posted Sun, 05/30/2021 - 16:40
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Bitcoin
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Anybody know why bitcoin dropped so much? I don’t want to panic sell. I would like to see where it goes.
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Anybody know why bitcoin dropped so much? I don’t want to panic sell. I would like to see where it goes.
Simon32the most stable cryptocurrency
This is not a financial advice.
When RocketPool.net launches their ETH2 staking services Oct 6th, their own RPL token will most likely go up in value.
This is not a financial advice.
Doggy takeover army :/
its easy to transport big money from one country to another all you need is a password in your head
Why not just carry your phone, laptop, or hardware wallet.
I have credit and debit cards that are also "big money"
I gave a dollar bill to Rusty and he said, "Wow, thanks for the Snuggie! I guess for him that was big money too
RustyhookerSnuggie and 40 of old e...livin large!
The drops are caused by selling. The big one was caused by liquidations. Thre is a mix of sales happening, but whales manipulate the market with big sales, causes a cascade of other sales as prices drop, then stop losses trigger causing further price drops. Then at a point, leveraged longs are so far in debt that the exchanges liquidate them automatically (this is the massive drop we see across all exchanges in same time frame - it is also the warning you receive and accept in the TOS when you sign up to short/leverage).
What is important, is to understand who is currently buying and who is now selling. The analysts can see that whale accounts are now buying, whereas new wallets are selling.
Fear is in control.
Avoid panic, have a plan, maybe u lost money for the now and yes being liquid right now is better than continuing to drop, however, this is a massive buying opportunity right now.
Gotta zoom out though, see the bigger picture over longer time frames.
Also, watch the bitcoin pairs, not just usd/usdt.
Nobody will lose money by holding over the next 3-5 years
Bigun2BTC is down 27% this week. The whole world is freaking out and selling. I’m steadily accumulating. It’ll go back up. It always does.
It’s pretty much reaction to Elon Musk tweets and news about China banning crypto
AnonGood read here in the comments. I'm still a novice when it comes to Crypto.
Buy the dip!
Bigun2My dude knows what’s up. I got diamond hands and I still sit on ‘em ;)
Elon musk needs to STFU...
Since the GME boom there are lot of new "retail investors" that will follow whatever is on social media. I am talking about kids at 18 and also adults that no nothing about the market and use social media for their research. Elon was talking about GME breaking the hedge funds, dogecoin and BTC. These guys started worshipping him and invest in anything he tweets about. I remember when Elon was going on SNL and people started pumping Dogecoin like Elon had given them some cryptic message that he would be making a big announcement on SNL.
I would not be surprised if Elon manipulated BTC, After tweeting about Tesla accepting BTC and pumping 1.5 billion in to BTC. The value shot up massively. Then he mentioned about Tesla refusing to accept BTC which made the value drop sharply. He could have easily shorted BTC before making the announcement making millions.
Also wouldn't be surprised if Elon knew about the Chinese crackdown on BTC before others as it would have impacted his company
He already got in some big fines from the SEC when he played the 420 stunt with Tesla. The SEC is still only half in on crypto, for now, but that will change
He definitely does. I don't see how one person saying something would have that big of an impact.
Check out the front page of reddit he has (or had) an army of followers.
Molinin302Was just talking about this today, I don't understand the profitability as it's not tangible, it's through services provided through mining? Independently contracting services by processing algorithms? It's honestly beyond me, but Musk is playing with that market. Since it's not federally regulated it's fair game? Only a matter of time before uncle Sam steps in. Am I far off? I'd honestly like to learn more about it but it's alien to me, I see no tangible goods or services besides purchasing a bank of CPUs, paying the electric bill, and letting your investment process the information requests...
The bitcoin blockchain is a valuable 100% publicly owned utility that stores and transfers wealth across the globe without the need for a 3rd trusted party.
The utility acts as a store of value, investment diversification, banking the 1.7 Billion unbanked, and protecting the livelihood for those who are living in areas with corrupt and failing governments/financial systems.
Each Bitcoin token is a bearer bond showing part ownership in the bitcoin blockchain and it's utility. There are 21 million shares in the utility. Each share is divisible by 100 million satoshis.
