patrick.net

seesaw says

Finally.. Mining is global... not just China... so the China arguement does not hold major water with me...

Sounds like something an ostrich would say. "Here is a big glaring issue, a majority of mining is going to China, and powered by coal, but i did something different one time, and i heard some other stuff, so i'll bury my head in the sand and pretend that huge issue doesn't exist.."

And that's the responsible "investment analysis" you think people should hang their security on?

Zak says

seesaw says

Finally.. Mining is global... not just China... so the China arguement does not hold major water with me...

After Musks recent tweet I have the following theory:

Musk is an entrepreneur....what do they do? They solve problems.
He just bought 1.5B USD worth of Bitcoin and now tweets that the energy consumption is a problem? Who is he kidding....of course he knew this when he bought....So what is he up to?
Tesla miner coming soon.....what better company to manufacture Bitcoin miner devices and take over the mining business? They already are invested in Bitcoin and have the perfect set up for mining the green way. Let's just not mention that EV's use electricity too.....

Is it time to ping this thread again? What would bitcoin do? Elon Musk says sell... it's bad for the environment! LOL!

Bitcoin says

He just bought 1.5B USD worth of Bitcoin and now tweets that the energy consumption is a problem? Who is he kidding....of course he knew this when he bought....So what is he up to?

We've told you. It was a pump and dump by Musk. Pretty much indisputable at this point.

The guy wants to literally live on Mars. It's not a dream. It's not a joke. To get there he needs $$$$$. Who knows the entry/selling points, but he's likely walking with $500M+ in USD of OPM, which is what will help get him where he wants to go. Mars. Mark Cuban is fucking around in the game as well, because he knows the game.

Meet some legit multimillionaires. You don't know the game you're playing. You're in a boxing ring with a 23 year old Mike Tyson. You will get knocked out. Until you can throw $5-10M+ at an investment and lose it all, you can't beat the other players. At some point you run out of money after they took all yours.

I guess some people who bought bitcoin for $64,863 are a little upset today ($43,705).
48.4% down isn’t too bad, is it?
Maybe not? Some will hold it through thick and thin.

People, just buy WFC, it’s a good deal, you can’t lose (after it hits $54, I’m OUT)

WookieMan says

Until you can throw $5-10M+ at an investment and lose it all, you can't beat the other players. At some point you run out of money after they took all yours.

When I was a wee gambler, I wondered why there were upper limits on some casino games, like roulette. Wouldn't the house always want you to bet as much as you can?

The answer is that with sufficient money, and without an upper limit, you could just keep doubling your bet on red or black on the roulette wheel every time you lost, and soon you'd recover what you lost. But if they cap your bet, then when you lose at that level, you have to win twice in a row to get back to where you were.

So I'm agreeing with the premise: people with more money to bet have a big advantage in the game. They will survive the random fluctuations better than someone without as much money.

Who is more likely to win a coin flip?

1. A baby
2. An M.I.T. Phd. in statistics
3. A rich gazillionaire

Any of the above.

WookieMan says

Bitcoin says

He just bought 1.5B USD worth of Bitcoin and now tweets that the energy consumption is a problem? Who is he kidding....of course he knew this when he bought....So what is he up to?

We've told you.

"We"
You told us Musk sold.....According to Tesla's financials in Q1 they have the vast majority of BTC on their books.

He did troll however with his dogecoin shit. Typical musk. You never know with this guy. Bitcoin doesnt need him....he provided a nice pump to BTC which he is now reversing. Doesnt mean BTC wont go to 100k this year....

whenever BTC dips the haters come out and cheer. Just until it recovers and reaches new all time highs. Every. time. the. same. spiel.

I think 48% is not a “dip” but something else.

I don’t care, Apple just gave me 11 more free shares of a real company, real equity.

I’m not a hater, but it’s ridiculous to brag about owning something which “dips” 48% at any time.

clambo says

I’m not a hater, but it’s ridiculous to brag about owning something which “dips” 48% at any time.

Its even more laughable to cheer about a 48% dip on an asset that is up 500% in a year. I bought BTC at 15k last November....its now over 40k!
I made 18X on Cardano (another crypto). I have apple shares too but you can go home with those gains compared to crypto :D

Your buy timing doesn’t change the fact that someone else paid $64,863 for the stuff and is deep underwater.

He has no choice except except wait for a bigger sucker to come along.

Anything that can fall 48% for no apparent reason is worthless to me.

clambo says

Anything that can fall 48% for no apparent reason is worthless to me.

