[Finance] The cryptocurrency (Bitcoin etc) thread

[Bold Seagull]

There IS no underlying value. It's just MLM marketers trying to part The Greater Fool from their money so they can cash in their internet magic beans for real world money

Perhaps it's appropriate the thread ends on this post!?

 

[Goring-by-Seagull]

I bought 20 quid’s worth at about 0.003. I figured that losing 20 quid is annoying (although the sky boost bet covered it from tonight) but if and that is a massive if it could even get back to one dollar then that is about 6 grand (it is late so I am probably wrong but third of a cent so one cent would be 60 quid so a dollar 6000). If it gets back to all time high I can retire. Obviously it is a massive long shot but but worse than lotto tickets.

I traded some other "excess" shitcoins to get me to round numbers into it this morning. Got 285,000 for I think £1.35. Oh yeah, I'm one for the big risks.

 

[Marshy]

Sorry, but that's just silly. They're ALL going to zero, just some quicker than others. They. Have. Zero. Utility. It's a shitstorm of shitcoins

I know your not a fan THPP, but that statement is just plain false. 99% of them as i stated offer very little if nothing, but there are some that are in use and have been for many years, solving real problems.

 

[bhafc99]

Read something the other day that the spiralling cost of electricity means that it now costs around $25k to ‘mine’ one bitcoin. Obviously this is up substantially from a few months ago.

At the same time, the value of one bitcoin has fallen dramatically - currently around $27.4k, compared to $64.4k just 8 months ago.

What happens when it costs more to make Bitcoin than it’s actually worth?

 

[beorhthelm]

Read something the other day that the spiralling cost of electricity means that it now costs around $25k to ‘mine’ one bitcoin. Obviously this is up substantially from a few months ago.

At the same time, the value of one bitcoin has fallen dramatically - currently around $27.4k, compared to $64.4k just 8 months ago.

What happens when it costs more to make Bitcoin than it’s actually worth?

in theory the miners stop mining, this reduces the difficulty so it returns to profitablity.

in reality the massive infrastructure investment means they'll carry on mining, because 90% roi is better than 0.

 

[sydney]

you're in or you're out ....don't piss and moan in 5 years time when you're out.

 

[giveusfalmerplease]

my pension pot is wrecked due to crypto (my own fault before anyone says so) but i essentially put over the last 35% of my pension savings in, dca'ing as prices fell. trouble is the bstards havent stopped dropping. got mullered with luna, someone stole $5k of my money on that alone (it FEELS like theft and based on many different threads ive read, seems that there WAS some collusion before the complete collapse). hadnt checked for a few days as im clearly not selling when some of my coins are 80-90% down but was horrified to see 30%+ drops over 3 days - even ETH which only just missed going back to 2k last week now at 1450!! thats 25% drop in ETH - wtf ..

NB any punctuation left off is intentional as im too fekking angry to fix it!

 

[Dibdab]

my pension pot is wrecked due to crypto (my own fault before anyone says so) but i essentially put over the last 35% of my pension savings in, dca'ing as prices fell. trouble is the bstards havent stopped dropping. got mullered with luna, someone stole $5k of my money on that alone (it FEELS like theft and based on many different threads ive read, seems that there WAS some collusion before the complete collapse). hadnt checked for a few days as im clearly not selling when some of my coins are 80-90% down but was horrified to see 30%+ drops over 3 days - even ETH which only just missed going back to 2k last week now at 1450!! thats 25% drop in ETH - wtf ..

NB any punctuation left off is intentional as im too fekking angry to fix it!

Sorry to hear. Your ETH will recover in time and be worth far more. LUNA was always high risk as are many of the newer projects and can easily capitulate. The golden rule of crypto is only invest what you are prepared to lose.

 

[beefypigeon]

I'm a complete Crypto novice for sure but the prices of both Eth and Bitcoin have absolutely tanked this week. Assume it's just something to ride out and hope it recovers in the long-term?

What are the experts saying? Good time to buy or are the prices going to continue to fall?

 

[beorhthelm]

I'm a complete Crypto novice for sure but the prices of both Eth and Bitcoin have absolutely tanked this week. Assume it's just something to ride out and hope it recovers in the long-term?

What are the experts saying? Good time to buy or are the prices going to continue to fall?

experts dont know, except there is no support at these levels so a lot of expectation it goes lower or quick rebound. the market is following macro now, which looks poor, add to this a risk Celsius (major lender) may blow up and become a forced seller.

if averaging in is prefered strategy, carry on. otherwise be prepared for a drop - weekly 200MA at 22.5k and might provide support.

 

[ForestRowSeagull]

IMO just think of Crypto as global equities x3 in terms of volatility. In market downturns they'll tank and will fly on the other side. Forget about thinking of them as a hedge for inflation, equity risk or anything else. Just another risk-on asset.

 

[Dibdab]

I'm a complete Crypto novice for sure but the prices of both Eth and Bitcoin have absolutely tanked this week. Assume it's just something to ride out and hope it recovers in the long-term?

What are the experts saying? Good time to buy or are the prices going to continue to fall?

If you are a long term investor then this isn't the worst place to start dollar cost averaging on Bitcoin, although it can go far lower still, it is in a zone that historical analysis suggests will be superseded in time . The big unknown here is how crypto performs in recession, but to be honest all assets are going to the dogs in that world so it wont be unique. I would personally avoid alts right now. They will follow bitcoins lead, and if bitcoin drops they will drop much harder in the short term.

 

[deletebeepbeepbeep]

[Tweet]1536169010877739009[/Tweet]

 

[beorhthelm]

ETH is now below the 2018 high. people been waiting for a capitulation, this looks a lot like one.

 

[Marshy]

Adding to my alt coins

 

[beorhthelm]

though to be clear, if this is the bottom, its a bottom early 2019 style with a long road back, not the 2020 style. the impending recession will impact investment in anything, so likely could be longer. im expecting nothing positive until after the next US interest rate setting, probably weeks bobbling around until gentle up move.

 

[Tom Hark Preston Park]

Can't be long now til the Bart forms to wipe out the BTC shorters



Bit of a shame really, would be funny as f*ck to see Michael Saylor have to dig deep to pay MicroStrategy's margin call on their all-in BTC strategy

 

[RandyWanger]

No panic here

 

[schmunk]

Since opening this thread about an hour ago, I've had a Coindesk window open with the Eth price. In that time it's dropped 5%...

 

[Bold Seagull]

Since opening this thread about an hour ago, I've had a Coindesk window open with the Eth price. In that time it's dropped 5%...

It's dropped back to 01.01.21 price point.