OT- Bitcoin

meo1960

Assistant Head Coach
Jan 15, 2003
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Bitcoin is based on decentralizing the currency. Does anyone believe the power brokers are going to allow this to happen? They are Going to move to a digital currency, but I believe the one that will finally be adopted is one where they maintain control. Heard something called ID coin, which sounds very promising .
 

redwine65

All-American
Jun 23, 2010
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so according to this ray of light, if bitcoin is not a currency, nor asset...there would be no reason for any capital gains tax.
so perhaps the government should focus more on over spending, covid, crime, the economy, unemployment, etc..(like their jobs)
and just have nothing to do with crypto
 
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Crazyhole

Senior
Jun 4, 2004
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Bitcoin is based on decentralizing the currency. Does anyone believe the power brokers are going to allow this to happen? They are Going to move to a digital currency, but I believe the one that will finally be adopted is one where they maintain control. Heard something called ID coin, which sounds very promising .
All the government would have to do is recognize bitcoin as a currency and it would be destroyed. Somehow, they'll figure out a way to screw the whole thing up.
 
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Suhrreal

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Jun 1, 2009
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Dude, you're trying way too hard. We get it, you don't like bitcoin.

Where did I say that? That's like saying I don't like Gamestop because I warned people not to buy it when it was trading at $300 a few weeks ago.

I am completely neutral about these things, but I can certainly spot a bubble and the danger contained within when I see one. Not to mention all the red flags surrounding these things...
 
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NYC-Husker

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Where did I say that? That's like saying I don't like Gamestop because I warned people not to buy it when it was trading at $300 a few weeks ago.

I am completely neutral about these things, but I can certainly spot a bubble and the danger contained within when I see one. Not to mention all the red flags surrounding these things...

You posted that Tesla declining 5% after a massive run up (and never mind that it's a high beta stock) in a day was bad for bitcoin. You've posted several times how bad it is, and comparer it to the Dutch Tulip mania and GME short squeeze.

Fair to say you never explicitly said you don't like bitcoin, but you've routinely posted negative comments about it.
 

redwine65

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Jun 23, 2010
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You posted that Tesla declining 5% after a massive run up (and never mind that it's a high beta stock) in a day was bad for bitcoin. You've posted several times how bad it is, and comparer it to the Dutch Tulip mania and GME short squeeze.

Fair to say you never explicitly said you don't like bitcoin, but you've routinely posted negative comments about it.
I wonder if anyone has calulated what tesla's 1.5 billion investment in BTC is worth today? it's got to be like 1.7 billion at least..not bad pay for a week
 

Suhrreal

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Jun 1, 2009
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You posted that Tesla declining 5% after a massive run up (and never mind that it's a high beta stock) in a day was bad for bitcoin. You've posted several times how bad it is, and comparer it to the Dutch Tulip mania and GME short squeeze.

Fair to say you never explicitly said you don't like bitcoin, but you've routinely posted negative comments about it.

Tesla announced that they bought $1.5B in Bitcoin and their stock dropped over 5%...how is that good for Tesla/Bitcoin? That's not a good sign in my book but maybe you can spin it another way? It's the exact opposite of what happened when Microstrategy made their announcement.

Bitcoin the idea and Bitcoin the bubble are two separate beasts. The comparison to GME is not so much the squeeze, it's the hype and media encouragement to pile in late.

Is it strictly verboten to post negative things about Bitcoin in the Bitcoin thread? Why are you so threatened by it?
 

NYC-Husker

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Tesla announced that they bought $1.5B in Bitcoin and their stock dropped over 5%...how is that good for Tesla/Bitcoin? That's not a good sign in my book but maybe you can spin it another way? It's the exact opposite of what happened when Microstrategy made their announcement.

Bitcoin the idea and Bitcoin the bubble are two separate beasts. The comparison to GME is not so much the squeeze, it's the hype and media encouragement to pile in late.

Is it strictly verboten to post negative things about Bitcoin in the Bitcoin thread? Why are you so threatened by it?

Lol, not threatened at all, just more curious why you are so infatuated with it when you don't have any skin in the game. That said, I've probably been a bit judgmental in my replies, so you do you and hope it works out for you.
 

redwine65

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Jun 23, 2010
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I'm with GBR, it's good to have nay sayers and doom and gloomers like suhreal, this remind bitcoiners to:

use coin base pro and put in a stop - limit order, set your stop at a uneven number you want to sell at, and limit at few hundred lower at a uneven number....and just white list it....I set my stop about 20% below the current price, for bitcoins violent swings. that way when coinbase pro shuts down during a bear run, and it will shut down during a bear run, your order is in. and the uneven numbers keep you from getting grouped in with a lot of other folk.

like kenny said, you got to know when to hold em an fold em
 

NUSouth

Senior
Oct 25, 2009
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Anyone buying bitcoin before the whales jump in during january?

