Cryptocoin Value and Market Trend Discussion

[trog100]

i think people are getting bored with bitcoin.. it isnt going up fast enough..

eth has gone up over 600% over the last year bitcoin has only managed 300%.. he..he..

it makes sense to me that more money will move into eth.. its showing twice the gains compared to bitcoin.. quite a lot of newly mined eth is being destroyed as well.. i assume this is to keep the price up..

to be honest its hard to make sense of any of it..

trog

 

[lexluthermiester]

to be honest its hard to make sense of any of it..

True! It's all a guessing game right now.

 

[trog100]

True! It's all a guessing game right now.

etherium is definitely on the rise.. its now at 3540.. up around 12% over the last couple of days..

eth is now leading bitcoin and could eventually take over top spot. quite how this fits in the grand scheme of things i havnt a clue.. but its a change..

trog

 

[ThrashZone]

i think people are getting bored with bitcoin.. it isnt going up fast enough..

eth has gone up over 600% over the last year bitcoin has only managed 300%.. he..he..

it makes sense to me that more money will move into eth.. its showing twice the gains compared to bitcoin.. quite a lot of newly mined eth is being destroyed as well.. i assume this is to keep the price up..

to be honest its hard to make sense of any of it..

trog

Hi,
How is it being destroyed ?

 

[lexluthermiester]

Hi,
How is it being destroyed ?

Yeah I was wondering that myself. I figure it's the Proof of Work being disqualified as the Proof of Stake protocols are taking over. I might be wrong, or misunderstanding how it works, but that is my theory based on the info available.

@trog100
What's your say?

 

[LFaWolf]

Yeah I was wondering that myself. I figure it's the Proof of Work being disqualified as the Proof of Stake protocols are taking over. I might be wrong, or misunderstanding how it works, but that is my theory based on the info available.

@trog100
What's your say?

Here you go. With the latest 1559, NFT creates this artificial shortage -
https://www.theblockcrypto.com/link...een-burned-following-ethereums-latest-upgrade
https://cryptobriefing.com/nft-gorillas-burn-90000-ethereum-per-minute/

 

[trog100]

the "burned" eth is sent to a black hole type address where its impossible to retrieve it from..

nft or none fungible tokens really have me baffled.. why anyone would pay large sums of money for a digital image really has me foxed..

bitcoin gets bought and stashed eth gets burned this amounts to the amount of available to buy coins getting less.. in theory this should jack the price of available coins up..

i follow whats going on but i try and not go to far down the rabbit hole in case i get lost for good.. he he

trog

 

[trog100]

bitcoin has just topped 50K.. eth is close to 3800 but seems to have leveled off..

50K is very strong resistance point.. the theory being that once bitcoin breaks up above that its on it way up again..

we will see what happens later today.. he he

trog

 

[trog100]

well bitcoin seems to be holding over 50K and eth is very near 4K..

i think we are at the beginning of another bull run.. i will be interesting to see where things go over the next few weeks..

trog

 

[trog100]

bitcoin now holding over 51K.. eth still around 4K...

i expect a big up-tick soon..

trog

 

[cvaldes]

well bitcoin seems to be holding over 50K and eth is very near 4K..

i think we are at the beginning of another bull run..

Beginning?!? What are you smoking?

ETH was 1787.51 on July 20. It's around 3930 which is +119%. If that's not a bull run, I don't know what is.

BTC was 29807.35 also on July 20. It's around 51629 which is +73%.

Here's ETH compared to Nvidia (NVDA) and the Nasdaq Composite (^IXIC) over Trailing 3 Months.

You have to be crazy if you don't recognize that ETH has been bullish for a while already.

 

[LFaWolf]

I bought a Bitcoin when it was $31k+ and I still have it, but I actually think it is going down soon. The recent boost is probably due to El Salvador adopting Bitcoin as a currency, and there is anticipation and excitement, not to mention El Salvador is giving $30 to its people to download the app and encourage its use. There is probably quite a bit of buying from the government to boost the price.

 

[R-T-B]

Yeah I was wondering that myself. I figure it's the Proof of Work being disqualified as the Proof of Stake protocols are taking over. I might be wrong, or misunderstanding how it works, but that is my theory based on the info available.

@trog100
What's your say?

