patrick.net

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.

Zak says

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.

The question is: with Idiocracy rapidly approaching how many people would be able to understand what these machines even do, let alone be able to do something useful with them. I mean, we're already in the era of manual transmission being a pretty good car theft deterrent ...

Eric Holder says

I mean, we're already in the era of manual transmission being a pretty good car theft deterrent ...

Haha so true! I only own cars w/ manual transmission.

clambo says

"Slaps the haters."

countless times too. Again. and. again. How many times have these clowns come out when Bitcoin corrects and cheered momentarily? Just to be disappointed over and over again. To be continued.

Eric Holder says

we're already in the era of manual transmission being a pretty good car theft deterrent ...

And cursive writing being secret code.

Onvacation says

Eric Holder says

we're already in the era of manual transmission being a pretty good car theft deterrent ...

And cursive writing being secret code.

Of course, some people prefer dirty coins in their wallet and like to pick up the landline for the scam calls. I hear there are still silver bugs out there. lol. Thats just a small group of people though. Most people advance....
We live during amazing, great times. Money, music, books have been digitalized. Even gold:

It seems to me Crypto currency is only sexy when it's just starting out and is only valued at a fraction of a fraction of a penny.
You buy up several tens of thousands of them (or a couple hundred dollars worth) and you hang on to them. Until the day they are worth over 30 cents. Then you cash out and take you millions and run the very minute it does.

Everyone else is just suckers.

mell says

Eric Holder says

I mean, we're already in the era of manual transmission being a pretty good car theft deterrent ...

Haha so true! I only own cars w/ manual transmission.

me too...don't need to lock my car

and just like that.....

https://www.foxbusiness.com/markets/bitcoin-tops-40000-after-musk-says-tesla-could-use-it-again

"Bitcoin tops $40,000 after Musk says Tesla could use it again"

that's why i keep saying, haters cheering about dips in a bull market get slapped....

dont cheer too early for the bear market....

"Bitcoin tops $40,000 after Musk says Tesla could use it again"

Pump, dump, rinse, repeat.....

Donald says

This is great news for everyone who bought Bitcoin at 62,000

nothing goes up in a straight line....people who bought at 20k are now geniuses.....but back then, haters made fun of them after a dip.
Always the same story with the bitcoin haters.....they dont think long term.....

Eric Holder says

"Bitcoin tops $40,000 after Musk says Tesla could use it again"

Pump, dump, rinse, repeat.....

its a great store of value....i bought it at 15k.....now its at 40k....imagine i would have sat on cash....that would have sucked....

Bitcoin is a great inflation hedge!

@Bitcion Here's a better selling point: Bitcoin gives independence from government.

My FLSW is chugging along.

By all means, don’t buy it. You are better off “hating it”, and “investing” $65,000 to make (-$26,000) in a few months.

Or, buy a house in Capitola for $1500/square foot and pay for the pensions of county employees and health care for the Mexicans with your property taxes.

Patrick says

Bitcoin gives independence from government.

How did that work out for all those people in China who were mining bitcoin "independent" from government?

Currency has to be backed by something, even FIAT currency (backed by guns of police/feds). What good is bitcoin if you are prohibited from buying or selling anything with it? I mean, you could say the same thing about gold, but it's a bit harder to monitor something in no way connected to the internet :)

Patrick says

Bitcoin gives independence from government.

It doesn't though. It's valued in fiat. To make gains you have to put it on a computer, internet, exchange, etc. That's all traceable and the government can issue a warrant to access your devices or the exchange to see what you traded. There is no privacy on the internet.

Unless we get a draconian dictatorship administration, 99% of people are fine using the internet without protection. And I'm not saying don't protect yourself, but if you're not using it to commit illicit activities, I'd chill with the paranoia. Government is very inept at most things, so there's not much to fear. Most government workers just knew someone to get the job and just collect a paycheck and a pension. Basically they work 20% of the time.

Otherwise BTC and other cryptos are a pure marketing scam. It's no different than MLM scams. You sucker someone into the system and they become little bitches of the system and you make money off them. The more you get to buy into it, the more you make. Until no one wants it anymore. Which always happens. Always.