patrick.net

BREAKING: The ECON committee of the EU Parliament just voted against the de-facto POW-ban: 32 against, 24 in favor.
https://coin.fyi/news/bitcoin/the-voting-concluded-the-eu-has-voted-against-the-pow-ban-tdzcwv?source=patrick.net

mostly reader says

@Rin
From what you've seen, how well does 50EMA (or any other EMA or MA) work in a situation which strongly depends on external factors? Crypto is that, kinda: there are military conflicts, a country leadership may start a holy war against crypto, etc.

Here's the thing, the 50 EMA, using long term price bars, like one candlestick per week (or month), gives the general trend of the market. And yes, external factors can wreck havoc which is why the Zimbabwe dollar is not highly active on the forex.

Let me illustrate the political situation with Hong Kong with its chart ...



As anyone can tell, the above is highly volatile & one could even say, unstable. Yet, using the long term 50 EMA, one can see the bullish vs bearish zones despite the fact that it's rough territory & thus, I don't expect to find many buy 'n hold types there except for those who're forced to live in Hong Kong & spend money there.

And I'm guessing that short term traders are very keen on having hard stop-losses when their position reverses.

FYI, I don't know of anyone who trades it.

Rin says

Well, I was one of the starting junior partners at a hedge fund

My take on this: you got your hands on other people's money, and made a commission on the biggest fed supported bull market in the history of the world, and you could have slept and mirrored VOO and been up how many percent since 2008? AND someone paid you commission to do so?

Hmm, so it sounds like you were good at finding an in to a hedge fund that can market to those willing to pay a commission. I get it.. I watched wolf of wall street. I know there are sheep to be shorn... Now that you've shown your colors as a marketing frontman to financial leeches, how are we supposed to trust you MORE that bitcoin isn't another of your greed is good cons? Especially since you ignore every sound long term asset purchase indicator in your promotion of it? Your answer is CHART ANALYSIS!??!?!?!?

BWAHAHAHAAHAHAAHAHA

Zak says

how are we supposed to trust you

Because I told most ppl to simply buy tobacco stocks w/ DRIP ...

https://patrick.net/post/1343674?0#comment-1821891

Let me illustrate that with a dividend reinvestment calculator using the worst years for stocks, 2007 to 2010 for a $10K investment of Altria ...



So there you have it. If you don't want to swing trade crypto, then stick with tobacco for all of the time.

Rin says

So there you have it. If you don't want to swing trade crypto, then stick with tobacco for all of the time.

With that stated, using the DRIPs with Proctor & Gamble or Exxon-Mobil, one is buying blue chips at a market peak. In other words, they're too expensive.

Aside from Altria, British-American Tobacco, & Rio Tinto, I'm only using the dividend stream from the overpriced blue chips for the swing trade in bitcoin. This is money which will return automatically to my account, ever year, for as long as I own those equities.

Visa seeks new college grads for Crypto Development Program
https://cointelegraph.com/news/visa-seeks-new-college-grads-for-crypto-development-program?source=patrick.net
Successful candidates will, among many other tasks, "define Visa’s crypto strategy and identify new product opportunities."

Money Money Money ----- MONEY!!!

Cash says

Visa seeks new college grads for Crypto Development Program

Whenever I hear of this type of stuff, I go back to my 'buy 'n hold' tobacco stocks pitch because if you can't make money on smokers then you're never going to make money doing anything else.

This program sounds like a way of grinding promising young interns into an experimental track with only a glimmer of a full time gig but for the most part, spit 'em out with 1.5 years of Visa International on their resume.

Rin says

Whenever I hear of this type of stuff, I go back to my 'buy 'n hold' tobacco stocks pitch because if you can't make money on smokers then you're never going to make money doing anything else.

This program sounds like a way of grinding promising young interns into an experimental track with only a glimmer of a full time gig but for the most part, spit 'em out with 1.5 years of Visa International on their resume.

And do you know what? I don't give a flying fuck if that's the case it's on them... Any more lots of programming jobs are short term and not only that don't they like to use India cheap educated labor?

