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1978 clicks; posted to Business » on 11 Jan 2021 at 12:29 PM (22 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-01-11 12:33:44 PM  
Soda.
 
2021-01-11 12:34:53 PM  
A top executive at BlackRock (BLK), the world's largest asset manager, recently said bitcoin could supplant gold as the main asset that investors can use to hedge against inflation and a weaker dollar.

More proof that being a top executive actively damages your brain. No sane institution would ever use digital smoke over a real world object that has value. You can use a lot of things when the power gets fried by a super sized solar flare

digital smoke and mirrors is not on that list of things
 
2021-01-11 12:37:07 PM  
Snap
 
2021-01-11 12:47:27 PM  
Good thing I sold exactly at the top. I'll be using 6% of the proceeds to pay off my non-HOA homes.

My stock market gains during a bull market make me a financial genius.

My FIRE plans are right on track, assuming zero health issues.

My job is immune to automation, even though if you think about it for more than a few seconds it's really easy to automate.

I am...a FarkMBATM.
 
2021-01-11 12:47:29 PM  

lifeslammer: More proof that being a top executive actively damages your brain. No sane institution would ever use digital smoke over a real world object that has value. You can use a lot of things when the power gets fried by a super sized solar flare

digital smoke and mirrors is not on that list of things


The SEC is being pressured by con men on Wall Street to allow "ETF"s of BitCoin backed securities, which is no different than selling bitcoin.  That has pushed BitCoin to new levels as banks anticipate getting in on the action.
 
2021-01-11 12:48:32 PM  
RobinHood did it. Don't expect a recovery until weds at least.
 
2021-01-11 12:51:37 PM  
Mah magic techno beans!
 
2021-01-11 12:52:03 PM  
Crackle
 
2021-01-11 12:52:19 PM  

KarmicDisaster: Snap


Crackle.
 
2021-01-11 12:55:26 PM  

Myk-House of El: KarmicDisaster: Snap

Crackle.


pop.
 
2021-01-11 12:56:33 PM  
GPU shortage to end soon?
 
2021-01-11 12:58:25 PM  
For a real asset, this would be disastrous.  For the bits coins... it's Monday.
 
2021-01-11 1:05:33 PM  
goes the weasels.
 
2021-01-11 1:07:07 PM  
I see we already have the sold at the top post supporting the survivorship bias for the other 99%  that lost money covered.
 
2021-01-11 1:08:10 PM  
Oh no, now I'm only up 30% since Jan 1st.  The horror.  I called this last week in another thread.  After quadrupling in 2 months it was due a pullback.  It's already bouncing back up, and will still double this year easy.  I'm probably going to buy more today.

cman: GPU shortage to end soon?


GPUs haven't been used for bitcoin mining in like 5+ years.  They are still used a bit in mining other coins, but its not much of a factor anymore.  The current GPU shortage is due to both AMD and Nvidia switching thier process to build the new cards.  Yields are not great yet.  A high end GPU is probably 2 orders of magnitude more complex than anything else you have in your home, and building them is pretty intensive.
 
2021-01-11 1:16:37 PM  

MrScruffles: I see we already have the sold at the top post supporting the survivorship bias for the other 99%  that lost money covered.


Man, I suck at parody posts.
 
2021-01-11 1:19:23 PM  

Lord Bear: Oh no, now I'm only up 30% since Jan 1st.  The horror.  I called this last week in another thread.  After quadrupling in 2 months it was due a pullback.  It's already bouncing back up, and will still double this year easy.  I'm probably going to buy more today.

cman: GPU shortage to end soon?

GPUs haven't been used for bitcoin mining in like 5+ years.  They are still used a bit in mining other coins, but its not much of a factor anymore.  The current GPU shortage is due to both AMD and Nvidia switching thier process to build the new cards.  Yields are not great yet.  A high end GPU is probably 2 orders of magnitude more complex than anything else you have in your home, and building them is pretty intensive.


