cryptocurrency forum (bitcoin and more)

[WVUPharm2007]

Crypto gaming, get in now while it’s veryyyyy early.

And overall crypto is still early.

Stop being stubborn in your old way of thinking you old farts. You don’t have to fully understand it to make money off of it. Invest and learn along the way

But what if the reason I'm skeptical is BECAUSE I understand it?

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[aqb]

But what if the reason I'm skeptical is BECAUSE I understand it?

What makes you skeptical?

 

[WVUPharm2007]

What makes you skeptical?

I question the end-user utility of cryptocurrencies outside of their obvious utility as a mechanism of financial speculation.

 

[mentos]

Crypto gaming, get in now while it’s veryyyyy early.

Do you mean MANA, ENJ, SAND etc?

 

[aqb]

Do you mean MANA, ENJ, SAND etc?

Yep.

GALA, QBIT, ILV, AXS, IMX, DERC.

...also looking to maybe putting something into TABOO but that's another category.

 

[aqb]

I question the end-user utility of cryptocurrencies outside of their obvious utility as a mechanism of financial speculation.

Would you rather trust a politician or an engineer with your money?

 

[WVUPharm2007]

Would you rather trust a politician or an engineer with your money?

I would trust the currency of a stable government.

 

[JustFillIt]

Anyone here swing trading and/or holding AMC? I have been buying the current dip pretty hard for the next rip up.

I have been buying about 200 shares daily since Tuesday - I’m at 600 shares now and down about 2k.

 

[JustFillIt]

But what if the reason I'm skeptical is BECAUSE I understand it?

 

[mentos]

Anyone here swing trading and/or holding AMC? I have been buying the current dip pretty hard for the next rip up.

I have been buying about 200 shares daily since Tuesday - I’m at 600 shares now and down about 2k.

Is AMC a permanent squeeze like GME? Will it never die?

 

[aqb]

I would trust the currency of a stable government.

Like one that prints over 40% of its supply in the past two years, has endless debt, and is on constant talks of defaulting?

 

[WVUPharm2007]

Like one that prints over 40% of its supply in the past two years, has endless debt, and is on constant talks of defaulting?

Yes. Without a doubt. They have the strongest economy and strongest military in the world. And the dollar is actually used as a currency. Cryptos are just mechanisms for speculation with no real world use right now.

 

[mentos]

Yes. Without a doubt. They have the strongest economy and strongest military in the world. And the dollar is actually used as a currency. Cryptos are just mechanisms for speculation with no real world use right now.

It's legal tender in El Salvador.

Afghans used crypto to protect their assets when the Taliban took over.

Inside Afghanistan's cryptocurrency underground as the country plunges into turmoil

Afghans face a nationwide cash shortage, closed borders, a plunging currency, and rapidly rising prices of basic goods. An emerging crypto scene has helped some.

www.cnbc.com

 

[JustFillIt]

It's legal tender in El Salvador.

Afghans used crypto to protect their assets when the Taliban took over.

Inside Afghanistan's cryptocurrency underground as the country plunges into turmoil

Afghans face a nationwide cash shortage, closed borders, a plunging currency, and rapidly rising prices of basic goods. An emerging crypto scene has helped some.

www.cnbc.com

Did you know that you can send bitcoin payments over a HAMM radio?

One of the things they tout is the fact that they can circumvent government interference with the Bitcoin financial system.

 

[JustFillIt]

Anyone here swing trading and/or holding AMC? I have been buying the current dip pretty hard for the next rip up.

I have been buying about 200 shares daily since Tuesday - I’m at 600 shares now and down about 2k.

Damn - dipping even harder today. 200 more and 3.2k down today. I’m going for a hardcore slide and bump on this scalp.

800 shares held right now at a 24% dip.

 

[WVUPharm2007]

It's legal tender in El Salvador.

Afghans used crypto to protect their assets when the Taliban took over.

Inside Afghanistan's cryptocurrency underground as the country plunges into turmoil

Afghans face a nationwide cash shortage, closed borders, a plunging currency, and rapidly rising prices of basic goods. An emerging crypto scene has helped some.

www.cnbc.com

Ok, still no actual use in the United States where an actual stable currency exists, then.

