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but bitcoin!! bitcoin bitcoin!!


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2021 Feb 23, 10:09am   10,029 views  368 comments

by Zak   ➕follow (0)   💰tip   ignore  

I just saw bitcoin silence today and wondered wtf, where was all the cheering?
I know it's still up at like 40k, but uhh.. how did 20% of this amazing store of value evaporate in 2 days?

Hint. this is still speculation even though it is up.

Have fun speculating, but remember to limit your exposure, and diversify your investments.

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1   Eric Holder   2021 Feb 23, 10:15am  

Noooooooooo!
2   mell   2021 Feb 23, 11:18am  

The whole market was plumped and pumped juicy so some whales could sell while retail just figured out to jump back in and is now getting taken to the woodshed.
3   Eric Holder   2021 Feb 23, 11:33am  

Back up the truck!
4   Bitcoin   2021 Feb 23, 11:47am  

Buy the dip ! great discounts! Digital gold on sale today! Buy before institutions like Tesla take it all for themselves!
5   Buck_Fiden   2021 Feb 23, 2:06pm  

It's a buying opportunity, folks!
6   Bitcoin   2021 Feb 23, 5:55pm  

Funny how quiet the bears got....this dip got bought up quickly. Sorry you guys missed out - again.
7   Booger   2021 Feb 23, 6:01pm  

This is GameStop, just on a larger scale.
8   Bitcoin   2021 Feb 23, 6:16pm  

nah, Tesla would never buy 1.5B USD in gamestop....but they are happy investing it in digital gold (Bitcoin).
9   Blue   2021 Feb 23, 6:33pm  

Inflation is driving the prices of bits. But nowhere it can justify the hype for bits.
10   Bitcoin   2021 Feb 24, 9:01am  

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!
11   Buck_Fiden   2021 Feb 24, 10:46am  

Blue says
Inflation is driving the prices of bits.


Wouldn't inflation-protected bonds react accordingly too? It doesn't seem they do.
12   Onvacation   2021 Feb 24, 10:56am  

G36 says
. Its undervalued tremendously

Why?

Just kidding. I'm not expecting any cogent answers.
13   Bitcoin   2021 Feb 24, 1:02pm  

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!
14   Zak   2021 Feb 24, 1:40pm  

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.
15   EBGuy   2021 Feb 24, 1:48pm  

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.
16   Buck_Fiden   2021 Feb 24, 2:32pm  

G36 says
got quiet.....sry bears, that dip got bought up quickly!


Huh? The shit is still way down from the ATH.
17   Blue   2021 Feb 24, 4:03pm  

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.
18   Eric Holder   2021 Feb 24, 4:09pm  

Blue says
who knows what other crypto they bought or sold


They must report on that. This is how we know about BTC.
19   Blue   2021 Feb 24, 5:23pm  

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.
20   Bitcoin   2021 Feb 24, 5:53pm  

personal
21   Bitcoin   2021 Feb 24, 5:54pm  

@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!
22   Zak   2021 Feb 24, 10:19pm  

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.
23   Bitcoin   2021 Feb 25, 8:02am  

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.
24   Onvacation   2021 Feb 25, 8:09am  

G36 says
When have you pulled that return

When you cash out at the casino.

When will you actually going to take some profits?
25   Bitcoin   2021 Feb 25, 8:11am  

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.



26   Onvacation   2021 Feb 25, 10:05am  

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.
27   Bitcoin   2021 Feb 25, 11:10am  

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!

28   Zak   2021 Feb 25, 11:24am  

-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.
29   Bitcoin   2021 Feb 25, 12:12pm  

@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)
30   Onvacation   2021 Feb 25, 2:04pm  

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.
31   Zak   2021 Feb 25, 2:57pm  

"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..
32   EBGuy   2021 Feb 25, 3:47pm  

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.
33   Bitcoin   2021 Feb 25, 8:48pm  

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?
34   Bitcoin   2021 Feb 25, 8:50pm  

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?
35   Zak   2021 Feb 27, 9:52am  

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.
36   Blue   2021 Feb 27, 12:42pm  

Crypto is new digital tulips.
37   Rin   2021 Feb 27, 4:48pm  

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.
38   Zak   2021 Feb 28, 7:34am  

Gabash gabish mooskaka bearkaka bullkaka...

There, now everyone has my equally useful prognostication about a speculative bubble trading vehicle
39   Bitcoin   2021 Mar 1, 10:22am  

@Zak,
sry, looks like Bitcoin is going back up. Must piss you off, no? :)
40   Zak   2021 Mar 1, 10:45am  

@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...

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