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Post by retiredat48 on Jan 18, 2021 21:12:36 GMT
Anitya posted: "Good to see you here, R48. A few of us have been wondering how to buy / where to trade bit coin. Your post is timely. Please share your insights on this topic."
OK, I'll start a bitcoin thread. I own zero bitcoin. However, one of my fortyish daughters has been investing in bitcoin. Not a large amount, but with bitcoin's performance, it is becoming a modest amount of dollars. Let's say she owns about one coin. She buys through a firm called COINBASE, which has an app. I have been advising her about investing, including my assessment of bitcoin as an investment. The following is an e-mail I sent to her on this topic:
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I have no qualms bitcoin can go much higher. I also know it can go down 50% in two hours.
I have looked at, studied etc , bitcoin but I cannot invest in what I see are fatal flaws. Maybe it comes under the heading "do not invest in, what you do not understand."
Just like I do not invest in "dollars.", which I do fully understand. My wealth is not defined by any currency...rather, the real things I own, such as homes, stock shares, gold....and how difficult it is to protect even these from takings by others, esp governments. It is simply convenient to value a portfolio in dollars, but could be done in any currency.
If you have bitcoin stolen (which has happened to some already with a million dollars in bitcoin), by let's say electronic theft, you have no recourse at all. No one to complain to. You can't "insure" against this event. The main issue is no underlying value anywhere near the bitcoin values priced today. If one wants to own blockchain or other technology (tiny slices), the underlying value, why not just invest in the company who has these already? Like you currently now do, by owning FSPTX, which owns shares in all these high-tech companies. Your shares have underlying value.
The dollar was once backed by a "silver certificate" statement on its face, meaning you could take it to a fed reserve bank, and exchange it for a one-dollar silver coin. That was the underlying real value. Many did. In the 1960s (silver) and 1970s, gold (Nixon I believe), we simply went off the gold/silver standard. No more is the dollar backed by anything. Thus one does not invest in it directly...it is traded on exchanges relative to other currencies, which can be an investment play. But you always end up owning a currency, of somebody.
The dollar is simply a medium of exchange. You sell your house, accepting on closure day, a check for the amount agreed upon. You are pretty sure the next day when you put the check in your account, that it is the same value/worth. Not so, bitcoin. By days end your $250,000 home sale could be worth $200,000 in the bank.
Paypal etc will accept bitcoin provided it has a market and can quickly exchange bitcoin for dollars. I understand it has done so. if you sell something on paypal, and accept bitcoin, people will do it if they can IMMEDIATELY convert to dollars.
The oldest form of money...bartering and IOU's, had faith and trust, with underlying values. So in the winter, shoemaker Bob sold a pair of shoes to Farmer Dick, accepting an IOU note on paper from Dick, saying he would pay a bushel of corn to the holder of this note, in August at harvest time. The original money. It worked well, but if farmer Dick died, or went bankrupt, you may have had trouble collecting. Everything has risks.
How do you really collect with bitcoin?? Sure, the "greater fool" theory works...for long periods. You buy bitcoin hoping someone else buys it at a higher price. But underneath is no value.
A useful thing re values. The value of anything is determined by the HIGHEST of the following four categories/prices:
--Use Value...what is the value to me of using the product or service I am buying? Like a lawnmower, or car.
--Cost value--what does it cost to produce the item? Like build a new house, versus buying an existing one...or the labor cost in producing an ounce of gold; or making a bottle of wine.
----Exchange Value...what can I get selling it today. The primary method used to value stocks/companies daily.
--Intrinsic value--Is there a special thing for me that I would cherish. Like a photo of your mom may have great intrinsic value to you, but no value to other people.
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I have found this a useful guide in valuing anything. I have the four criteria memorized since early teachings within GE!
The only value I see with bitcoin (for you) is in the "exchange value" category...greater fool theory. Bitcoin may have a great "use value" for criminals, or those wanting to transfer wealth w/o any transparency, or those wanting to travel elsewhere with wealth hidden. But this is not you (yet).
So you own a small amount--OK. But be prepared to sell it someday. And when prices on charts get asymptotic, or your dollar-equivalent size gets meaningful, consider selling it to others, letting them hold bitcoin for a while! Be a "trader" in bitcoin. I will provide some technical analysis guidance re charts if desired.
I also request, please do not put any inheritances into bitcoin!
Dad
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What are other poster thoughts and assessment of investing in bitcoin?
R48$........R0.00114 in bitcoin!
