Official Bitcoin Thread

[tay1]

Understanding how the blockchain and these underlying platforms work has helped a ton. Can now actually look into some alts comfortably.

 

[essential1]

jjs Same. If that were the case as it plays out, no way I get to 1/3 of a Bitcoin.

 

[smedroc]

jjs Same. If that were the case as it plays out, no way I get to 1/3 of a Bitcoin.

Need to consider the value of your entire portfolio rather then your actual BTC holding.

Dropping 40k on 1 bitcoin may seem crazy.

But if you drop 1k on 5 alts that go x8 there's your 40k.

Easier said then done of course but just another way to frame things.

 

[johnnyredstorm]

Gotcha. Honestly the only pools I've seen that I could comfortably jump into are SOL/RAY and SUSHI/WETH. Because those are the tokens I'm able to figure out how to get my hands on Does it make sense to use the apps (Raydiums or Sushis) if I wanted to use my phone to manage the farming/staking? Sounds like using Raydium and farming using SOL would be the best bet at the moment and would at least get me exposure to a yield farming operation.

DOT or AVAX? I want both. Seen Avalanche talked about in here and other places and I want to start a bag on that. Also have AMP as a 5 year outlook (unless it hits my target price early at which time I'll start phasing it into other projects).

If you don’t care about the underlying assets, you can set those pools up and chill with fees, but learn about the risks from impermanent loss. Stable coin pools are some of the best since you don’t really worry about IL. USDC-UST-DAI pools i’d do. I’d be careful with tether, they’re rumored to own Chinese paper.

avalanche is ridiculously strong. I might need to just buy it and maybe split a bag with dot too. It sucks tho I want more small cap gems lol

 

[essential1]

Need to consider the value of your entire portfolio rather then your actual BTC holding.

Dropping 40k on 1 bitcoin may seem crazy.

But if you drop 1k on 5 alts that go x8 there's your 40k.

Easier said then done of course but just another way to frame things.

1/3 is based on what I want due to the price target I think it hits by 2032-2035

 

[smedroc]

1/3 is based on what I want due to the price target I think it hits by 2032-2035

Which is??

 

[essential1]

Well over a couple million.

Again purely guess work as everything. I’m not a wizard. Just what I see it’s value being due to scarcity yadda yadda etc.

 

[OnlySinkDunks]

The moment we all have been asking for coming soon... ? Be ready

 

[mplsdunk]

I doubt it. It will get down to 38k or so and bounce back. Too much money in it now. We won’t be getting 5k btc or anything.

 

[D Double]

This could be the last time to buy the dip but SEC and Evergrande would probably cause a but more turbulence in the coming weeks.

Use sushi on other networks if the bridging costs are less than you can earn. Your thought process is right here for farming. What pools are you eying? The thing I like about solana is you can DCA into pools each week and not be burned by gas. Closest thing to TradFI honestly.

long term, 5 years out, pick one: DOT or AVAX

or is there something better I don’t own

I say go DOT for the interoperability play. AVAX doesn't seem to be best in class in anything but its still solid so maybe both for diversification.

ETH > Security
SOL > Speed
DOT > Interoperability

I would have those 3 in my bag but next bear market though, every L1 can get it.
Elrond, Harmony, Cosmos, Avalanche, Algorand and Fantom will all be on my radar.

Understanding how the blockchain and these underlying platforms work has helped a ton. Can now actually look into some alts comfortably.

Definitely.
Really helps filter out cash grabs and real use cases or problem solvers in the space.
My mind was blown when I first read about smart contracts. Made me FOMO and lose a lot of money though

 

[johnnyredstorm]

You need to be in love with tech and researching it to make those killer gains. Get in the trenches. Read everything. Play with everything. I didn’t find my thorchain conviction until I used it and saw the value.

 

[pdino]

Market update: Global market cap - 1.82T (we ran up to 2.3T), BTC dominance to 42.8%. That 39.5k support level is strong (I said the same about 42.5k, so take with a grain of salt)

Absolute fire sale. Leveraged people got wrecked, and soft hands. A week like this with 20%-30%+ drops tells me that 65%+ drop with blow-off top is easily within realm of possibility. Many people were saying that with institutional investing, the big boys in on crypto, we're not going down 90%-95% again (and they still might be right), but going down a cool 30% for many alts (20% for BTC from last week) on a random Monday-Tuesday in September tells me otherwise. I set some limit orders on what I thought was the LOW (I doubled down on my stable coin, MATIC, bought a little cosmos, a little SOL), but prices went even lower.

The global market looks awful with Evergrande in China lookin like they need a bailout or going to default. This is the largest real estate borrower in the world, they asked their employees for a loan and haven't paid it back to their employees. They're estimated to produce about 1/3rd of Chinas Economic output, 2% of all Chinas real estate holdings. If China goes down, we all go down.

All that being said, I'm with the herd that we're going to the moon Q4 here.

Impermanent loss: You lose based on how much your paired cryptos changed in value from time you entered. To me, the strategy would be to put into a pool/farm when the crypto is at price you think it'll definitely come back to. Set an alert, wait for it, get out soon as it nears that price. Ex. Put in SOL liquidity pool at 150$, SOL dips to 120$ throughout October, comes back to 150$ in November (This is when you get out, and negate most of impermanent loss).

 

[heyson]

If you have $2000 right now what are you buying during this dip?

edit- I guess I should ask how you are splitting this $2,000 into different projects?

