Bitcoins are officially donkdown

[gimmick]

Yea that's reasonable, if you don't intend to use money or have it insured very cheaply. Interest rates are low and currently even small inflation covers it. That's one of the reasons why people are shooting off money to all kinds of speculative assets. For that purpose BTC is relatively safe now.

It just has worse problems it had 5 years ago. Maybe 10 years ago what was good for crypto was good for BTC. Adaptation of crypto is only good for BTC in the short term.

Amazon doesn't care about BTC. They are interested in crypto, they just don't need BTC. It's cheaper for them and their customers to create their own proprietary crypto.

Currently there is some increased use of crypto with merchants. Some processors like BitPay make it very cheap and convenient to merchants by passing all the costs customers. I don't think that was the original crypto dream.

I won a lawsuit and inherited some money around the same time and had it all sitting in the bank earning next to nothing. Everything I have experience investing in is way too expensive and honestly I don't want to need to work to earn a return. So what is a person to do? I purchased a 5% mortgage and bought some BTC at 41,47,50 and 53. I'm not wealthy or trying to claim to be. I have 2 kids in college and don't work. I needed a break. BTC gave me that when the bank never could. It does make me uneasy due to lack of insurance and that its all online

I hate giving people financial advice online, because the upside isn't worth the downside. That said, i'd sell right about now.

This link isn't about putting Belly Buster on blast...

https://pokerfraudalert.com/forum/sh...hain-adventure

...that's his origin story with crypto. Solid content and good stuff all around.

Things to take from that thread.

1) Diversify

2) Buy the dip

3) No one ever went broke taking profits

If Belly Buster feels like it, i'm sure he can give his opinion if your situation sounds like someone who should be holding.

[gimmick]

Speculative assets are something you can touch for a 10-20% of your total holdings. More if you're leveraged or insured one way or another. More if you're young and account that shit as being a part of your virtual bankroll. When you have nothing, but can expect to get credit and make more money in the future your bankroll becomes a something more vague than just the money you have after living expenses.

When speaking of retirement money speculative assets are a bad fit compared to just losing a little in a bank account. You can put a little of it in play, but there's a lot more stable investment opportunities for the bulk of it. You'll just sleep better doing that.

[Sanlmar]

I have 2 kids in college and don't work.

I felt a shiver. God bless

Two weddings and you are kaput

[gimmick]

The upside of giving financial advice with nothing to sell is that you're the hero if the shit crashes within a week. Anything else happens and you're the villain.

The downside is that everyone is clairvoyant and there's no opportunity cost. Of course the person you're advising sells at ATH and no matter how far that is, the money he would have gotten out of selling earlier are never doing anything in the mean time.

Hence you see a partly legal disclaimer that "this is not financial advice". The partly legal part at times comes from people that are looking to sell you something, at times from people that are juggling chainsaws knowing what they are doing or just in general from people that like to riff about shit without extra disclaimers.

Other than that i guess this is rattling the cages with a 5% dip.

You can be investing in the right industry/field and still lose money. This literally happens every time with every tech leap.

Typewriters to home computers.

The big dog in the field that fucked in the 80s and 90s called Commodore bankrupt in 94.

IBM was the big dog in the 90s that did ok and is still around. If you picked their shares in 81 for $12, you only had to wait to 10x your investment in 99 for $132. Wait another 2 decades and you only lose a few dollars since were around $127 today. Their ATH was 2013 around $210.

What about Apple. They stuck around. Well they started from 4 pennies in 81. In 2001 they were at 31 pennies. That was obv around the dot com bubble. They broke the $1 mark in the prelude to the crash in 2000. Hitting the rough region of that peak you could have let your money do whatever and get twice as many shares in 2004 once the dust had settled. Today they are at $149.

Apple was the penny stock that made it. They've never been worth more than IBM at their peak. Tech sector is bloated, likely for a good reason though. Before the 2020 "crash" Apple was at $80 and IBM was at $150. Today Apple is where IBM was and IBM has lost 20%.