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Post by bb2 on Jan 22, 2021 19:18:54 GMT
Agree with you R48, from an R45. A few quick thoughts from a skeptical curmudgeon.
I come from the tech world and was an econ major long ago, just enough knowledge to make me dangerous:) I spent a few days researching blockchain a few years ago after my neighbor started talking to me about BC and came away impressed. My neighbor sent me a link to help educate me about BC and as it lacked any real information, I felt like I was watching a time share promo. Not a single thing said made me want to dabble. It may have actually stopped me from dabbling. I offended my neighbor when I gave my thoughts, which showed me how emotional he was on the topic. (He was also losing his shirt day trading stocks until he found out about stops, which shows his level of sophistication at the time. I've never recovered from that impression of BC. Nothing behind it but a huckster on a stage.
At the time a BC transaction was taking hours to complete but rapid progress was being made to speed it up. I don't think it's an issue anymore but corners have been cut to achieve the gains, (BitcoinLite for example, which uses a different algorithm). But wait! For a FEE, you can use an accelerator to speed your transaction! (Wasn't BC partly motivated to avoid fees?) Having worked in tech for 30 years, I don't trust it. SHA256, blah blah. Stuff happens.
Stable store of value? Someday, maybe? It's too early to tell and has a loooong way to go against fiat money. (I'm actually not that concerned about competing cryptos, as BC seems to have gained an insurmountable lead.
It's said countries can't ban bitcoin. Tell that to India, Iran, Nepal, Denmark, Canada (banking ban), Russia (banking ban)... Ya think governments are going to relinquish their ability to tax?!!??
BC cant to do this: Visa made me whole when the cash machine next to the Pantheon was rigged by crooks with a card reader.
I don't believe BC investors really think fiat currency or banks are so bad. I'm just going by my own experience; I like my bank. I like that the US government has some control over the value of the dollar and the economy. I don't think the Fed causes recessions though many do. I like that the dollar is the world's reserve currency; a fact that keeps our US Treasury borrowing rates relatively low. So, if the people bidding up BC don't really understand what it is, they're likely just bidding it up, tulip style. And listening to promotional videos and Cameo spots by Lindsay Lohan.
This said, IF you know what you're doing with such a beast, go for it. Good luck. Please use monopoly money.
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Post by bb2 on Jan 22, 2021 19:34:01 GMT
I'll add this. A few years ago, a friend who ushers at various events like the Oscars was told by Ashton Kutcher that BC was going to $20K and a week later it did just that.
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Post by Chahta on Jan 25, 2021 3:29:12 GMT
I suppose if one wants to try and hit a home run and become very wealthy quickly BC could work. But what level do you buy in? How do you judge what it is worth?
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Post by yogibearbull on Jan 25, 2021 3:42:32 GMT
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Post by chang on Feb 8, 2021 13:54:08 GMT
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Post by yogibearbull on Feb 8, 2021 14:09:17 GMT
So, Musk's recent tweets on cryptos weren't just for his and others' amusement. He was very much an involved party. Some may even call that manipulation that may be looked into.
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Post by retiredat48 on Feb 8, 2021 16:38:40 GMT
I posted the following on another forum:
As the original poster for this thread, I spent the last couple weeks reading in depth re bitcoin. Posters here have stated one premise about bitcoin (among many) that I can't come to grips with. That is: If the USA dollar weakens, gets debased, or has hyper-inflation, that many will run to bitcoin to save their wealth.
This "running to bitcoin" seems to be a common, most likely theme, pronounced by supporters. Let's examine this.
I have concluded the most likely thing is Americans WILL NOT buy bitcoin as defense against a worthless dollar. Here's why:
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An anecdotal story: John and Mary are a 37 y/o married couple, both employed, who are considered successful. However, the USA has entered at best what could be called a CRISIS MODE. The federal debt is collapsing; interest rates rising, and gvt. default is rumored; the world is revolting against negative interest rates; the stock market is in a severe bear market; gvt reported inflation is above 10% last month. The dollar has fallen greatly against many foreign currencies. The fed just announced they will continue with QE, issuing $2000 checks to every USA citizen, MONTHLY, for the foreseeable future. John and Mary have sold a lot of stock funds, pulled money from LT bond funds, and have $250,000 in cash accumulated. What will they do? Continue:
John: "Mary, I am deeply afraid for our savings. The helicopter money is making our $250,000 worthless. I think we should listen to those promoting bitcoin. That should protect us."
