Virtual Currency - Alt Coin Discussion Thread
I wanted to post a different thread to discuss the "crypto-coin" boom that happened this week.
For those who don't know, crypto-coins (or alt coins) have exploded in popularity among the bitcoin crowd. Some coins have gone from 5-10 cents to 2-3 dollars, making early investors millions. The market caps have gone from $500,000 being significant to the same coins have 20-30 million in market cap just two weeks later.
While alt-coins have long been a favorite of the "pump and dump" crowd - much like penny stocks - it's been their popularity in China this week that have many thinking if the run can be more sustained.
Even more, some (like WorldCoin) have financial services coming out that will allow direct crypto-fiat transactions...much like Coinbase is for bitcoin.
Anyway, I really wanted to get a good discussion going here of these coins. Full disclosure: after staying FAR away from alt coins this summer I recently jumped in to three that I like a lot and think they have a lot of long-term potential: WDC, Megacoin, and Peercoin. I'd love to hear what coins others like and the reasons why!
SoP
brave browser is chrome fyi
All I know is that Brave let me in and Chrome blocks. Also Brave has more crypto wallets installed.
Smells like hot dog
new cobie just dropped
Thanks for sharing. I didnt know Cobie was still worth listening to but found it quite useful.
Sad news, the doge dog died :(
Allocated a bit to Uniswap. It is still the number one decentralised exchange but the token has recovered to nowhere near all time highs. It looked to be on a recovery track until it was issued with Well Notice from the SEC which it is fighting. This is all before the complete sea change at a political level on Crypto, ETH ETF approval, etc. I wouldn't be surprised to see it get dropped completely.
If anyone has any other secondary plays from the ETH news, I am all ears.
counterpoint
even if Uni ever enables the fee switch (which has been a dangling carrot for years so Uni Labs can keep dumping its token), the annual revenue would be in the order of $75 million on an $8.6 billion market cap for a P/S ratio of 115x. i guess 115x is better than most vaporware projects out there, but i just don’t see a compelling reason to ever own UNI when other verticals are valued significantly higher and have projects at $100-500m market caps that will do multiples in a full on bull cycle / retail mania phase.
UNI and all the rest of the DeFi 1.0 tokens have the same down-only price charts since DeFi Summer 2020. i think you’d have better luck finding smaller projects with growing metrics only available on DEXes currently and basically front run normies on eventual CEX listings.
or just buy a basket of memes like pepe / wif / bonk / mug / boden / maga as that **** seems to be the only sandbox retail wants to play in this cycle when you have a minefield of trash like Worldcoin and its $45bn FDV floating out there.
The vote is happening on the 31st - https://dailycoin.com/uniswap-v3-fee-vot...
Accounting - https://cointelegraph.com/news/uniswap-f...
Outside of this, I am basically betting on the fact that I don't think the market has correctly adjusted to the political change in sentiment around Crypto given the crash in the token from the SEC suit.
I don't know how any of this is related to trying to find shitcoins that will 1000x in value. If it was as easy as you suggest we would all be rich.
i mean uniswap the token (not the protocol) is effectively a shitcoin as well, along with 99+% of all other tokens. there are plenty of dex tokens that share revenue with token holders and they are not reaching frothy valuations either.
regarding shitcoins, i’m not saying it’s easier simply that the risk/reward is better as most people never transact on chain and simply buy what’s available on CEXes which logically would result in less alpha as everyone has access to the token for years. basically every eth token underperforms eth as the market values infrastructure much higher than apps.
if UNI is mispriced at a future 150x P/S (assuming 10% fee share for token holders, with LP’s receiving the lion’s share at 90%), then what is a fair valuation? 300x P/S? 600x?
not to mention, Uniswap is the single biggest protocol in terms of native asset treasury holdings at $4.6bn (53% of total $8.6bn market cap) and has expressed a desire/need to diversify treasury holdings which will be relentless sell pressure (as has been happening for years already).
Uniswap Labs equity would be a great investment as that is where all the value is accruing. UNI token, not so much (in my opinion of course).
You are looking at this far too deeply. I agree they are all shitcoins, I'm not looking at this as some technological investment to change the world. I know though given this is the oldest, highest volume DEX in the world I am not getting rugged out of existence. I am looking for a decent bounce, take 30-40% and move on once the news that the SEC won't be prosecuting is made official which I think is like 95% to happen give the shift in landscape. I don't really see a downside.
I am far more concerned with WorldCoin as a project than the tokenomics of the project. I know we are going to need to tackle, bots, AI, etc in some capacity but this tracking of people through Biometrics seems a path to dysphonia. There is going to be a real push I think in the coming years to introduce something like a digital passport for accessing the internet.
Ah, yah if you’re just looking at it as a short term trade then yah I can see a short term bounce if and when the fee switch is turned on because is very reactionary like that.
