$ (BTC) The Bitcoin Thread - NO SHITCOINERS ALLOWED

BTC almost always takes a dive after other commodities do. It's completely irrational. Maybe someone who tracks the correlation here more closely has an opinion on it, but it does seem to react more rationally in the middle and long terms even with short-term peaks and valleys of absurd volatility.

Also to the extent something like coronavirus even has an effect on crypto I think it would be more pronounced for BTC, specifically, because most of the big farms are in China. In theory there should be no effect at all as these are very sparsely manned.

I'd also have thought it would be independent of market swings, but it makes sense. Bitcoin sets the value of the rest of the crypto market, most people I know who do crypto treat it as a speculative investment, except for miners of course.
 

melty

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Was the drop from panicked speculators? Or was it from institutions facing a liquidity crisis?


Gold futures have been falling, despite gold's historical role as a place for safety during tumultuous economic times. Its price has fallen to $1,610 on Thursday from $1,675 an ounce at Monday’s close.

All this suggests that major financial players are experiencing a cash crunch, and are selling whatever they can as a result. That would help explain the seeming contradiction of assets that should go up in value in a time of economic peril instead falling in value.
 

FuckedUp

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Haven't done any of this kind of stuff before, but I bought $500 of crypto (including BTC) yesterday due to the crash and me thinking the corona pandemonium will somehow increase usage of virtual currency.
 
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Particle Bored

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Haven't done any of this kind of stuff before, but I bought $500 of crypto (including BTC) yesterday due to the crash and me thinking the corona pandemonium will somehow increase usage of virtual currency.
It seems to have stabilized, so hopefully if nothing else crazy comes down the pipe, there will be a sizeable pump in the near future. Coming Monday/Tuesday should be interesting.
 

2WokeB4BrainPills

doc said I was just 2 damn woke
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Was the drop from panicked speculators? Or was it from institutions facing a liquidity crisis?


Check the chart of BTC since november. Now check the chart of gold spot price since november.

IMO they are doing the same thing for the same reason. With gold, in 2008 the larger institutions holding it cashed out for purpose of gaining liquidity. That made it a very good time to buy in, just before the ensuing financial havok undermined confidence in the USD and pumped anything that looked like a safe alternative.

I am wagering (quite literally) that the same thing is happening again, but now BTC is coming along for the ride. Very interesting and telling that crypto is behaving this way.
 

FuckedUp

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You haven't lost it until you sell.
Yeah, I bought another $200 because I figure it's still going to end up even higher than originally so this is just an added bonus. Besides, I live with my parents so I'm basically just risking vidya and soda purchases.

DOUBLE POST-WORTHY
Values are dropping at rocket speed now. Pull everything out NOW.
 

melty

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Check the chart of BTC since november. Now check the chart of gold spot price since november.

IMO they are doing the same thing for the same reason. With gold, in 2008 the larger institutions holding it cashed out for purpose of gaining liquidity. That made it a very good time to buy in, just before the ensuing financial havok undermined confidence in the USD and pumped anything that looked like a safe alternative.

I am wagering (quite literally) that the same thing is happening again, but now BTC is coming along for the ride. Very interesting and telling that crypto is behaving this way.
I agree it's the true reason it's going down. I sold 1/4 of mine yesterday in anticipation of another drop tonight (to buy back in at) if this is true. Fwiw I don't hold a lot of Bitcoin.
I am concerned if it will actually become a safe haven asset in the coming months, or if it's still too much of a meme that people don't understand and don't want to deal with. I'm going to hold most of mine and see what happens.
Edit: I'm an idiot and it did nothing and then increased in value several days later.
 
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2WokeB4BrainPills

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And now this:


IMO, this confirms my suspicions about the recent efforts to kill encryption on the internet: it is part of a broader move against crypto. They are first trying to set up an "alternative" which is governed by the Fed or Treasury, then they will slowly turn the crank on any alternative currency by bribing or threatening big players with US exposure to swap to it. They may go so far as to try to get ISPs to block "unapproved" crypto.

They are terrified that bitcoin/shitcoin will unseat USD and they will lose control of the reserve currency and slowly be usurped, and lose their ability to inflate to fund govt deficits and paper over recessions. They know the Fed's printing will have everyone running for the exits and they're trying to seal them off asap.

