Official Cryptocurrency Thread: Skepticism to Speculation to FIGHT! FIGHT! FIGHT!

Discussion in 'The Mainboard' started by Nantucket, Jan 29, 2017.

  1. user15000

    user15000 Well-Known Member

    You can read the book the bitcoin standard by ammous. This covers some of it too: https://podcasts.apple.com/us/podcast/the-bitcoin-standard-podcast/id1403202032?i=1000533326959

    Also El Salvador already doesn’t control its own currency. The US dollar is something fluctuating that they don’t control. So Truman’s problem with this is what exactly? I also think that saying this is why countries got off the gold standard is inaccurate based on the history of monetary policy. Federal reserve started in 1914.
     
  2. Truman

    Truman Well-Known Member
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    Comparing the fluctuation of BTC to The Dollar is just absurd.

    And creating the reserve was to prevent the huge swings of the dollar that eventually ended in a fiat currency. I dont see that being a contradictory statement
     
  3. Truman

    Truman Well-Known Member
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    If El Salvador moves to a BTC fiscal system - 4% inflation over night!

     
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  4. HuskerInMiami

    HuskerInMiami Well-Known Member
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    When I see articles like this from Reuters, it makes me want to buy. They're FUDing.

    I'd expect some drawback after the massive gains most have seen recently. ADA up 79% in the last 30 days. What is a 9%?

    upload_2021-9-7_10-14-57.png
     
  5. user15000

    user15000 Well-Known Member

    Yes it is absurd. Over any substantial period of time over the last 11+ years the dollar is down an absurd amount against btc. No one in ES is forced to hold any btc. And it solves a massive remittance problem for them.

    Your short sighted tweet above like it’s some gotcha of ES’s plan failing is just dumb and warrants no response.
     
  6. Truman

    Truman Well-Known Member
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    I admit it was a bit of a troll in response to your absurd over simplistic comparison.
     
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  7. user15000

    user15000 Well-Known Member

    It’s a complex topic. But in general, I don’t tend to align with the idea that inflexible monetary policy caused/worsened the Great Depression, etc.
     
  8. TheDKALife

    TheDKALife Well-Known Member

    whoa. what a drop
     
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  9. user15000

    user15000 Well-Known Member

  10. Menelaus

    Menelaus The Red-Haired King
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    Gemini under maintenance right as I want to load up on more ETH and BTC. Nice
     
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  11. The Milkman

    The Milkman Send lawyers, guns and money, shit has hit the fan

    Bought more ETH. Delicious dip
     
  12. soulfly

    soulfly Well-Known Member
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    Some real god damn weirdos itt. Everything basically tanked 20% at the exact same time. Instead of pondering wtf just happened: yum that dip was delicious

    :roll:
     
  13. Arrec Bardwin

    Arrec Bardwin He ain’t me, he can’t be me
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    Weirdos that are making a lot of money
     
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  14. HuskerInMiami

    HuskerInMiami Well-Known Member
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    Did you have orders in? It dropped to 3100 for seconds.
    Or are you talking about at the 3500 level?
     
  15. HuskerInMiami

    HuskerInMiami Well-Known Member
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    I tend to agree with you. It's our coping mechanism. But it's all been up so much the last month or so. I personally didn't buy this dip.
     
    #17915 HuskerInMiami, Sep 7, 2021
    Last edited: Sep 7, 2021
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  16. danny2430

    danny2430 Well-Known Member
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    I mean it depends on what strategies we are using more than anything

    Alot of us use DCA or wait for dips like these to buy in

    There was a ton of data out there, including the greed index, that showed prices were artificially high and needed some correcting
     
  17. letan

    letan Just looking for the gator board
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    i just got some at 3450. 3100 would’ve been sweet
     
  18. user15000

    user15000 Well-Known Member

    Btc is up like 350% in the last year. Many others are up substantially more. Volatility is the price paid for outperforming the sp by 10x. And there is no wondering wtf happened: more people sold than bought. The endless search for a narrative in a purely supply/demand market that trades 24/7 is tiresome.
     
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  19. soulfly

    soulfly Well-Known Member
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    I'm talking 20% dips in like the top 20 cryptos on Coinbase's pricing index. It just seems illogical that everything takes the same dip at the exact same time. That's at least worth wondering wtf happened.
     
  20. Arrec Bardwin

    Arrec Bardwin He ain’t me, he can’t be me
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    Multiple reasons, a lot of exchanges still have coins trade against BTC, and also use it for collateral for leveraged longs. So when BTC dips so do other coins along with liquidation causing selling.
     
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  21. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    its largely a casino as by product of economic prosperity, that's why the correlation is so strong across the space, everyone is prepared that one day the casino could hit 0
     
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  22. Arrec Bardwin

    Arrec Bardwin He ain’t me, he can’t be me
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    I know you don’t actually think it will hit zero.
     
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  23. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    i don't think it'll hit zero just from the dead enders, but the high downside risk and broad correlation in movements is not indicative of a space that operates on anything but wild west 1800s wall street style speculation
     
  24. Arrec Bardwin

    Arrec Bardwin He ain’t me, he can’t be me
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    I think the biggest difference is crypto doesn’t try to pretend it isn’t unlike Wall St.
     
  25. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    i feel like people in here would dispute that crypto is largely devoid of utility and everyone is just using it as a get rich quick scheme. which is what drove much of the 19th century wall street speculation crisis.

    (which, is the obvious case, but not the popular one that I've seen outside of a few self aware crypto traders)
     
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  26. user15000

    user15000 Well-Known Member

    Lol at high downside risk for the best performing asset class in history that has a total addressable market in the hundreds of trillions.

    And lol at devoid of utility.

