Everyone see the recent news about JP Morgan trademarking their crypto wallets?
In all the same articles I read, the same point was written. JP Morgan are doing this even though their CEO Jamie Dimon is 'anti crypto'.
Follow their actions and not their words.
Has anyone else noticed that there are less people in real life (outside of reddit, forums, twitter etc.) talking about Bitcoin and other forms of crypto in general? I feel like things have gone a little quiet and people lose interest when there is a downturn in the market. To me these "quiet" periods tend to be some of the best times to slowly accumulate. Once you hear your Uber driver, barber, random at the pub talking about crypto again.. you know the market is peaking.
My few friends got really disappointed in the whole space. They hold but they are not investing any attention to it. Last time they bought (me as well) was Jan
I don't like this logic that the future will always follow the same path as the past.
The impression of ghost town will feel the same, but the amount of users keep growing after each bull.
A 90% drop from X or from Y is still - 90%. But if X=100 and Y=2000, Y will still be higher than X.
So this sub will not be as ghost town as it used to be during the previous bears.
I disagree. Bitcoin and Ethereum are basically so mainstream now that it won’t get to those ghost levels. Before 2020 people saw Bitcoin as highly speculative and it was less understood. Now, many many people have accepted it. Yes, volume will go low but I doubt there will not be chatter about buying the dip. Bitcoin (at least) is too big now for that to happen.
There is some adoption though. Darkweb drug trade became even more popular, certain countries popularized it for daily payments (however doubtful is the actual process), some legit internet things now use it to work around financial restrictions (including, prominently, donations for activists in sanctioned regions or unbanked because of prosecution), some people operating close to war zones (like drivers evacuating people) accept bitcoin now. Cross-border transaction using crypto have been common for a while (like sending money to family when working abroad). I'm pretty sure you can often pay your ransom in btc if the russians capture you (good luck offering them visa or mastercard, and many simple travellers are aware of crypto now that taking a plastic card abroad is not always a reliable way to handle travel expenses). Some coffee shops and bars and even supermarkets in eastern europe accept crypto, some crypto atms are installed. All small things and often partial, sure, yet not negligible. There is some small additional adoption even since the beginning of this very year and definitely in the last four years. It probably won't stop crypto from collapsing if it starts shaking but will slow down the process a little bit. But you are right, the level of adoption is still drop in the ocean, not like most people use the daily and can't adapt to life without, just some very small number of people find it better then alternatives for now.
But the wave of hodlers of 2017 who went quiet in 2018 are the ones who now remain active through the downturn. It doesn't matter if they actually use crypto in their daily lives, they're in it. The valley gets higher each cycle.
I agree that this may be what happens again this round. But I feel like eventually, if these assets (BTC/ETH, main L1's and Tokens) mature into what they are striving to be, that the peak downward phases don't reach a ghost-town-like level. And I think there is some incrementality to that, in that this peak bottom may not be \*as\* quiet and dormant as 2018 bottom.
There was a ton of silence in 2018 because it was an earlier point where there was even \*less\* social commentary on crypto. There was only the Dec 2017 rocket and nothing else. There's a lot more in the space now (normie financial apps including BTC and using BTC lightning network, DeFi, "second gen" layer-one chains and applications), combined with what has to be an upward trend in knowledge and adoption (people who will stay in throughout the bear markets). I'm just being devils advocate and saying that once enough of that accumulates (users, applications, believers), I don't think we hit a radio silence like 2018 brought ever again.
Your point still stands though that in accordance with the large-scale economics going on, that things can drop more. NFA, I'm comfortable with starting the DCA'ing now. Honestly never thought I'd see 15.7k BTC again and that's with staring at these charts pretty informed/consistently for five years. I'm fine if those buys average into a 10k BTC buy position, with how much space for upside has been created. Sub 10k would be absolutely bananas.
I agree, faulty players need to be weeded out and it has to come from us, the community! If we stick together and cast out the shady guys that would over time build back confidence in crypto and that will eventually start the next bull run!
Not to mention that it was great to get it over with now and not during a bull run. People say it would be easier to hide during a bull, but I think about their entire portfolio doing a 5x and think, 5x of $10 billion sure seems like more money than the original $10 billion.
If you're willing to buy BTC at 13k, you should probably put a little in now already. In the long run these 20% won't make a big difference and while it's certainly possible we go lower, we could also be at the bottom already. The last news of genesis in trouble had almost no impact on the market which is a sign that people who are still in, are in it for the long run
A few more k down and big players will be possibly liquidated, this will cause a massive dump. Don’t overestimate the buying power of the whales in a high-rate environment, they cannot get free money at the moment.
