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Post by Chahta on May 10, 2022 12:14:21 GMT
This is no surprise. No different than equities when buying at higher prices. Some inflation hedge. LOL. LINK |
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Post by uncleharley on May 10, 2022 12:26:35 GMT
The daily chart looks like Bitcoin is going to fall off the chart.
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Post by Chahta on May 10, 2022 12:54:11 GMT
How soon will we be asked to bail out the countries using crypto? Watch out for their bonds!
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Post by uncleharley on May 10, 2022 17:11:57 GMT
I am not big on bonds. They just never have been my 1st choice however, The news about somebody building a Bitcoin Village makes the whole subject sound like a scam or a top.
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Post by Capital on May 10, 2022 17:20:13 GMT
I'm still waiting for Bitcoin to publish its PE Ratio to show me some basis for its valuation.
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Post by uncleharley on May 10, 2022 18:48:57 GMT
LOL!!! Keep your battery charged!
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Post by Capital on May 10, 2022 22:51:37 GMT
From where I'm looking at it, Bitcoin is only a few ideas away from being worthless. Been working on a puzzlement for a few days and don't know how to solve the problem. Does anyone out there know how to bury Bitcoin in your back yard for safekeeping?  |
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Post by steadyeddy on May 10, 2022 23:54:15 GMT
From where I'm looking at it, Bitcoin is only a few ideas away from being worthless. Been working on a puzzlement for a few days and don't know how to solve the problem. Does anyone out there know how to bury Bitcoin in your back yard for safekeeping?  , virtual currency can only be buried in virtual grounds.😜😜 Bitcoin is another scam.. so are most of the crypto currencies. Having said that, the blockchain technology will likely find uses in the future but "currency" is not one of the uses. |
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Post by Deleted on May 11, 2022 0:12:08 GMT
I am the sad holder of an ever dwindling stake in COIN. Not optimistic, but not surprised! I still think crypto might surprise. Might not.
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Post by Chahta on May 11, 2022 0:34:22 GMT
I would guess it is just suffering like everything else. I’m not sure it should be called a scam. While I don’t like something I can’t touch and see I don’t believe anyone is trying to scam anyone.
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Post by steadyeddy on May 11, 2022 1:22:07 GMT
I would guess it is just suffering like everything else. I’m not sure it should be called a scam. While I don’t like something I can’t touch and see I don’t believe anyone is trying to scam anyone. Fair enough. Call it fad or scam or tulip-mania... at the end of the day.. I personally do not see future for crypto-currencies (mainly because the central banks would squash them). Blockchain technology, on the other hand, has many applications. |
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Post by mnfish on May 11, 2022 13:13:02 GMT
Looked at COIN financials and noticed that 87% of their total assets is Goodwill.
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Post by Chahta on May 11, 2022 13:33:58 GMT
I don't think it is a smart investment for most of us retirees. It is very speculative. But someome will make a killing buying low.
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Post by win1177 on May 11, 2022 15:12:02 GMT
I don't think it is a smart investment for most of us retirees. It is very speculative. But someome will make a killing buying low. Agree 100%! Cryptocurrencies are extremely volatile, and I really question their use as “investments”. Have not touched them, and do NOT plan on buying anything “crypto related” unless I am convinced it is a legitimate investment, something that has an inherent value I can ascertain, study, etc. So far, I have not been able to ascertain any inherent “value”. Too “speculative”, IMHO. Win |
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Post by bb2 on May 11, 2022 15:21:45 GMT
For COIN holders, google "CNBC Dan Dolev mizuho" or something like that. He was just on CNBC, (so the interview may not appear online for a bit), and is bearish on COIN, though the neutral rating he has on it is because he wouldn't short it. Suggests selling on any bump up. More issues than opportunities in the future.
BTW, Lyn Alden uses Swan to buy bitcoin - she has an article on why she uses them and her involvement with the company - board seat, etc.
