Bitcoin

Ron Resnick · May 16, 2021

DaveC said:
IMO, that will be the inevitable result of competing currencies . . .

No, sir. "Their money becomes less valuable" because the governments in which you place so much trust are printing more of "their money" and directly devaluing "their money."

Our Economics 101 classes teach a definitive answer (or at least they used to). In my opinion this has nothing directly to do with Bitcoin.

DaveC · May 16, 2021

Ron Resnick said:
No, sir. "Their money becomes less valuable" because the governments in which you place so much trust are printing more of "their money" and directly devaluing "their money."

Our Economics 101 classes teach a definitive answer (or at least they used to). In my opinion this has nothing directly to do with Bitcoin.

I didn't mention it because I didn't want to bring up a potentially political topic.

It's tangentially related though, fears of inflation are likely to help drive investment in cryptos, gold, etc. While I agree the way we've done stimulus was extremely poorly implemented, covid's effects as well as fear of inflation are also factors. It will be interesting to see when supply shortages are fixed how much prices come back down. I think a lot of prices will surely drop such as used cars and shipping. Right now these factors are certainly a temporary cause of inflation but there's a lot of debate about what the effects will be.

andromedaaudio · May 17, 2021

i think people have discovered a new coin today , the KGC coin

Zero000 · May 18, 2021

Personally I am going retro.

"White Punks on Dope" by the Tubes matters more than any crypto at this precise moment.

Good song.

PeterA · May 18, 2021

User211 said:
Personally I am going retro.

"White Punks on Dope" by the Tubes matters more than any crypto at this precise moment.

Good song.

I was told by a fellow member in a PM that I wasted years pursuing my former audio system and should’ve invested the money in crypto instead. Without regret, I thoroughly enjoyed years of music.

Zero000 · May 18, 2021

PeterA said:
I was told by a fellow member in a PM that I wasted years pursuing my former audio system and should’ve invested the money in crypto instead. Without regret, I thoroughly enjoyed years of music.

Rockin' and I agree. A good system in a good place ranks beyond best investments.

Harry was a rich man, he would become a priest...

Ron Resnick · May 19, 2021

This is why KeithR is a professional investor, and I am not. I agreed with Keith that the BTC chart looked broken as of a couple of weeks ago. But I am not a market timer looking to swing in and out of positions on technical analysis.

I wrote previously that I would be surprised if BTC went back down to 42,000, and that I would be shocked if it went back down to 35,000. Today BTC flash-crashed down to 30,000.00, and then bounced rapidly back to 36,000. As of this writing it is at about 38,000.

As I said I would do if Bitcoin dropped to 35,000 I bought more BTC and more Galaxy Digital today.

Zero000 · May 21, 2021

I think I can see support for that buy Ron. Looks like a good below stock to flow acquisition.

That said, I need to see more confirmation of rise or fall in the next year.

Meanwhile, I personally am NOT going to Mars on Elon's fairly shit Flash Gordon rocket ships just yet.

Doge coin wanker that he is so apparently being at the moment.

DaveC · May 21, 2021

User211 said:
I think I can see support for that buy Ron. Looks like a good below stock to flow acquisition.

That said, I need to see more confirmation of rise or fall in the next year.

Meanwhile, I personally am NOT going to Mars on Elon's fairly shit Flash Gordon rocket ships just yet.

Doge coin wanker that he is so apparently being at the moment.

Lol, I share your sentiments but I wouldn't make this an emotional decision.

I think crypto isn't a good idea for many reasons already discussed, I think going to Mars right now is dumb, my car makes my friend's Model 3 Performance feel like a Honda Accord (except for acceleration rates)... I can go on... But, it's hard to argue he isn't successful and more than that I truly believe he is a visionary in some respects and can see what the future might look like. So when he says crypto is going to take over and he intends to make doge the #1 most used crypto, it shouldn't be surprising if he's successful.

Given that, I'll risk a small amount of money I can afford to lose in hopes it may go up a ridiculous amount more. I think that may take some time though.

KeithR · May 24, 2021

i treat Bitcoin as a commodity and trade it as such without emotion either way. meanwhile the Bitcoin faithful are more like a cult and love to see their $ go down 50-70%. usually when things break, things overswing to the downside. will see what happens now that the bounces are smaller and overhead supply is enormous between 40-60k. technicals didn't confirm the last thrust up, either.

it will also be interesting to see if the "institutional" interest is really there now. the problem with crypto at its core is nobody really uses it yet.

marslo · May 24, 2021

I like JP Morgan view. Personally I have 0,5 % of my portfolio in BTC and ETH euro ETF, just to keep in touch with crypto.

bonzo75 · May 24, 2021

KeithR said:
i treat Bitcoin as a commodity and trade it as such without emotion either way. meanwhile the Bitcoin faithful are more like a cult and love to see their $ go down 50-70%. usually when things break, things overswing to the downside. will see what happens now that the bounces are smaller and overhead supply is enormous between 40-60k. technicals didn't confirm the last thrust up, either.

it will also be interesting to see if the "institutional" interest is really there now. the problem with crypto at its core is nobody really uses it yet.

It is true that this price felt very manipulated, and there were rumors of that happening from China. In retrospect, looking at the 31k levels that might have been true.

Musk hit the instituional adoption trust, as will this volatility, so unless Facebook, GM, or some such step forward, or Musk says he is starting a green mining center, it will be tough to gain that back.

Yet, the more bitcoin people buy, the less the liquidity, hence more the volatility.

Some of the altcoins are being used, just not in as high numbers. They are used for gaming, NFT, now travel, sports fan tokens, etc.

KeithR · May 27, 2021

Update- BTC just seems in no-man's land. It's a sell below 30k and a buy above 47k. i think you can just trade the range with stops on the downside (20k if it breaks)

I purchased BTC last summer as inflation was starting to heat up (unbeknownst to most at the time) and the chart looked decent, nobody was talking about crypto either. Now we have the opposite on all three. Even the local news was commenting on BTC two weeks ago. fwiw, I also have spoken to a few wealth advisors in the past few weeks and none are taking positions.

bonzo75 · May 27, 2021

Yeah I hope it will break but that range tease is scary

bonzo75 · May 27, 2021

I thought 42 is first main resistance

Folsom · May 27, 2021

No surprise if it goes back to ranging... would literally be like every other cycle. Even if it dips real low (20k) it'll probably come back up and range. To me it's just more opportunity to buy until the next time.

Folsom · Jun 4, 2021

Anyone else in early on Pussy.financial? I know some of you like Meme coins...

Zero000 · Jun 6, 2021

I am not sure of the reliability of this but as discussed earlier I suspected the world's banking system uses way more power than Bitcoin mining.

It also looks as though gold mining is worse, plus the obvious environmental damage it incurs.

Goto 11:50 of this video for more info.

Edit: Try 15:30, sorry.

KeithR · Jun 8, 2021

BTC down 8% on catching thieves $

Sold my $SPCE position today in momo land. Landscape looking precarious.

Folsom · Jun 8, 2021

It might go down more but if you don't have buy orders in... the bounce might hurt. Either way, for DCA it's obviously not a bad time. I'm bullish on Pussy.financial after they flew a plane around the Bitcoin conference for 5 hours each day that said "BUY $PUSSY SELL $DOGE", so that answers my question to you meme guys, seems early and obvious now. Plus it's not inflationary...

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