Bitcoin crash coming?

[ShopCat]

Originally Posted by speeder

I don't have time to read this whole thread, so can you guys just tell me when it's time to buy in again? I missed all of the other times.

Thanks.

5% of nw right now, dca over the next year if you need to feel less risky, put it in your own cold storage, forget about it for 10+ years, see what happens. 80+ percent bitcoin and maybe 20% eth if your feeling frisky. Otherwise k.i.s.s. and 100% btc.

[speeder]

In ten years, there is a 50/50 chance that I will be in some ash trays at the Bunny Ranch. I'm getting to be that age.

Which brings me to another angle, make sure to leave your passwords in your will somewhere or all of your crypto is gone forever, into the ether from whence it came. I knew a guy who died with hundreds of millions in USD worth of crypto that no one can access. He was reasonably young and died unexpectedly. The good news is that he was so rich, his kids will still be more than ok.

[Wayne 962]

Again, I think the world is changing, and I think these crypto concepts and decentralized finance concepts are good and will be utilized in the future. BUT - I think that Bitcoin and ETH and everything that is out there right now is version 1.0.0, and just like MySpace, they will be supplanted by version 2.0 (maybe Etherium 2.0) - which should theoretically use almost minuscule amounts of energy and also theoretically be more stable. Right now, it's the wild west, and this space appears to be dominated by speculators and drug dealers?

-Wayne

[ShopCat]

Are people really mailing drugs? Lol I would think cash is still ruling the drug dealer market. Banks launder billions every year in cartel cash, and that’s an actual fact.

[Wayne 962]

Originally Posted by ShopCat

Are people really mailing drugs? Lol I would think cash is still ruling the drug dealer market. Banks launder billions every year in cartel cash, and that’s an actual fact.

No clue. We got accidentally mailed 1 kilo of meth or something like that about a decade ago. Was a weird day. The package was covered with vasoline on the inside (to disguise the smell from the drug sniffing dogs I hear). We turned it into the LAPD. So, I think it does happen...

-Wayne

[Skillet83]

Originally Posted by Wayne 962

Again, I think the world is changing, and I think these crypto concepts and decentralized finance concepts are good and will be utilized in the future. BUT - I think that Bitcoin and ETH and everything that is out there right now is version 1.0.0, and just like MySpace, they will be supplanted by version 2.0 (maybe Etherium 2.0) - which should theoretically use almost minuscule amounts of energy and also theoretically be more stable. Right now, it's the wild west, and this space appears to be dominated by speculators and drug dealers?

-Wayne

Now you are on the right track. What I have been saying all along. This is here and not going going away. There will be huge winners and huge losers along with a lot chit in the middle. Still in the 1st inning. Using play money , but having a blast! Only disagreement I have is about the drug money. Not near the volume.

I do believe drug money is there though. They have a BTC machine at the quick sak I use. I ask the my buddy that runs it if many people buy from there, He stated once in a while a guy comes in and feeds it 100.00 dollar bills. Never thought about that, but makes sense. Anyway, gotta believe that is a small fraction of the dollars flowing in.

[ShopCat]

https://www.google.com/amp/s/www.coindesk.com/federal-officials-recover-bitcoin-ransom-from-colonial-pipeline-attack%3Famp%3D1

Didn’t take them long lol. Morons fell for the oldest trick in the book. A bunch of articles claiming btc is untraceable and will be used for illegal activity, didn’t realize it’s a ploy.

[Wayne 962]

I'm guessing that the FBI got the private key from one of the exchanges that the hackers used...

-Wayne

[ShopCat]

and btc is NOT untraceable like many believe for some reason

[ShopCat]

Originally Posted by Wayne 962

I'm guessing that the FBI got the private key from one of the exchanges that the hackers used...

-Wayne

FBI got a subpoena to the cloud server they rented to store their btc on. Not sure why the hackers went that route in the first place...

[McLovin]

I’m glad I got out at 40k.
Bitcoin will get below 10k again.

[ShopCat]

Originally Posted by McLovin

I’m glad I got out at 40k.
Bitcoin will get below 10k again.

you should short it with your whole nw if you are sure.

[McLovin]

Originally Posted by ShopCat

you should short it with your whole nw if you are sure.

Selling it all was good enough for me.

[ShopCat]

Originally Posted by McLovin

Selling it all was good enough for me.

think you'll ever buy back in if it starts going back up?

[ShopCat]

Microstrategy announced debt raising to buy $400mm more in BTC, raised to $500mm and completed.

[McLovin]

I could buy again, but I don’t see myself buying at anything higher than the teens.
I’d probably do a small amount if it went under 10k.
If it starts going up from where it is today (around 33?), no. I’m never paying more than 33, that’s for sure.

[Wayne 962]

Originally Posted by ShopCat

Microstrategy announced debt raising to buy $400mm more in BTC, raised to $500mm and completed.

This is one of the troubling factors I am seeing with this market. I wonder how much margin leverage there is on BTC. If supply is limited, and margin levels are at 50%, then by the laws of supply and demand, the price will artificially increase by a corresponding amount. When / if the leverage is unwound, the price will also drop. Lots of that seen in the stock market too.

-Wayne

[biosurfer1]

This popped up in my news feed this morning:

https://www.cnbc.com/2021/06/09/el-salvador-proposes-law-to-make-bitcoin-legal-tender.html

[ShopCat]

Originally Posted by Wayne 962

This is one of the troubling factors I am seeing with this market. I wonder how much margin leverage there is on BTC. If supply is limited, and margin levels are at 50%, then by the laws of supply and demand, the price will artificially increase by a corresponding amount. When / if the leverage is unwound, the price will also drop. Lots of that seen in the stock market too.

-Wayne

Is this actually considered margin?

[ShopCat]

Originally Posted by biosurfer1

This popped up in my news feed this morning:

https://www.cnbc.com/2021/06/09/el-salvador-proposes-law-to-make-bitcoin-legal-tender.html

I believe it already was made into law. Paraguay, Brazil, Panama, Argentina, Nicaragua and Mexico are considering it next. USD may be at risk of losing reserve currency status if this starts a trend. If you don't trust any single government...