the cryptocurrency bubble ?

[rico7]

Just follow the Coinbase IPO tomorrow.

[orallvr69]

Originally Posted by rico7

Just follow the Coinbase IPO tomorrow.

I am going to try to get some but I am not usually good at that sort of thing. I imagine that my brokers will both be slow when I pull the trigger, then the offer will get rejected due to price volatility. I don't want a market call on something like this but I'll have to minimize shares to get a few. I am hearing that they were worth $266 in some sort of pre-speculative market and "should be higher" at open, whatever that means. I am guessling $300+.

It will be a wild ride tomorrow.

[Fizley]

The one item I have thought about but don't have any knowledge. What government regulation exists on Bitcoin. If it is not regulated will there be future regulations?

[orallvr69]

Originally Posted by Fizley

The one item I have thought about but don't have any knowledge. What government regulation exists on Bitcoin. If it is not regulated will there be future regulations?

There will ABSOLUTELY be regulations on all crypto in the future. Bitcoin included. They want to scare everyone with phrases like "Criminals use it" or "It's not backed by the Fed". Let's look at that first part, about criminals. Let's say your business gets hit with some ransomware and your only option is to pay the ransom and they require Bitcoin as payment. Are you a criminal to do it? Is it smart to do? I say no, but I back up my data. I have worked with companies who have to restore Ransomware situations and it isn't pretty.
Sadly you have to sometimes weigh the options and decide if it is just worth $500 to some scum scammer instead of tens of thousands of dollars and many hours of work. Those same criminals could just as easily required you to buy Best Buy, Wal Mart, Google or Apple gift cards and some phone scammers do just that. Isn't an Apple gift card "used by criminals" too then? Should we out law them, too? What about "in game" purchases for games like Minecraft or even that golf game on your phone? It's not backed by the Fed. Outlaw it?

So it's not backed by the Fed, so what? They have done such a shitty job with the Federal Reserve Notes that Crypto was born. Do you know that the Federal Reserve only "loans" money to us? They don't print it and give it to us; we owe it back to them, with interest. How can that be possible, the interest part? We would have to borrow more from them to pay the interest + principal, right? Our land, property, and labor is the interest. They own us! News flash-they don't like crypto at all.

The only regulation so far has happened in 2020 by the DOJ. It is known as "cryptocurrency enforcement framework"

Read about that here:

https://www.forbes.com/sites/rogerhu...ent-framework/

[VitaMan]

A couple of places already banning crypto currency.....mad rush on Wall Street to securitize them.....prices racing to all time highs. Sounds like a good way to lose your money.


Isn't this a lot like Willy Wonka issuing 5 Golden tickets ?

[Kay_B]

Originally Posted by VitaMan

A couple of places already banning crypto currency.....mad rush on Wall Street to securitize them.....prices racing to all time highs. Sounds like a good way to lose your money.


Isn't this a lot like Willy Wonka issuing 5 Golden tickets ?

It looks like it. To be honest, I had a feeling that cryptocurrencies are unreliable. After all, this is problematic to manage, difficult to control. The state control authorities do not like this - 100%.

[dilbert firestorm]

digital currencies are not backed up by anything. just by bits n' bytes.


the only thing thats got going for it is the block chain. the concept behind it is interesting.

[Strokey_McDingDong]

The dollar isn't backed by anything, either, except maybe oil.

Crypto may be more reliable than a bank as a means to store your money during a financial crisis. The value of crypto is kind of dependent on whether people think it's valuable. If a large amount of people start believing it is valuable, then it will be valuable. The concept of crypto currency is that people can spontaneously create their own form of currency. What makes it secure is the blockchain.

[Strokey_McDingDong]

I think crypto could start gaining more acceptance as something that can be exchanged for goods and services in place of money, because crypto remains an investment. It comes with risks, but buying crypto remains, and will probably always remain, an investment opportunity that many people want to take. If someone wanted to pay me in bitcoins, I would accept it. We could be in a crash right now, but even right now, it's still an exciting investment opportunity. Even if the whole crypto market crashes, it's still bound to rebound at some point.

If you get paid in cash, you can expect that cash to depreciate over time. However, if you get paid in Bitcoins, your coins aren't destined to depreciate over time. In fact, I would expect them to appreciate over time. Even if the value of Bitcoin is currently depreciating, that hasn't been it's long-term trend. And like any investment, the price is going to go up and down. It's still better than holding onto a dollar, which is guaranteed to depreciate.

So, there's a clear advantage to getting paid in Bitcoins, despite its volatility.

[beguilingeyes]

It's an investment. Some have more risk than others. As a rule the bigger the risk, the bigger the return.

[Strokey_McDingDong]

It's going back up right now. Last night was the perfect time to throw down.

[Chung Tran]

Originally Posted by rico7

Just follow the Coinbase IPO tomorrow.

Originally Posted by orallvr69

I am going to try to get some but I am not usually good at that sort of thing. I am hearing that they were worth $266 in some sort of pre-speculative market

I hope you didn't buy, and continue to hold!

$222 today, down sharply today, meanwhile the Dow Jones is having its best day in 3 months!

Originally Posted by Strokey_McDingDong

It's going back up right now. Last night was the perfect time to throw down.

Really?

In the 4 weeks since you posted this, bitcoin (and crypco itself) has gotten the shit beat out of it.

[Ronin3]

Originally Posted by Chung Tran

I hope you didn't buy, and continue to hold!

$222 today, down sharply today, meanwhile the Dow Jones is having its best day in 3 months!



Really?

In the 4 weeks since you posted this, bitcoin (and crypco itself) has gotten the shit beat out of it.

I’m down almost exactly 100k in 4 weeks. But still up 80k overall. I like my chances. By December this conversation will be very different, one way or another lol.

[Chung Tran]

Originally Posted by Ronin3

I’m down almost exactly 100k in 4 weeks. But still up 80k overall. I like my chances. By December this conversation will be very different, one way or another lol.

Damn!

If I was in your position (thankfully I'm not), and assuming you can use the tax loss.. That is, you don't have an existing, significant tax loss carryover now. I would sell at least half the position, then buy it back right away. Because Crypco is not considered, as of now, to be a ''security'', only a Capital Asset. Thus the wash sale rule does not apply. That is the singular thing crypco has going for it. I'm hard-pressed to find more than that.

[Strokey_McDingDong]

Originally Posted by Chung Tran

Really?

In the 4 weeks since you posted this, bitcoin (and crypto itself) has gotten the shit beat out of it.

Yea. I sold.

It hasn't really "got the shit beat out of it."

It's up 10x in the last 2 years.

100x in the last 4 years.

Dogecoin is up almost 100x since last year.

It's uncertain where the floor will be.
Eventually it will settle down a bit.

I don't think this is a buying opportunity.
It's still probably inflated.

It may still crash, but it's value is still increasing overall, on average.
Like, if you zoom out and look at the price over the last 5 years.

I believe it's still a good long-term investment, but this bullrun shit is too unpredictable.
If you're betting on another bullrun, then you're just gambling at this point.