Bitcoin....who's gotten into it?

[Kinnikinnick]

Based on what exactly? So now at 6.8k it must be a SUPER ULTRA EXTREME low risk?

Let's be clear, the risk with bitcoin is it goes to ZERO. Sure currencies can move and stocks can have big off days like today but the concept of fundamental value just seems to be missing here...

but Blockchain and tech bros and HODL

The real shakeout point is around $1k to $2k
If it gets to that level then most of the phony $ that has been made will have been lost and the bubble mostly will have been beat out of it.




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[Boomer28]

It’s all in fun. We see how it works. A move above the previous low of $7600 and I move stop to break even.

Well in all honesty that is a good thing and I commend you for not trying to get rich quick and plowing your life savings into it. Well all buy lotto tickets every now and then for fun...

[4matic]

Well in all honesty that is a good thing and I commend you for not trying to get rich quick and plowing your life savings into it. Well all buy lotto tickets every now and then for fun...

I won the game. I don’t trade and I chart for fun. My portfolio risk beta is probably .5 or less.

[Stu Gotz]

So please explain to me what crypto is backed by which makes it something other than fiat currency?

I'm all ears.

A fiat currency, by definition, is a regulated currency. That certainly isn't crypto currency.

[skaredshtles]

A fiat currency, by definition, is a regulated currency. That certainly isn't crypto currency.

So is there some sort of new, hip term for an *unregulated* currency backed by nothing?

[Stu Gotz]

So please explain to me what crypto is backed by which makes it something other than fiat currency?

I'm all ears.

So is there some sort of new, hip term for an *unregulated* currency backed by nothing?

Yes. Crypto currency.

[4matic]

Bounce off 62% retrace followed by move lower than the previous low of the 62%. I attach no intrinsic value to BTC and the timeframe of the trade is the hourly chart. Stop at previous low minus 5%.

Timeframe and risk defined.

That was fast. Good luck to the bulls.

[splat]

6440 and dropping.....

[Flyoverland Captive]

Rebound to 6500! Buy!!!

[The Suit]

Here's what Wikipedia has to say about fiat money (emphasis mine):

Fiat money is a currency without intrinsic value established as money, often by government regulation. It has an assigned value only because the government uses its power to enforce the value of a fiat currency or because the exchanging parties agree to its value.[1] It was introduced as an alternative to commodity money and representative money. Commodity money is created from a good, often a precious metal such as gold or silver, which has uses other than as a medium of exchange (such a good is called a commodity). Representative money is similar to fiat money, but it represents a claim on a commodity (which can be redeemed to a greater or lesser extent)

by that definition I'd say the crypto currencies are fiat moneys

[Mazderati]

But no one seems to agree on value. Unless you're saying any participation defaults participants to some value assignment. Even then, there is zero stability which undermines its utility as any type of currency, fiat or not.

[frorider]

More of a Yugo.

[stalefish3169]

Most of my stack is in ETH so I've been weathering the storm without taking on too much water until the last few days. But I'm either going down with the ship or sailing to paradise.

I'm hopeful the SEC/CFTC talks w/ congress tomorrow will stabilize the market. Seems the talks will be focused upon regulation rather than banning.

And to all you anti-crypto cheerleaders...keep in mind that this is who you're rooting for. So keep fighting the good fight for the good ol' boys!

[splat]

Is that Munchkin paying off his wife in one dollar bills?
I heard Jamie Dimon bought at the top and was caught selling bus tokens as bitcoins in the subway.
I want to print some money.

[4matic]

And to all you anti-crypto cheerleaders...keep in mind that this is who you're rooting for. So keep fighting the good fight for the good ol' boys!

I got this protecting my USD holdings.

[Boomer28]

Most of my stack is in ETH so I've been weathering the storm without taking on too much water until the last few days. But I'm either going down with the ship or sailing to paradise.

I'm hopeful the SEC/CFTC talks w/ congress tomorrow will stabilize the market. Seems the talks will be focused upon regulation rather than banning.

And to all you anti-crypto cheerleaders...keep in mind that this is who you're rooting for. So keep fighting the good fight for the good ol' boys!

ETH is Ethereum right? ETH is down 46% in a week vs. 41% on BTC right now....month tho you are right, -42% vs -62% so you got that going for you.....

Oh hating Stevie boy and the Banker Cartel is not mutually exclusive...

Edit: 5k handle watch on for the night owls...

[splat]

[stalefish3169]

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[4matic]

It’s gone from greed to altruism in a hurry.

[Conundrum]

Most of my stack is in ETH so I've been weathering the storm without taking on too much water until the last few days. But I'm either going down with the ship or sailing to paradise.

I'm hopeful the SEC/CFTC talks w/ congress tomorrow will stabilize the market. Seems the talks will be focused upon regulation rather than banning.

And to all you anti-crypto cheerleaders...keep in mind that this is who you're rooting for. So keep fighting the good fight for the good ol' boys!

The chick is hot and the tan feller is not well rested.
G

[stalefish3169]

It’s gone from greed to altruism in a hurry.

I'd be lying if I said I didn't want to make some money. But I'm in it just as much for the paradigm shift. As are visionaries behind the projects I've got most of my money in such as Ethereum and EOS.

Our system is broken. When a handful of people control the same amount of wealth as the rest of the country, it's a massive problem. Govenment policy and legislation aren't even remotely controlled by public opinion today, we have a system of legalized bribery. I especially hate that I'm complicit in droning the fuck out of brown people just by paying my taxes...which are of course ridiculously high relative to the capital gains crowd.

And if the stock market crash worsens, who do you think is going to take it on the chin? It sure isn't going to be the Llyod Blankfeins of the world. No they've got their own Tether x1000 and they've been pumping the shit out of it for decades. My generation already got fucked coming out of college right around the subprime crisis and now we are likely going to get shit on again. Plus we have a nice 20 trillion debt to deal with and a planet with environmental systems on the brink of collapse. But yeah, we're the greedy ones.

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[The Suit]

So, anyone who expresses doubt about Bitcoin's valuation:

- enjoys crushing the hopes and dreams of the younger generations
- knows nothing of tech
- backs Steve Mnuchin
- is not woke

[Boomer28]

So, anyone who expresses doubt about Bitcoin's valuation:

- enjoys crushing the hopes and dreams of the younger generations
- knows nothing of tech
- backs Steve Mnuchin
- is not woke

+ hates puppies/jesus/america

[4matic]

plus we have a nice 20 trillion debt to deal with and a planet with environmental systems on the brink of collapse. But yeah, we're the greedy ones.

How does banks of cpu using massive amounts of power to mine ones and zeros help the planet?

[MakersTeleMark]

How does banks of cpu using massive amounts of power to mine ones and zeros help the planet?

Solar fans on server doors propped ajar creating an inclusive society?