Official Cryptocurrency Thread: Skepticism to Speculation

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

  1. kennypowers

    kennypowers Big shit like a dinosaur did it
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  2. Whammy

    Whammy Look kids, Parliament!
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  3. Nelson

    Nelson Can somebody please get Ja Rule on the phone
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  4. mal630

    mal630 Well-Known Member
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    If It gets much lower I’ll probably buy back in.
     
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  5. southside

    southside Well-Known Member
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    started buying when i woke up
     
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  6. user15000

    user15000 Well-Known Member

    I’m not a trader, but the guy who publicly said they think it’s worth $400k might have some incentive to try to push it lower to buy more.

    I’d be buying if I had any cash. Nothing has fundamentally changed about the underlying asset, and it’s “crashed” to 10% above the 30k it was at a week ago. Fun times.
     
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  7. HuskerGuy99

    HuskerGuy99 Above Average Member

    Yes, nothing has changed about the underlying asset. It is still virtual ones and zeroes -- literal database entries in the ether.

    Your first statement is funny. Why not, "the guy who publicly said they think it's worth $400k might have some incentive to say that after accumulating a huge position to dump on retail and other suckers?"
     
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  8. colonel_forbin

    colonel_forbin Well-Known Member
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    Are you against all crypto assets, or just Bitcoin? Would you say to not throw any money at any of it, or just not Bitcoin? I am genuinely asking this question and not arguing for or against anything.
     
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  9. Whammy

    Whammy Look kids, Parliament!
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  10. Whammy

    Whammy Look kids, Parliament!
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    user15000 is a bitcoin maximalist...thinks other coins are not worth much and Bitcoin is going to the moon.

    I'm not an expert and new to the scene but it seems like ETH has just as much of a following (or getting there) and seems to be a little more flexible in terms of what you can do with it.

    Saw an interesting video from Paul Tudor Jones where he thinks the future of crypto is "Scarce Crypto" i.e. gold-like store of value crypto and there will be "Industrial Crypto" i.e. used for more transactional and infrastructure type functions. I see Bitcoin as the former and Ethereum or a non-crooked XRP as the latter. I'm investing in both, but there are passionate sides arguing the other side will be irrelevant in five years and their side is going to the moon on Twitter.

    I'm investing in both, lightly, acknowledging I'm likely to be right on both or right on one and lose substantially on the other. :idk:

    We'll see what happens
     
  11. Whammy

    Whammy Look kids, Parliament!
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    Also why I'm starting small....my "portfolio" is down 20% in like 36 hours lol, I literally bought at the top of this recent market. Won't matter if the long-term projections are right, but I'm not sweating it given the amounts involved
     
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  12. user15000

    user15000 Well-Known Member

    The one point I’d add is that I don’t think there is a world where btc fails and anything else succeeds. If btc fails, they all fail. If btc succeeds, I think they all trend down in comparison to btc and/or are much riskier to hold. But I recognize that there could be a world where btc succeeds as a store of value and some other use case crypto has success as well.
     
  13. construxboy

    construxboy xenForo is the new TMB
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    Very well said and great plan, IMO
     
  14. Whammy

    Whammy Look kids, Parliament!
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    You may very well be right and reserve the right to change my mind lol
     
  15. Nelson

    Nelson Can somebody please get Ja Rule on the phone
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    gold is just a rock in the ground
     
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  16. —

    Well-Known Member
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    yes but you can use that rock to build computer parts which are used manipulate ones and zeroes!

    (1s and 0s are one of the reasons gold has value at all.)


    I said it a few pages back, I think our man huskguy is a prepper with large quantities of canned beans in his basement because he doesn't believe in 1s and 0s even though 1s and 0s are currently at the foundation of our society
     
  17. —

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    Ah coinbase, stay shitty
     
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  18. HuskerGuy99

    HuskerGuy99 Above Average Member

    Educate yourself before throwing money at something. Then only throw money you are comfortable with losing at it. I have said before there is nothing wrong with speculating in the crypto market. Just understand the value of Bitcoin is derived from finding someone willing to pay more $ than you paid for it. Find someone to explain how a Bitcoin can rise in value and if you're convinced, have a ball.

    https://www.cnbc.com/2021/01/11/crypto-investors-risk-losing-all-their-money-uks-fca-warns.html
     
  19. user15000

    user15000 Well-Known Member

  20. Nelson

    Nelson Can somebody please get Ja Rule on the phone
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    the 1s and 0s are arranged in a particular order such that there is a finite amount that can be accessed and is thus scarce. That’s the entire value of Bitcoin as a system of stored value (like, say, a rock in the ground).
     
