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Cryptocurrencies

Swiper

Swiper

VIP Member
Jan 8, 2011
1,365
1,260
Big news today. Fidelity is offering BTC to 401k investors. Trillions under mgt. VERY nice. This opens a HUGE market here in the US. Fist to get it will be their own 23000 employees. Micro Strategy is partnering with them

Slow and steady movement of money into this space. Good thing. Small dips weekly/monthly...no big deal. When in doubt, zoom out. Show me another asset class that has performed like BTC for the last 10,7,5, or even 3 years...

But ooh now. The loss of all the Chineese and their 401k investments ;). Obviously a joke to illustrate how China is no big loss. To give you an idea of scale of investments.

Not a lot of personal investment going on with all those people and all still fall under govt control which will take assets as they please.

NYSE 30tril
Nasdaq another 10 Tril


Shanghai Stock Market 4.7 tril

if this is such good news today for a bitcoin why is it down over 5% today? why are people selling it on “good news”?
 
macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
1,916
1,530
@Swiper. Oh the horror...you mean was are back to where we were.......
4 days ago ;)

This is all part of crypto. If I get nervous..... I just zoom out. Like I said. I might be wrong. I am cool with that. I have been in this many years. This is all normal to me. I dont cheer when it goes up a few thousand, and I dont get nervous when it drops a few k.

The market makes sense to me. You see something different. So the $1,000,000 question is if you are so sure, why are you not shorting it?
 
macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
1,916
1,530
By the way....do you even read what you post links to. The guy who wrote the 401k article is a moron.

BTC has no use case? Did you know the settlement volume last year of BTC exceeded that of Visa.

I guess Visa has no value or use case. (in b4 you pull up some antiquated article saying how slow BTC network is compared to visa). Again you would be showing only how little you know. Taproot went live and layer 2 solutions make it possible to process transactions a factorial levels faster.

No worth there.....

Btc is also worlds largest and most secure network. It also qualifies as the worlds first exascale computer capable of a quintillion calcs per second. And it is GROWING. In 2013 it had a hash rate of 20,000 TH/s, 2020 it was 106,000,00, Current has 217,000,000. Looks like something dying off to me.



We live in a new age where information and the ability to make transactions in a 100% secure manner, that cant be hacked or counterfeited and requires no outside parties.

Again....no value in that.


I am not taking this personal at all. I know lots of people who dont like crypto. I have been telling people about it since 2013. Lots of eye rolls when I spent 10k on building mining rigs and put a separate electrical service in my garage and had 900/month power bills. Yep, I was an idiot.

Well the past two years have seen even the most staunch critics start to understand the value. If you dont. That is cool. I wish you the best. I feel it is worth it.
 
R

rawdeal

TID Board Of Directors
Nov 29, 2013
3,479
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macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
1,916
1,530
So interesting day. Someone with an extra approx $500 mil bought almost 11,000 BTC today. Interesting.

So like I said, I follow the money. This is not teenage kids on robinhood buying $100 at time. MAJOR accumulation happening currently by BIG players.

It is an interesting game. Manipulate to keep price as low as possible to allow max accumulation. Total exchange volume of BTC is DOWN 200,000 btc since Jan1. Meaning there is less liquid to sell. Net outflow is 1700+/day. That is 2x of the rate they are mined at. (meaning the supply is moving away 2x faster than it could ever be replenished)

When it pops off...gonna be a good one. My guess is it will stay sideways as long as the whales can keep it there. Then BOOM
 
Last edited:
Swiper

Swiper

VIP Member
Jan 8, 2011
1,365
1,260
“Warren Buffett just said he doesn’t own bitcoin because ‘it isn’t going to do anything’”

“If you told me you own all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it?” he asks. “I’d have to sell it back to you one way or another. It isn’t going to do anything.”

 
macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
1,916
1,530
“Warren Buffett just said he doesn’t own bitcoin because ‘it isn’t going to do anything’”

“If you told me you own all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it?” he asks. “I’d have to sell it back to you one way or another. It isn’t going to do anything.”
It is no secret that Buffet does not like crypto. (but I wont mention the bank he bought that is a leader in working to integerate crypto transactions).

I dont want to go through all nine pages. But my guess is somewhere in here you have posted more Buffet FUD.

I get it. You dont like it. But you seem to have some sort of hard on about it?.... So why so worked up about this? And if you believe this so much, why are you not shorting it with the assurance you will get paid of HOUUUUUGE when the worthless ponzi scheme goes to 0?

