Bitcoin to US-Dollar Conversion BTC to USD Exchange Rate ...
Bitcoin to US-Dollar Conversion BTC to USD Exchange Rate ...
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Coinbase Competitor Becomes First Bitcoin and Cryptocurrency Exchange to Offer Visa Card in the US. It allows users to convert their digital assets into US dollars, shop online using crypto at Visa’s network of 46 million merchant locations.
Help to Defeat Aging on DefeatAging.science - This site will mine cryptocurrency in your browser (Monero). All cryptocurrency mined will be converted into US Dollars or Bitcoin and donated to SENS Research Foundation.
I want to share a new site that I just created, DefeatAging.science. This site will mine cryptocurrency in your browser (Monero). All cryptocurrency mined will be converted into US Dollars or Bitcoin and donated to SENS Research Foundation. If you want to support efforts to defeat aging, just go to this website and leave the browser tab open! Of course, also donate your extra money directly to SENS Research Foundation! Cheers. Here's the link: https://defeataging.science/ Thank you for looking.
/r/Longevity: Help to Defeat Aging on DefeatAging.science - This site will mine cryptocurrency in your browser (Monero). All cryptocurrency mined will be converted into US Dollars or Bitcoin and donated to SENS Research Foundation.
Help to Defeat Aging on DefeatAging.science - The site will mine cryptocurrency in your browser (Monero). All cryptocurrency mined will be converted into US Dollars or Bitcoin and donated to SENS Research Foundation.
I want to share a new site that I just created, DefeatAging.science. The site will mine cryptocurrency in your browser (Monero). All cryptocurrency mined will be converted into US Dollars or Bitcoin and donated to SENS Research Foundation. If you want to support efforts to defeat aging, just go to this website and leave the browser tab open! Of course, also donate your extra money directly to SENS Research Foundation! Cheers. Here's the link: https://defeataging.science/ Thank you for looking.
Bitcoin mentioned around Reddit: Help to Defeat Aging on DefeatAging.science - This site will mine cryptocurrency in your browser (Monero). All cryptocurrency mined will be converted into US Dollars or Bitcoin and donated to SENS Res /r/longevity
Every country needs US Dollars to buy oil. They convert their currency to dollars for oil. This, and the full faith and credit and military of the USA, gives the USD its strength. If merchants offering discounts for purchases made with BTC won't gain traction, what will? Thanks /r/Bitcoin
What is the easiest way to convert a physical bitcoin to US dollars?
So a couple years ago, one of my friends gave me a casascius bitcoin when they were worth just one dollar. I'd completely forgotten about it up until now when my brother asked me if I still had it. After panicking and thinking I'd lost it, I dug it up in the bottom of my closet. I see it's worth about $800 right now if I'm not mistaken and would like to convert it. What is the best, safest way to do this with an actual physical bitcoin? I live in Portland, Oregon and I don't think we have any bitcoin ATMs here yet.
Ultimate glossary of crypto currency terms, acronyms and abbreviations
At this point, the chances of Bitcoin dying are next to impossible
The worst that could happen to Bitcoin was that it would become some obscure decentralized internet network with no real value. But at this point in the game, it's too big to shrink away into infamy. Wall Street is buying, hospitals are starting to accept it, banks are accepting it, stores are accepting it, PEOPLE are accepting it. It's too far adopted at this point for the dominos of adoption to stop falling. We're on a path that leans in an overwhelming direction towards Bitcoin's continued growth and adoption in this world. It was always a Binary equation when it started, and at this point, it's only got 1 way to go. Do you think Grayscale's clients who own the over 450 thousand Bitcoins are going to want to let them go? MicroStrategy who bought over 250 million dollars worth of Bitcoin as it's primary treasury financial reserve asset? Any of these guys who are, and will adopt in at the pro level of the financial world? We're at the brink of another parabolic run, and even if Bitcoin repeats history and 1000% jumps, then dumps 80%, do you think these guys would sell? Even after the drop, they'll still be over 200% on whatever they owned pre ATH(All-Time High Price). AKA, 20k$. These guys are going to see what we all saw after our first parabolic runs. They're going to see what happened, look at the history, and see that it does this every halving, realizing as we all did once, what Bitcoin truly is, and where it is headed. And these are hodlers who are already experienced in holding over 10 years, 20 years, 50 years, 100+F'ing years. These are the same institutional buyers pumping the stock market right now despite this pandemic. Once they get a taste of Bitcoin, they won't stop doing everything they can to get more. The volatility will slow down, the growth will become more consistent, boring, and predictable even, just as the stock market is today. But the math holds true; once these guys are fully adopted, and all the adoption dominoes have fallen; Bitcoin will be over 10 million per coin. By then, growth will probably be as boring and predictable as the stock market. The math will dignify it to still grow faster than the stock market does today, but boring, with no massive price swings as we see today; where you can buy Bitcoin at a 50% discount just 1 day, or 1 week later. By then, most companies will probably have already converted their stocks into their own cryptocurrencies of sorts. It's the only logical next step; cuts out the stockbroker middlemen, just like Bitcoin cuts out the banks. But, regardless of all that stuff that is likely to come with this path that we're on now, the one thing I know for most certain is, before this next run happens, you'll want to get in. Like now. Before this next run even starts pricing over 20k$. Because, after this whole next run up and drop is said and done, you'll be lucky if we ever see a 20k$ Bitcoin again. The best chances will be a drop to 30k$ if we break just over 100k$, or 70k$ if we break just over 300k$. That's if we even get the 80% drop that history has shown this time around, now with these old school investors joining the game before the parabolic run up even starts. Buy now, before we break 20k$. Hell, keep buying whenever you can until we hit 20k again. I can guarantee you; after 8 years of buying through these markets, there is no better time to buy than right before the start of a parabolic run. Sure, you'll wish you'd have bought when it was at an all-time low price period, but then, you'd have to wait potentially up to 4 years for the next parabolic run to start after a halving, in order to experience any of the crazy historical price run action you've heard so much about. Buying 6 months after a halving like now; puts you on the financial rocket ship that is Bitcoin, right before takeoff, making you able to experience the ride that has made thousands of people addicts to this decentralized network over the last 10 years. IN the next 10 years, it will be millions of addicts; in the next 30, it will be billions. And the price, well the price will be numbers we think today as impossible. Because if you think 10 million is where this bad boy is stopping, then you really don't understand what will happen when the owners of quadrillions in value, become addicted to a decentralized network that's capped out at 21 million coins, and those owners of those quadrillions in value begin to move their asset holdings into Bitcoin; in order to feed their addiction to this decentralized network that many of us have grown to know. Once they know what Bitcoin is, and they have experienced the supply shock that Bitcoin's halvings have on it's value, then they'll begin to move their assets into Bitcoin's network like a crackhead selling their mom's TV just to score an ounce of meth after experiencing its financial ride. Buy every chance you can, every paycheck; hop on this boat before it's too late and you miss another opportunity of insane ROI. Don't get me wrong, even in buying in on the next cycle, you'll still be exponentially profitable if you hold for the long run. But every time we have a parabolic run, that exponential potential becomes less and less. Although exponential none the less. The 10k$ dollars per Bitcoin range will be looked at in 30 years, just like we look at the days of Bitcoin being worth less than a penny per Bitcoin today. Hell, 10 years from now will be looking at a 10k$ per Bitcoin price range like we look at buying Bitcoin at 20$ a coin today.