Rin says

Whenever I hear of this type of stuff, I go back to my 'buy 'n hold' tobacco stocks pitch because if you can't make money on smokers then you're never going to make money doing anything else.

It's all good you have the right to look at it anyway you wish...

And like I totally proved there is a big demand all over the world!!!
https://crypto.jobs/?source=patrick.net Jobs Galore, lots of them so high demand will = Money Money Money ----- MONEY!!!

Rin says

Now, contrast the above with that of BITCOIN vs USD.

It seems that buying when 50 EMA is tested would've been exactly the right thing to do. All the "past performance is not an indicator of future performance" provisions apply, but the accuracy is uncanny.

mostly reader says

All the "past performance is not an indicator of future performance" provisions apply, but the accuracy is uncanny.

I believe a lot of that is that of market structure. Right now, as long as the Rus2K & EUR/USD don't collapse and then we don't see a re-play of the 2008 crash across all markets, the current bullishness on the Bitcoin will hold out to re-test its channel.

Now, given the fact that both the Rus2K & EUR/USD are continually re-testing their respective lows, perhaps this could happen. In other words, if the XBTF drops from the congestion zone between 35 and 40, and into the lower 20s (along with Rus2K & EUR/USD), then basically, sell all your non-tobacco blue chips (i.e. PG, XOM, ED, MMM, etc) and wait for the crash.

Why do Rus2K & EUR/USD warrant special attention? Because they were also a tell in 2008?

mostly reader says

Why do Rus2K & EUR/USD warrant special attention?

Read this ...

https://patrick.net/post/1343403/2022-01-23-rin-s-trader-friend-s-market-crash-indi

Mexican billionaire eyes bitcoin mining with geothermal energy
https://www.thinkgeoenergy.com/mexican-billionaire-eyes-bitcoin-mining-with-geothermal-energy/?source=patrick.net
Utilising power generated by the geothermal power plant of Domo San Pedro in Mexico, billionaire Ricardo Salinas plans to mine Bitcoins in Mexico.

Rin says

mostly reader says

Why do Rus2K & EUR/USD warrant special attention?

Read this ...

https://patrick.net/post/1343403/2022-01-23-rin-s-trader-friend-s-market-crash-indi

Got it, thanks. About Russ, that is. Also makes it worth looking into - whether the opposite discrepancy, when smaller players outperform behemoths, could be a tell for good things to come.
What about EUR/USD, why does that matter? It seems instinctively true that "strong USD = good", but when crisis occurs it usually occurs in EUR countries too. That makes it a bit more difficult to explain the correlation.

mostly reader says

EUR/USD

Usually, it's the confluence of the EUR/USD & GBP/USD (with a greater weighing towards the EUR as its the higher volume on the forex) making newer multi-year lows than during bullish highs of the major US markets.

And continental Europe's problems don't necessarily affect Britain at the same time & the USD strengthening effect is over longer periods of time, not around singular events like the Crimean/Ukraine war.

So right now, the EUR is close to doing it while the GBP is holding up above its multi-year low. All and all, with the Fed's latest hike, we'll see how this pans out in the months ahead.

One more time ... if the markets uniformly collapse, do not sell your holdings of Altria, British-American Tobacco, & Rio Tinto.

Those stocks give great dividends and during a meltdown, where all stock prices fall, your dividend payouts will double & then, you'll have a lot more re-invested equities under your belt.

This is the opposite advice for overpriced blue chips where yes, you should sell before the meltdown because you'll lose all of your cap gains.

Let me give you an example, here's my local power company, Eversource (ES) ...



It gives a 3% dividend but here's the issue ... it never experienced a single price reduction/fluctuation for the longest period of time. It's a perma-bull, always above the 50 MA regardless. So here's the story, when the market crashes, I'll doubt that New Englanders won't need power and thus, Eversource will be a 8-10% dividend stock giving one a retirement income with little chance of going out of business.

And others, like Proctor & Gamble, have had much higher price climbs than Eversource. At least ES is slowing down.

