Ethereum crash coming (1 Viewer)

[mipevi]

I joined the Ethereum nation today!

 

[davislane]

I joined the Ethereum nation today!

what entry point? crypto is crazzzeeeee atm

 

[mipevi]

@davislane I had an old spot order made before ETH's run at about 2050 USD that got filled.

 

[TeamNapoli]

anyone have a theory as what the drop is all about.
A) Bear market moving in?
B) Elon Musk and Tesla will not be accepting bitcoin as currency to buy cars? speculation on them dumping their holdings
C) inflation worries?
D) Profit taking?
E) Government investigation of Binance?
F) Whales moving market?

I believe its option B that causing the landslide that occurred right after the first pull back on the option E news

 

[mipevi]

@TeamNapoli I'm still very much new to the crypto market, but for me the macro factor is that perhaps BTC gained too much value too fast for this cycle (assuming the bullrun for this cycle is not over). Then we got a bunch of bad news about the same time, and I would expect the whales to take that opportunity to do their thing. Finally a lot of new retail investors not accustomed to huge swings panic and sell what they can, making the dip even deeper. Of course I'm just a guy typing on a keyboard, so...

I mean, what are you going to do? ¯\_(ツ)_/¯

 

[HaRDHouSeiNC]

anyone have a theory as what the drop is all about.
A) Bear market moving in?
B) Elon Musk and Tesla will not be accepting bitcoin as currency to buy cars? speculation on them dumping their holdings
C) inflation worries?
D) Profit taking?
E) Government investigation of Binance?
F) Whales moving market?

I believe its option B that causing the landslide that occurred right after the first pull back on the option E news

I think the BTC crash was due to the
Elon tweets, fake news the energy crisis BS has been debunked 100000 times
Supposed China FUD about them cracking down on crypto again for the 93474398 time which since 2013 has caused panic dips for big money to get in cheap.

 

[Rakrul]

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?

Well, it's been over a year now and considering I bought in at ~$1500 I can't complain. I also bought in at $2200, $3000 and $3200 so I'm still in the black at least. Again, this is long term for me, but I sure nailed the peak at $3200...

 

[mipevi]

Crypto sure is a bumpy ride, but seems like the fastest way to get where you want to go. I ain’t walking anymore, that’s for sure.

 

[Changster]

@davislane I had an old spot order made before ETH's run at about 2050 USD that got filled.

How do you feel now that you’ve gotten in?

 

[Darson]

I have a spot order in at $975. Came very close at this morning's low of $1025.

 

[mipevi]

How do you feel now that you’ve gotten in?

Strong hands feel no pain.

 

[Changster]

Strong hands feel no pain.

Do you use any of the dApps people keep saying will revolutionize the world?

 

[mipevi]

@Changster I do not, but I don’t even use a lot of stuff that most people are obsessed with today (like good luck finding me on social media ). For me crypto is a long-term play, with the possibility of shorter term gains because of the high variance. Had I been able to cash in at the top, all that money would be going right back in around this time. If my portfolio ends up going to zero, whatever, it’s money I can afford to lose.

 

[Changster]

@Changster I do not, but I don’t even use a lot of stuff that most people are obsessed with today (like good luck finding me on social media ). For me crypto is a long-term play, with the possibility of shorter term gains because of the high variance. Had I been able to cash in at the top, all that money would be going right back in around this time. If my portfolio ends up going to zero, whatever, it’s money I can afford to lose.

This basically confirms what I already knew, that people speculate on the coins but don’t actually use any of what they’re supposed to be for… all these apps that are supposed to revolutionize the world.

 

[mipevi]

So because my phone is a cheapo android and ten years old, I shouldn’t own Apple?

Crypto is a speculative asset, if you’d rather buy a rack of chips for a few thou, that’s fine.

 

[Highli99]

This basically confirms what I already knew, that people speculate on the coins but don’t actually use any of what they’re supposed to be for… all these apps that are supposed to revolutionize the world.

Both views could be right. It’s likely that defi will revolutionize the world but this process is the how and when getting figured out. Change is a bloody thing at times…..some speculators are buying the larger view and just spreading out risk among a ton of stuff that will prob go to dust, offset by the asymmetrical gains of the one or two winners that persist. Of course, the winner may not exist yet and could rise from the ashes of this implosion.

 

[Changster]

Bitcoin has its own thread and I wanted to open a thread specifically to discuss Ethereum. I am a fan of both however from my perspective ETH has more potential for growth as bitcoin has already had quite a run. I am looking to make a sizeable purchase once the price dips back down to around $1,200 USD.

@HaRDHouSeiNC
@johnjohn
@wuffle

What do we think about ETH over the next 1-5 years?

So did you ever buy sizable purchases at $1200? Or waiting it out to find a bottom to get back in?

What DApps have achieved a mass scale of users? I’m curious because I know of exactly no one that uses any of these miracle dapps like they use Chase online banking. I keep looking for what application these cryptos related apps are doing well in. So far, zero. I don’t think any traditional banks are looking over their backs and saying OMG I need to watch out for this app because it’s eating into my user base for Wells Fargo online.

So how can anyone value Ether if the reality is nobody is using it?

