With the amount of bearish sentiment in the room I presume some of you have opened massive short positions on btc?
Cryptocurrency
- Thread starter Playboi Carti
- Start date
I know you love stables. This is the best idea I've seen for a stable yet.
Scientists claim to have designed a fully decentralized stablecoin pegged to electricity
Scientists working for the U.S. government have completed the proof of concept for a cryptocurrency that could transmit electricity.
People furiously writing and then erasing 1s and 0s, taking orders over a landlines. That's why a transaction takes 10 minutes.
I've known people who have shorted on the board of trade, and still lost a ton of money.
Bearish on the whole market, I think the average EPS of SPY over the long haul puts it at a value of about $315 so could be a long ways to go for the whole market. But I won't short anything ever, scares the **** out of me. I can lose money safer as a bull.
@JustAnotherTimeline been a while since I’ve been in this thread, but glad to see you still around fighting the good fight. Did my monthly investment allocation yesterday. Easy decision on what to allocate to.
Just because someone doesn't run into the room as a bull doesn't mean they short or think the asset is worth shorting. I myself don't short out of principal - I have no interest in succeeding at another's failure; that said, I liquidated all of my crypto assets (not many) back in February and have been glad to be on the sidelines for this latest downturn.
BTC might yet have it's 'day in the sun', I'm still not convinced it'll be anytime soon - as you said "not your wallet, not your crypto" and who really wants to manage the hoops required to hold these types of assets in today's day and age - same reason I didn't own any BTC after it's price crashed in the early 2010's. Even the most 'savvy' have horror stories of lost hard drives, thumb drives, etc. with 'thousands' of dollars 'worth' of BTC. I hope this downturn is brief and you can laugh at all of us on CF from a beachside home in Tahiti, but to suggest someone who is bearish has an ulterior motive as a short on a message board 'dedicated' to Cyclone sports is DUMB.
I thought one of the benefits of crypto currencies protection from the actions of central banks. That's doesn't appear to be case. With the current inflation rates it should be cryptos time to shine.
The dramatic drop in value is putting the "cry" in crypto. (Sorry, I couldn't resist.)
www.cnbc.com
The dramatic drop in value is putting the "cry" in crypto. (Sorry, I couldn't resist.)
Bitcoin came close to falling below $20,000 as investors continue to flee cryptocurrencies
Bitcoin's price plunged very close to $20,000 Wednesday as cryptocurrencies sank deeper into the red.
www.cnbc.com
Appreciate the response. However, I feel like my intent with the post was missed. I realize many are not engaged with the markets enough to have any interest in shorting something. Those folks could still have perfectly valid investment analysis. But I made a sensational comment on purpose. If you have spent any time on this thread you would know there are people here with extreme bearish opinions. There is a certain respect to be had for putting your money where your mouth is. Based on some of the mouths here, there should be some open short positions.
Since you brought it up, bitcoin represents less then 5% of my portfolio (also I am a regular W2 dude). While I am extremely bullish and passionate about crypto, I am not an idiot. Bitcoin could go to zero and I would just have to rely on the other 95% to pay my bills in retirement. No big deal. Regardless of how my any of my investments do, I don't see Tahiti in my future. I would be happy with much less.
I thought one of the benefits of crypto currencies protection from the actions of central banks. That's doesn't appear to be case. With the current inflation rates it should be cryptos time to shine.
The dramatic drop in value is putting the "cry" in crypto. (Sorry, I couldn't resist.)
Bitcoin came close to falling below $20,000 as investors continue to flee cryptocurrencies
Bitcoin's price plunged very close to $20,000 Wednesday as cryptocurrencies sank deeper into the red.
As bullish as I am, you're right. As much I would like for bitcoin to be an inflation hedge, it currently isn't.
If you want to see some interesting, crazy, and sad stuff check out the Celsius Reddit page. It’s an interesting read just ti see the psychological tricks people will play to retain hope - “hiring restructuring lawyers is a good thing!”, and “please shady billionaire who ran a Ponzi scheme, l know you will look out for us investors since you said so on an AMA (back when he was taking you into investing).” You can see all stages of grief in the posts including, weirdly, deal making.
I never imagined so many people would put so much of their life savings into unregulated risky financial investors. I can’t help but feel bad for them but also completely dumbfounded by the risk people take. One guy lamented that this would destroy his family since he put his wife’s entire retirement savings on Celsius. Crazy.
I never imagined so many people would put so much of their life savings into unregulated risky financial investors. I can’t help but feel bad for them but also completely dumbfounded by the risk people take. One guy lamented that this would destroy his family since he put his wife’s entire retirement savings on Celsius. Crazy.
I wasn't familiar with Celsius or their current issues. This video did a nice job of explaining it.
Celsius isn't a Ponzi scheme. They are an irresponsible crypto "bank" that invested/borrowed with extremely high risk to offer crazy yields. It's not that different from our legacy system that gave us the 08 crisis. Only difference is the legacy banks were bailed out. Banking practices from the mid 2000s should have resulted in far more destruction.
To your point though, Mashinsky (the CEO) is a cult leader like figure. Very convincing and charismatic.
I was reading the "restructuring lawyers" they hired are among the best BK attorneysin NYC. More pain to come. It is sad for those who didn't understand the risk.
100% based on greater fool theory. Bill Gates not fooled.
www.cnn.com
Bill Gates says crypto and NFTs are a sham
Don't count Bill Gates among the fans of cryptocurrencies and NFTs.
No, I just want to buy video cards, and crypto bros drive up the price for something with no value. Plus it is hard to get asics and AI workload GPUs, which makes my job harder. All of this plus a huge amount of wasted energy for an encrypted linked list. Such a waste.
Gorm, I just watched this. It is an EXCELLENT video. Spot on. Thanks for sharing.
I like how he talked about the liquidity of the CEL token. I used Celsius for awhile for a portion of my funds until I realized that the 24 hour trading activity was extremely low compared to other similar market cap coins. That was a red flag that the company was propping up its company with an illiquid token.
100% based on greater fool theory. Bill Gates not fooled.
Bill Gates says crypto and NFTs are a sham
Don't count Bill Gates among the fans of cryptocurrencies and NFTs.
Microsoft is going big on the metaverse. NFTs will likely play a role.
