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re: Why is crypto crashing?
Posted on 5/14/22 at 3:15 pm to SlidellCajun
Posted on 5/14/22 at 3:15 pm to SlidellCajun
quote:No, and therein lies the problem.
Can anyone explain why?
0
Posted on 5/14/22 at 3:21 pm to SlidellCajun
quote:Please pose this question to those who bought that lousy Bitcoin for $400. Imagine, this 30-day "crash" spans 1/156th of Bitcoin's lifespan. Terrible.
Why is crypto crashing?
Posted on 5/14/22 at 3:41 pm to cable
quote:What about owning gold and devaluing by 50%, would you care?
I can live in my home - it can devalue by 50% - and I don't care.
I can drive my truck - it can devalue by 50% and I don't care
I can grow food on my farmland and it can devalue by 50% and I don't care
I can get dividends on my stocks and they can lose 50% of their value - I don't care
What about owning stocks that don't pay a dividend devaluing by 50%, would you care?
Posted on 5/14/22 at 4:27 pm to cable
quote:
I can get dividends on my stocks and they can lose 50% of their value - I don't care
quote:
If I had BTC or any other crypto - I'd sell that shite right now and buy something that's real and stop being a child with wild fantasies about being rich.
Posted on 5/14/22 at 6:27 pm to TigerTatorTots
quote:
What about owning gold
I don’t own physical gold. I have some silver coins that I just own for fun though
Posted on 5/14/22 at 7:41 pm to cable
quote:
If I had BTC or any other crypto - I'd sell that shite right now and buy something that's real and stop being a child with wild fantasies about being rich.
Cable, you assume that there's no utility to owning these coins without selling.
There are many crypto projects. Don't lump them all together. Yes, some are scams, but others have real utility.
Like with any investment, people will sometimes hold the asset to speculate on future value. I don't see why you have a problem with that.
Posted on 5/14/22 at 10:28 pm to SlidellCajun
quote:
The billionaire finance guru Warren Buffett, who complained recently that he did not know where to put his money, said cryptocurrencies are not being a productive asset and said he wouldn't buy the whole of bitcoin even for 25 US dollars.
But what does he know.
Posted on 5/14/22 at 10:33 pm to cable
quote:
If I had BTC or any other crypto - I'd sell that shite right now and buy something that's real and stop being a child with wild fantasies about being rich.
Actually the reverse is true. Folks should be looking to load up in the near future for the next bull run.
Posted on 5/14/22 at 10:52 pm to sawtooth
quote:
But what does he know.
quote:
Buffett once said he didn't invest in technology stocks because he didn't understand them.
quote:
Buffett explained having shied away from the creator of the iPod in 2012, commenting “the chances of being way wrong in IBM are probably less, at least for us, than the chances of being way wrong in Google or Apple […] I just don’t know how to value them.”
He's not infallible.
Posted on 5/14/22 at 11:14 pm to MrSpock
He seems to be right more than he is wrong.
I suspect that the owners of the fiat currencies aren’t too keen on crypto as well.
It’s an uphill bet.
I suspect that the owners of the fiat currencies aren’t too keen on crypto as well.
It’s an uphill bet.
quote:
He is currently the chairman and CEO of Berkshire Hathaway. He is one of the most successful investors in the world and has a net worth of over $116 billion as of May 2022, making him the world's sixth-wealthiest person. Omaha, Nebraska, U.S.
Posted on 5/14/22 at 11:36 pm to sawtooth
quote:
He seems to be right more than he is wrong.
No he seems to have more inside scoops than most. Like his sudden purchase based off his relationship with Bill Gates who happened to serve on his Board.
Amazing isn't it.
Posted on 5/15/22 at 12:03 am to Jjdoc
quote:
No he seems to have more inside scoops than most.
Sure.
Jealous much? Keep holding on to that crypto. I’ll stick with what the old guy says.
Posted on 5/15/22 at 1:06 am to SlidellCajun
quote:crypto isn’t a currency
and that crypto would be at least a stable currency.
You mean a volatile asset?
Posted on 5/15/22 at 1:56 am to sawtooth
quote:
But what does he know.
I couldn't care less what Warren Buffett thinks about crypto.
Posted on 5/15/22 at 6:40 am to sawtooth
Almost like different people see different value in things.
