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  #631  
Old 05-19-2021, 09:04 AM
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Interesting article showing how Musk's tweets have influenced Bitcoin prices: https://www.vox.com/recode/2021/5/18...o-prices-tesla.

Quote:
“There’s little question after last weekend’s price action that a tweet from Elon Musk can move the price of bitcoin,” Galen Moore, director of data and indexes at CoinDesk, told Recode. “In cryptocurrencies, it’s as important to understand memes and the social layer as it is to understand the technology and game theory that make bitcoin a secure network.”

He added, “It also raises uncomfortable questions about price manipulation.”
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  #632  
Old 05-19-2021, 09:14 AM
zmalwo zmalwo is offline
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Interestingly enough, I sold all of my crypto positions right before the first dip, literally on the last small up tick. I just somehow had a gut feeling that things are about to turn bad even before Elon's tweet and China's ban. So glad I did that.
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  #633  
Old 05-19-2021, 09:34 AM
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“30 for 30”
30,000
-30%
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  #634  
Old 05-19-2021, 09:38 AM
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Quote:
Originally Posted by Tony T View Post
“30 for 30”
30,000
-30%
That would have been a great moment to buy!
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  #635  
Old 05-19-2021, 09:41 AM
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R3awak3n R3awak3n is offline
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Quote:
Originally Posted by zmalwo View Post
Interestingly enough, I sold all of my crypto positions right before the first dip, literally on the last small up tick. I just somehow had a gut feeling that things are about to turn bad even before Elon's tweet and China's ban. So glad I did that.
smart. I have very little so not enough to sell but I said if I had thousands or millions in crypto I woulda sold. Its not good to be greedy. This is going down down down
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  #636  
Old 05-19-2021, 09:55 AM
verticaldoug verticaldoug is offline
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Originally Posted by R3awak3n View Post
smart. I have very little so not enough to sell but I said if I had thousands or millions in crypto I woulda sold. Its not good to be greedy. This is going down down down
The question is if you had sold, have you actually been able to get hard USD out, or just tether.
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  #637  
Old 05-19-2021, 09:59 AM
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R3awak3n R3awak3n is offline
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Originally Posted by verticaldoug View Post
The question is if you had sold, have you actually been able to get hard USD out, or just tether.
its a good Q that I can't answer but I am sure you coulda got many thousands out of it, full millions? I am not sure.


I wonder if that kid from the wealth thread is trying to return his tesla
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  #638  
Old 05-19-2021, 11:06 AM
zmalwo zmalwo is offline
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Originally Posted by verticaldoug View Post
The question is if you had sold, have you actually been able to get hard USD out, or just tether.
i bought and sold at multiple price points since a few years ago, but my last position for bitcoin was bought in at $55k average and was planning to hold it for long. So I dodge a huge bullet.
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  #639  
Old 05-19-2021, 11:33 AM
verticaldoug verticaldoug is offline
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Originally Posted by zmalwo View Post
i bought and sold at multiple price points since a few years ago, but my last position for bitcoin was bought in at $55k average and was planning to hold it for long. So I dodge a huge bullet.
You only dodged a bullet in the sense your loss is still unrealized, but you are still down mark to market.

Only question is with a $ -18,000 unrealised loss per token < the sum of your previous realized gains/ token?

Obviously, if you went in smaller now, you can still be up mark to market on everything which would be pretty good trading in my book. My experience is most people are biggest at the top.

Last edited by verticaldoug; 05-19-2021 at 11:37 AM.
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  #640  
Old 05-19-2021, 12:27 PM
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l o l


'But bitcoin is a real viable currency that will replace Fiat one day'


uh huh
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  #641  
Old 05-19-2021, 01:23 PM
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Bitcoin is now back up to $40,000. I expect it will be back to $50,000 in a few days.
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  #642  
Old 05-19-2021, 04:50 PM
zmalwo zmalwo is offline
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Quote:
Originally Posted by verticaldoug View Post
You only dodged a bullet in the sense your loss is still unrealized, but you are still down mark to market.

Only question is with a $ -18,000 unrealised loss per token < the sum of your previous realized gains/ token?

Obviously, if you went in smaller now, you can still be up mark to market on everything which would be pretty good trading in my book. My experience is most people are biggest at the top.
A lot of big words that I don't understand but I sold mine at $57000 so dodged a bullet and made some
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  #643  
Old 05-19-2021, 08:54 PM
jimoots jimoots is offline
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Quote:
Originally Posted by zmalwo View Post
A lot of big words that I don't understand but I sold mine at $57000 so dodged a bullet and made some
He's basically saying that you only lose (or make) money when you go in/out of it.

You may have dodged a bullet short term but unless you buy back in now at a lower price, then you miss the opportunity for the real money which is going long, riding the volatility and reaping rewards when its 10x+.

BTC is a wild ride and while you can't predict the future, it is a 'bet' that has huuuuuuge upside and not a lot of downside.

Best advice you can get for trading stock or crypto is do your research, build your case for why you believe the stock/crypto is undervalued versus the price it will be in 5-10 years, buy it and then only ever sell when the case you built is invalidated.

The markets are a short term voting machine, long term weighing machine (Benjamin Graham). Value comes out in the long run, don't be guided by the short term swings.
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  #644  
Old 05-19-2021, 11:00 PM
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So... Elon musk is skeptical and china doesn't like crypto
.... Doesn't change my thesis that there is a non-zero probability that cryptocurrency is a once in a generation (maybe even less frequent) birth of a new asset class.
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  #645  
Old 05-19-2021, 11:36 PM
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bought at $33k.
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