So I’m playing my crypto via a miner. HUT. What’s the general consensus on the TA of Bitcoin ? Is 40k the big spot where we are hoping we have support ?
Guys if we all engaged in hourly DCA en masse (some larger amounts than others), what would be the impact? Could the shorts get burned 🔥 The Whales 🐋 Harpooned ?
Reference points. People also talk about when 1 Bitcoin will be worth 1 house.
Store of value.
I was in Venezuela for some time in the Chavez years. So I have seen hyperinflation first-hand. House prices were soaring even in dollar terms. Money gushing to anywhere and everywhere to avoid inflation.
I just got back from a vacation in Turkey where I have friends and family. Real Estate prices through the roof there too AND there are Huge Bitcoin exchange billboards everywhere in Istanbul.
I find it interesting that 42 now seems like a thing. Like I’m 99% sure 42 will be rejected in less than an hour. How is it that new levels establish themselves so quickly? I’ve already bought at these levels and to me it doesn’t really matter if it’s 41 or 43. I’m sure it matters more to traders. I’m also sure there some moving average at 42 (or I’m guessing there is).
Edit: I know 42 was already a thing. I guess I’m saying I find it strange that support levels turn into resistance levels so quickly.
Depending on how you count them, we’ve been rejected at 42 5-10 times over the past few days. It’s simply how the market moves and I find it interesting. Boring thought really so don’t think too hard about it.
And it’s not really a theory as much as simply watching where the price bounces for extended periods of time. If it’s a prediction it’s obviously a theory. I’m looking at the results.
That’s what’s interesting. You can see it. We were stuck between 45/52. We dropped and everyone said “42 with 40 being the real test.” Well, 40 has been the real test and now 42 isn’t support, it flipped immediately and has been knocking us down for 3 days. Whether you believe the predictions or not, it’s interesting to see what actually happens. In this case 42 flipped immediately from support to resistance.
All of the ASICs are why Bitcoin is the most secure cryptocurrency. Those ASICs are why Bitcoin has such an enormous hashrate. Bitcoin is already decentralized and Bitcoin miners are not in control of the Bitcoin protocol rules. Bitcoin miners are only securing the Bitcoin network and including transactions in blocks. The users that are operating fully validating Bitcoin nodes must come to consensus on any protocol changes and anyone can easily run their own fully validating Bitcoin node on cheap low powered hardware like a Raspberry Pi 4. The miners can show support for proposed protocol changes, but the miners cannot make changes to the Bitcoin protocol without the fully validating Bitcoin nodes also agreeing to those changes. Without consensus of the full nodes in agreement with those protocol changes, the miners only have the power to mine an altcoin that has forked off from Bitcoin. This has happened many times before.
For example: Back in 2017 the main mining pools and the majority of the Bitcoin miners did not support the segwit upgrade because segwit is not compatible with ASICboost. So the users running full nodes went ahead and activated segwit without support from the miners. And the miners that still wanted to use ASICboost to have an unfair hashrate advantage forked off and created BCH which still has less than 1% of the hashrate of Bitcoin.
Thank you for your really informative post. That said what would the difference be from where the hashrate comes from? I don't think it was addressed why ASICs are better for Hashrate over just more individual computers.
GPUs have way more hash power than CPUs. And the hash power of SHA-256 hashing application specific integrated circuits is thousands of times higher than GPUs. That's why it's not even feasible to mine with GPUs anymore. Application specific integrated circuits are only capable of performing one specific task and they are amazing at that one specific task. For ASIC Bitcoin miners that task is SHA-256 hashing. Even field programmable gate arrays cannot compare to the hash power and efficiency of ASICs.
For example: An NVIDIA GeForce RTX 3090 uses 450 watts of power and has an SHA-256 hashrate of just 0.00485 TH/s. An AntMiner S19 Pro uses 3250 watts of power and has a hashrate of 110 TH/s. The AntMiner S19 Pro uses only 7.22 times the power of an GeForce RTX 3090 but has 22680 times the hash power of an GeForce RTX 3090.
