Ethereum crash coming (2 Viewers)

Ronoh said:
As I’ve said before I know little about all of it but have been watching their movement the last few days. Why do they all seem to follow the same line? It’s not like one drops and the rest follow suit, seems to be simultaneous. Just curious as to why

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I thought about it ever since I got into crypto which was only late December. I think they work together in a sense. You have ETH based coins and some BTC based coins. If let’s say ETH drops a majority of those based coins will drop too. I also have a feeling that Bitcoin has an impact on everything being that it is the largest crypto right now
 
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Okku said:
I thought about it ever since I got into crypto which was only late December. I think they work together in a sense. You have ETH based coins and some BTC based coins. If let’s say ETH drops a majority of those based coins will drop too. I also have a feeling that Bitcoin has an impact on everything being that it is the largest crypto right now
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But the prices are/should all be based solely on people buying and selling, right? I get that Bitcoin moving could ultimately cause others to move but far as I can see one doesn’t precede the others, seems to happen simultaneously.
 
Ronoh said:
As I’ve said before I know little about all of it but have been watching their movement the last few days. Why do they all seem to follow the same line? It’s not like one drops and the rest follow suit, seems to be simultaneous. Just curious as to why

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The market as a whole responds like this. Check out this chart of the last 5 days with Oil & Gas companies (Exxon, Chevron, Shell, ConocoPhillips, BP). Same trend. This may be a lot to do with automated trading and passively managed funds.

1614112590179.png
 
Ronoh said:
But the prices are/should all be based solely on people buying and selling, right? I get that Bitcoin moving could ultimately cause others to move but far as I can see one doesn’t precede the others, seems to happen simultaneously.
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I know next to nothing about this, but in my one week of owning Crypto, I do know that certain coins are tied to others, and Coinbase gives you these trends on any coin you want showing this type of correlation:
This one is for BAT which is an off-shoot of ETH (Ethereum)
IMG_4462.PNG
 
Ronoh said:
But the prices are/should all be based solely on people buying and selling, right? I get that Bitcoin moving could ultimately cause others to move but far as I can see one doesn’t precede the others, seems to happen simultaneously.
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Yeah do they seem to move simultaneously I can agree with that. I believe that crypto is so complicated and unique it could take a while to fully understand it and who knows if we'll ever be able to fully understand it. So many coins are based off of each other and do their own unique things inside of the space of DeFi it's insane stuff. I can agree with others in here that they do follow trends and obviously when things get to a certain price or an all time high everyone will sell to get their profits and buy in when it drops again.
 
Ronoh said:
But the prices are/should all be based solely on people buying and selling, right? I get that Bitcoin moving could ultimately cause others to move but far as I can see one doesn’t precede the others, seems to happen simultaneously.
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The answer is arbitrage. If BTC goes down you can expect people to buy BTC with USD, trade BTC for that crypto, then sell that crypto for USD or USD equivalents (tether, usdc). Either that or people have to reflexively price their alts in terms of BTC, which isn't going to happen, instead you have sell pressure on everything with a btc/eth pair because liquidity is magnitudes deeper for the big 2.
 
So out of curiosity; who here is using binance coin or pancake for swapping?

It seems as pancake is taking uniswap's lead.

Maybe i should start a poll;

how many people here use metamask?

HAs anyone found a project they are thinking of joining in the March fundraising campain?
 
TeamNapoli said:
So out of curiosity; who here is using binance coin or pancake for swapping?

It seems as pancake is taking uniswap's lead.

Maybe i should start a poll;

how many people here use metamask?

