I read discussion that Bitcoin's drop the past several months is more a function of the upcoming tax deadline.
Anybody else see words like that, implying there should be a rebound shortly?
a good breakdown on the reason behind the decline:
24% - Due to tax season
21% - Because it is cryptocurrency and people think the Russians are hacking it
20% - Stopped tracking bitcoin to focus on where to park their car in urban areas
18% - Thought it was a reward for jumping on a mushroom's head
17% - Invested in mining gear only to have buyers remorse that they didn't need a kickass lamp on a helmet
This is old news, but you might want to read this link Â
I doubt tax season has much to do with it. There has been a constant drum beat of regulation the last few months. Gotta wait to see where the dust settles before you can determine which cryptocurrencies will rise and fall in the long term.
There doesn't have to be a reason for the decline Â
In 2017 there was a bull run unlike anything seen in the industry before, from June '17 to December '17
That bull run is now exhausted and a bear market took over. That bear market looks to be losing steam currently.
Could see another leg down, but higher highs and lower lows in addition to good regulatory news from global economic powerhouses are usually good signals that a new bull market is beginning. The consolidation that has occurred in the past two weeks around 8K is also a good indicator that tides are shifting.
and you can lose a lot of money. No one knows where it's going. Treat it like you would a poker game. Understand the dynamics, the players, the odds and only put what you can afford to lose in the pot.
RE: This is old news, but you might want to read this link Â
on Warren Buffett's view of cryptocurrencies. Link - ( New Window )
He also admits, in the same article, that he knows nothing about them.
"I get into enough trouble with things I think I know something about," he added. "Why in the world should I take a long or short position in something I don't know anything about."
Well, I bet that if Buffet saw a future in it, he'd learn about it Â
I don't understand. (I know it is hard to tell when a peak is and hindsight is always 20/20) - but, if Bitcoin made me a multi-millionaire (or even a millionaire) I would have sold everything and made investments in something more stable/tangible.
It is like winning the lottery and not cashing in the ticket.
RE: Well, I bet that if Buffet saw a future in it, he'd learn about it Â
I'd guess that he's right about it ending badly for most people. I think it's safe to say that more people will lose money than make it on crypto.
I don't think anybody will refute that some will make money and more will lose money, but that has nothing to do with Bitcoin or cryptocurrency. That's the nature of investment, especially in one with so much volatility.
I still fail to grasp how Buffett having an opinion on something he knows nothing about is news. He was late getting into Apple when he invested in 2016, and he'll be late again this time.
a good breakdown on the reason behind the decline:
24% - Due to tax season
21% - Because it is cryptocurrency and people think the Russians are hacking it
20% - Stopped tracking bitcoin to focus on where to park their car in urban areas
18% - Thought it was a reward for jumping on a mushroom's head
17% - Invested in mining gear only to have buyers remorse that they didn't need a kickass lamp on a helmet
I'd guess that he's right about it ending badly for most people. I think it's safe to say that more people will lose money than make it on crypto.
I don't think anybody will refute that some will make money and more will lose money, but that has nothing to do with Bitcoin or cryptocurrency. That's the nature of investment, especially in one with so much volatility.
I still fail to grasp how Buffett having an opinion on something he knows nothing about is news. He was late getting into Apple when he invested in 2016, and he'll be late again this time.
It's news because he has arguably the best and longest record of success as an investor of all time.
But cyrptocurrency is antithetical to how Buffet sees investments. He is the oldest and truest "value" investor. And the "value" of any particular coin is incredibly hard to gauge and is really only sustained by our collective agreement that these coins have any value. If that collective agreement changes for a coin, poof. There's no assets, cash holdings or government backing the value of a coin. At the end of a day, you can liquidate a company and hit it's base value of cash+assets-liabilities. Easy math provides a floor to the risk. But there's no floor for a coin - any coin. The floor for all coins is zero.
I'd guess that he's right about it ending badly for most people. I think it's safe to say that more people will lose money than make it on crypto.
I don't think anybody will refute that some will make money and more will lose money, but that has nothing to do with Bitcoin or cryptocurrency. That's the nature of investment, especially in one with so much volatility.
I still fail to grasp how Buffett having an opinion on something he knows nothing about is news. He was late getting into Apple when he invested in 2016, and he'll be late again this time.
It's news because he has arguably the best and longest record of success as an investor of all time.
But cyrptocurrency is antithetical to how Buffet sees investments. He is the oldest and truest "value" investor. And the "value" of any particular coin is incredibly hard to gauge and is really only sustained by our collective agreement that these coins have any value. If that collective agreement changes for a coin, poof. There's no assets, cash holdings or government backing the value of a coin. At the end of a day, you can liquidate a company and hit it's base value of cash+assets-liabilities. Easy math provides a floor to the risk. But there's no floor for a coin - any coin. The floor for all coins is zero.