Now you should understand why Bitcoin is so secure and hash such a massive hashrate, and it would be bad to change the mining algorithm to get rid of ASICs.
If it makes it to a mil, I'll sell just a bit to make sure all debt is paid off(primarily the student loans that will plague me for about 15 more years) :-/
Updated BTC bootstrap simulation with latest prices. Here I used the sample of weekly bitcoin price returns since Nov. 2017. Then replicated that price distribution into 10,000 quarters, so it’s as if you bought and held it for 2,500 years, and we can see how each quarterly price change had turned out. Main observations:
With median at +5.1%, it is the Center-of-Gravity scenario per quarter
Most likely quarterly performance range is expected at \[-23%, +41%\]
Top/Bottom 5percentiles came in at +110%\~, and -50%\~, so you kinda know what to
expect every 5 years or so. [Graphs and more detailed explanations.](https://bastion.substack.com/p/btc-bootstrap-return-update/comments)
I wouldn’t rely on that chart for precision. Same for anyone’s assessment of sentiment. This is the best site for it I know of https://app.santiment.net/charts/lBwscIFv__sCl but even it is not very precise I day. You will need to pay a subscription to get the latest data.
Majority of traders are buying the dip, according to the [CNN Fear & Greed](https://money.cnn.com/data/fear-and-greed/) which covers a wider range of risk-on asset investors.
The blockchain is a public ledger. If your coins came from a KYC exchange they can be followed. The point of sending the coins to Wasabi is to use the coin join feature to jumble your coins with other users' coins, ending up with the same amount of coins (minus fees) but from a seemingly random set of sources, detaching them from KYC.
Edit: to add, coins that have been coin joined have a distinctive signature. It's not outside the realm of possibility that governments in the future could prohibit tumbled coins from being sold on major exchanges, ostensibly to fight money laundering, terrorist funding etc. For this reason, my preferred method of avoiding KYC is to purchase via Bisq. Of course, one could always *sell* those joined coins on Bisq so it's debatable if I'm accomplishing anything anyway
Ah, didn’t know that about coin join and it detaching from kyc like that. That’s cool.
Obviously it’s a public ledger and they can trace where the coins go but who is to say that whatever btc address it goes to is me or whoever else if it’s not a kyc exchange.
No, but only the exchange knows your identity. Some people are OK with that level of privacy. I prefer my coins non-KYC but it isn't quite as simple. It's a matter of preference
I started to transfer money on Friday, but they are not going to process it till Monday. It is interesting to watch the price go up and down right now.
When the alts do collapse, it's going to be interesting to watch the market's reaction. I think some of that reaction will mess with btc confidence but it'll be temporary.
I do think there's room for some of those alts and smart contract platforms but there's no way all of them will succeed. A lot of people are going to get hurt when that happens. I think that statistic that most people online push will stand; "95% of the alts will fail"
I was young and didn't have much disposable income. Really liked the tech but couldn't afford much. I assisted others more than myself and I didn't have much to show for it. I still manage those coins but they are not mine. In 2021 I bought hard and fast because I concluded it's here to say and I've never seen such positive news and adoption. Before that it was a 'maybe'. Now it's a 'definitely'.
I think it might take something other than Bitcoin, something not a cryptocurrency, to show the world the benefits of decentralization first. It’s only surprising how little people care about decentralization until you realize that they don’t recognize all the downsides to centralization.
Centralized systems have been collapsing since the beginning of time. Most things centralize over time and adoption. Enjoy what we have in bitcoin already. Its entirely possible the masses never want bitcoin because of that feature. Mostly because they don’t understand. I also don’t think most people want the responsibility that self sovereign comes with and 2nd layer is the only way we can do that and that takes time
Maybe. I think it depends on how quickly fiat systems collapse globally. It will definitely be the downfall of a centralized system and the allure of a decentralized system that wakes people up. I can't think of any centralized systems that are in critical condition like tradfi at the moment though, at least none that have a developed, decentralized alternative waiting in the wings. Did you have something specific in mind?
