Bitcoin crash coming (1 Viewer)

[SpaceMonkey420]

I got all my stuff over to Coinbase (pro) now. Looks like from here, I can easily buy/sell, then transfer over to Coinbase.com where I can tie into my bank account. I hope this is correct, as I pulled out most of my bankroll from Bovada and put it into BTC (instead of just sitting on Bovada waiting to get seized).

Now, if BTC would recover, I can try it out!

U can move to the bank right from pro.

 

[SpaceMonkey420]

FYP...

Just a lucky guess calling the bottom (so far), BTC could have easily dropped even further there (and still might). Turns out even a broken clock is right twice a day. And no, I didn’t buy any.

Ooops. Gonna learn Gonna learn.

 

[SpaceMonkey420]

Here we goooooo. Massive rally today. I have been dollar cost averaging these dips all week. Send the money honey, this is too damn easy!!!!

God bless new amazing technology!

 

[HaRDHouSeiNC]

Here we goooooo. Massive rally today. I have been dollar cost averaging these dips all week. Send the money honey, this is too damn easy!!!!

ETH performing much better right now so I think ETH might take off before BTC
I bought it all at $200
Now just sit and watch

I think ETH will go up more than BTC faster honestly. Its gonna be 10K about as fast as 2017 BTC I think anyway

 

[SpaceMonkey420]

ETH performing much better right now so I think ETH might take off before BTC
I bought it all at $200
Now just sit and watch

I think ETH will go up more than BTC faster honestly. Its gonna be 10K about as fast as 2017 BTC I think anyway

I’m 50%/25%/25% in my portfolio.


50 bitcoin/25 large-medium CMC/25 small CMC

It’s been working all year like a machine. Lol

 

[mipevi]

Ooops. Gonna learn Gonna learn.

Yeah I don't have much of a cash position left anymore, mainly just waiting for the pumps now.

 

[grebe]

All BTC right now! Just passed my break even point. I'll probably sell at least half of it at 65K when it gets there.

 

[Darson]

My $60 right now:

 

[Lemonzest]

ETH performing much better right now so I think ETH might take off before BTC
I bought it all at $200
Now just sit and watch

I think ETH will go up more than BTC faster honestly. Its gonna be 10K about as fast as 2017 BTC I think anyway

Yeah it is totally nuts. I am up over 70% since unloading back in February. Feeling smug now. I hope it keeps going up!

 

[HaRDHouSeiNC]

Yeah it is totally nuts. I am up over 70% since unloading back in February. Feeling smug now. I hope it keeps going up!

Its gonna follow 2017 BTC performance I think past 10K I hope it hits 25K
Ive been expecting this since late 2019

 

[Darson]

A couple days later...

 

[Blaster]

 

[grebe]

Is Bill Maher a comedian that dabbles in news, or a news man that dabbles in comedy? I have never liked him because he delivers his opinions as absolute fact. It's hard for me to split up the two when I cant decide whether to be entertained or informed. Samantha Bee is the same way...which is a shame because I think she can be funny without her agendas she pushes very hard. Hell, I probably agree with what most of them have to say....but I HATE to be told "you shall believe this" from anyone.

 

[softchewy]

Is Bill Maher a comedian that dabbles in news, or a news man that dabbles in comedy? I have never liked him because he delivers his opinions as absolute fact. It's hard for me to split up the two when I cant decide whether to be entertained or informed. Samantha Bee is the same way...which is a shame because I think she can be funny without her agendas she pushes very hard. Hell, I probably agree with what most of them have to say....but I HATE to be told "you shall believe this" from anyone.

Just a comedian who discusses current events. He is (admittedly) a bit uninformed on the subject.
Depending on your view, there are some valid points.. created out of thin air, no intrinsic value (nothing new here as this applies to most currency in general), current energy consumption of mining...

either way, bitcoin hodlers be like "ok boomer, let me know when you figure it out, I'm heading to the moon on my rocket".

 

[grebe]

I would like to point out that I withdrew from bovada in to BCH because I thought it was more stable. This was a month ago at $550. That shit hit $1400 today! Lucky for me (not) I transferred that in to BTC.

 

[softchewy]

I would like to point out that I withdrew from bovada in to BCH because I thought it was more stable. This was a month ago at $550. That shit hit $1400 today! Lucky for me (not) I transferred that in to BTC.

no worries.. you're still on a rocket with fuel left in the tank
unfortunately, I sold some ethereum last year and turned it into rocketless USD
In my defense, I am a paperhanded crypto n00b

 

[toothpic]

Holy crap ETC this week!

 

[Darson]

A lot of financial institutions are buying crypto because their customers want it. This has driven the prices of the more popular ones. My hedge fund buddy told me last year that the industry was going to start loading up - I called bullshit when he was buying BTC at $20k saying it had peaked. I guess that's why he's a hedge fund manager and I'm not.

A lot of individuals want a slice and they're piling money into the cheaper coins. That's probably why ETC, DOGE etc are taking off.

 

[TeamNapoli]

Monero has also popped in the last 2 weeks or so, i think once the taxes on crypto get finalized it will jump even further.