Mary: Are you crazy? Bitcoin yesterday is $50,000 for one coin. You want to take our hard-earned lifetime savings and exchange it for five coins that are merely an entry on a sheet of paper? What is the value we get for that? Someday in the future, historians will write: They did what? Bought bitcoin?
John: But Mary, bitcoin has been going up, holding its own. I don't fully understand what underlies it, but it seems to be working.
Mary: Why don't we move our dollars into a stable foreign currency somewhere else. Or own something real, that if we drop it on our foot, it hurts. Better yet, why don't we just move it into something of real stored value...such as buy another house. We go down Hillside Drive and buy that $300,000 asking price home for sale. Yes, the asking was $275,000 last year, but with a second home we know the value is stable. That is, the home will not double into two homes; at the same time, it will not be cut to a half a home. We will be free of the dollar. Own something real.
John: Hmmm.
Mary: Look, what do we do if bitcoin falls greatly, to let's say $4000 a coin...or becomes worthless. We have no recourse. Gvt doesn't even recognize bitcoin. We, and many other investors will be out a ton of money...further contributing to the crisis.
John: I hadn't thought of that. Yes, we need to exchange dollars for something of real value. Forget I mentioned bitcoin.
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You see readers, I easily envision bitcoin being part of the problem if we get into a financial crisis. It's collapse could further that crisis, as billions and billions will have evaporated. And how does it collapse? I see few if any running to its rescue or support. In a crisis, mayhem ensues. Surely the fed reserve will not prop up, as it did for corporate bonds in the Covid situation.
In short, I view that one should not own any "money or currency" (dollar or bitcoin) as a storage of wealth. Own companies, businesses, real estate, houses, metals, precious metals, oil and/or oil companies, miners...no bonds. Bonds seldom survive intact. Businesses, etc., have an uncanny way of rising up and surviving. In collapsed Germany after the war, bonds were worthless; businesses rose from the ashes. What would bitcoin have done?
I side with Mary!
Good to chat.
R48
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Post by anitya on Feb 8, 2021 17:40:28 GMT
I think Tesla is now forcing the govt to do some work and take a stand on regulating cryptocurrency. They bought $1.5B of BITCOIN in January. Tesla also said they would accept BITCOIN as a payment for their cars.
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Post by anitya on Feb 8, 2021 17:53:11 GMT
It is interesting all the big shots / pundits talking down Crypto only a few months ago are now owners of Crypto and then they wonder why the common man is so enamored with conspiracies and anti establishment. Waiting for BRK disclosing they own Bitcoin, now that got into gold!
I think R48 may be right about crypto v next financial crises. Seems like we are magnifying the amplitude of bubbles and busts.
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Post by retiredat48 on Feb 10, 2021 18:31:02 GMT
It is interesting all the big shots / pundits talking down Crypto only a few months ago are now owners of Crypto and then they wonder why the common man is so enamored with conspiracies and anti establishment. Waiting for BRK disclosing they own Bitcoin, now that got into gold! I think R48 may be right about crypto v next financial crises. Seems like we are magnifying the amplitude of bubbles and busts. What I see is: If you take bitcoin to its extremes, the USA loses greatly in either scenario. For example: 1)--dollar decline so much, becoming worthless, that all are flocking to bitcoin. Dollar no longer a reserve currency. Everyone owns bitcoin, now at $500,000 a coin. USA in depression mode. In this case, USA loses! or 2)--Bitcoin, which reached $500,000 a coin, attracting many institutions to own some, collapses in three weeks, to $250/coin. A trillion dollars lost, contributing to the financial crisis underway. People clamoring for "who to blame." USA loses! ---------------------------------- I struggle to see how case 1 ever exists...that is USA and perhaps the world in great stagflation, all currencies in decline, and depression conditions exit, yet bitcoin keeps its very, very high price per coin. More likely, bitcoin falls in tandem, thus contributing to the financial crisis. R48
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Post by chang on Feb 12, 2021 9:21:07 GMT
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Post by retiredat48 on Feb 12, 2021 17:27:02 GMT
So, Musk's recent tweets on cryptos weren't just for his and others' amusement. He was very much an involved party. Some may even call that manipulation that may be looked into. Why is it I view cnbc daily, watching all these people, of various professions and investment assets, tout what they are buying or selling, yet this is not "manipulation"? Why are not we forum members being charged with "manipulation" when, for example, pressed to identify one stock I recommended owning, during last decade, my reply was "Amazon". Why are not the water cooler folks at work, who talk and advise: Buy GE, not manipulators? Why are the millionaires and billionaires who attend the Davos Conference each year, discussing investing, not "manipulators of the highest degree"?It never ends...we are all manipulators. R48
