patrick.net

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! =))

FuckCCP89 says

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

Ha! you shoulda bought at 10k and saved us all a bunch of BS shitposts.

Zak says

anyone here buy bitcoin

A couple of users here roll the dice. A couple others don't realize it is gambling on the probability of a greater fool paying you more than the price you bought it for.

I suspect the bumps in price are caused when somebody has to pay somebody off. Some scumbag buys a "coin" for $50k and gives the code to a human trafficker. They cash the coin and deliver the goods. Hit men, drug dealers, kidnappers, and traffickers of all types don't care about the slow transaction times and high fees. Crypto is an ideal way for criminals, and criminal governments, to transfer large amounts of money. They don't care about the carbon footprint, and exorbitant transfer fees.

Gambling and crime, I can't see any other use for crypto.

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?

My last purchase of BTC was at $33K with prior purchases going back to 2017. Crypto is not an asset I want to trade but to hold onto and give to my kids. It's the same thing as buying silver bullion...it's more of an insurance policy against declining value of fiat than it is for purposes for trading.

I've been buying $200 a week BTC all year. I also was doing $200 every other week with Ethereum. I was able to spot the speculative melt up in Ethereum and cash out of that. My BTC is down but my gains I locked in on ETH easily offset those. I've stated before, I hold about 30% of my wealth in Gold/Silver. I'm going for 5% Crypto. The rest are dividend blue chips and other inflation hedges. I do own plenty of Apple as well.

I've also purchased $1000 worth of Dai, a stable coin that is designed to be pegged to the dollar. I am earing 7.5% interest on it through Gemini.

porkchopexpress says

silver bullion...

It's a lighter version of crypto.
Paper metals are being sold long before crypto. If things go south, there is no metal to be found.

Blue says

porkchopexpress says

silver bullion...

It's a lighter version of crypto.
Paper metals are being sold long before crypto. If things go south, there is no metal to be found.

If you look a the silver market right now, Silver is just under $30, but if you try to get 1 oz of Silver, it's going to run you above $35. The last time this happened, Silver ran up from about $15 to $50 before crashing. The paper market is hugely manipulated. Silver is an incredibly valuable industrial commodity and is the only metal that hasn't moved at all.

My friend bought silver and spent a bunch on it, about the time it was $45.
At the same time, I was adding to my shares of Apple.
“Come on, get some stonks!” I yelled at him.
He’s got a safe full of underwater silver, I have capital gains, and dividends on top.

He’s still working although he’s retirement age.

porkchopexpress says

Crypto is not an asset I want to trade but to hold onto and give to my kids. It's the same thing as buying silver bullion.

Silver is mined and refined once and turned into a shiny lump of metal that has many, many, uses.

Bitcoin must be continually mined at great expense and then you have a sequence of zeros and ones on a flashdrive. All incoming capital is consumed to keep the blockchain valid. The system is dependent on HODLer's and fools to buy more to pay for the "miners" electricity, hardware, rent, food, hookers, blow, etc.

What is truly amazing is the value of all the investible silver in the world is less than the value of one bitcoin being sold times all of the other bitcoins being held. Only a fool believes crypto has a market cap.

Silver is also anti-microbial.

ping? how is bitcoin holding up today? Good long term, stable store of value?

Bitcorn! It's what's for dinner!

Elon Tweets, Crypto Bullrun is over.


Full Image:

Move to New York and buy power plant...
The plant’s shift to bitcoin-only operation comes at a time when New York state is fighting to keep cryptocurrency miners from taking advantage of the state’s cheap power. In 2018, the Public Service Commission gave municipal power companies the ability to raise rates on cryptocurrency customers.
Greenidge’s operations aren’t affected by PSC decisions, though. Their mining happens “behind the meter,” meaning it's not affected by grid-level prices. And those operations appear to be fantastically profitable. Between February 2020 and February 2021, the company mined nearly 1,186 bitcoin at a cost of $2,869 per bitcoin. Today, one bitcoin is trading at $57,475. [NOTE: not any more!]
In the company’s SEC filings, Greenidge says it will use expertise developed at its current power plant to expand to at least 500 MW of mining capacity by 2025.

EBGuy says

Greenidge says it will use expertise developed at its current power plant to expand to at least 500 MW of mining capacity by 2025.

That's the most important line I think. They see money for THEMS!

just_passing_through says

500 MW of mining capacity

This is insane, a burning of resources for what, exactly?

I propose an alternate crypto-currency system of simple promises between public key holders. Not exactly sure how it would work, but if it takes more money to build up a good credit rating than one could get from defaulting on it, then it would be stable.

Patrick says

This is insane, a burning of resources for what, exactly?

For bitcorn? An ethereal lump-o-gold that is highly secure and transferable
For the others? Programmable contracts and DiFi

Patrick says

I propose an alternate crypto-currency system of simple promises between public key holders. Not exactly sure how it would work, but if it takes more money to build up a good credit rating than one could get from defaulting on it, then it would be stable.

Awwww! Someone is thinkin about Patcoin!

Patrick says

This is insane, a burning of resources for what, exactly?

Honestly, nothing really makes much sense anymore. Not just bitcoin. Covid shut downs and paying people to stay at home. Masks. A senile old man winning an election while not even campaigning and getting the most votes in history.

It's like you can just make shit up now, market it or fear monger and people will buy it. There are good humans out there, but I'm convinced that 80-90% are pure morons and since they're the majority, the thinking people get fucked over. They also have to do all the heavy lifting for those losers in the form of taxes. Hey, let's tax productivity and give it to the unproductive. Makes total sense.... not.

Ping.. Was there anything to my statement about bitcoin falling in value and don't get suckered in? Further warning: at $30k, bitcoin is still priced far higher than its fundamental value (There IS some value there, but its tiny!) If you aren't buying it for its value (you need something recorded on a distributed ledger) . Don't feel bad though if you did buy, I'm still taking idiot FIAT dollars as payment, every single day at work! They are rapidly depreciating, and I'm only saved by being able to readily trade them for other assets.

BTW, you may laugh at one of my diversification modes.. It's highly non-portable (extremely heavy and bulky), and only moderately well suited for storage. Metal, but not precious metal.. cast iron! But not just any cast iron: mildly used non cnc machine tools in functioning condition. As CNC comes online more and more places, and manufacturing is offshored to china, old american cast iron can be found at under scrap prices. On the flip side, even an industrious thief wouldn't be able to readily steal my machine tools.

Great buying opportunity on our way to 100k Bitcoin. I remember when bitcoin haters where cheering "bitcoin will never reach 20k again!" lol
Some even suggested on this blog that Bitcoin will go down to 1.2k ROFL.
I love how Bitcoin slaps the haters. over. and. over. again.

"Slaps the haters."
That's rich.
I don't know who the "haters" are, but the only thing that can "slap" me is an asteroid hitting Cupertino.