I get what you're saying and agree to an extent, but zero is not a realistic floor. You have to have people selling Bitcoin for a dollar, for 50 cents, for 10 cents, for 1 cent for it to get to zero.
There comes a point where the majority of holders simply will not sell and that's well above zero.
My only point about Buffett is that he's not the end all be all on investing simply because he's successful. And I understand why CNBC wrote that story. It was at the peak of Bitcoin emergence, peak of traffic of google etc..
I'd say Jim Breyer is a pretty good investor as well and he heavily backs crypto. Why isn't his word taken as scripture? Just irks me..but i'm biased, obviously.
There is no such thing as investing in currency, crypto or otherwise Â
24% - Due to tax season
21% - Because it is cryptocurrency and people think the Russians are hacking it
20% - Stopped tracking bitcoin to focus on where to park their car in urban areas
18% - Thought it was a reward for jumping on a mushroom's head
17% - Invested in mining gear only to have buyers remorse that they didn't need a kickass lamp on a helmet
Link - ( New Window )
That bull run is now exhausted and a bear market took over. That bear market looks to be losing steam currently.
Could see another leg down, but higher highs and lower lows in addition to good regulatory news from global economic powerhouses are usually good signals that a new bull market is beginning. The consolidation that has occurred in the past two weeks around 8K is also a good indicator that tides are shifting.
I, like always, continue to hold and lay low.
He also admits, in the same article, that he knows nothing about them.
"I get into enough trouble with things I think I know something about," he added. "Why in the world should I take a long or short position in something I don't know anything about."
It is like winning the lottery and not cashing in the ticket.
I don't think anybody will refute that some will make money and more will lose money, but that has nothing to do with Bitcoin or cryptocurrency. That's the nature of investment, especially in one with so much volatility.
I still fail to grasp how Buffett having an opinion on something he knows nothing about is news. He was late getting into Apple when he invested in 2016, and he'll be late again this time.
24% - Due to tax season
21% - Because it is cryptocurrency and people think the Russians are hacking it
20% - Stopped tracking bitcoin to focus on where to park their car in urban areas
18% - Thought it was a reward for jumping on a mushroom's head
17% - Invested in mining gear only to have buyers remorse that they didn't need a kickass lamp on a helmet
Lol
Link - ( New Window )
Quote:
I'd guess that he's right about it ending badly for most people. I think it's safe to say that more people will lose money than make it on crypto.
I don't think anybody will refute that some will make money and more will lose money, but that has nothing to do with Bitcoin or cryptocurrency. That's the nature of investment, especially in one with so much volatility.
I still fail to grasp how Buffett having an opinion on something he knows nothing about is news. He was late getting into Apple when he invested in 2016, and he'll be late again this time.
It's news because he has arguably the best and longest record of success as an investor of all time.
But cyrptocurrency is antithetical to how Buffet sees investments. He is the oldest and truest "value" investor. And the "value" of any particular coin is incredibly hard to gauge and is really only sustained by our collective agreement that these coins have any value. If that collective agreement changes for a coin, poof. There's no assets, cash holdings or government backing the value of a coin. At the end of a day, you can liquidate a company and hit it's base value of cash+assets-liabilities. Easy math provides a floor to the risk. But there's no floor for a coin - any coin. The floor for all coins is zero.
Quote:
In comment 13917507 Heisenberg said:
Quote:
I'd guess that he's right about it ending badly for most people. I think it's safe to say that more people will lose money than make it on crypto.
I don't think anybody will refute that some will make money and more will lose money, but that has nothing to do with Bitcoin or cryptocurrency. That's the nature of investment, especially in one with so much volatility.
I still fail to grasp how Buffett having an opinion on something he knows nothing about is news. He was late getting into Apple when he invested in 2016, and he'll be late again this time.
It's news because he has arguably the best and longest record of success as an investor of all time.
But cyrptocurrency is antithetical to how Buffet sees investments. He is the oldest and truest "value" investor. And the "value" of any particular coin is incredibly hard to gauge and is really only sustained by our collective agreement that these coins have any value. If that collective agreement changes for a coin, poof. There's no assets, cash holdings or government backing the value of a coin. At the end of a day, you can liquidate a company and hit it's base value of cash+assets-liabilities. Easy math provides a floor to the risk. But there's no floor for a coin - any coin. The floor for all coins is zero.
I get what you're saying and agree to an extent, but zero is not a realistic floor. You have to have people selling Bitcoin for a dollar, for 50 cents, for 10 cents, for 1 cent for it to get to zero.
There comes a point where the majority of holders simply will not sell and that's well above zero.
My only point about Buffett is that he's not the end all be all on investing simply because he's successful. And I understand why CNBC wrote that story. It was at the peak of Bitcoin emergence, peak of traffic of google etc..
I'd say Jim Breyer is a pretty good investor as well and he heavily backs crypto. Why isn't his word taken as scripture? Just irks me..but i'm biased, obviously.
Its called speculation.
Its called speculation.
+1
How does one put a tax return into a coin?