I watched a Price Waterhouse seminar with all PWC partners where somebody asked them what Bitcoin was. After each partner had their say I still have no idea what it is and I believe neither did any of the partners. But they were very good about talking about something they knew nothing about.
 
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redwine65

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I watched a Price Waterhouse seminar with all PWC partners where somebody asked them what Bitcoin was. After each partner had their say I still have no idea what it is and I believe neither did any of the partners. But they were very good about talking about something they knew nothing about.
according to uncle sam it's an intangible asset. I heard some folks call it a ponzi scheme but you have to sell to keep the rewards...now social security is a ponzi scheme much more than bitcoin, they are not even in the same league as far as fraud and scale.

 

salsa red

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Dec 25, 2019
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I think BTC hits 100-200k easily, etherium hits 20-30k in the next 2-3 months and cardano & dot go up 10x before the end of the year. Still lots of time to get in. The hard part is knowing when to get out before the bear market comes.
 

redwine65

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I think BTC hits 100-200k easily, etherium hits 20-30k in the next 2-3 months and cardano & dot go up 10x before the end of the year. Still lots of time to get in. The hard part is knowing when to get out before the bear market comes.
thats why I think you would use the stop limit order on coinbase pro...so it gets you out, and you don't have to make a mad dash from someplace to your computer to find out the exchange is down because of a crash..
at least I think thats how it should work...

vgx = 4.87 !
 

GretnaShawn

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Sep 28, 2010
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thats why I think you would use the stop limit order on coinbase pro...so it gets you out, and you don't have to make a mad dash from someplace to your computer to find out the exchange is down because of a crash..
at least I think thats how it should work...

vgx = 4.87 !
You don’t check your account every 5 minutes? 😂
 

GretnaShawn

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Sep 28, 2010
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I've been waiting on Binance to verify my account for 3 weeks now.

I just signed up for Binance and am waiting for them to verify my account as well (the ‘advanced verification’) portion.

I was able to send some ETH from Coinbase to Binance and then sell the ETH and buy some alt coins. I was able to buy Nano and VET, but was able to buy Cardano for some reason.

Hope that helps.
 

Suhrreal

Recruiting Coordinator
Jun 1, 2009
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I think BTC hits 100-200k easily, etherium hits 20-30k in the next 2-3 months and cardano & dot go up 10x before the end of the year. Still lots of time to get in. The hard part is knowing when to get out before the bear market comes.

Where are you getting those prices from? And you are absolutely right that getting out is the hardest part if you have somehow held since early last year. I'm giving it two months, but the truth is they can literally name their price if the manipulation continues unabated. I'm guessing they are trying to lure in bigger fish than retail at this point.
 

NYC-Husker

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Mar 8, 2007
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This is taking off a lot more quickly than I'd anticipated. BTC his $1 trillion market cap and now the largest asset manager in the world is getting involved.

I still think we're likely to see a pretty intense pullback from these levels, but at $1 trillion market cap and large asset managers getting involved, I doubt we're at the peak over the long term.
 

Suhrreal

Recruiting Coordinator
Jun 1, 2009
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I'm with GBR, it's good to have nay sayers and doom and gloomers like suhreal, this remind bitcoiners to:

use coin base pro and put in a stop - limit order, set your stop at a uneven number you want to sell at, and limit at few hundred lower at a uneven number....and just white list it....I set my stop about 20% below the current price, for bitcoins violent swings. that way when coinbase pro shuts down during a bear run, and it will shut down during a bear run, your order is in. and the uneven numbers keep you from getting grouped in with a lot of other folk.

like kenny said, you got to know when to hold em an fold em

I am not a doom-and-gloomer. I am a realist. Bitcoin had an original premise that has been heavily distorted through media/social media channels, and the evidence is overwhelming at this point that it is manipulated via many unregulated exchanges. It was and continues to be an interesting experiment, but at the end of the day there is nothing that Bitcoin or crypto is actually being used for outside of speculation (I suppose that is not quite true as crypto IS being used to skirt the law).

Perhaps the most interesting aspect of the Bitcoin saga is how the so-called "Axis of Evil" controls the vast majority of the Bitcoin computing power. For those that know the details of the blockchain, controlling over 51% of the network gives you the power to cause a lot of trouble. The question becomes: What is the Axis of Evil's intention with Bitcoin? If it's simply to make money while burning insane amounts of resources to power the network, you have nothing to worry about as a Bitcoin holder (unless the USD cabal decides that they do not like where the narrative is going).

If their intentions are more devious however, then as a Bitcoin holder you have a real problem looming on the horizon. That's because the USD cabal and the initiatives that they have laid forth as a roadmap to our future (green energy and environmental awareness, central bank digital currencies, etc.) will conflict directly with any attempt to hoist Bitcoin/external cryptos up as a rival to USD hegemony.