Edit: Also, according to Alden, it's expensive to offer an exchange in altcoins, which is one reason why Swan only offers BTC. Coinbase I think offers over 30? Of course this info is moot for those who think BTC is a non-starter in itself. (I'm still not sure. But under $20K I'd get interested, maybe. I keep reading and will be prepared with a wallet somewhere if the time comes. I've posted my thoughts on blockchain and fin tech, the possibilites for the future and said I'd watch Block, for example, as a possible way to invest in that future. Now I think that future is too far off to invest in.)
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Post by Deleted on May 11, 2022 16:14:04 GMT
Well.....It (my COIN holding) is going in the drawer. Alden also has COIN. Dolev doesn't have a great rating of success on TipRanks FWIW. It is what it is. My stake was in relation to my risk tolerance, so not crying.
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Post by bb2 on May 11, 2022 17:13:24 GMT
Yea, should have mentioned Dolev has a SOFI PT of 20 or something and likes AFRM too, so that's why his take on COIN struck me. Seems he's suseptible to the fintec story, which leads me to think he could easily swallow the crypto story as well and be behind COIN no matter what. But he's not. I should have made that clearer. (I golfed with a couple AFRM guys, lawyer and sales, a couple years ago and their answers to a couple of my questions didn't leave me with warm and fuzzies.) I admit it's a very fine point about Dolev and speculative. Maybe COIN didn't buy him a nice enough dinner out.
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Post by anitya on May 11, 2022 18:08:09 GMT
For the longest time, Crypto bulls have put forward two main points in their favor: uncorrelated to other asset classes (e.g., equities) and a great inflation hedge because dollar is debased by Govt and central bank. Proof is in the pudding!
FOMO on Crypto leads one to COIN. This company reported lower trading than a year ago and has tripled the size of its head count (c5,000) from a year ago. The company makes money via commissions on crypto trading. Its decreased trading volume is not a sign of Crypto popularity.
There was a pent up demand from investors for the next Amazon (i.e., companies that do not produce earnings but show only increase in sales for a very, very long time) and so that is what every new company focused on, resulting in negative capital discipline, which explains COIN's head count explosion over the past 12 months. The Amazon model works for providing essential products and services when established companies do not have any interest in providing the same. Among P/S companies, I would make a short list of companies that seek to provide essential products and services and have no potential competition from established large companies.
I have meaningless number of COIN shares that are 75% down in price. When I bought COIN, I was tempted to experiment with Paypal instead but then I thought Paypal not only has competition from other Fintec companies, JPMs of the world can easily get into Fintec business once the market gives a verdict on what Fintec services are sticky and profitable.
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Post by bb2 on May 11, 2022 19:13:43 GMT
I've been going over COIN's financials and call transcript from March, 22. Rev down/costs up, basically. MTU's down - monthly transactions. Intriguing company, seems like good people, (love how they answer stockholder questions), maybe as close to a pure crypto play you can get unless you go with MSTR or BTC itself. Let's say you believe crypto/Web 3 will be a thing in the future - you still have to wonder how far off that future is and whether it's attractive now, relative to other investments. Folks here seem to have put small bets on crypto, which is very reasonable to me, as I do think web 3/crypto will be a thing. It's just when, that stops me. UBER was a buy when one thought autonomous driving was coming. Now it seems it's too far off to invest in UBER. If another crypto winter comes, I'll bet a little.
I kind of see COIN as a simple way to get BTC exposure without having to email a photo your driver's license to COIN and pay them 2%. Kind of like a C corp pipeline over an MLP to avoid K-1 stress in April. Ironic that something touted as a frictionless financial system has these problems, privacy/security/fees.
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Post by anitya on May 11, 2022 20:24:54 GMT
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Post by Capital on May 11, 2022 21:29:25 GMT
I am thankful to (1) not own the stock (at least not directly) and (2) not be a customer. Thanks anitya for the link. |
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Post by bb2 on May 12, 2022 1:16:40 GMT
Ruh roh. Thanks anitya. Missed that little bit of prose. Ugly times for them. All exchanges. All crypto. Bundle up. Going to be a bit harder own own it now - more hoops. More software on your own machine. BTC making a little recovery as I type - I never trust BTC action - too many whales with New Zealand Island estates to manipulate.
