Finally moving in the right direction.
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Happy Thanksgiving!
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Happy thanksgiving to you too.
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The modern version of grandma and shoeshine boy should be replaced by @manch.
@manch entry into crypto marks the peak of crypto.
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Puru is rampaging once he is right. Thought is a bet against depreciating US dollar. US dollar is strengthening, so bitcoin is declining, ain’t this expected behavior?
What is bitcoin hedging against? Inflation in USA or worth of US dollar relative to foreign currencies?
Bitcoin is not inflation hedge. It won’t replace USD as reserve currency either. Still its value has risen millions of percents over a decade.
I think crypto is behaving like TQQQ. When stocks rise, crypto rises a lot, and when stocks fall crypto falls 2-3x.
Bitcoin is not digital gold, more like growth stock
I would say that today is a Black Friday sale in crypto also 
Some fin twitters think crypto has either bottom or almost bottom. I have no idea, didn’t follow.
Now bitcoin is not currency, is not store of value, is not digital gold… guess is bitcoin 
I think bottom short term. 53k for btc and 3.9k for eth has been the call for a while. Crypto always front runs the levels and we had a good rally few days ago. Now the black swan scare has pushed down to the level of btfd. Let’s see what happens here but if it dips more than this… 
Also, we are running behind Plan B and other analyst’s predictions. Something to be worried about. Personally, no way we go to 200k like others have stated. 
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@hanera what do you mean by “peak crypto”?
a) USD denominated prices for leading crypto currencies like BTC and ETH have reached a forever all time high in Oct 2021, and will only decline from here till such time that they die - I.e., become worthless?
b) Oct 2021 is a local price peak. Crypto will go down for couple of years, but eclipse the Oct 2021 highs by, say, 2024 again?
@pastora why do you think $53k is a short term bottom for BTC? Why not a scenario where BTC (and all other coins) keep continuously and slowly dropping against USD for next 2-3 years until BTC goes down to $10-20k, and everyone gives up hope on crypto. Then it will turn around again and exceed 2021 ATH?
I said bottom short term. Bear market bottom I think might be 20-40k but likely won’t happen until 2022/2023. 53k short term bottom is from various analysts which uses various voodo science (EW and Fibonacci levels)
Just my gut instinct prediction (worth 2c or 2 sats, whichever ):
I think the crypto bear market has begun (technically that is true because BTC and ETH are now both more than 20% below their recent ATHs). They will go down for next 2-3 years another 50% - say to $25k level for BTC. Then, in 2024 as the next Bitcoin halving happens, they will start going up again and BTC will hit $100k by 2025.
At any rate, I intend to HODL what I have bought so far, and continue to add crypto by DCA in 2022-23.
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I just said Bitcoin is not an inflation hedge, nor is it gonna replace USD as reserve currency.
But Bitcoin is already a medium of exchange. Saw a stat saying there are more Bitcoin transactions in the last 12mo than what Paypal handled. The old argument that Bitcoin transactions are slow and expensive is no longer valid. Layer 2 protocols like Lightning make everyday transactions on Bitcoin possible, and they are only getting started. Many SV firms like Square are working on it. So by these measures Bitcoin is already a currency.
Many people see Bitcoin as store of value. It doesn’t matter whether you or I disagree. When enough people agree the network effect takes hold. To them Bitcoin is the digital gold.
Bitcoin is the grandfather of blockchain tech going mainstream. It’s interesrting mainly in a historic context. To me Ethereum is orders of magnitude more interesting.
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I already mentioned ETH 2.0 is coming next yr. Probability is extremely low for ETH to keep going lower next 3 yrs.
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There are also multiple rollup projects going on that will scale Ethereum even more. Future is bright for ETH and the entire Web3 sector. Many projects may look like toys today. That happens to all groundbreaking tech in the past.
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Fairly even-heeled analysis of Bitcoin price action. Cycles have lengthened. Expecting a blow-off top next month just because that’s what happened in 2013 and 2017 is unrealistic.
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I recall vaguely is not true transactions as we know it.
What does “true transaction” mean?