 

[mplsdunk]

Yes, you don’t know how low it will dip but you do know it will cost more one day.

that’s my opinion on it. I’m in this long term so I feel no pressure.

edit, I didn’t see he said what are you buying.

idk man, Sol, eth btc. Some sick alts I’m not aware of of have the energy to put into buying now.

 

[johnnyredstorm]

I’m more inclined to buy stables and farm than any crypto right now

Dca of course but I think we go lower still (could be wrong obviously)

 

[Xennial]

what's your take on NFTs?

I’m more inclined to buy stables and farm than any crypto right now

Dca of course but I think we go lower still (could be wrong obviously)

 

[sharpshooter718]

Buying opportunity.

 

[ballinsam23]

Many people were saying that with institutional investing, the big boys in on crypto, we're not going down 90%-95% again (and they still might be right), but going down a cool 30% for many alts (20% for BTC from last week) on a random Monday-Tuesday in September tells me otherwise.

September historically is a bad month.

I'm pretty sure we won't be at 100k in December, but I'm also pretty sure we won't drop below 30k again this cycle. I think those huge crashes won't happen again unless it's some drastic event.

Evergrande will get bailed out too.

 

[noskey]

Evergrande will get bailed out too.

This is why I'm super bullish rn. Theyll be saved, either by bailout or guided to liquidation and reborn as something else while the assets are sold for 99c on the dollar. Buying will resume FAST. No lessons learned means we leverage up just as fast as we sold off. BTC 75k by end of year. 100 is definitely pushing it.

 

[pdino]

I’m more inclined to buy stables and farm than any crypto right now

Dca of course but I think we go lower still (could be wrong obviously)

Which defi platform you like for your stables? Which gives good rates?

 

[stuntman mike]

edit- I guess I should ask how you are splitting this $2,000 into different projects?

for 2k, i wouldn’t split that up.
safe bet: ETH
myself, i’d go all in on one high risk (possible high reward) low cap. something like: LCX, ALBT, ID

 

[heyson]

stuntman mike thats what I was thinking about, but I wanted to see what you all had to say first. I appreciate it everyone

 

[johnnyredstorm]

This is why I'm super bullish rn. Theyll be saved, either by bailout or guided to liquidation and reborn as something else while the assets are sold for 99c on the dollar. Buying will resume FAST. No lessons learned means we leverage up just as fast as we sold off. BTC 75k by end of year. 100 is definitely pushing it.

bail out makes me more comfortable and a willing buyer again. I’ll probably grab some dot after sleeping on it.

Which defi platform you like for your stables? Which gives good rates?

ive been looking at solana honestly. The security might not be elite, but the rates are great. Saber, solfarm have some good pools. There was a 3 pool I liked as well I forgot where maybe mercurial. I haven’t farmed stables yet but I plan too.

 

[D Double]

This will be my last Polkadot shill for a while but I think it's something that could be worth while.
Couldn't keep it to myself.

After Crypto Punks blew up, people started diving into the archives trying to find out the old NFT projects. NFT's like the ether rocks sold for millions just because it's old.
Basically old stuff and first collections tend to be popular so here's the case for Substrapunks

• Back in August 2020, Substrapunks were built on Substrate, the framework for Polkadot/Kusama and their projects.
• They are the first ever NFT's on Polkadot/Kusama and it was for a Hackathon to show NFT's working on substrate.
• The team who created them it is making a Parachain for NFT's on Polkadot/Kusama called Unique Network
• There wasn't a market place at the time so the only way you could trade these Substrapunks in the early days was through OTC groups on Telegram or Discord.
• The Unique Network Team also created another set of NFTs called Chelobricks. These were given out for free after the Polkadot Decoded conference this year. Anyone could mint them.
• They now have a Market Place but it's still very early but you can buy and sell both NFT's on there.
• Unique Network has decided that any wallet holding both a Substrapunk and Chelobrick will get a split of 50% of the revenues from the marketplace every quarter. This has already happened with users getting 0.6 KSM I believe earlier this month.

Reason I'm Bullish:

• First ever NFT's on Polkadot. First NFT's collection tend to be successful. CryptoPunks, Ether rocks, Degenerative Apes etc.

• They had a fair launch. Unlike a lot of the collections we see now, Susbtrapunks were free and were created before the NFT hype really went into 5th gear so they have some historical value. They can be considered an OG collection.
• They are under the radar still because the NFT hype hasn't reached Polkadot in full force yet.
• They have utility as holding them with a chelobrick gives you a chance of getting revenue and some air drops so you will make money as the marketplace grows. There will be more utility added down the line according to Unique. This will create diamond hand holders.
• There's been a lot of talk about NFTs being bad for the environment. I've seen many artists been critisized on twitter for putting collections up for sale on Opensea which can be good for proof of stake chains.
• There's only few hundred on sale on the marketplace out of 10K. Either people are playing the long game or maybe people just lost them like they did with BTC in the early days.

Risks:

• The community is small but I consider this low risk as it's still under the radar and this will grow in time. This also means we're early.
• The punks are ugly IMO but again this is minor cuz it's subjective. The variations are not the best but neither was Ether rocks. I think the historical value will negate this.
• NFT's not taking off. I personallly think this is low risk and NFT's are here to stay but you never know.

I bought 3 of the cheapest punks 2 of the cheapest chelobricks for about 4 KSM in total. The ones with rare traits are too expensive for me but the floor prices for the biggest collections still go for big numbers like the cryptopunk in the tweet above. These will be long term holds for me and money providing I hope to get a few more.

DYOR as usual. Here are some medium links for more reading.

 

[shazay]

Placing my bets on BTC picked some up at $41.1 k yesterday.