I think a lot of us are getting excited about the potential of entering a bull market similar to 2017 in the not too distant future. While there's no guarantee of that (so perhaps we won't have any profits to worry about!), after the last great bullrun saw many of us make huge gains only to see them disappear, do any of you have a set plan for taking profits next time around? I have found it relatively easy to hodl so far because we are nowhere near the sort of price where I'd be looking to take some profits. But I know if/when the price shoots up I could be looking at what for me I'd consider to be genuinely life changing amounts of money and it may be a lot more difficult to stay cool and make wise decisions. It's easy to say, 'I'll sell at $xxxxx' today, but when full on fomo is in play and everyone in this sub is full of euphoria feeding your wildest dreams, it's easy to lose sight of what your original goal was. Personally, I really believe in Bitcoin and a few other cryptocurrencies I hold, so there isn't a price where I'd sell everything. But at the same time I don't want to see potentially thousands of dollars which I could have reinvested at a later date- or spent on something meaningful for my life- disappear due to greed. So my plan for taking profits is:
If Bitcoin reaches $40k, I will sell 10%. I will continue to sell an additional 10% for every $10k it goes up from there.
2. For altcoins (particularly lower capped ones) if they go up by 100% (for example, Vet goes up from $0.11 to $0.22) I will sell 25% and convert that to Bitcoin. Rinse and repeat. Sounds simple enough. Let's see if I stick to it. So, what (if any) are your plans for taking profits in a hypothetical epic bullrun?
You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments. It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Limited Supply - There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly deflationary. The halving countdown can be found here.
Open source - Bitcoin code is fully auditable. You can read the source code yourself here.
Accountable - The public ledger is transparent, all transactions are seen by everyone.
Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works. You can even run a node on a Raspberry Pi.
Censorship resistant - No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
Push system - There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
Low fee scaling - On chain transaction fees depend on network demand and how much priority you wish to assign to the transaction. Most wallets calculate on chain fees automatically but you can view current fees here and mempool activity here. On chain fees may rise occasionally due to network demand, however instant micropayments that do not require confirmations are happening via the Lightning Network, a second layer scaling solution currently rolling out on the Bitcoin mainnet.
Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
Portable - Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply memorizing a string of words for wallet recovery (while cool this method is generally not recommended due to potential for insecure key generation by inexperienced users. Hardware wallets are the preferred method for new users due to ease of use and additional security).
Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage. Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".
Securing your bitcoins
With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
If you prefer to "Be your own bank" and have direct control over your coins without having to use a trusted third party, then you will need to create your own wallet and keep it secure. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor, Ledger or ColdCard is recommended. Alternatively there are many software wallet options to choose from here depending on your use case.
If you prefer to let third party "Bitcoin banks" manage your coins, try Gemini but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email! 2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".
Where can I spend bitcoins?
Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out. If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.
Just like any other form of money, you can also earn bitcoins by being paid to do a job.
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.
The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
one bitcoin is equal to 100 million satoshis
1,000 per bitcoin
used as default unit in recent Electrum wallet releases
1,000,000 per bitcoin
colloquial "slang" term for microbitcoin (μBTC)
100,000,000 per bitcoin
smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki. Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval. Welcome to the Bitcoin community and the new decentralized economy!
The greatest wealth transfer of this century! An analysis: British-US-Chinese Empires: Gold, Silver, Bitcoin, Ethereum!
"Inflation makes you pay 50 dollars for the 20 dollar haircut you used to get for 5 dollars when you had hair!" Let's embark on a journey that made the United States the number 1 economy of the world.
1. Despite the British Empire's claim that it would for ever remain the leading empire,history can serve as a harbinger for what's to come...
At the peak of its power, in 1913, "the empire on which the sun never sets", controlled 25% of the planet's land mass and about the same percentage of the world's population. Britain was both the naval an imperial power of the 19th century, and between 1812-1914, its dominance resulted in relative peace in Europe and the rest of the world. The industrial revolution transformed Britain into the workshop of the world. By the start of the 20th century things changed as both Germany and the United States started to challenge Britain's economic and influential leadership. As often happened during human history such challenging lead to war and although Britain achieved its largest territorial influence after WW1, the war had destroyed much of its economic strength, with losses in industrial and military power marking the begin of its demise. During WW2, Japan occupied Britain's colonies, and after WW2, India, Britain's most valuable and populous possession, achieved independence. Much of the British Empire's influence is now enshrined in the Commonwealth Charter, stating shared values like democracy, human rights and the rule of law. The United Kingdom's pound sterling was its world's reserve currency during its reign and by controlling the supply of money, Britain was able to influence its global power. "Permit me to issue and control the money of a nation, and I care not who makes its laws!"Mayer Amschel Rothschild