The result is cyberwar. The interesting part is that the USD cabal on the surface would appear to have the edge thanks to monetary/military superiority. But if raw computing power is the weapon of choice, who has the factories and resources in place to create the weapons to fight this kind of war? As I said, I'm not a doom-and-gloomer, so those last few sentences are probably just good fan-faction. Any significant warfare on the Bitcoin network would most likely destroy it as confidence wanes and downward price pressure creates a death spiral.
 
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redwine65

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Jun 23, 2010
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I just signed up for Binance and am waiting for them to verify my account as well (the ‘advanced verification’) portion.

I was able to send some ETH from Coinbase to Binance and then sell the ETH and buy some alt coins. I was able to buy Nano and VET, but was able to buy Cardano for some reason.

Hope that helps.
I got a wallet called exodus, that you can get exchange for vet, and I think brb....but it seem to cost alot to make transactions
 
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redwine65

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Jun 23, 2010
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I am not a doom-and-gloomer. I am a realist. Bitcoin had an original premise that has been heavily distorted through media/social media channels, and the evidence is overwhelming at this point that it is manipulated via many unregulated exchanges. It was and continues to be an interesting experiment, but at the end of the day there is nothing that Bitcoin or crypto is actually being used for outside of speculation (I suppose that is not quite true as crypto IS being used to skirt the law).

Perhaps the most interesting aspect of the Bitcoin saga is how the so-called "Axis of Evil" controls the vast majority of the Bitcoin computing power. For those that know the details of the blockchain, controlling over 51% of the network gives you the power to cause a lot of trouble. The question becomes: What is the Axis of Evil's intention with Bitcoin? If it's simply to make money while burning insane amounts of resources to power the network, you have nothing to worry about as a Bitcoin holder (unless the USD cabal decides that they do not like where the narrative is going).

If their intentions are more devious however, then as a Bitcoin holder you have a real problem looming on the horizon. That's because the USD cabal and the initiatives that they have laid forth as a roadmap to our future (green energy and environmental awareness, central bank digital currencies, etc.) will conflict directly with any attempt to hoist Bitcoin/external cryptos up as a rival to USD hegemony.

The result is cyberwar. The interesting part is that the USD cabal on the surface would appear to have the edge thanks to monetary/military superiority. But if raw computing power is the weapon of choice, who has the factories and resources in place to create the weapons to fight this kind of war? As I said, I'm not a doom-and-gloomer, so those last few sentences are probably just good fan-faction. Any significant warfare on the Bitcoin network would most likely destroy it as confidence wanes and downward price pressure creates a death spiral.

I was talking with the nividia and amd ceo's, and we are working on mining supercomputers with AI ran on solar power and windmills. (with a back-up coal and nuke plant, incase global warming is just a tax scam, google texas)
I also instructed congress on how bitcoin (and vgx) will help repair the damage they have personally done to the dollar by over taxation, and devaluation of the dollar, that has brought shame upon them and their families for generations.
remember it only takes 1 real American to lead the way into the future, and cast down any death spirals affoot.

I will soon turn my attention to scott frost and get NU football squared away


 
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salsa red

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Dec 25, 2019
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Where are you getting those prices from? And you are absolutely right that getting out is the hardest part if you have somehow held since early last year. I'm giving it two months, but the truth is they can literally name their price if the manipulation continues unabated. I'm guessing they are trying to lure in bigger fish than retail at this point.
Institutional money is going into bitcoin, and that is going to sustain this run up since it was only consumer driven before. Compared to other markets, cryptocurrencies are very small with lots of room to grow. As more institutions and large corporations keep buying into bitcoin, the price for the whole market will keep increasing. Also, all the washington money printing is bad for the dollar and good for crypto.

I follow a few people who have been in crypto for years and they have predicted everything so far and everything still looks bullish. There appears to still be time to 2 or 3x your money by just keeping it in bitcoin. But don't spend more than you're willing to lose because there is always a chance for a major correction or bear market.
 
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Dean Pope

Offensive Coordinator
Oct 11, 2001
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I am seriously concerned about the dollar. Asian blocs are creating trade zones and the Europeans want to decouple from the dollar as the default currency within the world. I think they will succeed to a large extent

Companies and countries all over the world are rolling out digital currencies. We're just getting started here. This could be the wild West which eventually becomes civilized. It's not going away.
Our standing in the world of free trade has taken a major hit in the last four years or so. If the dollar loses its standing as the preferred currency of trade, the jig is up. But thankfully, I don't see that happening very soon for a couple reasons. That said, the U.S. needs to get its sh*t together and Congress needs to do more than just fund raise, campaign and bash the other party.
 

LoudHogRider

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Congress needs to do more than just fund raise, campaign and bash the other party.
iu
 
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Suhrreal

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It's a bad sign for crypto because crypto is a risk-on asset as is Tesla. Any deflation of the Tesla bubble is an indicator of risk-off positioning.