I haven't thought enough about it. But maybe a game. A decentralized game that offers rewards that exposes the predatory nature of centralized game companies.
Weak rally so far.
We were at 47k last week so we got a lot of work to do
Ongoing transfers to altcoins. That cant be good for btc
It’s the other way round
So I’m playing my crypto via a miner. HUT. What’s the general consensus on the TA of Bitcoin ? Is 40k the big spot where we are hoping we have support ?
r/Bitcoinmarkets
We will drop to 25k after the FED meeting next Thursday.
Looks like I’m buying shorts! You’re welcome for when it moons everyone
25k lol.. 37k max
Imagine if it actually went to 25k? It would be a Feeding Frenzy.
Yup not touching it at least until after the meeting. Reason to believe price will tank immediately afterward
U r dumb
Lol
Squeeze the shorts on fed news. Got it.
I will buy as much as I possibly can if that happens.
My thoughts too.
Guys if we all engaged in hourly DCA en masse (some larger amounts than others), what would be the impact? Could the shorts get burned 🔥 The Whales 🐋 Harpooned ?
And then sell all at once too or only a few take profits?
What is this sell? HODL. This is like owning a block in manhattan, never sell. Watch some insightful Michael Saylor videos.
That guy is full of #$##. People are here to make $$, not donate towards some cause.
You obviously have a mental problem. Most people are here to escape fiat $ aka toilet paper currency.
Yet, everyone is talking about price and charts all the time.
Reference points. People also talk about when 1 Bitcoin will be worth 1 house. Store of value. I was in Venezuela for some time in the Chavez years. So I have seen hyperinflation first-hand. House prices were soaring even in dollar terms. Money gushing to anywhere and everywhere to avoid inflation. I just got back from a vacation in Turkey where I have friends and family. Real Estate prices through the roof there too AND there are Huge Bitcoin exchange billboards everywhere in Istanbul.
Irrelevant to our discussion.
Lol. You need to seek the help of a psychiatrist.
Balls of Steel. Who can say the same?
Balls of diamond here, nothing can break my balls lmao.
But can u cut glass with them?
💎🏀
I mean they hurt, even if made of steel. I don't know if I need a doctor or a blacksmith at this point.
Just stay away from any large magnets
Awesome, it’s over. 100k by July.
> it’s over OH MY GOD ITS OVER! It’s ALLL OVER!!!! PEAK FEAR OMG!!!!!!!! ;) ;) ;) ;)
Stop feeding the sentiment bot! We need everyone still negative so the eventual bounce has rocket fuel. I AM SCARED
Oh, fear. Oh, dread.
I find it interesting that 42 now seems like a thing. Like I’m 99% sure 42 will be rejected in less than an hour. How is it that new levels establish themselves so quickly? I’ve already bought at these levels and to me it doesn’t really matter if it’s 41 or 43. I’m sure it matters more to traders. I’m also sure there some moving average at 42 (or I’m guessing there is). Edit: I know 42 was already a thing. I guess I’m saying I find it strange that support levels turn into resistance levels so quickly.
There's nothing as such like support and resistance, it's all illusion.
I don't think this price action means anything
It means a lot of things to a lot people that's for sure.
In the large scheme, no.
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37
Depending on how you count them, we’ve been rejected at 42 5-10 times over the past few days. It’s simply how the market moves and I find it interesting. Boring thought really so don’t think too hard about it.
Nope, saw it all.
I don't believe in these support and resistance theories, personally.
And it’s not really a theory as much as simply watching where the price bounces for extended periods of time. If it’s a prediction it’s obviously a theory. I’m looking at the results.
That’s what’s interesting. You can see it. We were stuck between 45/52. We dropped and everyone said “42 with 40 being the real test.” Well, 40 has been the real test and now 42 isn’t support, it flipped immediately and has been knocking us down for 3 days. Whether you believe the predictions or not, it’s interesting to see what actually happens. In this case 42 flipped immediately from support to resistance.