It's not gambling. I have a system
 
2021-01-11 1:22:25 PM  

Gubbo: Lord Bear: Oh no, now I'm only up 30% since Jan 1st.  The horror.  I called this last week in another thread.  After quadrupling in 2 months it was due a pullback.  It's already bouncing back up, and will still double this year easy.  I'm probably going to buy more today.

cman: GPU shortage to end soon?

GPUs haven't been used for bitcoin mining in like 5+ years.  They are still used a bit in mining other coins, but its not much of a factor anymore.  The current GPU shortage is due to both AMD and Nvidia switching thier process to build the new cards.  Yields are not great yet.  A high end GPU is probably 2 orders of magnitude more complex than anything else you have in your home, and building them is pretty intensive.

It's not gambling. I have a system


My 'system' is pretty simple, buy and hold.  I dabble a bit in trading, but that has cost me as much money as it has made me.  Its a deflationary asset, and holding is pretty much a surefire success.  Nobody (except for people that bought bitcoin in the last week) have ever lost money on bitcoin in the long term.
 
2021-01-11 1:30:33 PM  
Cicero
 
2021-01-11 1:35:34 PM  
Bitcoin is far inferior to my investment strategy.  I put cash down on the craps table and then roll a seven.
 
2021-01-11 1:38:39 PM  

Rapmaster2000: Bitcoin is far inferior to my investment strategy.  I put cash down on the craps table and then roll a seven.


Amateur. I roll that 7, then let it all ride and just continue throwing 7s. Repeat over and over.
 
2021-01-11 1:40:52 PM  
Hey, it's just like the thing with the tulips!  It's like the tulips guys!  Remember the tulips?

/tulips
 
2021-01-11 1:41:46 PM  

Lord Bear: Gubbo: Lord Bear: Oh no, now I'm only up 30% since Jan 1st.  The horror.  I called this last week in another thread.  After quadrupling in 2 months it was due a pullback.  It's already bouncing back up, and will still double this year easy.  I'm probably going to buy more today.

cman: GPU shortage to end soon?

GPUs haven't been used for bitcoin mining in like 5+ years.  They are still used a bit in mining other coins, but its not much of a factor anymore.  The current GPU shortage is due to both AMD and Nvidia switching thier process to build the new cards.  Yields are not great yet.  A high end GPU is probably 2 orders of magnitude more complex than anything else you have in your home, and building them is pretty intensive.

It's not gambling. I have a system

My 'system' is pretty simple, buy and hold.  I dabble a bit in trading, but that has cost me as much money as it has made me.  Its a deflationary asset, and holding is pretty much a surefire success.  Nobody (except for people that bought bitcoin in the last week) have ever lost money on bitcoin in the long term.


You do understand that bitcoin isn't shiny like gold right? Everyone knows that shiny things are the best investments. Just look at tulips! They aren't shiny at all and so obviously they had to crash.
 
2021-01-11 1:49:48 PM  
This has been an interesting thread. You have the supports of Bitcoin and the critics just like normal.

Bitcoin is highly volatile and speculative, story at 11
 
2021-01-11 1:55:13 PM  

keldaria: This has been an interesting thread. You have the supports of Bitcoin and the critics just like normal.

Bitcoin is highly volatile and speculative, story at 11


You don't even get a tulip bulb to hold.
 
2021-01-11 1:56:16 PM  

KarmicDisaster: keldaria: This has been an interesting thread. You have the supports of Bitcoin and the critics just like normal.

Bitcoin is highly volatile and speculative, story at 11

You don't even get a tulip bulb to hold.


Awesome! I was worried there for a second that I might have to care.
 
2021-01-11 2:02:45 PM  

keldaria: This has been an interesting thread. You have the supports of Bitcoin and the critics just like normal.

Bitcoin is highly volatile and speculative, story at 11


Blackjack is highly volatile.

Actually, blackjack probably has less volatility now I think on it
 
2021-01-11 2:04:23 PM  

keldaria: This has been an interesting thread. You have the supports of Bitcoin and the critics just like normal.

