Bitcoins are officially donkdown

[Pooh]

Brother in law is a bittard. Been telling him for years to pull the ripcord. Whatever. Here's the skinny from where I'm looking. Just broke the perfect head and shoulders in a bad way. $30k is a virtual certainty. Heavy support there. Can't feel too good as a long in a rising rate environment (more on that in a minute). If it breaks 30k it's a long way down to 16k where the next major support level is. Even I may start buying here. Anyway, last time FED tightened BTC went from 14k to 4k (end of 2017 to end of 2018) Expect more of the same. BTC will likely end up near 10k if it's even still around. Basically DO NOT fight the FED. Everyone has heard this before. Goes both ways. The day the FED says fuck it we're cutting rates go balls deep in any growth you can find. Until then you're losing money. Buy value now. Dividends are your friend. Shit you would never imagine owning like energy and tobacco. Gonna be a tough couple years for growth. Once the generals fall (aapl googl etc) it'll be fucking permanent wealth destruction. PS the housing market will crash within two years as well.

[The Boz]

Lots of accounts gonna be crushed on margin calls

It’s AMC and Gamestock in reverse.

[Pooh]

Anyone ever think the FED actually wants the market to go down? Wealth effect. Too much money chasing too few goods. No bueno. Think about it. 20% haircut means a heck of a lot of people don't feel quite as rich.

[Sanlmar]

Anyone ever think the FED actually wants the market to go down? Wealth effect. Too much money chasing too few goods. No bueno. Think about it. 20% haircut means a heck of a lot of people don't feel quite as rich.

I have a very pressing schedule, Pooh. Nevertheless, I am going to try to devote some energy toward getting you enrolled in my re-education camp under a full scholarship. We look out for our soon to be needy students.

All the Fed want to do is tame inflation. Which is to say, they want to fight the natural order of market cycles. (You don’t have to concern yourself with that.)

Inflation is all you need to retain.

Inflation isn’t Biden. It isn’t mumbles on disability and not driving his truck (supply chain). It’s simply too much money (monetary expansion)

Let’s give you something fun that won’t require any effort.

This Twitter account belongs to:
Nina Strohminger
Professor of Legal Studies & Business Ethics at Wharton

Embedded Tweet

https://twitter.com/twt/status/1483992827482804224

[Forum Wars]

As bitcoin strangulates its way to 1/2 of what it was a little over a month ago, do remember no one knows who invented it.

Ok, I'll stop being a dick now.

Wait. Attaching file...



OK, now.

[garrett]

As bitcoin strangulates its way to 1/2 of what it was a little over a month ago, do remember no one knows who invented it.

Ok, I'll stop being a dick now.

Wait. Attaching file...



OK, now.

Hal Finney was Satoshi Nakamoto the pseudonymous creator since you seem to not understand this reality....

[The Boz]

El Salvador still all in.

https://cointelegraph.com/news/el-sa...ices-reach-36k

[BetCheckBet]

El Salvador still all in.

https://cointelegraph.com/news/el-sa...ices-reach-36k

Was about to post this. Reminder the president bought over 1000 bitcoins in October as a way to fight inflation…. The currency has lost 40 percent of its value since then

[BetCheckBet]

In fairness Bitcoin is still at 3000 percent higher than it was 5 years ago. It’s the new investors getting killed here. The early adopters already became millionaires and won’t be affected.

Once again micon has sold at the peak and left the tony gs with a useless poker forum.

[sonatine]

Anyone ever think the FED actually wants the market to go down? Wealth effect. Too much money chasing too few goods. No bueno. Think about it. 20% haircut means a heck of a lot of people don't feel quite as rich.

I have a very pressing schedule, Pooh. Nevertheless, I am going to try to devote some energy toward getting you enrolled in my re-education camp under a full scholarship. We look out for our soon to be needy students.

All the Fed want to do is tame inflation. Which is to say, they want to fight the natural order of market cycles. (You don’t have to concern yourself with that.)

Inflation is all you need to retain.

Inflation isn’t Biden. It isn’t mumbles on disability and not driving his truck (supply chain). It’s simply too much money (monetary expansion)

Let’s give you something fun that won’t require any effort.

This Twitter account belongs to:
Nina Strohminger
Professor of Legal Studies & Business Ethics at Wharton

Embedded Tweet

https://twitter.com/twt/status/1483992827482804224

do you consider inflation to be a greater or lesser concern to the fed than the risk of having our debt downgraded?

personally im leaning towards lesser because you can have #1 without #2 but once you get #2, #1 is pretty much a mortal lock along with a bunch of other dramas.

its surprising to me that they didnt slip their hand up standard & poor's ass and turn them into a sock puppet after 2008 but apparently, according to their own minutes, they did not.

[BetCheckBet]

It’s also worth saying that this is not just Bitcoin. Every major alt coin is taking a bloodbath here.

[Forum Wars]

As bitcoin strangulates its way to 1/2 of what it was a little over a month ago, do remember no one knows who invented it.

Ok, I'll stop being a dick now.

Wait. Attaching file...



OK, now.

Hal Finney was Satoshi Nakamoto the pseudonymous creator since you seem to not understand this reality....

I'll get into a fight with Garret then, I guess it's my turn.

Garret: is this Business Insider article wrong then (from November, 2021)? Or, perhaps, did something happen to cement that this Hal fellow was Satoshi since then? Serious questions...I believe Satoshi is an unknown entity still.


https://www.businessinsider.com/bitc...kamoto-2017-12

[Forum Wars]

The instability of Bitcoin (including those many more times when it exploded in value in a short time) is just one reason that it is not really viable as a currency. I guess people hardly use BTC as currency any more, so that is as expected.

