Bitcoin and other forms of digital currency

[cladner]

carter worth has a nice rundown of the history of bitcoin draw downs.  it starts around 1:50.  in a nutshell there have been 11x drawdowns over 30% since btc began, average drawdown is 55% so we're getting close to average drawdown.  he has $29K as the support level (bounce point) which we are pretty close to.  

https://www.cnbc.com/video/2021/05/17/he-called-the-drop-now-the-chartmaster-says-theres-a-new-key-level-for-bitcoin.html

 

Edited May 19, 2021 by cladner

[elmaslıefendi]

I hope the 'buying opportunity/flash sale/discount'-guys are actually buying & not just saying that. Go ahead, burn it.

[House Schubert]

20 minutes ago, spener90 said:

You should definitely invest every bit of your money in it.

Ha, you make it sound like i'm not a grown ass man who knows the difference between money and sport money.

Seriously, to everyone out there... If you don't have a fully funded retirement account for your age, and 6 months of your cash burn in savings, Don't put your money into speculative investments.

But for those of you with those boxes checked, you would be silly not to look around for opportunities to 10x.

 

[spener90]

33 minutes ago, House Schubert said:

Ha, you make it sound like i'm not a grown ass man who knows the difference between money and sport money.

Seriously, to everyone out there... If you don't have a fully funded retirement account for your age, and 6 months of your cash burn in savings, Don't put your money into speculative investments.

But for those of you with those boxes checked, you would be silly not to look around for opportunities to 10x.

 

No, your comment here makes it sound less like you are a fanatic, and more just taking the ride, wherever it ultimately goes. I don't have a problem with that.

I just can't imagine the average person really being smart to buy it at 30k (I realize you can buy partial amounts), when clearly it can fluctuate in such dramatic fashion. Especially when people often respond emotionally in times like this.

I am likely somewhat hypocritical in that I am considerably invested in CRISPR stocks as my high risk/high reward as my 10x opportunity.

 

[House Schubert]

Well, I am a bit fanatical about crypto in general.  It is the future of finance and currency, no question.  The only questions are who (which coins) and how (What types of blockchain, and how they are used), not if.  

 

[dennugsmello]

1 hour ago, joneyyy1981 said:

doesnt matter. it just lost all credibility yet again.

When did shitcoin have credibility?

Millions of people jumping into a ponzi scheme is not credibility. Even if it recovers and goes back up again, it still has no value. At least the dollar, while deeply flawed, is backed by a commodity and a military. 

Crypto is literally nothing. You are investing your money in math problems...

[joneyyy1981]

3 minutes ago, dennugsmello said:

the dollar

doge has more credibility than the dollar.

[elmaslıefendi]

8 minutes ago, joneyyy1981 said:

doge has more credibility than the dollar.

No. Can't use doge. The dollar I can atleast burn when hyperinflation sets in.

[zaphoid]

1 hour ago, dennugsmello said:

Crypto is literally nothing. You are investing your money in math problems...

I've invested in worse.  What do you think the lotto is, or even sports gambling?  Its all the same.

[joneyyy1981]

1 hour ago, zaphoid said:

I've invested in worse. 

harry potter great halls?

[cmartin33]

It's the perfect time to buy some crypto if you've been on the sidelines waiting for a dip. (Obviously not financial advice). And to all the doubters out there, I recommend dabbling in the space and learning more about it.....it's easy to criticize and condemn what you don't understand. Crypto currency is the future, just like the internet was the future back in 2000.

You have to adapt to technological changes. Gone will be the days waiting multiple days for an ACH transfer and over 24 hours for wire transfer.

[$20 on joe vs dan]

4 minutes ago, cmartin33 said:

It's the perfect time to buy some crypto if you've been on the sidelines waiting for a dip. (Obviously not financial advice). And to all the doubters out there, I recommend dabbling in the space and learning more about it.....it's easy to criticize and condemn what you don't understand. Crypto currency is the future, just like the internet was the future back in 2000.

You have to adapt to technological changes. Gone will be the days waiting multiple days for an ACH transfer and over 24 hours for wire transfer.

newb question: what happens if enough terrorist use cypto and governments around the world freezes all accounts?  COULD this happen?

we're talking 9-11 scenario all over the globe...which COULD happen....and then all evidence showing funding for them are thru Crypto

[ravenb99]

Free money!!!

[cmartin33]

3 minutes ago, $20 on joe vs dan said:

newb question: what happens if enough terrorist use cypto and governments around the world freezes all accounts?  COULD this happen?

we're talking 9-11 scenario all over the globe...which COULD happen....and then all evidence showing funding for them are thru Crypto

Here's my best answer.

1. First governments around the world have a hard time agreeing on anything. It's possible one or two major world governments could freeze accounts but it's probably highly unlikely to happen worldwide in a coordinated effort. Why you might say? The crypto space is a place of major growth. Governments want that growth and they want their currency to be represented (AKA dollars, euro, yuan, etc.). If a government such as the United States froze accounts, all cryptocurrency development would move to other countries and the stable coins like DAI & USDT would all change from Dollar denomination to another currency like the EURO. This would be a big deal as would probably cause the dollar to lose its spot as the global reserve currency.