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Post by bb2 on May 12, 2022 2:19:25 GMT
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Post by richardsok on May 12, 2022 11:27:35 GMT
I don't think it is a smart investment for most of us retirees. It is very speculative. But someome will make a killing buying low. Agree 100%! Cryptocurrencies are extremely volatile, and I really question their use as “investments”. Have not touched them, and do NOT plan on buying anything “crypto related” unless I am convinced it is a legitimate investment, something that has an inherent value I can ascertain, study, etc. So far, I have not been able to ascertain any inherent “value”. Too “speculative”, IMHO. Win Agree. I did a little daytrading in ETHE about a year ago, but that's it. My ignorance (of how btc all worked and what it actually was) protected me from investing. I was suspicious of the brearthless enthusiasm I kept hearing from young guys I knew who I was sure understood nothing -- and read nothing -- about the broader markets. Reminded me of the early dot.coms mania. |
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Post by Deleted on May 12, 2022 13:06:22 GMT
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Post by archer on May 12, 2022 15:10:24 GMT
Are you thinking people in countries with unstable currencies will turn to BTC because they have nothing to lose? ...Trade an unstable currency for another? Kind of like diversification I guess. Seems more likely they would buy into a stable currency, but this is one area I have never really looked into enough to understand well. When I first heard of BTC and got a vague idea of how it worked, I never looked further. |
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Post by Deleted on May 12, 2022 17:24:39 GMT
Sorry archer - I wasn't talking about tomorrow. Let's see how digital currencies progress over the long haul. Yes, I think it is possible in the future.
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Post by bb2 on May 12, 2022 19:06:01 GMT
If you need convincing crypto is going nowhere, just listen to a crypto true believer: newsletters.theatlantic.com/galaxy-brain/619717362e822d00205ab3e9/case-for-crypto/"This is the point of the conversation where I have to concede a bit of defeat. Because if there’s something that I’m critical of, it’s that the user experience of dipping your toe into this stuff is really, really hard. I don’t have an easy “Pull this up on your web browser and do it” to give you, because there are so many barriers to entry. If I was going to walk through that flow, I’d say: Download the MetaMask extension on your web browser of choice. This is an Ethereum wallet. Try taking that Ethereum wallet and logging into Uniswap, which is an exchange. You could log into OpenSea, which is an NFT market. Just that interaction is interesting. But you probably won’t get much of that experience because, in order to do something, you’re going to need Ethereum. And in order to get Ethereum, you’re going to need to go onto Coinbase and sync your bank account and pay money and transfer it. It’s a real pain in the ass. I wouldn’t downplay how hard it is just to get to square one. I started off telling you that most of the time when I talk to somebody about crypto, they haven’t done a lot of this stuff, and what I [just] described is why. And I can’t really fault them there. It’s not really set up so somebody can casually check this out. In fact, you need a decent amount of money to check it out, and doing anything on Ethereum is pretty expensive right now. There are other chains to check out, but those have even more fractured user experiences, where I’d have to give you even more instructions. So I’ll say here that I want people to come and check it out, but it’s a big hurdle. Right now, just like going on dial-up bulletin boards when I was a teenager, it’s kind of not quite ready for mainstream, necessarily, unless you’re sufficiently motivated. If you are motivated, it’ll probably be a really initially annoying experience that, if you give it time, might change your life." Haven't we learned that when someone says they're changing the world or your life, they're nuts or selling? ANd BTW, if he didn't concede a bit of defeat sooner in the conversation, it's bacause the interviewer never asks a follow up. |
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Post by bb2 on May 12, 2022 20:34:49 GMT
Question for Sara if she doesn't mind. Why COIN and not BTC itself? Is it because of what I described - the hoops to jump through and knowledge required to create a wallet, whether on your own machine or at an exchange? I need to try to figure out the different risks involved with each and report back. I might have to actually get a wallet and buy BTC to do it.
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Post by Deleted on May 12, 2022 21:51:24 GMT
I did buy a tiny amount of btc on the exchange. I think I used PayPal to buy. I thought the exchange would be less concentrated risk. There are so many digital currencies and at the time Coinbase was the main exchange.
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