Cryptos will eventually end badly. They are purely a speculative play. They have no underlying value, their worth lies strictly in the hope that the next guy buying is willing to pay more. When that hope fades they will drop like a rock.
However, until the day of reckoning comes, they will, like tulip bulbs, continue to offer a speculative income opportunity as the buyers pile in. Holders should monitor their purchase closely and realize a planned exit is simply a matter of time. Stick close to a chair, the music will at some point end rather quickly.
@ErrorsOnCoins said:
gotta love the cryptos on the weekends
It's becoming somewhat predictable for those looking to day/short term trade. This damn coinbase says they cant verify my bank account??????? It's only the biggest flippin bank in the world...... Hold tight still stuck with r-hood atm.
I just realized that while I thought I was accumulating Ethereum (ETH), I was actually buying Ethan Allen (ETH) stock. I contacted Ethan Allen for assistance, but they were unable to couch a response.
Im wondering if there is something that would cause/entice/scare/etc you into selling? A certain price, a regulatory decision, change in pricing direction (risk tolerance), etc.
In my case strong downward momentum while other popular crypto choices are climbing.
So with Bitcoin down 30% in the last 8 days, has your criteria been met?
@RobM said:
I just realized that while I thought I was accumulating Ethereum (ETH), I was actually buying Ethan Allen (ETH) stock. I contacted Ethan Allen for assistance, but they were unable to couch a response.
One of my favorite posts in a long while...thank you.
Successful coin BST transactions with Gerard and segoja.
Successful card BST transactions with cbcnow, brogurt, gstarling, Bravesfan 007, and rajah 424.
'Cryptos will eventually end badly. They are purely a speculative play. They have no underlying value, their worth lies strictly in the hope that the next guy buying is willing to pay more. '
Truer words where never spoken
Is this the the beginning of the end of the end of the beginning? Down 30% in the last 10 days.
"Bongo drive 1984 Lincoln that looks like old coin dug from ground."
disagree. Earlier selloff triggered by bogus reporting by Reuters that China just banned cryptos when in fact China was simply reiterating anti-speculation law passed years ago. Cryptos rebounding.
I did a panic sell in the wee hours today. My strongest holding down 31%. And in just a few minutes bought back, cost me a chunk (crypto tuition). Thought I was educated in the volatile crypto game. Turns out, NO!
Gonna hodl what I have, still way up.
I certainly am not a crypto expert... and do not invest in them myself. Good investment or not... beats me. But certainly there has been much profit that has been seen in it.
But it now looks like multiple federal agencies are getting more and more interested in regulation of the cryptos (to protect you investors of course!) IMO anytime time the government is here to help you... watch out.
"Bitcoin Tumbles After Treasury Unveils Stricter Crypto Reporting To IRS"
Law abiding taxpayers have no problem with IRS enforcing its rules. That is all that is happening in the above link; it's a reminder of the tax laws and clarifies that cryptos are in fact money, but only when spent in taxable amounts of $10k or more, triggering the same reporting as cash. The Treasury Dept. estimates a net gain for IRS coffers between $460 billion and $700 billion over a decade if movers of crypto assets comply with tax law. This is actually very good news for the long term outlook for cryptos - even Washington has to realize that you can't tax it if you ban it.
The only reason bitcoin tumbles after such an announcement is that speculators (the sole determinators of bitcoin price) fear the announcement will make their next buyer less willing to pay current price. So, they take their profits (or cut their losses). Such announcements and reminders are likely an attempt to discourage cryptos by attacking their price.
Apparently there is a sudden coordinated effort to reduce the demand for cryptos. But as this chart posted earlier show, It's going to take a whole lot of effort to keep cryptos from strongly rebounding from negative events.
Since there is no underlying real value to a crypto, it's value is based entirely on perception. That perception can be easily controlled with the right words or the right actions by the right individuals. Elon Musk, the IRS, a major news service and Janet Yellon are a prime examples. Look for the negative jawboning from multiple sources to continue, this may very well be the expected attack (yet with no new regulation) on cryptos.
So, just like a multi level marketing pyramid scheme, except instead of crappy actual physical household products or makeup or self-help cassette tapes, it's all just digitally created and sold to the suckers over the computers?
