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****Official Crypto Degen Thread****

GARI, the TikTok of India and one of the few cryptos to stay flat or go up while everything else crashed in recent months, lost over 90% of it's value yesterday. It dropped to an all time low of 8 cents. Currently it is just under 19 cents.

 
I have no idea what the initial post is about. I just wanted to post the meme in the reply




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There’s been a nice little jump the past 3-4 days, I bought back in on EtH at 1080ish.
Yep. I finally started a position on BTC for the first time ever around 24ish and have been DCAing on a daily basis ever since. Not really a big fan of DCAing on crypto and not doing it with any other. I do not see major issues with BTC at this range though.
 
Yep. I finally started a position on BTC for the first time ever around 24ish and have been DCAing on a daily basis ever since. Not really a big fan of DCAing on crypto and not doing it with any other. I do not see major issues with BTC at this range though.
I came out pretty good before the recent collapse of crypto. I mainly buy ETH. I sold off my position before the collapse with a substantial gain still.

A few weeks ago EtH dropped down to 890ish, I didn’t want to catch the proverbial knife and have been watching it since. I was hoping it’d drop Back below 1000, but pulled the trigger the next time I saw it drop below 1100. Either way, I’m essentially playing with house money so I can weather a storm.
 
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I came out pretty good before the recent collapse of crypto. I mainly buy ETH. I sold off my position before the collapse with a substantial gain still.

A few weeks ago EtH dropped down to 890ish, I didn’t want to catch the proverbial knife and have been watching it since. I was hoping it’d drop Back below 1000, but pulled the trigger the next time I saw it drop below 1100. Either way, I’m essentially playing with house money so I can weather a storm.
What are your feelings on the switch to Eth 2.0? Are you thinking about selling before and then buying again afterwards or riding out the storm to the other side?:)
 
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What are your feelings on the switch to Eth 2.0? Are you thinking about selling before and then buying again afterwards or riding out the storm to the other side?:)

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I’m playing with house money, I’m not in it for the long haul. I’ll jump off that wave if it dives hard again. I really don’t know too much about ether 2.0.
 
Bitcoin is above the 50 Day MA for the first time since April when it was around $41,000

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We have now had 3 consecutive higher lows and higher highs. I was willing to take a stance this was a bottom. I can take some pain but this looks like a decent level and the trend appears to be at my back.
 
Ehh... just the start of another crypto winter. It's just the cycle in crypto and with it, all the newbies start panicking and the scammers turn desperate to get that one last pot of gold in before it happens because Winter is Coming.

Hence the reason why meme coins are a thing, scammers create them and market them to the desperate people who lost money because they came in near or at the top of the bull cycle. The crypto winter will cause 99% of the scam altcoins to perish, leaving the legitimate altcoins to survive.

This is the point where taking profits is a good idea if you are a trader who has clearly missed the peak of the bull run but still has a nice profit. One of the best techniques if you don't want to leave the crypto market is to convert everything to a stable coin pegged to the US dollar and then wait until the bottom has been hit before converting to Bitcoin or Ethereum because they are the ones that kickstart the next bull run cycle.

Finding the bottom is hard though, technical traders will point to support level, RSI, etc but in general 2 things are key to watch for. The first and most important is the price point where mining Bitcoin becomes unprofitable for the miners, the 2nd is the peak of the previous bull cycle.

The first is a red line that must not be crossed, if crossed Bitcoin goes into freefall as many miners slow operations until Bitcoins algorithm adjusts and mining becomes profitable again. The 2nd usually is the best time to reinvest in Bitcoin, Bitcoin always putters around well under the previous bull peak and then slowly legs up until it hits that peak. In this case, somewhere around $10,000 give or take a few thousand in either direction is where I expect Bitcoin to bottom and the previous peak was around $19,000 if my memory doesn't fail me.
Bumping this a bit, Bitcoin hit $17,700 and is currently at $23,800. It didn't go as low as I expected it to so I am a little leery of this recovery but signs are encouraging. Unless some big news hits I expect it to start legging up slowly with a bunch of sideways action until it hits the $40,000+ mark... that's always when the market takes off, when Bitcoin nears ATH.
 
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Well that sucks
The SEC is about to get its ass handed to it in a couple lawsuits (I think) and if repubs take the House next election it will get gutted so Gensler and company are firing their shotgun at anything moving. Secondly, the SEC has already once ****ed over Coinbase on approving lending and then pulling the rug out from underneath them. The big conspiracy spreading around is that its all JP Morgan Bank pulling the strings in this shitstorm of ****ery
 
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I am completely tied up in Voyager, close to $20k total. I was drawn in by their significant monthly rewards program for keeping assets on the platform. Hopefully we get something back from this bankruptcy ordeal, but probably not going to be good. I figured since they were publically traded it would be a bit safer, but boy was I wrong. They have 3AC a $650m line of credit, with no collateral. Unbelievable.
 
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