2. The US Empire repeats this blueprint by claiming the U.S. Dollar's reserve currency status as its birthright!
The Federal Reserve Act. The Panic of 1907 triggered many American's belief that The Federal Reserve Act, passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913, was necessary for financial and economic stability. The law created the Federal Reserve System, the central banking system of the United States. The Bretton Woods System. The FED ended immobile reserve issues and the inelastic currency problems and successfully internationalized the U.S Dollar as the global reserve currency. The usage of the prior nationally used U.S. Dollar expanded a first time when the Allies agreed to the terms of the Bretton Woods System, establishing the rules for commercial as well as financial regulations among the United States and its allies. Canada, Western Europe, Australia and Japan accepted the U.S. Dollar, which was backed by a gold exchange standard, making the U.S. Dollar "as good as gold". This was only possible because the United States controlled two thirds of the world's gold reserves. Soviet representatives, who claimed that institutions like the IMF and the International Bank for Reconstruction and Development (IBRD) were Wall Street branches, didn't participate in Bretton Woods and later proved to be right, as the United States printed too much money (not backed by its gold reserves) to wage war on Vietnam, destroying a big part of the value of the U.S. Dollars held by its allies, due to the inflation of the U.S. Dollar money supply. Yet, the initial demand for U.S. dollars created the American way of life: a consumer driven economy fueled by products made outside the U.S. in return for U.S. Dollars. As the Allied countries couldn't really buy any "Made in America"-products, due to the fact that the United States' elites rather outsourced their manufacturing, they instead invested their hard labor into U.S. Treasuries. On August 1971, President Richard Nixon announced the unilateral cancellation of the direct international convertibility of the United States dollar to gold, in a response to halt the Allied countries' continuous attempts to exchange their U.S. Dollars for Gold. By 1973, the Bretton Woods system was replaced by the current freely floating fiat currency system. The petro dollar system. The second wave of U.S. Dollar adoption was the result of the petro dollar, making the global trade of oil U.S. Dollar denominated. Every country on this planet needed and still needs oil to operate and grow its economy, creating an enormous growth in U.S. Dollar demand and like mentioned before, those dollars had to be earned. Especially China served the United States consumer model by producing almost everything Americans can buy in Wall Mart and other stores. By relying on the U.S. Dollar reserve currency status, the American elites have made the mistake of outsourcing manufacturing to China, as often predicted by Donald Trump in the 1980's. The y figured it was easier to just print wealth. The tradewar. President Donald Trump, decided it was time to bring jobs back to the U.S. and started an ongoing trade war with China, the country that supplied the U.S. consumer driven economy, and proud owner of $1.07 trillion in Treasury holdings. The trade war has negatively impacted the economies of both the United States and China and will most likely result in the decoupling of both economies. What is to come? My personal insights. I see huge problems for the U.S. and the rest of the western liberal democracies. But especially the United States, who's currency amounts to no less than 60% of all the world's reserve assets, is vulnerable if and when China who only accounts for 1 or 2 %, says it is time for change. Most likely we will experience another banking crisis, with or without Covid-19, and unfortunately a bigger one when compared to the 2008 dissaster. Did you know that the global debt tripled since then? Many economists and politicians advocate the end of the U.S. Dollar reserve currency system and predict a reset. Every financial system has a limited lifespan similar to a human live: it is created, it grows, it matures, and unfortunately, it ages, weakens and dies. It happened to the Brittish Pound Sterling, and I am afraid that the days of this financial hegemony are numbered as well. And I did write "afraid", why? History tells us that these transition periods are particularly dangerous and have often led to full-blown military conflicts if not world wars. The current wealth transfer, the result of manufacturing outsourcing to mainland China, impoverished the United States and destroyed its middle class. President Donald Trump's analysis that the U.S. needs a strong manufacturing base is correct, yet without its allies the United States will not be able to turn the tide. It took China decades to build its manufacturing base, and President Trump doesn't have the privilege of having the political luxury to design five year plans, as the United States capitalistic and political model specializes more on presidential campaigning and less on economic planning, which is exactly China's strength.
3. The Chinese 'digital' empire.
China is ideally positioned to become the new global power: it produces many of our products and dominates most supply chains. It has been hoarding gold and mines most of the Bitcoin. It might just have the right reserve assets to back its DCEP, the digital Yuan, which will be pilot tested during the 2022 Winter Olympics hosted by China. Despite the fact that the United States and other western nations might not want to adopt the Yuan or allow it to be part of the world's reserve assets, China can demand payment in Yuan for its products. It's that simple! This is why outsourcing is such as stupid economic voluntarily yet fatal policy. If you only print money and don't produce goods, how long will the world play ball? One of the results of Trump's trade war is that China and other countries such as Russia and Iran no longer want to be vulnerable to U.S. sanctions that come in the shape of being denied access to the financial system through Swift. The United States can indeed destroy a big part of Iran's economy, but Iran is now becoming a big cryptocurrency player. In other words, bullying those countries might work in the short-term, but in the long-term they will simply adopt a new standard: and I believe that the Yuan will likely play a major role in the financial system they will adopt. This trend means that the expansion of the demand in U.S. Dollars will stop and reverse, when countries no longer want to use the currency whose issuer can economically destroy them through sanctions. The alternatives for such countires are cryptocurrencies like Bitcoin, Ethereum and many others, national CBDC's (Central Bank Digital Currencies), and the adoption of the digital Yuan. This digital Yuan will be attached to the One Belt, One road initiative, finding adoption whilst developing huge infrastructure projects that will lead to a Eurasian trading zone. If the U.S. Military leaves the Middle East, as Trump brings home troops, this will create the right conditions for China to emerge as the victor.
4. Surveillance Capitalism - Insights on the DCEP (Digital Currency Electronic Payment, DC/EP):
This centralized digital financial system works on blockchain and cryptographic principles and aims to increase the circulation of the RMB, in the hope it can become a reserve currency like the U.S. Dollar.
Created and sanctioned by the Chinese Government, it is the only legal digital currency in China.
The system offers Chinese regulators better monitoring abilities and will be an efficient tool against anonymous counterfeiting, money laundering and illegal financing. At the same time it reduces costs involved in maintaining and recycling bank notes and coins.
As mentioned above, China aims to bypass Swift, which it regards to be a U.S. entity, and will be able to collect real-time data related to money creation, bookkeeping, essential information for the implementation of monetary policies.
The pilot institutions for DCEP, China Construction Bank, Agricultural Bank of China, Bank of China and Industrial and Commercial Bank of China, will serve as a production test for China's new currency system, after which the DCEP will be distributed to large fintech companies such as Tencent and Alibaba to be used in WeChat Pay and AliPay. Transfers will not go through bank accounts, but through electronic wallets.
By mandating that all merchants who accept digital payments must accept DCEP, the DECP will become the most accepted digital currency in the world.
5. Sings of hope.
If the United States adopts blockchain and issues a CBDC (Central Bank Digital Currency) backed by Bitcoin, they will have a reasonable chance to offer the western democracies a new type of dollar standard that can be an anchor versus the coming RMB. If not, I fear the worst is yet to come for the U.S. Dollar and its economy. Many smart American economists and Wall Street goeroe's have finally figured out the remarkable strength of Bitcoin, the world's first and most favorite digital form of gold. Some of the smartest investment capitalists like Ray Dalio and Warren Buffet have allocated more money into gold, a clear sign of trouble. Bitcoin might be a step too far for Warren Buffet, but rest assure that Wall Street investment management companies have figured it out by now, have you? You can expect more institutions to allocate a % of their portfolio's wealth into Bitcoin and other cryptocurrencies, as a hedge against the systemic risk in our global financial system, which will inevitable start feeling the effects of the trillions that have been printed. "Inflation makes you pay 50 dollars for the 20 dollar haircut you used to get for 5 dollars when you had hair!"