I am still feeling great about crypto. Markets of ALL types are all over the place. Dow tanks and crypto barely moves. Decoupling is a good sign. Some MAJOR buys coming in. HODL waves looking great. This is the time where you make money.

My recommendation is to buy.

@Swiper I will make a bet with you. Lets say we take any number you feel comfortable with of BTC. .1 to 1btc. Take todays price. 37,800. A year from now, I will pay you the difference if it goes down what ever amount it is lower. So if btc goes to zero and you want to play for 1.BTC, I would owe you 37800. If you want to do .5, I owe you 18900...or if you just want to keep it friendly, .1btc I would owe you 1890.

BUT if it goes up, you owe me the difference. That would be fun if you are up for it.

Truth is I am not even sure of this year and expect mostly sideways for a while. But think 60-70 end of year is about 40% chance. 10% chance of 100k, and 50% the same. (that is my prediction). I am up and down so much, it is dizzying at times, but that is just crypto. I try to not watch too much as you almost begin to think you can predict on short term. But as always...when in doubt, zoom out. Looking pretty damn good!
 
BLTC

BLTC

VIP Member
Dec 23, 2010
705
186
So interesting day. Someone with an extra approx $500 mil bought almost 11,000 BTC today. Interesting.

how does price not go up with such buying force...i just dont get it.
 
macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
1,916
1,530
REAL trade vol is about 3 trillion / day. Some of what is reported is higher, but 3 tril is gathered from Binance, Coinbase, Bitfinex, Kracken and a few others small ones which start getting into the 10-50mil/day.

So a 500mil purchase is not all that huge. MOST of the big purchases happen off exchange. MicroStrategy buys most off exchange. (they want price to stay down as long as possible so they can continue to accumulate.) But Luna has committed 10bil in purchases which they say they are going to buy on exchange. I think they have made about 3 bil so far. Just in accumulation phase.

Metrics are looking good. Big money still buying up at every dip. Most sales are short term and leverage.

The FED stuff is unsettling for every market. But NO money is safe right now ANYWHERE. Traders make fear, fear makes sell offs. Traders and exchanges profit.
 
tommyguns2

tommyguns2

Senior Moderators
Staff Member
Dec 25, 2010
5,625
3,650
Don't believe Buffett when he talks about crypto. He said the same things about derivatives while quietly being fairly active with derivatives.

I think the thing about crypto is to know what it can and cannot do for you. Bitcoin has exceptional value IF it becomes more adopted as a means for exchange. I give you 0.002 bitcoins, and you send me that pair of blue jeans in the mail. As that becomes more common, and easier to do, the demand for bitcoin will increase in kind, simply because it's effective. The demand for it will grow even more quickly if various governments continue to devalue their currencies by quantitative easing (i.e., printing money and the Fed putting a debt on the books). The value of bitcoin will theoretically be more stable (hard to imagine with its present volatility).

My buddy told me that Fidelity is going to put crypto on their platform, which, if I understood him correctly, would allow you to buy and sell various coins on their platform, in the same way you can buy and sell equities, mutual funds, ETFs, etc. I emailed my guy at Schwab to confirm, and ask him whether Schwab was planning to do the same thing.

If people like me having Schwab and/or Fidelity accounts, can easily buy/sell crypto and choose to hold as little as 1% of our assets in crypto as a hedge, the demand will grow substantially. As the rate of mining isn't growing substantially, supply/demand will cause the value of crypto to continue to grow.

For these reasons, I disagree with Buffett. Quite frankly, I think Buffett doesn't even believe what he says, but he's got a good thing going, and I see no reason to throw rocks at a genius. Besides, it was delicious watching him put Goldman Sachs over the barrel in 2007/2008 when he took 25% of the firm to provide them liquidity!!! Man, he raped those Wall Street arrogant a-holes!

My concern still remains. For the very reason why I think crypto will succeed above, the US gov't can't have it succeed. How will they sink it? I'm not sure. But beware a gov't hack telling you that government regulation is a good thing. Maybe in the short term, but eventually, the government has an exceptional ability to F things up. That is something that you can count on.
 
macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
1,916
1,530
Whats it feel like to 'lose' 6+ figures in 10 minutes....? Another day in crypto ;)

Sipping coffee and not bothered a single bit. This is a typical crypto day for sure!


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