A Wyckoff Event just happened as he explains https://www.youtube.com/watch?v=rFijwQzZFuM
Original video here: https://www.youtube.com/watch?v=Lhf_2gJJS1I
Crypto crash deepens, stocks slip
131–140 of 688 posts
Re: Crypto crash deepens, stocks slip
#132I mean anyone sane was expecting a trace back at some stage after the wild couple of months we just had. Predicting crashes isn’t hard. Predicting the timing thereof on the other hand…
Re: Crypto crash deepens, stocks slip
#133It is on its way back up. Remember to buy the dip, folks! Also interesting how BTC is now a store of wealth, not a currency. They should just call it a religion.
>They should just call it a religion. A Planet Money episode from a few months ago covered this ( https://www.npr.org/2021/02/18/969182201/bitcoin-the-religio... ) and it was an interesting episode. Basically, bitcoin is like a religion in that 1) the founder is shrouded in mystery, 2) he/she goes missing/vanishes/dies before being able to benefit (i.e. they sacrifice for the benefit of others), 3) thus the actual sp…
Interesting point there. What is also interesting is how well jokes are received. HODL and 'buy the dip' or 'to the moon' are taunts.
Note how far my comment was modded down - no room for humour if you have had your 'money' wiped out.
You can't tease religious people either. I once sat next to a girl at work who was seriously Christian. I jokingly asked if she believed in Father Christmas one slow Friday afternoon and the looks I got from my colleagues who knew what I was doing and how morally wrong my teasing was!
It is the same with the Bitcoin religion. You quickly learn not to question it.
I also consider The War Against Terror to be a religion.
Re: Crypto crash deepens, stocks slip
#134Earlier quoted context omitted.
But at least gold has some inherent value, crypto is just math that is worth whatever the buyers/sellers think it should be. Stock in a company that stays in business will never go to zero as the company always has some value due to having revenue, but crypto has no real world floor (though unlikely to actually get to zero since someone will always buy).
Gold does not have inherent value either. It's price is determined purely by a market and there are no other pricing mechanisms. You can't use discounted cash flow. You can't use comparables. You can use raw materials. It's a straight up rock that people price.
Well, gold is a better conductor in electronic circuits than bitcoin, so it has SOME intrinsic value. ;-)
Re: Crypto crash deepens, stocks slip
#135As an outside observer, who has no crypto holdings at all, but is very deeply invested in the public stock market with a heavy weight on technology stocks... this doesn't look like a crash to me at all. It just looks like some steam being let off and old investors cash out and new investors get more comfortable with how much and where to invest. I consider crypto currency as it is to be an elaborate Ponzi scheme (per…
Stocks are a big Ponzi scheme too. Most people buying stocks aren’t interested in buying cash flow like stocks were meant to provide. People want capital gains. You only get capital gains when there’s a greater fool. I’m not against owning stocks. I’m just as concentrated as you. But, let’s not confuse luck and genius. We are just hoping to be the one that gets out before the music stops.
Please don’t “both sides” this.
Stocks are not a Ponzi scheme because funds from early investors are not flowing to fresh investors. There is the actual value created by a company together with its future prospects and assets that combine to determine a stock price.
Crypto meanwhile has the backing of whom and what assets?
Re: Crypto crash deepens, stocks slip
#136I don't know why, it is probably highly irrational, but I always rejoice when the Bitcoin crashes.
You’re not alone. Seeing the comments flooded with “buy the dip” or, God, “diamond hands” makes me cringe every time. They get so offended when you call cryptocurrency a cult or Ponzi scheme but they make it extremely difficult not to. This is from someone with financial interest in a few coins but I’m not ready to die on any hill for bragging rights. I wish they would just admit they want capital gain and call it a day
Re: Crypto crash deepens, stocks slip
#137Coinbase is down for me. Gotta give it to BTC: it's a great store of value. You cannot sell it in panic, the technology is protecting you from your own psychology.
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Re: Crypto crash deepens, stocks slip
#138Earlier quoted context omitted.
At the purely technical level, Bitcoin’s current transactions per minute heavily limit it’s utility. The original goal was solving micro transactions which crypto coins could do, they just need to scale to ~100 Billion transactions a day +/- orders of magnitude. Unfortunately, miners benefit from the current artificial limitations. Which demonstrates an inherent issue with crypto currency, miners and users have very…
base layer tps is low because it is designed for survival in most adversarial of conditions. It is a heavy duty tank, not a sport bike. Would you take M1 Abrams tank to race at Nurburgring? They have a different function. Lightninig/Payment channels, backed by the same baselayer security guarantees, can operate at literally unlimited tps. The only ceiling is how fast you can send packets back and forth. Miners do not…
Well, to be snarky, if that M1 could take out the other cars, then it wouldn't have to be the fastest to win. Only the fastest which is still capable of motion...
Re: Crypto crash deepens, stocks slip
#139As an outside observer, who has no crypto holdings at all, but is very deeply invested in the public stock market with a heavy weight on technology stocks... this doesn't look like a crash to me at all. It just looks like some steam being let off and old investors cash out and new investors get more comfortable with how much and where to invest. I consider crypto currency as it is to be an elaborate Ponzi scheme (per…
My personal take: There might well be ponzi schemes on top of the bitcoin infrastructure, but the technology behind bitcoin is not a ponzi scheme. It might well be that a lot of people are crazed over it and want to buy bitcoin and push up the price, but that's because there is something here with cryptocurrency. It definitely is a new way of accounting, and it could potentially be a hedge against the fiat system. Th…
there is no tech though. it is just math
Re: Crypto crash deepens, stocks slip
#140As an outside observer, who has no crypto holdings at all, but is very deeply invested in the public stock market with a heavy weight on technology stocks... this doesn't look like a crash to me at all. It just looks like some steam being let off and old investors cash out and new investors get more comfortable with how much and where to invest. I consider crypto currency as it is to be an elaborate Ponzi scheme (per…
You can criticize crypto currency’s for a lot but I still have never seen a good argument for it being a ponzi scheme. Can someone further this argument to one that wouldn't cover every investment asset?
Dividends and voting rights, off the top of my head. That's not universal to every stock, but fairly common.