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BitCoin falling like a Dotcom


joeken24

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1 hour ago, Corcaigh said:

MicroStrategy buys $250 Million of BTC.

 

The shocking thing to me about this is that MicroStrategy is still around. I temped there in the 90s, in the mail room, and was impressed at how glitzy it was... Free snacks and drinks in every work area, stuff like that... A little like Silicon Valley. 

 

One day I was dropping a package off and realized the office was occupied by a girl I had a crush on in high school. 😳

 

I ended up in teaching, and then saw on the news when they ended up being a harbringer of the tech crash and the SEC filed charges against the executives.

 

I just assumed they went away like so many other tech companies. I guess they picked the right angle, selling data like Facebook, and the executives got the rich person "pay a fine and move on being rich" treatment.

 

Huh.

Edited by techboy
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I wonder if MicroStrategy shareholders are excited that the company is taking such a position on bit coin.

 

12/6/2020 - Tysons, Va. -- As a pioneer in buying bitcoin for corporate treasury holdings, Tysons-based Microstrategy said it will increase its bitcoin holding by as much as $500 million following a convertible debt offering. Earlier this year, the company was one of the first public companies to embrace bitcoin for its reserve holdings -- a move that has paid off as the price of bitcoin has jumped since its initial purchases, and its stock price has jumped. MicroStrategy now holds over $700 million in bitcoin -- a number that will grow after the debt offering is complete. “MicroStrategy estimates that the net proceeds from the sale of the notes will be approximately $537.2 million (or approximately $634.9 million if the initial purchasers exercise in full their option to purchase additional notes),” the company reported. “MicroStrategy intends to invest the net proceeds from the sale of the notes in bitcoin in accordance with its Treasury Reserve Policy pending the identification of working capital needs and other general corporate purposes.”
https://ir.microstrategy.com/news-releases/news-release-details/microstrategy-announces-pricing-offering-convertible-senior

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1 minute ago, Barry.Randolphe said:

so what is the chef's recommendation on how dick should be served? medium rare?


Cook it all the way through, can’t leave that raw edge on it with the blood flavor. Gotta be done on a charcoal grill. Poke holes in it to prevent bursting like you’d do for sausages. 
 

Though with MAGA types they may be best served as appetizers. Thinking like pigs in a blanket. 

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SF Bitcoin owner can't remember password for account worth $220 million

 

Stefan Thomas, a German-born programmer living in San Francisco, has two guesses left to figure out a password that is worth, as of this week, about $220 million.

 

The password will let him unlock a small hard drive, known as an IronKey, which contains the private keys to a digital wallet that holds 7,002 bitcoins. While the price of Bitcoin dropped sharply on Monday, it is still up more than 50% from just a month ago when it passed its previous all-time high around $20,000.

 

The problem is that Thomas years ago lost the paper where he wrote down the password for his IronKey, which gives users 10 guesses before it seizes up and encrypts its contents forever. He has since tried eight of his most commonly used password formulations — to no avail.

 

Click on the link for the full article

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3 hours ago, Corcaigh said:

And on its way back down again.
 

It’s not that I think crypto assets don’t have a future, but the current implementations are either flawed or dominated by whales for me to trust a significant percentage of my portfolio.


It back down because 40k was evidently a trigger for profit taking. I don’t think crypto has a future as a usable currency, it’s just an interesting investment.  

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I'm late to the party as usual and kicking myself for not getting in years ago. I'm buying Ethereum when possible and dollar-cost averaging Bit. I'm not going to pretend to understand the technology involved but it does seem Ethereum could play a vital role in the decentralization platforms/movement. I've seen some analysts predict Ether to be worth 100K a decade from now. 

Edited by Chump Bailey
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33 minutes ago, PleaseBlitz said:


It back down because 40k was evidently a trigger for profit taking. I don’t think crypto has a future as a usable currency, it’s just an interesting investment.  


It makes as much sense as a store of value as gold does with gold prices far, far above its intrinsic worth.