ROFL!
First of all, you cant even do math, so I imagine a lot of things seem worthless to you (who knows what you calculate to justify your decisions). Show us your math on the alleged 48% dip in Bitcoin.
Second, Do you think you matter in the crypto market? Tesla invested 1.5B USD. Microstrategies invested 2.17B USD in Bitcoin.
Third, people like you will always cheer when an asset dips they havent invested it. And when it goes to new all time highs....silence.

Musk was the richest man in the world...then he bought Bitcoin.

Bitcoin says

an asset that is up 500% in a year

That's the scary part to me, things that are too good to be true usually aren't. The 20's were fun while they lasted.

NDrLoR says

Bitcoin says

an asset that is up 500% in a year

That's the scary part to me

Then pls dont look at dogecoin. If 500% increase scares you, how about 12,000% for doge? My Cardano went from 0.03 to over $2. My avg cost is 10 cents :) :) :) hopefully you are not terrified now.....some people feel more comfortable with the performance of a checking account.

Misc says

Musk was the richest man in the world...then he bought Bitcoin.

reality check:

https://www.yahoo.com/now/tesla-makes-more-money-bitcoin-163841265.html#:~:text=Find%3A%20Musk's%20Tesla%20Now%20Sits%20on%20%242.5%20Billion%20Worth%20of%20Bitcoin&text=The%20company%20reached%20a%20quarterly,its%20Q1%202021%20earnings%20update.

"Tesla Makes More Money From Bitcoin Than It Does From Cars"

The Bitcoin high 64,863 was 48% above 43,705
The decrease from the high was 32.6% of the high.
Whichever way you look at the drop, it’s too big.

I’m not investing in Bitcoin because it’s not an investment.

I’m comfortable with my real investment performance.

Why do you get so snippy? I’m not keeping my money in a checking account.

I’m not afraid to roll the dice but I’m not interested in a game of musical chairs.

clambo says

The Bitcoin high 64,863 was 48% above 43,705
The decrease from the high was 32.6% of the high.
Whichever way you look at the drop, it’s too big.

I’m not investing in Bitcoin because it’s not an investment.

I’m comfortable with my real investment performance.

Why do you get so snippy? I’m not keeping my money in a checking account.

I’m not afraid to roll the dice but I’m not interested in a game of musical chairs.

Aapl has had 30% drops as well more than once or twice. I don't think it's fair to say bitcoin is not an investment. Those who bought at 5k are sitting pretty. Call it a trade if you want to make the point that it doesn't pay dividends or have earnings. I agree that it's def more speculative but aapl hasn't crossed its previous high in a long time as well, and look at tsla. Nothing is without risk, so diversify and keep emergency cash has never been wrong, no matter what you invest in.

Millions of people have found out that trading Alt-coins is better than working for a living. --- What could go wrong???????????

clambo says

The decrease from the high was 32.6% of the high.

That's better! And 30-40% drops happen during Bitcoin bull cycles. Not everyone can stomach it.....weak hands trade to long term investors. Of course Bitcoin is an investment. Why do you think companies buy and hold it on their balance sheet. Why do you think there is a Bitcoin ETF in canada?

Its not an investment for YOU. Which is totally fine :) The difference between you and me is I dont cheer if your investments goes down. I want people to make money. I invest heavily in stocks, RE and Crypto. You on the other hand hope for Bitcoin to crash and you come out with the cheerleader gear every time it dips.....and remain silent when it reaches new ATH's. The reason is simple, you arent on the Bitcoin train and if people pull a 500% you get jealous and hope for it to crash. At least thats my theory :)

I heard Marc Chandler share his view on crypto currencies on a podcast over the weekend.

He described them as a "relief valve", mopping up some of the excess currency printed recently. I suppose another way of saying that is those are a place for money to go to die.

Hipsters keep saying it's different this time. We shall find out.

Buy the dips!

I'd buy goldbacks before crypto. But hey if you were early and on top of pyramid hats off to you.

mell says

Aapl has had 30% drops as well more than once or twice. I don't think it's fair to say bitcoin is not an investment. Those who bought at 5k are sitting pretty. Call it a trade if you want to make the point that it doesn't pay dividends or have earnings. I agree that it's def more speculative but aapl hasn't crossed its previous high in a long time as well, and look at tsla. Nothing is without risk, so diversify and keep emergency cash has never been wrong, no matter what you invest in.

Exactly right. I just treat it as a form of asset diversification. Anyone who goes all in on crypto is stupid, but it's prudent if someone has it as at least 5-10% of their portfolio.

hope you guys bought the dip! My Ada went to 1.09 and skyrocketed back to 1.75!
Bitcoin! low was around 30k....now back at 40k.....some people sold their paper hands and some made money today!

RC2006 says

I'd buy goldbacks before crypto

funniest line today!