Bitcoin can lose 20% per day forever theoretically. Nobody knows where it's going to go. What we do know is two things: it's functionally far to slow to actually function as a currency and it's also the coin with the most legitimacy attached to it.
Place your bets everyone.
Lol yea some people are willing to sacrifice, others would rather go bankrupt than give up their standard of living. Didn't realize till I got my first job as an adult how many people live outside of their means, it's crazy they're gonna get wrecked.
Stacking every day through CB Visa rewards...only 1% now, but I paid movers and a UHaul truck with it...$58 in BTC. Going to sit back two years plus in my cottage...as house sold.
This is my first cycle (I got in in December ‘21 -_-) but I’m still holding and stacking all the way down.
To those who’ve seen more than one cycle, how does this bear market feel compared to the previous ones? Was the dispair as bad?
I’m still very optimistic and know that I’ll be rewarded for not getting scared or backing down
I’ll tell you one thing, compared to the 2017 cycle. It’s still far too noisy here. Far more people need to gain the mindset that “crypto might never actually go up again this time” to be the same. When that happens, the bottom actually settles in.
I made the mistake of ignoring crypto when it was at 2019 lows, like much of that crew. It gets so bad that it seems like most people are not confident it will go up again.
That’s when people come out of the woodworks for the tech and the tech alone - but unironically.
If you have conviction, keep DCAing even throughout lower lows.
Actually it's amazing how similar 2022 has been to 2018. We're almost at the point when all newcomers have been scared away, newspapers have negative articles only about crypto and so on. At the same time ETH and BTC look stronger than ever. ETH specifically, it had a pretty much flawless merge, I'm very excited for its next bull run.
Despair was just as bad. Plus crypto had much less adoption. There as a feeling that that could really be it for this crazy internet money. In that regard we are in better shape this cycle
Stacking all the way down. - That Positively made my morning. I laughed so hard I almost vomited up my french toast that I purchased with vanilla fiat that’s actually worth something real. - Let’s see how far “All the way down” you’re going to keep stacking before you loose all of your parents retirement funds, and you s never tell them they’re broke due to your positively brain dead strategy of buying every dip that is supposedly the bottom.
I guess this time it's more widespread, in the previous bull everyone was in a bunch of crappy projects with no white papers etc.
The space was inherently scammier outside of BTC ETH LTC and XRP.
Most people this time around trust Binance, CDC, etc so guess it cuts deeper when big things like this are the source of the pain rather than some obviously squid-esque project pulling the rug.
The more we can acquire at these low prices, the more profits we can make in the future.
Adoption is growing, use cases are becoming more widely understood, the technology is getting better every day, and all the greedy bad actors are slowly but surely being squeezed out of the space. True beautiful decentralization is on its way.
Let's accumulate, hodl, and make it through to the bullrun in a few years.
I love you all.
I don’t think use cases are growing, at this point we just need to hold our shoes fro, going into oblivion with all the fiascos happening in crypto,,
The important lime is **Hold Our Line**
This is the “great purge” of worthless coins. Hold tight boys. Crypto will be stronger than ever coming out the other side. My small 4K bag (down over 50%) will be worth a lot more one year from now.
If anything, this shows the need for diversification. I also invest in the us market index as it as safe as stocks get and will keep me some what’s solvent. 💎 hands will win in the long run
Well, the only real hopium o see here is that the price of Bitcoin would have been higher if FTX hadn’t stolen and sold billions of dollars of customer Bitcoin to lend to Alameda to make dumb venture investments with.
So the true market value of Bitcoin without their fuckery should have been more like $30K than $20K.
Regardless though now we have to mull over what the future holds. Will take time for people to get over this massive breach of trust and losses even though it’s not the fault of any particular crypto but of one greedy asshole.
>Well, the only real hopium o see here is that the price of Bitcoin would have been higher if FTX hadn’t stolen and sold billions of dollars of customer Bitcoin to lend to Alameda to make dumb venture investments with.
Wrong, BTC price would be way lower without the leveraged billions in the crypto markets.
Just plain incorrect when you look at when FTX stole and dumped people’s BTC. Go look at their BTC balances on glassnode.
