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Anyone doing the DOGE thing?


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14 hours ago, jetstream23 said:

I added a little around 45K today, but there could be some further downside.  I know Musk is a prominent guy, but one company selling some Bitcoin under the premise that they just now agree with the environment/energy concerns of Bitcoin mining shouldn't cause a sudden 10% correction.  BTC has felt for a while (since 60K) like it wants to take a rest.  It might ricochet higher from this point but I think there's a chance it takes another trip down towards 40K again.  If it does then I'll add some more.

he didn't even sell 🤣

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Bitcoin won’t replace currency but it’s the new digital gold for sure as a store of value. It’s fundamentally sound with a finite amount. The government can print money any time they want and there’s

A sure sign we are heading toward an epic depression.   This is a duplication of the "tulip" bubble in Holland in the 1600's.  

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10 hours ago, Lupz27 said:

Crypto.com doesn’t accept NY residents.

A few years ago Albany in all its wisdom enacted the BitLicense ... total arrogance born from our state's rapidly fading grip as the world's center of finance. All it accomplished was to drive whatever crypto enthusiasts out of NY and into any of the other 49.

And of course they did this while crypto was in its proverbial cradle - the thinking was, "hey if you want to play and access NY's abundant financial resources you gotta pay the piper" - a mindset that completely misses crypto's basic decentralized appeal in the first place.

While I'm not current with whatever NY's BitLicense has morphed into or whether it's still intact, Crypto.com not accepting NY state residents well could be a random byproduct of those legislations. I do remember that it was not a mere formality either, that a few crypto shops in NYC wore BitLicense as a badge because it meant they survived the state's thorough anal probing. And the cost may have been $5-10k or something, just what every smart innovative kid with computer skills and a dream is looking for, right?   

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JetBlue's stock JBLU on the Nasdaq was at 14 dollars Jan 1st. Now it's almost 20 dollars

Those are American dollars folks, printed on cotton paper. The good stuff. 

diamond hands 🔷🙌

To the moon! 🌜
 

 

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"That ain't how money works! Money is a golden rock that we dig out of the ground. Then we hope no one kills us before we trade it for pieces of green paper. It's a perfect system!!"

 

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18 minutes ago, Fantasy Island said:

Pin by Austin Waggoner on Doge | Doge meme, Funny doge, Doge

I suddenly had a brilliant idea for new crypto:  SpaceTwinkyDogeCoin.

Be right back, creating money for nothing (and my checks for free).

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11 hours ago, bitonti said:

JetBlue's stock JBLU on the Nasdaq was at 14 dollars Jan 1st. Now it's almost 20 dollars

Those are American dollars folks, printed on cotton paper. The good stuff. 

diamond hands 🔷🙌

To the moon! 🌜
 

 

A $14 stock making a six dollar game in half a year? That is an afternoons work in the crypto work (I am kidding).

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Gase Coin can also be used at physical therapy. It is the crypto choice for injured people everywhere.

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1 hour ago, Maxman said:

Gase Coin can also be used at physical therapy. It is the crypto choice for injured people everywhere.

I hear it’s also the coin of choice for opt outers.

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For those technical analysts and chartist types around here, I think bitcoin is just about testing it’s 200 day moving average. Will be interesting to see if it holds. If not then it could be look out below! Not sure what the next stop would be but it could be a 50% retracement of the gains this year so about what, $36K?

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10 minutes ago, jetstream23 said:

For those technical analysts and chartist types around here, I think bitcoin is just about testing it’s 200 day moving average. Will be interesting to see if it holds. If not then it could be look out below! Not sure what the next stop would be but it could be a 50% retracement of the gains this year so about what, $36K?

A year ago it was 9K 🤷🏻‍♂️ 

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How do I buy stuff with this currency?  Do I have to turn it into some paper money backed by a criminal government and controlled by central bankers appointed by elected officials or can I just tell people I want to buy sh*t from what it's worth at the time of purchase because people are going to buy more of it at a greater velocity than it's produced and sold?