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Post by yogibearbull on Feb 12, 2021 18:14:52 GMT
So, Musk's recent tweets on cryptos weren't just for his and others' amusement. He was very much an involved party. Some may even call that manipulation that may be looked into. Why is it I view cnbc daily, watching all these people, of various professions and investment assets, tout what they are buying or selling, yet this is not "manipulation"? Why are not we forum members being charged with "manipulation" when, for example, pressed to identify one stock I recommended owning, during last decade, my reply was "Amazon". Why are not the water cooler folks at work, who talk and advise: Buy GE, not manipulators? Why are the millionaires and billionaires who attend the Davos Conference each year, discussing investing, not "manipulators of the highest degree"?It never ends...we are all manipulators. R48 Simple reason - different and higher standards apply to those who can affect things through their position, power or actions. There are already regulations about what millionaires/billionaires can talk about their own businesses. So, if Musk was randomly tweeting about stuff, that is one thing. But when he tweeted in the past about TSLA when he was negotiating to sell stake to Middle Eastern group, or in the quiet earnings period; or tweeting recently about Bitcoin/Dogecoin when he is buying and selling billions in the background, that is different from TV or watercooler talk/touting. He has been warned by the SEC before - actually, he is forbidden to tweet about TSLA unless some TSLA execs have cleared those. Now, the SEC may look at his other tweeting too.
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Post by anitya on Feb 12, 2021 19:07:39 GMT
Musk should cut down on stimulants - coffee or whatever. His need for rebellion is childish. Obviously, the child like curiosity makes him a pioneer, but there are societal norms on acceptable adult behavior. His board members probably wet their pants everyday - he makes them earn their pay.
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Post by retiredat48 on Feb 13, 2021 0:27:04 GMT
Why is it I view cnbc daily, watching all these people, of various professions and investment assets, tout what they are buying or selling, yet this is not "manipulation"? Why are not we forum members being charged with "manipulation" when, for example, pressed to identify one stock I recommended owning, during last decade, my reply was "Amazon". Why are not the water cooler folks at work, who talk and advise: Buy GE, not manipulators? Why are the millionaires and billionaires who attend the Davos Conference each year, discussing investing, not "manipulators of the highest degree"?It never ends...we are all manipulators. R48 Simple reason - different and higher standards apply to those who can affect things through their position, power or actions. There are already regulations about what millionaires/billionaires can talk about their own businesses. So, if Musk was randomly tweeting about stuff, that is one thing. But when he tweeted in the past about TSLA when he was negotiating to sell stake to Middle Eastern group, or in the quiet earnings period; or tweeting recently about Bitcoin/Dogecoin when he is buying and selling billions in the background, that is different from TV or watercooler talk/touting. He has been warned by the SEC before - actually, he is forbidden to tweet about TSLA unless some TSLA execs have cleared those. Now, the SEC may look at his other tweeting too. Yes, as a public company you have "one gotcha" on Musk re the middle eastern group...he took his reprimand. Did anyone complain when he said: TESLA stock is too high? But billionaire company owners are permitted to personally own bitcoin...even tout it. And the corporate part re bitcoin has the company disclosure as required. Show me a CEO who has not "talked his book" after acquiring another company or asset at much cheaper prices, compared to the announcement date. Why is talking bitcoin, a currency, any different? R48
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galeno
Commander
KISS & STC
Posts: 221
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Post by galeno on Feb 13, 2021 16:54:39 GMT
I completely agree with R48 and the rest regarding bitcoin. I tried using r48's logic on some 30 to 40 year old professionals that I know (MDs, attorneys, MBAs, and computer pros) who "invest" (i.e. speculate IMHO) in bitcoin.
Their conclusion? I don't know what I'm talking about! These are "kids" who would NEVER invest in the stock and bond markets. I DO NOT understand them!
To me it's tulip bulbs.
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stats
Lieutenant
Posts: 53
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Post by stats on Feb 13, 2021 19:42:27 GMT
When doing my brother in laws taxes, I noticed that the IRS asked if he had invested in any fiat currency. The IRS considers Bitcoin as property. If you decide to invest in bitcoin you need to keep careful records of any transactions.