HAs anyone found a project they are thinking of joining in the March fundraising campain?
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Can you explain swapping to me like I'm 5? Do you buy binance coin with one crypto in order to buy a different crypto in order to save on fees? Or is it cheaper to go from one crypto from another?
 
probably easier to put links up then try to really explain it but i will give it a high level try
now I am speaking about US citizens on certain things due to regulations
So typically you use an on ramp and off ramp( a service that take US dollars and gives crypto ie coinbase) service to purchase crypto basically you transfer US dollars to Bitcoin or Ethereum etc etc and visa versa. Now these services dont allow exchanges between cryptos and you are limited to the coins they have on their eco system.
Miners just mine and forward their rewards to their wallets, when they want to swap thier coins for others ie mine monero (easier algo less electric consumption) and swap it for ethereum then they go to an exchange that has the trade ie Poloniex Cryptopia Kraken etc etc.

Now the current term swapping is basiclly as you said one coin swapped for another and the two major players in this right now is pancake and uniswap. They are what is considered a decentralized exchange where the previous mentioned are centralized exchanges. Pancake is basically on the binance network and uniswap is basically on the ethereum network. Now once you send your coins to this service; in the app you select your coin and what coin you want and it does all the work for you. Now the claim is that they find the cheapest transfer fees possible then ask if you are ok with the transfer and make it happen.

A few things to note, Binance coin and pancake are nothing more than copied version of the Ethereum and uniswap. Since thier network is not as congested as Ethereum's network, they have much lower gas fees and thus we saw a big migration over to the Binance network and they are making millions:bigbucks::sick::vomit:
However it is currently not acceptable for US citizens to be on the Binance network. I am not saying that US citizens cant be on it but there is another layer of transaction that is required. Also Binance is so open with its contracts that any contract is acceptable at the moment. The big question here is what happens when other countries regulation make some of those contracts illegal? I dont think anyone can answer that right now.

I hope i helped you a bit, i mean i just talked off the cuff and didn't have a prepared explanation. Be happy to answer as I sure other will be happy to answer any questions you have.
 
TeamNapoli said:
probably easier to put links up then try to really explain it but i will give it a high level try
now I am speaking about US citizens on certain things due to regulations
So typically you use an on ramp and off ramp( a service that take US dollars and gives crypto ie coinbase) service to purchase crypto basically you transfer US dollars to Bitcoin or Ethereum etc etc and visa versa. Now these services dont allow exchanges between cryptos and you are limited to the coins they have on their eco system.
Miners just mine and forward their rewards to their wallets, when they want to swap thier coins for others ie mine monero (easier algo less electric consumption) and swap it for ethereum then they go to an exchange that has the trade ie Poloniex Cryptopia Kraken etc etc.

Now the current term swapping is basiclly as you said one coin swapped for another and the two major players in this right now is pancake and uniswap. They are what is considered a decentralized exchange where the previous mentioned are centralized exchanges. Pancake is basically on the binance network and uniswap is basically on the ethereum network. Now once you send your coins to this service; in the app you select your coin and what coin you want and it does all the work for you. Now the claim is that they find the cheapest transfer fees possible then ask if you are ok with the transfer and make it happen.

A few things to note, Binance coin and pancake are nothing more than copied version of the Ethereum and uniswap. Since thier network is not as congested as Ethereum's network, they have much lower gas fees and thus we saw a big migration over to the Binance network and they are making millions:bigbucks::sick::vomit:
However it is currently not acceptable for US citizens to be on the Binance network. I am not saying that US citizens cant be on it but there is another layer of transaction that is required. Also Binance is so open with its contracts that any contract is acceptable at the moment. The big question here is what happens when other countries regulation make some of those contracts illegal? I dont think anyone can answer that right now.

I hope i helped you a bit, i mean i just talked off the cuff and didn't have a prepared explanation. Be happy to answer as I sure other will be happy to answer any questions you have.
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Ok.. I think I get this (but then again maybe not). I'm still not quite sure why one would need the swap if one already has a currency that is used on both exchanges unless it is somehow cheaper to move from one exchange to another using a swap currency. So for instance, if I had bitcoin on coinbase and wanted to buy some cardano on binance, I would exchange my bitcoin on coinbase for some other lower fee coin that is on both exchanges and then transfer that coin over to binance to buy cardano. Is that right? If so why wouldn't it be cheaper to just transfer the bitcoin from one exchange to another and cut out the middle man.

