Bitcoin Thread

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garp said:
We could still be on a downward trajectory for a while, but I'm still very bullish mid-long term.

Consider that the total market cap of cryptos is now about $283bn. It's barely one third of Apple's market cap. The market cap of just the top 10 corporations is $5.5 Trillion! In the global scheme of things the total market cap of cryptos is still minuscule. Actual money in is obviously far less than the market cap - probably in the couple of 10's of billions.

Governments now seem to be mostly happy to allow crypto exchanges to continue provided they are regulated and the regulatory environment is maturing and clarifying so there will be less regulatory shocks. New tech like lightning network, etc, is coming online to alleviate congestion and fee issues. Bitcoin has never in it's history declined during Q2. More institutional money is starting to come in. More apps and solutions will reach fruition (of 10000+ active projects on Github).

Bottom line, there is potentially a lot of positive mid-long term upside here - barring any major FUD - the biggest risk could be a meltdown in the Tether/USDT saga.

Past performance is no indication, but if it does follow past patterns there will be a general malaise and loss of interest, possibly for a protracted period, and then, suddenly, mania and a new bubble starts again going to higher levels than the previous one. Will it happen again? I honestly don't know, but I have a feeling there is a strong possibility. The key is working out if the current bubble has fully popped yet.
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Yeah I'm in this for the long run. Will just keep trading and growing the amount of BTC I have whenever possible. We might even go sideways and not exceed $10k again for the rest of the year but that will be fine. Managed to get my breakeven point down to about R30k now. Will only start losing my initial capital if it drops below.
 
Looks like the Rand has seen it's best at R11.50 to the Dollar with the Ramaphoria. It can only depreciate from here in the near future I think. So it should be some relief for crypto holders.
 
SaiyanZ said:
Looks like the Rand has seen it's best at R11.50 to the Dollar with the Ramaphoria. It can only depreciate from here in the near future I think. So it should be some relief for crypto holders.
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Nah, R10:$1 this year still.
 
biometrics said:
I do. The Zuma era is over.
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Cyril has already done damage by getting the ball rolling on land expropriation without compensation. He might end up doing more damage to our country than Zuma. Zuma only wanted to fill up his own coffers which left most people unaffected. Then there's Julius who's always promoting hate speech and racism.
 
SaiyanZ said:
Cyril has already done damage by getting the ball rolling on land expropriation without compensation. He might end up doing more damage to our country than Zuma. Zuma only wanted to fill up his own coffers which left most people unaffected. Then there's Julius who's always promoting hate speech and racism.
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EWC isn't happening. It was a Zuma vote gathering policy for the December conference. They have to go through the motions now but at the end very little will change.
 
biometrics said:
EWC isn't happening. It was a Zuma vote gathering policy for the December conference. They have to go through the motions now but at the end very little will change.
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Yeah and until it's clear that it's not happening the Rand will go nowhere near R10 to the Dollar. So not this year.
 
SaiyanZ said:
Yeah and until it's clear that it's not happening the Rand will go nowhere near R10 to the Dollar. So not this year.
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Guess we're watching different currencies as the one I'm watching keeps pushing towards R11:$1.
 
L10Yn said:
Looks like we're not clear yet, highly possible we get to at most around 7800 before testing similar areas again.
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yarrr, the previous trip down went a lot further than I thought, don't see us even getting to $7800 before going down again
 
weelzSA said:
So do we think it will go much lower than $6700 or will it start to rise from now?
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For now I think we have this small uptrend but unfortunately atm I'm seeing a worse bloodbath coming after that
 
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