As for the crypto and terrorists transactions...right now that is an overblown media hyped problem. It could be a major problem in the future, but the way most crypto is set up, every transaction is public ledger. So it's very easy to track crypto transfers and catch money laudering. (This is typically done via the onboarding/offboarding platforms, aka when a person moves there fiat money to crypto and vice versa).

[$20 on joe vs dan]

1 minute ago, cmartin33 said:

Here's my best answer.

1. First governments around the world have a hard time agreeing on anything. It's possible one or two major world governments could freeze accounts but it's probably highly unlikely to happen worldwide in a coordinated effort. Why you might say? The crypto space is a place of major growth. Governments want that growth and they want their currency to be represented (AKA dollars, euro, yuan, etc.). If a government such as the United States froze accounts, all cryptocurrency development would move to other countries and the stable coins like DAI & USDT would all change from Dollar denomination to another currency like the EURO. This would be a big deal as would probably cause the dollar to lose its spot as the global reserve currency.

As for the crypto and terrorists transactions...right now that is an overblown media hyped problem. It could be a major problem in the future, but the way most crypto is set up, every transaction is public ledger. So it's very easy to track crypto transfers and catch money laudering. (This is typically done via the onboarding/offboarding platforms, aka when a person moves there fiat money to crypto and vice versa).

thanks

next newb question

Cryto uses a ton of energy and computer processing; and I read that these process centers are all over the world constantly checking each other.

Although there may be redundant systems as backup; given it's huge energy and data processing needs...if usage scales up like you predict (essentially replacing $) how can it keep up? 

[joneyyy1981]

5 minutes ago, $20 on joe vs dan said:

thanks

next newb question

Cryto uses a ton of energy and computer processing; and I read that these process centers are all over the world constantly checking each other.

Although there may be redundant systems as backup; given it's huge energy and data processing needs...if usage scales up like you predict (essentially replacing $) how can it keep up? 

add every computer, buildings, HQ, phone center etc etc used by every bank in the world & add them together.

its more than bitcoin uses.

The End.

[$20 on joe vs dan]

4 minutes ago, joneyyy1981 said:

add every computer, buildings, HQ, phone center etc etc used by every bank in the world & add them together.

its more than bitcoin uses.

The End.

seems like a lot of institutions (jobs) that WOULD NOT want bitcoin to take over

[elmaslıefendi]

I'm amazed. The majority still think btc is a non-governmental thing. The mass seriously think countries, banks & exchanges would allow this to exist 12 years without doing anything.

Much naive yes?

[sodoubleoggood]

The comments from the naysayers and people spewing inaccurate facts on this thread have taught me to just stick to this forum for useful Lego news and rumors. 

I'm bowing out of this one.  Best of luck to those who are invested.  Keep those diamond hands strong my friends!!  Going to be an exciting summer!!

[ravenb99]

I mean shouldn't qfll love this,  instead of buying a $32 LEGO set and selling for 39.99 and bitching about loses you can buy 1000 at a time for 32k and sell for 39k???  Am I doing this wrong??

[bbr]

8 hours ago, cmartin33 said:

Gone will be the days waiting multiple days for an ACH transfer and over 24 hours for wire transfer.

Ummm, those days are already gone. I can get next day ACH from everyone and same day ACH from several banks. My wires go through in 15 minutes. Do any wires actually take 24 hours? I haven't seen 24 hour wires in at least 20 years.

Now, all that being said, I do think crypto will survive. Picking the winners is tricky though. AOL was the leading innovator at one time.

[ravenb99]

20 minutes ago, bbr said:

Ummm, those days are already gone. I can get next day ACH from everyone and same day ACH from several banks. My wires go through in 15 minutes. Do any wires actually take 24 hours? I haven't seen 24 hour wires in at least 20 years.

Now, all that being said, I do think crypto will survive. Picking the winners is tricky though. AOL was the leading innovator at one time.

banks mainly play games with the wires,  some small banks still take the next day or use the excuse.  Mine go through in 5-10 minutes tops to a few banks.  Some other big banks process at like 12 and won't have it process before that even if you do it at 9.   

Online wires have been a savior,  few banks do special business things for volume wires and can automate it all without needing approvals too which is nice now.  Used to suck going into a branch and waiting 20 min to get a rep to do a damn wire lol.

[Alpinemaps]

For anyone that wants to learn a bit more about the rise and fall of a crypto exchange (Mt. Gox), listen to Darknet Diaries podcast, episode 9 - https://darknetdiaries.com/episode/9/

Quote

Mt. Gox was the largest bitcoin exchange in the world. It was processing over $15 million a day in transactions. But suddenly, without warning, the website went down. The CEO said the bitcoins were stolen and lost. The public thought Mt. Gox stole the bitcoin themselves. So what really happened?

 

[House Schubert]

On 5/16/2021 at 3:20 PM, Setheronie said:

That's the best time to buy.
Here's where we are in relation to other cycles. Odds are likely in your favor. Best time to buy is now, not when everyone FOMOing in at 60k+.
Then again nothing is guaranteed, just go into it long term. It's like ordering a banana muffin at a really nice restaurant, the muffin should be really good, but nothing in life is absolutely guaranteed.

 

I have been looking for breakdowns like this for ETH... do you have any leads? 

[Foreman Porgy]