[Dan Druff]

In fairness Bitcoin is still at 3000 percent higher than it was 5 years ago. It’s the new investors getting killed here. The early adopters already became millionaires and won’t be affected.

Once again micon has sold at the peak and left the tony gs with a useless poker forum.

From what I can ascertain, Micon didn't sell BTC at the peak. I assumed he converted to BCH in late 2017, given his friendship with Roger Ver, and his public bashing of BTC at the time.

[BCR]

Rather than those who get a giggle out of this, what do those who love crypto view as the point where they are reloading? I understand most here have a long term hold view.

I’m just curious if they’re buying the cardano and polka dots of the world right now as BTC doubling probably means those tripling or quadrupling. Where is the true believer $ gong?

Cardano was over 5 last year and like a buck. Polkadot was over $50 and was $18 when I looked last night. Can they survive a year long slump?

BTC to 60 probably puts those coins back in that range if they survive. What do they see as the point where they throw even a little more? I’m a gambler. This shit makes me want to throw some $ at those type of coins for a flip. Wherever they are at when BTC hits 30500$, is that a reasonable entry point for a flipper as opposed to a holder?

[sonatine]

In fairness Bitcoin is still at 3000 percent higher than it was 5 years ago. It’s the new investors getting killed here. The early adopters already became millionaires and won’t be affected.

Once again micon has sold at the peak and left the tony gs with a useless poker forum.

From what I can ascertain, Micon didn't sell BTC at the peak. I assumed he converted to BCH in late 2017, given his friendship with Roger Ver, and his public bashing of BTC at the time.

grain of salt obviously but micon also sold a healthy portion of his hoard to pay for his legal fees before going to bch.

[sonatine]

Rather than those who get a giggle out of this, what do those who love crypto view as the point where they are reloading? I understand most here have a long term hold view.

I’m just curious if they’re buying the cardano and polka dots of the world right now as BTC doubling probably means those tripling or quadrupling. Where is the true believer $ gong?

Cardano was over 5 last year and like a buck. Polkadot was over $50 and was $18 when I looked last night. Can they survive a year long slump?

BTC to 60 probably puts those coins back in that range if they survive. What do they see as the point where they throw even a little more? I’m a gambler. This shit makes me want to throw some $ at those type of coins for a flip. Wherever they are at when BTC hits 30500$, is that a reasonable entry point for a flipper as opposed to a holder?

one could argue that history has answered this question many times over, starting with

https://en.wikipedia.org/wiki/Tulip_mania

[BCR]

Rather than those who get a giggle out of this, what do those who love crypto view as the point where they are reloading? I understand most here have a long term hold view.

I’m just curious if they’re buying the cardano and polka dots of the world right now as BTC doubling probably means those tripling or quadrupling. Where is the true believer $ gong?

Cardano was over 5 last year and like a buck. Polkadot was over $50 and was $18 when I looked last night. Can they survive a year long slump?

BTC to 60 probably puts those coins back in that range if they survive. What do they see as the point where they throw even a little more? I’m a gambler. This shit makes me want to throw some $ at those type of coins for a flip. Wherever they are at when BTC hits 30500$, is that a reasonable entry point for a flipper as opposed to a holder?

one could argue that history has answered this question many times over, starting with

https://en.wikipedia.org/wiki/Tulip_mania

I don’t agree or disagree, but I assume it will bounce again at some point. The fact it’s not flourishing at a time of inflation tells me that all the original libertarian thoughts are now bullshit with the banks involved.

I just look for the pump and dumps. I know smart people who believe and smart people who think as you do. I don’t pretend to have the acumen to understand the technology or any of it. But I’ve been better at buying $2500 of crap and selling it for $6500 than I am at sports betting. Not because I’m smart, just because I’ve read and everything has went up and I’m out quickly. It’s not a 401k to me

I’ve only missed on one iirc and still have it.

I’ll eventually hold the bag on some garbage but I’ll still be up if it zeroes out and I’m no crypto believer. I’m the guy who pm’d druff to keep his money from that shitcoin and don’t lose a minutes sleep over it if he didn’t know it was a Ponzi. I found everything else irrelevant. You either know or don’t know, and if you don’t know, I’d have kept it unless someone I personally knew lost $ on my advice. I have a code, but I’m not losing sleep over shit I just fucked up and didn’t know.

[sonatine]

one could argue that history has answered this question many times over, starting with

https://en.wikipedia.org/wiki/Tulip_mania

I don’t agree or disagree, but I assume it will bounce again at some point. The fact it’s not flourishing at a time of inflation tells me that all the original libertarian thoughts are now bullshit with the banks involved.

I just look for the pump and dumps. I know smart people who believe and smart people who think as you do. I don’t pretend to have the acumen to understand the technology or any of it. But I’ve been better at buying $2500 of crap and selling it for $6500 than I am at sports betting. Not because I’m smart, just because I’ve read and everything has went up and I’m out quickly. It’s not a 401k to me

I’ve only missed on one iirc and still have it.

I’ll eventually hold the bag on some garbage but I’ll still be up if it zeroes out and I’m no crypto believer. I’m the guy who pm’d druff to keep his money from that shitcoin and don’t lose a minutes sleep over it if he didn’t know it was a Ponzi. I found everything else irrelevant. You either know or don’t know, and if you don’t know, I’d have kept it unless someone I personally knew lost $ on my advice. I have a code, but I’m not losing sleep over shit I just fucked up and didn’t know.

[NaturalBornHustler]

This is officially an absolute bloodbath.