How to sell xBricks for money (self post for mod approval)
Preface I've written this guide with those that are unfamiliar with crypto in mind, however it's still a lengthy process. I'm going to try to present this in a way where you don't have to learn how the underlying crypto technology works, but I will add in links to relevant concepts in case you're curious. This process was a lot more complicated before but I made a web interface to simplify it. At the time of writing this, FortniteBR BRICKs are worth 10 cents a piece. That makes 1000 bricks worth 100 bucks. The liquidity pool is about $14,000 at the time of writing, meaning that there's room in the market for you to hypothetically get $7,000 if you had a lot of BRICKs. If at any point throughout this process you need help, DM me! Misc. Resources That Might Be Helpful
A phone or phone emulator (so that you can run the reddit mobile app and collect your BRICKs)
Step 1: Setup On your desktop computer, install MetaMask. This is an Ethereum Wallet which will allow you to interact with the Ethereum Network and its many sidechains. More on this later. Follow the setup instructions in MetaMask. If you've never done this before, you'll need to create a new seed phrase. Video tutorial if you get stuck. YOUR SEED PHRASE IS THE KEY TO YOUR WALLET. ANYONE WHO HAS ACCESS TO YOUR SEED PHRASE CAN TAKE YOUR FUNDS. IF YOU LOSE YOUR SEED PHRASE YOU HAVE NO WAY TO RECOVER YOUR FUNDS. WRITE IT DOWN AND STORE IT IN A SAFE PLACE!!! NEVER GIVE IT OUT TO ANYONE -ANYONETHAT ASKS FOR YOUR SEED PHRASE IS TRYING TO SCAM YOU! DON'T FALL FOR IT! In the MetaMask interface, you'll see "Main Ethereum Network". This process uses two networks. One of them is the Rinkeby Testnet (where the BRICK tokens are natively) and one of them is the xDAI network which is where we will bridge the tokens to in order to exchange them for Dai, a token which is pegged to the price of the dollar. From the dropdown, select Rinkeby Testnet. If you're in the assets tab, you should see a thing that shows your ETH balance. Below this, you should see an "add token" button. Click it. Go to "Custom Token" at the top. In "token contract address," paste in the following: 0xe0d8d7b8273de14e628d2f2a4a10f719f898450a The other fields will autofill. Hit next. You'll now see your BRICK balance (which will be 0, you haven't transferred your bricks yet) in MetaMask if you've done everything right. You'll need Rinkeby Ether to cover transaction fees. Since we're on a testnet, the Ether is worthless which means people hand it out for free. You can get this Ether from a variety of places:
Anyone who has Rinkeby Ether to spare: Make a comment below so that those who need it can ask you. Thanks :)
Now it's time to get your BRICKs from your Reddit vault into your MetaMask wallet. WARNING: ALL CRYPTO TRANSACTIONS ARE IRREVERSIBLE. Your Ethereum address shows up under Rinkeby. It should be "0x" followed by a bunch of hex characters. Click on it to copy it to your clipboard. You now need to somehow get this to your mobile device. Email it to yourself, text it to yourself, whatever. On your Reddit mobile app home screen, click on your profile icon and then go to vault. You'll need to set this up and claim your tokens if you haven't already. Be aware that this is also technically an Ethereum wallet. Keep your seed phrase safe. Send however many BRICKs you want to sell to your MetaMask wallet. Check to make sure the addresses are the same, but don't worry too much about making a typo or whatever. The chances that you'd make a typo that would result in a valid Ethereum address are slim, if you get a character wrong it'll just tell you it's not a real Ethereum address and prevent you from sending. It may show an error when you try to send. This is somewhat rare but pretty normal. They often run out of testnet Ether. Come back later and try again. If it works properly, it'll take about a minute to go through. It may take longer than that. Once the transaction goes through, you'll see that you have an absurd amount of BRICKs in MetaMask. No, there wasn't a glitch. The people who wrote the code for BRICKs made the decimals of precision weird for some reason. It's off by a factor of 1018. This isn't a big deal. If you see Bricks and Ether (ETH) in your MetaMask wallet, proceed to the next step. If you're having issues, feel free to DM me. Step 2: Getting Your BRICKs from Rinkeby to xDai There's a LOT going on under the hood for this part (deets for those interested). Previously this required manually generating contract interactions, which is kind of a pain if you're new to Ethereum. I made a UI to make this easier (it generates the transactions for you, all you have to do is sign them with your wallet). This took way longer to do than you might guess, so feel free to help a homie out at: 0x4BCcC2569DD93C7dF43431A7b70db569dedB6187 Go to my tool. Hit connect. If you're on the Rinkeby network, it should show your balance in BRICKs. Enter the amount you want to bridge (probably all of them). If neither of us have made any mistakes, it should pop up with a request to spend your BRICKs. If there's any issue with this tool, DM me. This allows the TokenBridge contract to take your BRICKs and put them on the xDai network where you can sell them. This is the part where you'll get an error if you don't have any testnet ETH. Set the gas price to 1 (the suggested price is based on the Main Ethereum Network - it's way too high). After you approve that, it'll give you another thing to accept. This is the actual transaction where it'll bridge to xDai. Again, make sure the gas price is set to 1 and confirm the transaction. Add xDai to MetaMask Switch to the xDai network. We're going to add another token. Again, go to "add token" > "custom token" > "token contract address". Paste in: 0x2f9ceBf5De3bc25E0643D0E66134E5bf5c48e191 If the transactions have gone through, you should see your xBricks (the name for BRICKs that have been bridged to xDai) in MetaMask. If not, wait a bit for the transactions to go through. Sometimes there are slowdowns that cause bridging to take a while. Shouldn't take too long, though. Once that's done, you're ready for the next step. Step 3: Trading Your xBricks for xDai Go to Honeyswap. Hit "select a token." You'll need to paste in the xBrick address again. Here it is: 0x2f9ceBf5De3bc25E0643D0E66134E5bf5c48e191 Click xBrick. You'll need to flipflop the trade around by hitting the arrow button. xBrick should be on top. Type in the amount of xBricks you want to sell, or hit max to sell all of them. 1 xDai = $1. You'll need to hit approve first. Set gas price to 1 again. Then you can complete the trade by hitting swap. After a bit, the xDai should show up in your wallet. Step 4: Mainnet Everything on Mainnet costs actual money to do. It costs about 50 cents to make a transaction and it costs about 3 bucks to use an exchange like the one we just used. If you don't have mainnet Ether, you won't be able to do anything with your mainnet Dai (what xDai is called when it's bridged back to the main Ethereum network). You may be able to find someone to lend you some ETH to make these transactions with. Whatever you do, just be aware. If you still want to bridge your xDai into Dai, go here and make sure xDai is on the left. If it's not, go in the top right and select xDai chain. Enter the amount of xDai you want to bridge to mainnet and then hit transfer. Follow the prompts. This part may take up to an hour due to recent network congestion. After it's done, if you go back to Main Ethereum Network in MetaMask you should see your Dai. If you have a few bucks of ETH, you can use UniSwap to convert your Dai to even more ETH. Uniswap tutorial Things you can do with ETH
Why you should vote for Trump unless you live in a safe state
Both Biden and Trump are protectionists, so Biden isn't the lesser evil even in this regard.