 

[Darson]

The rumble is that ETH May go to $500 or lower. I’ve put in a buy at $500.

 

[Lemonzest]

So did you ever buy sizable purchases at $1200? Or waiting it out to find a bottom to get back in?

What DApps have achieved a mass scale of users? I’m curious because I know of exactly no one that uses any of these miracle dapps like they use Chase online banking. I keep looking for what application these cryptos related apps are doing well in. So far, zero. I don’t think any traditional banks are looking over their backs and saying OMG I need to watch out for this app because it’s eating into my user base for Wells Fargo online.

So how can anyone value Ether if the reality is nobody is using it?

The stats are available for ETH usage. And there are profitable Dapps that operate like Uniswap. tbh I dont use ETH much cause its slow and fees are high.

The better question IMO is how many people will be using ETH in 2 years or 5 years. We are clearly on our way down now so who knows where the bottom is.

I dont own any crypto now. Waiting for winds of change.

 

[Changster]

The stats are available for ETH usage. And there are profitable Dapps that operate like Uniswap. tbh I dont use ETH much cause its slow and fees are high.

The better question IMO is how many people will be using ETH in 2 years or 5 years. We are clearly on our way down now so who knows where the bottom is.

I dont own any crypto now. Waiting for winds of change.

Interesting. Thanks for sharing. I’ve basically been just looking around doing surveys as to who actually uses crypto for anything but speculation. So far it’s basically zero.

 

[Trihonda]

Been following the drop with interest.. I was actually hawing and hemming about getting out a while back, but now I'm stuck.. lol.

ETH was my best performer, and I have watched my balance sheet lose 80% of it's value. Lets hope it's a dip and not a crash. I hope it's not going to zero, but who knows...? Once my ETH either gets me back even or it drops to zero, I'll be out of ETH, but will keep my crypto money in BTC.

 

[HaRDHouSeiNC]

Interesting. Thanks for sharing. I’ve basically been just looking around doing surveys as to who actually uses crypto for anything but speculation. So far it’s basically zero.

I’ve sent to coins.ph a lot
I use it here in the Philippines
It’s instant and can send people money almost no fees locally

It’s the best crypto app I know

I’ve paid for items via crypto

I stake at CDCOm for a debit card

Looks like any chance of a final pump is about dead and cycle correction is here
$600 is plausible
Old correction was around $150

 

[CDC]

There is this company in the Philippines, that allows you to use tokens to pay your utility bills and top ups of prepaid cards (90% of the population are still on prepaid).

Added to that most tokens are from the game axie infinity. Where users can play to earn. For people in Philippines it is worth to play hours to earn USD 10-20 equivalent. Since the salaries of the mass is around USD 400...

This explains also why Axie infinity users base is the largest in PH.

 

[HaRDHouSeiNC]

There is this company in the Philippines, that allows you to use tokens to pay your utility bills and top ups of prepaid cards (90% of the population are still on prepaid).

Added to that most tokens are from the game axie infinity. Where users can play to earn. For people in Philippines it is worth to play hours to earn USD 10-20 equivalent. Since the salaries of the mass is around USD 400...

This explains also why Axie infinity users base is the largest in PH.

The coins.ph app is too cool
You can buy prepaid load
And yah it’s so cheap
You can pay 2-4$ a week
$4 gets you 20gb of 5g data

The banking system here is shit
The wife waited 6 hours to re-open her account
They froze it for inactivity.
If you have money in one branch, the same bank in another city can’t access your accounts.
No one has a bank account. The coins app to hold cash and pay bills and about anything else with zero fees between users and low fees to cash out or transfer to GCash is really cool
The app is sooooo handy If you vacation here or send $$ to anyone. It’s a bank account for the unbanked that can do anything you need along with pay bills

There is this company in the Philippines, that allows you to use tokens to pay your utility bills and top ups of prepaid cards (90% of the population are still on prepaid).

Added to that most tokens are from the game axie infinity. Where users can play to earn. For people in Philippines it is worth to play hours to earn USD 10-20 equivalent. Since the salaries of the mass is around USD 400...

This explains also why Axie infinity users base is the largest in PH.

Haha they have game credits there

 

[mipevi]

Early and fast adoption for defi in areas with poor banking systems makes sense. It is my understanding that in mainland China the Visa/Mastercard payment systems never really got the kind of foothold as they have in the west. Instead the Chinese sort of skipped over them onto a mobile payment platform, as that was the newest tech when people started to have more disposable income.

 

[davin]

The rumble is that ETH May go to $500 or lower. I’ve put in a buy at $500.

GTZ like @Changster mentioned

 

[khp]

@davin @Changster what’s GTZ? (Edit: I think I figured it out. Going to zero)

I’m trying to be open minded about crypto and lower prices definitely make it more attractive, but I have no idea how to value it.

I learned the other day that dogecoin is an exact clone of Bitcoin except it doesn’t have a 21M cap on supply. And that there are many ethereum clones too. If it’s legal/easy to mirror something exactly, is there infinite supply?

 

[johnjohn]

 

[buzzmonkey]

View attachment 986842

I hope this is successful. The global power reduction alone makes it worth it.

 

[Kain8]

I love me some proof of steak / stake!