What stocks/crypto are you buying now? Part 34

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BreadManPanarin

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Mar 15, 2017
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Bitcoin bleeding out the last few weeks while nobody followed.

Bitcoin dominance typically wanes in this part of the cycle though. This is not an unexpected surprise.

If Bitcoin doesn’t rebound significantly by the end of June relative to everything else then I’ll agree that things seem a bit different. For now it just feels like par for the course, with Bitcoin taking a bit more of a hit from FUD than everything else.
 

EdmFlyersfan

Registered User
Feb 20, 2007
4,548
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In 2013 it may have been reasonable to compare Bitcoin to tulips.

Tulips did not predictably pump way up in value every four years according to a well known supply schedule and then come back even stronger the next time. At this point it is blatantly obvious to anyone well researched that this is a bad comparison.

I would put Buffet in the "well researched" category.

Buffet's comments on Bitcoin:

"It's not a currency. It does not meet the test of a currency. I wouldn't be surprised if it's not around in 10 or 20 years. It is not a durable means of exchange. It's not a store of value. It's been a very speculative kind of Buck Rogers-type thing, and people buy and sell them because they hope they go up or down just like they did with tulip bulbs a long time ago."

Again, I have no skin in the game but for some reason Bitcoin enthusiasts seem to be very "protective" when any negative comments are made towards the cryto for some reason.

When I purchase stocks, I actually look for the negative comments.
 

BreadManPanarin

Registered User
Mar 15, 2017
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I would put Buffet in the "well researched" category.

Buffet's comments on Bitcoin:

"It's not a currency. It does not meet the test of a currency. I wouldn't be surprised if it's not around in 10 or 20 years. It is not a durable means of exchange. It's not a store of value. It's been a very speculative kind of Buck Rogers-type thing, and people buy and sell them because they hope they go up or down just like they did with tulip bulbs a long time ago."

Again, I have no skin in the game but for some reason Bitcoin enthusiasts seem to be very "protective" when any negative comments are made towards the cryto for some reason.

When I purchase stocks, I actually look for the negative comments.

The idea that Buffet is well researched on Bitcoin is laughable. And I’ve actively sought out every possible negative criticism for Bitcoin, so I’m right with you there.
 
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Jacob

as seen on TV
Feb 27, 2002
49,342
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Maybe Bitcoin is the new "Tulip"...who knows?

Interesting read on "The Tulip Mania"...one of the first market bubbles that ended badly for many people.

Tulip mania - Wikipedia

The Dutch tulip bulb market bubble, also known as 'tulipmania' was one of the most famous market bubbles and crashes of all time. It occurred in Holland during the early to mid 1600s when speculation drove the value of tulip bulbs to extremes. At the height of the market, the rarest tulip bulbs traded for as much as six times the average person's annual salary.
Those people never washed their genitals and thought diseases were caused by “bad humours.”
 

McGarnagle

Yes.
Aug 5, 2017
28,435
37,669
I've not been paying attention this weekend but glanced at my dashboard and saw that crypto dropped significantly today. Apparently caused by Elon again?

My first instinct is damn, feels like a premium buying opportunity.
 
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TheDoldrums

Registered User
May 3, 2016
12,154
18,137
Kanada
Maybe Bitcoin is the new "Tulip"...who knows?

Interesting read on "The Tulip Mania"...one of the first market bubbles that ended badly for many people.

Tulip mania - Wikipedia

The Dutch tulip bulb market bubble, also known as 'tulipmania' was one of the most famous market bubbles and crashes of all time. It occurred in Holland during the early to mid 1600s when speculation drove the value of tulip bulbs to extremes. At the height of the market, the rarest tulip bulbs traded for as much as six times the average person's annual salary.

Considering Tulip mania lasted 8 months and Bitcoin has been "in a bubble" for 12 years and counting, I'm not sure that's a very strong comparison.
 

McGarnagle

Yes.
Aug 5, 2017
28,435
37,669
My average cost is still $36k. Not sure where the dip ends and recovery sets in, but we're all still long on BTC, right? Probably going to DCA $100 or $200 a week into it at this point.
 

BreadManPanarin

Registered User
Mar 15, 2017
4,599
4,237
So Elon now tweets that Tesla did not sell any Bitcoin and the entire market moves up again.

It's honestly scary that this idiot has so much power to move the market and anyone who holds Crypto should not be happy with this.

I don’t really care. It will not affect the final destination. We’re going where we’re going regardless of what any one man or company or government does or says. That is the whole point of this thing in the first place. Bitcoin usually has 6 or 7 20+% drops per cycle. The cause of each specific one doesn’t really matter. It is healthy and unconcerning.



I am not surprised that Elon lost this game of chicken with the Bitcoiners. They had nothing to lose, and he had a lot to lose. In terms of credibility, money and shareholder support. How much damage he already did is tough to say, but we’ll find out. It is a shame because I really like him. But I respect him a little less after today. Just a little.
 
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BreadManPanarin

Registered User
Mar 15, 2017
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Politicians or businessmen can misspeak or go a little crazy and tank stocks pretty easily too. It's not a good thing we're such a reactionary species but we are so.....

For sure. Bitcoin isn’t unique in this regard except for the fact that it isn’t illegal to intentionally manipulate it. I suspect that regulators will patch that hole up sooner or later.
 

The Crypto Guy

Registered User
Jun 26, 2017
26,065
32,812
Politicians or businessmen can misspeak or go a little crazy and tank stocks pretty easily too. It's not a good thing we're such a reactionary species but we are so.....
Eh, 1 business owner can't really tank the entire stock market 15% like Elon just did with the crypto market. That's alarming IMO.
 

Primary Assist

The taste of honey is worse than none at all
Jul 7, 2010
5,910
5,699
I wonder where Elon buys his hammocks?



And in other news, I added to my BTC position this morning. I've never been one to pass on a good sale. Also holy anti-fragility Cardano, Nassim Taleb should write his next book about you!
 
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the paisanos guy

the hell do i know about cooking a shirt?
Dec 6, 2010
1,779
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What I don't understand is how people can be so overly concerned with their government having the ability to enact monetary policy... yet see what a powerful, bad actor like Elon is capable of doing in an unregulated space and say 'yup that's the future I wanna be a part of'
 
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EdmFlyersfan

Registered User
Feb 20, 2007
4,548
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Edmonton
For sure. Bitcoin isn’t unique in this regard except for the fact that it isn’t illegal to intentionally manipulate it. I suspect that regulators will patch that hole up sooner or later.

Exactly, he knows (along with a few other influencers) that he can knowingly manipulate the price without (or minimal) reprocussion.
 
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ItsFineImFine

Registered User
Aug 11, 2019
3,534
2,263
Yeah with BTC, I think I'll just do the DCA approach rather than rushing to heap as much $ into it as possible while it dips since who knows how far this dip is going.
 
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