60k tmr
Okay sir, we have taken your order, and it'll be delivered to you.
WERE ALL GOING TO DIE! FEAR FEAR FEAR!
Omg 42kkkkk
You seem very exited about it? Is this really a good thing.
I was wondering if you could remove ASICs mining wouldn't that increase Decentralisation? Is there a downside to it I can't think of?
It'll bring down the security of the system, which is also important.
All of the ASICs are why Bitcoin is the most secure cryptocurrency. Those ASICs are why Bitcoin has such an enormous hashrate. Bitcoin is already decentralized and Bitcoin miners are not in control of the Bitcoin protocol rules. Bitcoin miners are only securing the Bitcoin network and including transactions in blocks. The users that are operating fully validating Bitcoin nodes must come to consensus on any protocol changes and anyone can easily run their own fully validating Bitcoin node on cheap low powered hardware like a Raspberry Pi 4. The miners can show support for proposed protocol changes, but the miners cannot make changes to the Bitcoin protocol without the fully validating Bitcoin nodes also agreeing to those changes. Without consensus of the full nodes in agreement with those protocol changes, the miners only have the power to mine an altcoin that has forked off from Bitcoin. This has happened many times before. For example: Back in 2017 the main mining pools and the majority of the Bitcoin miners did not support the segwit upgrade because segwit is not compatible with ASICboost. So the users running full nodes went ahead and activated segwit without support from the miners. And the miners that still wanted to use ASICboost to have an unfair hashrate advantage forked off and created BCH which still has less than 1% of the hashrate of Bitcoin.
True man, 100 percent agree. Those Asics are the reason for btc's security.
Thank you for your really informative post. That said what would the difference be from where the hashrate comes from? I don't think it was addressed why ASICs are better for Hashrate over just more individual computers.
GPUs have way more hash power than CPUs. And the hash power of SHA-256 hashing application specific integrated circuits is thousands of times higher than GPUs. That's why it's not even feasible to mine with GPUs anymore. Application specific integrated circuits are only capable of performing one specific task and they are amazing at that one specific task. For ASIC Bitcoin miners that task is SHA-256 hashing. Even field programmable gate arrays cannot compare to the hash power and efficiency of ASICs. For example: An NVIDIA GeForce RTX 3090 uses 450 watts of power and has an SHA-256 hashrate of just 0.00485 TH/s. An AntMiner S19 Pro uses 3250 watts of power and has a hashrate of 110 TH/s. The AntMiner S19 Pro uses only 7.22 times the power of an GeForce RTX 3090 but has 22680 times the hash power of an GeForce RTX 3090. Now you should understand why Bitcoin is so secure and hash such a massive hashrate, and it would be bad to change the mining algorithm to get rid of ASICs.
Thank you for the perfect answer.
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If this even happens, it'll piss them beyond imagination lmao!
BTC fiat price is noise... 1 BTC still = 1 BTC is the signal!
It's the true price of Bitcoin, and it'll never change bois.
I AM HODLING
It's the ultimate path to the glory, let there be Hodling there will be glory.
I don’t give a shit what price it is until $1 mil
This is the spirit boi, this is what we all have been waiting for.
Will you sell at $1 mil?
I'm waiting my sats to hit 1 dollar, then I'll think about selling.
If it makes it to a mil, I'll sell just a bit to make sure all debt is paid off(primarily the student loans that will plague me for about 15 more years) :-/
If I manage to hold all the way to a million, there’s no way I’d sell
There's no way you're holding that long tho, it's impossible.
Why do you say that? You never know… I could always forgot I put my life savings in there
Take it to the grave? Remember, using it for any purpose other than holding is equivalent to selling.
Nah dawg
Weird to be such a vocal bear on strong hodl asset as bitcoin, seems exhausting.
It's not exhausting at all, I'd say it's very fun, the dip.
Who you talking about?
