Crypto currency

Concrete Helmet

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There's an old saying that goes you don't have to be the smartest person in the room to get out of a burning building, just find the smartest guy in the room....

There's also an old saying that he who has an edge in financial markets is not telling anyone he is the smartest guy in the burning building.....:banghead::lol2:
 

Detroitgator

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Jul 15, 2014
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There's an old saying that goes you don't have to be the smartest person in the room to get out of a burning building, just find the smartest guy in the room....

There's also an old saying that he who has an edge in financial markets is not telling anyone he is the smartest guy in the burning building.....:banghead::lol2:
Costanza!
 

Gatormac2112

The Voice of Reason
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All crypto dropping today, bitcoin down 25%.

Either you have to be OK with wild volatility or you just throw play money at it.
 

Detroitgator

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Both ETF's, physical backed and mining stocks and some physical gold(mostly stored) and physical silver for "just in case" money...
You probably missed the boat, again. :lol:

When bitcoin has had these huge, exponential runups, the big volatility pullbacks have almost always been to around it's 21 EMA. That said, it "pierced" (but did not close below) it's 21 EMA last Sunday, and hovered just above it for the next day, but now it's running again. It will either rollover to actually break the 21 EMA before the next run, or we're already on our way to $50K.
 

Concrete Helmet

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You probably missed the boat, again. :lol:
History my friend, history....check the charts for BC....I'll be around next time it hits 10k...meanwhile do you have any idea how deep a government metal finder can read? Asking for a friend....
giphy.gif
 

UFHealthGator

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I am sold on Bitcoin at this point. It has enough name recognition and network support and is catching major institutional attention. My timeline is at least 10-15 years anyway. Going to allocate 5% of my portfolio to it over the coming few months and dollar cost average into it. I will be irritated but not going to lose sleep over 5% if all is lost. I most certainly will lose sleep if in 10 years it is worth 10x of what it is worth now. Sure I will pay close to 35k now to buy it and can go down to 5k tomorrow, but I want to buy into the trend.

Best part about it is I can pull it out and put it in my own hardware wallet, and no federal bank can ever devalue it, or an exchange lose it. This is the ultimate free market, and a good hedge against the massive upcoming reckoning with our ballooning debt.
 

no1g8r

Bringing Reason to the dumb masses
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Serious question: Aside from forgetting a password or throwing out a USB drive, what things can go wrong with Bitcoin?

I’m looking to weigh risks vs benefits, and could use help brainstorming risks, both probable and those less likely.
 

Concrete Helmet

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what things can go wrong with Bitcoin?
Fact check this because it came from a You tube video but
China controls 70% of the block chain
It's locked at a trillion dollar industry vs 12 trillion for gold and many time more for equities...
Another brand could render it useless...
Annnnnddd last but not least...the government or CB can stomp it out or create their own(which they will in less than 2-3 years)
 
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BMF

Bad Mother....
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Sep 8, 2014
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Good article on the recent bitcoin "crash":

Bitcoin Crash Is Excellent Opportunity to Buy the Dip

Faizan Farooque
Fri, January 15, 2021, 2:10 PM


One of the major investing themes coming out of 2020 is the soaring price of bitcoin (CCC:BTC). However, the cryptocurrency slid as much as 21% over a two-day period to as low as $32,389. Since the start of the novel coronavirus pandemic, it’s the biggest two-day drop, wiping off nearly $140 billion in total market capitalization.
 

UFHealthGator

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Fact check this because it came from a You tube video but
China controls 70% of the block chain
It's locked at a trillion dollar industry vs 12 trillion for gold and many time more for equities...
Another brand could render it useless...
Annnnnddd last but not least...the government or CB can stomp it out or create their own(which they will in less than 2-3 years)


About 65% of the hashrate / mining power is in China. However majority of bitcoin is actually owned in the US. All Chinese miners could "theoretically" perform an attack on the network if more than 51% or all network miners decide to perform a specific action to revers or change transactions. That is extremely costly and near impossible to do. More importantly, many miners "located in China" have moved their operations/ and their bitcoin outside of China, because BTC is cracked down on in China, and those folk find it as a way to be liberated from government control with a decentralized currency.

As far as governments/ CBs, I don't even know what a "alternative" central digital currency even means. Our USD is already digital. I mean I have probably a $50 in my wallet that I have not touched in 3 years. All my stock market exchanges, bank accounts, credit cards, spending is all digital already. I never see what my dollar looks like. When the Federal reserve "prints" dollars, it's all digital numbers. That does not make it an alternative.

Unless the federal bank produces a currency that is : 1. Finite (they can never ever be more than 21million bitcoins) 2. Decentralized (they produce the program, but the transactions are verified by the public). 3. Does not involve any middle man to perform a transaction and can be stored easily). 4. Build a network as large as what BTC has now. If they do all that, then I am not sure what their incentive would ever be.

The whole point of BTC is that it is not controlled by any government or central bank, so they can never in reality create a central alternative, because that is not an alternative. It is a peer-to-peer network that you can be part of if you want right now. It is just what we have today.

As far as other brands, I can tell you right now that there are already hundreds of other cryptocurrencies out there. The source code for BTC is open. You can even make your own now. The value of BTC comes from the humongous peer to peer network that supports it, that just is getting larger every day thanks to the higher prices and higher involvement by major institutions. You can participate in that network right now and mine it yourself, but that would be probably not very profitable depending on your PC.

I still think it is the best "risky" long term bet at the moment. Definitely do not put anything in it that you are not willing to lose entirely. I chose 5% to me and will ride the next 10-15 years by dollar cost averaging every month.
 
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Detroitgator

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Jul 15, 2014
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About 65% of the hashrate / mining power is in China. However majority of bitcoin is actually owned in the US. All Chinese miners could "theoretically" perform an attack on the network if more than 51% or all network miners decide to perform a specific action to revers or change transactions. That is extremely costly and near impossible to do. More importantly, many miners "located in China" have moved their operations/ and their bitcoin outside of China, because BTC is cracked down on in China, and those folk find it as a way to be liberated from government control with a decentralized currency.

As far as governments/ CBs, I don't even know what a "alternative" central digital currency even means. Our USD is already digital. I mean I have probably a $50 in my wallet that I have not touched in 3 years. All my stock market exchanges, bank accounts, credit cards, spending is all digital already. I never see what my dollar looks like. When the Federal reserve "prints" dollars, it's all digital numbers. That does not make it an alternative.

Unless the federal bank produces a currency that is : 1. Finite (they can never ever be more than 21million bitcoins) 2. Decentralized (they produce the program, but the transactions are verified by the public). 3. Does not involve any middle man to perform a transaction and can be stored easily). 4. Build a network as large as what BTC has now. If they do all that, then I am not sure what their incentive would ever be.

The whole point of BTC is that it is not controlled by any government or central bank, so they can never in reality create a central alternative, because that is not an alternative. It is a peer-to-peer network that you can be part of if you want right now. It is just what we have today.

As far as other brands, I can tell you right now that there are already hundreds of other cryptocurrencies out there. The source code for BTC is open. You can even make your own now. The value of BTC comes from the humongous peer to peer network that supports it, that just is getting larger every day thanks to the higher prices and higher involvement by major institutions. You can participate in that network right now and mine it yourself, but that would be probably not very profitable depending on your PC.

I still think it is the best "risky" long term bet at the moment. Definitely do not put anything in it that you are not willing to lose entirely. I chose 5% to me and will ride the next 10-15 years by dollar cost averaging every month.
In China, one "plays ball" or one gets "Jack Ma'd"! ;) He's the new "Waldo."
 

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