    Whatever you have to tell yourself I suppose.

    The biggest venture capital firms in the world are investing unprecedented amounts of money into crypto. Blackrock owns a shitload of mstr and btc mining companies. Basically every notable macro investor billionaire owns btc. Crypto is a 2 trillion dollar space that is seeing growth above the spread of the internet. But don’t let facts get in the way of some good old no utility high downside risk narratives.
     
  27. Arrec Bardwin

    Arrec Bardwin He ain’t me, he can’t be me
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    What is the "utility" of wall street other than to make money? If crypto didn't exist, the 2 trillion dollars would just be speculating on stocks with the rest.
     
  28. The Milkman

    The Milkman Send lawyers, guns and money, shit has hit the fan

    Got ETHE at 32.90. Should have specified
     
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  29. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    i mean at its base level you're providing liquidity to companies you believe are good and have growth paths, on wall street many of these companies have utility and exist, on crypto exchanges it gets murkier

    and maybe they would be speculating in a non-crypto world, going for penny stocks, or it'd be lower risk investments, the risk profile of the investments is basically the whole thing
     
  30. Whammy

    Whammy Look kids, Parliament!
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    Would encourage you to use some DeFi products, there is definitely utility
     
    #17930 Whammy, Sep 7, 2021
    Last edited: Sep 7, 2021
  31. Arrec Bardwin

    Arrec Bardwin He ain’t me, he can’t be me
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    I'm not talking about penny stocks, look at P/E of S&P 500. Acting like Wall St isn't wildly speculative is crazy.
     
  32. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    Yes individual stock picking is often in the risk profile of speculative. The risk profile on picking individual crypto projects is much higher. Compared to the risk profile of a S+P ETF? Off the charts disparate.

    I think people over think P/E ratios though, especially when they are benchmarking backwards.
     
  33. Menelaus

    Menelaus The Red-Haired King
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    There’s the stock market, then there’s Wall Street. The stock market is part of “Wall Street” but does not encompass the entirety of it. There are so many players across so many asset classes, and I would say that only a small percentage of it is purely speculative.
     
  34. HuskerInMiami

    HuskerInMiami Well-Known Member
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    They post this. Someone/market triggers a cascade that drops prices 10-15% and 200 Billion from market cap. Then 1.5 hours later someone moves 142mm off Coinbase as all the markets/sites/apps are not working. Is there a conspiracy emoji?
     
  35. kennypowers

    kennypowers Big shit like a dinosaur did it
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    Solana is out here playing 4D chess
     
  36. ANTWONE

    ANTWONE Hello
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    How has the SolSea launch gone?
     
  37. soulfly

    soulfly Well-Known Member
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    Glad I swooped it after seeing another poster lamenting not getting in at $130 (I subsequently got in at $137).

    I’ve only been invested for a week now, after a friend twisted my arm into it. Despite the dips of BTC, ADA, and ETH (his recs, with ETH being the heaviest investment), I’m almost back to break even because of SOL alone.
     
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  38. ANTWONE

    ANTWONE Hello
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    As long as NFTs keep pumping and they get some big projects on SolSea it should continue to grow
     
  39. user15000

    user15000 Well-Known Member





    This is fucking absurd. And super convenient to sell amid “ethics concerns” right before they likely taper. These guys should go to prison.
     
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  40. Whammy

    Whammy Look kids, Parliament!
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    Tend to agree with you here.....alot has been made about the "oligarchy" in the private sector but government corruption feels like it's at an all-time high. Pelosi and republican senator from Georgia were caught doing the same thing and no punishment

     
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  41. HuskerInMiami

    HuskerInMiami Well-Known Member
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    I saw something like this yesterday. They have done such a good job of dividing people on politics, that instead of saying what your sides politician did was wrong, you say, "well your guy did it too in X, Y, Z.

    Can't we just all take a step back and say, "Why the fuck are we allowing this to go on?"

    This should be prison time for all involved. And we're emptying out the trusts you set aside for the next 10 generations.
     
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  42. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    i think what some people miss, i can't speak to the Fed folks, but all the shit elected politicians are doing is very much legal, the senators/house members/etc.

    which is very bad and the law should be changed, few things are more toxic to democracy than corruption but after the last 5 years the appetite for changing any of it is near zero. the trump hotel in DC was one of the most brazenly corrupt operations of my lifetime, operated in the open and explicitly, and we're in a world where it just really doesn't move the needle. and that was ACTUALLY illegal.
     
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  43. danny2430

    danny2430 Well-Known Member
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    NFTs might taper a bit, but I definitely see the traffic flowing a bit over to Solana and maybe eventually Cardano (if their platform doesn’t wind up being a complete shitshow, which seems very possible)

    I’m beginning to get very concerned about Ethereum and just how unusable their applications are at this point. Unless they can hit on a solid upgrade or get to 2.0 before everybody’s expecting it, they are going to lose so much marketshare.
     
  44. Arrec Bardwin

    Arrec Bardwin He ain’t me, he can’t be me
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    Cardano can only do one tx per block for a contract, unless they change that it won’t ever be anything.
     
  45. user15000

    user15000 Well-Known Member



     
    #17945 user15000, Sep 12, 2021 at 8:13 PM
    Last edited: Sep 12, 2021 at 10:30 PM
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  46. FourClover01

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  47. Menelaus

    Menelaus The Red-Haired King
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    Who’s buying today? Thinking about dipping my toes in again
     
  48. danny2430

    danny2430 Well-Known Member
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    I’m getting close on a number of limit orders that I’ve had set since last week
     
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  49. Aurelius

    Aurelius This man, Lenny Pepperidge, AKA Lenny the Pep...
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