BITCOIN as an alternative to regular currency

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Anbell
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gazuty
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“ Dogecoin, a token created as a joke and which has been boosted by the likes of Elon Musk and Mark Cuban, rallied more than 110 per cent on Friday before dropping the next day.”

Central banks have “printed”/ qe-d so much money ...

Can productive output rise to create the wealth to justify it all or does it all end in tears of inflation, clearly we’ve had massive asset price inflation but where does it go next?
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alexmr2
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Sometimes it shows its face on Betfair
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Naffman
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Just look at #dogecoin on twitter and you'll see it's almost a complete replica of Football Index, full of 20-30yo's shitting themselves but are in too deep so are imploring everyone to hold.
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Euler
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Speculation is absolutely rampant at the moment. Not sure I have ever seen so much.

I'd imagine a lot of these people would never have witnessed what a drawdown is like. I've always learned to sell into strength and buy on weakness as it plays into that wonderful piece of reverse psychology and the inability of people to act rationally.

It's interesting to see people framing it as some sort of them against us, when in fact. It's the market. If advisors told people to pile in at the wrong moment there would be hell to pay, but in this current age, it seems trendy for people to bid up assets for the hell of it.
Anbell
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Euler wrote:
Fri Apr 23, 2021 10:18 am
Speculation is absolutely rampant at the moment. Not sure I have ever seen so much.

I'd imagine a lot of these people would never have witnessed what a drawdown is like. I've always learned to sell into strength and buy on weakness as it plays into that wonderful piece of reverse psychology and the inability of people to act rationally.

It's interesting to see people framing it as some sort of them against us, when in fact. It's the market. If advisors told people to pile in at the wrong moment there would be hell to pay, but in this current age, it seems trendy for people to bid up assets for the hell of it.
At least in the dotcom bubble in the nineties it was just pure greed/speculation/hope/hype. This latest nonsense is something else.

Matt Levine at Bloomberg is a pretty good read on all of this.
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alexmr2
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Apparently the fall in cryptocurrencies over the last couple of days came from Biden announcing plans for an increase in capital gains tax in the US.

The last year has been so bullish in all sorts of markets that I imagine a lot of inexperienced people will lose serious money and even the long term investors may have to hold for a long time to come back from some of the drawdowns.

My view of crypto is that there's some potential to diversify an investment portfolio with high risk high reward. I heard that many hedge funds decided that there's more risk if they don't own any in their portfolio at all so they pumped something like 1% into crypto some time last year.

Personally I wouldn't try and daytrade any of these markets, but for a long term investment I'm happy to leave 1% of my total capital on it for at least a few years. I'm sure losing 1% of your money doesn't feel as bad as knowing that 1% could have seen a 10x or 100x gain, at least for those that understand risk:reward.

Dogecoin had the most appealing fundamentals to me. It may not make much sense but when have humans ever been rational?
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Euler
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Crypto Exchange Founder Disappears with $2 Billion

https://www.tomshardware.com/news/turki ... illion-usd
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ShaunWhite
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Euler wrote:
Sat Apr 24, 2021 5:50 pm
Crypto Exchange Founder Disappears with $2 Billion

https://www.tomshardware.com/news/turki ... illion-usd
Well that's a suprise. There's nobody easier to dupe than a bunch of get-rich-quick mugs :lol:
Meanwhile my boring old-fashioned folding money is safe as houses.
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ShaunWhite
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alexmr2 wrote:
Fri Apr 23, 2021 8:28 pm
I'm sure losing 1% of your money doesn't feel as bad as knowing that 1% could have seen a 10x or 100x gain, at least for those that understand risk:reward.
I backed a 1000/1 horse today, I'd rather lose £1 then face missing out on £1000. Surely anyone who understands risk can see that was a good idea :roll:
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alexmr2
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ShaunWhite wrote:
Sat Apr 24, 2021 6:09 pm
alexmr2 wrote:
Fri Apr 23, 2021 8:28 pm
I'm sure losing 1% of your money doesn't feel as bad as knowing that 1% could have seen a 10x or 100x gain, at least for those that understand risk:reward.
I backed a 1000/1 horse today, I'd rather lose £1 then face missing out on £1000. Surely anyone who understands risk can see that was a good idea :roll:
Obviously you have to make an assessment to guess if the true chance of it happening is in your favour or not first. Remember there's a big loss of opportunity cost to not have some degree of risk AND diversification, otherwise you would sit with 100% (say £100k) in the bank and lose about £1k or £2k to inflation almost guaranteed each year
Zenyatta
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TikToker makes Scamcoin as a joke and within an hour its m-cap reaches $70 million!
https://www.moneycontrol.com/news/trend ... 10851.html

" A TikToker recently decided to casually make ‘Scamcoin’ online and its worth reached $70 million within an hour. Scamcoin or as it suggests in the video “Simple Cool Automatic Money” is a legitimate cryptocurrency centred around making the user’s “life easier”. "

https://twitter.com/i/status/1385365742506364929
verance
Posts: 83
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Zenyatta wrote:
Wed Apr 28, 2021 5:18 pm
TikToker makes Scamcoin as a joke and within an hour its m-cap reaches $70 million!
https://www.moneycontrol.com/news/trend ... 10851.html

" A TikToker recently decided to casually make ‘Scamcoin’ online and its worth reached $70 million within an hour. Scamcoin or as it suggests in the video “Simple Cool Automatic Money” is a legitimate cryptocurrency centred around making the user’s “life easier”. "

https://twitter.com/i/status/1385365742506364929
Doge, Egod, Scamcoin... not difficult to spot the bubble! I think the worst was CumRocket (CUMMIES) reaching $140 million.


CumRocket Crypto Surges 634% In A Single Day In 'Extreme Mania' Market

https://www.benzinga.com/markets/crypto ... nia-market
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superfrank
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Warren Buffet's sidekick Charlie Munger calls Bitcoin, "disgusting and contrary to the interests of civilization".

https://www.marketwatch.com/story/berks ... 2021-05-01

One of the great things about Bitcoin is that it upsets all the right people!
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alexmr2
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Doge goes back to the top ahead of the appearance of Elon Musk on TV. Market has already factored it in so hard to say where it will go from here. I'm a believer in holding long term but these super high away from MA line points are tempting to scale out and try to buy back lower
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Last edited by alexmr2 on Sat May 08, 2021 12:36 am, edited 1 time in total.
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