I wonder if the crypto community understands that the feds now clearly see them as an existential threat. I hear a lot of triumphalism from them about how crypto can't be stopped, but I think it is very naive, personally.
 
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Particle Bored

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looks like a roller coaster lol

View attachment 1185151
Screenshot_20200429-094341.png
We're back above March 9th price. To $10k and beyond! :P

#BoughtTheDip

(awaiting tomorrow's retrace to $7900 lol)
 
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crapstream

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BTC reached 9k, now what?
Trillions been printed by governments and seems like slowly is getting into crypto, or maybe is halving? or maybe fear because the economic situation.
 

Particle Bored

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BTC reached 9k, now what?
Trillions been printed by governments and seems like slowly is getting into crypto, or maybe is halving? or maybe fear because the economic situation.
Might be a bit of all of the above, but from what I've seen it seems pumps usually occur after the halving. Though this is the first halving with bitcoin having as much public awareness that it does.

I do think the USD printing bodes well for the next five+ years for BTC.
 
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Mepsi Pax

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Seems like pumps occur? Dude it went up 8,000% after the 1st halve, and 1,000% after the second. There were other variables, sure, but it seems like a no brainer to buy, since the price is still low-ish and it's about guaranteed to surge after halve 3. FWIW I put money on this position.
 
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Particle Bored

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Seems like pumps occur? Dude it went up 8,000% after the 1st halve, and 1,000% after the second. There were other variables, sure, but it seems like a no brainer to buy, since the price is still low-ish and it's about guaranteed to surge after halve 3. FWIW I put money on this position.
I just meant the pumps are after the halvings and not before.
 

Mepsi Pax

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Yeah I have no idea why it pumped 15% in a day this week either, but that's the mystery of crypto (the secret is: it's nonsense).

If someone finds me another form of investment that regularly makes better than 50% (If not 500%) returns in a matter of months, I'll try it out. In my estimation, crypto has become kind of a no-brainer as long as you buy (comparatively) low. If the shit tanks while you're holding, just keep your position until it recovers. I don't see the established, well implemented coins becoming totally worthless overnight, with no hope of a rebound. That belief is of course based on performance so far, which is not a long historical record and I'll admit that anything can happen, in the same way any black swan event can unravel a system. There are a lot of shitcoins and I haven't even begun trying to figure out what they are and why they exist, but there's a few that have become "valued" coins, and like any fiat, they retain value because people give them value.

Before the BTC popularity surge of the 2010's, there were a few shitcoins available like LTC and ETH (IIRC), and they had preposterously low values. I looked at them while purchasing BTC to use, and was like "What is this shit?". Now, some of these coins are worth hundreds, just like BTC went from being under $100 forever to being permanently over $1000, and sometimes over $10,000. This all happened because crypto formed a kind of permanent market, and I'm just disappointed that I didn't have money at the time to get in on the ground floor (even after it started to ratchet up, gains have tended up despite the volatility). It's volatile, and I wouldn't put my 401K into it, but for small sums it's incredibly lucrative. You can make money on arbitrage too as long as you watch it ALL the time. Swings of 30% aren't that uncommon, especially with coins valued under $10, buy the dip, wait for a spike, repeat. Right now's a good time for arbitrage especially.

Go long on: BTC, XTZ. Both are middling high - though way down from historical highs, and you should have bought earlier, but I expect them both to be up significantly come the end of the year. If one or both swings down again during all this volatility, it's a definite buy.

I'm not an "expert", whatever that means for crypto (it means inside information just like NYSE and other markets), but I've paid attention to the shit enough to have some kind of strategy put together. Additionally, I'm not just rubbing one out - what spare money I have is in these positions.
 

Terrorist

Osama bin Ladkin
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Guys! Guys! Pewdiecoin is up from $0.000000001 to $0.00000001! Fiat is history, viva la Ron Paul Revolution!
 

Particle Bored

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Up %190 from low of March 13. Looks like we'll cross $10k by the halving next week. (maybe in next day or two)
 

Vecr

"nanoposts with 90° spatial rotational symmetries"
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Well, if it gets above a certain point I'm going to contact an accountant, bite the disposal event taxes, and buy a hardware wallet.
 
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