Which big companies use blockchain and crypto?
https://cryptonews.net/news/blokcheyn/3902561/?source=patrick.net
In addition, 55 of the world’s top 100 banks by volume of assets under management have invested in blockchain companies, as have 36 of the world’s top 100 listed companies.
These include Alphabet (formerly Google), Microsoft, Samsung, Intel, PayPal, Goldman Sachs, Mastercard and Visa, to name but the best known.

So we can conclude fuck BBB
https://patrick.net/post/1336460/2020-11-10-bitcoin-misinformation#last

Using last year's chart, we're still in the price congestion zone & hoping for a breakout above it ...

Ok, this is the first week where bitcoin closed above the price congestion area (for the sell off period of late 2021 to early 2022) ...



Keeping an eye on the Rus2K "holding its ground", as a barometer for the general market meltdown (or not), it's time for bitcoin to either go big or go home.

big jump today, it hit 46k

Rin says

it's time for bitcoin to either go big or go home.

Nope, just more sideways action for commodities, crypto and possibly the equities market imo. Until the USD index dumps and it don't look like much of a chance of that atm
the banks and institutions are still raiding the coffers yet needing USDs to unwind and capture their ill begotten gains and rich's. Markets are way more about supply chain issues then the inflation/weak USD theory.

BTW there are many way better speculation plays in crypro then BTC and ETH plays.

Cash says

BTW there are many way better speculation plays in crypro then BTC and ETH plays.

For example?

PeopleUnited says

Cash says

BTW there are many way better speculation plays in crypro then BTC and ETH plays.

For example?

Eh... run a business and print your own money and use the tax structure to your benefit. Crypto is not the way to riches. I've been staying out of these threads, but this is fact. You'll make more money in RE or running a business. I don't know a single 7+ figure wealth person not doing real estate or running a business AND doing crypto. Stock traders (which crypto is) generally are broke and talk a big game but aren't actually wealthy and it can dry up at any moment. People need housing, goods and services. Crypto does none of that. Not hating, just factual statements. Someone can tell me if I'm wrong. And no, I don't buy metals, so this isn't a physical asset comment.

Invest in things people NEED. I dislike Buffet as a person, but his strategy is mostly sound. If you need goods, buy BNSF. People need food and drink. Buy large amounts of companies that provide that or transport it.

WookieMan says

Not hating, just factual statements.

Why lie? All you do is hate on crypto with your very shallow worthless opinion over and over again coming from left field with nothing new or beneficial to this topic.
This being way more factual then anything you have said about crypto.

PeopleUnited says

For example?

Some of my favorites are $XRP $HBAR $XDC $SOL $LINK $XLM $ADA $ALGO $VET $LRC to name a few.
Take a note of their price today and come back towards the end of the year some will 10x and perhaps much more and some will hardly
move+/-. Remember the point of my post was speculating nothing more nothing less.

Cash says

Remember the point of my post was speculating nothing more nothing less.

AKA - Gambling that some greater fool will buy your virtual tokens.

@ PeopleUnited So after wookie stepped in his own dog shit like every time he approaches this subject do you feel saved? Cause you know that is his intentions, to save you and everyone from themselves, and warn patnet'rs not to get involved and educate themselves of crypto the devils workshop.

Grayscale Threatens Legal Action if SEC Rejects Bitcoin ETF Conversion Bid
Grayscale has been encouraging investors to submit comments, even creating an education page and email form on its website.
“This is a really, really important part of the process,” Sonnenshein said.
“GBTC today is owned by investors in all 50 states, and there’s actually now over 800,000 accounts in the US all waiting patiently to have it converted into an ETF.”
https://blockworks.co/grayscale-threatens-legal-action-if-sec-rejects-bitcoin-etf-conversion-bid/?source=patrick.net

Money Money Money MONEY!!!
BOOM! BOOM! BOOM!

