Bitcoin and other forms of digital currency

[House Schubert]

I am pumped that I bought the dip, and now I get to buy ANOTHER DIP!!!  (although I only had $100 left to buy with!) Still... Diamond Hands.

[Foreman Porgy]

10 hours ago, House Schubert said:

I am pumped that I bought the dip, and now I get to buy ANOTHER DIP!!!  (although I only had $100 left to buy with!) Still... Diamond Hands.

It’s the dip after the dip 🤣

[cladner]

16 minutes ago, Foreman Porgy said:

It’s the dip after the dip 🤣

[MarleyMoose]

On 5/22/2021 at 12:13 AM, House Schubert said:

I am pumped that I bought the dip, and now I get to buy ANOTHER DIP!!!  (although I only had $100 left to buy with!) Still... Diamond Hands.

 

[BrickLegacy]

The sell-off continues ...


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[cladner]

10 minutes ago, BrickLegacy said:

The sell-off continues ...


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[elmaslıefendi]

26 minutes ago, BrickLegacy said:

The sell-off continues ...

Sell-off? You mean bear market? Yes, it continues. In fact, it has only just begun.

[House Schubert]

47 minutes ago, elmaslıefendi said:

Sell-off? You mean bear market? Yes, it continues. In fact, it has only just begun.

Omg. You hate crypto so much. Did it take your lunch money in 2nd grade?!?

[cladner]

where we're at:

[elmaslıefendi]

9 minutes ago, House Schubert said:

Omg. You hate crypto so much. Did it take your lunch money in 2nd grade?!?

I think I've been in this market a bit longer than you. I know what it's like to get humbled by it, seeing my portfolio melt 50% in literally 30 minutes. That's why I sold early this bull market. If this is a correction for you, fine, carry on & buy, ignore everything else. 

If you're smart, hold onto your dollars, wait for a bottom. The bottom has not yet been confirmed.

[Bricklectic]

Are there any crypto platforms that allow 100x leverage for USA residents? From what I can tell it seems the big ones do not like binance.

(asking for a friend)

[BrickLegacy]

DCA ... dollar cost averaging or dumb cognitive actions?


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[cladner]

i am mainly following eth which is getting close to the 200 day moving average ~$1588.  that may be a decent entry point to start nibbling though i am guessing we may breach the 200 day and go on down to $1200 on eth tomorrow morning when us equity markets open.   cardano and matic are becoming interesting. 

the absolute worst market days for crypto are the same days when the  next round of millionaires are minted.

[BillyBricks]

4 hours ago, Bricklectic said:

Are there any crypto platforms that allow 100x leverage for USA residents? From what I can tell it seems the big ones do not like binance.

(asking for a friend)

Has your friend checked Bitforex or Kucoin? I have never used leverage because I am good at losing my money pretty steadily without it, but I think one of those may have that option. 

[Sozial]

5 hours ago, elmaslıefendi said:

I think I've been in this market a bit longer than you. I know what it's like to get humbled by it, seeing my portfolio melt 50% in literally 30 minutes. That's why I sold early this bull market. If this is a correction for you, fine, carry on & buy, ignore everything else. 

If you're smart, hold onto your dollars, wait for a bottom. The bottom has not yet been confirmed.

"The bottom has not been confirmed yet?" - where or when do I get the confirmation?

Its just gambling, noone knows **** about it, but ye as always you know better🙃

[Mark Twain]

i am mainly following eth which is getting close to the 200 day moving average ~$1588.  that may be a decent entry point to start nibbling though i am guessing we may breach the 200 day and go on down to $1200 on eth tomorrow morning when us equity markets open.   cardano and matic are becoming interesting. 
the absolute worst market days for crypto are the same days when the  next round of millionaires are minted.

ADA likely has the backing to survive and see some steady growth, just not as much interest as BTC and ETH. Too many coins on the market now and everyone looking for the next home run. It would be best if a lot of these tokens simply folded. OMI is getting into a potentially nice buying price but I’m guessing it will drop a great deal more since the Veve folks are mostly hype at this stage. Other so called shitcoins like Shiba Inu and Safemoon are all hype at this point too.


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[exracer327]

26 minutes ago, Sozial said:

"The bottom has not been confirmed yet?" - where or when do I get the confirmation?

Its just gambling, noone knows **** about it, but ye as always you know better🙃

The last time Bitcoin had a major drop, it went down 80% from its previous high (2017-2019).  If bitcoin dropped 80% from its previous high this time around, the bottom would be around $13k.  

*"Past performance is no guarantee of future results."

[dennugsmello]

Step away from the shitcoins brickpickers!
 

Friends don’t let friends invest in math problems. 
 