Bitcoin is highly volatile and speculative, story at 11


Yeah, Its pretty much always like this.  On the one hand, you get the "Bitcoin is tulips", "Bitcoin is only used for crime", "Bitcoin is raising GPU prices" types who's arguments can mostly be debunked pretty quickly, with a few actual good points.

On the other side you get people using and liking Bitcoin and the wealth that it has brought them, while pointing out flaws in current monetary systems.

And very occasionally you'll get someone saying that Bitcoin will replace gold and the dollar and will be the only real currency after the financial apocalypse which will be any day now.  I like bitcoin and all, but those guys are nutters.
 
2021-01-11 2:05:12 PM  

keldaria: KarmicDisaster: keldaria: This has been an interesting thread. You have the supports of Bitcoin and the critics just like normal.

Bitcoin is highly volatile and speculative, story at 11

You don't even get a tulip bulb to hold.

Awesome! I was worried there for a second that I might have to care.


Only if you were trying to time the pop and missed it.
 
2021-01-11 2:15:47 PM  
Pop pop!

-Magnitude
 
2021-01-11 2:20:09 PM  
This thread could use some music.

M - Pop Muzik (Official Video)
Youtube gPoiv0sZ4s4
 
2021-01-11 2:27:20 PM  

Gubbo: Rapmaster2000: Bitcoin is far inferior to my investment strategy.  I put cash down on the craps table and then roll a seven.

Amateur. I roll that 7, then let it all ride and just continue throwing 7s. Repeat over and over.


There's an even better strategy from this guy.

img.ifunny.coView Full Size
 
2021-01-11 2:42:36 PM  

Gubbo: Rapmaster2000: Bitcoin is far inferior to my investment strategy.  I put cash down on the craps table and then roll a seven.

Amateur. I roll that 7, then let it all ride and just continue throwing 7s. Repeat over and over.


You guys are the worst craps players ever.

/got to play max odds on the pass line and come line
 
2021-01-11 2:44:56 PM  
I'd say chances are in the next few days or next few weeks, this correction will merely be a bump on the road. Could be wrong of course...

Call it tulips or a glorified card game at your own risk, many naysayers (myself included a year ago) said we would never go into cryptos.
 
2021-01-11 2:46:48 PM  

SirEattonHogg: I'd say chances are in the next few days or next few weeks, this correction will merely be a bump on the road. Could be wrong of course...

Call it tulips or a glorified card game at your own risk, many naysayers (myself included a year ago) said we would never go into cryptos.


I won't get into.  It could go to $100,000.  It could also go to $1,000.  I'd rather put my money in something I can put a price on.
 
2021-01-11 3:00:26 PM  

SirEattonHogg: I'd say chances are in the next few days or next few weeks, this correction will merely be a bump on the road. Could be wrong of course...

Call it tulips or a glorified card game at your own risk, many naysayers (myself included a year ago) said we would never go into cryptos.


If you have perfect knowledge, and you know when the pump and dump is gonna end, then bitcoin is a fine investment.

If you don't, then you're just gambling on a number going up
 
2021-01-11 3:21:20 PM  
What ever happened with John McAfee's bet on Bitcoin's value? All I can find are articles from a year ago saying "LOL I fooled you normies into thinking I would actually do that!" and also tweets from last July saying that the bet was actually for the end of the year.

Even Dickening.com has barely even acknowledged that the second deadline has passed.

/I guess that's just all we'll get.
 
2021-01-11 3:29:27 PM  

Lord Bear: Oh no, now I'm only up 30% since Jan 1st.  The horror.  I called this last week in another thread.  After quadrupling in 2 months it was due a pullback.  It's already bouncing back up, and will still double this year easy.  I'm probably going to buy more today.

cman: GPU shortage to end soon?