Most of the numbers above are whatever. It's from a time when things happened relatively slowly. It's the one tech leap most of us can remember. How this ties to BTC is that only begrudgingly would i let them be called the Commodore of this story. For a while they were pioneers, popular and hyped. They had the software developers courting them and publicity was centered around them for a minute. Then they fucked up and competition went past them. I think i have Commodore 64 somewhere stashed up collecting dust.

Then there's the part of crypto flaunting the digital money flag. They didn't invent that. Very close to the invention of "paper" money or any currency for that matter has majority of it been a number on a spreadsheet. Those spreadsheets have been in digital form for a good while. Crypto is one way of verifying those transactions and balances. What they're doing now isn't a leap. It's clunky and costly way of reinventing a wheel, but it has some potential.

[gimmick]

Since apparently i'm on a kick to waste my time, here's the crypto potential part.

It could possibly improve the wheel. It could become less clunky and less costly that traditional banking/processing. I severely doubt it can keep any additional features of privacy or decentralization without a significant cost.

It lacks every property that could make it shock resistant to general market movements. It's a shitty hedge against the dollar. It's prospering because the market prospers. That's obv not the same as the economy. Most people can still be fucked/stagnated/declining and quite bit less financially secure than the stonks/gdp/1%.

It's the base premise that if the dollar crates, if you have shitcoins you'll be solid in almost anywhere in the first world. It's the literal opposite. You'll be just as or even more fucked. It's a reasonable hedge in the 3rd world against the instability of their currency/government. BTC doesn't care if a random 3rd world shithole craters.

Crypto is getting sold before yachts in the 1st world. On a long list of speculative assets crypto is close to the middle on a good day. It becomes decent when the amount of credit you can get is ridiculous and anything remotely stable/profitable is already overpriced because of the ridiculous amount credit. There's also some other points like higher than normal levels of inflation (for whatever reason) and how shit bonds/treasuries are compared to it.

Anyone want to make a guess what happens to credit when the dollar craters?

Combination of a global pandemic with the global decision to keep markets up and very lax credit policy was/is the perfect storm for a speculative asset bubble. The minute any of it goes away and we return to "normal" is the moment we start culling the weak. That's when crypto equivalent of Commodore crashes, IBM takes a small hit and Apple takes a sizable hit but regroups in time.

[Sanlmar]

Say goodbye to the dollar as the worlds exchange currency and lol SWIFT. The oil countries especially gonna skip the dollar.

We will see.

China gonna put huge pressure on everyone in the game. The US can’t nap it out here. Happening much faster than I ever expected.

The Chinese government is reportedly putting pressure on US-based companies including McDonald’s, Visa and Nike to accept payments in digital yuan before the start of the 2022 Beijing Winter Olympics.

The development of the ruble platform is expected to be completed by December and the trial is expected to start in January 2022 though details of the technology used and whether it will be on the Ethereum blockchain or Ripple would be used, hasn’t been explained

[Sanlmar]

The Trump SPAC DWAC now outperforming BTC on a 3 year basis.

Honorable mention to Trump’s Phunware SPAC


I need sleep

[gimmick]

Yup and the running theme is that none of them are even remotely interested in BTC.

We're all very surprised that China would choose to use unprotected intellectual property and make their own shit based on that. Hostility towards competing systems is kind of given.

What Russia does is a bit murky at this point. I'm not too convinced that ETH or XRP are mentioned as legit candidates.

Amazon doesn't care. The minute they roll out their own shit i wonder who has enough money to create regulations to fuck over everyone else?

So there's 3 names that have reach to cover more half the population of earth. Those are also 3 names that give zero fucks about anyone's privacy, decentralization or any other random hippy dream.

GL with BTC. If things work out maybe the pandemic lasts forever and the printers keep going brrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr.

[BetCheckBet]

Going for TowerDAO today. I only bought one ticket for mint so I got just over 20% chance of getting one for 2SOL (10k mints and 47k entries). If I hit it though should be able to sell for guranatee 6-10SOL. 4 mins until announcement (edit nm looks like a few more hours to index). Also nice to see a good fair launch protocol (bots will not be an issue due to lotto
)

Otherwise I'm largely weary of minting right now. You really gotta call your shots.