Yes, immigration is great, but socialism is not. You can't have free immigration and welfare and the Democrats are eager to get more voters by flooding the borders (immigrants predominantly vote Democrat) and giving them free stuff. Giving the current trend of conservstives dying out and the youth being more liberal and the GOP getting into the White House only because of luckand the electoral college, it's clear the Democrats will soon dominate politics for a couple of terms and proably get some trifectas. The more poor people vulnerable to welfare the US gets in, the more welfare recipients there will be in the future.
There's no real tradeoff in favor of the Democratic nominees except for legalization of marijuana (the both nominees have a history if shifting positions and especially Harris used to be vocally against losenning of the drug laws, so it's hard to say whether they can be trusted).
There's fewer Republicans than Democrats, so voting for a gridlock (the only electable LP party nominee) is for the most part voting for Trump and the GOP.
Biden may die during his first term. Kamala could probably take over either as an acting pres or be elected as a 2024 Democratic pres candidate if Biden won't run for reection. She scored as the 3rd most socialist primary candiate behind Sanders and Warren and has a reputation of a pretty authoritarian (authoritarian left is the opposite of libertarianism) and dishonest and corrupt (just like Biden, Trump is a liar too, but at least didn't seem to go back on his pre-election promises much) person connected to the establishment and parasiting oligarchs using the state to destroy competition.
JoJo and Supreme's VP and nearly every other Libertarian running for public office are inelectable. They can't get those 5% they hope for and that would grant them looted tax money making them robbers just like the rest. She has a liberal neolibertarian and wants to open border on day one without destroying the welfare state first. The LP of the US has since the death of Childs and Rothbard has moved to the left and today they are nothing but delusional inherent statists who desire to become the leaders of the murderous state mafia. The platform additionally started to endorse unconditional free migration and became pro-choice and anti-death penalty, which aren't unanimous libertarian positions.
They waste millions of dollars for campaigning for unelectable candidates and thus diverting libertarian donations from think tanks such as CATO and Mises. Our future isn't politics, it's the Bitcoin and changing hearts and minds. Libertarian funds should be focused 100% on spreading libertarian ideas because they make a difference. Getting 2% in a FTP voting does not. Libertarian parties (which is an oxymoron) of the US, UK, Canada or Russia aren't contributing to liberty, they are destroying it by ecouraging people to waste votes instead to vote for a party that wants to enslave, murder and rob us less. As we who understand economy very well know, if our comparative advantage lies in changing hearts and minds because we've converted many people to our cause as opposed to occasionally winning in only regional elections after pouring of tens of millions into the LP over the past 50 years. Only a fool would think the state would voluntarily let us take it over or destroy it. If a libertarian party in France or Germany started to threaten the establishment parties, they would be immediately labeled radicals abd extremists (after all, we entertain ideas that are considered radical in today's corrupt leftist world) and banned. The only country where it would the Constitution probably prohibit is the US and in the US majority system would the change from above be impossible until the majority of the population would be libertarian and at that point they could surely secede from the state or create their own minarchist states, so winning the elections would be useless anyway. Furthermore, if the establishment sees a certain electorate doesn't care about them at all and will never vote for them, they start to care about them even less. If we weren't so stubborn, it is possible there would be a former VP of president Ron Paul debating Biden instead of a childish narcissist protectionist discrediting the US in front of the whole world. And the worst part is that he doesn't seem to be the greater of two evils, unfortunately it's contrary. It's better voting for him and for a gridlock than for the riots. The LP and libertarian organisation should try to endorse some people regarded as less bad for liberty (thus greatly raising attention to us) under condition they improve or don't become more tyrannical and stop the endorsement whrn they violate the terms. People like Jorgensen aren't aware of it, but in reality they are a red herring harming the libertatian cause rather than contributing to it and such inelectable parties should be discouraged and fought bevause there is an empirical as well as logical evidence that voting for them only wastes capitalists votes and therefore makes the crimes commited against us only more, not less severe.
Stakenet (XSN) - A DEX with interchain capabilities (BTC-ETH), Huge Potential [Full Writeup]
Preface Full disclosure here; I am heavily invested in this. I have picked up some real gems from here and was only in the position to buy so much of this because of you guys so I thought it was time to give back. I only invest in Utility Coins. These are coins that actually DO something, and provide new/build upon the crypto infrastructure to work towards the end goal that Bitcoin itself set out to achieve(financial independence from the fiat banking system). This way, I avoid 99% of the scams in crypto that are functionless vapourware, and if you only invest in things that have strong fundamentals in the long term you are much more likely to make money. Introduction
Stakenet is a Lightning Network-ready open-source platform for decentralized applications with its native cryptocurrency – XSN. It is powered by a Proof of Stake blockchain with trustless cold staking and Masternodes. Its use case is to provide a highly secure cross-chain infrastructure for these decentralized applications, where individuals can easily operate with any blockchain simply by using Stakenet and its native currency XSN.