GPUs haven't been used for bitcoin mining in like 5+ years.  They are still used a bit in mining other coins, but its not much of a factor anymore.  The current GPU shortage is due to both AMD and Nvidia switching thier process to build the new cards.  Yields are not great yet.  A high end GPU is probably 2 orders of magnitude more complex than anything else you have in your home, and building them is pretty intensive.


Despite the crash, I'm still up 3200% since I bought 100$ worth in 2014 as a gamble. I'll hold and enjoy the ride.
 
2021-01-11 3:34:04 PM  

Siskabush: Lord Bear: Oh no, now I'm only up 30% since Jan 1st.  The horror.  I called this last week in another thread.  After quadrupling in 2 months it was due a pullback.  It's already bouncing back up, and will still double this year easy.  I'm probably going to buy more today.

cman: GPU shortage to end soon?

GPUs haven't been used for bitcoin mining in like 5+ years.  They are still used a bit in mining other coins, but its not much of a factor anymore.  The current GPU shortage is due to both AMD and Nvidia switching thier process to build the new cards.  Yields are not great yet.  A high end GPU is probably 2 orders of magnitude more complex than anything else you have in your home, and building them is pretty intensive.

Despite the crash, I'm still up 3200% since I bought 100$ worth in 2014 as a gamble. I'll hold and enjoy the ride.


Why?  You've made a ton of free money.  This is how gamblers go home from the casino with nothing.
 
2021-01-11 3:51:31 PM  

Rapmaster2000: Siskabush: Lord Bear: Oh no, now I'm only up 30% since Jan 1st.  The horror.  I called this last week in another thread.  After quadrupling in 2 months it was due a pullback.  It's already bouncing back up, and will still double this year easy.  I'm probably going to buy more today.

cman: GPU shortage to end soon?

GPUs haven't been used for bitcoin mining in like 5+ years.  They are still used a bit in mining other coins, but its not much of a factor anymore.  The current GPU shortage is due to both AMD and Nvidia switching thier process to build the new cards.  Yields are not great yet.  A high end GPU is probably 2 orders of magnitude more complex than anything else you have in your home, and building them is pretty intensive.

Despite the crash, I'm still up 3200% since I bought 100$ worth in 2014 as a gamble. I'll hold and enjoy the ride.

Why?  You've made a ton of free money.  This is how gamblers go home from the casino with nothing.


What he should actually do is invest in the dip
 
2021-01-11 3:52:44 PM  
And next month it'll be back up 30%, what else is new
 
2021-01-11 4:10:26 PM  

Myk-House of El: This thread could use some music.

[YouTube video: M - Pop Muzik (Official Video)]


Wow, there's a song i haven't heard in a long time!
 
2021-01-11 4:27:44 PM  

Gubbo: SirEattonHogg: I'd say chances are in the next few days or next few weeks, this correction will merely be a bump on the road. Could be wrong of course...

Call it tulips or a glorified card game at your own risk, many naysayers (myself included a year ago) said we would never go into cryptos.

If you have perfect knowledge, and you know when the pump and dump is gonna end, then bitcoin is a fine investment.

If you don't, then you're just gambling on a number going up


The majority of people can't time it.  I can't time it.  There's gonna be pump and dump throughout BTC (and ETH) trading history.  But long term accumulation works in cryptos just like it does in stocks.

If you accumulated 2018, 2019 and 2020 (forget the first few years when you could get BTC for less than a penny), you're sitting pretty even with today's correction.  Hell, today's correction has no appreciable effect if you did cost-averaging the past year, two years, etc.
 
2021-01-11 4:38:03 PM  

Siskabush: Lord Bear:

Despite the crash, I'm still up 3200% since I bought 100$ worth in 2014 as a gamble. I'll hold and enjoy the ride.


Yeah, I got the bulk of mine in 2016.  I still buy a little every paycheck.  Sudden 25% pullbacks are pretty normal in crypto, and I've learned to ignore them and just focus on the long term. And its really just fallen to where it was a whole week ago, that's just easy come, easy go territory.  A pullback is healthy, and allows for accumulation and even higher highs.
 
