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Spy Bee

Bitcoin and other Crypto...

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Wow. Just sent NANO to my Trust Wallet. Zero fees and apparently that’s built into the system. NANO seems very stable too, and worth more than a US Dollar - like most things huh.

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9 hours ago, Colonel Bumcunt said:

Maybe go watch the Crypto Banter YouTube channel, or their podcast.  They just literally tell you what's about to blow, and they have a big following so thousands of people pile into these things at once and the price goes mad.  

 

Maybe I am just being cynical here but that sounds very much like someone running a pump and dump for their own benefit?

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6 hours ago, Chairman Meow said:

 

Maybe I am just being cynical here but that sounds very much like someone running a pump and dump for their own benefit?

Sorta kinda. 

 

These things get inflated very early but often they seem legitimately promising as ventures in the gaming world, and get a load of exposure. 

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Well, it's black Friday for crypto. 

Seriously, if you're reading this, it's a time to get into this before it goes mental. 

The stock markets were manipulated today by the Covid news. In a minute a new story will emerge to dispel fears, and the market will explode.  

Bitcoin at £40k.  

By 2025, just 3 years, this is likely to be £1m. Let that sink in. 

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You could throw at dart blindly at any alt coin and it’s probably up at least 50-100x from 18 months ago if that’s not mental then I don’t know what is. It is the late stage of the game now make no mistake.

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17 hours ago, Gooch said:

You could throw at dart blindly at any alt coin and it’s probably up at least 50-100x from 18 months ago if that’s not mental then I don’t know what is. It is the late stage of the game now make no mistake.

But many are still below all time highs, so the timescale you have chosen doesn't tell the full story.

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8 hours ago, Spy Bee said:

But many are still below all time highs, so the timescale you have chosen doesn't tell the full story.

I chose that as that is (roughly) when this bull cycle started which I think is fair. Not every coin has to blast past ATH necessarily. Even those coins, if you bought at around bottom, would still be a great return at this stage (but underperformed rest of the market). There could still be another leg up (although becoming less convinced as time goes on) but if you buy now you are most likely buying people's 50/100x bags. Could you still make money? Yes you could, but my main point is that you are not early and things are not just getting started. They have been running for awhile and there's a better argument to be made that things have peaked if anything. Although again, wouldn't rule out a final leg up.

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On 28/11/2021 at 00:49, Gooch said:

I chose that as that is (roughly) when this bull cycle started which I think is fair. Not every coin has to blast past ATH necessarily. Even those coins, if you bought at around bottom, would still be a great return at this stage (but underperformed rest of the market). There could still be another leg up (although becoming less convinced as time goes on) but if you buy now you are most likely buying people's 50/100x bags. Could you still make money? Yes you could, but my main point is that you are not early and things are not just getting started. They have been running for awhile and there's a better argument to be made that things have peaked if anything. Although again, wouldn't rule out a final leg up.

We're clearly not at the bottom, but I suspect for a lot of coins, we are way off the top. That's the thing though, you can do technical analysis, read charts and study historical information, but a lot of it is guesswork!

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On 30/11/2021 at 08:24, Spy Bee said:

We're clearly not at the bottom, but I suspect for a lot of coins, we are way off the top. That's the thing though, you can do technical analysis, read charts and study historical information, but a lot of it is guesswork!

Can I ask why that is?

 

I mean, there is a very lengthy history of "greater fool" asset bubbles, and ALL of them come back to earth at some point. Unless you really think that we are all actually going to be using all these coins to buy and sell things in the future (in which case, I think you're totally deluded but best of luck to you), then they will go up and up as long as there's another person to sell them to but eventually that pool runs out and then *poof* it all goes to zero in very short order.

 

The thing that really convinces me is how many of them are barely even disguised jokes. Doge coin? Shiba? There is literally zero chance that we are ever moving towards a future in which you get paid in dogecoin, or where you can buy a car with a coin based on a once-popular meme from the distant past.

 

If it were just Ethereum and bitcoin I could maybe at least understand why there was an argument that they were going to be the future. But once the list of altcoins grew longer than a single page, it was curtains for the whole experiment. Now we're all just waiting to see who will be the last one holding the bag (but given human nature and especially the HODL mentality encouraged by the elites/criminals who are making all the money off this stuff, it could be a long while before that actually happens).