[BetCheckBet]

Going for TowerDAO today. I only bought one ticket for mint so I got just over 20% chance of getting one for 2SOL (10k mints and 47k entries). If I hit it though should be able to sell for guranatee 6-10SOL. 4 mins until announcement (edit nm looks like a few more hours to index). Also nice to see a good fair launch protocol (bots will not be an issue due to lotto
)

Otherwise I'm largely weary of minting right now. You really gotta call your shots.

Got one for 2.0 and immediately flipped for 3.8. I might have under listed but in today's environment I really don;t want to hang on to these for much longer than a day.

[country978]

Thank you for the thoughtful response gimmick. I appreciate it that you took the time to do this and didnt think a green rep was enough. I'm going to reduce my position at some point this week. Late last week I bought some ethereum and drained my bank account down to a just a few buy-ins and that I've decided its too much. I will be keeping some but not so much I'd be worried about future corrections.

[Belly Buster]

Don't forget though the doomsters have been throwing rocks in this thread for eight years, and so far they haven't won many coconuts.

[garrett]

Since apparently i'm on a kick to waste my time, here's the crypto potential part.

It could possibly improve the wheel. It could become less clunky and less costly that traditional banking/processing. I severely doubt it can keep any additional features of privacy or decentralization without a significant cost.

It lacks every property that could make it shock resistant to general market movements. It's a shitty hedge against the dollar. It's prospering because the market prospers. That's obv not the same as the economy. Most people can still be fucked/stagnated/declining and quite bit less financially secure than the stonks/gdp/1%.

It's the base premise that if the dollar crates, if you have shitcoins you'll be solid in almost anywhere in the first world. It's the literal opposite. You'll be just as or even more fucked. It's a reasonable hedge in the 3rd world against the instability of their currency/government. BTC doesn't care if a random 3rd world shithole craters.

Crypto is getting sold before yachts in the 1st world. On a long list of speculative assets crypto is close to the middle on a good day. It becomes decent when the amount of credit you can get is ridiculous and anything remotely stable/profitable is already overpriced because of the ridiculous amount credit. There's also some other points like higher than normal levels of inflation (for whatever reason) and how shit bonds/treasuries are compared to it.

Anyone want to make a guess what happens to credit when the dollar craters?

Combination of a global pandemic with the global decision to keep markets up and very lax credit policy was/is the perfect storm for a speculative asset bubble. The minute any of it goes away and we return to "normal" is the moment we start culling the weak. That's when crypto equivalent of Commodore crashes, IBM takes a small hit and Apple takes a sizable hit but regroups in time.

gimmick is an intelligent guy it seems

Although he has that dated old, lol Baby boomer perspective as I jokingly call that. I question you this gimmick, how is Bitcoin not Digital Gold and now as we move into a well thought of to be more Digital place in the world, a logical fair person, without any Vested interests would see how this is different, and what this happening now is a change wholly for our entire world too.

Not ever meant too replace a dollar, nor will but proper understanding of the positives is only fair at this poi t truly. And with Bitcoin at record All-Time highs the world is speaking now and this is what the world is actually saying imo, clearly......

Communism is Centralization, and the world doesnt think that's right at all, clearly now with these All Time high Dectralized cryptocurrency world we now live in and, as people wake up and diversify I expect this to go much higher too for one reason Bitcoin at least, It's Finite (limited supy..)

Digital Gold is what it is, and lol if you think that old actual crap in the ground is gold, its not Bitcoin is, Digital Gold get it before it runs out imo, glgl

[gimmick]

Since apparently i'm on a kick to waste my time, here's the crypto potential part.

It could possibly improve the wheel. It could become less clunky and less costly that traditional banking/processing. I severely doubt it can keep any additional features of privacy or decentralization without a significant cost.

It lacks every property that could make it shock resistant to general market movements. It's a shitty hedge against the dollar. It's prospering because the market prospers. That's obv not the same as the economy. Most people can still be fucked/stagnated/declining and quite bit less financially secure than the stonks/gdp/1%.

It's the base premise that if the dollar crates, if you have shitcoins you'll be solid in almost anywhere in the first world. It's the literal opposite. You'll be just as or even more fucked. It's a reasonable hedge in the 3rd world against the instability of their currency/government. BTC doesn't care if a random 3rd world shithole craters.

