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Cryptocurrency thread


phart010

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5 hours ago, jonebone said:

Down $58k to $51k in about 24 hours.  You better be prepared to ride the waves if you want to invest in the speculative things.

We need some red days across the board for everyhing.  Greed is at an all time high everywhere, stocks, crypto, collectibles, etc.  Nothing goes up every day forever.  And things typically fall faster than the climb.  So when they climb straight up....

 

5 hours ago, Bearcat-Doug said:

Bitcoin has collapsed to prices that haven't been seen since last Wednesday. The same people posting rocket emojis and moon memes when the price went up $7k on Friday seem to be the first ones to think the sky is falling when it does the opposite. When you hit a new all time high every day for a week, some people will cash out. It's just the nature of things.

Yeah, anyone just getting into Bitcoin right now who is hoping to get rich quick is completely missing the point. Those people won't even be able to see the boat from their perch on the dock. I would love to see the price keep dropping so I can get more for less, but 10% up and down is not even particularly interesting for stocks, much less Bitcoin. But again, I'm looking long long long for Bitcoin.

Edited by DoctorEncore
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On 2/22/2021 at 2:50 PM, Shmup said:

Thanks for the info guys. Sounds too speculative for me but at least I understand it more now. 

Stocks make more sense to me so I’ll stick with those.

 

Stocks are fine, but you only get cool laser eyes with Bitcoin!

 

Edited by Bearcat-Doug
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Bitcoin dropped as low as $44,900 overnight. It's at $48,500 now, but it does concern me a bit that it's under $50k when it was pushing $60k. Hopefully this goes more like the drop from $42k to $28k where it bounced back in a week and not the signs of something bigger. 

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Edited by Bearcat-Doug
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1 hour ago, Bearcat-Doug said:

Bitcoin dropped as low as $44,900 overnight. It's at $48,500 now, but it does concern me a bit that it's under $50k when it was pushing $60k. Hopefully this goes more like the drop from $42k to $28k where it bounced back in a week and not the signs of something bigger. 

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I jumped on the dip and added a bit more of everything at 46k. I suspect the big players have 40k as an auto buy, so I don't see it dipping lower than that in the near term (barring announcement of new SEC regulations).

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Just now, DoctorEncore said:

I jumped on the dip and added a bit more of everything at 46k. I suspect the big players have 40k as an auto buy, so I don't see it dipping lower than that in the near term (barring announcement of new SEC regulations).

I would definitely buy more if I could while it's under $50k. 

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Yellen came out with negative comments on BTC. The pull back is happening on the tech sector which have thr silliest multiples and bitcoin. Starting to feel like the inflation talk is less than a one day narrative and a change in market the same as Nov. was with the vaccine adj. HD did well on its earnings and is still dipping which means that earnings may not be the catalyst to support high P/E ratios anymore. 

Edited by Californication
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12 minutes ago, Californication said:

Yellen came out with negative comments on BTC. The pull back is happening on the tech sector which have thr silliest multiples and bitcoin. Starting to feel like the inflation talk is less than a one day narrative and a change in market the same as Nov. was with the vaccine adj. HD did well on its earnings and is still dipping which means that earnings may not be the catalyst to support high P/E ratios anymore. 

The whole market is definitely looking rough today. Glad I got out of all my short holds last week.

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There's no reason to catch a falling knife with volatility.  I suspect BTC has a while to pullback before you find a new entry.  It's happening across the board with the big bloated techs, TSLA, Z, all of the ARK funds, etc.  Bulls make money, Bears make money, pigs get slaughtered.  There's a lot of pigs out there in some of these investments right now. 

Edited by jonebone
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  • 2 weeks later...
33 minutes ago, Bearcat-Doug said:

Bitcoin is hanging around in the mid 50s. It will be interesting to see if it dips below $50k again or manages to pass $60k.

Not sure what will happen. I think the important thing to note is that it is still moving with the market so it is not necessarily a hedge the way gold does.

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6 hours ago, DoctorEncore said:

I bought in a couple thousand dollars at 47k. I would have loved to have bought more, but most of my investing money is tied up in stocks right now. I still plan to buy a bunch more even if I'm just dollar averaging. If it ever crashes below 40k, I'll double my investment.

I bought some more too. Getting to 2 BTC might be a fairly long term goal at this rate.

Edited by Bearcat-Doug
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Man, I bought that ethereum dip like I said I was going to.  Made for a nice snag.  Didn’t catch the bottom but who cares.  You just knew that stuff was gonna bounce back.  I really have no idea what I’m doing.

 Averaged down TSLA today.  I actually think Musk’s whole deal is pretty brilliant.  Would really like a piece of that SpaceX.

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