 

[JustFillIt]

Is AMC a permanent squeeze like GME? Will it never die?

Not sure really. My gut says that there are some really bad short positions caught up in this thing. However - they will let this steam off very slowly over a very long period of time. If this is true, it makes this stock a swing traders dream come true. Essentially it creates a scenario where there will always be upswing to this thing as shorts are covered over a long period of time.

Will it “MOASS” - maybe not. But I foresee a series of geyser like peaks that are as consistent as old faithful until the bad shorts are out.

AMC has, by far, become one of my most successful trading stocks ever. Love trading this stock. For anyone with a stomach for risk - and some money you would not be afraid to loose - I highly recommend swinging on AMC

 

[mentos]

Not sure really. My gut says that there are some really bad short positions caught up in this thing. However - they will let this steam off very slowly over a very long period of time. If this is true, it makes this stock a swing traders dream come true. Essentially it creates a scenario where there will always be upswing to this thing as shorts are covered over a long period of time.

Will it “MOASS” - maybe not. But I foresee a series of geyser like peaks that are as consistent as old faithful until the bad shorts are out.

AMC has, by far, become one of my most successful trading stocks ever. Love trading this stock. For anyone with a stomach for risk - and some money you would not be afraid to loose - I highly recommend swinging on AMC

What price do you generally buy and sell? Buy below 40 and sell above 40? I've done this a few times with NIO this year. But there's a lot of Chinese FUD now.

 

[JustFillIt]

What price do you generally buy and sell? Buy below 40 and sell above 40? I've done this a few times with NIO this year. But there's a lot of Chinese FUD now.

I look at it more with percents and volumes. I never really bother with the actual share price when I am swing trading.

The current dip I am buying (with AMC) - I’m about 25% down.. this is a good thing. Every 10% drop I try to buy about 50% more shares than I did on the last run. My dollar cost average will follow me down at about 10% off each time. Then when the volume starts to slow just a bit and my gut says there will be a reversal (this is the trickiest part) I will buy another 25% of whatever quantity of shares that I am holding at the time - this will help bring my dollar cost average right where I need it to be at for the run up. I call this the slide and bump. For this swing - I will start to sell at the “double inverse” of what I was buying on the way down. Essentially - I am selling at twice the rate that I buy at 10% increments up. This only works if you have a large cash reserve to continually pass your cost average

I may do 5% increments on some stocks - or even 2.5% on less volatile stocks. For AMC, i think 10% is reasonable based on its historical volatility this year

I currently own 875 shares. My current cost average is 30.80 and the price is around 28. Monday will tell me if I want to average down with a buy of about 200 more shares in hopes for the run up. I feel like, so far it’s going smooth.

Next week I am hoping for a week or two salary bonus. By the way - swing trading is a tax nightmare

 

[Z-Qualizer]

 

[WVUPharm2007]

View attachment 346488View attachment 346488

I'm not questioning the utility of blockchain as a ledger. I'm questioning the utility of cryptocurrency as an actual currency longterm as well as its valuation, which seems wildly overvalued to me.

Just like how the dot-com bust was a thing. People thought anything remotely related to the internet was worth billions. Like the old pets.com. But then they realized that in order to be worth something, it actually has to have end-user utility on a large scale.

99.99% of humans have zero functional reason to use crypto. If there were a reason to need to use it, obviously my opinion would change. But there is zero reason to use the stuff as an actual modicum of exchange. The legacy banking system has it beat in every way. Transaction for consumers in the vast majority of instances are fast, free, provide fraud protection, and have stable values. Why would I buy anything with bitcoin when my Visa credit card provides cash back and fraud protection. And then my bank account is secured and backed by FDIC protection?

I get that there are small use-cases like utility in criminal enterprises, third world dystopias, etc. But why would anyone in the first world actually use crypto day to day? That's why I don't get and that's why the valuations we are seeing just make no sense to me.

 

[owlegrad]

Just like how the dot-com bust was a thing.

I actually think that is the perfect analogy. Will there be a widely adopted cryptocurrency in the future? Maybe. But will one of the current options be that winner? Again maybe but seems unlikely to me. Do I have the ability to pick that winner with confidence? Absolutely not. It all looks like garbage to me.

