patrick.net

Funny how quiet the bears got....this dip got bought up quickly. Sorry you guys missed out - again.

This is GameStop, just on a larger scale.

nah, Tesla would never buy 1.5B USD in gamestop....but they are happy investing it in digital gold (Bitcoin).

Inflation is driving the prices of bits. But nowhere it can justify the hype for bits.

Blue says

Inflation is driving the prices of bits.

The price of digital gold (Bitcoin) should be several 100k not just 50k. Its undervalued tremendously and it will continue to take market share of gold.

These comments shows me we are still in the disbelief stage.....This bull market will be massive :)

And thanks Tesla!

Blue says

Inflation is driving the prices of bits.

Wouldn't inflation-protected bonds react accordingly too? It doesn't seem they do.

G36 says

. Its undervalued tremendously

Why?

Just kidding. I'm not expecting any cogent answers.

got quiet.....sry bears, that dip got bought up quickly! sry you missed out - again.

this is what happens in a bull market! too much buying pressure..

and thanks Tesla!

ahahahahahahaha.... bear? no... greater fool... also no... hey though.. did you hear about the new amazing crypto currency called "Tulip" ? It is attached to real DNA, and if you put it in the ground, it will multiply, and create a beautiful byproduct as well. Buy soon, the Dutch tell me they are going to be worth millions.

FedWire and the Fed Automated Clearing House went down today.
And for some reason the crypto exhanges were affected. If your main advantage is that you're an alternative to the ACH, don't you think you should be able to weather the storm better. Discuss.

G36 says

got quiet.....sry bears, that dip got bought up quickly!

Huh? The shit is still way down from the ATH.

At this rate Tesla is in bitcoin (who knows what other crypto they bought or sold) business than making cars. That is a red flag if you think you are dealing with car company.

Blue says

who knows what other crypto they bought or sold

They must report on that. This is how we know about BTC.

Eric Holder says

Blue says

who knows what other crypto they bought or sold

They must report on that. This is how we know about BTC.

Yes, they are one quarter away from discloser.

personal

@Zak
looks like you got quiet.....hoping for a bigger dip? Sorry....this is bull-market-moon time....there will be dips and you wont buy....you will hope at each dip it goes down and down, just to be disappointed again. This will happen for at lest the next 9-12month....sry!

hmm. quiet? am I quiet because I'm not talking about rocks, or sea water? What about other things that don't generate any revenue for investors? Invest in starlight mining rights maybe?

I tell you what... if you can tell me how bitcoin generates revenue for people who own it, without talking about selling it to a greater fool... then you have my attention. Go ahead. A single viable example of how owning a bitcoin does anything other than COST energy to keep the network operating. Mind you, I understand enabling digital transactions is a thing. But note that doesn't generate revenue for the holder of a coin.

Zak says

hmm. quiet? am I quiet

yes. You are only loud when Bitcoin corrects but you were absent on the way up. Bitcoin is up over 300% in 6Months. I bought 1.9 Bitcoin for less than 30k in November and my BTC portfolio is now 1.9*51k. How's that for revenue and what's in your wallet?

The great thing is....this is just my BTC.....My holdings in Cardano (ADA), link, dot, ETH, etc. performed much better than my BTC :)

For instance. I bought Binance coin at around 20bucks and sold at 300 :) :) When have you pulled that return? Never.

G36 says

When have you pulled that return

When you cash out at the casino.

When will you actually going to take some profits?

Onvacation says

G36 says

When have you pulled that return

When you cash out at the casino.

I dont believe someone who paid 10k for a matchbox car who is trying to find the greater fool to get his money back.

G36 says

I dont believe someone who paid 10k for a matchbox car who is trying to find the greater fool to get his money back.

Why not?
And who would pay $10k for a toy car or $50k for bits on a stick. Not me.

Onvacation says

G36 says

I dont believe someone who paid 10k for a matchbox car who is trying to find the greater fool to get his money back.

Why not?
And who would pay $10k for a toy car

Answer: dumb money!

-How's that for revenue and what's in your wallet?

sooo... greater fool only then.. ok.. you don't have to hit me over the head with the obvious twice. Don't say I didn't give you 100% opportunity to truly explain the non-greater fool theory of your "investment" . And don't say you didn't 100% reply that it is a greater fool only theory.. It's right there in your own words.

You're hearing it from the horse's mouth peeps. Don't be the greater fool to these jokers.

@Zak

Tesla is not a fool for investing in Bitcoin. Just because you dont own any Bitcoin and dont know how to buy it/store it doesnt mean everyone around you is a fool who makes money on Bitcoin.

You can apply your theory to anything:

Tesla stock sale: only if you find a greater fool, can you sell your stock.
Your car sale: Only if you find a greater fool, can you sell your car.
etc.

Bitcoin is a new asset class and we need people like you to disbelief it.....that means we are early in the bull market (disbelief phase)

G36 says

Tesla stock sale: only if you find a greater fool, can you sell your stock.
Your car sale: Only if you find a greater fool, can you sell your car.
etc.

I see your confusion now.

Some things are real, they have substance.

Crypto is just some ethereal bits on a flash drive.

"Bitcoin is a new asset class and we need people like you to disbelief it.."

Hey, I gave you 100% opportunity to explain how bitcoin is a real asset, and isn't just a way to sell to a greater fool. your answer was.. i made money by selling it to someone else...

with a tesla, you have a car to drive around, the company produces those cars and generates revenue.. so here is your second chance... what does bitcoin do to generate revenue for those holding it OTHER than selling it to a greater fool?????

