Official Cryptocurrency Trading Thread

[SilverRex]

BTC

count has not changed. BTC finally broke into 6000 as expected. Now I expect it will seek a top between 6000-6800 or top may even already be in. We should see a more significant pull back with a chance to still break below 5000 one last time follow by yet another wave higher into wave 5, I suspect once this major 5 wave completes we could have a very long sideways correction that could last for many months before an explosive upside begins.

[S-FLY]

In my opinion, this move up is more related to the US-China trade war and with the Hang Seng being down 700 points this morning, investors are pulling out of the markets and parking some funds in Bitcoin. Thoughts?

[revelations]

^ there have been some large, off chain transactions by whales recently....investors have definitely woken up to this

[ZenOps]

Bitcoin is back baby!

[SilverRex]

BTC

It was even more bullish then I had thought with an 5th wave extension. Perhaps one more micro wave higher that should do it. I expect we have completed 5 waves up off the low which now puts the 4000-5000 on the radar for a big correction. Looking at how the crypto shares are reacting, this would be the time to take some profit off the table for a chance to buy back low. An alt count would be to see BTC dip back under 7k grind side ways for a bit and shoot for another high. Either way there is a bigger risk for a steep retreacement. I have sold most of my crypto shares last week will be looking to buy back when everyone starts giving up on this rally.

[SilverRex]

Sold all my crypto's and shares. No more position, I think BTC at best maybe can squeeze in one more new high and I think that will be it. Looking for a major buy back in a couple of weeks (or months)

[nzwasp]

whats the tax implications for you on doing that?

[Sugarphreak]

...

[SilverRex]

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Would you recommend storing cash as USD or CAD?

Thats difficult to answer, USD could further gain strength if the market decline suddenly accelerates. While I want and expect CAD to slightly perform better on the 2nd half. What I fear is a much weaker oil, couple by a stock market sell off - steep correction, would hold USD up. So if I really have to say, I would keep it in USD. assuming your not getting hit from exchange rates.

[Kobe]

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Thats difficult to answer, USD could further gain strength if the market decline suddenly accelerates. While I want and expect CAD to slightly perform better on the 2nd half. What I fear is a much weaker oil, couple by a stock market sell off - steep correction, would hold USD up. So if I really have to say, I would keep it in USD. assuming your not getting hit from exchange rates.

It's actually very interesting, I do have the option to keep in USD/CAD/EUR for funds online which is a decent sum of money. (Not touching crypto portfolio) I'm really not sure how to hold it short-term - It seems CAD much be better short-term (Next year) but currently in USD... I really should look into this more.

Edit: Getting xe.com exchange rates to convert.

[Mogg]

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It's actually very interesting, I do have the option to keep in USD/CAD/EUR for funds online which is a decent sum of money. (Not touching crypto portfolio) I'm really not sure how to hold it short-term - It seems CAD much be better short-term (Next year) but currently in USD... I really should look into this more.

Edit: Getting xe.com exchange rates to convert.

Be very careful holding Fiat on a crypto exchange. Sadly, I got burned when Quadrigacx pulled their exit scheme. I was smart enough to move my crypto to a ledger but had fiat waiting for lower buy ins.

[SilverRex]

I currently have zero position in crypto space. See how the shares are struggling despite crpyto coins are trading near short term highs I can only expect the fallout should begin soon. Waiting for everyone to start suggesting the crypto bear market has resume and new lows are expected then I'll start scaling in for an even longer MT hold.

[Kobe]

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Be very careful holding Fiat on a crypto exchange. Sadly, I got burned when Quadrigacx pulled their exit scheme. I was smart enough to move my crypto to a ledger but had fiat waiting for lower buy ins.

Not talking about Crypto got off topic sorry in a couple poker sites. (legal ones)

But ya ++++ To exchanges i took a 1-2% lose to get out of USDT and move it to a different more secure site without USD (Bitstamp)

[SilverRex]

BTC

After BTC topping out at about 9090 which to me looks like a 5 wave completion off the Feb low. I am revising my count a little and calling this a large wave 3 top. Now looking for a large wave 4 drop with a minimum target of diving back to 6600 or below. Then one more higher high to complete a large wave 5 targeting 10k+. There will be plenty of opportunity still to accumulate over the course of the next couple of months as ultimately I want to see a text book EW drop back down to the 4-5k area which should shake out alot of people and starting calling BTC dead again. Thats where I will being to scale back in all my crpyto positions.

[SilverRex]

BTC

still showing strength and refusing to drop below previous wave 4 under 6600. There is a chance, BTC is again replicating what took place in April when it produced a running flat. wave C is higher than wave A which is very bullish pattern during an uptrending market. So in the short run, this would imply BTC will head higher towards the 10k target sooner rather than later. I still expect a significant drop thereafter once we complete a larger degree wave 5 of (1). However with BTC lifting off now would also mean the potentially lifting the red box (wave 2) pull back down the road. So instead of expecting 4-5k wave 2 target, we may have to settle for 6-7k in a couple of months.

