Cryptocurrencies

[Longnose]

41 minutes ago, Gamecock-YT said:

 

 

Larry was right

 

Im still buying bitcoin. 

[fareastwarriors]

8 minutes ago, Longnose said:

 

Im still buying bitcoin. 

 

 

I added some today. DCA...

 

 

 

[rkbabang]

I’m still buying as well. I’ll be buying all the way down. My prediction based on previous cycles is that it reaches as low as $12K-$13K.  We’ve discussed what makes Bitcoin valuable already in this thread multiple times, so I won’t repeat what has already been said. I know not everyone agrees, but that’s what makes a market.

 

[dealraker]

So basically every dissatisfied 40 year old male in my small town community quit their job and bought $150,000 of electricity burning stuff and started manufacturing legal "currency?"  What the hell could possibly go wrong with this model?  

Edited November 10, 2022 by dealraker

[JRM]

1 hour ago, rkbabang said:

I’m still buying as well. I’ll be buying all the way down. My prediction based on previous cycles is that it reaches as low as $12K-$13K.  We’ve discussed what makes Bitcoin valuable already in this thread multiple times, so I won’t repeat what has already been said. I know not everyone agrees, but that’s what makes a market.

 

How are you buying?  What would you recommend?

[Longnose]

9 hours ago, rkbabang said:

I’m still buying as well. I’ll be buying all the way down. My prediction based on previous cycles is that it reaches as low as $12K-$13K.  We’ve discussed what makes Bitcoin valuable already in this thread multiple times, so I won’t repeat what has already been said. I know not everyone agrees, but that’s what makes a market.

 

Indeed, many of the indicators that I've seen also say that 12-13K is very likely. But I just keep adding on all dips. 

[Longnose]

8 hours ago, JRM said:

How are you buying?  What would you recommend?

I buy on coinbase then move it to a wallet. 

 

I have no intention of changing my BTC back to Fiat for a long time. 

[rkbabang]

1 hour ago, JRM said:

How are you buying?  What would you recommend?

I do exactly what longnose does. Buy on Coinbase then move it to a wallet. I never leave more than $3k or so on Coinbase.  I plan on holding at least 10 years, probably much longer.

[mcliu]

What % of your portfolios are in crypto?

[UK]

11 hours ago, Viking said:

i wonder how much windfall gains in crypto was fuelling economic growth in 2021. How does this now work in reverse? Is the crypto crash now bigger than the .com crash?

 

I think crypto is still substantially smaller than dotcom was, so hopefully fallout will be manageable for economies, but for sure it will cost some, just think about all this mining equipment or even advertising market. It would be very interesting to know how much of online advertising was/is crypto related.

[UK]

https://www.bloomberg.com/news/articles/2022-11-09/short-seller-jim-chanos-warns-the-crypto-crackdown-is-coming-now

 

“You're going to get a judicial outcry now to regulate the system and bring these guys to justice,” Chanos, the founder of hedge fund firm Chanos & Co. said. The warning comes on the day that Sam Bankman-Fried, the founder and CEO of major crypto exchange FTX.com, suggested the company could be heading for bankruptcy barring an injection of fresh capital.

 

Chanos has criticized a slow-moving regulatory response to crypto before, noting that it’s ultimately market cycles that dictate how authorities respond. “Asset prices are both the defense attorneys and the prosecutors” when it comes to financial frauds, he said.

 

While crypto itself is often characterized as an anti-government asset with some ‘defensive’ or ‘uncorrelated’ characteristics, Chanos noted that there’s a long history of alternative currency projects popping up during bull markets, or “when people’s sense of disbelief is suspended.” He said that people often focus on the downsides of fiat currency, rather than its strengths — which include a central bank backstop in times of crisis.

[Dave86ch]

Keep adding to Bitcoin through CoinBase as usual.

Edited November 10, 2022 by Dave86ch

[Luca]

9 hours ago, Parsad said:

 

Crypto was never worth anything.  It's the blockchain backbone that is important.  It will work its way into every asset class in the future and every financial transaction.  Cheers!

 

To be honest i dont understand blockchain, could very well be great technology usable for a lot of things. 

 

@Parsad Do you own any crypto?

[Luca]

10 hours ago, TwoCitiesCapital said:

 

Seems to me every nearly every fiat currency this year has failed this exact same test. 

 

Is +/- 20-30% really considered "stable"? 

 

Can you point one out that has maintained purchasing power over even the last 10-years? 

 

Because 10-years ago BTC was a fraction of where it's at today no matter which currency or asset you measure it in. Which one "maintained" purchasing power? 

 

Good point, a good currency like the swiss frank is relatively stable. 

 

Look at all other coins, losing 90% of their value. This is just too much.

[Parsad]

9 hours ago, dealraker said:

So basically every dissatisfied 40 year old male in my small town community quit their job and bought $150,000 of electricity burning stuff and started manufacturing legal "currency?"  What the hell could possibly go wrong with this model?  