For bonus points, if you DO identify this revenue source, a simple comparison to a similar revenue source and why this one is better, and even a compare/contrast would actually lend some creedence to your theory... for instance, with gold, it can be a medium of exchange, but you can also sell it for use in electronic connections, or jewelry... go ahead... I'm waiting for why bitcoin has revenue potential


FYI, I actually do know a bit about bitcoin, and am aware of 1 very very small use case for it to generate revenue, that is almost useless to the majority of the population, and has several better alternatives.. Kind of like how tulip bulbs had a very small utility use during their bubble days. Lets see if you can at least get that one..

Does anyone really believe this?
Nvidia said during its investor call that cryptocurrency-related sales accounted for a small slice of its total revenue — just $300 million of $5 billion, suggesting that miners didn’t play a major role in the GPU shortage.

Zak says

use case for it to generate revenue

Bitcoin is up over 300%

Tesla just bought 1.5B USD worth of BTC
Today Square announced it poured another 170M in Bitcoin
to be continued....

Hope you understand what a store of value is?

Onvacation says

G36 says

Tesla stock sale: only if you find a greater fool, can you sell your stock.
Your car sale: Only if you find a greater fool, can you sell your car.
etc.

I see your confusion now.

Some things are real, they have substance.

Ah, i understand your confusion now @onvacation.
You think if something is digital it cant be real.

so, digital money, digital gold, digital music.....all not real to you. BTW., do you still have the landline?

I'm telling you @G36 .. I have some dirty socks I will sell you for $75 dollars. I promise, I have limited capacity to make more. I can only make about 1 pair that stinky per day. They will stay stinky for a long long time, and retain their stink value. In a show of good faith on my part, you can send the $75/pair to patrick to fund the site.. what is your address? I have up to 25 pairs I can sell you, but that's all for now.. the supply is extremely limited.

Crypto is new digital tulips.

Just for some fun, I've decided to run a weekly price bar chart, with Fibonaccis on the whole thing ...



Here's the scoop, now that bigger institutes, along with the retail traders are into this speculation, there are actually trading zones for this thing because there are lots of players, not just the penny stock speculators.

So since last week's bearish candle engulfs the prior week's bullish one, we're on a retest of the price near the 0.618% Fibonacci retracement level. If that level holds, we have a bounce in place ... ready to go.

If it falls through that region w/ no intraweek support, then it falls to the next trading zone, and so on.

For this to be a bust, it needs to get back to the baseline.

I suspect that the big fish will issue a huge buyback in the 23K range, if not earlier (29K-35K). Sure, this thing may evaporate in the future if the concept of digital gold doesn't hold but between now and then, this is a trader's entity.

Gabash gabish mooskaka bearkaka bullkaka...

There, now everyone has my equally useful prognostication about a speculative bubble trading vehicle

@Zak,
sry, looks like Bitcoin is going back up. Must piss you off, no? :)

@g36.. lol.. nope.. not at all! I don't get mad at people who win gambling in vegas.. why should I get mad at people gambling in bitcoin? I DO get mad at people trying to sucker others into speculation under the guise of investment in an actual performing asset.

So rejoice over your bitcoin speculation all you want. But quit lying and saying its an investment. If it's an investment, you should be happy to quietly accept your returns instead of pumping a neverending stream of bullshit onto patrick.net. The main reason I even reply is your bloviation crowds the topic list on an ongoing basis, and actually negatively impacts the experience of getting useful information that makes Patrick.net a useful and dare I say fun resource.

Even the housing bubble shills have a more sound "product" than you, and that's saying something...

@Zak Its investing in Bitcoin (I dont like gambling but i like investing in precious digital gold coins). Bitcoin is a new asset class. You can view Bitcoin as digital gold, gold 2.0. Bitcoin is actually much better than gold. In my humble opinion gold is wannabe Bitcoin.

Sry, that Bitcoin keeps slapping you in the face.

@g36 you've had the opportunity several times to explain what the value bitcoin generates is... why are you so scared to admit you are speculating? Should you really be doing something you are so scared to explain? It's easy for anyone reading this thread to see how scared you are to talk about value.. Reply again with no explanation to show how you need to keep false bravado to mask your terror, and try to suck greater fools in...

@Zak,

digital gold.

crypto is durable? I don't think so.. It can be backed up, but if you lose your single copy of a bitcoin... voosh gone... hard drive crashes.... have wiped out millions for several people... let alone all those who you don't hear about...

scarce? didn't like 5 clones of bitcoin pop up? can't you effectively just create another bitcoin type (ethereum, dogecoin, how many are there now?) out of thin air.. yeah I guess you can.

decentralized??? you MUST be in the network or connected to it to use bitcoin.. all the eggs are in the one network basket.. How can I have a bitcoin transaction NOT connected to the network? What is the fallback to network failure? The network is subject to a 50% takeover hack.

Easily transactable??? Can I go down to my local grocery store and pay in bitcoin? Nope.. have to have a computer set up with a wallet. Can I get my employer to pay me in bitcoin? Nope? How many transactions per second can the bitcoin network handle? (About 7 I think). Is there a fee for making a transaction? Yep.

Ok, so there is all that lying out of the way.

You're on the VERGE of identifying the very very very small value in bitcoin (distributed transaction log) , but given all the above drawbacks, it seems unlikely you will admit that you are paniced, knowing this, and won't admit any of it out loud...

Sorry... Hope others don't get into a terrible position like you

I also find it hilarious that you call gold moderately secure, moderately divisible, moderately scarce, low on decentralization, and low on sovereign... The portability score is downright laugh out loud funny.