@Baley said:
So, just like a multi level marketing pyramid scheme, except instead of crappy actual physical household products or makeup or self-help cassette tapes, it's all just digitally created and sold to the suckers over the computers?
yes, but cheaper and easier than nurturing, digging up and shipping tulip bulbs.
You lost me at zero (Bulgaria) hedge. I probably have more Ethereum anyway just not sure if its the eth or etc or both, probably some labradoodle mixed in there too. HODL!
Edit, looks like I currently have 20% more ETC and 20% more ETH compared to BTC. According to the Bulgarians looks like I'm right where I should bee???
You lost me at zero (Bulgaria) hedge. I probably have more Ethereum anyway just not sure if its the eth or etc or both, probably some labradoodle mixed in there too. HODL!
Edit, looks like I currently have 20% more ETC and 20% more ETH compared to BTC. According to the Bulgarians looks like I'm right where I should bee???
I'm no Bulgarian, but I raised that question (ETH > BTC) in the since closed "Bitcoins..." thread way back on Feb 3. That said, I think that the average Bulgarian would have had enough sense to have sold off any ETC by now. Brutal selloff on ETC, no use case, will be surpassed by Doge someday. Consider ETH (Ethan Allen Interiors) instead...that's were the Bulgarians are investing.
You lost me at zero (Bulgaria) hedge. I probably have more Ethereum anyway just not sure if its the eth or etc or both, probably some labradoodle mixed in there too. HODL!
Edit, looks like I currently have 20% more ETC and 20% more ETH compared to BTC. According to the Bulgarians looks like I'm right where I should bee???
I'm no Bulgarian, but I raised that question (ETH > BTC) in the since closed "Bitcoins..." thread way back on Feb 3. That said, I think that the average Bulgarian would have had enough sense to have sold off any ETC by now. Brutal selloff on ETC, no use case, will be surpassed by Doge someday. Consider ETH (Ethan Allen Interiors) instead...that's were the Bulgarians are investing.
It appears you are correct. Crash and burn baby. Crash and burn. Too bad robinhood didn't offer stop losses. Perhaps it's time to triple down? lol
You lost me at zero (Bulgaria) hedge. I probably have more Ethereum anyway just not sure if its the eth or etc or both, probably some labradoodle mixed in there too. HODL!
Edit, looks like I currently have 20% more ETC and 20% more ETH compared to BTC. According to the Bulgarians looks like I'm right where I should bee???
You lost me at zero (Bulgaria) hedge. I probably have more Ethereum anyway just not sure if its the eth or etc or both, probably some labradoodle mixed in there too. HODL!
Edit, looks like I currently have 20% more ETC and 20% more ETH compared to BTC. According to the Bulgarians looks like I'm right where I should bee???
What part of the article 'lost' you?
The part where I hovered over to click the link and it said zero hedge aka Conspiracies r Us. No need to proceed further.
Comments
I was going to suggest "Muskcoin" as a joke, but a quick search tells me that there is in fact such a crytocurrency.
Cryptos will eventually end badly. They are purely a speculative play. They have no underlying value, their worth lies strictly in the hope that the next guy buying is willing to pay more. When that hope fades they will drop like a rock.
However, until the day of reckoning comes, they will, like tulip bulbs, continue to offer a speculative income opportunity as the buyers pile in. Holders should monitor their purchase closely and realize a planned exit is simply a matter of time. Stick close to a chair, the music will at some point end rather quickly.
As least one could plant his $10,000 bulb.
Give Me Liberty or Give Me Debt
gotta love the cryptos on the weekends
It's becoming somewhat predictable for those looking to day/short term trade. This damn coinbase says they cant verify my bank account??????? It's only the biggest flippin bank in the world...... Hold tight still stuck with r-hood atm.
The whole worlds off its rocker, buy Gold™.
Coinbase also is taking it's sweet time verifying a buddy of mine through BOA. No problems with my bank.
The last few days I went heavy into ADA.
I placed my bet. Let the fun begin.
I just realized that while I thought I was accumulating Ethereum (ETH), I was actually buying Ethan Allen (ETH) stock. I contacted Ethan Allen for assistance, but they were unable to couch a response.