Onvacation says

AKA - Gambling that some greater fool will buy your virtual tokens

LIKE all markets Speculative!!! ask the the gold bugs, who pumped gold and was sure that speculation would be 5k 10k 50k year after year..
I have gold, silver etc. and like owning it, but still waiting 10yrs later for this quick "get rich scheme" end of the world prices lmao ...
Now those who speculated 10yrs ago on BTC 900,000%+/- since origination.

Strongest markets today "Safe Money"
USD
JPY
CHF
Crypto...

While equities, metals and oil muddle although they will be popping at some point, but not until the USD actually rolls over.

Here is a token project really test case in it's development which I have been supporting.
Including sharing this link which is not my own but someone I hope to help https://minepi.com/cash007
This project provides coins by you mining on your phone and has no effects on your power discharge
and uses net zero in power. I also run a node on my PC which has little or no effect to my processing power.

The Pi developers approach has been different then what I have seen across the space, instead of developing a
and selling a token ICO style with all the promises of utility and accomplishments at a later date which most fail or will fail.

The Pi developers 1st have built a community 33 million strong simply earning tokens with their phones and are actively working
with developers of all sorts so when Pi does go Mainnet it has prominent use case in many areas.

WookieMan says

Crypto is not the way to riches. I've been staying out of these threads

Folks, can we keep the hate mail vs fanboy stuff on the other thread.

This one is about trading, not the politics of cryptos. Otherwise, we could go on about the morality of tobacco stocks, probably the safest investment of them all.

Cash says

@ PeopleUnited So after wookie stepped in his own dog shit like every time he approaches this subject do you feel saved?

Don't play on the trading thread. Move this to the hate mail vs fanboy one.

Cash says

Rin says

it's time for bitcoin to either go big or go home.

Nope, just more sideways action

'Go big' here means a reset of the last high, not some 'all time' high.

Because the bears are calling for a breakdown to the $23K level which would negate the bullish channel in formation.

Rin says

Don't play on the trading thread. Move this to the hate mail vs fanboy one.

When the pooches shit in the yard they get what they get their faces rubbed in it... Yes they should go to their Misinformation
thread where their BS is welcomed. When I explain some simple concept about crypto I am sure no 1 wants the uneducated blind
misinformed BS from the other side.

Also Like I mentioned you invited this shit with the title to this thread.., I am neither hate mail vs fanboy one.

Ok, with that stated, here's my take on the blue chip world of 'real' product producing companies to the buy 'n hold persons here. Let's start with Proctor & Gamble. The stock is currently circa $150 vs $100 back in 3/19 when its dividend was some 3.5%.

Now, when a person re-invests those dividends, they're buying P&G shares at a markup, trending towards +50%, of only a few years back. If anything, when this market dives, that's a major cap gains loss as those final shares of the "blow off" top, were overpriced.

This is why I came up with the bitcoin trading strategy and that's because BTC is bullish and is trading within a channel of sorts.

That's a better way to utilize those P&G shares, which were already in one's portfolio since 2019, but using the re-occurring dividends to play the BTC trading channel.

Now, if that's too scary for you, stick to Altria, British-American Tobacco, and Rio Tinto.

Rin says

3/19

FYI, I'm holding onto my shares of P&G since 3/19. I don't feel the need to sell nor to increase my holdings. It's a fine company and will do well in the long term but I'm not buying more shares until the market corrects.

FJB says

Whelp I was wrong. It's still a hellava bear flag though. I'm hoping it drops to 20K so I can become a crab instead of a shrimp. I still think it will.

Also, I agree with some of the comments today. Lets keep this thread constructive for people who don't hate it. You don't have to love it either. We already have a bitcoin misinformation thread.

On that note, and not directed at anyone on Patnet, only the government, media and ... I can't think of any more major investors other than Buffet and his pal as the rest seem to all have changed their minds:

1. First they ignore you
2. Next they laugh at you
3. Then they fight you <- this was the infrastructure bill. Some critters were for, some against; until they realized 1/4 Americans own crypto now
4. Then you win! <- this was potato's exec order and Yellen coming out saying at first she didn't get it but now she does