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BMBiology said:
What is the big deal about people being passionate about something? At the end of the day, we don't affect the results. We are just observers. Lets also face it....people love about being right and that is fine too. I want to hear what people are thinking and betting on. It might change my mind.
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I see a stark difference between passion and what is written here. Perhaps that’s just me. Rather than a blanketed statement about whether crypto will live or die and i told you so, a nuanced discussion might reveal more interesting, balanced information.

I see blockchain as potentially world changing for fintech in a similar way the internet was for communication. With that said there are many questions regarding what fair value would look like for many of these projects and how those projects would accrue value for investors as opposed to users. Take for example payment coins... they must have some store of value properties or there is no reason for them to appreciate. They’re as good as a Chuck E Cheese token that would be exchanged for another token or for fiat whenever possible.

In contrast, there are other tokens with tokenomics currently pegged to fiat, that utilize scarcity principles for appreciation and whose network effects increase with greater usage such that, theoretically, value can be passed to you who owns the token as opposed to the end user. Supply chain coins and store of value coins come to mind.

With that said, I do agree that we're in post bubble territory, as Bitcoin is wont to enter every few years, and right now isn't a good time to enter from an R/R standpoint. There was a scientific paper that estimated the floor to be $1k-2k, and that price point coincides with previous bitcoin bubbles, so if I were to buy into cryptocurrency I would do it then.
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Jbrl said:
I see a stark difference between passion and what is written here. Perhaps that’s just me. Rather than a blanketed statement about whether crypto will live or die and i told you so, a nuanced discussion might reveal more interesting, balanced information.

I see blockchain as potentially world changing for fintech in a similar way the internet was for communication. With that said there are many questions regarding what fair value would look like for many of these projects and how those projects would accrue value for investors as opposed to users. Take for example payment coins... they must have some store of value properties or there is no reason for them to appreciate. They’re as good as a Chuck E Cheese token that would be exchanged for another token or for fiat whenever possible.

In contrast, there are other tokens with tokenomics currently pegged to fiat, that utilize scarcity principles for appreciation and whose network effects increase with greater usage such that, theoretically, value can be passed to you who owns the token as opposed to the end user. Supply chain coins and store of value coins come to mind.

With that said, I do agree that we're in post bubble territory, as Bitcoin is wont to enter every few years, and right now isn't a good time to enter from an R/R standpoint. There was a scientific paper that estimated the floor to be $1k-2k, and that price point coincides with previous bitcoin bubbles, so if I were to buy into cryptocurrency I would do it then.
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The problem is outside the extremely small crypto world, no one sees any point to it.

There needs to a be a use and it's not there.....well other then making me a ton a of money.
 
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wagrxm2000 said:
The problem is outside the extremely small crypto world, no one sees any point to it.

There needs to a be a use and it's not there.....well other then making me a ton a of money.
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I'd recommend this as a short read to understand the enterprise value of blockchain. There is certainly business interest in the technology because of its potential to reduce costs and improve data analytics in the short term and transform business models in the long term.
 
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Jbrl said:
I'd recommend this as a short read to understand the enterprise value of blockchain. There is certainly business interest in the technology because of its potential to reduce costs and improve data analytics in the short term and transform business models in the long term.
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Nobody is saying that block chain isn't a great technology. But just because something is built on block chain doesn't give it intrinsic value. The technology isn't patented.
 
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Jbrl said:
I see a stark difference between passion and what is written here. Perhaps that’s just me. Rather than a blanketed statement about whether crypto will live or die and i told you so, a nuanced discussion might reveal more interesting, balanced information.
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Let’s be real here. People were making blanketed statements at the start of this thread. Why didn’t you say anything then? Is it because they were positive posts?

You are bothered by these “negative” posts because you are losing money. Yeah it sucks...I know but again, we don’t affect the price. We are just reporting it and adding our commentary but if it was going up, would you have cared?




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WVUPharm2007 said:
Nobody is saying that block chain isn't a great technology. But just because something is built on block chain doesn't give it intrinsic value. The technology isn't patented.
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What I outlined above IS value adding. Now, whether that value is passed onto investors or not is a different story. The IP aspect is something that needs to be tackled, and that will play out over a few years. You can already see companies trying to patent certain aspects of blockchain.

How defensible they are I don’t know. There are beliefs that market efficiencies will eventually drain economic profit from most cryptocurrencies since forking is so easy. Some counterarguments point to transition costs and brand value with certain use cases.

BMBiology said:
Let’s be real here. People were making blanketed statements at the start of this thread. Why didn’t you say anything then? Is it because they were positive posts?

You are bothered by these “negative” posts because you are losing money. Yeah it sucks...I know but again, we don’t affect the price. We are just reporting it and adding our commentary but if it was going up, would you have cared?




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Here we go with the ad hominem...

My position/thesis and ideas about crypto have changed over the time. Full disclosure, I am short bitcoin. And equally concerned with hodlers who don’t consider the risks.

