Please check your national daily news ...lolOriginally Posted by grand1001
Please check your national daily news ...lol
^^
Around early February, Tesla purchased $1.5 billion in Bitcoin.(by the end of March it was worth $2.5 billion)
I don't know the exact percentage, but they sold off around 15% of it recently and made a huge profit.
Tesla has "suspended" accepting Bitcoin for payment.
You tell me to go check the national daily news. Please fill me in on what I am missing??
In the meantime, just like with the stock market, cryptos and especially Ethereum(where I happen to have most of crypto money) is bouncing back today quite strong.
Yes, a nice rebound today...in line with the broader market.
Which I guess summarizes why I avoid it (so far). It is not generally accepted and no standard bearer(s) yet. But it can tank if one dude makes a random joke on a comedy show or a company stops taking it. And nobody can explain the fundamentals which cause a run-up, unlike with gold or Pepsi. Strikes me as artificial, like the recent pop in Game Stop.
Good luck to those of you with strong positions in it.
I enjoy reading and value your input^^
I tend to believe they'll be healthy as long as we have the current administration.
But...who really knows. Elon Musk is doing amazing things, but he is an attention-seeker, He beefs(jokes) it up about dogecoin, but even the guy who founded dogecoin said he started it as a joke. To me, that is not somebody who is interested in making it bigger and better.
I also can't get out of my head something I read "Somewhere else" the other day.
These crypto companies are selling crypto to get your American dollar.
First of all, thanks.
Your point above nails it.
Everybody is selling things. I spend $ to buy toothpaste so my teeth won't rot. I spend $ on gas so my car runs and I can drive to where I need to go. Those are products we need, and it is relatively easy to determine the value. I live alone so making my own coffee is time-consuming and wasteful so I spend $3 at the local coffee joint every day. There is a guy at work who shudders at paying that much and drinks the free swill in the office. We have both ascribed values to the coffee situation...they just differ.
To be a bit crude, I pay $ to ladies here for companionship (plus some!). Those are services I want. I won't bore you all, but there are threads all over about how everyone values those services differently.
But crypto is neither a product or a service...it is merely an alternate currency. Like gold, or Euros. There are only 2 reasons to swap one currency for a different currency. One, you need it. If I fly to Italy for vacation I will need some Euros, even if I use credit cards for most things...at some point I will need local cash. But I don't NEED crypto for anything (yet). Sure, I could have bought a Tesla with it, but I could also pay $. The second reason is because you think the second currency will be more valuable than the first. In other words, I may think over time the Euro will appreciate faster than the dollar. Often, this is based on macroeconomic differences between countries, such as inflation rate differences. Sometimes global conflict leads to flight to quality trades. Typically toward the dollar, but sometimes away from the dollar and into gold! Everyone was using a gold standard before Bretton Woods.
Because crypto is not necessary the growth is due to expected appreciation. But unlike inflation rate deltas, monetary policies, or global conflictt, I cannot see why crypti is better than a $, at least right now. Personally, I think as blockchain grows as a tool to fight fraud there MIGHT be a need for crypto. But it strikes me as being too early to tell, and thus this massive run-up is pure specilation at its finest.
DoOnlyGoodEveryday #TotheMoon
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Invest what you can afford to lose, meaning invest anything that you see go to $0 overnight that won't change your daily life.
I believe it'll go up & down to various reasons--alt coins going up, government trying to intervene, other sources accepting it, etc. But fundamentally, over the long haul expect it go up. Said this in 2010, 2014, 2017, and again in 2021. Buy & hold, if it goes to 0 life moves on. Though, I personally believe the floor is too strong and invested now to drop to 0, but wouldn't shock me to see it hit 4 digits in a massive crash if rates rise overnight. First thing folks will liquidate is cryptos. But still believe at the end of it, it lasts.
Well said. I believe the Oracle of Omaha said something similar. He has 2 rules of investing:
Rule 1- Never lose money.
Rule 2- Never forget Rule 1.
In other words, be in it for the long-term and stick with proven winners.
Most crypto exchanges are shady af. Outrageous fees, difficult transfers, etc.
Use your play money and gamble with crypto.
Use your real money to invest in stock, real estate, precious metals...
She's a kind girl, the kind I'd like to.......
Details on P411
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Would it be fair to say that "Thai Bebe" is the "Bitcoin" of Houston independents??
She appears to be the one everyone is buying.
Personally I dont like digital currencies. Cryptocurrency first of all is not tied to any valued asset and is totally decentralized. In addition to there being no standard yet and WILD speculation on which one will win it's simply too volatile and risky.