Ok... but what does it actually do and solve? The moonshot here is the DEX (Decentralised Exchange) that they are building. This is a lightning-network DEX with interchain capabilities. That means you could trade BTC directly for ETH; securely, instantly, cheaply and privately. Right now, most crypto is traded to and from Centralised Exchanges like Binance. To buy and sell on these exchanges, you have to send your crypto wallets on that exchange. That means the exchanges have your private keys, and they have control over your funds. When you use a centralised exchange, you are no longer in control of your assets, and depend on the trustworthiness of middlemen. We have in the past of course seen infamous exit scams by centralised exchanges like Mt. Gox. The alternative? Decentralised Exchanges. DEX's have no central authority and most importantly, your private keys(your crypto) never leavesYOUR possession and are never in anyone else's possession. So you can trade peer-to-peer without any of the drawbacks of Centralised Exchanges. The problem is that this technology has not been perfected yet, and the DEX's that we have available to us now are not providing cheap, private, quick trading on a decentralised medium because of their technological inadequacies. Take Uniswap for example. This DEX accounts for over 60% of all DEX volume and facilitates trading of ERC-20 tokens, over the Ethereum blockchain. The problem? Because of the huge amount of transaction that are occurring over the Ethereum network, this has lead to congestion(too many transaction for the network to handle at one time) so the fees have increased dramatically. Another big problem? It's only for Ethereum. You cant for example, Buy LINK with BTC. You must use ETH. The solution? Layer 2 protocols. These are layers built ON TOP of existing blockchains, that are designed to solve the transaction and scaling difficulties that crypto as a whole is facing today(and ultimately stopping mass adoption) The developers at Stakenet have seen the big picture, and have decided to implement the lightning network(a layer 2 protocol) into its DEX from the ground up. This will facilitate the functionalities of a DEX without any of the drawbacks of the CEX's and the DEX's we have today. Heres someone much more qualified than me, Andreas Antonopoulos, to explain this https://streamable.com/kzpimj 'Once we have efficient, well designed DEX's on layer 2, there wont even be any DEX's on layer 1' Progress The Stakenet team were the first to envision this grand solution and have been working on it since its conception in June 2019. They have been making steady progress ever since and right now, the DEX is in an open beta stage where rigorous testing is constant by themselves and the public. For a project of this scale, stress testing is paramount. If the product were to launch with any bugs/errors that would result in the loss of a users funds, this would obviously be very damaging to Stakenet's reputation. So I believe that the developers conservative approach is wise. As of now the only pairs tradeable on the DEX are XSN/BTC and LTC/BTC. The DEX has only just launched as a public beta and is not in its full public release stage yet. As development moves forward more lightning network and atomic swap compatible coins will be added to the DEX, and of course, the team are hard at work on Raiden Integration - this will allow ETH and tokens on the Ethereum blockchain to be traded on the DEX between separate blockchains(instantly, cheaply, privately) This is where Stakenet enters top 50 territory on CMC if successful and is the true value here. Raiden Integration is well underway is being tested in a closed public group on Linux. The full public DEX with Raiden Integration is expected to release by the end of the year. Given the state of development so far and the rate of progress, this seems realistic. Tokenomics 2.6 Metrics overview (from whitepaper)
Ticker: XSN. Currency type: Coin.
Consensus: Minting Proof of Stake, Trustless Proof of Stake.
XSN is slightly inflationary, much like ETH as this is necessary for the economy to be adopted and work in the long term. There is however a deflationary mechanism in place - all trading fees on the DEX get converted to XSN and 10% of these fees are burned. This puts constant buying pressure on XSN and acts as a deflationary mechanism. XSN has inherent value because it makes up the infrastructure that the DEX will run off and as such Masternode operators and Stakers will see the fee's from the DEX. Conclusion We can clearly see that a layer 2 DEX is the future of crypto currency trading. It will facilitate secure, cheap, instant and private trading across all coins with lightning capabilities, thus solving the scaling and transaction issues that are holding back crypto today. I dont need to tell you the implications of this, and what it means for crypto as a whole. If Stakenet can launch a layer 2 DEX with Raiden Integration, It will become the primary DEX in terms of volume. Stakenet DEX will most likely be the first layer 2 DEX(first mover advantage) and its blockchain is the infrastructure that will host this DEX and subsequently receive it's trading fee's. It is not difficult to envision a time in the next year when Stakenet DEX is functional and hosting hundreds of millions of dollars worth of trading every single day. At $30 million market cap, I cant see any other potential investment right now with this much potential upside. This post has merely served as in introduction and a heads up for this project, there is MUCH more to cover like vortex liquidity, masternodes, TOR integration... for now, here is some additional reading. Resources
One year ago, was the first time I bought R$ 1.000 (US$ 244) in Bitcoin when 1 BTC = US$ 7.100. Today the value is US$ 9.700. So, I expected that those R$ 1000 would be at R$ 1360, but I was very wrong! The exchanges here in my country, they base the Bitcoin price in US$ dollar, they just convert it to R$ Real. At that time, 1 BTC = R$ 29.350, now days 1 BTC = R$ 55.500. This means that my original R$ 1.000 is now almost at R$ 1.900! That’s because Brazil is in a really bad political and economic situation and the price of dollar is all times high, making R$ Real devalued. That’s when it hit me. Now I understand why people on nations that is f*cking their money up buys BTC, it saves it from inflation! Recently the Halving happen and it hit me again, Bitcoin is a deflationary money! Every day it becomes a scarce resource, but the demand is the same, making the price go up! Bitcoin is not the future, it’s the present! It puts me in the control of my wealth instead of a bunch of incompetent nations and politicians!
