Bitcoin price suddenly surges to 3-year high

[R-T-B]

Are you actually paying attention? Eth is as profitable as shoving cow-pat ATM and it's getting worse by the minute... It's crashing that fast...

EDIT: I take that back ETH has bounced back a bit in the last hour...

It's weird. It should be losing payout value but aparently miners are dropping at the same rate, thus profit is remaining ok.

My one card op shows the following:

or a financial institution

Actually cryptocoin exchanges are money transmitters in US regulation.

 

[Vya Domus]

Interesting how when arguably braindead strategies armchair crypto experts employ are brought into question we fall back to good old ”actual finance\banking strategies”, which for some bizare reason apply here but otherwise crypto has nothing to do traditional financing, right ?

Would anyone buy and hold a random stock ? Of course not, buying and holding is nonsense outside of ETFs following major indices. And even then you’re looking at modest gains that barely fight off inflation. Of course you can get lucky with your randomly picked stock on some time frame but to call that a “strategy“ is laughable.

There are no limits to the mental gymnastics crypto enthusiasts perform in order to explain away their utopian end game.

 

[R-T-B]

But you jumped on the bandwagon a while back and said that banks would no longer be necessary in the future.

Far future. I have no doubt they are needed in the present legislative and economic framework.

There are no limits to the mental gymnastics crypto enthusiasts perform in order to explain away their utopian end game.

I'm curious the mental gymnastics you'd need to perform to make someone who got in btc 2015, at any point, held , and cashed out now come out not ahead.

 

[64K]

Interesting how when arguably braindead strategies armchair crypto experts employ are brought into question we fall back to good old ”actual finance\banking strategies”, which for some bizare reason apply here but otherwise crypto has nothing to do traditional financing, right ?

Would anyone buy and hold a random stock ? Of course not, buying and holding is nonsense outside of ETFs following major indices. And even then you’re looking at modest gains that barely fight off inflation. Of course you can get lucky with your randomly picked stock on some time frame but to call that a “strategy“ is laughable.

There are no limits to the mental gymnastics crypto enthusiasts perform in order to explain away their utopian end game.

The crypto-bugs are dreamers imo which is harmless but a warning should be noted to do your due diligence and invest your hard earned money wisely.

 

[RandallFlagg]

Crypto is backed by less than today's currency. There aren't major governments backing it.

So to decentralize the usual fiat and call it the new fiat. Doesn't change the fact that it is still fiat. You just need to run your PC and GPUs to make the new fiat but it's still fiat. It's smoke and mirrors as usual with fiat.

I'[m not saying any of this is ethically right it just is -

Modern fiat is nothing like crypto. The USD is required to purchase anything on most markets. Need oil? Need dollars. Need soybeans? Need dollars. Need Corn? Need dollars. This is done via arrangement called Bretton-Woods, with a Petrodollar addendum.

There are some edge cases but they are just that. Muammar Qaddafi tried to make an oil market denominated in Euros and gold, and see what that got him. Yes after 30 years of nobody giving a crap about him or what he did, he suddenly became enemy #1. NATO and the US bombed the crap out of them in 2011 and helped fund the rebels.

All kinds of horrific events go on around the world, but get an oil market up and running in anything other than dollars and NATO and the US will come for you because you're a bad person and spit on a sidewalk 10 years ago. Unless you're China.

Notice that the words 'Bitcoin' 'Ethereum' and 'Crypto' are not found here.

If crypto ever threatens the USD, well, see Muammar Quaddafi. It will get eradicated.

As an aside, same thing will happen to anyone that poses a significant threat to Saudi Arabia (See Iraq), since their control of OPEC is required for this system to work.

 

[Vya Domus]

I'm curious the mental gymnastics you'd need to perform to make someone who got in btc 2015, at any point, held , and cashed out now come out not ahead.

Ahead of whom ? Even a basic analysis of trends starting from 2015 would have given you plenty of opportunities to come out ahead of someone who just held all that time.

Are we really gonna revere any idiot who bought and held some obscure thing years ago for no obvious reason other than blind trust and herald him as an investment prodigy now ?

Rhetorical question actually, probably yes since ”dogecoin millionaires” were all the rage a few weeks ago. Of course they all knew what was in store for them all the way back to 2013 …

 

[64K]

The US dollar is fine for a World's Reserve Currency for now. Not perfect by any means but what is the realistic alternative?

 

[R0H1T]

I have one of my lackys go in search of a crypto with a market cap of maybe tens of millions that has some buzz and a bunch of cult like faithful loyalists.