I don’t even get the mining process to be honest. How is that different than a currency where anyone can print more bills? And what happens when all the coins have been mined? Will people want to keep buying smaller and smaller fractions of coins?

The whole thing just sounds stupid to me on a conceptual level. Then add in things like people getting locked out of their wallets, joke coins blowing up in value, rug pulls, etc. “I’m out”.

 

[WVUPharm2007]

I actually think that is the perfect analogy. Will there be a widely adopted cryptocurrency in the future? Maybe. But will one of the current options be that winner? Again maybe but seems unlikely to me. Do I have the ability to pick that winner with confidence? Absolutely not. It all looks like garbage to me.

I don’t even get the mining process to be honest. How is that different than a currency where anyone can print more bills? And what happens when all the coins have been mined? Will people want to keep buying smaller and smaller fractions of coins?

The whole thing just sounds stupid to me on a conceptual level. Then add in things like people getting locked out of their wallets, joke coins blowing up in value, rug pulls, etc. “I’m out”.

The mining process depends on the individual coin. Some coins have a mathematical limit. Bitcoin is an example. In theory, people would use fractions of the coin as values increase in that case. Some coins increase their cap over time like Ether. Some are the wild west like Doge. Which was just made as a joke in the first place. Yet it keep increases in value. Which you'd think would give people pause, but, no, it doesn't.

 

[mentos]

BTC has a cap of 21million coins, unlike the US dollar which prints to infinite.

 

[WVUPharm2007]

BTC has a cap of 21million coins, unlike the US dollar which prints to infinite.

I don't understand why people think this is a bad thing. Having a deflationary currency is the reason the US couldn't get out of the depression.

 

[owlegrad]

BTC has a cap of 21million coins, unlike the US dollar which prints to infinite.

So what happens when the 21 millionth coin is minted? What would have happened to USD if the Fed had stopped printing when it printed the 21 millionth dollar?

 

[JustFillIt]

So what happens when the 21 millionth coin is minted? What would have happened to USD if the Fed had stopped printing when it printed the 21 millionth dollar?

My understanding is that Bitcoin actually diminishes it’s available quantity in fractions every few years or something like that. I do not know the details well - but I understand that every few years a certain quantity of the outstanding Bitcoin supply is recalled somehow. I think the last time was 2019 or somewhere around then.

I think it’s called “Bitcoin halving” or something like that. I may be explaining it wrong.

Not sure if this answers your question but that is what came to mind

I seriously think that the cryptocurrency future will be determined by those who are in power over the world economy. They will eventually decide if the world should use it is a global payment option or not. I think the cryptos that are backed by some sort of precious metal such as silver or gold would rise above the rest. Then these will be standards to compare against when the US fed announces a blockchain crypto currency.

If this happens - those that went with cryptos backed by true value will become rich. Those that gamble their money on clown options like “Shiba inu” will likely get washed away

 

[mentos]

I seriously think that the cryptocurrency future will be determined by those who are in power over the world economy.

There are already politicians who own 6 figures of crypto. The number will only increase over time.

 

[JustFillIt]

What price do you generally buy and sell? Buy below 40 and sell above 40? I've done this a few times with NIO this year. But there's a lot of Chinese FUD now.

Ding! Dinners ready!

This morning when the price hit 33.30 - I went ahead and sold 600 shares. My average price was 30.10 for about 2k profit. I still have 550 shares left rolling in AMC.

Now what I will do is let the rest of my 550 shares roll in this thing to see where it goes. If it goes up another 10% I will sell about 200 or so. If it drops another 10%, I will start buying again to prepare for the next swing.

Now - I will take this 2k I just scored and and book a 3 night vacation for my wife and I. I will just pay the capital gains when I do my taxes. Easy money…..

Anyways - I highly recommend AMC as a swing stock for anyone that likes to swing trade.

 

[mentos]

Ding! Dinners ready!

This morning when the price hit 33.30 - I went ahead and sold 600 shares. My average price was 30.10 for about 2k profit. I still have 550 shares left rolling in AMC.

Now what I will do is let the rest of my 550 shares roll in this thing to see where it goes. If it goes up another 10% I will sell about 200 or so. If it drops another 10%, I will start buying again to prepare for the next swing.

