out.


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