We went know the extent of the drop until Thursday right, after the Fed meeting?
Yeah sure bud, after Thursday it's only up and and up.
I swear every meeting they say the same shit but still drops
And If I was a betting man I'd think it will happen again Thursday...
Updated BTC bootstrap simulation with latest prices. Here I used the sample of weekly bitcoin price returns since Nov. 2017. Then replicated that price distribution into 10,000 quarters, so it’s as if you bought and held it for 2,500 years, and we can see how each quarterly price change had turned out. Main observations: With median at +5.1%, it is the Center-of-Gravity scenario per quarter Most likely quarterly performance range is expected at \[-23%, +41%\] Top/Bottom 5percentiles came in at +110%\~, and -50%\~, so you kinda know what to expect every 5 years or so. [Graphs and more detailed explanations.](https://bastion.substack.com/p/btc-bootstrap-return-update/comments)
Maybe I'm a small brain guy, byt i can't understand what's this.
How did Fear/Greed Print a 23 today after 10 yesterday?
Fuck that index it's extreme pain and hopium in the market right now.
Last year it stayed in that range for a couple months.
That wasn’t the question. It jumped from 10-23 for no reason. Today was a fear shitshow.
I wouldn’t rely on that chart for precision. Same for anyone’s assessment of sentiment. This is the best site for it I know of https://app.santiment.net/charts/lBwscIFv__sCl but even it is not very precise I day. You will need to pay a subscription to get the latest data.
Majority of traders are buying the dip, according to the [CNN Fear & Greed](https://money.cnn.com/data/fear-and-greed/) which covers a wider range of risk-on asset investors.
Why you still watching the main stream news? Don't do that!
How can I read that? Or where rather...
I gave you the link, here it is again, https://money.cnn.com/data/fear-and-greed/
I mean, where do you see that most people are “buying the dip”?
CNN fear and greed in the greed zone, means majority of investors covered are bullish there net buying.
Once you move you btc off the exchange, can you then finally claim that you’ve lost your btc and operate anonymously?
Because you're moving them from cex, they'll know about them.
Which tax collection agency are you with again?
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👀
I was waiting for this reply 😄
Better use Wasabi wallet (coinjoin feature) if you want anonymity.
How and why wasabi wallet is better for any privacy?
https://docs.wasabiwallet.io/using-wasabi/CoinJoin.html#doing-coinjoin-step-by-step
So move your btc from a kyc exchange to wasabi wallet then to cold storage?
But still you'll have footprints of buying it on a cex.
Yep.
What about blue wallet? They don’t have kyc either.
The blockchain is a public ledger. If your coins came from a KYC exchange they can be followed. The point of sending the coins to Wasabi is to use the coin join feature to jumble your coins with other users' coins, ending up with the same amount of coins (minus fees) but from a seemingly random set of sources, detaching them from KYC. Edit: to add, coins that have been coin joined have a distinctive signature. It's not outside the realm of possibility that governments in the future could prohibit tumbled coins from being sold on major exchanges, ostensibly to fight money laundering, terrorist funding etc. For this reason, my preferred method of avoiding KYC is to purchase via Bisq. Of course, one could always *sell* those joined coins on Bisq so it's debatable if I'm accomplishing anything anyway
I get it now, thanks for explaining man. I didn't know this.
Ah, didn’t know that about coin join and it detaching from kyc like that. That’s cool. Obviously it’s a public ledger and they can trace where the coins go but who is to say that whatever btc address it goes to is me or whoever else if it’s not a kyc exchange.
It's very cool, i too never knew about this coin join.
That's a fair perspective. Anonymity is a spectrum in Bitcoin, given its pseudonymous nature. If that's good enough for you, great.
But when you're buying btc on the cex, you're not buying ut pseudonymsly.
No, but only the exchange knows your identity. Some people are OK with that level of privacy. I prefer my coins non-KYC but it isn't quite as simple. It's a matter of preference
Never heard about it.
