« prev   random   next »

2
0

Rin's 5 min take on Bitcoin

By Rin follow Rin   2021 Feb 27, 7:59pm 1,624 views   151 comments   watch   nsfw   quote   share    


In another thread ...

Just for some fun, I've decided to run a weekly price bar chart, with Fibonaccis on the whole thing ...



Here's the scoop, now that bigger institutes, along with the retail traders are into this speculation, there are actually trading zones for this thing because there are lots of players, not just the penny stock speculators.

So since last week's bearish candle engulfs the prior week's bullish one, we're on a retest of the price near the 0.618% Fibonacci retracement level. If that level holds, we have a bounce in place ... ready to go.

If it falls through that region w/ no intraweek support, then it falls to the next trading zone, and so on.

For this to be a bust, it needs to get back to the baseline.

I suspect that the big fish will issue a huge buyback in the 23K range, if not earlier (29K-35K). Sure, this thing may evaporate in the future if the concept of digital gold doesn't hold but between now and then, this is a trader's entity.

« First    « Previous    Comments 112 - 151 of 151    Last »

112   B.A.C.A.H.   ignore (0)   2021 Mar 6, 9:34am     ↓ dislike (0)   quote   flag      

Onvacation says
I think my biggest problem with bitcoin is that it is purely a speculative bet that depends on the greater fool, consumes vast amounts of energy, and has no benefit to noncriminal society.


Those are three problems.

Which one of those would you say is the biggest problem?
113   WookieMan   ignore (7)   2021 Mar 6, 10:00am     ↓ dislike (0)   quote   flag      

B.A.C.A.H. says
Onvacation says
I think my biggest problem with bitcoin is that it is purely a speculative bet that depends on the greater fool, consumes vast amounts of energy, and has no benefit to noncriminal society.


Those are three problems.

Which one of those would you say is the biggest problem?

Greater fool in my opinion. It can destroy families. I've seen it during the last bull run. And so can stocks, but with stocks you at least have an idea what you're getting by investing. You or anyone cannot explain what you're getting from crypto and specifically BTC.

It's tradable for sure. It would be stupid to hold it like other stocks and investments though. 2018 until Nov. 2020, BTC was dead money. 2-3 years. No dividends. No assets. No financial reporting. Who is holding it and who can pull the trigger at a moment and move the market. How much has been literally lost. Pain in the ass to transact in. There's nothing there and people are eating up the pumping right now.

So yeah. Greater fool. I don't like the criminal aspect to it either. It's not about drugs either. I don't think people understand human trafficking all that well. Crypto is perfect for that. It's sick.
114   Onvacation   ignore (6)   2021 Mar 6, 10:49am     ↓ dislike (0)   quote   flag      

WookieMan says
B.A.C.A.H. says
Onvacation says
I think my biggest problem with bitcoin is that it is purely a speculative bet that depends on the greater fool, consumes vast amounts of energy, and has no benefit to noncriminal society.


Those are three problems.

Which one of those would you say is the biggest problem?

Greater fool in my opinion

Agreed. Bitcoin is a big Ponzi scheme. The only way to get money out is for someone else to put money in.

The fact that it is unsustainable and used by criminals are secondary problems.
115   richwicks   ignore (4)   2021 Mar 6, 11:34am     ↓ dislike (0)   quote   flag      

G36 says
richwicks says
I understand how easy it is to make money doing nothing for society, do you feel guilty only making money doing nothing to improve society, or do you think you improve society in a way I cannot see?


Both. I wouldn't feel guilty. But if I get richer, I indirectly help society because with my profits I am able to buy more rentals and be a good/fair landlord. Also, Investing in Bitcoin helps society greatly: Banks used to have a monopoly. Now you can be your own bank.

I also like your dog story. We got a 2 year old doggy and I love improving his and my life by walking through the rolling hills in this beautiful SoCal weather.


Do you understand the objection of a rentier society?

Be kind to your dogs. I put so much into mine that when they died, it just destroyed me in that area. Worst thing I've ever done was ending my dog's life. I was an absolutely incredible dog owner but I cannot go through that again. If you are a good dog owner, if you love them, you will experience the same crushing pain. Others may see it as ridiculous, but I'm having a great deal of difficulty from euthanizing them and they made it to 16, 2 years beyond their life expectancy.

It's easy to make money if you have no regard for anything but yourself. I consider this evil to do. I am seriously considering being evil.