So with Bitcoin down 30% in the last 8 days, has your criteria been met?
Knowledge is the enemy of fear
One of my favorite posts in a long while...thank you.
Successful card BST transactions with cbcnow, brogurt, gstarling, Bravesfan 007, and rajah 424.
'Cryptos will eventually end badly. They are purely a speculative play. They have no underlying value, their worth lies strictly in the hope that the next guy buying is willing to pay more. '
Truer words where never spoken
Is this the the beginning of the end of the end of the beginning?
Down 30% in the last 10 days.
Met and acted on days ago. Now we wait for the move up.
Give Me Liberty or Give Me Debt
Having fun yet?
Knowledge is the enemy of fear
Buying back in here, HODL!
The whole worlds off its rocker, buy Gold™.
https://www.marketwatch.com/story/bitcoin-tumbles-below-40-000-after-china-issues-crypto-warning-11621411944
All of them tanking thanks to PRC/PBOC acting on the rumors.
I guess the 4 year BTC cycle is being taken over by the 17 year cicada cycle.
Of course, as I have fun every single day of the year.
It is only money.
I made a bet and it went down. so. chit happens.
I get to go to the beach today.
gold is today's beneficiary.
ETH a steal at 1900? I'm back in:
Give Me Liberty or Give Me Debt
HODL! Bouncing back.
Day ago? You may have missed the dip
Loves me some shiny!
@carew4me said:
days ago and today is the dip I waited for.
Give Me Liberty or Give Me Debt
Sell at $60K, buy back at $50K, sell at $40K, buy back at $30K, sell at $20K, buy back at $10K, sell at $0. Successful dip buying by this definition!
typo, "and it goes UP"
Give Me Liberty or Give Me Debt
I think the party is ending.
Dave
disagree. Earlier selloff triggered by bogus reporting by Reuters that China just banned cryptos when in fact China was simply reiterating anti-speculation law passed years ago. Cryptos rebounding.
Not cryptos' first dance:
Give Me Liberty or Give Me Debt
The problem is I always miss that momentary big dip where it goes down 25% and then back up within minutes!
I wish I could catch one of those.
I was watching all morning, if you had play money you could have basically doubled on doge before east coast early lunch.
The true sign of a viable currency is one that changes exchange value by huge margins on an hourly basis...
The cryptos are perfectly stable..
It's the value of the dollar that's fluctuating wildly, ain't that right fellas?
Liberty: Parent of Science & Industry
The world certainly has changed and radically so in many cases but my gold is still my gold. I still sleep like a baby. RGDS!
The whole worlds off its rocker, buy Gold™.
I did a panic sell in the wee hours today. My strongest holding down 31%. And in just a few minutes bought back, cost me a chunk (crypto tuition). Thought I was educated in the volatile crypto game. Turns out, NO!
Gonna hodl what I have, still way up.
Bst transactions with: dimeman, oih82w8, mercurydimeguy, dunerlaw, Lakesammman, 2ltdjorn, MattTheRiley, dpvilla, drddm, CommemKing, Relaxn, Yorkshireman, Cucamongacoin, jtlee321, greencopper, coin22lover, coinfolio, lindedad, spummybum, Leeroybrown, flackthat, BryceM, Surfinxhi, VanHalen, astrorat, robkool, Wingsrule, PennyGuy, al410, Ilikecolor, Southcounty, Namvet69, Commemdude, oreville, Leebone
Go long on lithium. It's light and wildly volatile.
I certainly am not a crypto expert... and do not invest in them myself. Good investment or not... beats me. But certainly there has been much profit that has been seen in it.
But it now looks like multiple federal agencies are getting more and more interested in regulation of the cryptos (to protect you investors of course!) IMO anytime time the government is here to help you... watch out.
"Bitcoin Tumbles After Treasury Unveils Stricter Crypto Reporting To IRS"
https://zerohedge.com/crypto/bitcoin-tumbles-after-treasury-calls-reporting-large-crypto-transfers-irs
Law abiding taxpayers have no problem with IRS enforcing its rules. That is all that is happening in the above link; it's a reminder of the tax laws and clarifies that cryptos are in fact money, but only when spent in taxable amounts of $10k or more, triggering the same reporting as cash. The Treasury Dept. estimates a net gain for IRS coffers between $460 billion and $700 billion over a decade if movers of crypto assets comply with tax law. This is actually very good news for the long term outlook for cryptos - even Washington has to realize that you can't tax it if you ban it.
