Bitcoin tanking

Money
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Bitcoin has really tanked over the last several months. Now down to $70K from a high of $125K a few months ago. I personally don’t own any directly. I have some indirectly because some stocks I am invested in has some exposure.

What I am concerned about is broader exposure to the market. I know some of these people have done all kinds of crazy leveraging in the crypto space and seems like these guys are at risk of getting called that could have broader market implications. Anyone a crypto expert on here?

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While I could make a lot of money with crpyto, I think back when I could have made a lot of money with beanie babies. Of course, back then, if the beanie baby market crashed, I still had a cute little suffed animal.

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I am not sure there is such a thing as a crypto expert. That’s the problem. It’s being used as a collectible.

I have a very small crypto-investment as I think it’s speculative.

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I’m too old to be speculative, I like growth and income.

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We don’t own any bitcoin and don’t own any ETFs that do. We considered it and then said no way. The tulip mania is a fair comparison. I’m waiting for the same thing with pennies.

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What about Pet Rocks?

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NOw THAT one is stupid and will only accelerate the “round to the nickle” program since they will be a shortage of pennies. What they don’t realize is that if they have 100$ worth of pennies, when they try to sell them all they might get $80 for them.

Some guy made millons off that when a miillion dollars was really worth something, but nobody in their right mind saw those as an investment.

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I own a very small amount. I put in 25 dollars every 2 weeks.

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:yawning_face:

In 2017 BTC’s USD valuation collapsed from $20K to $3K.

85% decrease.

And most of you declared it dead on the spot.

Eight years later it was topping $120K.

High-visibility things fluctuate majorly. You can talk about tulip bulbs all you want. It’s not the same thing.

Tulip bulbs did not challenge centralized governments’ monopoly on currency control.

That is all. Carry on declaring Bitcoin dead. In a couple years you’ll be pretending you never said it — just like last time.

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No, as long as there is someone that believes that at some point they will be able to sell it to someone else for more than they paid for it, that is its only use, it will never be dead.

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People have been saying that for 20 years. Somehow enough major money movers got into it to make it well over a hundred fold more valuable.

Keep telling yourself it has no use, with your head in the sand and your ass in the air.

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No, as long as there is someone that believes that at some point they will be able to sell it to someone else for more than they paid for it, that is its only use, it will never be dead.

What does it produce?

And when there is no more of those people then what?

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It’s not a company or product, moron. It’s a currency.

Who said there will be no more?

95-year-old Warren Buffett who doesn’t understand this stuff? :yawning_face:

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Well you did mention the major money movers.

We have a currency and a way to make electronic payments.

Bitcoin is 40% off its OCT high. The US dollar is a currency where is it since OCT?

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Bitcoin is riches that are buried deep in the hard drive of your computer and it is “mined” via power heavy computers running super complex programs that can find a nugget of bitcoin…And the as the computer farms grow, we will have an endless supply of these cybernuggets. And the cool part is…you can cash them in for real money. And while I know that you don’t care for me, I’ve never called you a moron.

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That is why I am not a fan of bitcoin. I don’t see it being used as currency, nor do I see it solving a problem.
I buy some but minimal.

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WE don’t have an endless supply. Bitcoin has a hard cap

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For FUCKS SAKE. It’s more that bitcoin is not a value investors dream - it’s a herd speculation

He understood it at 75. He just saw it as speculative. I guess where you got me is that he doesn’t invest in things he doesn’t understand

it’s a currency but it’s a volatile currency. The anonymity it promotes isn’t valid. It’s not pegged to the dollar and has a finite supply

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How did it get there? I built my own PC.

I never said that we just don’t agree on much. I actually think you would be fun to hang out with if we could keep politics out of it.

I noticed a week or so you were concerned about BM, you are a good person.

No you haven’t

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