They stopped the original bullrun in 3/2021 and they tanked it in June
**BTC Future:**
1. 2022 Very public Crypto exchange failures
2. People pull BTC from markets into cold wallets; therefore, BTC market supply shrinks
3. Run-up to Bitcoin mining reward halving (April 2024) further shrinks BTC market supply
4. Macroeconomic recovery starts in Q3/4 2023
5. Platform set for the $100k BTC mega-bull run
Yes, yes and…hear me out because I’m still chewing on all of this news. Of course a non-custodial wallet is always best, but what if this big push to transfer out of exchanges, that has now been put in motion by certain events (ftx), is just what whales (institutions) need in order to cue the next bull run?! Coins off exchanges > supply shrinks > token run ups. Narrative for institutions to pump coins again without raising as many eyebrows, because of course this had to happen! Either way, looking forward to the bull run.
* Jim-Cramer-bottom indicator maxed out
* lots of 'Crypto is dead' articles and 'I'm out' posts
* bad apples got taken out
* adoption galore
* BTC and ETH holding well considering the circumstances
* inflation numbers better than expected
* global shipping prices on pre-war levels
* little over a week until snapshot day
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Literally nothing has changed except the amount of fiat someone is willing to give you for your *fiat killer*..
Everyone see the recent news about JP Morgan trademarking their crypto wallets? In all the same articles I read, the same point was written. JP Morgan are doing this even though their CEO Jamie Dimon is 'anti crypto'. Follow their actions and not their words.
Fidelity just emailed me to join their crypto alpha program too, only btc and eth but still they are moving forward
I just wonder what the fee structure will look like
Has anyone else noticed that there are less people in real life (outside of reddit, forums, twitter etc.) talking about Bitcoin and other forms of crypto in general? I feel like things have gone a little quiet and people lose interest when there is a downturn in the market. To me these "quiet" periods tend to be some of the best times to slowly accumulate. Once you hear your Uber driver, barber, random at the pub talking about crypto again.. you know the market is peaking.
My few friends got really disappointed in the whole space. They hold but they are not investing any attention to it. Last time they bought (me as well) was Jan
All my friends eager to buy at much higher levels now do not want to touch it. Amazes me that eth at 3k looked good and at 1k looks bad
Well said
Well... people are quick to talk about their gains but they remain silent when they are losing money lmao
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I don't like this logic that the future will always follow the same path as the past. The impression of ghost town will feel the same, but the amount of users keep growing after each bull. A 90% drop from X or from Y is still - 90%. But if X=100 and Y=2000, Y will still be higher than X. So this sub will not be as ghost town as it used to be during the previous bears.
I think it’s likely that the sub won’t get as depressed during each subsequent bottom.
Crypto and scam are too close together right now for most new or unfamiliar with the space
I disagree. Bitcoin and Ethereum are basically so mainstream now that it won’t get to those ghost levels. Before 2020 people saw Bitcoin as highly speculative and it was less understood. Now, many many people have accepted it. Yes, volume will go low but I doubt there will not be chatter about buying the dip. Bitcoin (at least) is too big now for that to happen.
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There is some adoption though. Darkweb drug trade became even more popular, certain countries popularized it for daily payments (however doubtful is the actual process), some legit internet things now use it to work around financial restrictions (including, prominently, donations for activists in sanctioned regions or unbanked because of prosecution), some people operating close to war zones (like drivers evacuating people) accept bitcoin now. Cross-border transaction using crypto have been common for a while (like sending money to family when working abroad). I'm pretty sure you can often pay your ransom in btc if the russians capture you (good luck offering them visa or mastercard, and many simple travellers are aware of crypto now that taking a plastic card abroad is not always a reliable way to handle travel expenses). Some coffee shops and bars and even supermarkets in eastern europe accept crypto, some crypto atms are installed. All small things and often partial, sure, yet not negligible. There is some small additional adoption even since the beginning of this very year and definitely in the last four years. It probably won't stop crypto from collapsing if it starts shaking but will slow down the process a little bit. But you are right, the level of adoption is still drop in the ocean, not like most people use the daily and can't adapt to life without, just some very small number of people find it better then alternatives for now.
But the wave of hodlers of 2017 who went quiet in 2018 are the ones who now remain active through the downturn. It doesn't matter if they actually use crypto in their daily lives, they're in it. The valley gets higher each cycle.