[speedog]

I'm curious as to why crypto currencies and the like have never taken off as a common form of payment. Several years back I recall reading that regular currencies would be made extinct by crypto/virtual currencies and yet, I still can't go to Canadian Tire or Superstore or a multitude of other places and use Bitcoin as a form of payment. Bitcoin and such just appear to have not accomplished what everyone was saying they would and if anything, they appear to having more problems than not. Is it maybe because we've pretty much moved to a cashless society and Interac and e-transfers just seem to work seamlessly for the masses?

[pheoxs]

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I'm curious as to why crypto currencies and the like have never taken off as a common form of payment. Several years back I recall reading that regular currencies would be made extinct by crypto/virtual currencies and yet, I still can't go to Canadian Tire or Superstore or a multitude of other places and use Bitcoin as a form of payment. Bitcoin and such just appear to have not accomplished what everyone was saying they would and if anything, they appear to having more problems than not. Is it maybe because we've pretty much moved to a cashless society and Interac and e-transfers just seem to work seamlessly for the masses?

Because bitcoin is was headed that way but then the fees began to skyrocket because blockstream refused to increase the block size. As transactions piled up, fees went higher and higher. At one point it was 20-30$ In fees to send someone 20$.

Microsoft, steam and a bunch of other online giants did accept bitcoin but removed it once it became too problematic. This basically killed adoption. The current options of the lightning network are never usable in real life so bitcoin will never grow.

[Kobe]

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I'm curious as to why crypto currencies and the like have never taken off as a common form of payment. Several years back I recall reading that regular currencies would be made extinct by crypto/virtual currencies and yet, I still can't go to Canadian Tire or Superstore or a multitude of other places and use Bitcoin as a form of payment. Bitcoin and such just appear to have not accomplished what everyone was saying they would and if anything, they appear to having more problems than not. Is it maybe because we've pretty much moved to a cashless society and Interac and e-transfers just seem to work seamlessly for the masses?

Well when the internet came out was it available everywhere? When you read about it did it have high speed internet? or 56K Dial-up?

Problem is Bitcoin is still volatile and a lot of stores do not want to accept it still for that reason.

It needs to be adopted first and a stabilized price (More or less) first before companies are willing to accept it, this obviously takes time (Not 1-2 years but 10-20 years)


https://99bitcoins.com/bitcoin/who-accepts/

There is lots of companies that accepted it for awhile and stopped accepting saying it was to "Volatile" which i dont think is true and was for other reasons (Since there is 3rd parties that will convert to USD/CAD/EUR right away when purchased with bitcoin)

But ya the world will be going cashless, money (Physical funds) are extremely expensive to create and the governments would love to go virtual (Debit/Credit) instead.

You also have regulations which play a huge roll in why companies don't except it yet, but this is exactly what happened with the internet 20-30 years ago or computers..

Back in the days Xerox found no use for their computer and sold it to Steve Jobs? I think?

https://www.youtube.com/watch?v=pQocN_c2uLI

Ofc course this all takes time and it's not an overnight thing...

Problem I find with currency is that it was great until 1971 when it was backed by something (Gold) but it's not backed by gold anymore and the governments, I'm not a fan of printing unlimited supplies of money and not caring about Gov Debt.

My personally opinion, people still believe Bitcoin is useless and it has no value, (Warren Buffet, DavidI on beyond haha, and many others) -


It's also interesting because countries like Russia love BTC because it brings money into their economy (ICOS) and countries like China would love to have it banned (Mining)

It was suppose to be discussed at the G20 summit this year but I think they have much more important things on their plates right now and a lot of the countries still do not find it a "threat" at all to their economies...

https://news.bitcoin.com/g20-crypto-global-standards/



ETC It has a long way to go still...



Mind you i never think BTC will have 100% market share (More like 10% Max)

- - - Updated - - -

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Because bitcoin is was headed that way but then the fees began to skyrocket because blockstream refused to increase the block size. As transactions piled up, fees went higher and higher. At one point it was 20-30$ In fees to send someone 20$.

Microsoft, steam and a bunch of other online giants did accept bitcoin but removed it once it became too problematic. This basically killed adoption. The current options of the lightning network are never usable in real life so bitcoin will never grow.

And this caused forks and changes to the networks as well(https://cointelegraph.com/lightning-...d-how-it-works) , as the product is getting developed (Like the internet/computers) - But yah, still somewhat of an issue was around $3 to send BTC a week ago which ruins the point since the network was clogged up, a month ago it was $0.10 roughly

EDIT: From the last article the lightning network is now on BTC...

[revelations]

Yep we should have been in full force-use by now, but the above mentioned points are all valid. BTC power holders wanted the currency to be like 'gold' and not adapt to mass usage.

What the REAL question is - post quantum crypto. In a wierd way its actually good that BTC hasnt taken hold yet majorily, because it would have been almost instantly nullified WHEN post Quantum crypto is norm.

We have now coins like QRL, trading at pennies, which offer EXISTING quantum-proof crypto (others have this feature AVAILABLE, but not yet implemented).

[suntan]

Currency without government backing. Also completely traceable when done right. No wonder governments don’t like it.