2021-01-11 4:38:12 PM  

SirEattonHogg: Gubbo: SirEattonHogg: I'd say chances are in the next few days or next few weeks, this correction will merely be a bump on the road. Could be wrong of course...

Call it tulips or a glorified card game at your own risk, many naysayers (myself included a year ago) said we would never go into cryptos.

If you have perfect knowledge, and you know when the pump and dump is gonna end, then bitcoin is a fine investment.

If you don't, then you're just gambling on a number going up

The majority of people can't time it.  I can't time it.  There's gonna be pump and dump throughout BTC (and ETH) trading history.  But long term accumulation works in cryptos just like it does in stocks.

If you accumulated 2018, 2019 and 2020 (forget the first few years when you could get BTC for less than a penny), you're sitting pretty even with today's correction.  Hell, today's correction has no appreciable effect if you did cost-averaging the past year, two years, etc.


This.

Bought more personally. I hope it crashes more so I can buy more. Even with the crash this weekend, still sitting pretty.

This bull run is just starting. Itll easily break 1T market cap this year.

/To the moon
 
2021-01-11 4:43:31 PM  
FTA:  Bitcoin prices surged to a new all-time high of nearly $42,000 on Friday, only to plunge all the way back to about $31,000 Monday morning. That's a more than 20% drop...

Surprised no one else has commented on this.  While technically correct, why wouldn't you say it's more than a 25% drop?

Fark user imageView Full Size


Myk-House of El: This thread could use some music.

[Youtube-video https://www.youtube.com/embed/gPoiv0sZ​4s4]


That was my first thought (oddly) after reading the headline and then the word soda.
 
2021-01-11 4:47:30 PM  

Dr.Fey: That was my first thought (oddly) after reading the headline and then the word soda.


It was my second thought.  My first one was crackle after reading "snap."

/New York, London, Paris, Munich...
 
2021-01-11 4:48:50 PM  

SirEattonHogg: I'd say chances are in the next few days or next few weeks, this correction will merely be a bump on the road. Could be wrong of course...

Call it tulips or a glorified card game at your own risk, many naysayers (myself included a year ago) said we would never go into cryptos.


Same.

I didnt like it for the first 11 years. When I did a lot of reading i to it, it blew me away. When I knew nothing about it I was dismissive. But holy crap is it amazing. And seeing what Jack Mallers is doing with it, will transform global banking.

/Western Union is gonna go bye bye, and fast
//ACH, Swift, and others better hurry up, or they will too
 
2021-01-11 4:50:39 PM  

SirEattonHogg: The majority of people can't time it.  I can't time it.  There's gonna be pump and dump throughout BTC (and ETH) trading history.  But long term accumulation works in cryptos just like it does in stocks.

If you accumulated 2018, 2019 and 2020 (forget the first few years when you could get BTC for less than a penny), you're sitting pretty even with today's correction.  Hell, today's correction has no appreciable effect if you did cost-averaging the past year, two years, etc.


Nonsense. Bitcoin moves like a random number generating slot machine.

Stocks have an underlying value. The share price may sometimes be wildly mistaken assumptions, but there is something underneath it.
 
2021-01-11 4:54:48 PM  

AsparagusFTW: SirEattonHogg: I'd say chances are in the next few days or next few weeks, this correction will merely be a bump on the road. Could be wrong of course...

Call it tulips or a glorified card game at your own risk, many naysayers (myself included a year ago) said we would never go into cryptos.

Same.

I didnt like it for the first 11 years. When I did a lot of reading i to it, it blew me away. When I knew nothing about it I was dismissive. But holy crap is it amazing. And seeing what Jack Mallers is doing with it, will transform global banking.

/Western Union is gonna go bye bye, and fast
//ACH, Swift, and others better hurry up, or they will too


What exactly, is so amazing.

Is it taking hours and paying a small fortune for processing transacionts?
 
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