Bitcoin

[gotbeer]

Well, I'm going to stick to June 25th, or probably the evening of June 24th.  

So expect a huge correction on June 23rd.  

 

[failos]

2 minutes ago, cals said:

I don't know. It's suspicious but this is not unusual for crypto.  Sucks, but it could correct much more. 

Yep. Fml.

[failos]

Just now, gotbeer said:

Well, I'm going to stick to June 25th, or probably the evening of June 24th.  

So expect a huge correction on June 23rd.  

 

What is your reasoning for sticking to those dates? Are options set to expire?

[gotbeer]

Just now, failos said:

What is your reasoning for sticking to those dates? Are options set to expire?

Yeah, a big block of Call Etherium options are supposed to expire on the 25th.  

Quote

The max pain price for this record expiry is $1,920. This price being the point where the largest number of options are at a loss, it is highly unlikely that the price of ETH will drop more than 10% from its current trading range. 

 

[failos]

4 hours ago, gotbeer said:

Yeah, a big block of Call Etherium options are supposed to expire on the 25th.  

 

Dude it’s bouncing back…wtf

 

Bitcoin and Doge are going back up

Edited June 22, 2021 by failos

[gotbeer]

4 minutes ago, failos said:

Dude it’s bouncing back…wtf

It'll be interesting to see what happens tomorrow.  

[failos]

3 minutes ago, gotbeer said:

It'll be interesting to see what happens tomorrow.  

Yep. I’m glad I held…

[gotbeer]

Continuing to tumble this morning.  Bit under 30k.  Etherium $1724.  Doge 17 cents.  Shiba Inu is down to 56.  Even my cummies are down to 3 cents.  

It'll be hilarious reading all the posts about I invested my college tuition money/mortgage/retirement into this and this and now it's worthless.  

[failos]

46 minutes ago, gotbeer said:

Continuing to tumble this morning.  Bit under 30k.  Etherium $1724.  Doge 17 cents.  Shiba Inu is down to 56.  Even my cummies are down to 3 cents.  

It'll be hilarious reading all the posts about I invested my college tuition money/mortgage/retirement into this and this and now it's worthless.  

I put my tax return money in Doge. It was a nice return—now I’m losing $5k.

I’m an idiot.

[failos]

Should’ve sold when it hit .69

 

But that’s the stock market for ya. Shoulda, Coulda, Woulda…

[gotbeer]

Just now, failos said:

Should’ve sold when it hit .69

 

But that’s the stock market for ya. Shoulda, Coulda, Woulda…

Yup.  I just looked at the crypto I traded off at a loss.  I'm down 25%, but would have lost another 25% if I stayed in.  I'm small potatoes compared to you though.  Only had $400 in, and just put another $600 in, but it's still in Fiat since it took a while to process through the bank.  

Now it's just a question of how low will it go.  I think if Bit gets to 26k, I'll buy.  Just because that was my target number all along.  But the other stuff.  Man, I don't know where the bottom might be.

[failos]

8 minutes ago, gotbeer said:

Yup.  I just looked at the crypto I traded off at a loss.  I'm down 25%, but would have lost another 25% if I stayed in.  I'm small potatoes compared to you though.  Only had $400 in, and just put another $600 in, but it's still in Fiat since it took a while to process through the bank.  

Now it's just a question of how low will it go.  I think if Bit gets to 26k, I'll buy.  Just because that was my target number all along.  But the other stuff.  Man, I don't know where the bottom might be.

I’ve been buying at the dips, so I have a lot of money at stake. It wouldn’t be the end of the world if I lost everything, but still—my anxiety has been through the roof this week. I agree with you, there is no bottom with these meme coins: but they ultimately depend on Bitcoin. If Bitcoin gets to $26k (entirely possible), then many people will be fucked. At the same time, plenty of casual folks are seeing this as a good time to buy so who knows. Doge is the main meme coin, and Elon tweeted something positive about it last night—so he’s still supporting it.

China really fucked us over with their ban on mining—and now that POS Maxine Waters is proposing legislation to regulate crypto and that’s not helping.