Elon Musk buying Bitcoin as one last-ditch effort to keep the Tesla bubble inflated does not appear to have worked like it did for MicroStrategy (quick glance shows their stock down around 25% in the last day or so).

This is starting to play out today. Tesla down another 5% and Bitcoin of course with the 10% drop today as well. ETH appears to have dropped nearly 25% on some exchanges today. Tesla has now lost around $75 billion in market cap since announcing their Bitcoin purchase. This is precisely the risk-off behavior I was alluding to.

Rotation into COVID-reopening stocks playing out at the same time to buoy the market. We will see if this continues the rest of the week. Any recovery will be short-term bullish for everything.
 

redwine65

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This is starting to play out today. Tesla down another 5% and Bitcoin of course with the 10% drop today as well. ETH appears to have dropped nearly 25% on some exchanges today. Tesla has now lost around $75 billion in market cap since announcing their Bitcoin purchase. This is precisely the risk-off behavior I was alluding to.

Rotation into COVID-reopening stocks playing out at the same time to buoy the market. We will see if this continues the rest of the week. Any recovery will be short-term bullish for everything.
actually bitcoin made tesla more money, then their business history
 

Suhrreal

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Huge red day for Tesla. Sounds like another hedge fund got targeted on multiple fronts.


Ethereum apparently dropped 70% on this exchange today and somebody lost ~$400 million because of it.
 

Suhrreal

Recruiting Coordinator
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Funny my Eth is at 1800 right now 🤣

Yeah it only happened on that particular exchange. Saw a few others where it dipped to 1500 today.

And in other news, if you really love doom-and-gloom speculation, just saw that El Chapo's wife got arrested for drug smuggling. A certain EV company CEO was rumored to have flown his jet into cartel country an inordinate amount of times the past few years...popcorn time could be nearing. Smokin
 
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nelsonj22

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Yeah it only happened on that particular exchange. Saw a few others where it dipped to 1500 today.

And in other news, if you really love doom-and-gloom speculation, just saw that El Chapo's wife got arrested for drug smuggling. A certain EV company CEO was rumored to have flown his jet into cartel country an inordinate amount of times the past few years...popcorn time could be nearing. Smokin
K Q
 

NYC-Husker

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I had been waiting for a BTC pullback like we've had the last few days, and I still think there's room to run on the downside. I'm bullish on crypto for the long term, but one thing that does bother me is the correlation to the stock market. Right now, crypto basically behaves like a high beta stock, which I think will be a real problem later this year.

Not really sure why this is, but I suspect it's because a lot of the same people who have been driving up a few stocks in margin accounts are doing the same in crypto, and this will end badly for them. Once those weak hands are shaken out, I would think it would be a more slowly paced appreciation, but obviously that remains to be seen.
 

salsa red

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Dec 25, 2019
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I had been waiting for a BTC pullback like we've had the last few days, and I still think there's room to run on the downside. I'm bullish on crypto for the long term, but one thing that does bother me is the correlation to the stock market. Right now, crypto basically behaves like a high beta stock, which I think will be a real problem later this year.

Not really sure why this is, but I suspect it's because a lot of the same people who have been driving up a few stocks in margin accounts are doing the same in crypto, and this will end badly for them. Once those weak hands are shaken out, I would think it would be a more slowly paced appreciation, but obviously that remains to be seen.
There is likely to be a huge correction later. Typically crypto bear markets can go down as much as 90%. This time may be different with institutional money flowing in but there will likely be a huge correction, Maybe later this year or possibly next year. Swings like we are seeing today are very common and you only lose your money if you sell when it's low
 

Crazyhole

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I had been waiting for a BTC pullback like we've had the last few days, and I still think there's room to run on the downside. I'm bullish on crypto for the long term, but one thing that does bother me is the correlation to the stock market. Right now, crypto basically behaves like a high beta stock, which I think will be a real problem later this year.

Not really sure why this is, but I suspect it's because a lot of the same people who have been driving up a few stocks in margin accounts are doing the same in crypto, and this will end badly for them. Once those weak hands are shaken out, I would think it would be a more slowly paced appreciation, but obviously that remains to be seen.
It's really weird isn't it? It's not a currency, not a company, and has no intrinsic value. It's basically just trading dollars for more dollars.
 

Suhrreal

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The idea that it's a bad sign for crypto of a stock goes down is silly.

TSLA opened down nearly 10% today. It seems to have bounced strongly (and with good reason considering its standing is more important to the market).

Bitcoin/crypto continues its exsanguination. Looks like another 15% red day for Bitcoin.

I believe this was most likely a correction for Tesla and the tech sector. Whether it was a correction for crypto will remain to be seen. Next few days should be telling.