Bitcoins - about to hit $5,000 per coin today!

[Flexacon]

yes this is a dip, but where is the bounce going to come from?  Biden is not giving away hundreds of billions to people anymore.  I told you guys, estimate was about 10-20% of the stimulus checks went into crypto. We're talking 10-20% of a 1/2 trillion dollars in cash.  Most of those people cashed out and probably paid all cash for a house.

If you're so certain of this (you've posted it maybe a dozen times) Why don't you short bitcoin and make yourself some money?

[El Diablo Blanco]

If you're so certain of this (you've posted it maybe a dozen times) Why don't you short bitcoin and make yourself some money?

Too late, I could have killed it a month ago.  I am not even sure how to short.  Look at how and why it went up.  What is going to be the boost to do it?  Seems the US gov is scooping up a shitload from criminals.  Are they going to run the market up?

[Bindare_Dundat]

Well that was one hell of a pump.  lol I missed this one unfortunately. damn.....

Crypto....lol

[Flexacon]

Too late, I could have killed it a month ago.  I am not even sure how to short.  Look at how and why it went up.  What is going to be the boost to do it?  Seems the US gov is scooping up a shitload from criminals.  Are they going to run the market up?

Institutional money, hedge funds, banks, commodity traders. Loads of groups have yet to get involved, at least not openly. Also once it becomes easier to buy and sell through banking apps or other established platforms it will see an even bigger influx of users.

I don't see bitcoin dying just yet and I'm someone who doesn't even like it that much.

[Flexacon]

Well that was one hell of a pump.  lol I missed this one unfortunately. damn.....

Crypto....lol

Don't worry it will dump again pretty soon.

Hate to be that guy, but I don't see the prices going anywhere close to ATH yet.

I expect to see BTC bouncing around 30k to 40k a couple more times. Eth between 1.8k and 3k. Both might go past those ranges, but it will only be briefly. If this pattern plays out I'll buy back in confidently. Until then just buying various alts in the dips.

[Mayday]

Well that was one hell of a pump.  lol I missed this one unfortunately. damn.....

Crypto....lol

Good short squeeze, people were asking for it.

Twitter feed Instant laser eyes, calling anyone who sold idiots, bagging ETH, daring the US govt to try and stop them. If they don’t have a continuous stream of buyers after they liquidate the shorts it’ll be a come to Jesus meeting straight after.

Apparently Biden is making a specific address about Bitcoin today? It isn’t going to be unicorns and rainbows.

[gib]

Well that was one hell of a pump.  lol I missed this one unfortunately. damn.....

Crypto....lol

Some of the biggest pumps in BTC occur 5 or some times a year, over a period of days. If you miss out on those being out of the market, you miss out on substantial gains over time. Which is one more good reason to HODL.

[Theoak*]

Microstrategy closing the 500million deal today......Be an interesting weekend.

[Mayday]

Microstrategy closing the 500million deal today......Be an interesting weekend.

Funds date is 14th June. He has cash already so the upticks now is probably partially him. He went in earlier on previous bond deals to take the market by surprise. If they know the date the market will front run him so he goes in earlier, possibly even before the announcement.

CPI is due out in 3hrs 20mins and it’s being front run right now on BTC tapping 38.4K.

I’m surprised we aren’t already into the low 40s to be honest.

[Bindare_Dundat]

Funds date is 14th June. He has cash already so the upticks now is probably partially him. He went in earlier on previous bond deals to take the market by surprise. If they know the date the market will front run him so he goes in earlier, possibly even before the announcement.

CPI is due out in 3hrs 20mins and it’s being front run right now on BTC tapping 38.4K.

I’m surprised we aren’t already into the low 40s to be honest.

How's the crypto market gonna read that I wonder.. If CPI comes out lower than expected will the market go up because they believe stimulus will continue, or will it go down if they think they will raise rates?

[Flexacon]

Funds date is 14th June. He has cash already so the upticks now is probably partially him. He went in earlier on previous bond deals to take the market by surprise. If they know the date the market will front run him so he goes in earlier, possibly even before the announcement.

CPI is due out in 3hrs 20mins and it’s being front run right now on BTC tapping 38.4K.

I’m surprised we aren’t already into the low 40s to be honest.

Have you stopped menstruating now

[polychronopolous]

El Salvador President Plans to Mine BTC Using Volcanoes


El Salvador recently became one of the first countries to approve a bill to make bitcoin legal tender within the country.

The move which was spearheaded by President Bukele earlier this week was passed today. Voting for the bill saw the motion adopted following a congressional vote of 62 in favor out of 84 votes.

The bill looks set to institute BTC as a method of payment, transactable through the direct exchange rate to the U.S dollar. Residents will also be able to pay taxes using BTC.