On the flip side, it seems like TX is trying to fill in the gap as their governor is embracing crypto mining and encouraging people to do it there due to their deregulated power grid. I’m not sure if that’s enough though.

[gotbeer]

@failos @cals Since you two seem to be the primary guys in this.  Maybe you can help me out in my thinking.

So Bitcoin.  You have miners mining bitcoin.  Math computations, whoever gets the computation first wins the bitcoin share.  So it's a race to be first.  Now correct me if I'm wrong.  If you have 10,000 people in the race, or 10 people in the race.  It's pretty much whoever solves it first.  So really the only thing lost with China gone is time.  If you have 10 people mining, it might take a bit longer than if you have 10,000 people mining.  Really all that means is the halving will occur later than sooner.

Etherium.  So they have a gas tax.  So that tax is applied each transaction.  Where the miners are verifying the transaction?  So if you have 10,000 people mining, it would make a huge difference than if 10 people are mining.  Same as bitcoin and you only lose time, but 10,000 vs 10 is going to be a huge difference in time.  To the point that those 10 can charge more for their gas tax than if 10,000 are competing.  So losing China is going to be a huge blow.

Do I have it right, or am I totally off?  

[gotbeer]

And it's a bounceback.  

[failos]

29 minutes ago, cals said:

It could be a dead cat bounce.

My thoughts.

[gotbeer]

 

[NrM]

I've made a lot of mistakes investing in crypto and also learned a lot.

 

I first got introduced near the peak in 2018. My friend told me about this terrible chinese shitcoin. The founder was friends with the tron founder/scammer justin sun. Not knowing any better and seeing him make so much money, I decided to throw thousands into it. It kept dumping, and I kept buying.

Finally realized it was a literal scam coin, I decided to invest in another shitcoin that wasn't chinese. It was the "korean ethereum killer" Icon. I mean.. who doesn't love the Koreans? What could go wrong? I got in after it dumped from 12 dollars to 4 dollars thinking it shouldn't continue to tank. I was wrong.  Icon is now worth 2 dollars. throw a couple more thousand in. Icon is now worth less than a fucking dollar.

At this point I'm pretty much capitulating and finally decide to look at the top dogs. Bitcoin and Ethereum. Realizing nothing is going to overtake the OGs. Doesn't matter what buzzwords other projects try to use.  I sell all my Icon at a massive loss and go all in on Ethereum at sub 100 dollars.

I hold Ethereum for years through it's ups and downs and decide I need more. I buy 3 bitcoin at an average cost of like 10k. So far I've invested around 60k

Fast forward to 2020, covid happens and the market tanks. I'm losing my shit. I'm losing hope and I really want to buy a condo. I sell my 3 bitcoin at an average price of 7k. Didn't get condo, so decided to gamble the money away on robinhood option trading. Made a lot of money and then lost it all on a yolo play.

 

Moral of the story? Fuck I don't know.

1.Money is made in the bear markets.

2.Shitcoins can and will tank 99% and never recover

3.Hodl

4. I'm autistic

 

[NrM]

15 hours ago, gotbeer said:

@failos @cals Since you two seem to be the primary guys in this.  Maybe you can help me out in my thinking.

So Bitcoin.  You have miners mining bitcoin.  Math computations, whoever gets the computation first wins the bitcoin share.  So it's a race to be first.  Now correct me if I'm wrong.  If you have 10,000 people in the race, or 10 people in the race.  It's pretty much whoever solves it first.  So really the only thing lost with China gone is time.  If you have 10 people mining, it might take a bit longer than if you have 10,000 people mining.  Really all that means is the halving will occur later than sooner.

Etherium.  So they have a gas tax.  So that tax is applied each transaction.  Where the miners are verifying the transaction?  So if you have 10,000 people mining, it would make a huge difference than if 10 people are mining.  Same as bitcoin and you only lose time, but 10,000 vs 10 is going to be a huge difference in time.  To the point that those 10 can charge more for their gas tax than if 10,000 are competing.  So losing China is going to be a huge blow.

