[Finance] The cryptocurrency (Bitcoin etc) thread

[CheeseRolls]

Some coins now hitting a 12 month low. The 2022 slide continues. I’m HODL my small stake, but who is jumping, who is catching the falling knife?

Sitting on my hands. Neither buying or selling, just staking and accumulating for the next couple of months, I think.

 

[giveusfalmerplease]

Sitting on my hands. Neither buying or selling, just staking and accumulating for the next couple of months, I think.

this last dump has been an eye opener for me - i sold everything before the 25% drop on 22nd. i bought back ETH and BTC after the bleeding seemed to have stopped and checked what the altcoins were doing for a few days before committing.
One thing i realised that all top 100 alt coins are not created equal.. bought back into MANA and MATIC and LUNA. couldnt work out why LUNA continued to fall and eventually dumped it when it dropped from 69-50 whilst MANA went up 10%.
I also noticed one of the mid caps - Aragon - was bouncing very quickly and took a small position - its now up 70%! from the bottom on 22nd and is the only coin i own or previously owned thats higher now than before the 22nd.

All that being said, HODLING them all now. But have a close watch on BTC because we all know everything will drop if BTC drops. so please take care. Several experts all saying the same thing - if BTC cant take and hold 42k this round it could drop to 25 which means another 66%+ downside for most alts, at least for the short term.

 

[giveusfalmerplease]

gone very quiet on here - anyone nursing their wounds, celebrating the mini recovery or sold out and moved on with their lives?

 

[monty uk]

Just HODLING.

 

[peterward]

​

Oh its big issue... and about to get VERY big.

Bitcoin and Ether are old Tech, Proof of Work does not work. They cost too much too use, are heavy on the climate and are slow, they are going to get marginalised.


There are very very clean alternatives ;-)

and they are.......?

 

[Creaky]

I thought the raison d'être for cryptocurrency was to provide an alternative to government backed currencies. Why then is it mostly discussed, here and on other media, as something to trade.

Until this currency speculation dies down I can’t see cryptocurrency becoming a major player amongst other types of currency.

 

[giveusfalmerplease]

I thought the raison d'être for cryptocurrency was to provide an alternative to government backed currencies. Why then is it mostly discussed, here and on other media, as something to trade.

Until this currency speculation dies down I can’t see cryptocurrency becoming a major player amongst other types of currency.

its is..already El-Salvador has it as legal tender, Argentina is looking into it along with Tonga and few more South American countries. Likely to see it adopted where there is high inflation or a volatile currency. Tonga issue is that they are a small nation but a tax haven for foreign investment but currently Western Union take a very high commission on every transaction.

I think that we will see gaming coins leading the revolution maybe beginning 2024 as Play to Earn will keep the coin prices high and should see some longer term stability. Some "experts" think once we can get volatility down to no worse than the stock market the adoption curve will go up exponentially. BTC could be $1m by 2030 - even the lowest estimates put it at $500k so that's 13x its current price. ETH, moving to proof of stake with slash its consumption but it will still have expensive gas fees so we are likely to see other altcoins being built on top of ETH (layer-2) which have much bigger cloud networks and can process transactions for cents rather than dollars...NB this is what ive read up on in the last 3 months - wish i had done it 3 months earlier and in might not now be 66% down on my investment!)

 

[giveusfalmerplease]

Urgent advice needed

I need some advice from someone on here if you have come across this before.
I am on Kraken and had 2 stop losses on SAND set one at 4.2 and one at 3.8.. Just now the price :
1) Dropped sixty % in ONE SECOND to 2.80 from 4.23 !!
2) Executed my 3.8 SL FIRST! at 2.81
3) The price came straight back up to 4.3 and executed my 4.2 SL on the way up!!
4) Within 10 seconds the price was back to 4.3 as if nothing had happenned.
5) Ive now had to buy back in at a significant loss as the price is still going up.

I''ve opened a ticket with Kraken but i wonder if anyone has any precedent for this and what if anything i can do to get compensation. ?

 

[matt]

Has anyone got any experience - good or bad - or using trading bots like Shrimpy, Cryptohopper or Three Commas?

