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BitCoin falling like a Dotcom


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5 minutes ago, abdcskins said:

 

I am a pure amateur, so someone else could probably guide you better, but as far as I know there are only several sites where you can buy cryptocurrency.  I use Coinbase.  I have seen advertisement for eToro, that seems like a popular one too.

 

I have seen all the chatter about Dogecoin but have not invested.  I just checked the price - .41.  Am I looking at the wrong one or something?  All that hype for a crypto that is worth 41 cents?  Seems like the all time high is 70 cents.  I must be missing something.

Consider it didn’t break a penny for the first 6 years until I believe January, that’s a massive jump. Imagine getting in when it was .0005? 1 million coins would have cost maybe 50 dollars. Now it’s worth over 400k

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Just now, PartyPosse said:

Consider it didn’t break a penny for the first 6 years until I believe January, that’s a massive jump. Imagine getting in when it was .0005? 1 million coins would have cost maybe 50 dollars. Now it’s worth over 400k

 

Word good point.  That is kind of what I was thinking after I posted haha.  Still, I would have expected the price to be a bit more than that.  A person would have had to buy a massive amount of shares to make any significant profit.  I guess that's what this whole craze is about though.  I should probably start looking at some cheap ones...ANKR is 14 cents.  I am going to buy 50,000 shares!  Lol not really.

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33 minutes ago, abdcskins said:

 

Word good point.  That is kind of what I was thinking after I posted haha.  Still, I would have expected the price to be a bit more than that.  A person would have had to buy a massive amount of shares to make any significant profit.  I guess that's what this whole craze is about though.  I should probably start looking at some cheap ones...ANKR is 14 cents.  I am going to buy 50,000 shares!  Lol not really.

Personally the whole doge thing kills whatever credibility crypto had. It’s spent years trying to create this legitimacy of it as a viable, ground-breaking realm of universal currency and here comes this admittedly joke coin that people rallied around because it was funny. And by the time there was momentum the movement tried to justify itself as a sort of anti-movement when really it was just people looking to get rich quick. For some it worked but I’ll be honest, I’ve been dabbling in this world since online poker used ETH is payout so it does bother me.

 

 

 

 

crypto had.

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28 minutes ago, BatteredFanSyndrome said:

Wtf happened?

 

China banned its financial institutions from offering services involving cryptocurrency.  Speculations are that other countries will follow suit.

 

I can understand people believing in blockchain technology or even that there will be some widely used currency in the future that incorporates blockchain or aspects of it.  I don't understand why anyone would think any of the cryptocurrency currently in circulation now would be such a currency.  Blockchains' mainstream future likely comes from commercial security applications (having nothing to do with cryptocurrency) or a digital currency offered and controlled by a country's central bank or at least a major financial institution with relevant regulation on user identiy and transaction transparency.

 

People are going to make a lot of money on cryptocurrency speculation.  Some are going to get mind blowing returns.  But none of that has anything to do with currently circulating cryptocurrency's future as some legitimate form of currency or asset.  The gains are based on ponzi like speculation and someone is going to be holding the bag at the end of the line.

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42 minutes ago, BatteredFanSyndrome said:

Wtf happened?


A thing that is traded for pure speculative purposes with no intrinsic value hit a few headwinds and everyone rushed to cash out.
 

Crypto will go on crazy runs as everyone tries to get it, then absolutely tank when everyone tries to get out. Rinse and repeat forever. 

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The whole “decentralized” narrative really goes out the window when a single billionaire can ****post his way into crashing the entire asset class. 
 

I’m going to keep buying ETH since there are enough interesting use cases for it already and an actively engaged developer community , and continue to ignore Buttcoin and the rest.

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Posted (edited)

While all the haters share their fear, uncertainty, and doubt, the rest of us are enjoying these tasty prices this morning 🤑

 

This is the field we have to play with. Don't invest more than you can afford to lose.

Edited by Captain James
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1 hour ago, BatteredFanSyndrome said:

Wtf happened?

Looking at all the holdings and movements a ton of shorts were called and subsequently longs placed. So, run of the mill market manipulation. 
 

this isn’t musk fallout. I mean the start of it was.  Now it’s just people leveraging their positions and making money off the volatility 

 

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34 minutes ago, Captain James said:

While all the haters share their fear, uncertainty, and doubt, the rest of us are enjoying these tasty prices this morning

Yeah man some solid stuff lost tons of value and was pretty cheap

 

if you had your **** lined up ready to go and your exchange wasn’t down, this morning was some fun money making

 

52 minutes ago, skinsfan_1215 said:

A thing that is traded for pure speculative purposes with no intrinsic value hit a few headwinds and everyone rushed to cash out.