Do I have it right, or am I totally off?  

https://www.investopedia.com/terms/1/51-attack.asp

What Is a 51% Attack?

A 51% attack refers to an attack on a blockchain—most commonly bitcoins, for which such an attack is still hypothetical—by a group of miners controlling more than 50% of the network's mining hash rate or computing power.

The attackers would be able to prevent new transactions from gaining confirmations, allowing them to halt payments between some or all users. They would also be able to reverse transactions that were completed while they were in control of the network, meaning they could double-spend coins.

[failos]

11 hours ago, NrM said:

I've made a lot of mistakes investing in crypto and also learned a lot.

 

I first got introduced near the peak in 2018. My friend told me about this terrible chinese shitcoin. The founder was friends with the tron founder/scammer justin sun. Not knowing any better and seeing him make so much money, I decided to throw thousands into it. It kept dumping, and I kept buying.

Finally realized it was a literal scam coin, I decided to invest in another shitcoin that wasn't chinese. It was the "korean ethereum killer" Icon. I mean.. who doesn't love the Koreans? What could go wrong? I got in after it dumped from 12 dollars to 4 dollars thinking it shouldn't continue to tank. I was wrong.  Icon is now worth 2 dollars. throw a couple more thousand in. Icon is now worth less than a fucking dollar.

At this point I'm pretty much catapulting and finally decide to look at the top dogs. Bitcoin and Ethereum. Realizing nothing is going to overtake the OGs. Doesn't matter what buzzwords other projects try to use.  I sell all my Icon at a massive loss and go all in on Ethereum at sub 100 dollars.

I hold Ethereum for years through it's ups and downs and decide I need more. I buy 3 bitcoin at an average cost of like 10k. So far I've invested around 60k

Fast forward to 2020, covid happens and the market tanks. I'm losing my shit. I'm losing hope and I really want to buy a condo. I sell my 3 bitcoin at an average price of 7k. Didn't get condo, so decided to gamble the money away on robinhood option trading. Made a lot of money and then lost it all on a yolo play.

 

Moral of the story? Fuck I don't know.

1.Money is made in the bear markets.

2.Shitcoins can and will tank 99% and never recover

3.Hodl

4. I'm autistic

 

Damn that sucks, dude. I got burned from options trading around the time FB went public. obviously couldn’t hodl because they’re options, so I lost a ton of money thanks to Zuckerberg fucking up an earnings call.
 

That shit was straight up gambling.

 

With Doge, I’m going to keep hodling…seems to be on the rise since last night, so we’ll see. I definitely want to stop puttting my money in stocks/crypto, it’s not worth the stress it gives me.

[failos]

3 hours ago, cals said:

I love this post.

It’s a good lesson…don’t panic sell and don’t treat investing like gambling.

[Catwhoshatinthehat]

Options and other derivatives can be extremely risky especially to average investors.  The investors who killed it with gamestop make the news but there's thousands more who lose their asses we don't hear about.

I think I mentioned some pages back I have two friends who put small amounts into doge and I think the psychological fear of missing out on the next big thing (probably the case with a lot of people in doge) prevented them from taking some gains when it was about 2x it's current price.  Some months back I thought about putting a bit in just for kicks and giggles while having a price in mind where I at least get my investment back but my work has an employee trading policy which I'd need to look into more to see how it applies to crypto if at all.  I don't really have the risk appetite for short term plays and the swings so if I were serious about crypto I'd probably be looking at bitcoin or the Ethereum for the long term.  Kudos to you guys that do have the stones to get into it especially with more than just fun money you put into a few you hope take off.   

[gotbeer]

Founders of South African Bitcoin exchange disappear after $3.6 billion 'hack'

[Tank]

1 hour ago, gotbeer said:

Founders of South African Bitcoin exchange disappear after $3.6 billion 'hack'

[gotbeer]

Get ready for Crypto to crater, I just bought in again.

[failos]

Ah so nice to not lose money anymore. Glad I held.