Re: Stock Market and Bitcoin this AM
[Re: charles]
#7268317
05/20/21 08:34 AM
05/20/21 08:34 AM
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Joined: Jul 2012
Posts: 2,619 Nebraska
WadeRyan
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Stocks are down in this morning's selloff. Bitcoin is down 23% at the open, down over $10,000 per coin. It is now 40% off its 2021 high.
Investors who purchased on margin are now having to sell stocks. The downward push is especially pronounced in technology stocks.
Elon Musk announced this week that Tesla would no longer accept Bitcoin. Another rumor was that Musk was selling his Bitcoin. All I'm hearing is buy, buy, and buy. Crypto is not for the weak at heart. It swings wildly. Best to get it and forget it.
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Re: Stock Market and Bitcoin this AM
[Re: charles]
#7268332
05/20/21 08:59 AM
05/20/21 08:59 AM
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Joined: Dec 2006
Posts: 29,981 williamsburg ks
danny clifton
"Grumpy Old Man"
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"Grumpy Old Man"
Joined: Dec 2006
Posts: 29,981
williamsburg ks
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What gives crypto currency value? The dollar is backed by U.S. military might.
Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety. Benjamin Franklin (1706-1790)
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Re: Stock Market and Bitcoin this AM
[Re: danny clifton]
#7268348
05/20/21 09:16 AM
05/20/21 09:16 AM
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Joined: Jul 2012
Posts: 2,619 Nebraska
WadeRyan
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What gives crypto currency value? The dollar is backed by U.S. military might. At least you didn't say gold I've gotten into some of the platforms and links within crypto. Everyone has been focused on the coins themselves. With a little research there's a lot of money to be made outside the coins. Take MATIC for example. I was going to buy in up to $0.50 a share and waited till it dipped to $0.33 and bought 6,000 shares. Today it's at $2.17. My $2,000 investment is over $13,000. Not a bad profit for 3 weeks of patience.
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Re: Stock Market and Bitcoin this AM
[Re: charles]
#7268351
05/20/21 09:19 AM
05/20/21 09:19 AM
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Joined: Dec 2006
Posts: 29,981 williamsburg ks
danny clifton
"Grumpy Old Man"
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"Grumpy Old Man"
Joined: Dec 2006
Posts: 29,981
williamsburg ks
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i dont understand it at all
Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety. Benjamin Franklin (1706-1790)
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Re: Stock Market and Bitcoin this AM
[Re: charles]
#7268359
05/20/21 09:41 AM
05/20/21 09:41 AM
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Joined: Dec 2006
Posts: 17,750 Rodney,Ohio
SNIPERBBB
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A simple, overgeneralized way to think of cryptos is that they are payment processors similar to credit card/merchant service companies.
Last edited by SNIPERB🦝; 05/20/21 09:42 AM.
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Re: Stock Market and Bitcoin this AM
[Re: DecoyMacoy]
#7268397
05/20/21 11:18 AM
05/20/21 11:18 AM
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Joined: May 2010
Posts: 2,686 Alaska
drasselt
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Hey bright side is if the petro-dollar fails at least we can maybe stop dropping pallets of cash overseas and my friends/classmates can stop needlessly dying in the middle east.
Decoy I won't quibble your point but last I heard the military is still voluntary.
you can vote your way into socialism, but you will have to shoot your way out.
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Re: Stock Market and Bitcoin this AM
[Re: charles]
#7268618
05/20/21 04:49 PM
05/20/21 04:49 PM
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Joined: Mar 2016
Posts: 913 North Carolina
DaYooper14
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Thanks for the discount Elon!
-- It seems all of Greece knows what is the right thing to do, but it is only the Spartans that do anything about it. --
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Re: Stock Market and Bitcoin this AM
[Re: danny clifton]
#7268625
05/20/21 05:24 PM
05/20/21 05:24 PM
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Joined: Jul 2016
Posts: 296 NE Wisconsin
DecoyMacoy
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What gives crypto currency value? The dollar is backed by U.S. military might. Bitcoin's value comes from its utility. It's wealth that you can fully control. Wealth that you can verify the supply of now or in future. Wealth that is completely separate from any governing entity. Wealth you can store in your brain as you cross a border. You could say Bitcoins value come the ability to use it as a tool to be more self sovereign. IMO its a tool that will be extremely necessary in the coming future. Bitcoin is not backed by anything and that is what's makes it great. It creates no 3rd party liabilities. Things that are "backed" require storage, security and worst of all trust in a persons or group not to debase the supply. If Bitcoin was "backed" it would not have any of the utility described above.
Last edited by DecoyMacoy; 05/20/21 07:12 PM.
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Re: Stock Market and Bitcoin this AM
[Re: drasselt]
#7268626
05/20/21 05:26 PM
05/20/21 05:26 PM
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Joined: Jul 2016
Posts: 296 NE Wisconsin
DecoyMacoy
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Hey bright side is if the petro-dollar fails at least we can maybe stop dropping pallets of cash overseas and my friends/classmates can stop needlessly dying in the middle east.
