Eth Classic Buyers about to learn about the crypto markets quick
Supply imbalances stemming from the 51% attacks have left exchanges fearing chain rollback. If you are buying ETH classic and dont know what that means, get ready to lose some money.
Fact: it takes 40,000 confirmations to move your coins onto Kraken. It takes 10,000 confirmations to move coins from cold storage onto Coinbase Pro.
CB Pro has restricted Market Buys and Sells.
Since it would take me over a week to move ETC to an exchange, the buyers are simply overwhelming the supply because sellers cannot get their coins to reach the exchange fast enough. This is evident in the wide range of price quotes on different exchanges. Arbitrage is impossible because exchanges require so much time to move the coins. This market is very inefficient in my opinion, and the fact that if I wanted to sell, I couldn't makes it even worse.
The time to buy ETC was at $10 anyway, and the fact that Robinhood offers ETC, but no way to move it is setting up FOMO Noobs with some massive potential losses WHEN OG HODLERS DECIDE TO WAIT 7 DAYS TO MOVE THEIR COINS TO DUMP THEM IN TRADE FOR PRODUCTIVE ASSETS LIKE ETHER.
Fact: it takes 40,000 confirmations to move your coins onto Kraken. It takes 10,000 confirmations to move coins from cold storage onto Coinbase Pro.
CB Pro has restricted Market Buys and Sells.
Since it would take me over a week to move ETC to an exchange, the buyers are simply overwhelming the supply because sellers cannot get their coins to reach the exchange fast enough. This is evident in the wide range of price quotes on different exchanges. Arbitrage is impossible because exchanges require so much time to move the coins. This market is very inefficient in my opinion, and the fact that if I wanted to sell, I couldn't makes it even worse.
The time to buy ETC was at $10 anyway, and the fact that Robinhood offers ETC, but no way to move it is setting up FOMO Noobs with some massive potential losses WHEN OG HODLERS DECIDE TO WAIT 7 DAYS TO MOVE THEIR COINS TO DUMP THEM IN TRADE FOR PRODUCTIVE ASSETS LIKE ETHER.
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trdr.io/snapshot/1D362DF69FE22AF6.png
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Whales are getting ready to dump on you, in like 6 days when their coins FINALLY get to the exchanges. Enjoy the pump while you can. Otherwise enjoy this really dumb way to get money. I would not be holding this bag though if we see a wider crypto market correction, which usually happen when everybody is BULLISH (like now).
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trdr.io/snapshot/AFE306163C88EAB2.png
see link above. If for some reason you ARE bullish on this coin, it might be prudent to maybe wait a few days for it to come down into the $80 range before you make any additional purchases. but for now...
"Never underestimate the power of stupid people in large groups" -George Carlin
see link above. If for some reason you ARE bullish on this coin, it might be prudent to maybe wait a few days for it to come down into the $80 range before you make any additional purchases. but for now...
"Never underestimate the power of stupid people in large groups" -George Carlin
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Additionally, as expected the hashrate has seen a considerable jump:
bitinfocharts.com/co...lassic-hashrate.html
After living through the last bear market, it was apparent that most of the sell pressure came from the miners, and I suspect this trend will follow into the next bear market, so my advice would be to adjust your expectations as we move forward into the summer and beyond. Will this coin pump more? Very possible, will we see some volatility, also likely. Don't let analysts like me shake your resolve, but also try to remember that when rationality returns to the market I would not want to be holding a bag of this.
Miners will be moving more hashpower to ETC as ETH 2.0 rolls out, and remember miners are net sellers. There are definitely some whale addresses that you should bee keeping an eye on for movements.
bitinfocharts.com/co...lassic-hashrate.html
After living through the last bear market, it was apparent that most of the sell pressure came from the miners, and I suspect this trend will follow into the next bear market, so my advice would be to adjust your expectations as we move forward into the summer and beyond. Will this coin pump more? Very possible, will we see some volatility, also likely. Don't let analysts like me shake your resolve, but also try to remember that when rationality returns to the market I would not want to be holding a bag of this.
Miners will be moving more hashpower to ETC as ETH 2.0 rolls out, and remember miners are net sellers. There are definitely some whale addresses that you should bee keeping an eye on for movements.
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Could see $50, not counting out a bullish continuation, you all like to pump coins, have at it!
Could see $50, not counting out a bullish continuation, you all like to pump coins, have at it!
Comment:
Grayscale appears to be exiting their ETC position, bigly, selling the top while you all buy the top.
www.bybt.com/Grayscale
www.bybt.com/Grayscale