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Thread: Bitcoin

  1. #625

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    Default Re: Bitcoin

    Bitcoin down almost 15% from yesterday's big high. Seems coinbase is having trouble right now, likely due to increased site traffic.

    coinb.JPG

    Don't worry folks, it's going to 100,000, so this just a small bump. Buy the dip in the parabolic rise up because the future for bitcoin is perfect. Nothing could possibly go wrong from here. (Sarcasm, ROFL).

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  3. #626

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    Default Re: Bitcoin

    Quote Originally Posted by Bullitt View Post
    Don't worry folks, it's going to 100,000, so this just a small bump. Buy the dip in the parabolic rise up because the future for bitcoin is perfect. Nothing could possibly go wrong from here. (Sarcasm, ROFL).
    Hey now, people were sarcastically saying it would go to $40K only a few months ago!

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  5. #627

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    Default Re: Bitcoin

    Cramer gives his opinion. He also added that he wouldn't buy it over 20,000. I'm guessing he bought at 20,000 and sold at 40,000.

    “the more people who give it [bitcoin] a higher price … the more likely it is that there will be more people come in.”

    Cramer additionally shared: “I sold enough bitcoin yesterday to pay for my initial stake, which is what I would do if it’s a stock. I take out my basis and then I let it run.” He added: “I am not going to look at bitcoin again. I’m fine with bitcoin until it comes all the way back to where I bought it and then I will refigure, maybe buy it again.”
    https://news.bitcoin.com/mad-moneys-...st-in-bitcoin/

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  7. #628

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    Default Re: Bitcoin

    High profile hedge fund starts crypto fund. Looks like the fund will consist of around 10% of funds under management.

    SkyBridge, a fund of hedge funds, on Monday announced it had started the Skybridge Bitcoin Fund with $310 million in assets under management invested from its $3 billion flagship fund.
    https://www.reuters.com/article/uk-u...-idUSKBN29921E

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  9. #629

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    Default Re: Bitcoin

    Cramer speaks of bitcoin's scarcity as a reason for it's increasing popularity. Speaking of scarcity, an estimated 20% of bitcoin is lost forever due to careless owners...
    https://www.nytimes.com/2021/01/12/t...-fortunes.html

    I'll stick with trading GBTC, riding the waves. My latest trade was just one day, buying 1000 yesterday at 36.31 and selling today at 38.50. Cha ching.
    I've never held it more than 15 days, and usually it's only 2 or 3 days, and somehow I've never yet been caught up in a big plunge, knock on wood.

    It's super stretched right now, way above the Bollinger bands still, so I sure wouldn't just blindly hold it right now.
    https://stockcharts.com/h-sc/ui?s=GB...86&a=693978923

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  11. #630

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    Default Re: Bitcoin

    Quote Originally Posted by Tsunami View Post
    Speaking of scarcity, an estimated 20% of bitcoin is lost forever due to careless owners...
    I remember hearing that around the last big bubble ramp and I believe it.

    Also, there's an issue of ownership. Think all those large scale, nation funded miners who have had access to free energy the past five years.

    About 2% of the anonymous ownership accounts that can be tracked on the cryptocurrency’s blockchain control 95% of the digital asset, according to researcher Flipside Crypto.
    https://www.bloomberg.com/news/artic...g-during-rally


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  13. #631

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    Default Re: Bitcoin

    Quote Originally Posted by Tsunami View Post

    I'll stick with trading GBTC, riding the waves. My latest trade was just one day, buying 1000 yesterday at 36.31 and selling today at 38.50. Cha ching.
    I've never held it more than 15 days, and usually it's only 2 or 3 days, and somehow I've never yet been caught up in a big plunge, knock on wood.

    It's super stretched right now, way above the Bollinger bands still, so I sure wouldn't just blindly hold it right now.
    https://stockcharts.com/h-sc/ui?s=GB...86&a=693978923
    Lots of other crypto stocks these days now too. MARA, RIOT, CLSK. The list goes on. PayPal and Visa and JP Morgan are some large caps with skin in the game now too.

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  15. #632

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    Default Re: Bitcoin

    The quantity and quality of the stuff Lyn Alden pumps out amazes me. Bitcoin is just a small piece of the things she covers.
    Here's another good article she put out last week on bitcoin, and it's a good read for anyone with any interest in it, in particular those that liken it to a Ponzi scheme...

    https://www.swanbitcoin.com/why-bitc...oint-by-point/

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  17. #633

    Default Re: Bitcoin

    other than getting bitcoins, is there anything gained from the computers solving the math "puzzles" ?

    I get that you need to make it increasingly more difficult to 'mine' them, but seems like a massive energy and computer power waste. You can't even buy medium-level and up graphic cards anymore. I just sold some old computer components to a guy who mines Ethereum and thought about selling him my current graphics card (4 years) and upgrading, but when I went to check prices, it would cost me more to buy a similar-powered card for what I paid for it in 2016. They are going for way over MSRP and being resold for even more!
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  19. #634

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    Default Re: Bitcoin

    Quote Originally Posted by k0nkuzh0n View Post
    other than getting bitcoins, is there anything gained from the computers solving the math "puzzles" ?

    I get that you need to make it increasingly more difficult to 'mine' them, but seems like a massive energy and computer power waste. You can't even buy medium-level and up graphic cards anymore. I just sold some old computer components to a guy who mines Ethereum and thought about selling him my current graphics card (4 years) and upgrading, but when I went to check prices, it would cost me more to buy a similar-powered card for what I paid for it in 2016. They are going for way over MSRP and being resold for even more!
    Not that I know of. Yep, it's definitely not an efficient/green way of creating a new commodity (it's not really a currency at this point and never will be, think of it more like digital gold, and if you read Lyn's article she discusses this, that the creator envisioned bitcoin as a commodity, not a currency). But then again look at how much diesel and equipment and manhours the guys on Gold Rush burn all summer long to get their few ounces of gold. So it's similar in that regard, and the amount of energy poured into creating bitcoin could be looked at as a way to justify it's monetary "value".

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  21. #635

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    Default Re: Bitcoin

    Quote Originally Posted by k0nkuzh0n View Post
    other than getting bitcoins, is there anything gained from the computers solving the math "puzzles" ?

    I get that you need to make it increasingly more difficult to 'mine' them, but seems like a massive energy and computer power waste. You can't even buy medium-level and up graphic cards anymore. I just sold some old computer components to a guy who mines Ethereum and thought about selling him my current graphics card (4 years) and upgrading, but when I went to check prices, it would cost me more to buy a similar-powered card for what I paid for it in 2016. They are going for way over MSRP and being resold for even more!
    Miners also process the transactions.

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  23. #636

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    Default Re: Bitcoin

    Quote Originally Posted by k0nkuzh0n View Post
    a massive energy and computer power waste.
    Even if you can get your hands on a powerful graphics card, the amount you'll spend in energy and cooling costs will never offset the money spent.

    The majority of miners are in China where they often get "free" electricity from state run (coal) entities. It's a whole system with involvement to the top of the CCP chain.

    One thing I'll agree with gold bugs on is they have a physical thing. When the apocalypse/meltdown/collapse that they talk about comes, at least they'll have their gold coins. When it ends, so does electricity and so does bitcoin. Personally, I think the 2nd amendment is a much better option than any of the above if you're planning on the end of times.

    RE: Ponzi scheme. Probably not Bitcoin or Ethereum, but what about the thousands of alt-coins out there just doing it for an initial offering?

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