It's being burned as fees.

nft or none fungible tokens really have me baffled.. why anyone would pay large sums of money for a digital image really has me foxed..

With you on this, but people see value in all sorts of weird things.

 

[trog100]

Beginning?!? What are you smoking?

ETH was 1787.51 on July 20. It's around 3930 which is +119%. If that's not a bull run, I don't know what is.

BTC was 29807.35 also on July 20. It's around 51629 which is +73%.

Here's ETH compared to Nvidia (NVDA) and the Nasdaq Composite (^IXIC) over Trailing 3 Months.

View attachment 215750

You have to be crazy if you don't recognize that ETH has been bullish for a while already.

i am talking an eth to 8K and bitcoin to 100K type bull run.. all we have seen so far is a nice recovery.. he he..

fomo here we come..

trog

 

[trog100]

well chaps the unexpected has happened.. the crypto market has taken a pretty hefty dump.. bitcoin down from 52K to 47K and eth down from near 4K to 3.5K..

ouch.. he he..

trog

 

[ThrashZone]

well chaps the unexpected has happened.. the crypto market has taken a pretty hefty dump.. bitcoin down from 52K to 47K and eth down from near 4K to 3.5K..

ouch.. he he..

trog

Hi,
Just another day out of the office

 

[R-T-B]

I figure it's because today is the official start of bitcoin being official tender in El Salvador. Banks are trying to say "See? We told you so!" before it even has a chance.

 

[Outback Bronze]

I figure it's because today is the official start of bitcoin being official tender in El Salvador. Banks are trying to say "See? We told you so!" before it even has a chance.

Yeah seems like its got something to do with El Salvador. I was thinking the priced dropped in their favor so they could buy more at a cheaper rate?

 

[lexluthermiester]

I figure it's because today is the official start of bitcoin being official tender in El Salvador. Banks are trying to say "See? We told you so!" before it even has a chance.

This was a power grab by El Salvador, one that will likely bite them in the butt.

 

[R-T-B]

This was a power grab by El Salvador, one that will likely bite them in the butt.

I'm curious the logic there. How is accepting the currency a power grab? They certainly don't have the capital to really influence the price significantly. Banks however, do.

Yeah seems like its got something to do with El Salvador. I was thinking the priced dropped in their favor so they could buy more at a cheaper rate?

Who would arrange that for them?

This looks more like a FUD attempt from banks to scare countries off crypto, because volatility.

 

[lexluthermiester]

How is accepting the currency a power grab?

They're trying to corner a part of the market as an early entry. This is little more than a corrupt government with deep organized crime ties trying to legitimize something that is intimately entrenched in the dark-web.

 

[cvaldes]

Yeah seems like its got something to do with El Salvador. I was thinking the priced dropped in their favor so they could buy more at a cheaper rate?

This makes zero sense.

Bitcoin is traded on the open market. Traders -- buyers and sellers -- negotiate the price. There is no government entity that controls cryptocurrency pricing. Sellers naturally want a higher price. Buyers naturally want a lower price.

Both BTC and ETH have been on a tear since July 20. To me this appears to be a garden variety price correction, likely some people collecting some profits.

 

[trog100]

somebody triggered a dip at time when everybody expected a pump.. this lead to over leveraged longs getting liquidated big time.. some traders lost a ton of money today.. add in some normal panic selling and exchanges going down and you have what you have..

its done el salvador a favour.. they bought the dip.. he he..

i dont think it means much it will be back up again soon..

trog

 

[LFaWolf]

As I have predicted it dropped today due to El Salvador buying and pumping the market. I am a bit miffed of the amount that dropped because that triggered my stop order and sold my Bitcoin. It has now made up some ground.

I think this will come up a bit due to people buying the dip, but then it will drop again in a month. Waiting for the next buying opportunity.

Will El Salvador be bankrupt before Bitcoin hits $100k?

 

[Metroid]

Please some of you stop the bs, el salvador is an island, they have no gdp that would make a dent on btc price in any way, if china or the US would have adopted btc then yes. Anyway, I still think btc will go to 79k then crash back to 10k, this is just a trap for people to sell before going up again and the road is clear 79k then when sheeps think btc will go to 100k then the manipulators will crash btc price as much as 80% and the rest of all altcoins as much as 99%.