Posted on 5/15/22 at 7:32 am to horsesandbulls
"After the U.S. Constitution was ratified, Congress passed the "Mint Act" of April 2, 1792, which established the coinage system of the United States and the dollar as the principal unit of currency." LINK
When we won the Revolutionary War, creating a new currency was one of the most important things on the agenda. If that Congress had the Internet back then, would it have done things differently? Is there a law that limits the number of currencies, especially since BTC is a boundary-less currency? Is complacency and breaking old habits at the core of all the BTC belly-aching and doubt? Are we absolutely sure that the Dollar is the best way to go? Is it too late? Are we stuck with the Dollar?
I think it's safe to say that one of the reasons for the longevity of the Dollar is that it had a pretty good headstart on BTC and has been burned into the psyche of the American citizenry for generations. Therefore, any challenges to it are automatically squelched because it raises the possibility there is actually a better way. BTC is in the throes of transitioning from a mere concept to a practical tool. The headwinds should come as no surprise.
"It's just too much trouble to acknowledge this new currency", they said, as they waited in the bread line.
The very device you're looking at right now (PC, Laptop, Cellphone) was predicted to be a failure. Your bedtime reading: 10 Inventions No One Thought Would Be a Success
When we won the Revolutionary War, creating a new currency was one of the most important things on the agenda. If that Congress had the Internet back then, would it have done things differently? Is there a law that limits the number of currencies, especially since BTC is a boundary-less currency? Is complacency and breaking old habits at the core of all the BTC belly-aching and doubt? Are we absolutely sure that the Dollar is the best way to go? Is it too late? Are we stuck with the Dollar?
I think it's safe to say that one of the reasons for the longevity of the Dollar is that it had a pretty good headstart on BTC and has been burned into the psyche of the American citizenry for generations. Therefore, any challenges to it are automatically squelched because it raises the possibility there is actually a better way. BTC is in the throes of transitioning from a mere concept to a practical tool. The headwinds should come as no surprise.
"It's just too much trouble to acknowledge this new currency", they said, as they waited in the bread line.
The very device you're looking at right now (PC, Laptop, Cellphone) was predicted to be a failure. Your bedtime reading: 10 Inventions No One Thought Would Be a Success
This post was edited on 5/15/22 at 8:24 am
Posted on 5/15/22 at 10:46 am to tigerpawl
quote:
Please pose this question to those who bought that lousy Bitcoin for $400. Imagine, this 30-day "crash" spans 1/156th of Bitcoin's lifespan. Terrible.
I’m guessing you own some bitcoin.
I’m sure people who bought it when it was $400 are not bothered by the downturn in the currency and that’s fine but bitcoin is a currency first and foremost yet a lot of people seem to treat it as an investment more than a currency.
Do you or anyone you know own dollars or euro’s or other currency as investments?
This post was edited on 5/15/22 at 10:47 am
Posted on 5/15/22 at 12:36 pm to SlidellCajun
quote:Yes, I know someone who bought a lot of Rubles as an investment a couple months ago because they felt it was severely undervalued. Worked out pretty great. A lot are buying bitcoin today because they feel it’s very undervalued compared to future potential.
Do you or anyone you know own dollars or euro’s or other currency as investments?
Posted on 5/15/22 at 12:50 pm to sawtooth
quote:
quote:
No he seems to have more inside scoops than most.
Sure.
No. Not sure. It's a fact. He purchased shares of activision right before Microsoft announced a deal to purchase activision.
quote:
Berkshire now owns about 9.5% of Activision shares, Buffet said.
Microsoft in January announced intentions to buy Activision for $95 per share.
quote:
Warren Buffett and Bill Gates are very close friends who have partnered in philanthropy, political activism ... and online bridge. Their iconic friendship began almost 30 years to the day on Fourth of July weekend, 1991
They have served on each other's boards...etc.
Bringing him into a conversation is almost a joke.
quote:
Jealous much?
No.
quote:
Keep holding on to that crypto. I’ll stick with what the old guy says.
I get pay outs daily! Goes straight into my VERY REAL bank account.
Just because you don't understand it and he doesn't understand it doesn't make my bank account any smaller.
Posted on 5/15/22 at 6:42 pm to TigerTatorTots
Silver devaluation is greater 50% from decade and 40 yr old ATHs.
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