BITCOIN DEFINITION: Bitcoin is an ecosystem consisting of a blockchain, token, and wallet software. Commonly known just as Bitcoin.
These things are intrinsic to bitcoin:
Scarcity, it is limited to 21 million in supply.
Divisible, it can be divided into 100 million parts.
Secure, it can not be faked, copied, cloned, or double spent.
Utility, It can be sent to anyone, anywhere across the globe without involvement from banks or governments.
Bitcoin Blockchain is hack proof. and gets more secure the longer the chain gets.
If you are looking at the token alone it is worth nothing and it is not what bitcoin is.
There is no intrinsic value to just one phone. Several million phones have an intrinsic value. Being able to place a call to anyone is intrinsic to phones. Without the intrinsic nature of a phone, it's just a brick.
I've never really understood bitcoin until now.
So basically it's a peer to peer crypto currency .
Peer to peer digital money.
Molinin302Thanks Greg, never looked at the bearer bond aspect and compatrity of it, privatized but public banking. Cool of you to use the right wording. This should be copied and pasted everywhere lol. Seriously, thanks. Guy I work with is talking about the runners up, dogecoin? Etherium? Again, it's alien to me, but I don't mind throwing a few bucks out for a chance of growth.
A hard no on "dog e-coin" it's techno crap, a fiat, with 129 billion in circulation and possibly more (bitcoin caps out at 21 million) if doge got to a trillion dollar market cap (where bitcoin is) it would only be worth $7. And the chain is vulnerable to attack. Speculate if you want but be careful.
ETH, ADA, DOT are 3 horses in the same race. ETH has first user advantage but the others are showing strong promise. They are like what HTML is to the internet, a lot of apps can be built on the chains, most notably DeFi which is going to change how we lend and borrow money. Take the trifecta.
Molinin302Thanks big guy, valuable education I'm getting here.
I hear it's going to the moon.
China reiterated some nonsense and weak hands freaked out.
I’m gonna keep it. I just never seen it drop almost 50%. I’m still ahead because I have been buying a little every week for almost a year now.
Molinin302No one can seem to explain it stupid to me. I mean, if I buy a business license for a hot dog cart, I sell hot dogs, make my profit and pay taxes. "Want a dog? Kraut and mustard? $2." I understand stock trading as far as investment into a companies futures. I do not understand cryptocurrency and no one can dumb it down enough for me to understand... I'm interested, I just don't get the concept.
I bought an etherium about a year or so ago. I was around 200$. It’s 2,000 now.
Bigun2It’s multi-faceted. There is the tech, then there is purely speculative investing. Forget the tech, bc 99% of it is BS anyway. That leaves you with a purely speculative instrument. That is HIGHLY volatile. Volatility=opportunity. But I think you’re bogged down in the weeds thinking “what does it do, what makes it inherently valuable?” It’s value is in its highly volatile nature as a speculative instrument.
You should learn the difference between money and fiat.
Bitcoin is an asset like gold, but unlike gold you can secure millions of dollars of it and take it anywhere without transport and security issues. Try storing that much gold in a home safe.
You can divide it into 100 million parts (try doing that with an oz of gold)
It can not be counterfeited. try going to a retail shop and selling your gold without purity and counterfeit concerns coming up.
Try sending 100k of gold to anyone electronically within 10 minutes for roughly $15
Try accessing your gold when you're away from home.
But I have gold funds that can do all that... dream on, those are gold pegged and are not backed 1:1 with real gold. odds are, the fund is sold over 110% of its actual value.
Bigun2I’m a big fan of crypto, and I’m in no way knocking it. I’ve got a little bit of a lot of different coins. My only point was since 2017 there have been a million and 1 coins created that claim to do ___ and don’t do shit. There’s a bunch of bs projects out there. But I love crypto, and agree with all of your points. I just think the vast majority of coins are total bs when it comes to utility other than a store of value or for speculative investing. I guess I should say too there are some really creative coins that have solved a lot of complicated problem sets. So it’s a mixed bag.
it's a new tech like the internet just before the dot com bust. I'm sure there will be a lot of coins dying out and a lot of specialty coins which will never be big but none the less used... imagine all the reward points being converted into a crypto. You could trade or gift your "Star Bucks crypto" or "Delta coin" for "Kroger dollars" for example. Xbox dollars that are used within any Xbox VR game. Crypto casino chips used in VR Vegas... endless coins used by patrons but not the general public.