Decoy I won't quibble your point but last I heard the military is still voluntary. I never said it wasn't
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Re: Stock Market and Bitcoin this AM
[Re: SNIPERBBB]
#7268632
05/20/21 05:40 PM
05/20/21 05:40 PM
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Joined: Jul 2016
Posts: 296 NE Wisconsin
DecoyMacoy
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A simple, overgeneralized way to think of cryptos is that they are payment processors similar to credit card/merchant service companies. The millions of "cryptos" may be trying to do this but this is definitely NOT what Bitcoin is at all. Way too narrow thinking. If I had make a comparison to something it would be to think of the Bitcoin network as a new internet. An internet of money. There will be many layers built upon the Bitcoin network just as there are many layers to the internet (email, websites, forums, streaming video, cloud databases, ect, ect) and its constantly evolving. One of those layers will offer instant transaction settlement, ie a "payment processor".
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Re: Stock Market and Bitcoin this AM
[Re: charles]
#7268687
05/20/21 07:12 PM
05/20/21 07:12 PM
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Joined: Dec 2006
Posts: 29,981 williamsburg ks
danny clifton
"Grumpy Old Man"
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"Grumpy Old Man"
Joined: Dec 2006
Posts: 29,981
williamsburg ks
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who invented crypto? somebody already wealthy or somebody who has since accumulated great wealth. Was it really as simple as saying this IS money. computer money?????
Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety. Benjamin Franklin (1706-1790)
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Re: Stock Market and Bitcoin this AM
[Re: charles]
#7268688
05/20/21 07:13 PM
05/20/21 07:13 PM
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Joined: Dec 2006
Posts: 29,981 williamsburg ks
danny clifton
"Grumpy Old Man"
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"Grumpy Old Man"
Joined: Dec 2006
Posts: 29,981
williamsburg ks
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FWIW the Emperor of the fairy tale really was naked.
Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety. Benjamin Franklin (1706-1790)
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Re: Stock Market and Bitcoin this AM
[Re: charles]
#7268689
05/20/21 07:15 PM
05/20/21 07:15 PM
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Joined: Dec 2006
Posts: 29,981 williamsburg ks
danny clifton
"Grumpy Old Man"
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"Grumpy Old Man"
Joined: Dec 2006
Posts: 29,981
williamsburg ks
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What stops the bitcoin "bank" from being hacked? When it is are there any insurance plans?
Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety. Benjamin Franklin (1706-1790)
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Re: Stock Market and Bitcoin this AM
[Re: danny clifton]
#7268703
05/20/21 07:38 PM
05/20/21 07:38 PM
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Joined: Jul 2016
Posts: 296 NE Wisconsin
DecoyMacoy
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who invented crypto? somebody already wealthy or somebody who has since accumulated great wealth. Was it really as simple as saying this IS money. computer money????? I hate the word "crypto", it makes me cringe. It's short for cryptography which is a computer privacy tool. Most "cryptos" are scams and were created to steal from who don't understand Bitcoin. Bitcoin was created by a person or group under the pseudonym "Satoshi Nakamoto". Here is the WHITEPAPER if you'd like to read it but its kinda technical. He/she/they mined a lot of early coins as they helped to bootstrap the network with many other cryptographers and computer nerds. It had no value for the first ~2 years until a few people started trading goods/services for coins. This Saturday celebrates one of the first Bitcoin transactions when a guy named Laszlo traded 10,000 BTC for 2 Papa Johns Pizzas, now known as "Bitcoin Pizza Day". Satoshi stepped away from the project as the network gained traction and decentralized with 100's of developers from around the world working on it and running the network nodes. None of those early coins owned by Satoshi have ever moved (the Bitcoin ledger is fully transparent and its easy to tell which coins where Satoshis in the very early days).
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Re: Stock Market and Bitcoin this AM
[Re: charles]
#7268707
05/20/21 07:42 PM
05/20/21 07:42 PM
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Joined: Dec 2006
Posts: 29,981 williamsburg ks
danny clifton
"Grumpy Old Man"
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"Grumpy Old Man"
Joined: Dec 2006
Posts: 29,981
williamsburg ks
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is "mining" a euphemism for creating out of thin air?
Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety. Benjamin Franklin (1706-1790)
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Re: Stock Market and Bitcoin this AM
[Re: danny clifton]
#7268730
05/20/21 08:00 PM
05/20/21 08:00 PM
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Joined: Jul 2016
Posts: 296 NE Wisconsin
DecoyMacoy
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What stops the bitcoin "bank" from being hacked? When it is are there any insurance plans? All you need to "hack" Bitcoin is to overpower it with more computing power than currently secures it (miners). Therefore basically you'd need enough electricity to power a medium size country along with $$$Billions of dollars worth of specially designed computers. You'd have to build these new Power Plants and computers covertly without anyone figuring it out. All that work would get you a few minutes to create a few 'double spends" which could hurt the network temporarily. It has gotten to the point where this is not even a realistic possibility. Most of the other "cryptos" are not even remotely this robust and could easily be attacked. This system I just described is called "Proof of Work" (POW). Its very hard to create new digital coins and even harder to create counterfeits. Gold and gold mining is basically POW. Hard to create, hard to forge. This is why gold is/was a decent store of value. There are no "insurance plans", ie no bailouts in Bitcoin. Other "cryptos" have had bailouts (transactions reversed) because they have centralized control. is "mining" a euphemism for creating out of thin air? Bitcoin mining takes extraordinary amounts of electricity and super specialized computing equipment. Not exactly "thin air" but you can call it what you want.
Last edited by DecoyMacoy; 05/20/21 08:02 PM.
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