Now - I will take this 2k I just scored and and book a 3 night vacation for my wife and I. I will just pay the capital gains when I do my taxes. Easy money…..

Anyways - I highly recommend AMC as a swing stock for anyone that likes to swing trade.

Nice congrats! I saw NIO below 30 earlier this week and thought about doing this but got too scared. I think April/May scarred me for life.

 

[mentos]

Ding! Dinners ready!

This morning when the price hit 33.30 - I went ahead and sold 600 shares. My average price was 30.10 for about 2k profit. I still have 550 shares left rolling in AMC.

Now what I will do is let the rest of my 550 shares roll in this thing to see where it goes. If it goes up another 10% I will sell about 200 or so. If it drops another 10%, I will start buying again to prepare for the next swing.

Now - I will take this 2k I just scored and and book a 3 night vacation for my wife and I. I will just pay the capital gains when I do my taxes. Easy money…..

Anyways - I highly recommend AMC as a swing stock for anyone that likes to swing trade.

AMC below 27, are you gonna do it again?

 

[JustFillIt]

AMC below 27, are you gonna do it again?

Haha - yea. I’ll do it again. It’s 26.15 right now. I just purchased 200 shares at this price. I’m down about 2k now on the 550 that I left in earlier this week. Total shares 750 right now.

My current average is 28.33.

Let’s see where this thing goes. Wish me luck! I may need it this time! 😂🤣

 

[mentos]

Haha - yea. I’ll do it again. It’s 26.15 right now. I just purchased 200 shares at this price. I’m down about 2k now on the 550 that I left in earlier this week. Total shares 750 right now.

My current average is 28.33.

Let’s see where this thing goes. Wish me luck! I may need it this time! 😂🤣

Have insiders sold this much before?

AMC Entertainment shares slump nearly 7% as insiders continue to sell the movie theater operator's stock

Shares of AMC Entertainment slumped 6.8% on Friday after CEO Adam Aron and CFO Sean Goodman sold significant portions of the stock.

www.cnbc.com

 

[JustFillIt]

Have insiders sold this much before?

AMC Entertainment shares slump nearly 7% as insiders continue to sell the movie theater operator's stock

Shares of AMC Entertainment slumped 6.8% on Friday after CEO Adam Aron and CFO Sean Goodman sold significant portions of the stock.

www.cnbc.com

Good golly! Today hurt…. At this point I am many thousands of dollars down. I just purchased 250 more shares and brought my average to 26.80.

I have a rule about the market - I will let the market hurt me - but I won’t let it butthurt me. I have about 20k more I can throw at this thing before I get stuck in a really nasty bull trap. However, I am not really worried about that happening at this point.

Right now - all going according to plan….. 😆

Regarding the propaganda wars that serve the bulls or bears agenda…. I don’t pay much attention to that. There are many forces at play in the markets and insider trading is just one. But - it should be noted that the ceo sold 1 million shares and is currently still holding over 2 million shares.

 

[mentos]

Good golly! Today hurt…. At this point I am many thousands of dollars down. I just purchased 250 more shares and brought my average to 26.80.

I have a rule about the market - I will let the market hurt me - but I won’t let it butthurt me. I have about 20k more I can throw at this thing before I get stuck in a really nasty bull trap. However, I am not really worried about that happening at this point.

Right now - all going according to plan….. 😆

Regarding the propaganda wars that serve the bulls or bears agenda…. I don’t pay much attention to that. There are many forces at play in the markets and insider trading is just one. But - it should be noted that the ceo sold 1 million shares and is currently still holding over 2 million shares.

Hopefully the Santa Claus rally happens for you. I think this week will have more pain with the fed speaking on Wednesday.

 

[JustFillIt]

Hopefully the Santa Claus rally happens for you. I think this week will have more pain with the fed speaking on Wednesday.

You might be right - what I am going to do is this: I will not buy any more shares unless we drop another 20% over time.

So - if the price hits 18 bucks, I will buy about 300 shares. At this point buying becomes much cheaper. If it gets around 10/share - 20k will go an awfully long way and I can average down even more

My gut says sentiment is still very strong behind this thing. Combine that with the fact that a whole new generation of traders are hooked on this stock are are well aware of good swing trading technique - I should be good.

