As long as its just trading, more power to him. Fortunes can be made (or lost) on tulips. Happens all the time. You can get involved for even less and since it just went from 28k to 21k in this same week that I made me best trade ever, I assume he understands what he is getting into. He is a big boy.
if i purchase any crypto i want to be able to cash it in for Ben Franklins on demand. that's the biggest problem i have with purchasing any crypto, the same being said for stocks, but some people seem to have a boat load of cash.
Bitcoin ATM | Find Locations Near You | Bitcoin.com Desperately trying to hold onto $20k. Will not be pretty if it fails.
This is the issue with viewing BTC as a stock or get rich quick scheme. Idk as the fed reserve keeps inflating its currency, which is the reserve currency, it will likely collapse rather quickly and people will want to use the next most convenient thing, which seems pike would be bitcoin for many people. I don't have any yet. I think if you view it as investing in a free market alternative to challenge the hegemony of the Fed, you are voting with your participation/money.
Done. Fell to 18.5 and bounced a bit, but still under 20k. Ethereum is now struggling to stay above $1k.
What is "the word" on why this is occurring? perhaps i misunderstand but it was my belief that BTC was to offer the holder a "hedge against inflation". am i wrong? wth is causing such dramatic changes in BTC. did someone(s) dump a bunch back into the limited pool? there's theoretically a fixed amount of BTC and when they are scarce value goes up. Just curious what is really going on in the crypto world. i am very ill informed on these matters.
It's a few things.... There's a "bank liquidity run" due to some recent projects that failed and lost billions. Factor in Tether redemptions without proof of reserve backing, an investigation by the US govt and severe regulation across the industry with new tax brackets and wash sale rules.
I only have a few hundred in the BTC ETFs and much like the few grand tossed at pot stocks, I’ve made it simple for myself and view it as old fashioned gambling.
Just started a thread on market theory. BTC is supply / demand in action. Markets are a sentiment measuring tool and "investor" risk appetites have changed.
Btc is a pyramid or ponzi before it's fundamentals will ever get close to a true "supply/demand" economic model. - It has no intrinsic value and is backed by nothing so demand fundamentals don't exist. Let alone how the miners manage and control some of the supply
what's going on to cause this fall. has some holder of gobs of btc sold them? is china involved due to crackdowns on mining/electricity usage? that was an evolving issue a few months back?
There are no simple answers to your questions. I believe that margin calls likely are causing some of this, but with the amount of speculation in the crypto world, it is anyone's guess. Seems the retail investor (little guy) is still buying all the dips. That is usually a sign that the speculative mania is not fully wrung out. https://www.zerohedge.com/markets/d...tail-investors-just-wont-stop-buying-all-dips
I hope you fair well through the storm. i have no ill will towards people that know how to make money. I'm just shooting the breeze here and didn't intend to derail your thread with old computer talk. it is rare for me to run across people these days that recall the very earliest days of mainframe and midrange computing. we're dinosaurs! iirc, one of the perceived values of btc was its fixed amount of btc "available" - 21 million coins/units iirc, basic supply and demand economics correct? if there are many variables at play driving btc value down it seems to my neophyte mind that especially in today's high inflation btc's value would continue to skyrocket unless: 1) more btc are available today than demand, and/or 2) something or someone underlying the perceived value of btc has detracted from it. btc value is tied to the USD correct? if these Q's are too irrelevant or simplistic it's ok to say so.
Chose my handle here thinking I'd run into a younger crowd, been in IT since early PC days, but you guys are older than I. I understand the nostalgia. Found a couple of BNC terminators from my thin coax ethernet days recently, jarred some crazy memories loose. WRT BTC.....The supply is as you describe for the most part. EVERYTHING that is variable (other than electricity prices) is on the demand side. A quick story....Before btc was a thing, I was using the spare cycles on my video card to do complex math for the seti@home project. Basically they had collected the data from Arecibo and were distributing the work load to individuals around the world to be worked on in the idle time your GPU was not gaming. When this program ended, I found that btc mining would similarly use idle cycles of my GPU to mine these coins that had no real value, but sounded like an interesting concept. Fast forward a bit and I have 6+ coins in a wallet @ Mt Gox, still worth very little, but were virtually free to me. Prices rose to where I could actually turn this into something real and I thought it silly that these worthless coins could get me something tangible. At the time though, there were very few places that accepted btc. I did however find a coin dealer that would trade me junk silver quarters for I do not remember the exchange rate. Anyway, I now own 127 90% silver pre-1964 US quarters and have a claim in the Mt Gox bankruptcy for the remaining 0.6xxxxxx btc they held when they went belly up. Personally, I do not see the long term proposition. As we are going to get to in my other thread, there is no reason for the US govt to adopt BTC as currency. That will NEVER happen. They might create their own blockchain and force us to use it. In that case, I would prefer to stick with the millennia old proven precious metals. As a trading tool, they are worth whatever someone else is willing to pay for it and nothing more or less, as always.