Regardless, be good to your dogs. Man's best friend, we co-evolved for at least 30,000 years.
116   B.A.C.A.H.   ignore (0)   2021 Mar 6, 1:59pm     ↓ dislike (0)   quote   flag      

richwicks says
I put so much into mine that when they died, it just destroyed me in that area. Worst thing I've ever done was ending my dog's life.


I was very sad when I lost them. One of the best things I've ever done was ending their suffering. I was very sad, but had no difficulty making that decision. Their vets agreed with me. Loved them too much to make them suffer. I think they would do the same for me.
117   Bitcoin   ignore (15)   2021 Mar 6, 2:31pm     ↓ dislike (0)   quote   flag      

Nice thing about Bitcoin is that its decentralized. Not like banks. There are lots of advantages over gold and fiat.

No wonder institutions are pouring Fiat into Bitcoin to hold long term on their balance sheet. I do the same.

118   Onvacation   ignore (6)   2021 Mar 6, 3:01pm     ↓ dislike (0)   quote   flag      

So, according to the chart Bitcoin is not backed by a sovereign but is valued in fiat. Can you see a little problem there?

If you can give a cogent answer to the question above we can debate the rest of your fallacious chart.

I think I'll drive the sports car to the yacht. (Miata to the boat) and go sailing.
119   Bitcoin   ignore (15)   2021 Mar 6, 3:42pm     ↓ dislike (0)   quote   flag      

I think the best thing about Bitcoin is the scarcity. Unlike FIAT, you cant just print more Bitcoin. I believe that's the biggest reason why Tesla bought 1.5B worth of USD in Bitcoin :)
Thanks Tesla!
120   Blue   ignore (0)   2021 Mar 6, 4:07pm     ↓ dislike (0)   quote   flag      

G36 says
I think the best thing about Bitcoin is the scarcity. Unlike FIAT, you cant just print more Bitcoin. I believe that's the biggest reason why Tesla bought 1.5B worth of USD in Bitcoin :)
Thanks Tesla!

What is this different from yours previous repostings. I am done reading your illogical posts.
121   just_passing_through   ignore (7)   2021 Mar 6, 8:19pm     ↓ dislike (0)   quote   flag      

China just 'went to war' against bitcorn miners on the 1st. This is going to shut down 65% of the worlds mining operation.
122   Bitcoin   ignore (15)   2021 Mar 6, 8:54pm     ↓ dislike (0)   quote   flag      

just_passing_through says
China just 'went to war' against bitcorn miners on the 1st. This is going to shut down 65% of the worlds mining operation.


yawn...sooo old news....we hear this every year since 2016
123   Bitcoin   ignore (15)   2021 Mar 6, 8:55pm     ↓ dislike (0)   quote   flag      

Blue says
G36 says
I think the best thing about Bitcoin is the scarcity. Unlike FIAT, you cant just print more Bitcoin. I believe that's the biggest reason why Tesla bought 1.5B worth of USD in Bitcoin :)
Thanks Tesla!

What is this different from yours previous repostings. I am done reading your illogical posts.


@Blue
nobody forces you to read Bitcoin news
124   just_passing_through   ignore (7)   2021 Mar 6, 10:04pm     ↓ dislike (0)   quote   flag      

G36 says
yawn...sooo old news....we hear this every year since 2016


Only morons don't pay attention to material shit.

That being said, it hasn't moved the price.

Hell, it might even protect people from a 51% attack.
125   WineHorror1   ignore (2)   2021 Mar 6, 10:27pm     ↓ dislike (0)   quote   flag      

G36 says
I think the best thing about Bitcoin is the scarcity.

Bitcoin is infinitely divisible, correct?
126   Bitcoin   ignore (15)   2021 Mar 7, 8:25am     ↓ dislike (0)   quote   flag      

WineHorror1 says
G36 says
I think the best thing about Bitcoin is the scarcity.

Bitcoin is infinitely divisible, correct?


"Over two quadrillions units are available
On its part, a single bitcoin is divisible by eight decimal points. The smallest unit is the Satoshi, which is also referred to as a bit, hundredth of a millionth bitcoin (1 satoshi = 0.00000001 BTC). Therefore, each Bitcoin can be broken down into 100,000,000 satoshis.

If you convert 21 million bitcoins into satoshis you have slightly over two quadrillions, enough units to go around. In fact, every world citizen in 2140 could own an average of 131,250 satoshis."

https://medium.com/@EricGrill/the-divisibility-of-bitcoin-fc1bcb40dd52

but not only scarcity and divisibility are advantages for Bitcoin....there is so much more... for instance "non counterfeit ability"

There's a huge black market for counterfeit money, from fake gold coins to fraudulent $20 bills.