That doesn’t address my statement at all.
 
wagrxm2000 said:
When did this start
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Around the time I posted here last... When Bitcoin bounced from 6k to 11k. Google trends and other social interest seemed to deviate from the price action.
 
Jbrl said:
Around the time I posted here last... When Bitcoin bounced from 6k to 11k. Google trends and other social interest seemed to deviate from the price action.
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how are you shorting bitcoin?
 
Bitcoin at 7.1k, hope everyone bought.
 
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Bitcoin breaks 8k, I can't hear you guys anymore.
 
Momus said:
No one cares :) 0 now, 0 in next 30 yrs. Sh1t coin gamblers unite? Are you a part of it? Looool
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No I'm not a part of it. Just wondering why no one is talking this down as it climbs. I'm sure you'll say something when it falls again.

Up 32% the past month and 195% the past year. Not everyone bought during that huge climb.
 
wagrxm2000 said:
No I'm not a part of it. Just wondering why no one is talking this down as it climbs. I'm sure you'll say something when it falls again.

Up 32% the past month and 195% the past year. Not everyone bought during that huge climb.
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Why should I talk about sh1t coins? I have no interest holding it since it's not an investment. Fools think it is, so I like to crap all over their face when it goes down.

BTW, 20k to 8k in a yr lmao, better stick to index, at least you get 3-5%. Wait til it went past 20k before you post BTC is the greatest. When is McAfee cutting his weiner?
 
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Momus said:
Why should I talk about sh1t coins? I have no interest holding it since it's not an investment. Fools think it is, so I like to crap all over their face when it goes down.

BTW, 20k to 8k in a yr lmao, better stick to index, at least you get 3-5%. Wait til it went past 20k before you post BTC is the greatest. When is McAfee cutting his weiner?
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That's ytd, not everyone bought in the beginning of the year. Year over year it's up 200%.

My reason is you guys came on here saying no one is talking this up anymore since it's down. Now look, it's going up and neither is saying anything.

Maybe no one cares haha.
 
msweph said:
I just cant deal with BMB and Mom constantly acting like the world is ending just to 'prove' they were right. If you aren't into crypto then STOP posting in here.

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Muh quantum computing
 
msweph said:
I just cant deal with BMB and Mom constantly acting like the world is ending just to 'prove' they were right. If you aren't into crypto then STOP posting in here.

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You can’t deal with me or you can’t deal with losing money?


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Bitcoin being up 36% just goes to show anyone who thinks they know where this is going is fooling themselves and it's just a complete guess.
 
When will BTC hit 5000? 3000-5000 would be a buy! My guess is around December. People would take their loss as a tax deduction.


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BMBiology said:
When will BTC hit 5000? 3000-5000 would be a buy! My guess is around December. People would take their loss as a tax deduction.


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Make sure you post when you buy, I'll match whatever you put in.

I really just want to buy that house together in some tropical area.
 
I've been scalping GBTC, a bitcoin ETF-like derivative. Haven't really been too interested in it as late, but I'm eagerly watching for some signs of a reversal. If a real bitcoin ETF gets approved it may be a temporary boost to bitcoin. Last year I was trading all the bitcoin related stocks: NVDA, SQ, Overstock.com, Riot, Teum, etc. NVDA has really done much lately, but they have their earnings this week. The combination of decreased interest in bitcoin mining and Chinese tariffs has put a damper on NVDA, but I will be eagerly reading their earnings report this week.
 
I hope people realize that there were people that made fortunes during that ride up too.
 
Crypocurrency is getting heavily in to dentistry. some of the online stores have started using them. It might pickup in coming days. We must not look it as trading tool. It is definitely more than that.
 
Did I just ruin my life trading crypto?

Another one bite the dust... there is more way to rack up $400k loan... and not the good kind like a student loan (arguably at this point)... from the IRS :)

1TZuh2B.jpg
 
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Bitcoin is still a thing?
 
Bitcoin was a fun scam while it lasted
 
msweph said:
I skimmed the article - he made 800K in 2017, but when everything went to **** he lost all the profit.

The article said he put 5K in. He could probably get away with it.

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What does the IRS have to do with it? He only needs to pay taxes if he makes money.

If he owes $400 k in taxes then that means he made a **** load of money.

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BMBiology said:
What does the IRS have to do with it? He only needs to pay taxes if he makes money.


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I think the issue is he made money one year, lost it the next year, but apparently never paid the taxes on what he made in the first year.
 
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His excuse is he didn't know he had to pay taxes on money he made and didn't set anything aside to pay the taxes.

Honestly if you are going to comment or are interested enough to ask questions just read the post. :p
 
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owlegrad said:
I think the issue is he made money one year, lost it the next year, but apparently never paid the taxes on what he made in the first year.
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He needs to hire Trump accountant and write off the losses for years!


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There is a long article in a recent New Yorker magazine that actually does a fairly good job of explaining the blockchain...which seems like a good idea....except when it is applied to the "bitcoin" concept which appears to be the ultimate fish job..AND..apparently this blockchain system involves hardware that uses incredible amounts of electricity.......which would make investors ....how about...electric fish......?
 
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