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Cryptocurrency thread


phart010
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Alright dudes, I bought in $500 of each of the PayPal currencies. Bitcoin, Bitcoin Cash, Ethereum, and Lite Coin. I was actually trying to buy some stuff on Coinbase, but there verification is broke and I can't get permission to use my account. Once that resolves, I'll buy some more obscure shit.

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6 hours ago, DoctorEncore said:

Alright dudes, I bought in $500 of each of the PayPal currencies. Bitcoin, Bitcoin Cash, Ethereum, and Lite Coin. I was actually trying to buy some stuff on Coinbase, but there verification is broke and I can't get permission to use my account. Once that resolves, I'll buy some more obscure shit.

I had some Ethereum聽back when it was $595 each, but I ended up selling it and adding the money to my bitcoin stash. I think Tesla buying bitcoin was just the start. If more corporations start adding bitcoin to their balance sheets in the billions of dollars, I wouldn't be surprised if it hits $50k soon and $100k by the end of the year.

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1 hour ago, Bearcat-Doug said:

I had some Ethereum聽back when it was $595 each, but I ended up selling it and adding the money to my bitcoin stash. I think Tesla buying bitcoin was just the start. If more corporations start adding bitcoin to their balance sheets in the billions of dollars, I wouldn't be surprised if it hits $50k soon and $100k by the end of the year.

I'm up $119 overnight and I've decided to quit my day job. Just call me the crypto king. 馃槑馃槑馃槑

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11 hours ago, DoctorEncore said:

Alright dudes, I bought in $500 of each of the PayPal currencies. Bitcoin, Bitcoin Cash, Ethereum, and Lite Coin. I was actually trying to buy some stuff on Coinbase, but there verification is broke and I can't get permission to use my account. Once that resolves, I'll buy some more obscure shit.

I bought some more Bitcoin this morning too since I didn't have enough.

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Anybody tracking Bitcoin Cash? It had an all-time high of $2800, but crashed in 2018. It's hovering in the $700 range right now. I think it could run back to $2800 for a few reasons.

  1. Crypto is getting a ton of interest right now, particularly Bitcoin
  2. It is a Bitcoin fork and has name recognition, while being way cheaper than actual Bitcoin
  3. It's one of only four currencies offered on PayPal, making it a accessible to a lot of people

Its been going up a lot the last 6 months and the last few days. May be a good choice for those getting started with relatively low downside.

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MemberPosted
On 2/11/2021 at 6:34 AM, Bearcat-Doug said:

I had some Ethereum聽back when it was $595 each, but I ended up selling it and adding the money to my bitcoin stash. I think Tesla buying bitcoin was just the start. If more corporations start adding bitcoin to their balance sheets in the billions of dollars, I wouldn't be surprised if it hits $50k soon and $100k by the end of the year.

I bought 24 ethereum for a total of $200 a long time ago. When it鈥檚 value got to $400 I sold 12 of them for $200 to recover my initial investment 聽馃槶馃槶馃槶

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49 minutes ago, DoctorEncore said:

Anybody tracking Bitcoin Cash? It had an all-time high of $2800, but crashed in 2018. It's hovering in the $700 range right now. I think it could run back to $2800 for a few reasons.

  1. Crypto is getting a ton of interest right now, particularly Bitcoin
  2. It is a Bitcoin fork and has name recognition, while being way cheaper than actual Bitcoin
  3. It's one of only four currencies offered on PayPal, making it a accessible to a lot of people

Its been going up a lot the last 6 months and the last few days. May be a good choice for those getting started with relatively low downside.

Any interest in Bitcoin cash will be from retail investors that want a part of Bitcoin but feel they聽can鈥檛 afford it. Institutional investors are going to stick to real Bitcoin.

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1 hour ago, phart010 said:

Any interest in Bitcoin cash will be from retail investors that want a part of Bitcoin but feel they聽can鈥檛 afford it. Institutional investors are going to stick to real Bitcoin.

100% agree. But if I've learned anything recently, it's that retail investors are just as capable of pushing value as big institutions. I'll take my profits no matter how they come.

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8 hours ago, phart010 said:

I bought 24 ethereum for a total of $200 a long time ago. When it鈥檚 value got to $400 I sold 12 of them for $200 to recover my initial investment 聽馃槶馃槶馃槶

That's why I haven't sold any bitcoin. I could sell some to get my money back, but I don't want to do that in the event that it does double or triple again in the near future.

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Looks like more big players are going to jump into crypto this year. I've decided to make it a small, but real part of my portfolio, maybe 5%. It seems likely the bubble will burst when we see more regulation, but I think it will bounce back quickly as crypto ETFs are formed and the big banks get in. And if it does burst, that's just an opportunity to lower my cost basis.

https://www.bloomberg.com/news/articles/2021-02-13/morgan-stanley-may-bet-on-bitcoin-in-150-billion-investment-arm

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31 minutes ago, Bearcat-Doug said:

Bitcoin is holding steady over $52k today after setting another ATH. It will be interesting to see how high it goes.聽

I think we've got stability. I don't think there is going to be another huge crash (maybe 25% drop when SEC starts regulating heavily). I think it's just going to steadily rise like the stock market now. I do think there is still time to get in though.

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7 minutes ago, DoctorEncore said:

I think we've got stability. I don't think there is going to be another huge crash (maybe 25% drop when SEC starts regulating heavily). I think it's just going to steadily rise like the stock market now. I do think there is still time to get in though.

I'm lucky that I got in when I did. Even if we don't get Lambos on the moon, at least I聽can swing a Tesla Model 3 which was way more than what I had going in.

Edited by Bearcat-Doug
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9 minutes ago, DoctorEncore said:

I think we've got stability. I don't think there is going to be another huge crash (maybe 25% drop when SEC starts regulating heavily). I think it's just going to steadily rise like the stock market now. I do think there is still time to get in though.

Are you long bitcoin now?

Edited by Bearcat-Doug
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On 2/17/2021 at 4:15 PM, DoctorEncore said:

I think we've got stability. I don't think there is going to be another huge crash (maybe 25% drop when SEC starts regulating heavily). I think it's just going to steadily rise like the stock market now. I do think there is still time to get in though.

It's holding steady in the mid/upper $55k range after breaking the $56k mark earlier. It looks like there is good support at the $55k level to avoid any major drop offs.

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55 minutes ago, Bearcat-Doug said:

It's holding steady in the mid/upper $55k range after breaking the $56k mark earlier. It looks like there is good support at the $55k level to avoid any major drop offs.

I'm in for the long haul. It's just like the stock market for me now. A dip or crash just means I buy more. And if it all goes to hell, I hold for the next 20-30 years.

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25 minutes ago, phart010 said:

At current prices, Bitcoin needs to get to 100k for you to 2x your money.

If you think there鈥檚 still more upside, maybe better to buy litecoin or ethereum at this point.

Yes, but the goal with long term investing is not to immediately double your money. The goal is to steadily grow it. A return of 5-8% per year would be considered quite good. In fact, to double your money in 10 years, you need a growth rate of 7.2% per year.

So if it takes Bitcoin ten years to double from where it is now, that would still be an excellent investment.

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