Why is it going down today when assets are going down in value against USD because people are worried about inflation?  Why is gold going up and Bitcoin going down?  A real store of money should go up if people are worried about inflation.

Is it money, a store of value or is it speculation on a product with no inherent value or is it an investment in something that might have inherent value?  

If the technology is sound why wouldn't central banks use it and compete with it.  If they are competing with it why wouldn't the regulate it out of existence?  

I like the idea of it but there are legitimate questions about it.  The government along with Federal reseve has the ability to both expand and shrink the money supply.  It allowed us to survive a pandemic.  Granted with less people working it created inflation but it also allowed people to eat and stay in their homes.  The inflation was spread out and it  was very effective in maintaining social order.  They can also reduce the money supply.  

We haven't seen a massive increase in inflation because people are saving money instead of spending it.  The velocity isn't really increasing at a huge rate.  What if the Fed is right and inflation is transitory because people have been given money without producing anything.  Once they get back to work all these shortages and price increases may start to melt away.  The population is not growing and it may be we could be in more jeopardy of long term deflation rather than inflation.

I'm a little confused about what this is good for and why I shoulld own it.  I'm  also intrigued by it.  I'm always glad to see people making money and thinking about new ways to do it.   The volatility seems to point toward speculation which may hurt it's ability to actually be a store of value in the long run.  Would love more discussion about this.  Real discussion not the conspiracy Fed nuts.  

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48 minutes ago, Biggs said:

How do I buy stuff with this currency?  Do I have to turn it into some paper money backed by a criminal government and controlled by central bankers appointed by elected officials or can I just tell people I want to buy sh*t from what it's worth at the time of purchase because people are going to buy more of it at a greater velocity than it's produced and sold?

Why is it going down today when assets are going down in value against USD because people are worried about inflation?  Why is gold going up and Bitcoin going down?  A real store of money should go up if people are worried about inflation.

Is it money, a store of value or is it speculation on a product with no inherent value or is it an investment in something that might have inherent value?  

If the technology is sound why wouldn't central banks use it and compete with it.  If they are competing with it why wouldn't the regulate it out of existence?  

I like the idea of it but there are legitimate questions about it.  The government along with Federal reseve has the ability to both expand and shrink the money supply.  It allowed us to survive a pandemic.  Granted with less people working it created inflation but it also allowed people to eat and stay in their homes.  The inflation was spread out and it  was very effective in maintaining social order.  They can also reduce the money supply.  

We haven't seen a massive increase in inflation because people are saving money instead of spending it.  The velocity isn't really increasing at a huge rate.  What if the Fed is right and inflation is transitory because people have been given money without producing anything.  Once they get back to work all these shortages and price increases may start to melt away.  The population is not growing and it may be we could be in more jeopardy of long term deflation rather than inflation.

I'm a little confused about what this is good for and why I shoulld own it.  I'm  also intrigued by it.  I'm always glad to see people making money and thinking about new ways to do it.   The volatility seems to point toward speculation which may hurt it's ability to actually be a store of value in the long run.  Would love more discussion about this.  Real discussion not the conspiracy Fed nuts.  

Agree with a lot of this. Cryptp seems far too speculative and dependent on 'timing the market'.

I'm also interested in the technology and the idea, vaguely of course, but I don't like short-term, speculative investments. There are some diversified crypto funds out there that are heavily weighted towards bitcoin, but hedge with 25% or so spread out amongst other cryptos. I like that idea. I haven't bought into any yet, but I think that's a prudent strategy.

As for inflation, we had what, no inflation in 2020? And now we have 4% in 2021? 

Sounds like a lot, but then you consider we average about 2% a year so... is this just corrective and we're on the normal track? I tend to lean that way, but it's worth observing. 

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1 hour ago, Mike135 said:

On the base level, isn't crypto betting against the American dollar? 

 

If so...  good luck with that.