Following the ruling, President Bukele has wasted no time in reaching out to the state-owned geothermal electric company LaGeo. In a tweet, the president stated that El Salvador plans on utilizing the company “to offer facilities for Bitcoin mining with very cheap, 100% clean, 100% renewable, zero emissions energy from our volcanoes.” He concluded by saying “this is going to evolve fast!”

The move to offer sustainable BTC mining solutions by El Salvador comes after China has taken measures to crack down on BTC mining within the country. China has previously commented on its desire to “resolutely prevent the transfer of individual risks to the society.” 

Tesla CEO Elon Musk has also commented on the sustainability of BTC mining. The billionaire recently announced that Tesla would no longer be accepting BTC payments for orders on new vehicles. The reasoning related to the environmental impact that BTC mining has on the planet.

El Salvador has become the first country to adopt BTC as legal tender. And could also become the first country in the world to offer a unique and effective method of mining BTC through volcanoes.

https://beincrypto.com/el-salvador-president-plans-to-mine-btc-using-volcanoes/

[Mayday]

Have you stopped menstruating now

LOL 

I’m bored and this thread is not real active anymore. I was entertaining myself.


Without being absolutely hilariously funny like before, my view is this. We are in a bear market so we might see 11k and we may be messing around for a year or so. I touched on this months ago about how will 97% lose and I am seeing this play out right now.

It’s ok for HoDLers because you guys sit in for many years. I’m looking for entries into ETH and alts which are not things you really want to HoDL due to their 90%+ pullbacks.

[IroNat]

So, let me understand it.

You guys are buying bitcoin/whatever-you-call-it with the hope that the demand from other people/institutions buying it will drive the price up so one day you can cash it out for profit.

Is this correct?

[Mayday]

So, let me understand it.

You guys are buying bitcoin/whatever-you-call-it with the hope that the demand from other people/institutions buying it will drive the price up so one day you can cash it out for profit.

Is this correct?

Correct.
Get rich quick. It works providing you time it right.

How's the crypto market gonna read that I wonder.. If CPI comes out lower than expected will the market go up because they believe stimulus will continue, or will it go down if they think they will raise rates?

The market wants to short BTC but they wanted to wait for the pump to happen first and then go in at exhausted buying pressure. It’ll be an interesting day, Saylor May already be playing with his new money so we could see all sorts of shit happen as he tries to re-ignite the market in order to save himself.

[Flexacon]

So, let me understand it.

You guys are buying bitcoin/whatever-you-call-it with the hope that the demand from other people/institutions buying it will drive the price up so that you can cash it out for profit in the multiples over and over and over again.

Is this correct?

Fixed it for you

And it's only hope if you enter the market without doing your due diligence.

[IroNat]

Ok, I can go with that.

Bitcoin mentioned below. 

>

https://www.investopedia.com/terms/g/greaterfooltheory.asp

Greater Fool Theory
By Adam Hayes
Updated May 7, 2021

What Is the Greater Fool Theory?

The greater fool theory argues that prices go up because people are able to sell overpriced securities to a "greater fool," whether or not they are overvalued. That is, of course, until there are no greater fools left.

Investing, according to the greater fool theory, means ignoring valuations, earnings reports, and all the other data. Ignoring the fundamentals is, of course, risky; and so people subscribing to the greater fool theory could be left holding the bag after a correction.
Key Takeaways

    The greater fool theory states that you can make money from buying overvalued securities because there will usually be someone (i.e. a greater fool) who is willing to pay an even higher price.
    Eventually, as the market runs out of fools left, prices will sell-off.
    Due diligence is recommended as a strategy to avoid becoming a greater fool yourself.

Understanding the Greater Fool Theory

If acting in accordance with the greater fool theory, an investor will purchase questionably priced securities without any regard to their quality. If the theory holds, the investor will still be able to quickly sell them off to another “greater fool,” who could also be hoping to flip them quickly.

Unfortunately, speculative bubbles burst eventually, leading to a rapid depreciation in share prices. The greater fool theory breaks down in other circumstances, as well, including during economic recessions and depressions. In 2008, when investors purchased faulty mortgage-backed securities (MBS), it was difficult to find buyers when the market collapsed.

By 2004, U.S. homeownership had peaked at just under 70%. Then, in late 2005, home prices started to fall, leading to a 40% decline in the U.S. Home Construction Index in 2006. Many subprime borrowers were no longer able to withstand high interest rates and began to default on their loans. Financial firms and hedge funds that owned in excess of $1 trillion in securities backed by these failing subprime mortgages also began to move into distress.

Greater Fool Theory and Intrinsic Valuation

One of the reasons that it was difficult to find buyers for MBS during the 2008 financial crisis was that these securities were built on debt that was of very poor quality. It is important in any situation to conduct thorough due diligence on an investment, including a valuation model in some circumstances, to determine its fundamental worth.

