Bitcoin is still early

[NapoleanDynamite]

I'm pro crypto/BTC....but I don't get Elon on this.

It's impossible to believe he's just now learning of BTC mining/energy costs. Nothing changed between when he decided to take BTC as payment and now.

Something fishy going on.

I agree with you completely. There is another agenda. On another site, I listed the complete lack of logic in his announcement yesterday. Either he is completely high on weed, or there are other things going on that he cannot/won't share. Either govt pressure (US or China), legal concerns from TSLA legal team, TSLA is wanting to mine themselves using TSLA solar, or some other motive.

His announcement yesterday and subsequent tanking of price (which he had to know would happen) is not the end of the story.

[blippi]

good ol fashioned price manipulation for personal gain? i never worshipped this guy, so that’s high on my list.

[Zaphod]

Either lawyers, or that he's attempting to secure a green fuel contract that bitcoin is detrimental to, government subsidies are his game.

Bitcoin is a levered risk asset, it crashed with inflation and the market long before the elon announcement which was after hours.

[NapoleanDynamite]

Either lawyers, or that he's attempting to secure a green fuel contract that bitcoin is detrimental to, government subsidies are his game.

Bitcoin is a levered risk asset, it crashed with inflation and the market long before the elon announcement which was after hours.

BTC price was down 2% during normal trading hours....well within its normal daily volatility range. Tough to prove that was due to inflation news.

At 5:06 pm Elon tweeted. Over the next 2 hours BTC price dropped an additional 15%. So I disagree with the timing part of your comment.

[chucki]

It's not like Elon hasn't manipulated markets before -- remember "Funding Secured" about taking TSLA private, DOGE pumps, etc. Not sure why there's an entire cult that hero worships this guy.

[xraygoggles]

Current dominance --

BTC: 40%
ETH: 20%

By EOY 2021, I wouldn't be surprised to see it be split evenly. Near flippening territory.

[Dont_know_mind]

Either lawyers, or that he's attempting to secure a green fuel contract that bitcoin is detrimental to, government subsidies are his game.

Bitcoin is a levered risk asset, it crashed with inflation and the market long before the elon announcement which was after hours.

It’s amazing to me that people think Bitcoin will do well in a high rate environment. I tend to think it will be like a bug on a windshield if 30 year treasuries back up to 3-4%. I think the whole tech sector may find that hard if it occurs.

[Brains428]

https://www.ft.com/content/529eb4e6-796a-4e81-8064-5967bbe3b4d9

Probably a reason why BTC and crypto has been having trouble. Tether transparency might have backfired.

[xraygoggles]

https://www.ft.com/content/529eb4e6-...4-5967bbe3b4d9
Probably a reason why BTC and crypto has been having trouble. Tether transparency might have backfired.

Yep could be. Nice dip happening this weekend.

Here's a non-paywalled link: https://archive.is/2021.05.14-115452...4-5967bbe3b4d9

[FreshPaint]

Posting this cause I think it might be instructive for others.

I made about 40k w/ bitcoin by buying at 2-3k per coin several years ago. Sold at 10k last summer, regretted it, then FOMO'ed back in between 40-55k per coin using GBTC in my IRA. Bought about 130k worth, now I'm down 25k primarily due to the crashing premium on GBTC. With this weekend dip I'm due for much more pain on Monday.

While I'm technically up or even on bitcoin, I wish I had never gotten into it in the first place. It's a beautiful sunday and I'm sitting here stressed out about something over which I have no control. When I was 100% indexed I wasn't checking the price of VTSAX every 10 minutes.

[CordMcNally]

Posting this cause I think it might be instructive for others.

I made about 40k w/ bitcoin by buying at 2-3k per coin several years ago. Sold at 10k last summer, regretted it, then FOMO'ed back in between 40-55k per coin using GBTC in my IRA. Bought about 130k worth, now I'm down 25k primarily due to the crashing premium on GBTC. With this weekend dip I'm due for much more pain on Monday.

While I'm technically up or even on bitcoin, I wish I had never gotten into it in the first place. It's a beautiful sunday and I'm sitting here stressed out about something over which I have no control. When I was 100% indexed I wasn't checking the price of VTSAX every 10 minutes.

Why did you buy it in the first place? I buy everything to hold long term. I check various prices of stocks throughout the day (most of which I don't directly own) for fun. I've bought Bitcoin and Cardano to hold for the long haul. I check their prices daily but it doesn't change my ultimate strategy. It's all a long term play.

[Jaqen Haghar MD]

I'm pro crypto/BTC....but I don't get Elon on this.

It's impossible to believe he's just now learning of BTC mining/energy costs. Nothing changed between when he decided to take BTC as payment and now.

Something fishy going on.

[Nysoz]

Yeah, buy and hold anything usually beats trading and FOMO investing. Includes indexes, stocks, crypto, real estate or anything else. Find something good that you want to invest in and hold for the long term. Invest in the underlying and not price action. If it doesn't perform or the reason why you invest in it doesn't pan out, then be ready to sell and cut losses or take profits.

Trading isn't bad, but you need to know your risk tolerance and goals before starting. Also keep it to a fraction of your portfolio so it doesn't matter much if you lose big or not.

[FreshPaint]

Why did you buy it in the first place? I buy everything to hold long term. I check various prices of stocks throughout the day (most of which I don't directly own) for fun. I've bought Bitcoin and Cardano to hold for the long haul. I check their prices daily but it doesn't change my ultimate strategy. It's all a long term play.

Same reasons as everyone else, and I still believe in bitcoin but I allocated too much of my portfolio. What makes sense for a robot doesn't work for me, the human.

[CordMcNally]

but I allocated too much of my portfolio.

I guess that's the big takeaway.