 

(You're gonna lose.)

Give it 6 more months a loaf a bread will cost $50 USD.

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2 hours ago, Mike135 said:

On the base level, isn't crypto betting against the American dollar? 

 

If so...  good luck with that.

 

(You're gonna lose.)

I don't know if crypto is necessarily betting against the American dollar, as Crypto can rise even with a stable or strong dollar. Crypto is a fiat currency, much like the dollar, with the key difference is its decentralized. 

If the dollar goes to crap, which it very well could, crypto would certainly rise in relation to the us dollar, assuming people still see value in Crypto, which I don't think will stop anytime soon.

Crypto has many pros and many cons. I was very skeptical in the early days, back in 2012, but at the end of the day its worth what people are willing to pay for it, not only in USD, but really in any currency. Crypto isnt going anywhere, anytime soon. Personally, I like the coins that offer utility, like ETH, Matic, etc.

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On 5/20/2021 at 4:58 AM, Mike135 said:

On the base level, isn't crypto betting against the American dollar? 

 

If so...  good luck with that.

 

(You're gonna lose.)

It's not currency it's an assett.  Asset gains on bitcoin are taxable no different than capital gains on stocks and Bonds.

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https://www.cnbc.com/2021/05/21/bitcoin-falls-after-china-calls-for-crackdown-on-bitcoin-mining-and-trading-behavior.html

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Bitcoin falls after China calls for crackdown on bitcoin mining and trading behavior

PUBLISHED FRI, MAY 21 202110:42 AM EDTUPDATED 36 MIN AGO
SHAREShare Article via FacebookShare Article via TwitterShare Article via LinkedIn

 

Bitcoin’s price tumbled Friday following an intensified call from Chinese authorities to crack down on mining and trading of the cryptocurrency.

In a statement from Chinese Vice Premier Liu He and the State Council, authorities said tighter regulation is needed to protect the financial system.

 

The statement, released late Friday in China time, said it is necessary to “crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.”

Bitcoin’s price on Coin Metrics slid more than 6% as news of the statement circulated, part of a broader plunge that has seen the digital currency tumble more than 40% from its peak.

China’s tough talk comes just a day after U.S. officials pledged to get tough on those using bitcoin to conduct “illegal activity broadly including tax evasion.” The Treasury Department said it will require reporting on crypto transfers of more than $10,000, just as with cash.

Concerns in China centered on a number of issues.

“It is necessary to maintain the smooth operation of the stock, debt, and foreign exchange markets, severely crack down on illegal securities activities, and severely punish illegal financial activities,” the statement said.

 

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This China news that is smacking Bitcoin seems to be specific to BTC only and is obviously bases on the self-interest of the China Central Bank since they're issuing their own crypto currency.  This move to try to limit BTC mining is essentially to harm a competitor (BTC).

But this is causing weakness in other cryptos, namely ETH.  I'm buying Ethereum on the weakness caused by this BTC news.  Ethereum and how it uses the blockchain for things like smart contracts, etc. seems like a longer term, more neutral, and less threatening mechanism to Central Banks and potentially regulation.

I added to BTC the other day around $40K, but I'm holding now on BTC.

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1 hour ago, jetstream23 said:

This China news that is smacking Bitcoin seems to be specific to BTC only and is obviously bases on the self-interest of the China Central Bank since they're issuing their own crypto currency.  This move to try to limit BTC mining is essentially to harm a competitor (BTC).

But this is causing weakness in other cryptos, namely ETH.  I'm buying Ethereum on the weakness caused by this BTC news.  Ethereum and how it uses the blockchain for things like smart contracts, etc. seems like a longer term, more neutral, and less threatening mechanism to Central Banks and potentially regulation.

I added to BTC the other day around $40K, but I'm holding now on BTC.

If you take any financial advice on a sports site like this one people will eventually realize that you have officially become insane and that you should be locked up for your own safety and the safety of your loved ones.

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