To me; the big question is ... how far the drop will be once a bear market returns. I definitely dont think it will be as much as previous cycles

 

[Darson]

Up and down we go. I think at it's peak it was near $177 last week.

 

[ekricket]

Up and down we go. I think at it's peak it was near $177 last week.

View attachment 700833

Few more ups and you can buy a full tank of gas for your car!

 

[ekricket]

I wonder sometimes if these blockchains haven’t helped stave off an economic disaster.
Buyers can hold the “value”of their money in this store, while the actual “money” used to buy this is spent by the Seller into the economies of the world. Sure, some of its recycled or not spent, but the base amount pumped into all this has basically become magic money that appeared out of nowhere.
Not much different than an IPO in a lot of respects, except if this fails there are no assets, no restructure, no new management to turn things around, nothing but shared lost faith.
Not knocking these at all, just thinking about them abstracted in a larger picture way while I drink coffee

 

[MrCatPants]

I wonder sometimes if these blockchains haven’t helped stave off an economic disaster.
Buyers can hold the “value”of their money in this store, while the actual “money” used to buy this is spent by the Seller into the economies of the world. Sure, some of its recycled or not spent, but the base amount pumped into all this has basically become magic money that appeared out of nowhere.
Not much different than an IPO in a lot of respects, except if this fails there are no assets, no restructure, no new management to turn things around, nothing but shared lost faith.
Not knocking these at all, just thinking about them abstracted in a larger picture way while I drink coffee

continuing the abstract thinking - I was wondering this weekend about some of the inflationary signs we are seeing and was wondering if all of the money creation we are seeing out crypto - items with no intrinsic value rising in value substantially - is effectively 'printing money'. Are we going to see a significant inflationary spike with the rise of crypto as a contributing factor?

 

[ekricket]

continuing the abstract thinking - I was wondering this weekend about some of the inflationary signs we are seeing and was wondering if all of the money creation we are seeing out crypto - items with no intrinsic value rising in value substantially - is effectively 'printing money'. Are we going to see a significant inflationary spike with the rise of crypto as a contributing factor?

And along with that, if inflation does spiral upward out of control - would a federal ban on crypto reverse it? So basically all that “float” has to come home at a reduced value, as people sell at a loss or just lose out completely. NOT saying this will happen, just wondering if it’s a lever the Feds could use even if they don’t know the true effect. Some people would lose everything, but so what? That kind of thing happens all the time in a large variety of situations

 

[Darson]

Crypto is global - the biggest miners are in China and Iceland I think. So I don't think that any inflationary signs in the US are crypto driven, it's more a natural reaction to reduced spending due to the pandemic followed by increased spending in the recovery.

There's also the inertia - say one half of a couple has been out of work and sitting at home and have survived the pandemic without going bankrupt, then perhaps the unemployed one may be happy to stay at home and look after the kids etc instead of paying for daycare. It'll take an increase in potential earnings to attract them back to the work place - which is what we're seeing with wages on the rise - which will then also cause inflation with more money in circulation.

I wonder how much the house price bubble has also contributed to inflation?

On the other hand, with the US well into recovery and the rest of the world suffering, we may see some short term inflation while we're busy consuming and the global supply chains can't meet the demand since they're still locked down.

If anything, crypto is a hedge against inflation. I read an article about individuals and small businesses in some African and South American countries moving their money into crypto because their domestic fiat currencies are so unstable and subject to periods of hyper inflation. It also allows them to hide their holdings from the authorities or thieves unlike a stack of USD bills.

 

[DrStrange]

Crypto expansion doesn't make much if any difference in the overall economy unless / until it gets converted into goods and services.

There might be a weak effect of crypto investors feeling rich and spending their other assets. But "other assets" are quite small relative to the economy.

for that matter, crypto assets in total aren't that huge relative to the economy. All the Bitcoin we know of are worth 160 billion. That is a fortune to me personally, but pocket lint vs the stock market ( valued at $95 trillion ) The stock market's random variation on a busy day is more than the total value of bitcoin.

I conclude that crypto isn't a significant driver of inflation.

 

[TeamNapoli]

IMHO: Governments over printing their money and throwing it away is the chief driver of inflation. Speaking from a USA point of view; a month or two of inflation gains is manageable and sometimes needed to slow down the insanity; however if the US dollar falls from the thrown and is no longer king then we will see dangerous long term inflation. So if investors jump into crypto assets instead of the USD, crypto isnt a driving force but it could be considered a gravitational force keeping inflation in orbit.

I agree crypto is small compared to stock markets and other investing assets. Considering crypto being in its infancy stage compared to the other institutions; the new investing assets being created on the Ethereum platform as well as other platforms, the deltas will shrink rapidly.

 

[Darson]

I learned a new acronym today. We all know HODL, today it's BTFD. So that's what I'm busy doing.

 

[Geremie]

Recently finalized a 3-year BTC-based loan valued at C$49k/coin — interest payable annually with option to repay 1/3 principal each year.

Used the proceeds to purchase long-term puts (2022-2023) on TSLA.

Tulips baby!!!

Doing alright now...let’s keep this momentum going!

 

[dajebriza]

Bitcoin at $34K today. I am worried for Tesla tomorrow.