Molinin302Ok man, now you're sharing the direction my mind was going lol. Don't crash the market Greg lol, but yeah, I get it. The only thing that scares me, as always is uncle Sam. I refuse to get political on here, but I was just told by my commander in chief that nothing in our constitution is absolute. Thanks for taking the time to explain, I'm going to put what I can into the bitcoin. Just by the way you explained it, its advice I respect.
I buy between 20$ and 50$ a week. Been doing this for a year and I have been doing really well.
Molinin302Thanks Bill, you're solid and your words reassure me even more. I need to get out of my way of thinking like some of the antique old guys we see lol. Gotta keep up with changes, and it's new to me.
Molinin302Now this I understand even more, if for whatever reason our paper currency is devalued, it's only a reflection of the gold standard that the paper note we carry represents. Hence the ever changing values of dollar vs yen, vs peso, vs shekel etc... but can a digital platform crash in the same manner as a commodity standard? If we weren't on a gold standard, and the USD was changed to say barrel of crude oil, it would be all over the place. Where is the security? (You're doing a great job BTW of dumbing this down for me)
Hate to bust your bubble but we haven't been on the gold standard since 1971. We have a federal reserve note AKA an IOU. It is a fiat which can be printed at will. The amount of dollars in circulation dictates its exchange rate.
Molinin302I understand that there's nothing federal about the federal reserve, it's all private money, old money. But our legal tender, the bills we carry are not in basic terms notes representative of what the US has in reserve of gold In relation to the assets of other countries? If not, what does our paper dollar represent as a bearer note of investment or holding?
Money is no longer used. after WWII all the gold reserves were put in fort Knox and the US had the only gold backed dollar. Everyone else was pegged to the dollar. Eventually countries started to buy gold back with the gold backed USD, soon we had more dollars in print than gold and silver to back them.
Nixon took us off of the gold standard. The federal reserve note is backed by the good faith and standing of the United States of America. (an IOU)
The notes are backed by financial assets that the Federal Reserve Banks pledge as collateral, which are mainly Treasury securities and mortgage agency securities that they purchase on the open market by fiat payment.
Bigun2Greg check out “Lords of Finance- The Bankers Who Broke The World” by Liaquat Ahamed. It’s a great book about central banker after the turn of the century and the world powers going on and off the gold standard during WW1 and WW2.
Bigun2The faith people have in it. It’s literally backed by nothing, hence why they can print Trillions out of thin air.
Molinin302Bro, its scary stuff when you start breaking it down and get into it. Math and finance was never my strong points, I was a science major. The more I learn about asset and equity, even at my age, and I prefer to consider myself on the younger side of middle age, its scary. My finances are about to improve dramatically, obligations are soon changing, but its an area I'm not smart in. Greg just educated me enough to grasp the basic concept, but also let me know its an arena where I'm going to have to hire a pro. I'm not far away from being able to substantially invest every month, but its not my area. Mol will be hiring a pro. Thanks Bigun and Greg, and all who chimed in. Great community here.
Bigun2It’s like anything else bro, if you don’t know about it it behooves a man to find someone who does. I have way more to learn than I have learned. Way more. Learning is the journey though. Being open minded enough to know what you don’t know is a good place to start!
Molinin302I'm getting older my bro, its very frustrating. I see I'm not keeping up with the times, and I should. This is the important shit.
Welcome to bitcoin. This is not an unusual event.
Bigun2Just hold buddy. It’s the nature of the beast. I’ve never lost money on crypto. I can tell you some stories of vast sums accumulated from pennies. Don’t give the market your gains back though. Just accumulate during the dips. When everyone else is panic selling is the time to be buying. And vice versa.
AnonMaybe because it's Wednesday...or the pope farted...or it rained somwhere in the Congo...who knows?
Look up the definition of 'volatile'.
I'm all for folks making some easy money, but as you're in deep with bitcoin, you are at risk.