The only reason bitcoin tumbles after such an announcement is that speculators (the sole determinators of bitcoin price) fear the announcement will make their next buyer less willing to pay current price. So, they take their profits (or cut their losses). Such announcements and reminders are likely an attempt to discourage cryptos by attacking their price.
Funny how this IRS "reminder" immediately follows a widely public acknowledgement of a ransomware bitcoin payment by the gas pipeliner and a misleading "China Bans Cryptocurrency" headline from Reuters News service on May 19 when in reality China has only banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptocurrencies. This particular ban actually occurred in 2019, but is suddenly pertinent news?
Apparently there is a sudden coordinated effort to reduce the demand for cryptos. But as this chart posted earlier show, It's going to take a whole lot of effort to keep cryptos from strongly rebounding from negative events.
Since there is no underlying real value to a crypto, it's value is based entirely on perception. That perception can be easily controlled with the right words or the right actions by the right individuals. Elon Musk, the IRS, a major news service and Janet Yellon are a prime examples. Look for the negative jawboning from multiple sources to continue, this may very well be the expected attack (yet with no new regulation) on cryptos.
Hard to hide the truth:
Give Me Liberty or Give Me Debt
So, just like a multi level marketing pyramid scheme, except instead of crappy actual physical household products or makeup or self-help cassette tapes, it's all just digitally created and sold to the suckers over the computers?
Liberty: Parent of Science & Industry
sorry,
double post
double post
Give Me Liberty or Give Me Debt
more sorry,
triple post
triple post
triple post
Give Me Liberty or Give Me Debt
yes, but cheaper and easier than nurturing, digging up and shipping tulip bulbs.
Give Me Liberty or Give Me Debt
Is your MMF/IRA/401k/etc/etc/etc any different if you don't manage it yourself???
Really impressive double blowout bottom, IMO. Time will tell.
Did your hands get cut or are they made from diamonds?
I ended up with twice as much as I wanted, buying both dips......well hopefully just dips. lol
The whole worlds off its rocker, buy Gold™.
Goldman crypto trading team sees Ethereum overtaking Bitcoin.
Give Me Liberty or Give Me Debt
You lost me at zero (Bulgaria) hedge. I probably have more Ethereum anyway just not sure if its the eth or etc or both, probably some labradoodle mixed in there too. HODL!
Edit, looks like I currently have 20% more ETC and 20% more ETH compared to BTC. According to the Bulgarians looks like I'm right where I should bee???
The whole worlds off its rocker, buy Gold™.
I'm no Bulgarian, but I raised that question (ETH > BTC) in the since closed "Bitcoins..." thread way back on Feb 3. That said, I think that the average Bulgarian would have had enough sense to have sold off any ETC by now. Brutal selloff on ETC, no use case, will be surpassed by Doge someday. Consider ETH (Ethan Allen Interiors) instead...that's were the Bulgarians are investing.
It appears you are correct. Crash and burn baby. Crash and burn. Too bad robinhood didn't offer stop losses. Perhaps it's time to triple down? lol
The whole worlds off its rocker, buy Gold™.
What part of the article 'lost' you?
The part where I hovered over to click the link and it said zero hedge aka Conspiracies r Us. No need to proceed further.
The whole worlds off its rocker, buy Gold™.
Confucious say "Horse who wears blinders suffers from tunnel vision."
Give Me Liberty or Give Me Debt
https://www.coindesk.com/people-behind-crypto-protocol-defi100-may-have-absconded-with-32m-in-investor-funds
Who da thunk? Maybe folk should have asked questions. HAHA HAHA
Knowledge is the enemy of fear
Who da thunk? Maybe folk should have asked questions. HAHA HAHA
Some of us did. lol
Give Me Liberty or Give Me Debt
Misdirection derryb? What does this have to do with the price of tea in China, or in a thread about crypto?
Knowledge is the enemy of fear