Crypto is getting sold before yachts in the 1st world. On a long list of speculative assets crypto is close to the middle on a good day. It becomes decent when the amount of credit you can get is ridiculous and anything remotely stable/profitable is already overpriced because of the ridiculous amount credit. There's also some other points like higher than normal levels of inflation (for whatever reason) and how shit bonds/treasuries are compared to it.

Anyone want to make a guess what happens to credit when the dollar craters?

Combination of a global pandemic with the global decision to keep markets up and very lax credit policy was/is the perfect storm for a speculative asset bubble. The minute any of it goes away and we return to "normal" is the moment we start culling the weak. That's when crypto equivalent of Commodore crashes, IBM takes a small hit and Apple takes a sizable hit but regroups in time.

gimmick is an intelligent guy it seems

Although he has that dated old, lol Baby boomer perspective as I jokingly call that. I question you this gimmick, how is Bitcoin not Digital Gold and now as we move into a well thought of to be more Digital place in the world, a logical fair person, without any Vested interests would see how this is different, and what this happening now is a change wholly for our entire world too.

Not ever meant too replace a dollar, nor will but proper understanding of the positives is only fair at this poi t truly. And with Bitcoin at record All-Time highs the world is speaking now and this is what the world is actually saying imo, clearly......

Communism is Centralization, and the world doesnt think that's right at all, clearly now with these All Time high Dectralized cryptocurrency world we now live in and, as people wake up and diversify I expect this to go much higher too for one reason Bitcoin at least, It's Finite (limited supy..)

Digital Gold is what it is, and lol if you think that old actual crap in the ground is gold, its not Bitcoin is, Digital Gold get it before it runs out imo, glgl

There's about 6k different coins/tokens. Most of them are finite. Most of them are worthless.

Scarcity has no intrinsic value.

Like i said before the problem with BTC is that it doesn't really do anything. At this point it's antiquated tech. It's functional in evading law enforcement when they are not looking. It's not good or even mediocre at it, but that's the one thing it at least does. There's a hundred coins that do that and more.

The reason why online poker got fucked in the US is mostly because of lobbying from B&M casinos. I don't have a good feeling for BTC when Amazon starts peddling their own coin. Any regulation that touches Amazon bucks is used against every other coin. I'm sure it's a coincidence when aforementioned regulation goes after features that Amazon doesn't have, like anonymity.

You can operate on US/EU soil and deal with their residents, but only if you clear the registering process. That sounds fair, right?

[gimmick]

In the short short term tapering of QE stuff is the first hit.

[country978]

Since apparently i'm on a kick to waste my time, here's the crypto potential part.

It could possibly improve the wheel. It could become less clunky and less costly that traditional banking/processing. I severely doubt it can keep any additional features of privacy or decentralization without a significant cost.

It lacks every property that could make it shock resistant to general market movements. It's a shitty hedge against the dollar. It's prospering because the market prospers. That's obv not the same as the economy. Most people can still be fucked/stagnated/declining and quite bit less financially secure than the stonks/gdp/1%.

It's the base premise that if the dollar crates, if you have shitcoins you'll be solid in almost anywhere in the first world. It's the literal opposite. You'll be just as or even more fucked. It's a reasonable hedge in the 3rd world against the instability of their currency/government. BTC doesn't care if a random 3rd world shithole craters.

Crypto is getting sold before yachts in the 1st world. On a long list of speculative assets crypto is close to the middle on a good day. It becomes decent when the amount of credit you can get is ridiculous and anything remotely stable/profitable is already overpriced because of the ridiculous amount credit. There's also some other points like higher than normal levels of inflation (for whatever reason) and how shit bonds/treasuries are compared to it.

Anyone want to make a guess what happens to credit when the dollar craters?

The way "old" folks talk down bitcoin is unique to old folks I think. This is what gives me some hope for continued gains. I'm not calling you old Gimmick, but the young people of today just dont share the same attitude towards these things as the older people do. Younger folks in the workplace putting money into a 401k are clamoring for crypto options and do not share the same point of view about what these things are worth or where they might go from here. And that adds to the momentum of it too. I am quite sure bitcoin is going higher in spite of it having no intrinsic value or whatever it is Jamie Diamond likes to say about it. The future belongs to the younger generation. I will still be reducing my exposure to something less than 80% or so of my liquid assets but don't plan on going to zero at any time soon.

