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Cryptocurrency megathread V2 - Gas Fees Galore

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m25105 said:
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Almost 4 billion dollars liquidated.
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Is this a good or bad thing?
 
meauneau said:
Is this a good or bad thing?
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Bad if you're one of them, good if you're an exchange that profited on it.

This means a lot of people thought they caught a fallen knife, and placed longs on a margin and got liquidated. Reminder that if you swing trade on margins, you're going to get burnt eventually. I don't care if you can do it with x100 it's way too risky. At least aave won't ruin you completely, but yeah, if you have a low health factor, you might wanna consider closing a part of your long to protect yourself. A 30% correction is not out of the realm of posibilities, and 30% is mumu hopium, we might be looking at 60% correction. Anything higher than 75% is bobo hopium.
 
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TheMaster said:
The value of VeChain has gone up by almost 700% in the last year,and about 100% in just the past month. It was trading at 0.0025 cents last March and is now about 0.054 cents. Thats like a 22x increment which is HUGE.

That means if you had put in $10k to VeChain a year ago it would be worth around $215,000 today.
It's still only a fraction of what it will be though.

Bitcoin for comparison has gone up 12x from around 5k a year ago to 60k now.

I think people forget to calculate by seeing how much something is worth in proportion to total supply.


Since this seems to be a basic error people keep making even though they may have been in this a while I will repeat it here to convert value based on 'bitcoin supply levels' which is around 20,000,000 (actually a bit less with lost coins).

1 Bitcoin is currently $60,000 out of 20,000,000 total supply.

VeChain is currently trading at $0.054 out of 86,000,000,000 total supply.

So 86 billion/20 million is 4300.

So to convert multiply the value of Vechain by 4300 to see how much it would be worth if there were only 20 million like Bitcoin.

We get currently $232.2 per VeChain (0.054 x 4300) if there were only as many as there are Bitcoins, up from $10.75 (0.0025 x 4300) what it was a year ago.

Same basic formula if you want to covert any coin to compare directly with Bitcoin.

For Chainlink it is total supply 1 billion so to convert it is 1,000,000,000/20,000,000 = 50.

So at $32.5 currently if we x 50 to covert it is around $1625 per Link if supply was same as Bitcoin, up about 10x it's value last year.
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Not following why it's an "error". It's a different way to look at things, but not an error if you do not.

There's, of course, two things that determine price/value... supply and demand. You're only analyzing one side of that here.
 
m25105 said:
Bad if you're one of them, good if you're an exchange that profited on it.

This means a lot of people thought they caught a fallen knife, and placed longs on a margin and got liquidated. Reminder that if you swing trade on margins, you're going to get burnt eventually. I don't care if you can do it with x100 it's way too risky. At least aave won't ruin you completely, but yeah, if you have a low health factor, you might wanna consider closing a part of your long to protect yourself. A 30% correction is not out of the realm of posibilities, and 30% is mumu hopium, we might be looking at 60% correction. Anything higher than 75% is bobo hopium.
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I really have to learn some of the trading lingo. I barely even understood what you said here. I’m new at this so it makes sense, but seeing what some of you guys say I feel like you all are speaking a different language.
 
GeorgeO said:
Lol, I hate to admit it, but I felt like that for a while this afternoon.
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I still feel it a bit, because who really knows what's happening.
I am much better prepared this time, as I now consider anything I put in crypto as a write-off. If we have a complete crash again, the only thing that's going to be crushed is my hopes and dreams.
 
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m25105 said:
Bad if you're one of them, good if you're an exchange that profited on it.

This means a lot of people thought they caught a fallen knife, and placed longs on a margin and got liquidated. Reminder that if you swing trade on margins, you're going to get burnt eventually. I don't care if you can do it with x100 it's way too risky. At least aave won't ruin you completely, but yeah, if you have a low health factor, you might wanna consider closing a part of your long to protect yourself. A 30% correction is not out of the realm of posibilities, and 30% is mumu hopium, we might be looking at 60% correction. Anything higher than 75% is bobo hopium.
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A little fear mongery don't you consider ?

there are too many institutions getting on board for a swing drop into the 60s 30 I can deal with
 
forum poster said:
I still feel it a bit, because who really knows what's happening.
I am much better prepared this time, as I now consider anything I put in crypto as a write-off. If we have a complete crash again, the only thing crushed is my hopes and dreams.
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I'm the opposite, I have almost every single penny I own in Chainlink. Been working out though, so far x68 return theoretically (I'm not selling anything until we reach the hundreds.)
 
BluntForceTrama said:
A little fear mongery don't you consider ?

there are too many institutions getting on board for a swing drop into the 60s 30 I can deal with
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Better to be pessimistic and then get a nice positive surprise in my opinion. I'm always perma bullish, but I've learned that having a short term bearish outlook can save you from getting burnt, and net in some nice gains when things bottom out.
 
I admit I don't fully understand the inner workings of an exchange

I heard a fella yesterday say bitcoin is 'flowing into" or flowing out of.....does this mean people are taking coin from cold storage and placing into their exchange accounts (eg gemini) for selling purposes or vice versa ?
 
m25105 said:
Better to be pessimistic and then get a nice positive surprise in my opinion. I'm always perma bullish, but I've learned that having a short term bearish outlook can save you from getting burnt, and net in some nice gains when things bottom out.
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But it can also dissuade you from getting in when you need to
 
BluntForceTrama said:
I admit I don't fully understand the inner workings of an exchange

I heard a fella yesterday say bitcoin is 'flowing into" or flowing out of.....does this mean people are taking coin from cold storage and placing into their exchange accounts (eg gemini) for selling purposes or vice versa ?
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A lot of traders, or people that have been in crypto for a while, follow whale bots, (accounts that track whale portfolio) to see the sentiment in the market. A whale moving 1000 btc out of an exchange, is usually considered bullish, and the reverse bearish.
 
Of course
m25105 said:
A lot of traders, or people that have been in crypto for a while, follow whale bots, (accounts that track whale portfolio) to see the sentiment in the market. A whale moving 1000 btc out of an exchange, is usually considered bullish, and the reverse bearish.
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cool Where are they 'moving' it to though(cold storage or somewhere offline ?)
Semantics but I just want to make sure I know what I'm hearing thanks
 
My plan is to buy more ADA tomorrow since they are releasing something or other in March and the price is expected to go up. After that I will buy more LINK. Then I'm done.

Or should I just buy LINK?
 
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