You know they come in all shapes & sizes, someone worth just a few billion (of say DOGE) didn't cause this crash across the board mind you. It was either a horde of millionaires or something much, much bigger

I'd bet any enforcement is entirely temporary.

They'll put teeth on it so long as they attempt to get their coin off the ground, and when it inevitably fails they'll stop enforcing the ban. Ideally inthis time the chinese government will be buying up crypto coins at a heavily deflated price through shell companies.

Or maybe a commination of both?

 

[R-T-B]

Ahead of whom ? Even a basic analysis of trends starting from 2015 would have given you plenty of opportunities to come out ahead of someone who just held all that time.

I really find that hard to believe. Have you looked at where bitcoin was in 2015? The average price was $333.75. Say you bough and held one bitcoin then. That $300 would in this "crash" be worth $30,000

So... what easy investments offer 10000% gains in the same time? Nothing. At least nothing legal or real.

Are we really gonna revere any idiot who bought and held some obscure thing years ago for no obvious reason other than blind trust and herald him as an investment prodigy now ?

The difference between stupidity and brilliance is often the outcome, at least in investing. If you can see it before the masses, you will always do well.

but a warning should be noted to do your due diligence and invest your hard earned money wisely.

I've yet to find any exchange without this. Even MtGox had such a warning, lol.

 

[RandallFlagg]

Would be interesting to see how many whales consolidated more BTC in last 36 hours, I have a feeling they inflated their wallets a lot and a lot of little guys got out. I think the whales are banking on the little guys coming back in in mass, and I just don't see that happening, it will take time but I think it will hit below 30k still, by end of month possibly. There is only so much capital to go around after all. The masses will be more wary after today.

I think in the end, governments may use the technology to track everything you buy and every transaction you make. It will be the exact opposite of what its creators intended. China is already doing this. i.e. Blockchain has a future.

But the crypto we have today? I think it will end one of two ways. Either it will decline into irrelevance, and shortly thereafter into nothingness. Or, it will be ended by Gov'ts around the world.

That 2nd thing is already starting to happen, and these declines and the effect on markets and businesses may be a catalyst. People were calling it an asset, and talking about using it for 'liquidity' in place of cash or money markets a couple weeks ago.

About a trillion dollars of 'assets' just went poof. Some hedge fund or financial firm or corporation that sunk a bunch of real money into it goes down and thousands of people who thought they had nothing to do with Crypto get hurt, that's gonna get real.

 

[Outback Bronze]

About a trillion dollars of 'assets' just went poof

Ride the wave.

I'm sure everybody is well aware of the consequences by now.

Also: Bitcoin Obituaries - "Bitcoin is Dead" Declared 400+ Times (99bitcoins.com)

 

[las]

"Now is a good time to jump in"

 

[Vya Domus]

I really find that hard to believe. Have you looked at where bitcoin was in 2015? The average price was $333.75. Say you bough and held one bitcoin then. That $300 would in this "crash" be worth $30,000

So... what easy investments offer 10000% gains in the same time? Nothing. At least nothing legal or real.

That's not the point, you could have predicted some major dips until today, sold and bought back in, which would have netted you even more.

The difference between stupidity and brilliance is often the outcome, at least in investing. If you can see it before the masses, you will always do well.

I'll never equate pure luck and ignorance with brilliance, irrespective of the outcome. It's somewhat sad that you do.

 

[las]

I really find that hard to believe. Have you looked at where bitcoin was in 2015? The average price was $333.75. Say you bough and held one bitcoin then. That $300 would in this "crash" be worth $30,000

So... what easy investments offer 10000% gains in the same time? Nothing. At least nothing legal or real.


The difference between stupidity and brilliance is often the outcome, at least in investing. If you can see it before the masses, you will always do well.


I've yet to find any exchange without this. Even MtGox had such a warning, lol.

And when would you have sold? Or would you have kept them? Looking at it like that, is always easy.

I bought AMD stocks in 2016, when I read that Jim Keller was involved with their "next gen architecture", sold all in Q4 of 2020 on the peak pretty much. Around 3000% gain.

Never touched crypto and probably never will, way too unsecure, i know tons of people who lost thousands on this, it's a huge gamble.
1 word from Elon musk and a coin can/will crash or spike. For him, making money on this, would be extremely easy

 

[phill]

It's weird. It should be losing payout value but aparently miners are dropping at the same rate, thus profit is remaining ok.