Combination of a global pandemic with the global decision to keep markets up and very lax credit policy was/is the perfect storm for a speculative asset bubble. The minute any of it goes away and we return to "normal" is the moment we start culling the weak. That's when crypto equivalent of Commodore crashes, IBM takes a small hit and Apple takes a sizable hit but regroups in time.

gimmick is an intelligent guy it seems

Although he has that dated old, lol Baby boomer perspective as I jokingly call that. I question you this gimmick, how is Bitcoin not Digital Gold and now as we move into a well thought of to be more Digital place in the world, a logical fair person, without any Vested interests would see how this is different, and what this happening now is a change wholly for our entire world too.

Not ever meant too replace a dollar, nor will but proper understanding of the positives is only fair at this poi t truly. And with Bitcoin at record All-Time highs the world is speaking now and this is what the world is actually saying imo, clearly......

Communism is Centralization, and the world doesnt think that's right at all, clearly now with these All Time high Dectralized cryptocurrency world we now live in and, as people wake up and diversify I expect this to go much higher too for one reason Bitcoin at least, It's Finite (limited supy..)

Digital Gold is what it is, and lol if you think that old actual crap in the ground is gold, its not Bitcoin is, Digital Gold get it before it runs out imo, glgl

[country978]

The way "old" folks talk down bitcoin is unique to old folks I think. This is what gives me some hope for continued gains. I'm not calling you old Gimmick, but the young people of today just dont share the same attitude towards these things as the older people do. Younger folks in the workplace putting money into a 401k are clamoring for crypto options and do not share the same point of view about what these things are worth or where they might go from here. And that adds to the momentum of it too. I am quite sure bitcoin is going higher in spite of it having no intrinsic value or whatever it is Jamie Diamond likes to say about it. The future belongs to the younger generation. I will still be reducing my exposure to something less than 80% or so of my liquid assets but don't plan on going to zero at any time soon.

[gimmick]

The way "old" folks talk down bitcoin is unique to old folks I think. This is what gives me some hope for continued gains. I'm not calling you old Gimmick, but the young people of today just dont share the same attitude towards these things as the older people do. Younger folks in the workplace putting money into a 401k are clamoring for crypto options and do not share the same point of view about what these things are worth or where they might go from here. And that adds to the momentum of it too. I am quite sure bitcoin is going higher in spite of it having no intrinsic value or whatever it is Jamie Diamond likes to say about it. The future belongs to the younger generation. I will still be reducing my exposure to something less than 80% or so of my liquid assets but don't plan on going to zero at any time soon.

Yea i wouldn't have said anything if it sounded like you had 20-30% or anything like that. I think you got closest thing to direct financial advice from Sanlmar you're ever going to get.

You kind of put me in a spot with explaining any details about your situation.

When i said sell some, i was going from 64k price point i saw half a day before. I blinked and it was already going down. 64k would have been easy assuming you had held less than a month or so.

Only reason why i responded to this thread was Belly Buster feeling a bit too high compared to what was the reality. I was happy he dug himself out of a hole. I was less happy with the true believer BS. He can always give us the real numbers, but it sure sounded like it took 2 years to get even with BTC. And i don't think crypto is getting anywhere close where it is without FED and ECB pumping money to the markets at unprecedented levels.

[Walter Sobchak]

Say goodbye to the dollar as the worlds exchange currency and lol SWIFT. The oil countries especially gonna skip the dollar.

We will see.

China gonna put huge pressure on everyone in the game. The US can’t nap it out here. Happening much faster than I ever expected.

The development of the ruble platform is expected to be completed by December and the trial is expected to start in January 2022 though details of the technology used and whether it will be on the Ethereum blockchain or Ripple would be used, hasn’t been explained

Explain how this will change currency reserves in any manner at all.

[TheXFactor]

Get ready for hyperinflation.

Take that U.S. dollar and wipe your ass with it.

Buy Crypto.

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