 

You look at the destruction in the last year...fortunate the 50 and 60 year old males also didn't get involved.  Otherwise the pain would have been more contagious and reached into conventional assets. 

 

The Ontario Teacher's Pension Plan is taking a hit because of their investment in FTX...not the first pension plan writing down crypto assets this year.  Can you imagine if crypto had become mainstream and made up 5% of the loans, business, investments of global financial institutions and pension plans similar to more conventional lines of business?!

 

A bunch of VC funds and hedge funds probably are writing down FTX investments, alongside other crypto investments.  And if Binance does fall eventually, it will be interesting to see who takes a hit from it!  Cheers!

[Parsad]

1 hour ago, UK said:

 

I think crypto is still substantially smaller than dotcom was, so hopefully fallout will be manageable for economies, but for sure it will cost some, just think about all this mining equipment or even advertising market. It would be very interesting to know how much of online advertising was/is crypto related.

 

Significant, but still small relative to the entire digital advertising market.  It was increasing dramatically from late last year into the early part of this year as crypto was taking some hits.  Cheers!

 

https://mediaradar.com/blog/cryptocurrency-prices-ad-spending/

[Parsad]

1 hour ago, Luca said:

 

To be honest i dont understand blockchain, could very well be great technology usable for a lot of things. 

 

@Parsad Do you own any crypto?

 

Nope.  Don't own any, and if I did I would smoke it!  

 

I do own a fair amount of OSTK, which has a huge portfolio of blockchain companies they've invested in over the last 7-8 years, that they are growing and will monetize over time. 

 

You get a profitable online retailer, with little debt, tons of cash, owns their own head office and the portfolio of blockchain companies is essentially free at current prices.  Why BUY crypto, when you can own blockchain companies for FREE!

 

I would also rather own the highways than the cars!  Cheers! 

[Parsad]

Does anyone know Aaron Kaplan, founder of Prometheum Inc.?  He runs a FINRA/SEC regulated trading platform.

 

I just heard an interview by him on Bloomberg, and this is one of the few guys I've heard that really knows what he is talking about when it comes to crypto and regulation. 

 

Recommend you catch the interview if you can...I can't find any link...maybe it will be on Bloomberg or Youtube later.

 

Cheers!

 

 

[coc]

11 hours ago, dealraker said:

So basically every dissatisfied 40 year old male in my small town community quit their job and bought $150,000 of electricity burning stuff and started manufacturing legal "currency?"  What the hell could possibly go wrong with this model?  

LOL. Some people just cut right to it. 

[SharperDingaan]

Some very good memes on this thread!

 

'Tradition' has it that BTC is really just another 'stock', and bought/sold accordingly; trade it via an exchange but hold it in your own secure wallet off the exchange - yes it's also a currency, but I treat it as stock! More efficient processes are to hold it either via a fund (diversification, management, dividend, etc.), or a company (ie: Overstock). Depending where you live, the funds/stocks may also have limited legislated protections; a plus in Canada.

 

However you hold; if your interest is in the cryptocurrencies, most of your holding is going to be BTC and ETH. If your interest is the blockchain applications, most of your holding is going to be in the platform companies &/or the tech funds. Different strokes.

 

BTC's main 'legal' attraction is its appeal to those in hostile nations, where local currency is routinely devaluing. Hold you wealth in BTC as a hedge against local currency devaluation, but risk the possibility of having to sell the BTC for less USD later; 'terrible hedge!'. Thing is; that relative to today's price, when BTC is at USD 10,000-15,000 the upside volatility is largely on par with the downside. The lower BTC goes, the more attractive a hedge it becomes. 

 

There is also the coming 'halving', and the introduction of 'western' CBDC's which most people would view as supportive. No way you're using a CBDC to settle a black market transaction, cash is king! ... but the wealth accumulation still needs to be 'stored' somewhere - in either a 'bent' bank, or BTC. 

 

BTC isn't going away.

 

SD

 

 

Edited November 10, 2022 by SharperDingaan

[rkbabang]

10 hours ago, mcliu said:

What % of your portfolios are in crypto?

At current prices about 15% right now.   I sold almost half of my crypto in 2021 when BTC was above $50K and ETH was above $4K.  Before I sold at those prices crypto was almost 50% of my portfolio which made me uncomfortable.

 

 

[Spekulatius]

[rkbabang]

4 minutes ago, Spekulatius said:

 

The same place your money goes if you had deposits at a bank that went bankrupt before FDIC.  It has been said before and can't be repeated enough:  "Not your keys, not your crypto". 

[james22]

Where's the rotation to gold?

[JRM]

6 minutes ago, james22 said:

Where's the rotation to gold?

Not sure its a rotation to gold, but gold is up something like $100 in the past week.