I do have a very specific crypto-related question for the gallery actually. This one’s probably aimed at Mike, primarily, but if there are any other closet $ZEC investors/degens out there, then by all means, I’d love to hear from you as well!
Ok then, very non-macro question: wtf is going on with $ZEC these past few days? Not sure what platform(s) you may utilize for your crypto degeneracy, but I’m as vanilla (dumb-?) as you could possibly imagine in this regard and I use Coinbase only. (Side note - I’m def open to suggestions if any US-based crypto trading
folks here have recommendations for other platforms I should consider using instead or in addition to CB for my crypto trading needs.)
Anyhoo, I’ve noticed some pretty funky trade patterns going through on the ZEC-BTC pair over the past ~36-48 hrs in particular. I could describe the odd patterns I’m seeing going off in repetitive succession if anyone is curious about the details of that, but I’ll spare folks for now and merely summarize the odd trades as apparently some sort of strangely uniform and repetitive/algorithmic patterned process, but unlike any other trade pattern I’ve seen before….and I’ve logged many thousands of hours staring at L2 screeners over the years, (mostly on OTC stocks but also with a fair amount of cryptos the past 3-4 years. Def not elite day trader status here or anything, but this ain’t my first walk in degeneracy trading park either, alright? that’s all I’m saying.)
Also $ZEC has had quite strong price action over the past few weeks or so. But actually very steady, dare I say it’s been demonstrating a “healthy” uptrend on the daily charts? ‘Healthier’ than any other crypto I’ve come across over this past month, at least, that’s for damn sure. But that’s also a pretty low bar at the same time, now isn’t it. Que lastima…
So my Q: what’s going on with $ZEC lately? Am I missing some VC-driven pump-a-thon? Or is there actually some (dare I say it? 🫣) positive narrative going on with the ZEC ecosystem that I’ve been completely ignorant of lately? It’s not just funky trading patterns lately on Coinbase either…the ZEC-BTC pair has been experiencing some extraordinary volume the past 2-3 days and so something is up. Something in addition to $ZEC’s relative valuation, that is…c’mon, it’s essentially +100% relative to $BTC over the past month! If you go back to the low on the $ZEC-$BTC pair back on July 4th (0.000289 on CB) and it touched as high as 0.000562 a day or two ago, and looks to be *PERHAPS* threatening a breakout above that price here at some point, and perhaps* maybe even very, very soon….🤷🏼♂️🤔
*or maybe never, ever, ever, and instead it’ll be down only from here on out, ‘til the end of time…
Interesting, I hadn't noticed anything odd about trading patterns with ZEC or specifically with the ZEC/BTC pair. As far as fundamentally, I don't know that I'd say there's any one specific thing that could be driving the action. All I'll say is this; if public blockchain networks are ever going to achieve what many in the space hope they will (scalable, cheap transactions via self-custody of non-state money, with a hard capped currency) it CANNOT happen without privacy at the protocol level. Period.
Unfortunately….VERY unfortunately actually….I must concur that it certainly seems (as of right now) that Mike’s take in this piece is pretty damn near a bullseye synopsis of what’s going on and what’s likely to come for markets, here in the near-term at least.
I’m still managing to hold onto a very tiny inkling of hope that maybe, just maybe I’m wrong about your being as spot-on as drinking a cold brewski at Fenway Park on a mild, sunny, slightly breezy summer afternoon in Beantown with your best buds…but that hope is diminishing very rapidly. There’s a saying somewhere out there about hope as an investment strategy I do believe…🤔
I do have a very specific crypto-related question for the gallery actually. This one’s probably aimed at Mike, primarily, but if there are any other closet $ZEC investors/degens out there, then by all means, I’d love to hear from you as well!
Ok then, very non-macro question: wtf is going on with $ZEC these past few days? Not sure what platform(s) you may utilize for your crypto degeneracy, but I’m as vanilla (dumb-?) as you could possibly imagine in this regard and I use Coinbase only. (Side note - I’m def open to suggestions if any US-based crypto trading
folks here have recommendations for other platforms I should consider using instead or in addition to CB for my crypto trading needs.)
Anyhoo, I’ve noticed some pretty funky trade patterns going through on the ZEC-BTC pair over the past ~36-48 hrs in particular. I could describe the odd patterns I’m seeing going off in repetitive succession if anyone is curious about the details of that, but I’ll spare folks for now and merely summarize the odd trades as apparently some sort of strangely uniform and repetitive/algorithmic patterned process, but unlike any other trade pattern I’ve seen before….and I’ve logged many thousands of hours staring at L2 screeners over the years, (mostly on OTC stocks but also with a fair amount of cryptos the past 3-4 years. Def not elite day trader status here or anything, but this ain’t my first walk in degeneracy trading park either, alright? that’s all I’m saying.)
Also $ZEC has had quite strong price action over the past few weeks or so. But actually very steady, dare I say it’s been demonstrating a “healthy” uptrend on the daily charts? ‘Healthier’ than any other crypto I’ve come across over this past month, at least, that’s for damn sure. But that’s also a pretty low bar at the same time, now isn’t it. Que lastima…
So my Q: what’s going on with $ZEC lately? Am I missing some VC-driven pump-a-thon? Or is there actually some (dare I say it? 🫣) positive narrative going on with the ZEC ecosystem that I’ve been completely ignorant of lately? It’s not just funky trading patterns lately on Coinbase either…the ZEC-BTC pair has been experiencing some extraordinary volume the past 2-3 days and so something is up. Something in addition to $ZEC’s relative valuation, that is…c’mon, it’s essentially +100% relative to $BTC over the past month! If you go back to the low on the $ZEC-$BTC pair back on July 4th (0.000289 on CB) and it touched as high as 0.000562 a day or two ago, and looks to be *PERHAPS* threatening a breakout above that price here at some point, and perhaps* maybe even very, very soon….🤷🏼♂️🤔
*or maybe never, ever, ever, and instead it’ll be down only from here on out, ‘til the end of time…
Interesting, I hadn't noticed anything odd about trading patterns with ZEC or specifically with the ZEC/BTC pair. As far as fundamentally, I don't know that I'd say there's any one specific thing that could be driving the action. All I'll say is this; if public blockchain networks are ever going to achieve what many in the space hope they will (scalable, cheap transactions via self-custody of non-state money, with a hard capped currency) it CANNOT happen without privacy at the protocol level. Period.
Mike, A very fine and worthwhile post today. In my opinion you have it right on. Best to you, John
I appreciate it! GL
Unfortunately….VERY unfortunately actually….I must concur that it certainly seems (as of right now) that Mike’s take in this piece is pretty damn near a bullseye synopsis of what’s going on and what’s likely to come for markets, here in the near-term at least.
I’m still managing to hold onto a very tiny inkling of hope that maybe, just maybe I’m wrong about your being as spot-on as drinking a cold brewski at Fenway Park on a mild, sunny, slightly breezy summer afternoon in Beantown with your best buds…but that hope is diminishing very rapidly. There’s a saying somewhere out there about hope as an investment strategy I do believe…🤔