DDDD - The Rise of “Buy the Dip” Retail Investors and Why Another Crash Is Imminent
In this week's edition of DDDD (Data-driven DD), I'll be going over the real reason why we have been seeing a rally for the past few weeks, defying all logic and fundamentals - retail investors. We'll look into several data sets to see how retail interest in stock markets have reached record levels in the past few weeks, how this affected stock prices, and why we've most likely seen the top at this point, unless we see one of the "positive catalysts" that I mentioned in my previous post, which is unlikely (except for more news about Remdesivir). Disclaimer - This is not financial advice, and a lot of the content below is my personal opinion. In fact, the numbers, facts, or explanations presented below could be wrong and be made up. Don't buy random options because some person on the internet says so; look at what happened to all the SPY 220p 4/17 bag holders. Do your own research and come to your own conclusions on what you should do with your own money, and how levered you want to be based on your personal risk tolerance. Inspiration Most people who know me personally know that I spend an unhealthy amount of my free time in finance and trading as a hobby, even competing in paper options trading competitions when I was in high school. A few weeks ago, I had a friend ask if he could call me because he just installed Robinhood and wanted to buy SPY puts after seeing everyone on wallstreetbets post gains posts from all the tendies they’ve made from their SPY puts. The problem was, he actually didn’t understand how options worked at all, and needed a thorough explanation about how options are priced, what strike prices and expiration dates mean, and what the right strategy to buying options are. That’s how I knew we were at the euphoria stage of buying SPY puts - it’s when dumb money starts to pour in, and people start buying securities because they see everyone else making money and they want in, even if they have no idea what they’re buying, and price becomes dislocated from fundementals. Sure enough, less than a week later, we started the bull rally that we are currently in. Bubbles are formed when people buy something not because of logic or even gut feeling, but when people who previously weren’t involved see their dumb neighbors make tons of money from it, and they don’t want to miss out. A few days ago, I started getting questions from other friends about what stocks they should buy and if I thought something was a good investment. That inspired me to dig a bit deeper to see how many other people are thinking the same thing. Data Ever since March, we’ve seen an unprecedented amount of money pour into the stock market from retail investors. Google Search Trends \"what stock should I buy\" Google Trends 2004 - 2020 \"what stock should I buy\" Google Trends 12 months \"stocks\" Google Trends 2004 - 2020 \"stocks\" Google Trends 12 months Brokerage data Robinhood SPY holders \"Robinhood\" Google Trends 12 months wallstreetbets' favorite broker Google Trends 12 months Excerpt from E*Trade earnings statement Excerpt from Schwab earnings statement TD Ameritrade Excerpt Media cnbc.com Alexa rank CNBC viewership & rankings wallstreetbets comments / day investing comments / day Analysis What we can see from Reddit numbers, Google Trends, and CNBC stats is that in between the first week of March and first week of April, we see a massive inflow of retail interest in the stock market. Not only that, but this inflow of interest is coming from all age cohorts, from internet-using Zoomers to TV-watching Boomers. Robinhood SPY holdings and earnings reports from E*Trade, TD Ameritrade, and Schwab have also all confirmed record numbers of new clients, number of trades, and assets. There’s something interesting going on if you look closer at the numbers. The numbers growth in brokers for designed for “less sophisticated” investors (i.e. Robinhood and E*Trade) are much larger than for real brokers (i.e. Schwab and Ameritrade). This implies that the record number of new users and trade volume is coming from dumb money. The numbers shown here only really apply to the US and Canada, but there’s also data to suggest that there’s also record numbers of foreign investors pouring money into the US stock market as well. However, after the third week of March, we see the interest start to slowly decline and plateau, indicating that we probably have seen most of those new investors who wanted to have a long position in the market do so. SPX daily Rationale Pretty much everything past this point is purely speculation, and isn’t really backed up by any solid data so take whatever I say here with a cup of salt. We could see from the graph that new investor interest started with the first bull trap we saw in the initial decline from early March, and peaking right after the end of the crash in March. So it would be fair to guess that we’re seeing a record amount of interest in the stock market from a “buy the dip” mentality, especially from Robinhood-using Millennials. Here’s a few points on my rationalization of this behavior, based on very weak anecdotal evidence
They missed out of their chance of getting in the stock market at the start of the bull market that happened at the end of 2009
They’ve all seen the stock market make record gains throughout their adult lives, but believing that the market might be overheated, they were waiting for a crash
Most of them have gotten towards the stage of their lives where they actually have some savings and can finally put some money aside for investments
This stock market crash seems like their once-in-a-decade opportunity that they’ve been waiting for, so everyone jumped in
Everyone’s stuck at their homes with vast amounts of unexpected free time on their hands
Most of these new investors got their first taste in the market near the bottom, and probably made some nice returns. Of course, since they didn’t know what they were doing, they probably put a very small amount of money at first, but after seeing a 10% return over one week, validating that maybe they do know something, they decide to slowly pour in more and more of their life savings. That’s what’s been fueling this bull market. Sentiment & Magic Crayons As I mentioned previously, this bull rally will keep going until enough bears convert to bulls. Markets go up when the amount of new bullish positions outnumber the amount of new bearish positions, and vice versa. Record amounts of new investors, who previously never held a position in the market before, fueled the bullish side of this equation, despite all the negative data that has come out and dislocating the price from fundamentals. All the smart money that was shorting the markets saw this happening, and flipped to become bulls because you don’t fight the trend, even if the trend doesn’t reflect reality. From the data shown above, we can see new investor interest growth has started declining since mid March and started stagnating in early April. The declining volume in SPY since mid-March confirms this. That means, once the sentiment of the new retail investors starts to turn bearish, and everyone figures out how much the stocks they’re holding are really worth, another sell-off will begin. I’ve seen something very similar to this a few years ago with Bitcoin. Near the end of 2017, Bitcoin started to become mainstream and saw a flood of retail investors suddenly signing up for Coinbase (i.e. Robinhood) accounts and buying Bitcoin without actually understanding what it is and how it works. Suddenly everyone, from co-workers to grandparents, starts talking about Bitcoin and might have thrown a few thousand dollars into it. This appears to be a very similar parallel to what’s going on right now. Of course there’s differences here in that equities have an intrinsic value, although many of them have gone way above what they should be intrinsically worth, and the vast majority of retail investors don’t understand how to value companies. Then, during December, when people started thinking that the market was getting a bit overheated, some started taking their profits, and that’s when the prices crashed violently. This flip in sentiment now look like it has started with equities. SPY daily Technical Analysis, or magic crayons, is a discipline in finance that uses statistical analysis to predict market trends based on market sentiment. Of course, a lot of this is hand-wavy and is very subjective; two people doing TA on the same price history can end up getting opposite results, so TA should always be taken with a grain of salt and ideally be backed with underlying justification and not be blindly followed. In fact, I’ve since corrected the ascending wedge I had on SPY since my last post since this new wedge is a better fit for the new trading data. There’s a few things going on in this chart. The entire bull rally we’ve had since the lows can be modelled using a rising wedge. This is a pattern where there is a convergence of a rising support and resistance