The entire idea around it is really shady too not unlike what Ben mentioned above. Cryptominers basically buy up all these massive computing clusters so they can add new blockchain nodes, effectively "printing" new currency.
This situation is ripe for meddling with currency valuation. In fact, the massive speculation among investors, and the miners who are manipulating the market, is doing exactly that.
Many of you may not know it but due to the pandemic (which already caused supply issues worldwide) as well as all the speculative miners out there, meaning those who buy up massive loads of compute clusters, typically in the form of 20-30+teraflop video cards, have utterly destroyed the PC gaming market and custom/hobbyist PC builder market. Seriously. It has ruined that industry and the scalpers are holding what inventory is available hostage on eBay and other places for 3-5 times the MSRP. All b/c of ridiculous and absurd speculation over digital currencies and hoping they can "mine their way to a fortune".
You see, it's not just the speculation of investors. Let's use an analogy to drive this idea home. Let's compare it to the traditional stock market. We all know the market is also highly speculative. Right?
However, imagine if you could also influence the stock market itself by essentially "printing" up your own stocks purchases.
That is exactly what crypto miners are doing. They are in essence "printing money" by using compute power. However, the printing is very difficult and takes lots of time and tons of complicated mathematical operations to add new currency nodes. It's not only speculation on the investing side. There is the actual "mining" speculation as well (the computing new currency/blockchains).
I'm extremely dubious of cryptocurrencies as our monetary or economic future. Compute power has no upper bound. And furthermore b/c the "mining" is a mathematical process and not a physical process of work to find a jewel or something of value (for example), or to create something of true value, it leaves me with serious concerns. One could even [eventually] foresee (it's within the realm of possibility) a way to hack the market or manipulate, or "mine", it with fake currency.
If you want to invest in it now I'd keep it very minimal. I'm not sold that cryptocurrency is here to stay (not in this form anyway). Beyond that there is the issue of which technology will win if it in fact does stick around. Just be careful. This is a highly volatile market and technology.
-MG
Wow. Just fucking wow. Thanks MG!!!
I have been skeptical from a market/valuation perspective but your technical analysis is VERY sound. I will stick to Berkshire Hathaway...
^ Np bud. I'm very skeptical for many of these reasons and some beyond the scope of a forum post. I think that's best to stick with traditional value based assets/commodities.
Digital currency has undoubtedly made some people money quickly but what people don't hear about is all the people who lose money.
Additionally, many of those we read about (like the guy who turned ~75k into 1.05Mn in ~10 days via dogecoin) may end up losing it all too. It might be 2wks later, 2mos, or 2yrs. And we don't hear about those as much but there are far more people who are going to lose money than will make it. Especially if it turns out like the VCR wars. Or worse it dies out (at least dies out on this massive global speculation stage it has been on - I can see that happening easily in time). There is literally nothing of value there. Like you mentioned Ben. That's the other enormous problem.
Cryptocurrency right now is best used as a form of anonymous payment for services if anything at all (though I can think of at least one far easier method for anonymity; prepaid visa/mc bought with cash). Beyond that the concept of cryptocurrency [in its current state] as a long-term monetary/currency replacement simply doesn't make sense at all. Much like you pointed out earlier without knowing certain technical details.A+ dude :) I totally agree.
-MG
Several public companies have purchased some form of crypto with their extra money.
There are some brokerage firms that have opened up crypto divisions.
Some places you can even pay with bitcoin. I haven't found one yet where I can pay with gold.
I wouldn't write it off as fraudulent just yet because some guy who uses the name "Math" says it is.
Actually crypto.com ( or its app) charges 0 fees for your first 30 days and 1% therafter..
While i agree if you didnt buy in dodge early on your not going to see a big profit for awhile.. But its rival shiba inu is less then a penny and has seen huge gains even compared to dodge coin ( why because shiba already runs on proof-of-stake which is what elon is attempting to do with dodge less energy is used to mine less fossil fuel) so i went in 2 mill shares of that if it ever reaches a penny im good ... Will sell of half at 10k and hodl the rest..
But i also invested in Amc which has turned out to be quite a good investment i bought in at the dip of 9.00 bought 50 shares and today its up to 15. Soo im quite proud of myself for believing in the power of cinema ��.. As pandemic and mask restrictions are lifted it can only go up as long as there are children and teens the big screen will always be around.. So i feel this was a smart long term investment.. But always open to opinions here ..
But with crypto its best to buy in early get a couple mill shares then simply let it go stop watching check back in a few months..but if you look at crypto across the chart their patterns are almost identical which leads me to believe a major move is about to happen..
Last edited by lovelyxxxo; 05-18-2021 at 10:10 AM.
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