I think we look pretty bad, but I also think we are due relief. I know that‘s not helpful, but I kinda think after weekend shenanigans are over we follow tradfi again and I‘d be more inclined to lean relief rally than more doom. Not advice. Purely musings.
$38-41k is most stacked area with bids on bitfinex. If we fall through that area I think we see a liquidation cascade to $30k. I think mid term it‘s 70% likely we test that liquidity again. But it also is the best chance for any bounce. If there is one.
I mean this red line is pretty pivotal. Pun intended.
Imagine if the next leg down for this were a short squeeze 😱
First small test in this dump for the mini relief rally. If we can break above 42.4k I think we have a decent shot at 45k. Good night fam, don‘t make me wake up poor pls 🙏
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Sitting right at the bitfinex buy wall. We break through this and 42k looks pretty fast… not advice
42.55k was the last bitfinex buy wall before 40.5k, so I got a small bid filled at 42.65k… small. Very small. Not advice. Not even small advice
Real test for $BTC will now come at $45/46k. If we can reclaim that I think we have every chance to see >$50k again. If we get rejected or don’t even get there, I think $40k and maybe even $30k are in play. Never advice you know the drill.
I am getting to a point where I cannot take #crypto haters seriously anymore:
- Coins with governance and revenue rights to a smart contracts aren’t scams. They are decentralized ownership aka equity
- It may seem absurd to have a start up valued at $100m fully-diluted but…
… that’s the point - “fully” diluted implies there will not be future (stock) issuance, so this number compares to maybe 5m$ valuation of a classic equity start up that will raise multiple rounds issuing new stock in the future
- #tether was not backed in 2017 and…
… very clearly was a criminal enterprise then. If only just for money laundering rules. But that should/will hit the people in charge. Pretending “tether isn’t backed” today and misinterpreting every other print because it fits your narrative is just dumb. Are they…
Assuming you have $SOL sitting somewhere and you do not wish to sell it, but want to hold it and maximize yield, here is one thing that currently works like an endless #yield loop:
2) take your $mSOL and $scnSOL (the token you receive in exchange for staking) and deposit them as collateral on @solendprotocol receiving additional 1.8% yield on those
3) borrow $SOL from solend, which is being subsidized with $SLND rewards and has a NEGATIVE borrow cost of 5%
4) take the $SOL you just borrowed and rinse / repeat steps 1-3 above as many times as you dare
5) take the final $SOL (after the last repetition you dare to do) and deposit them as collateral on @TulipProtocol for an additional yield of 5.5%
I have thought about it enough. Jack and friends dislike #web3 because it doesn’t have copyright protections (yet) and it threatens to break the decade old model of natural monopolies forming on the web once a firm has sufficient mass in an area.
It is true that VCs get great deals in #crypto atm & it is also true some try to flip quickly. But it is also undeniably true that people who participate in #web3 own a far larger share of it than in the case of web2.0. Airdrops alone are often 4figs+ & you control your data.
Look at what happened across #crypto: mainstays like bittrex, poloniex, bitmex and even uniswap to a degree already are rapidly replaced when a better product comes along, sometimes by people forking their code. Of course, if you are in web 2.0 you are scared as fck.
Picked up a number of under performing, high quality protocols along with some of the most strongest recently, hedged it with low quality stuff. I think we are at the point where things are so low sentiment-wise it’s difficult not to see a pop. Low qual hedges will help otherwise
Too tired to provide more reasoning, but should echo my previous few posts
This is a part of the story. Lot’s of room with this and funding to squeeze shorts.