 

[Doc Lynam]

I need some advice from someone on here if you have come across this before.
I am on Kraken and had 2 stop losses on SAND set one at 4.2 and one at 3.8.. Just now the price :
1) Dropped sixty % in ONE SECOND to 2.80 from 4.23 !!
2) Executed my 3.8 SL FIRST! at 2.81
3) The price came straight back up to 4.3 and executed my 4.2 SL on the way up!!
4) Within 10 seconds the price was back to 4.3 as if nothing had happened.
5) Ive now had to buy back in at a significant loss as the price is still going up.

I''ve opened a ticket with Kraken but i wonder if anyone has any precedent for this and what if anything i can do to get compensation. ?

Thats the danger of stop losses in a volatile market in a more volatile asset. The market went down and unfortunately you got caught out.

What is a good safety net can also be a double edge sword and catch you out on swings, leaving you high and dry.

No compensation will be awarded its just school fees, some can be more expensive then others.

 

[knocky1]

I need some advice from someone on here if you have come across this before.
I am on Kraken and had 2 stop losses on SAND set one at 4.2 and one at 3.8.. Just now the price :
1) Dropped sixty % in ONE SECOND to 2.80 from 4.23 !!
2) Executed my 3.8 SL FIRST! at 2.81
3) The price came straight back up to 4.3 and executed my 4.2 SL on the way up!!
4) Within 10 seconds the price was back to 4.3 as if nothing had happenned.
5) Ive now had to buy back in at a significant loss as the price is still going up.

I''ve opened a ticket with Kraken but i wonder if anyone has any precedent for this and what if anything i can do to get compensation. ?

A classic shaking of the money tree by traders.

 

[beorhthelm]

with todays price action above key level, gone back in large on ETH and some others to follow.

 

[giveusfalmerplease]

Thats the danger of stop losses in a volatile market in a more volatile asset. The market went down and unfortunately you got caught out.

What is a good safety net can also be a double edge sword and catch you out on swings, leaving you high and dry.

No compensation will be awarded its just school fees, some can be more expensive then others.

Kraken us the only broker showing this anomily on others the price never dropped below 4 23 so my SL should not have ever fired
Also when I was on binance they would not confirmed a trade where the offer price was more than 5% slippage and in this case it was 40%!! I know this market is unregulated but he'll that can't be right just to accept it?

 

[Doc Lynam]

Kraken us the only broker showing this anomily on others the price never dropped below 4 23 so my SL should not have ever fired
Also when I was on binance they would not confirmed a trade where the offer price was more than 5% slippage and in this case it was 40%!! I know this market is unregulated but he'll that can't be right just to accept it?

You can get specific exchanges targeted, usually because of lower liquidity; especially if they offer leverage.

You might get some traction with the slippage but it'll be automated and in all the small print you are basically 100% responsible, beyond a hack of course.

 

[sydney]

You can get specific exchanges targeted, usually because of lower liquidity; especially if they offer leverage.

You might get some traction with the slippage but it'll be automated and in all the small print you are basically 100% responsible, beyond a hack of course.

it is worth noting that most smaller crypto is down well over 50 % .....where exactly has this money gone ...??

 

[CheeseRolls]

it is worth noting that most smaller crypto is down well over 50 % .....where exactly has this money gone ...??

Into stable coins - some quick and dirty graphs on market cap over three months on stable coins show some interesting spikes mid December.
Into FIAT - End of the tax year notably US.

It isn't hard to understand the logic, but the impact is something else. Maybe the question should be, where is all the new money going to come from to fund the massive growth in the market?
Maybe money returning to the market is driving this week's recovery?

 

[beorhthelm]

it is worth noting that most smaller crypto is down well over 50 % .....where exactly has this money gone ...??

its gone. well, it never really existed. its just the product of the market capitialistion calculation. see also shares.

 

[Tyrone Biggums]

it is worth noting that most smaller crypto is down well over 50 % .....where exactly has this money gone ...??

Stable coins.

There's around 160 billion sitting in them at present.

 

[beorhthelm]

stables is only the full answer if there is 100% float of the asset. there never is though, as most sits in wallets. stables just represent some of the value of those assets sold at time of selling, not of the full market at peak.

 

[sydney]

its gone. well, it never really existed. its just the product of the market capitialistion calculation. see also shares.

i can assure you that this time last year the 60% of my dashboard that is now gone, existed.

i was quite heavily into kardiachain which was sitting at 22 cents , it's now down to about 8 cents , it is indicative of many other smaller coins.