So are you just making this up or did you actually pull this from the data?

 

cause the data says the shorts immediately reinvested as longs, and it’s market manipulation. 

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Just now, tshile said:

Yeah man some solid stuff lost tons of value and was pretty cheap

 

if you had your **** lined up ready to go and your exchange wasn’t down, this morning was some fun money making

 

 

My **** was not lined up. I hadn't even checked the markets until 15 minutes ago. But I still have some cash in my crypto account and just used a little. 

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Just now, Hersh said:

 

My **** was not lined up. I hadn't even checked the markets until 15 minutes ago. But I still have some cash in my crypto account and just used a little. 

Yeah neither was mine but all my buddies were. 
 

im not really in that spot. More buy and hold. 
 

they’re arbitraging and messing with the whims of ****coins daily

 

ksm fell to 150 and then bounced up over 400 again supposedly. 
 

people ready to go made money this morning. 

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2 minutes ago, No Excuses said:

Coinbase is down presumably from people nervous checking charts. Can’t buy ETH as a result 🤡🤡🤡

Yeah that’s disappointing because I dumped voyager for that reason and moved to cb

 

listening to people **** pretty hard about how they couldn’t make all the moves they wanted. Things bounced wildly today

 

wonder if tapping into an exchange via api would get around that ****. It’s not like it’s hard. It takes like 10 minutes to set up an account and the api keys

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1 hour ago, No Excuses said:

The whole “decentralized” narrative really goes out the window when a single billionaire can ****post his way into crashing the entire asset class. 
 

I’m going to keep buying ETH since there are enough interesting use cases for it already and an actively engaged developer community , and continue to ignore Buttcoin and the rest.

 

Look into Matic/polygon. https://www.republicworld.com/technology-news/other-tech-news/matic-price-rises-30-percent-in-24-hours-find-out-why-is-matic-rising-when-the-market-is-down.html


I'm in it long. 

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Aw man. I was waiting for that massive dip I mentioned last night and I missed it. ****ing ADA dropped to 1.05 and I would have been all over that since it’s now back up to 1.88

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Ok. So China banned crypto. Again. Because they tend to ban it after huge bull runs. 
 

Combined with the short/long activity... China is basically just riding the Bull wave up, then shorting, then “banning”, winning on the short, then going back into it at 50% the value

 

solid ****ing strategy 

 

screws the rest of us but solid ****ing strategy. Get the gains up, win the shorts, buy back in at 50% the cost. Christ that’s brilliant

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1 hour ago, tshile said:

Ok. So China banned crypto. Again. Because they tend to ban it after huge bull runs. 
 

Combined with the short/long activity... China is basically just riding the Bull wave up, then shorting, then “banning”, winning on the short, then going back into it at 50% the value

 

solid ****ing strategy 

 

screws the rest of us but solid ****ing strategy. Get the gains up, win the shorts, buy back in at 50% the cost. Christ that’s brilliant

It's the Elon strategy.

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This is a ****ing blood bath

 

im fine holding what I got

 

Super wish I was in a slightly different position because tons of moves made money

 

Working on a tradr pro alert for Chinese government just took out a bunch of shorts 

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Wells Fargo: US bank set to offer crypto fund to rich clients

 

Another big US bank is set to introduce a crypto-currency fund, despite the recent fall in value of Bitcoin.

 

Wells Fargo said on Wednesday it would introduce professionally managed funds for its more wealthy clients.

 

In a report, its investment institute said the risks associated with digital currencies meant it would favour "qualified investors".

 

It came as the price of Bitcoin fell after China said it was imposing fresh curbs on cryptocurrency.

 

It took the value of the digital coin below $34,000 (£24,030) for the first time in three months on Wednesday, spurring a sell-off of other digital currencies including Ethereum and Dogecoin.

 

Click on the link for the full article

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I partially divested around the peak, mostly as a psychological move to recover initial investment, but wanted to keep some in to get an potential upside.  Wondering when/if I should buy back in. 

With Bitcoin I wasn't as much of a "believer" as I am with the other coins such as Ethereum - it was more about speculation. 

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