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  21. user15000

    user15000 Well-Known Member

  22. kinghill

    kinghill Well-Known Member
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    Done and done. I learned in 2017-2018 it ain't for me.
     
  23. construxboy

    construxboy xenForo is the new TMB
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    Can't remember who recommended the Jason A Williams book, but it's good so far.
     
  24. spagett

    spagett Got ya, spooked ya
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    He kills the limo driver right?
     
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  25. spagett

    spagett Got ya, spooked ya
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    A name like Preston Psyh combined with a smug Billy Zane-like face... just remarkable
     
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  26. DuffandMuff

    DuffandMuff Well-Known Member
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    Really is spectacular that Bitcoin attracts the chodiest of the chodes.
     
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  27. user15000

    user15000 Well-Known Member

    Pysh is really smart imo and has spent his entire career basically worshipping Buffett and value investing in traditional markets. He came to btc relatively late. His show The Investors Podcast has some great guests.
     
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  28. wes tegg

    wes tegg I'm a Guy's guy, guys.
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    I'm a believer, but my biggest nagging doubt comes from the people who seem to be the most bought in. Fuck it, though. Let's make some money.
     
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  29. momux

    momux AFAM Scholar
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    The adoption by at least some institutional money and the closure of Silk Road help alleviate these concerns a bit. That being said, there are definitely some degenerate drug and arms dealers who have made a ton of money on the appreciation of BTC.
     
  30. Nelson

    Nelson Can somebody please get Ja Rule on the phone
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  31. beerme

    beerme Well-Known Member
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  32. momux

    momux AFAM Scholar
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  33. wes tegg

    wes tegg I'm a Guy's guy, guys.
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    That's why all my passwords are "Password."
     
  34. user15000

    user15000 Well-Known Member

    Microstrategy trading at $605. It was at $140ish when the CEO announced their move to using btc as its treasury reserve asset. So in addition to the massive price appreciation in their btc holdings, the stock has also gone nuts.

    My 401k appreciates their CEO.
     
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  35. Harrison Beck

    Harrison Beck Rut Roh maximalist
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    That Citi downgrade on microstrategy looks aggressively stupid now
     
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  36. Harrison Beck

    Harrison Beck Rut Roh maximalist
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    Supply and demand is really a wonderful concept
     
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  37. Guns

    Guns extreme lib, antifa commando
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    One of my company’s founders was also one of the co-founders of Microstrategy. He left during the the whole accounting debacle. I will say that as far as a data analytics company they are a bit behind the curve.
     
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  38. Harrison Beck

    Harrison Beck Rut Roh maximalist
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    Sounds like pivoting to btc was pretty smart then
     
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  39. user15000

    user15000 Well-Known Member

    They’re a profitable company, but ya from what I know they weren’t super successful or experiencing crazy growth. Just chugging along making 30-50m per year in profit.

    I think that Michael Saylor is brilliant and that his btc move required incredible foresight. We’ll see if it pays off long-term, but the market clearly likes it so far.
     
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  40. Harrison Beck

    Harrison Beck Rut Roh maximalist
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  41. southside

    southside Well-Known Member
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    And Wall Street is full of crooks with insider trading. Why do you care?
    Is Citi ever right?
     
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  42. momux

    momux AFAM Scholar
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    lol - who said I did? the point I was trying to make is that there was a real perception 5+ years ago that the main holders of BTC were black market participants. given the US government dedicates significant resources against those type of individuals, there was the chance that a federal crackdown on BTC would limit adoption.

    That didn't happen, and now we have significant adoption of institutional money, rendering the old concern obsolete.
     
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  43. HuskerGuy99

    HuskerGuy99 Above Average Member

    lol it's amazing how emotional some of the posters in this thread are when you don't just mindlessly shill their holdings. From what little I know about the black market stuff, Bitcoin was supplanted by a superior blockchain technology a few years ago.
     
  44. Taffy

    Taffy Token Brit poster
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    What's happening tomorrow, and what's the effect likely to be?