Due diligence is a broad term that encompasses a range of qualitative and quantitative analyses. Some aspects of due diligence can include calculating a company’s capitalization or total value; identifying revenue, profit, and margin trends; researching competitors and industry trends; as well as putting the investment in a broader market context—crunching certain multiples such as price-to-earnings (PE), price-to-sales (P/S), and price/earnings-to-growth (PEG).

Investors can also take steps to understand management (the effects and methods of their decision-making) and company ownership (via a capitalization table that breaks down who owns the majority of company shares and has the strongest voting power).

Example of the Greater Fool Theory

Bitcoin's price is often cited as an example of the greater fool theory. The cryptocurrency doesn't appear to have intrinsic value (although this is an area of debate), consumes massive amounts of energy, and consists simply of lines of code stored in a computer network. Despite these concerns, the price of bitcoin has skyrocketed over the years.

At the end of 2017, it touched a peak of $20,000 before retreating. Attracted to the lure of profiting from its price appreciation, traders and investors rapidly bought and sold the cryptocurrency, with many market observers positing that they were buying simply because they hoped to resell at a higher price to someone else later. The greater fool theory helped the price of bitcoin zoom upwards in a short period of time as demand outstripped supply of the cryptocurrency.

The years 2020-21 saw Bitcoin rise to new highs, topping $60,000 and hovering above $50,000 for weeks. This time, however, large institutional investors and corporations such as Tesla and PayPal have been involved in the buying—and it is debatable whether or not they can be considered fools. So, perhaps Bitcoin is not an example of the greater fool theory, after all.

[Flexacon]

Ok, I can go with that.

Bitcoin mentioned below. 

>

https://www.investopedia.com/terms/g/greaterfooltheory.asp

Greater Fool Theory
By Adam Hayes
Updated May 7, 2021

What Is the Greater Fool Theory?

The greater fool is the one failing to take advantage of it all 

[Mayday]

Fixed it for you

And it's only hope if you enter the market without doing your due diligence.

Yup.

One could argue the larger it gets the riskier it gets as the odds of shut down/govt tampering increase.

El Salvadore adopting is a milestone event and will encourage a US reaction now.

[Flexacon]

Yup.

One could argue the larger it gets the riskier it gets as the odds of shut down/govt tampering increase.

El Salvadore adopting is a milestone event and will encourage a US reaction now.

I'm not particularly "real world" bullish on these Latin American countries adopting Bitcoin. Looking at the timing of it all. Banana republic nonsense.

I'm still waiting for the XRP V SEC verdict. If XRP win then it will be very difficult for the SEC to ever go after anyone else (those were the very words the SEC told the judge). The odds of things ever getting shutdown reduce drastically after that. It will be the launch key to finish this cycle with a parabolic bull run.

[IroNat]

The greater fool is the one failing to take advantage of it all 

As long as you understand the risks I have no problem with it.

Live long and prosper!

[Flexacon]

As long as you understand the risks I have no problem with it.

Live long and prosper!

But do you understand the rewards?

I've never cashed out profit on anything under a 100%. I consider 300% profit about average and I've taken much bigger profits, up to 4000% (I had to settle for 4000% and was actually disappointed I didn't get 5000%)

I've had losses, my biggest was around 50%, usually it's between 10% to 33%. Most of those wouldn't even have been losses if I chose to hold longer, but I  decided to close those positions and move my money elsewhere as I  believed I'd get greater returns there even with the losses factored in.

Most of us here are fully aware this profit model won't last for ever and we're just trying to maximize the the opportunities we have left. It's why I find it hilarious when people randomly chime in when bitcoin takes a dump. You imagine burnt fingers because of "The Greater Fool Theory". I see an opportunity to load back up and turn over even more profits!

[IroNat]

Flex,

You are someone who is on top of it which you have to be.

You may have (I don't know you) the knowledge, experience, and temperament to succeed.

Could be stock trading, options, bitcoin, penny stocks, commodity trading, real estate, tulips, etc.  All the same.

What's going on with bitcoin speculation is the same old, same old that has been done umpteen times in the past, albeit in different ways with different things.

If you are sharp you'll have some success.

Most will be chumps and will get fleeced.  That's the way it always goes. 

Survival of the fittest.

It's not something for me as I'm in a different stage of my life. 

I wish you great success.

[Grape Ape]

Fixed it for you

And it's only hope if you enter the market without doing your due diligence.

While I have not purchased $BTC, been watching it long enough to know that the spreads are there if you pay attention to keep making gains.

[Pray_4_War]

Greater Fool Theory can rightly be applied to shitcoins like Doge but coins like Bitcoin and Etherium have a lot more supporting them than that.

The US dollar is in deep shit.