 

But I’m not a fan of gold in my portfolio either.

 

Some consider no more than 5-10% of your net worth in solid alternatives is a good way to get diversification. And no @zoony, Beanie Babies don’t fall into that category.

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32 minutes ago, Chump Bailey said:

I'm late to the party as usual and kicking myself for not getting in years ago. I'm buying Ethereum when possible and dollar-cost averaging Bit. I'm not going to pretend to understand the technology involved but it does seem Ethereum could play a vital role in the decentralization platforms/movement. I've seen some analysts predict Ether to be worth 100K a decade from now. 


I bought some BTC, ETH and LTE a few years ago just to have a little stake but not enough that I’d regret it if it all went to Zero. But even if it goes to the Moon ($250k for BTC), It would still only buy me a pretty ****ty Lambo. :ols:

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32 minutes ago, Corcaigh said:


It makes as much sense as a store of value as gold does with gold prices far, far above its intrinsic worth.

 

But I’m not a fan of gold in my portfolio either.

 

Some consider no more than 5-10% of your net worth in solid alternatives is a good way to get diversification. And no @zoony, Beanie Babies don’t fall into that category.


Im not a fan of gold either, but at least people don’t act like eventually everyone will be using gold to buy pizzas and Nikes. 

1 hour ago, Chump Bailey said:

I'm late to the party as usual and kicking myself for not getting in years ago. I'm buying Ethereum when possible and dollar-cost averaging Bit. I'm not going to pretend to understand the technology involved but it does seem Ethereum could play a vital role in the decentralization platforms/movement. I've seen some analysts predict Ether to be worth 100K a decade from now. 


I bought one in 2013 for like $100 and sold it in 2014 for about $1000 thinking I made a ****ing killing. LOL!

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2 hours ago, Chump Bailey said:

I'm late to the party as usual and kicking myself for not getting in years ago. I'm buying Ethereum when possible and dollar-cost averaging Bit. I'm not going to pretend to understand the technology involved but it does seem Ethereum could play a vital role in the decentralization platforms/movement. I've seen some analysts predict Ether to be worth 100K a decade from now. 

 

Crypto-currencies are built on variants of what is called a block chain.  Its actually kind of fun to understand and will find application well beyond crypto-currency:

 

https://onezero.medium.com/how-does-the-blockchain-work-98c8cd01d2ae

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  • 3 weeks later...

Steven Seagal, a Missing Private Eye, and an Alleged Crypto Fraud

 

A private detective scammed hundreds of investors in a cryptocurrency fraud, then faked his own disappearance to make off with millions that he blew on jewelry, home improvements, and a Porsche, a newly unsealed criminal complaint alleges.

 

John DeMarr was arrested Monday morning by the FBI in Santa Ana, California. Federal authorities say that he and two associates pocketed more than $11 million in ill-gotten gains.


According to the complaint, DeMarr convinced retail investors to buy into “Bitcoiin,” a now-defunct cryptocurrency also known as “Bitcoiin2Gen” or “B2G.” The bizarre case involves C-list actor and martial artist Steven Seagal, who briefly served as a celebrity pitchman for B2G but is not charged with any crimes.

 

Click on the link for the full article

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RBC analyst put out a very compelling case on why Apple should make a move in bitcoin.  Not only to convert some of their massive cash reserves into bitcoin but also to leverage their multi-billion user base by offering bitcoin exchange on Apple Wallets.    Apple has enough cash to buy enough bitcoin that you can make the bitcoin exchange into an closed loop system ala Paypal (meaning you can buy and sell bitcoin but you cannot withdraw BTC) which will be much easier regulatory compliance situation.  Apple will make a killing just off the fees and basically at the same time, this will be pumping up the price of bitcoin.  

 

It does make too much sense and just so much money to be made by Apple that this does seem very plausible.  If Apple does do something like this.. I am going to be a happy man as holder of both Apple stock and bitcoin.

 

 

 

Edited by sjinhan
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