Markets Daily Crypto Roundup: Crypto Update | Shibtoshi on the Crypto 'Gamble'
Host: Nijen Sanasi
Guest: Shiptoshi, CEO and Founder of Squid Grow
Release Date: December 19, 2024
Introduction
In this episode of Markets Daily Crypto Roundup, hosted by Nijen Sanasi, the conversation centers around the current state and future projections of the cryptocurrency market as we approach 2025. The guest, Shiptoshi, brings valuable insights from his experience as the CEO and founder of Squid Grow, delving into topics such as market trends, investment strategies, and the evolving landscape of crypto privacy.
Market Outlook for 2025
Shiptoshi begins the discussion by outlining his focus on "blue chip" cryptocurrencies, particularly Bitcoin and Ethereum. He emphasizes Ethereum's untapped potential compared to Bitcoin's more established movement.
"[02:12] Shiptoshi: ...I think there's quite a lot of runway left. ... Ethereum is down from its all-time high of last bull market so I think it's got some movement."
He believes that while Bitcoin might offer modest gains of 2-3x, Ethereum presents a more substantial opportunity, potentially achieving 3x due to its vast ecosystem and ongoing projects.
Ethereum vs. Ethereum Classic
The conversation shifts to Ethereum Classic (ETC), where Shiptoshi highlights its unique position in the market. He explains that Ethereum Classic often mirrors Ethereum's movements with a slight delay, offering traders a predictive edge.
"[04:20] Shiptoshi: ...Ethereum Classic always follows Ethereum. ... It's kind of like getting a glimpse into the future."
This synchronicity allows traders to anticipate market directions, making Ethereum Classic a valuable asset for those closely monitoring Ethereum's performance.
Solana's Growth and Potential
Addressing Solana, Shiptoshi reflects on its early challenges, such as frequent outages, but acknowledges its recent improvements in reliability. He praises Solana for its cheap fees and fast transaction times, making it an attractive option for both developers and investors.
"[05:46] Shiptoshi: ...Solana is definitely making some noise now with their cheap fees, their fast transaction times... I just wish I would have got into Solana a little earlier but... it's still relatively early."
Shiptoshi points to Solana's increasing liquidity and the rising popularity of meme tokens like Peanut as indicators of its robust growth potential, predicting that Solana could reach significant market caps by 2025.
Latest Token Launches: Pangu
The episode covers the recent launch of Pangu, a token associated with Pengu, highlighting its massive market cap surge and subsequent stabilization.
"[08:34] Shiptoshi: ...Pangu is the token. ...waiting to find the floor... they're looking to find the floor and... people are still claiming their tokens."
Shiptoshi discusses the dynamics of token launches, noting the initial pump followed by profit-taking as investors sell. He remains optimistic about Pangu's long-term prospects, given its association with a reputable company and its potential to drive further NFT adoption.
Handling Airdrops: Best Practices
When asked about advice for newcomers handling airdrops, Shiptoshi emphasizes the importance of verification and due diligence.
"[10:46] Shiptoshi: ...verify the source of the airdrop... What you do with those tokens, whether you hold, you sell... it's up to the individual."
He cautions against immediate selling without understanding the project's legitimacy and highlights the tax implications of selling airdropped tokens, especially for those in the United States.
The Importance of Privacy in Crypto
Shiptoshi brings attention to the growing concern over privacy in the crypto space. Contrary to the belief that cryptocurrencies like Bitcoin are inherently private, he points out that transactions can be traced once wallet addresses are linked to identities.
"[12:48] Shiptoshi: ...privacy is going to start taking front center stage... we should have privacy in crypto."
He anticipates that privacy-focused solutions and regulations will become pivotal in 2025, as users and regulators push for enhanced anonymity and security within blockchain transactions.
Educating Friends and Family About Crypto
With the holiday season approaching, Shiptoshi shares his approach to introducing crypto to friends and family who are new to the space. He emphasizes the importance of education and caution.
"[15:17] Shiptoshi: ...crypto is... establishing a basic understanding first... explain the differences between holding your crypto on a centralized exchange and holding them in a self-custody wallet."
Shiptoshi advocates for educating others about the risks of centralized exchanges and the significance of self-custody, referencing incidents like the FTX debacle to illustrate potential pitfalls.
Crypto Trading: A Gamble or a Strategic Investment?
Drawing parallels between crypto trading and gambling, Shiptoshi underscores the speculative nature of the market. He advises against chasing losses through revenge trading, likening it to gambling behaviors that often lead to greater losses.
"[19:00] Shiptoshi: ...there are instances where that does happen... nine times out of 10, it's not going to be you. You're gonna lose... it's all a gamble."
He urges traders to approach crypto with a strategic mindset rather than treating it as a casino, cautioning against promises of guaranteed gains and the allure of overnight riches.
Conclusion
As the episode wraps up, both host and guest reflect on the exciting prospects for the crypto market in 2025. Shiptoshi's insights provide a balanced view, combining optimism for growth with prudent advice on navigating the volatile landscape.
"[21:20] Shiptoshi: ...anybody that sits here and tells you that they know which direction it's going to go... I'm very cautious of anybody making promises and setting expectations on price movement."
Nijen Sanasi thanks Shiptoshi for his valuable contributions, and the episode concludes with a reminder for listeners to stay informed and approach crypto investments thoughtfully.
Key Takeaways
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Ethereum's Potential: Shiptoshi highlights Ethereum's significant room for growth compared to Bitcoin, citing its extensive ecosystem and ongoing projects.
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Ethereum Classic's Predictive Edge: Ethereum Classic's delayed mirroring of Ethereum's movements provides traders with valuable market insights.
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Solana's Growth: Despite early challenges, Solana's improvements in reliability, low fees, and fast transactions make it a promising investment avenue.
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Airdrop Caution: Verification of airdrop sources and understanding tax implications are crucial for newcomers.
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Privacy Concerns: Enhanced privacy measures in crypto are expected to gain prominence as the market matures.
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Education Over Hype: Educating oneself and others about the fundamentals and risks of crypto is essential to avoid pitfalls.
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Strategic Investment: Viewing crypto trading as a strategic investment rather than a gamble can mitigate unnecessary risks.
Notable Quotes
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Shiptoshi on Ethereum's Potential:
"I think there's quite a lot of runway left... Ethereum is down from its all-time high of last bull market so I think it's got some movement."
[02:12] -
Shiptoshi on Ethereum Classic:
"Ethereum Classic always follows Ethereum. ... It's kind of like getting a glimpse into the future."
[04:20] -
Shiptoshi on Solana:
"Solana is definitely making some noise now with their cheap fees, their fast transaction times..."
[05:46] -
Shiptoshi on Privacy:
"Privacy is going to start taking front center stage... we should have privacy in crypto."
[12:48] -
Shiptoshi on Crypto as a Gamble:
"It's all a gamble... anybody that sits here and tells you that they know which direction it's going to go... I'm very cautious of anybody making promises and setting expectations on price movement."
[19:27]
This episode of Markets Daily Crypto Roundup offers a comprehensive analysis of the current cryptocurrency landscape, providing listeners with actionable insights and thoughtful perspectives on navigating the ever-evolving market as we approach 2025.