Only thing that would bring this whole thing down is if everyone was out of money - which is entirely possible in the near future. If I end up taking a loss, that’s okay.. I have been very fortunate in the market and I understand that you win some and loose some.

 

[StockPharmD2020]

You might be right - what I am going to do is this: I will not buy any more shares unless we drop another 20% over time.

So - if the price hits 18 bucks, I will buy about 300 shares. At this point buying becomes much cheaper. If it gets around 10/share - 20k will go an awfully long way and I can average down even more

My gut says sentiment is still very strong behind this thing. Combine that with the fact that a whole new generation of traders are hooked on this stock are are well aware of good swing trading technique - I should be good.

Only thing that would bring this whole thing down is if everyone was out of money - which is entirely possible in the near future. If I end up taking a loss, that’s okay.. I have been very fortunate in the market and I understand that you win some and loose some.

You're buying a **** stock. Congrats on trading it but you deserve to lose money if you're holding this.

 

[JustFillIt]

You're buying a **** stock. Congrats on trading it but you deserve to lose money if you're holding this.

Whatever you say I guess

The way I see it - all stocks are crap stocks at this point if you compare them to their actual valuation. Valuations are out of control and grossly inflated.

 

[JustFillIt]

Hopefully the Santa Claus rally happens for you. I think this week will have more pain with the fed speaking on Wednesday.

Oh baby!!! That swing was a little more intense than I am used to. I bought a little too many shares on the way down - I got lucky and it paid off .

I was down 7.3k at one point holding about 1550 shares at an average mid 28 bucks. This morning I sold 1250 shares just under the 30 dollar mark and raked in approximately 1500 bucks again. I left 300 shares rolling to see where we go. I’ll start digging into the next swing

Love AMC stock…

 

[mentos]

Oh baby!!! That swing was a little more intense than I am used to. I bought a little too many shares on the way down - I got lucky and it paid off .

I was down 7.3k at one point holding about 1550 shares at an average mid 28 bucks. This morning I sold 1250 shares just under the 30 dollar mark and raked in approximately 1500 bucks again. I left 300 shares rolling to see where we go. I’ll start digging into the next swing

Love AMC stock…

Run for the hills! LoL

 

[StockPharmD2020]

Oh baby!!! That swing was a little more intense than I am used to. I bought a little too many shares on the way down - I got lucky and it paid off .

I was down 7.3k at one point holding about 1550 shares at an average mid 28 bucks. This morning I sold 1250 shares just under the 30 dollar mark and raked in approximately 1500 bucks again. I left 300 shares rolling to see where we go. I’ll start digging into the next swing

Love AMC stock…

Risked 38k for 1.5k profit pretax. LoL

 

[mentos]

Risked 38k for 1.5k profit pretax. LoL

"Fortune favors the brave." -Matt Damon

 

[JustFillIt]

"Fortune favors the brave." -Matt Damon

Didn’t, Alexander the Great Also say that? I guess I’m in good company.

And - swing trading/buying dips is no new thing. I know when I need to cut losses and when I’m in with the bulls. The bull market of the past 10 years has opened up many opportunities to make smart money.

I’m not afraid to play the market game one bit.

 

[mentos]

Bitcoin holder Ray Dalio gets into ether, praising crypto as he calls cash the 'worst investment'

The billionaire dissed cash as the "worst investment," saying it will likely lose buying power in the face of high inflation.

markets.businessinsider.com

 

[Jbrl]

NFTs - who else is buying these magical JPEGs 👀

 

[mentos]

NFTs - who else is buying these magical JPEGs 👀

I got Bob Ross ones yesterday. Pulled a grail (999 available) and they're selling for $200+.

 

[Z-Qualizer]

NFTs - who else is buying these magical JPEGs 👀

Nope. I’m perfectly fine with missing the boat on that one.

 

[Jbrl]

I got Bob Ross ones yesterday. Pulled a grail (999 available) and they're selling for $200+.

Nice! There’s a ton of branded ones being released recently

Nope. I’m perfectly fine with missing the boat on that one.

Ez 2x+ for ones with relatively low risk that you throw $20 on 😎

 

[mentos]

If I didn't pull a grail then I would have lost money though. The rest of my 60 cards are pretty much worthless.

 

[WVUPharm2007]

lol

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