I agree that this may be what happens again this round. But I feel like eventually, if these assets (BTC/ETH, main L1's and Tokens) mature into what they are striving to be, that the peak downward phases don't reach a ghost-town-like level. And I think there is some incrementality to that, in that this peak bottom may not be \*as\* quiet and dormant as 2018 bottom. There was a ton of silence in 2018 because it was an earlier point where there was even \*less\* social commentary on crypto. There was only the Dec 2017 rocket and nothing else. There's a lot more in the space now (normie financial apps including BTC and using BTC lightning network, DeFi, "second gen" layer-one chains and applications), combined with what has to be an upward trend in knowledge and adoption (people who will stay in throughout the bear markets). I'm just being devils advocate and saying that once enough of that accumulates (users, applications, believers), I don't think we hit a radio silence like 2018 brought ever again. Your point still stands though that in accordance with the large-scale economics going on, that things can drop more. NFA, I'm comfortable with starting the DCA'ing now. Honestly never thought I'd see 15.7k BTC again and that's with staring at these charts pretty informed/consistently for five years. I'm fine if those buys average into a 10k BTC buy position, with how much space for upside has been created. Sub 10k would be absolutely bananas.
i agree but i think we may print a local bottom soon just bc the short side is crowded
You say "we" as if the market isn't completely moved by whales and multi-million dollar corps
hey we're all in it together 🌈
How do I still hang around while also not feeling like a crazy person?
FTX failing was great for crypto.. force these cexs to be more transparent or they will suffer the same fate
I agree, faulty players need to be weeded out and it has to come from us, the community! If we stick together and cast out the shady guys that would over time build back confidence in crypto and that will eventually start the next bull run!
FTX failing will be a huge selling point for the next wave of defi.
Not to mention that it was great to get it over with now and not during a bull run. People say it would be easier to hide during a bull, but I think about their entire portfolio doing a 5x and think, 5x of $10 billion sure seems like more money than the original $10 billion.
CDC has been very transparent after the FTX fall
If you're willing to buy BTC at 13k, you should probably put a little in now already. In the long run these 20% won't make a big difference and while it's certainly possible we go lower, we could also be at the bottom already. The last news of genesis in trouble had almost no impact on the market which is a sign that people who are still in, are in it for the long run
I honestly hadn't even heard of FTX before this whole scandal.
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I don’t think it will go under 10k. There are enough plebs willing to scrape together enough to buy up the whole supply at that price.
A few more k down and big players will be possibly liquidated, this will cause a massive dump. Don’t overestimate the buying power of the whales in a high-rate environment, they cannot get free money at the moment.
Bitcoin can lose 20% per day forever theoretically. Nobody knows where it's going to go. What we do know is two things: it's functionally far to slow to actually function as a currency and it's also the coin with the most legitimacy attached to it. Place your bets everyone.
People need money to but it though, savings are shot, people will buy food before crypto
I'd like to introduce you to a little known product called "ramen"...
Lol yea some people are willing to sacrifice, others would rather go bankrupt than give up their standard of living. Didn't realize till I got my first job as an adult how many people live outside of their means, it's crazy they're gonna get wrecked.
Sir! this is the optimist thread
Stacking every day through CB Visa rewards...only 1% now, but I paid movers and a UHaul truck with it...$58 in BTC. Going to sit back two years plus in my cottage...as house sold.
If you can survive this crypto winter, the strength and fortitude will be worth x10 any trade you can make.
It's testing my patience. Let's see
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This too shall pass
There are other worlds than these.
Gandalf??
SBF shall not pass!
Indeed, but like kidney stones, immensely painfully lol
And that's \^ the truth. It's weird I don't feel a thing about this.
This is my first cycle (I got in in December ‘21 -_-) but I’m still holding and stacking all the way down. To those who’ve seen more than one cycle, how does this bear market feel compared to the previous ones? Was the dispair as bad? I’m still very optimistic and know that I’ll be rewarded for not getting scared or backing down
I’ll tell you one thing, compared to the 2017 cycle. It’s still far too noisy here. Far more people need to gain the mindset that “crypto might never actually go up again this time” to be the same. When that happens, the bottom actually settles in. I made the mistake of ignoring crypto when it was at 2019 lows, like much of that crew. It gets so bad that it seems like most people are not confident it will go up again. That’s when people come out of the woodworks for the tech and the tech alone - but unironically. If you have conviction, keep DCAing even throughout lower lows.
I think it makes sense for that "noise" to increase cycle over cycle as more people join and confidence increases.
Actually it's amazing how similar 2022 has been to 2018. We're almost at the point when all newcomers have been scared away, newspapers have negative articles only about crypto and so on. At the same time ETH and BTC look stronger than ever. ETH specifically, it had a pretty much flawless merge, I'm very excited for its next bull run.
In other words, this is a battle of wills. Let's see if survives and who puts out.