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8 hours ago, Red Phoenix said:

 

 

I don't understand NFT's. Is it just a way to physically own a gif, meme or an avatar so you can sue a person for copywrite infringement if they use it? That sounds like a repugnant idea. I don't get the upsides of owning any of these things.

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3 hours ago, Boss said:

 

I don't understand NFT's. Is it just a way to physically own a gif, meme or an avatar so you can sue a person for copywrite infringement if they use it? That sounds like a repugnant idea. I don't get the upsides of owning any of these things.

Dafter than that - you own the address, not the image. Most NFT owners are unaware of that. 

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The reason why Van Gogh's paintings sell for millions is because there's only one painting. All the others are prints - which are flat and lifeless facsimiles by comparison. The worth is in knowing that a master has spent an inordinate amount of time shaping that specific canvas - the canvas you own. They've constructed every colour on a palette, and each brushstroke is clearly visible. You can see how it's constructed in intricate detail.

 

Owning a digital piece of art doesn't have that same experience. There's nothing tangible there. A 300px x 300px avatar - that you own - will look the same as someone who's screenshotted it for free. If I'm correct, with NFT's, you technically own the artwork, but you have no say over how many people use it or download it. 

 

I could understand the concept of NFT's if it was a means of chasing up intellectual property rights. Where you basically bully people and make them pay you money for using your gif, meme or avatar image. The thought of that turns my stomach. It's the antithesis of everything the internet is about, but I can see how people would make money from that. 

 

I can't understand NFT's as they stand, though. You only own that digital piece of art on the Ethereum blockchain. You have no physical ownership in the real world. Anyone can use your NFT and download it free of charge - which makes a mockery of the argument that NFT's create scarcity. And theoretically, someone can tokenise their art on the blockchain, sell it to somebody as an NFT, then re-tokenise it and sell it again to somebody else, so there can potentially be multiple owners of the same piece of art. And then, you don't even own the image, only the address. 

 

How is this a thing? Why are people putting hundreds of millions into this?

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6 hours ago, Ne Moe Imya said:

Can I ask why that is?

 

I mean, there is a very lengthy history of "greater fool" asset bubbles, and ALL of them come back to earth at some point. Unless you really think that we are all actually going to be using all these coins to buy and sell things in the future (in which case, I think you're totally deluded but best of luck to you), then they will go up and up as long as there's another person to sell them to but eventually that pool runs out and then *poof* it all goes to zero in very short order.

 

The thing that really convinces me is how many of them are barely even disguised jokes. Doge coin? Shiba? There is literally zero chance that we are ever moving towards a future in which you get paid in dogecoin, or where you can buy a car with a coin based on a once-popular meme from the distant past.

 

If it were just Ethereum and bitcoin I could maybe at least understand why there was an argument that they were going to be the future. But once the list of altcoins grew longer than a single page, it was curtains for the whole experiment. Now we're all just waiting to see who will be the last one holding the bag (but given human nature and especially the HODL mentality encouraged by the elites/criminals who are making all the money off this stuff, it could be a long while before that actually happens).

I'm just going with the past being a prelude. Nothing more complicated than that. Before every previous 'crash' there has been hyperbolic growth and a 'blow off top'. We've not experienced that in this cycle, what we have experienced is long periods of consolidation, which generally tends to grow the support level.

 

I do think that digital coins will be used to pay for things in future. I think it's inevitable. I obviously don't think SHIBA will be the chosen currency of choice, but I think numerous coins will be used in numerous different fields.

 

The basic tech is far better than existing banking tech, and I think the appetite for decentralised systems will grow in the current climate. Yes, the vast majority will fall by the wayside, but many already have good use-cases. It's a very immature phenomenon, and it will evolve, but I do believe it's absolutely here to stay.

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10 minutes ago, M_B said:

What app\website do you use to trade @Spy Bee?

I use Tradingview to monitor. I use coingecko for my portfolio. I use Metamask as a wallet, and I use numerous exchanges. Mainly Kucoin, but depends where you can buy what you are after.

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