I don’t trade anything short term really, so when I buy bags I make sure it’s something I’m comfortable holding for at least a year to qualify for long-term cap gains tax treatment.
johnnybuz since you seem more studied than most, do you have any opinion on what can happen in a QE bullmarket vs a QT bullmarket?
ben cowen is the only crypto YTer i listen to at all. well not true, sometimes in the past i listened to james (investanswers) but that was only to basically get a whole crypto/stock/some real estate + current events out of the way in like 10-15 mins on 1.5x-2x speed each day
If you want just 1 timestamp, its 9:43-15:50 you can listen to on 1.5-2x. Title of vid had to do with ADA but he was also showing all alts as a whole vs btc, looking at eth etc. Basically in 1 sentence 'timelines and narratives don't matter at all, QT vs QE does'
https://youtu.be/VOJdqSwFgBU?t=583
In 2009 the Fed started QE, which is money printing, to raise asset values. They believed that rising house and stock prices, would make people feel wealthier and that they would go out and spend like drunk sailors.
Milton Freedman mentioned QE as an example of what not to do. He said it was just inflation. That strong economies are built on a foundation of production and savings. Weak bubble economies are built on debt, consumption and money printing.
Unfortunately, for political expediency Ben Bernanke took the cowards way out and went down the money printing rabbit hole. Ironically, he wrote a book called the courage to act and won a Nobel Prize.
In March 2020 the Fed launched QE4 ie money printing, because nobody bothered to save anything and every business was shut down. Bitcoin went from 4k to 60k.
In December 2021 the Fed launched QT. In 9 months Bitcoin fell from 60k to 16k.
Now the Junkies on Wall Street, are betting that the Fed repeats the mistakes that they made in the past and Bitcoin has since made a recovery.
I just randomly realized I have some ANT on Kucoin (delisted there). How do I know which network to add to Metamask so I can send there and...convert to ETH I guess? (can't sell it on Kucoin since it's delisted)
I just randomly realized I have some ANT on Kucoin (delisted there). How do I know which network to add to Metamask so I can send there and...convert to ETH I guess? (can't sell it on Kucoin since it's delisted)
When you withdraw from Kucoin it will tell you which network(s) they can send to. It's most likely just eth mainnet so you shouldn't need to do anything. Looks like about $10k daily volume on uniswap
When you withdraw from Kucoin it will tell you which network(s) they can send to. It's most likely just eth mainnet so you shouldn't need to do anything. Looks like about $10k daily volume on uniswap
Thanks. Had to send a support ticket in anyway though, getting an error saying max withdraw of 0 for the token even though it clearly shows it's there. (I also just withdrew some stray USDT so I assume it's about the weird token situation and not my account).
In 2009 the Fed started QE, which is money printing, to raise asset values. They believed that rising house and stock prices, would make people feel wealthier and that they would go out and spend like drunk sailors.
while that is a benefit of QE, that is not the only 'Benefit' of loose monetary policy.
the MAIN BENEFIT of a loose monetary policy and a fractionalized currency, are the effects on Debt. It makes Debt MUCH cheaper to repay.
Think of monetary policy and the repo market as a Throttle pedal in a car... the more you press (loosen), the faster you go... the more you lift off the pedal, the slower you go... and the more you raise rates, the more you press on the brakes.
the thing about this cycle is that the economy is like a GIANT Vehicle that is overloaded with size and weight, and the brakes are not working as well as they have before... and are beginning to heat up and loose effectiveness.
Over collateralized gold loans allowing XAU₮ (Tether Gold) holders to mint aUSD₮ a new gold backed stablecoin on Ethereum.
Now that the market seems to be softening. Which low to mid cap alt coins do you guys have your eyes on? What sectors or catagories can give some alpha returns?
Now that the market seems to be softening. Which low to mid cap alt coins do you guys have your eyes on? What sectors or catagories can give some alpha returns?
I had closed alot of my alt longs on the past run up.
But I bought a bunch back including RNDR, BEAM, SUI, FET, ALGO, ATOM, FIL and XRP for the lulz
Why are alts not dumping like I wanted them to. Versus btc. I saw btc was going to 59 like
Now that the market seems to be softening. Which low to mid cap alt coins do you guys have your eyes on? What sectors or catagories can give some alpha returns?
$ICE .
Ice Open Network, 2.1M followers on X, you can get free tokens from their projects with the tap-to-mine technology. around 30M marketcap.
DYOR. Not selling any until it gets to Billions of marketcap.
$ICE .
Ice Open Network, 2.1M followers on X, you can get free tokens from their projects with the tap-to-mine technology. around 30M marketcap.
DYOR. Not selling any until it gets to Billions of marketcap.
Max Supply - 21,150,537,435
24 Hour Trading Vol - $3,388,601
Market Cap - $32,362,679
LOL...