Cant do that with Bitcoin :)
127   Bitcoin   ignore (15)   2021 Mar 7, 8:27am     ↓ dislike (0)   quote   flag      

just_passing_through says
Only morons don't pay attention to material shit.


Exactly! Thats why nobody pays attention to the miner/china news. It comes up every year. Old, boring news. Think of it as a nothing burger.

Its very easy to just move your mining business.
128   WineHorror1   ignore (2)   2021 Mar 7, 8:35am     ↓ dislike (0)   quote   flag      

G36 says
not only scarcity and divisibility are advantages for Bitcoin

2 quadrillion is scarce?
129   WineHorror1   ignore (2)   2021 Mar 7, 8:35am     ↓ dislike (0)   quote   flag      

G36 says
not only scarcity and divisibility are advantages for Bitcoin

2 quadrillion is scarce?
130   Bitcoin   ignore (15)   2021 Mar 7, 8:43am     ↓ dislike (0)   quote   flag      

very scarce! There will only be 21M Bitcoin. That's not even enough for each millionaire (in the world) to hold just one Bitcoin! And I have 1.9 Bitcoin !!

WineHorror1 you confuse divisibility with scarcity.

That's what i am here for, to educate.

Scarcity: you cant make any more Bitcoin (You can print FIAT as much as you want though)
Divisibility: divisible by eight decimal points. The smallest unit is the Satoshi, which is also referred to as a bit, hundredth of a millionth bitcoin (1 satoshi = 0.00000001 BTC). Therefore, each Bitcoin can be broken down into 100,000,000 satoshis.
131   Onvacation   ignore (6)   2021 Mar 7, 8:46am     ↓ dislike (0)   quote   flag      

G36 says
Scarcity: you cant make any more Bitcoin (You can print FIAT as much as you want though)

Bitcoin is valued in fiat. Can you see the contradiction?
132   Bitcoin   ignore (15)   2021 Mar 7, 8:49am     ↓ dislike (0)   quote   flag      

You can trade Bitcoin to a stable coin (many, many stable coins), you can trade Bitcoin to ETH, to LTC, to ADA and to USD.

That doesnt mean you can print more Bitcoin. You confuse trading pairs with Scarcity.
Thats why I am here....to educate!
133   WookieMan   ignore (7)   2021 Mar 7, 9:12am     ↓ dislike (0)   quote   flag      

G36 says
You can trade Bitcoin to a stable coin (many, many stable coins), you can trade Bitcoin to ETH, to LTC, to ADA and to USD.

All crypto comes back to fiat. All of it. No one transacts in crypto except for illicit activities. No intelligent business owner would accept crypto as payment unless they're running a pump. That's what TLSA is doing. They're printing cash $$$ USD and have probably closed their position in BTC at this point or are doing it slowly.

As a publicly traded company you have a fiduciary duty to do what is best for shareholders. Could be criminal if it was found you just burned through cash acquired through stock offerings to buy spreadsheets. Holding BTC will burn TSLA shareholders when it drops. TLSA exiting BTC will plummet the market. I don't think they're in anymore or will start to unwind their position. Pick up a quick $200-300M on the backs of people chasing get rich quick schemes.

You brag about TLSA being a good thing getting into crypto. It's not. It's extremely bad if you think about it.
134   Bitcoin   ignore (15)   2021 Mar 7, 9:55am     ↓ dislike (0)   quote   flag      

I forgot you can also trade Bitcoin to Chainlink and stellar. I HODL those coins as well.

Hodling is the best way to increase your wealth. Patrick owns 0.01 Bitcoin. One user suggested to spend it on food when Bitcoin was at 38k. Good thing Patrick hodl'ed. Now his Bitcoin holdings are worth over 500 USD. Soon, it will be over 1k!

Tesla bought 1.5B USD worth of Bitcoin and hodl'es.....Follow Tesla's lead!
135   just_passing_through   ignore (7)   2021 Mar 7, 12:20pm     ↓ dislike (0)   quote   flag      

G36 says
Exactly! Thats why nobody pays attention to the miner/china news. It comes up every year. Old, boring news. Think of it as a nothing burger.


Says comes up every year: which is bull shit. Lying morons are worse that just plain morons.
Says the largest economy on the planet within 5 years not participating is a nothing burger: ha ha ha!
136   WookieMan   ignore (7)   2021 Mar 7, 2:07pm     ↓ dislike (0)   quote   flag      

G36 says
Tesla bought 1.5B USD worth of Bitcoin and hodl'es.....Follow Tesla's lead!