I think Trump just bought 555 California Street in SF. The bank of america building. I wonder if he used bitcorn proceeds lolz.

just_passing_through says

I think Trump just bought 555 California Street in SF. The bank of america building. I wonder if he used bitcorn proceeds lolz.

I wonder if he's planning on cleaning up SF somehow to make his new asset appreciate?

Maybe a family member for mayor, running on a campaign of annihilating the homeless, their faeces, and the laws that let them steal w/o going to jail?

just_passing_through says

I think Trump just bought 555 California Street in SF. The bank of america building. I wonder if he used bitcorn proceeds lolz.

He already owned at least part of it for years. Maybe he bought the rest.

Comparing Apple to Bitcoin is pure delusional fantasy.
I’m not jealous (correct word is envious) of anyone who says he made money playing musical chairs.
I don’t have a cheerleader outfit.

A crypto lender is trying to claw back bitcoin after accidentally depositing hundreds of coins into user accounts

https://markets.businessinsider.com/currencies/news/blockfi-crypto-lender-bitcoin-accidentally-depositing-users-btc-promotion-2021-5-1030448422

clambo says

Comparing Apple to Bitcoin is pure delusional fantasy.
I’m not jealous (correct word is envious) of anyone who says he made money playing musical chairs.
I don’t have a cheerleader outfit.

I don't think we are saying they are comparable because they aren't. Bitcoin is more a trading vehicle and has a growing industry behind it, but also serious issues wrt energy consumption. aapl and other bellwethers are def safer bets with their revenues and dividends behind it. But before widespread adoption for bitcoin and other digital currencies happened there was an opportunity to get in early, as well as during the beatdown to $3k-$5k. Now if it's long term feasible or will end in tears we don't know. But dabbling with 1%-5% of the portfolio in crypto/digital currencies is a form of diversification that shouldn't be discounted imo.

It’s ended in tears for some suckers who paid 64 grand for it.

Maybe now they will “average down” and buy more BTC now.

I wonder if my friend who has silver in his safe (at $45+/oz) is buying more today?

My dividends are sufficient to pay for the young “nurse” to adjust the beach umbrella and bring me a pina colada.

I’m not talking about the capital gains in Apple, that’s for the ocean view condo and the boat.

Well one thing is for sure. The dollar will go to shit much faster than I ever imagined. A few years back I gave it 20 years until we lose the petro dollar but now it's looking more and more like we'll lose reserve status sooner than that which is much worse.

https://www.marketwatch.com/story/why-chinas-crypto-crackdown-helped-spark-a-bitcoin-crash-and-could-feed-a-backlash-11621454947?utm_term=OZY&utm_campaign=patrick.net&utm_content=Thursday_05.20.21&utm_source=patrick.net&utm_medium=patrick.net

A move by Chinese regulators early Wednesday to restrict crypto activity may have helped spark a broad selloff for digital assets. But the crackdown, which appears aimed at bolstering the country’s own digital yuan efforts, could backfire, says one analyst.

“Although China represents as much as 75% of all bitcoin mining, the Chinese government is clearly averse to seeing bitcoins rise in popularity as medium of exchange,” said Boris Schlossberg, managing director at BK Asset Management, in a note. “Instead, Chinese authorities are keen to see their own digital currency in the form of the yuan become the primary unit of account in the Chinese economy.”

The People’s Bank of China announced that financial services companies and payment services were banned from pricing or conducting business in virtual currencies, news reports said.

Patrick says

https://www.marketwatch.com/story/why-chinas-crypto-crackdown-helped-spark-a-bitcoin-crash-and-could-feed-a-backlash-11621454947?utm_term=OZY&utm_campaign=patrick.net&utm_content=Thursday_05.20.21&utm_source=patrick.net&utm_medium=patrick.net

A move by Chinese regulators early Wednesday to restrict crypto activity may have helped spark a broad selloff for digital assets. But the crackdown, which appears aimed at bolstering the country’s own digital yuan efforts, could backfire, says one analyst.

Although China represents as much as 75% of all bitcoin mining, the Chinese government is clearly averse to seeing bitcoins rise in popularity as mediu...

Translation: crypto is not to be used by Chinese - it's for pulling real money from stupid round-eyed dogs overseas.

Just wondering.. anyone here buy bitcoin at over 60k? 50, 40?

Anyone sell to a greater fool at the top? Any feelings at all about that?

Zak says

Just wondering.. anyone here buy bitcoin at over 60k? 50, 40?

Anyone sell to a greater fool at the top? Any feelings at all about that?

Knowing my luck I've bought $10 worth of bitcoin at $60K to send the whole thing tumbling and it worked! =))