Or is it that the swap currencies allow you to swap currencies without having to be on an exchange at all. If that was how it worked I could see how that would be useful. So if I have bitcoin on my ledger nano that I bought in 2012 for $50 (outside of an exchange) and wanted to swap some of that for cardano, I could set up the swap on the binanceswap protocol without ever having to set up an exchange account with binance at all, or would I need to still set up a binance account (and provide my SSN etc)?
 
@ttttubby Ok so i think i understand what your asking, i am going to try to state it in a high level view, but i think you got it....
Using a service like uniswap or pancake the buyer receives their ownership. Thus swapping coins is basically transference from one wallet to another. When you set up your account(wallet) on uniswap you hold the keys. As long as that block chain is viable, you can always restore your account if lost or something. Now a uniswap\pancake wallet can hold many different coins allowed on that network. In the old days(lmao old days = <2yrs) If i wanted to do this, I would exchange eth for bitcoin (or whatever coin combo) with a trusted friend by sending my bitcoin to his bitcoin wallet and he would send his eth to my eth wallet. We could agree on the exchange amount 1 eth for 0.1 bitcoin or whatever. A swap transaction once agreed upon is irreversible, once you send it it is sent and once you received it its received. The transaction (gas)fees are whatever the btc and the eth network states.
So with that said now swap apps you can farm by swapping your coins with new coins\tokens that represent a financial service and other creative services people are coming up. But lets get the basic service understood before we open that can of defi.


On an exchange, you do not hold the keys but have an account. You truly only own lets say a "certificate" of the coins until you transfer them to your coin wallet where you hold the keys thus pure ownership. Now on an exchange you can put in a buy or sell order of a coin (eth) using another coin (btc) as long as those coins are listed in that exchange. The buy\sell order can be cancelled if it not executed. If the exchange disappears, whatever assets held in your account disappear also.
Example;
I was trading on an New Zealand Exchange named Cryptopia. They accepted US citizens and had a diverse pool of coins. Coins you wanted to get into during the ICO. I was mainly trading monero, electronium and metaverse and a few others. One day they were hack for a huge amount of BTC and the exchange was forced to close down. Now since I do not hold the keys to coin balances i had on the exchange i could not get my coins to my wallets. SO now I am waiting for the courts to settle this manner and hopefully I will get my assets back (been about 2 yrs now). Also its a shame that many coins were only listed on this exchange so o their prices have been stagnate due to no one can buy or sell them except for wallet to wallet.
 
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I am a noob but bought into your pyramid scheme. I took the plunge and bought some Ethereum on Coinbase for long term gambool. Also ordered a Trezor One. I guess there's a way on coinbase to transfer the eth to my wallet, do I send it or do I need to download the bridge software and do some magic there? Is there a step-by-step guide on some of these sites?
 
it will be simple; in your coinbase app you will see your Ethereum wallet click send ethereum then you will enter the eth receive address for your Trezor 1.
first of course you will need to setup your trezor write down all your secret words etc.
You will have to setup myetherwallet (mew) on your trezor

i am sure there has to be step by steps, i will look on youtube.

actually its a dual pyramid scheme, get it the ethereum symbol


download.png
 
TeamNapoli said:
@Rakrul by the way before you send any coins make sure you do a backup, i am sure you did already but i felt to at least mention it better safe then sorry
[...]
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Thanks!
Just ordered the Trezor so I won't get it for 14 days or something. What should I make a backup of, exactly?
 
when you first initiate your trezor , you should back it up I am sure it is in the instructions while you are setting it up. Remember to write everything down and store it safely. I dont have one but i am sure people on ere will be more than happy to share how they store and saved the mneomic phrase or 12\24 key words
 
Ah yes. I read up on that part. You get two cards to write the words down on and I realized the importance of that. Since I'm thinking like 5-10 years prospect here, I'm sure the device will be dead as a doorknob by the time I fire it up again, so I boned up on that part. :D
Thanks again!
 