I have been looking at adding some Bitcoin to our portfolio. Right now am evaluating the different platforms available to me. I also want to know the costs of buying and selling Bitcoin. I would be putting only about 2% of our portfolio in Bitcoin. That is about the same as we have in gold coins
Stats
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Post by anitya on Feb 13, 2021 20:59:58 GMT
When doing my brother in laws taxes, I noticed that the IRS asked if he had invested in any fiat currency. The IRS considers Bitcoin as property. If you decide to invest in bitcoin you need to keep careful records of any transactions. I have been looking at adding some Bitcoin to our portfolio. Right now am evaluating the different platforms available to me. I also want to know the costs of buying and selling Bitcoin. I would be putting only about 2% of our portfolio in Bitcoin. That is about the same as we have in gold coins Stats In the past two years, IRS has issued detailed regulations about investing in crypto and what events would or would not be deemed to trigger gain or loss even if you do not sell your holdings. These rules are easy to read and understand so they could be a good weekend reading.
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Post by Chahta on Feb 14, 2021 1:15:36 GMT
When doing my brother in laws taxes, I noticed that the IRS asked if he had invested in any fiat currency. The IRS considers Bitcoin as property. If you decide to invest in bitcoin you need to keep careful records of any transactions. I have been looking at adding some Bitcoin to our portfolio. Right now am evaluating the different platforms available to me. I also want to know the costs of buying and selling Bitcoin. I would be putting only about 2% of our portfolio in Bitcoin. That is about the same as we have in gold coins Stats How would the IRS or anyone know you own a crypto currency? Do owners get a 1099 each year?
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Post by yogibearbull on Feb 14, 2021 1:28:39 GMT
When doing my brother in laws taxes, I noticed that the IRS asked if he had invested in any fiat currency. The IRS considers Bitcoin as property. If you decide to invest in bitcoin you need to keep careful records of any transactions. I have been looking at adding some Bitcoin to our portfolio. Right now am evaluating the different platforms available to me. I also want to know the costs of buying and selling Bitcoin. I would be putting only about 2% of our portfolio in Bitcoin. That is about the same as we have in gold coins Stats How would the IRS or anyone know you own a crypto currency? Do owners get a 1099 each year? See new question on 1040, www.irs.gov/pub/irs-pdf/f1040.pdfAt any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes Nowww.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactionsQ42. Where do I report my capital gain or loss from virtual currency?
A42. You must report most sales and other capital transactions and calculate capital gain or loss in accordance with IRS forms and instructions, including on Form 8949, Sales and Other Dispositions of Capital Assets, and then summarize capital gains and deductible capital losses on Form 1040, Schedule D, Capital Gains and Losses. Q43. Where do I report my ordinary income from virtual currency?
A43. You must report ordinary income from virtual currency on Form 1040, U.S. Individual Tax Return, Form 1040-SS, Form 1040-NR, or Form 1040, Schedule 1, Additional Income and Adjustments to Income PDF, as applicable.
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galeno
Commander
KISS & STC
Posts: 221
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Post by galeno on Mar 1, 2021 1:54:29 GMT
youtu.be/Zz6RK361GxoThe above video makes a compelling case to buy and hold 1 to 5% of port in BC. Great story.
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Post by retiredat48 on Mar 1, 2021 16:57:45 GMT
youtu.be/Zz6RK361GxoThe above video makes a compelling case to buy and hold 1 to 5% of port in BC. Great story. Thanks for link. I notice most supporters are saying 1-5% of your portfolio...as in, if it goes to zero, you will not be killed. This is OK at the individual level, but 1-5% of everyone's portfolio going towards zero, is a huge, huge hit. Likely have margin calls etc. requiring selling of other holdings, by some. I have been reviewing many videos such as the linked one here, but nowhere can I find an adequate or good explanation of what really is the underlying value of bitcoin, if any...or how such an underlying asset value increased by 15X in price the last year?? R48
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Post by Norbert on Mar 1, 2021 18:33:07 GMT
youtu.be/Zz6RK361GxoThe above video makes a compelling case to buy and hold 1 to 5% of port in BC. Great story. Methinks the video makes a compelling case for a new world of super fast money transfer, trade settlements, etc. I could see using the scenario described to transfer Dollars in a California bank to Euros at a Greek bank, assuming I can really do it for free and in single-digit microseconds. But, I don't understand why I would want to buy and hold Bitcoins themselves. Like R48, I wonder how can I measure their value? I may well be missing something, but owning the actual currency seems entirely speculative to me.