My one card op shows the following:

Actually cryptocoin exchanges are money transmitters in US regulation.

@R-T-B - random question for you, is that the Ethermine app or a web link sir? Looks pretty decent

Try and keep it civil guys, calling people names and all that jazz never help solve a thing... After all, it seems to be the most controversial topic on the forum... Do play nice please Don't wanna give out thread bans or any of that rubbish, after all we all are a little older than 12....

 

[DeathtoGnomes]

after all we all are a little older than 12....

13 ....

 

[nguyen]

LOL I started mining on my spare 2080 Ti a week ago (nicehash) and yesterday was the most fun I have had in a while, seeing the crypto world plunging into chaos and the mining profit shot way up.
Sadly everything come back to normal today, would have been more fun had crypto continue the downward trend...

 

[trog100]

back in 2017 i fancied building a mining machine.. i ended up with an 8 x 1070 machine plus a couple of 1070 cards in sli mode in my gaming machine.. so i had 10 x 1070 cards mining..

it was fun building the machine.. i then sat back and watched my stash slowly get bigger.. very slowly.. this was when bitcoin was at 4K.. as bitcoin went up to 20K i noticed my stash was getting bigger quicker.. he he

it then all crashed and i pretty much forgot about the entire crypto thing.. unlike most i didnt sell anything just let it sit.. lazyness as much as anything else.. i had other things to do..

i will accept that buying and selling at the correct times would have made more gains.. but lazyness kicks in again and and i truly cant be arsed..

it was also a mistake turning my miner off i should have left it running and stood the electricity costs.. now if i had have done this and sold at 20K bought back in at 3K and sold again at 64K and maybe bought back in at 30K.. my monopoly money gains would be quite high.. maybe a quarter of a million maybe a bit less..

what i have done in reality is turned the miner back on and chucked some cash at upgrading the hardware.. i now have 8 x 3070.. 2 x 3080 and my old 2080ti cards mining..

i sold my 1070 cards for about £3000 just to get some cash outlay back..

i am already retired have enough income to meet my needs and will ride it all through.. it gives me something to look at along with my normal daily interests..

it might make my grand kids rich but it wont alter my own life style in the slightest..

trog

 

[R-T-B]

That's not the point, you could have predicted some major dips until today, sold and bought back in, which would have netted you even more.

I'm not sure how much more you'd even have made in a penny stock that exploded honestly. Gains like that are just crazy rare.

@R-T-B - random question for you, is that the Ethermine app or a web link sir? Looks pretty decent

Phone App to monitor ethermine. I believe it is simply "ethermine monitor." They have a free and one time payment ad-free version on android. I think it was like $3.00.

My mining setup is one 2080 Super that goes "brrr" all the time and a 3070 on my Crypto Mining Screensaver that I also game with.

 

[phill]

Phone App to monitor ethermine. I believe it is simply "ethermine monitor." They have a free and one time payment ad-free version on android. I think it was like $3.00

I'll take a look, looks a little neater than so many tabs open in my browser on my phone lol Thanks

 

[lexluthermiester]

So in what way is Crypto, a decentralized, non-government, non-bank owned, market valued currency Fiat? And lets be honest here no crypto is a currency yet. Currency can not be this volatile and be considered a viable currency. It is a value store right now until it levels off.

This is correct. Cryptocoin by technical definition is not a currency.

 

[R-T-B]

I'll take a look, looks a little neater than so many tabs open in my browser on my phone lol Thanks

no prob. Just had a look and that was the correct name. It should not ask for anything but wallet address, mind.

 

[lexluthermiester]

Any legit exchange, like a bank, needs these details to be legal.

This is true and I included financial institutions in those entities that it is correct to disclose that info to. Crypto is not a legitimate currency nor any other legitimate financial investment endeavour. Cryptocoin is not regulated in any way and therefore no company involved in such has ANY rights to citizen personal data. They can ask, we can refuse and they can not refuse to to do business because of that refusal.

Actually cryptocoin exchanges are money transmitters in US regulation.

Cryptocoin is not a regulated currency, US FTC regulations only apply very loosely. We as citizens are not required to disclose personal data to a non-FDIC insured entity nor a non-SEC regulated entity.

 

[R-T-B]

Cryptocoin is not a regulated currency

But the USD is.

"Exchange"

If they can post to your bank account, these details are needed.

 

[moproblems99]

I've yet to find any exchange without this. Even MtGox had such a warning, lol.

Wow, I forgot that name.