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  • Originally posted by CM View Post
    From the Wall Street Journal today:

    "Bitcoin fell as low as $18,739.50 and stayed below $20,000 on Saturday, according to CoinDesk, losing 72% of its value from its high in November."

    So there is a bitcoin market with active trading and public quotes 7 days per week? Are these published somewhere?
    It's a 24/7 market. They're published everywhere.

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    • Originally posted by CordMcNally View Post

      It's a 24/7 market. They're published everywhere.
      Looks like this is a source: https://coinmarketcap.com/currencies/bitcoin/

      Under $18,000 when I looked. The Reddit subs are entertaining.
      Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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      • Originally posted by CM View Post
        I haven't read much of this thread or other crypto exchanges, so this may have been covered, but I ask in case any Bitcoin/crypto enthusiast is interested in stating the case (again?) for Bitcoin and/or other crypto assets:

        Bitcoin provides no earnings, interest, or dividends, and does not produce anything, which is why Buffett assigns it a value of zero.

        It is also clearly not an inflation hedge, and it's not a stock market hedge, as demonstrated this year.

        It isn't a store of value, and it isn't suitable as a currency, because it is extremely volatile.

        I understand it may be of some use to criminals, but that isn't much of an investment case.

        So, what is it that makes it of great value?
        apparently you can get 15% "risk-free" for holding your crypto in stablecoins. sounds too good to be true!

        Comment


        • Originally posted by CM View Post

          Looks like this is a source: https://coinmarketcap.com/currencies/bitcoin/

          Under $18,000 when I looked. The Reddit subs are entertaining.
          I haven't seen the Reddit subs lately but I think I a lot of them are learning a tough lesson on diversity.

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          • 17,600 now. I wonder how the stock market would behave on Monday ?

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            • Woah what happen? Almost looks like a short squeeze. You can't short crypto can you?

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              • Originally posted by CM View Post
                From the Wall Street Journal today:

                "Bitcoin fell as low as $18,739.50 and stayed below $20,000 on Saturday, according to CoinDesk, losing 72% of its value from its high in November."

                So there is a bitcoin market with active trading and public quotes 7 days per week? Are these published somewhere?
                bitcoin blocks happen ~ every 10 minutes without the control of government or any central authority. Coins are always moving.

                Comment


                • Originally posted by CM View Post
                  I haven't read much of this thread or other crypto exchanges, so this may have been covered, but I ask in case any Bitcoin/crypto enthusiast is interested in stating the case (again?) for Bitcoin and/or other crypto assets:

                  Bitcoin provides no earnings, interest, or dividends, and does not produce anything, which is why Buffett assigns it a value of zero.

                  It is also clearly not an inflation hedge, and it's not a stock market hedge, as demonstrated this year.

                  It isn't a store of value, and it isn't suitable as a currency, because it is extremely volatile.

                  I understand it may be of some use to criminals, but that isn't much of an investment case.

                  So, what is it that makes it of great value?
                  bitcoin is just hard money

                  Comment


                  • Originally posted by burritos View Post
                    Woah what happen? Almost looks like a short squeeze. You can't short crypto can you?
                    absolutely you can. Given the conviction of some people around here I’m sure there are some that have active short positions

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                    • Oh my

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                      • Originally posted by jacoavlu View Post

                        absolutely you can. Given the conviction of some people around here I’m sure there are some that have active short positions
                        I don't know about that. Talk is cheap.

                        You could be right, though.

                        So, who is shorting bitcoin? Anyone?

                        Comment


                        • Originally posted by AR View Post

                          I don't know about that. Talk is cheap.

                          You could be right, though.

                          So, who is shorting bitcoin? Anyone?
                          Not me.
                          Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

                          Comment


                          • Originally posted by CM View Post
                            So, what is it that makes it of great value?
                            By the oldest law of all: supply and demand. I think all the other arguments; no dividends, no products etc are meaningless. So if a stock allows you to own a share of the company that makes a product, what sets the price of the stock? Supply and demand. A stock can have a PE of 20, 100, 10, or negative PE, and we have seen all of that during the market cycle; completely meaningless. To me, something has value when enough people wants it, that's it. This is the same reason why gold, baseball cards, antique cars, etc. have value. In the case of bitcoin, I don't think it will ever be a payment since its blockchain system is not efficient enough for that. I'm buying bitcoin because I think it will eventually be a store of value. It's volatile now but it won't be volatile forever; it will either dissappear or its price will stabilize since it has a limited supply. The chance of bitcoin going out of existence is extremely low. Currently, about 40-50 million Americans own bitcoin and many more in the rest of the world so it's not esoteric as some folks in this forum make it out to be. It's being backed by mega banks/institutions and countries. You can also buy exposure to bitcoin in your 401K. I would say the chance of it disappearing is much lower than any mega companies that you can name. And while bitcoin does not have the 100 years history of the stock market, it has survived 3 crashes in over a decade of existence and with each crypto winter, it has dropped to higher lows and reached higher highs each time (sounds familiar?). Anyways, by this time, most people have already made up their mind whether to buy bitcoin or not. I've made up my mind so I'm seeing this drop as an opportunity to buy.
                            I'm only talking about BTC as I don't pay much attention to other crypto.

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                            • You can short btc on bitmex and kraken. Never done it. All cryptos are volatile, even btc. I wouldn't do it, even with play money.

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                              • I'm curious what btc experts on this site think btc is?

                                -it's clearly not a store of value (store of values don't fall 70% in a few months)
                                -its not a medium of exchange or a currency (99.9% of anything you buy doesn't take btc at checkout)
                                -its not a commodity like oil, copper, soy beans that get used for things
                                -its not a bond or loan backed by credit or assets that pays you a yield (yeah I know you can lend out your btc but not the same)
                                -its not a company that sells a product that people want, has earnings, pays dividends
                                -its not piece of real estate that earns rental income

                                So what the heck is it? Why would anyone want to "invest" in it? Can any experts give me a succinct answer to that?
                                Last edited by BobbyC; 06-18-2022, 04:44 PM.

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