trendline, along with falling volume. This indicates a slow decline in net bullish sentiment with investors, with smaller and smaller upside after each bounce off the support until it hits a resistance. The smaller the bounces, the less bullish investors are. When the bearish sentiment takes over across investors, the price breaks below this wedge - a breakdown, and indicates a start of another downtrend. This happened when the wedge hit resistance at around 293, which is around the same price as the 200 day moving average, the 62% retracement (considered to be the upper bound of a bull trap), and a price level that acted as a support and resistance throughout 2019. The fact that it gapped down to break this wedge is also a strong signal, indicating a sudden swing in investor sentiment overnight. The volume of the break down also broke the downwards trend of volume we’ve had since the beginning of the bull rally, indicating a sudden surge of people selling their shares. This doesn’t necessarily mean that we will go straight from here, and I personally think that we will see the completion of a heads-and-shoulders pattern complete before SPY goes below 274, which in itself is a strong support level. In other words, SPY might go from 282 -> 274 -> 284 -> 274 before breaking the 274 support level. VIX Daily Doing TA is already sketchy, and doing TA on something like VIX is even more sketchy, but I found this interesting so I’ll mention it. Since the start of the bull rally, we’ve had VIX inside a descending channel. With the breakdown we had in SPY yesterday, VIX has also gapped up to have a breakout from this channel, indicating that we may see future volatility in the next week or so. Putting Everything Together Finally, we get to my thesis. This entire bull rally has been fueled by new retail investors buying the dip, bringing the stock price to euphoric levels. Over the past few weeks, we’ve been seeing the people waiting at the sidelines for years to get into the stock market slowly FOMO into the rally in smaller and smaller volumes, while the smart money have been locking in their profits at an even slower rate - hence an ascending wedge. As the amount of new retail interest in the stock market started slowed down, the amount of new bulls started to decline. It looks like Friday might have been the start of the bearish sentiment taking over, meaning it’s likely that 293 was the top, unless any significant bullish events happen in the next two weeks like a fourth round of stimulus, in which case we might see 300. This doesn’t mean we’ll instantly go back to circuit breakers on Monday, and we might see 282 -> 274 -> 284 -> 274 happen before panic, this time by the first-time investors, eventually bringing us down towards SPY 180. tldr; we've reached the top EDIT - I'll keep a my live thoughts here as we move throughout this week in case anyone's still reading this and interested. 5/4 8PM - /ES was red last night but steadily climbed, which was expected since 1h RSI was borderline oversold, leaving us to a slightly green day. /ES looks like it has momentum going up, but is approaching towards overbought territory now. Expecting it to go towards 284 (possibly where we'll open tomorrow) and bouncing back down from that price level 5/5 Market Open - Well there goes my price target. I guess at this point it might go up to 293 again, but will need a lot of momentum to push back there to 300. Seems like this is being driven by oil prices skyrocketing. 5/5 3:50PM - Volume for the upwards price action had very little volume behind it. Seeing a selloff EOD today, could go either way although I have a bearish bias. Going to hold cash until it goes towards one end of the 274-293 channel (see last week's thesis). Still believe that we will see it drop below 274 next week, but we might be moving sideways in the channel this week and a bit of next week before that happens. Plan for tomorrow is buy short dated puts if open < 285. Otherwise, wait till it goes to 293 before buying those puts 5/5 6PM - What we saw today could be a false breakout above 284. Need tomorrow to open below 285 for that to be confirmed. If so, my original thesis of it going back down to 274 before bouncing back up will still be in play. 5/6 EOD - Wasn't a false breakout. Looks like it's still forming the head-and-shoulders pattern mentioned before, but 288 instead of 284 as the level. Still not sure yet so I'm personally going to be holding cash and waiting this out for the next few days. Will enter into short positions if we either go near 293 again or drop below 270. Might look into VIX calls if VIX goes down near 30. 5/7 Market Open - Still waiting. If we break 289 we're probably heading to 293. I'll make my entry to short positions when we hit that a second time. There's very little bullish momentum left (see MACD 1D), so if we hit 293 and then drop back down, we'll have a MACD crossover event which many traders and algos use as a sell signal. Oil is doing some weird shit. 5/7 Noon - Looks like we're headed to 293. Picked up VIX 32.5c 5/27 since VIX is near 30. 5/7 11PM - /ES is hovering right above 2910, with 4h and 1h charts are bullish from MACD and 1h is almost overbought in RSI. Unless something dramatic happens we'll probably hit near 293 tomorrow, which is where I'll get some SPY puts. We might drop down before ever touching it, or go all the way to 295 (like last time) during the day, but expecting it to close at or below 293. After that I'm expecting a gap down Monday as we start the final leg down next week towards 274. Expecting 1D MACD to crossover in the final leg down, which will be a signal for bears to take over and institutions / day traders will start selling again 5/8 Market Open - Plan is to wait till a good entry today, either when technicals looks good or we hit 293, and then buy some SPY June 285p and July 275p 5/8 Noon - Everything still going according to plan. Most likely going to slowly inch towards 293 by EOD. Will probably pick up SPY puts and more VIX calls at power hour (3 - 4PM). Monday will probably gap down, although there's a small chance of one more green / sideways day before that happens if we have bullish catalysts on the weekend. 5/8 3:55PM - SPY at 292.60. This is probably going to be the closest we get to 293. Bought SPY 290-260 6/19 debit spreads and 292-272 5/15 debit spreads, as well as doubling down on VIX calls from yesterday, decreasing my cost basis. Still looks like there's room for one more green day on Monday, so I left some money on the side to double down if that's the case, although it's more likely than not we won't get there. 5/8 EOD - Looks like we barely touched 293 exactly AH before rebounding down. Too bad you can't buy options AH, but more convinced we'll see a gap down on Monday. Going to work on another post over the weekend and do my updates there. Have a great weekend everyone!
What are Wrapped Tokens and How will Energi interact with Uniswap?
This is a confusing issue for many newcomers and even older hands in the crypto space. I will try and make it as understandable as possible. All assets that are placed on the Blockchain have to be ‘tokenized’. This is achieved by the use of a token (a digital representation of an asset). Most assets cannot directly go on a blockchain, even if used to purchase a digital cryptocurrency Wrapped assets (Coins/tokens) The simplest form of ‘wrapped asset’ that everyone should be familiar with, is a digital fiat currency like Tether, which is the digitally ‘wrapped’ US Dollar (USDT). This can be recorded on the digital ledger (blockchain) by the use of a SMART CONTRACT. Another example comes from the Bitcoin Universe. Bitcoin (BTC) runs on its own network, but cannot easily and directly interact with other asset classes that reside on the more popular Etherium network or the newer DeFi (Decentralized Finance) networks such as UniSwap. To make this work, BTC can be ‘wrapped’ in a manner so that it can be visible on the ETH blockchain (wBTC)1. The same applies to Etherium - exchanging it for an equivalent amount of wETH via a smart contract Wrapped tokens are smart contract mediated conversions of crypto-assets in a manner making them exchangeable with other Ethereum-based assets, while ERCs and EIPs are standard specifications on commonly agreed-upon formats within the Ethereum ecosystem2 So what happens when an asset is ‘wrapped’? A ‘Wrapped Token’ is where you 'wrap' or 'transform' an existing crypto asset or Token (ETH, ERC20, BTC) into a new Wrapped Token with additional functionality, converting an asset to an ERC-20 compatible token. An ERC-20 token represents another asset that has the same value recorded by a smart contract. How will Energy (NRG) be used on UniSwap**?** Energi is built to be compatible with Etherium but needs to work in the DeFi UniSwap ecosystem. To make the coin compatible for use, it needs to be tokenized3 Tokenized NRG - What is tokenized NRG? - It is a wrapped NRG coin that is compatible with the UNISWAP protocol References:
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