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Post by Chahta on Mar 1, 2021 19:18:22 GMT
Exactly. You can review a stock or fund, but Bitcoin is analyzed how? Black magic
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Post by paulr888 on Jul 5, 2021 3:29:06 GMT
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Post by yogibearbull on Jul 5, 2021 3:43:24 GMT
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Post by retiredat48 on Jul 5, 2021 17:46:11 GMT
Some continuing aspects re crypto...
--Bitcoin et al was billed as being completely out-of-reach re government intervention. However this appears not-so, as our government clawed back and retrieved the Bitcoin paid for by Colonial pipeline company in the ransom payment. Seems gvt can take your Bitcoin, if desired.
-- China disallowing citizens from owning any crypto (but theirs) is getting strongly enforced this time. Seems a huge part of demand for Bitcoin has been taken away.
--If USA does similarly, outlawing it, seems a huge hit to Bitcoin. Remember, the good old land of the free (USA) last century outlawed citizens from owning gold---you had to turn it in. (My father in law said it is the only time he knowingly broke the law, storing his gold under cement in the basement).
--A crypto recently collapsed in price over two days...100% decline. Mark Cuban lost perhaps millions--he now wants regulation!
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As much due a hobby, or for investing, I have spent a lot of time studying crypto last quarter. There is a scenario where I see Bitcoin survive. Long story why. But consider this. Bitcoin is most difficult for anyone to explain the "underlying value"; however, it does not need any such value, to survive.
Witness dogecoin...a crypto that is bogus...created as a joke with absolutely no underlying value. However, it remains trading at far above issue prices. Some people made millions.
Ditto a lot of NFT. Consider art...what is the underlying value of the Mona Lisa painting?? Perhaps if painted in art class today, it would be ripped up by the teacher as "disrespectful" to women. Or all the modern art that is sold today. Ughhh. Prices can remain in the millions a long time...Is all art the greater fool theory? It survives. Are some NY city condos, now selling for $50 million, really worth that, when the build cost of similar 2000 sq ft condos is much, much less?
It is likely some Cryptos will survive. Bitcoin may be one of them, as supply is PLANNED to be limited, and stopped, no more produced after a quantity reached. Get enough owners never selling, and the price could be high.
OTOH if all the walking millionaires Bitcoin has created to date, decide to leave the theater at once, and liquidate, the exits could get quite crowded. And if major governments develop their own crypto (think China) other crypto could get stuck on the "oversupply island."
More later...
R48
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Post by bb2 on Jul 5, 2021 19:13:33 GMT
Agree that BC doesn't need underlying value to EXIST. To survive it needs people to believe it will survive. Call in the boosters. Give 'em a stage and a mic.
It seems efforts to determine bitcoin ownership concentration recently showed 40% of BC is owned by 1000 people. Who knows. Of course the BC boosters all come out to debunk these studies because, well, they're boosters. BC is "The People's Money", after all and concentration of ownership looks bad.
Boosters then do their own studies showing that BC ownership is becoming less concentrated, forgetting they'd just laid out all the reasons BC ownership studies can't determine ownership concentration, like not all wallets contain BC.
And they say if the number of whales is increasing, it's because institutional investors are getting in, which they love since institutions lend credibility. Even more than Paris Hilton!
If BC concentration was declining, that's makes me think the so-called whales are slowly divesting to the newbies. They're getting out and leaving the punks with eventual losses. Why sell if BC is going to $500K?
That market must be wildly manipulated.
Reasons the boosters gave to own BC have changed over time as each became false and now they just seem to rely on "It's an asset." Am I missing any? Medium of exchange is gone. Privacy is gone. Can't be influenced by government is gone.
(Would you rather have the Fed influencing money or greedy and fearful humans, (a market), with no responsibility to anyone.)
Musical chairs. Pure speculation.
When China acted recently, they said basically they weren't going to let personal speculation have a negative effect on others. Systemic risk. They acted early. Market cap of about $640B after the crash. Over a T before. Other governments will get to that conclusion as well, I think. For consumer protection at least. (Or maybe we can just bail out the BC owners, make them whole.) (I listed previously all the places where BC's a no-no.)
Just a guess.
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Post by richardsok on Jul 5, 2021 23:44:21 GMT
If Bitcoin begins to smell something similar to the Trusts of 1929, wobbily relying on buzz, social media squawking, and the greater-fool theory, one might expect a boost to precious metals. Maybe a significant one.
Nevertheless I still watch intra-day ETHE moves. Couldn't tell you why. Reluctant to buy a speculative day-trade position, even if the tea leaves smile. Don't like to be glued to my PC monitor for the duration. Too lazy in my old age.
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