No one should do this. Generate wealth. It's not that hard. Don't flip a coin, especially on something those that are invested cannot explain. There's a reason...
137   richwicks   ignore (4)   2021 Mar 7, 2:20pm     ↓ dislike (0)   quote   flag      

B.A.C.A.H. says
richwicks says
I put so much into mine that when they died, it just destroyed me in that area. Worst thing I've ever done was ending my dog's life.


I was very sad when I lost them. One of the best things I've ever done was ending their suffering. I was very sad, but had no difficulty making that decision. Their vets agreed with me. Loved them too much to make them suffer. I think they would do the same for me.


I did dog rescue for a long time. I was deluded into thinking I was "saving lives". They weren't just my dogs, but the dogs I saved. People who involve themselves in rescue and rehabilitation lose money on it. You'd be shocked at how much money I spent. A ton of vet bills and food. The dogs I had were broken often, screwed up by their previous owners, and my job was to make them believe that whatever experience they had prior was an anomaly, that they had a very bad experience with terrible people, but 99.999% of people were good. I protected them and kept bad people away from them to trick them.

You don't save any life, you extend them. In reality, I was actually displacing a dog from a shelter when I fostered. Whatever dog I got to a new family displaced some other animal in a shelter. I only "saved" two dogs, the ones that I kept. People are thoughtless and cruel - not intentionally, they just don't care or lack empathy.

And that was my thinking, I went through such enormous effort for my pets, and when I put them down, it's just a terrible thing. I worked very hard to keep them happy and healthy. I understand the necessity of euthanizing them, but I'm never going to get over it. I have good resources, I can dictate my time, I avoid obligation, so I could dump it all into them. They had a great life, but the cost isn't money, it's killed a part of me to euthanize them. They weren't so much dependent on me, I realized I was very dependent on them.
138   Bitcoin   ignore (15)   2021 Mar 7, 6:42pm     ↓ dislike (0)   quote   flag      

just_passing_through says
Says comes up every year:


yep, its called FUD (Fear Uncertainty and Doubt).

FUD or simply lying gets spread throughout the year so that weak hands/dumb money sells Bitcoin to smart money.
139   Bitcoin   ignore (15)   2021 Mar 7, 6:44pm     ↓ dislike (0)   quote   flag      

Hodl'ing Bitcoin is the best wealth generator. BTC has been the best performing asset and the great news is we are still early in the bull cycle.

Companies like Tesla (bought 1.5B USD worth of Bitcoin) were just the beginning. More and more institutions will convert their balance sheet cash into Bitcoin.
140   B.A.C.A.H.   ignore (0)   2021 Mar 7, 7:45pm     ↓ dislike (0)   quote   flag      

richwicks says
I did dog rescue for a long time.


Every dog I had was a rescue. One directly from the pound. The others from an SF-based outfit that only rescues senior dogs. It's called Muttville.

Muttville seniors are fabulous animals. They are screened by Muttville for their personalities. Since they're fostered, they're all housebroken. They were ideal companions for someone who is gone most of the day for work. They enjoy walks in the early AM and in the evening after work, and since they are seniors they are content to spend most of the workday snoozing in the house.

A nice aspect was that the fosters allowed me to informally board my adoptees with them when I was away from home. One of those fosters was a lady of modest means so I paid her the same that a kennel would charge. The other foster lady was a retired CFO from a major company.

My last Muttville dog passed away a few years ago. Probably will adopt another one before too long.
141   richwicks   ignore (4)   2021 Mar 7, 8:19pm     ↓ dislike (0)   quote   flag      

B.A.C.A.H. says
Every dog I had was a rescue.


Nearly every pet I had as a kid was some abandoned animal. People from the city would abandon them, we would find them starving and beg our parents to take them in. I grew up in the sticks. It's evil, but you will never have a better pet than an animal that knows you saved them. Perhaps that is part of the reason I did fostering.

B.A.C.A.H. says
My last Muttville dog passed away a few years ago. Probably will adopt another one before too long.


I'll look them up. Perhaps I can foster again, but I don't think I can ever own again. Just too goddamned painful. It's a terribly cruel thing to abandon an animal when they become needy. My greatest obligation in my dog's old age was to help them through that until their death. I just do not understand people's lack of compassion, and if I did - I think it will end my humanity.