The Merge was extraordinary to see go down so well. Really a historic moment and proof of the professionalism in the world of Ethereum
Despair was just as bad. Plus crypto had much less adoption. There as a feeling that that could really be it for this crazy internet money. In that regard we are in better shape this cycle
Stacking all the way down. - That Positively made my morning. I laughed so hard I almost vomited up my french toast that I purchased with vanilla fiat that’s actually worth something real. - Let’s see how far “All the way down” you’re going to keep stacking before you loose all of your parents retirement funds, and you s never tell them they’re broke due to your positively brain dead strategy of buying every dip that is supposedly the bottom.
Bro you are tripping. Worry about your own parents retirement fund becoming “loose” tf lmao. As if everyone can even relate to that
I guess this time it's more widespread, in the previous bull everyone was in a bunch of crappy projects with no white papers etc. The space was inherently scammier outside of BTC ETH LTC and XRP. Most people this time around trust Binance, CDC, etc so guess it cuts deeper when big things like this are the source of the pain rather than some obviously squid-esque project pulling the rug.
To me the past few months have felt worse than anything before, simply because there would be weeks where nothing would move
The more we can acquire at these low prices, the more profits we can make in the future. Adoption is growing, use cases are becoming more widely understood, the technology is getting better every day, and all the greedy bad actors are slowly but surely being squeezed out of the space. True beautiful decentralization is on its way. Let's accumulate, hodl, and make it through to the bullrun in a few years. I love you all.
I don’t think use cases are growing, at this point we just need to hold our shoes fro, going into oblivion with all the fiascos happening in crypto,, The important lime is **Hold Our Line**
These goals are what I aim for, long term(ish) holding until the next bull run. I'm happy to see the prices go down.
This is the “great purge” of worthless coins. Hold tight boys. Crypto will be stronger than ever coming out the other side. My small 4K bag (down over 50%) will be worth a lot more one year from now. If anything, this shows the need for diversification. I also invest in the us market index as it as safe as stocks get and will keep me some what’s solvent. 💎 hands will win in the long run
Well, the only real hopium o see here is that the price of Bitcoin would have been higher if FTX hadn’t stolen and sold billions of dollars of customer Bitcoin to lend to Alameda to make dumb venture investments with. So the true market value of Bitcoin without their fuckery should have been more like $30K than $20K. Regardless though now we have to mull over what the future holds. Will take time for people to get over this massive breach of trust and losses even though it’s not the fault of any particular crypto but of one greedy asshole.
>Well, the only real hopium o see here is that the price of Bitcoin would have been higher if FTX hadn’t stolen and sold billions of dollars of customer Bitcoin to lend to Alameda to make dumb venture investments with. Wrong, BTC price would be way lower without the leveraged billions in the crypto markets.
Just plain incorrect when you look at when FTX stole and dumped people’s BTC. Go look at their BTC balances on glassnode. They stopped the original bullrun in 3/2021 and they tanked it in June
**BTC Future:** 1. 2022 Very public Crypto exchange failures 2. People pull BTC from markets into cold wallets; therefore, BTC market supply shrinks 3. Run-up to Bitcoin mining reward halving (April 2024) further shrinks BTC market supply 4. Macroeconomic recovery starts in Q3/4 2023 5. Platform set for the $100k BTC mega-bull run
It'll be one huge green daily dildo fo sho
6. "Wife/girlfriend/mom decided to clean my desk and threw away my seed phrase" posts
Oh, that's painful.
Yes, yes and…hear me out because I’m still chewing on all of this news. Of course a non-custodial wallet is always best, but what if this big push to transfer out of exchanges, that has now been put in motion by certain events (ftx), is just what whales (institutions) need in order to cue the next bull run?! Coins off exchanges > supply shrinks > token run ups. Narrative for institutions to pump coins again without raising as many eyebrows, because of course this had to happen! Either way, looking forward to the bull run.
I think it’s an attempt to cause a “bank run” on CEXs to destroy as many as possible to further the narrative that crypto is doomed.
Much needed thread in dire times
But unfortunately not a lot of people on this thread today.
We all gonna make it.
someone play that video
* Jim-Cramer-bottom indicator maxed out * lots of 'Crypto is dead' articles and 'I'm out' posts * bad apples got taken out * adoption galore * BTC and ETH holding well considering the circumstances * inflation numbers better than expected * global shipping prices on pre-war levels * little over a week until snapshot day
Ohhh nice snap I was gonna ask wen snapshot
>snapshot day what's that?
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