I wonder if some of this sell off has anything to do with the colonial pipeline hackers. They got 5 million in Bitcoin from colonial and another 85 million from other companies.
Might be dumping it on the market right now.
I guess I know less about crypto than I thought. I thought dogecoin was at 0.46. If you bought $435, should that be 945 coins.
Last edited by Dallasfan; 05-18-2021 at 09:50 PM.
Bitcoin and a lot of these coins are dropping right now because China announced a crack down on cryptocurrencies. They stated Bitcoin will not be allowed in any transactions all the while promoting their own currency. It would not surprise me if additional nations follow suit in the future as the coins do have an effect on those countries currency. Most of the coins I have viewed this morning are down around 30%.
One thing concerning money my dad had taught me, "During the California gold rush the people who became wealthy were the people who sold the picks and shovels".
Last edited by GreysonTCU; 05-19-2021 at 08:02 AM.
Well I figured it was going to dip, but I can honestly say I didn’t expect to wake up this morning with 60% gone. I personally believe it’s a panic sell and will level off in a few weeks or so. We’ve gotta keep in mind that a little over a year ago, bitcoin was under 4K and a couple weeks ago it was around 55k. I’m personally going to invest a little more after it drops for the next few days, but this is definitely a high risk time. Even with the drop, I still technically have a large profit so I’m not stressing.
Depends on how highly leveraged it is. Some people were borrowing so much money to buy crypto they couldn’t afford.
You get a few days like this in the crypto market and they are going to run out of money to keep their margins.
I was actually planning to fly out to Vegas next weekend for gambling and nightlife but now I'm considering using that money to purchase more crypto. Opportunities to buy investments with such significant drops are rare. Buy low and sell high, sadly human nature and emotions cause people to do the complete opposite.
2 other stocks I'm high on...
EDR (Endeavor Group Holdings) - EDR has a controlling stake in the UFC. The IPO was about 10 days ago and opened at $24. I bought in at $24.67. Right now its at $30 and had a nice gain today ($0.58 or ~2%) when the entire market was down.
GNOG (Golden Nugget Online Gaming) - This stock was under $11 last week when the market was down about 800 points. I was going to buy on Friday but said the hell with it Ill buy on Monday. Now it's sitting over $12. IMO what makes this stock attractive are two things..
1. If you look at their competition (PENN Gaming & Draftkings) both stocks are over $40 with Penn Gaming closer to $80. As GNOG gets regulatory approval and opens up in other states I would expect the share price to climb higher towards their competitors. Currently they are operating in MI and have approval to operate in IA and CO. They are a little late to the game.
2. I dialed into their earnings release and they are going to offer live online gaming. What I mean by that is they are going to have a live dealer I assume for table games (blackjack and poker) and you can play with a live dealer while you are sitting on your couch. To the best of my knowledge they might be the first to offer this type of gaming. So it's more than just sports betting. CEO Tilman Fertitta mentioned other gaming companies are going to outsource and use their dealers..
Stocks I like...
Rtp warrants (will be Joby aviation). They make electric vertical takeoff aircraft. Reason I like warrants over stock is that it will be a while before they have a product ready for sale. If the price of the stock doesn’t get above $18 on the stock for 20 of the 30days before they merge, you can hold the warrants for up to 5 years before you have to convert to stock. You don’t have to have much invested. Bought 5000 warrants for $6500 at 1.30 per warrant. In four years when evtols really become hot, I can pay $11.5 per warrant and convert them into stock. Only have to risk $6500 for a chance to buy potential 5000 shares of stock at $11.50 per share at a future date 4-5 years away.
I like hyln. They are trying to electrify the 18 wheeler market. At $7-8 per share, it is a bargain. If their technology catches on, they have no competition currently in the long haul market.
I like cciv. They are merging to be lucid motors. Probably they best ev car on the market. Price is great right now. If it drops to 15, back up the truck.
If you like high risk / high reward, I think these stocks are a much better bet than crypto. Especially at current prices.
There is probably two legit crypto. Bitcoin and etheteum. The 100s of others are just scams.
You can buy 1 warrant if you want. It’s like a stock. It can be bought and sold like a stock. Would be tough to make money on 1 warrant.