Rakrul said:
I am a noob but bought into your pyramid scheme. I took the plunge and bought some Ethereum on Coinbase for long term gambool. Also ordered a Trezor One. I guess there's a way on coinbase to transfer the eth to my wallet, do I send it or do I need to download the bridge software and do some magic there? Is there a step-by-step guide on some of these sites?
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it wont go in your wallet, it just shows up on the ledger in your wallet address. the trezor has your Private key. so really the trezor allows you to send from Said wallet address. your money is on the blockchain and always will be, It took me a while to understand that.. When you transfer the money from your coinbase to your wallet.. make sure gas is low, you might get dinged high fees..
 
right now im mining about 0.7 ETH /month. I plan to mine until 2.0. Then HODL for a long time. I am also puting $500/month in BTC as well, since i dont see it going down until the next 1/2ing.
 
tootsmagoots said:
it wont go in your wallet, it just shows up on the ledger in your wallet address. the trezor has your Private key. so really the trezor allows you to send from Said wallet address. your money is on the blockchain and always will be, It took me a while to understand that.. When you transfer the money from your coinbase to your wallet.. make sure gas is low, you might get dinged high fees..
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Yeah, good point. I know that the way it works is that everyone in blockchain knows that those "strings" belong to my wallet's address, but I often think of it as "strings" stored in a memory stick. :)
So instead of saying "transfer eth to wallet" a more precise way would be "transfer ownership of the eth to my wallet/gadget", I guess.
 
yes but its full record it says transfer eth from address A to address B to address c. The entire history is traceable and the "ledger" is proven at many different locations to be true or false. you can go to etherscan.io put in a address and see every rx\tx transaction of that address or you can put in a transaction # and see all the address and amounts in that transaction.

For this reason blockchain is only at the forefront of its possibilities. A voting blockchain one address one vote per election, A house blockchain all permits all owners, a medical blockchain,
 
nitzilla said:
This is what I did, I wimped out and went with Coinbase..... I do like their "Vault" option, which locks the coin in a 'deeper' wallet that takes a phone number and 2 email accounts to work with, and the transfer is held for 48 hrs, so not easy to drain (I think...)
I will buy a Trezor 1 soon, but right now, I like the Vault.
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And you need Indiana Jones to get to your money?
What if you want a coffee this morning, do you have to pay for it last Tuesday?
Not knocking crypto, it just seems extremely complicated once you buy it to store or use it.
So these crypto algorithm mining enthusiasts, once they are through mining, will they turn their massive computing power to hacking wallets?
 
ekricket said:
And you need Indiana Jones to get to your money?
What if you want a coffee this morning, do you have to pay for it last Tuesday?
Not knocking crypto, it just seems extremely complicated once you buy it to store or use it.
So these crypto algorithm mining enthusiasts, once they are through mining, will they turn their massive computing power to hacking wallets?
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Love the Indiana Jones reference as I got my BA in Archeology :)

And I bought mine for investment/holding more than using it....so I don't mind the hoops to jump through to get my coins.
 
hopefully not even Indiana Jones can get to the vault
getting the money is easy..transfer coin to fiat...use crypto based credit card
miners move on to another proof of work coin or convert earned coins and computing power into staking share .... some computing power with nasa to analyze data. learn to program smart contracts..learn to program in languages to write Dapps

if your a true enthusiast, look at the open source code write code to fix known issues apply it for general acceptance dam if its that good cause a fork
 
not to far into future you will see facebook having their own tokens that will basically be a wrapped coin, google pay\apple pay utilizing it

Ask the people of Argentina when their government was in upheaval what they used
Look at Turkey right now, people are using crypto cause of their countries currency unreliability
Name me one fiat where its country treasury isn't just printing their currency at a ridiculous rate; only not to be able to keep up with the pace its government is spending it
 

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