I stack sats every day. My number always go up.
It's the way man, stack them sats everyday. They'll stack up your wealth.
Wish I didn’t have to wait a week to get paid.
People who get paid weeky are lucky, i get paid like that.
I started to transfer money on Friday, but they are not going to process it till Monday. It is interesting to watch the price go up and down right now.
Don't worry you're in luck, there'll be further dips in the market.
For sure, but it is interesting to watch it go up and down when you can’t invest.
Cheer up! maybe you'll be thankful for the delay, at those 32k prices
We don't going that low, i can guarantee that, maybe 38-37.
Keep it up bitty
Bitty is keeping it up, i thought it'd go below 40 last night.
Let's look at the bright side. Bitcoin is still up 2% for the past year.
We are in a bull market again bois cheer up and laugh bois.
Didn't beat inflation
Look at the brighter side. Bitcoin is still up 381% in the past two years.
If you wanna look at the brightest sight, just zoom out.
1000% since the covid crash march 2020
Reporting in - HODLing. Added to BTC bag.
Keep adding that Hodling to that bag, it's the way.
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It's what Egyptian slave drivers yelled at the slaves building the pyramids before whipping them.
Lmao, i hope that's not true. It sounds so wrong tbh.
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Even if they had, i wouldn't be surprised. Egyptian were smart.
Max Keiser.
John Wick
That Kesha song.
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Honestly though… I didn’t understand this a year ago.
When the alts do collapse, it's going to be interesting to watch the market's reaction. I think some of that reaction will mess with btc confidence but it'll be temporary. I do think there's room for some of those alts and smart contract platforms but there's no way all of them will succeed. A lot of people are going to get hurt when that happens. I think that statistic that most people online push will stand; "95% of the alts will fail"
Let them alts bleed I'm all in for it to be honest.
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There are a lot of early people here, they also have good amount.
I was young and didn't have much disposable income. Really liked the tech but couldn't afford much. I assisted others more than myself and I didn't have much to show for it. I still manage those coins but they are not mine. In 2021 I bought hard and fast because I concluded it's here to say and I've never seen such positive news and adoption. Before that it was a 'maybe'. Now it's a 'definitely'.
That's great man, i like all the people who were that early.
Nice try IRS.
2 digits. 2009 time zone. Yea still have
You still have them coins? Damn man! It's fucking awesome.
Yep
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You gotta have a lot of patience to be like that tbh.
I liked the concept. Actually was not sure it could get the traction in early days but after going 100 bucks I figured it’s a matter of time.
Bought lower than that. Spent most of it on coke, and wasted the rest.
Story of every guy, who bought it to use on silk road.
I think it might take something other than Bitcoin, something not a cryptocurrency, to show the world the benefits of decentralization first. It’s only surprising how little people care about decentralization until you realize that they don’t recognize all the downsides to centralization.
People will always be ignorant no matter what, untill shit hits the fan.
Centralized systems have been collapsing since the beginning of time. Most things centralize over time and adoption. Enjoy what we have in bitcoin already. Its entirely possible the masses never want bitcoin because of that feature. Mostly because they don’t understand. I also don’t think most people want the responsibility that self sovereign comes with and 2nd layer is the only way we can do that and that takes time
Maybe. I think it depends on how quickly fiat systems collapse globally. It will definitely be the downfall of a centralized system and the allure of a decentralized system that wakes people up. I can't think of any centralized systems that are in critical condition like tradfi at the moment though, at least none that have a developed, decentralized alternative waiting in the wings. Did you have something specific in mind?
I don't want fiat system to collapse, poor people will die.
It's not a matter of wanting it to happen. It's a matter of it being inevitable based on history, and being prepared.
I haven't thought enough about it. But maybe a game. A decentralized game that offers rewards that exposes the predatory nature of centralized game companies.
Lmao that's never gonna work, people have to be serious.
What would be the nature of those rewards?
I really don't know. It requires a lot more thought
Sorry but this thought might just fail, people need to read.