 

[cladner]

14 hours ago, Mark Twain said:

ADA likely has the backing to survive and see some steady growth, just not as much interest as BTC and ETH. Too many coins on the market now and everyone looking for the next home run. It would be best if a lot of these tokens simply folded. OMI is getting into a potentially nice buying price but I’m guessing it will drop a great deal more since the Veve folks are mostly hype at this stage. Other so called shitcoins like Shiba Inu and Safemoon are all hype at this point too.


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polygon top crypto in last 24 hours,  tracking the price of cardano very closely and when it dipped into the 0.70s over the weekend with cardano trading in the $1.10s.  this morning, cardano is $1.49, polygon $1.50.   doing well with both of these but i am worried some of these alt efficient coins will tank when eth becomes proof of stake.  

Edited May 24, 2021 by cladner

[House Schubert]

37 minutes ago, cladner said:

  doing well with both of these but i am worried some of these alt efficient coins will tank when eth becomes proof of stake.  

I also wonder this... ETH has a utility, so it isn’t really in its interest to have a high value per coin...true/false?

[Pseudoty]

29 minutes ago, House Schubert said:

I also wonder this... ETH has a utility, so it isn’t really in its interest to have a high value per coin...true/false?

False, the utility is from the network and not the coin itself. The gas fee is what causes the issue and not the price of the coin.  

[KShine]

I have researched crypto, etc., and while I could see the argument for it having a permanent place in the modern world, its high valuations seem impossible to justify.

What metric can be used to show that bitcoin (or others) should be worth $1,000,000 $100,000 $60,000, $25,000 $10,000 $1,000 or $100?

[cladner]

42 minutes ago, KShine said:

I have researched crypto, etc., and while I could see the argument for it having a permanent place in the modern world, its high valuations seem impossible to justify.

What metric can be used to show that bitcoin (or others) should be worth $1,000,000 $100,000 $60,000, $25,000 $10,000 $1,000 or $100?

the same thing could be said for any non-dividend paying stock.  sure people use PE ratios EBIDTA etc but now we see the levels of those has gone to all time highs and so what does that actually mean?  if anything it means equities are grossly overpriced.  in truth, non-dividend bearing stock shareholders own nothing more than the right to sell the stock at a higher or lower price.  oh i also forgot the part about the right to get hosed when the company sells millions of new shares they make up out of thin air and the right to get  handed a sack full of poop when the company goes bankrupt (though not in the case of my largest stock holding HTZGQ).  crypto at least is upfront about what you are getting - an idea or vision of the future that may or may not come to pass but at least i don't have to worry about an accounting error or ceo hanky panky taking down eth.

in the history of crypto, not investing any money into it at all has been an epic mistake that many will be doomed to repeat.  very small amounts forgotten about and left alone can pay off college loans and houses.  when my wife started investing in crypto in 2017, all the news stories were about how late it was in the game and that the money had already been made.  now here we are in 2021, i'm reading articles about "early" crypto investors from 2017 - lol. 

Edited May 24, 2021 by cladner

[KShine]

1 minute ago, cladner said:

the same thing could be said for any non-dividend paying stock.  sure people use PE ratios EBIDTA etc but now we see the levels of those has gone to all time highs and so what does that actually mean?  if anything it means equities are grossly overpriced.  in truth, non-dividend bearing stock shareholders own nothing more than the right to sell the stock at a higher or lower price.  oh i also forgot the part about the right to get hosed when the company sells millions of new shares they make up out of thin air and the right to get  handed a sack full of poop when the company goes bankrupt (though not in the case of my largest stock holding HTZGQ).  crypto at least is upfront about what you are getting - an idea or vision of the future that may or may not come to pass but at least i don't have to worry about an accounting error or ceo hanky panky taking down eth.

in the history of crypto, not investing any money into it at all has been an epic mistake that many will be doomed to repeat.

So, I guess you are saying that there is no valuation metric that can be used.

With a non dividend company you are still buying a small percentage of that company (which has some value, even if it is based on its potential value).

I want to believe, and I have gotten into ETH during the dips - but I very much look at it as a gambling move (not an investment).

[Mark Twain]

1 hour ago, KShine said:

So, I guess you are saying that there is no valuation metric that can be used.

With a non dividend company you are still buying a small percentage of that company (which has some value, even if it is based on its potential value).

I want to believe, and I have gotten into ETH during the dips - but I very much look at it as a gambling move (not an investment).

It is gambling. Some can kid themselves about it but that's what it is. Then there's the number of lost coins because people forgot their passcodes to get into their wallets. Nearly 20% of Bitcoin is inaccessible which in turn actually helps drive up the price because it further limits supply. https://www.nytimes.com/2021/01/13/business/tens-of-billions-worth-of-bitcoin-have-been-locked-by-people-who-forgot-their-key.html#:~:text=the main story-,Tens of billions worth of Bitcoin have been,people who forgot their key.&text=Of the existing 18.5 million,the cryptocurrency data firm Chainalysis.