Who would dump an animal in their old age? But I've seen it. First dog I lost in fostering was a 12 year old Samoyed dumped. She was a wonderful dog, but went into seizures commonly. We had to euthanize her. I've euthanized 4 dogs, 2 fosters and my own.
142   Onvacation   ignore (6)   2021 Mar 7, 8:57pm     ↓ dislike (0)   quote   flag      

B.A.C.A.H. says
My last Muttville dog passed away a few years ago. Probably will adopt another one before too long.

I've lived with a dog and a wife and without a dog and a wife. Life is better with a dog and a wife.

And Bitcoin is betting you can find a "greater fool" to pay you more for your bits on a stick than you paid someone else for it.
143   just_passing_through   ignore (7)   2021 Mar 7, 9:11pm     ↓ dislike (0)   quote   flag      

G36 says
FUD or simply lying


... said the liar.
144   Bitcoin   ignore (15)   2021 Mar 8, 6:57am     ↓ dislike (0)   quote   flag      

just_passing_through says
said the liar.


yes, the people spreading FUD (or simply put lie) want to grab your Bitcoin. Best advice: Dont sell...HODL instead. The smart money always tricks dumb money into selling their Bitcoin.

Look at Tesla, Square, Paypal, Microstrategies. They have bought billions of USD in Bitcoin! Smart Bitcoin investors hodl and appreciate those institutions.
Dumb money reads the china/miners FUD and ends up selling Bitcoin to the "smart money".
145   Onvacation   ignore (6)   2021 Mar 8, 6:58am     ↓ dislike (0)   quote   flag      

G36 says
Smart Bitcoin investors hodl and appreciate those institutions

Why?
146   Bitcoin   ignore (15)   2021 Mar 8, 7:00am     ↓ dislike (0)   quote   flag      

because: best performing asset!

147   WookieMan   ignore (7)   2021 Mar 8, 8:27am     ↓ dislike (0)   quote   flag      

G36 says
because: best performing asset!

I don't like Schiff, but you do understand why he likes gold, right? Either way it's all valued in USD or other fiat. USD was supposed to have collapsed 20 different times now and we're supposed to be in a depression. But you crypto guys have to use USD to even join the spreadsheet cult. For the life of me I can't understand why it doesn't compute with you guys.

Also, it's not manipulating other users quotes this time, but manipulating memes is not helping your "cause" here. Just be honest and answer any question. This is all just spam.
148   Bitcoin   ignore (15)   2021 Mar 8, 8:31am     ↓ dislike (0)   quote   flag      

@onvacation, soon, the 20k peak during the last cycle will just be a tiny blip on the chart!
149   WookieMan   ignore (7)   2021 Mar 8, 8:37am     ↓ dislike (0)   quote   flag      

G36 says
onvacation, soon, the 20k peak during the last cycle will just be a tiny blip on the chart!

How about answer his question? Start there before you keep spamming.

Onvacation says
G36 says
Smart Bitcoin investors hodl and appreciate those institutions

Why?
150   Bitcoin   ignore (15)   2021 Mar 8, 8:40am     ↓ dislike (0)   quote   flag      

@onvacation
Printing more FIAT is very bullish for Bitcoin / The stimulus package has been approved......you know what that means to the Bitcoin price

https://www.coindesk.com/bitcoin-retakes-50k-on-us-stimulus-progress-uniswaps-uni-cracks-the-top-10
151   richwicks   ignore (4)   2021 Mar 20, 7:45pm     ↓ dislike (0)   quote   flag      

B.A.C.A.H. says
richwicks says
I put so much into mine that when they died, it just destroyed me in that area. Worst thing I've ever done was ending my dog's life.


I was very sad when I lost them. One of the best things I've ever done was ending their suffering. I was very sad, but had no difficulty making that decision. Their vets agreed with me. Loved them too much to make them suffer. I think they would do the same for me.


My vet pushed me to put down one dog. He was right. My dog wasn't suffering at the time, but he would be, in a month.

I used to jokingly (and it was a joke!) threaten that if they went under the operating table and didn't survive I'd come for him. I should see my vet again, he was a good friend, but when I put my last dog down and picked up her ashes, it just kind of wrecked me.

One of my dogs had adenocarcinoma - he caught it. Gave her another 4 years. Having a pet reminds you how short life is. It was good to be a caregiver.

I'd like to make money being an animal caregiver, but nobody wants to pay for that. That would be a great experience though.

« First    « Previous    Comments 112 - 151 of 151    Last »


about   best comments   contact   one year ago   suggestions