Some thoughts about BTC's drop today:
OT: Stock and Investment Thread
- Thread starter RU05
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I was initially invested in MJ, which I first heard about I believe earlier in this thread a few years ago. With so many startups in this industry, I didn't want to take guesses at which ones will last long-term, so an ETF was what I was looking for. It shot up for a while and then ended up dropping below what I bought it at and stayed there. I thought as weed became legalized in more states every year, MJ would bounce back up, but it didn't really happen. I found an article on Robinhood that mentioned the reason why cannabis stocks haven't responded to US legalization is because although it means an expanded customer base, it also means more competitors entering the market. Since capitalizing on US legalization is what my intent has been from the beginning, I traded all my MJ for MSOS since MSOS is 100% US-based companies. Here's more info on MSOS.
I never really looked too much at individual companies, but this conversation made me interested in seeing which of these I actually have with MSOS. Looks like it has 11.27% invested in CURLF and 5.83% in IIPR.
Careful, those prices bounce around like crazy. I'll likely buy more tomorrow if trends hold to decrease my cost basis (that's my plan with my slow buying approach).
Anyone who knows banking knows the government will not allow dark pool money. Remember the saying follow the money?
I mentioned it earlier but a Fidelity guy (I don’t remember his name), was on earlier saying that their forensics research showed far less illicit bitcoin transactions than in the past and that traditional laundering and illicit transactions were far more common. Fidelity is entering the Bitcoin market with Bitcoin futures. I find it hard to fathom how one country can regulate Bitcoin when it is trading internationally and more likely to become mainstream. Imagine a foreign country regulating the dollar.
I believe that study pegged Bitcoin illicit activity at only 1%. Besides, there is plenty of illicit stuff with traditional currencies!
How do they come up with 1%? The only utility I have heard of is a scam from my co-worker. He lives in New Canaan, CT. People got letters in the mailbox saying they know about their secrets. They will keep quite if they are paid in Bitcoin.
I don't think that qualifies as illicit behavior with Bitcoin itself. That's just criminals doing criminal stuff. Can't blame Western Union for scams like that either.
But I don't remember how or who got to that 1%.
? Money never commits crimes. It’s actually a deterrent because it can be tracked. That’s why they asked for Bitcoins.
The long term story remains solid. Licensing agreement with Medtronic, buyout target later 2021. All pieces in play. Even if $2B, close to $18 PPS.
Exactly. How many billions of USD are spent on illicit activity?
My cousin is the prince of Nigeria. He'd like you to send him $87,000 to release him from jail there. He has $10,000,000 he will give you when he is released.
How many calls do you get a day about lowering credit card rates or your vehicles warranty? There's POS scammers everywhere, meddling in whatever currency they can.
The psychedelic sector is going to boom, took a bigger stake in MMEDF today
BTC back up to 32.5k
ETH back up to 1235
Just pisses me off that the brief downturn happened at night and we couldn't take advantage of it! BOO.
Overall market futures down. Profit taking day?
Nerves of steel and understanding previous moves required.
+1
This **** makes big moves hour by hour. I will only make purchases that lower our cost basis for ETHE and GBTC. No need to chase. Plenty of chances to buy on the downward spikes.
If it is just for an hour or so, no problem! But I get your point.Hopefully the next downward spike won't come for a while
This is another reason why I recommend to my investor friends to just own the asset outright. I had price alerts set on Gemini throughout the eve and grabbed several hundred more.
The downturn was triggered by a suspect report claiming a double BTC transaction happened on the ledger. It was since debunked. It spooked some people as they thought there was a major flaw in the chain.
Yup. Buy and hold. It is a long term play. trying to buy and sell btc is a fools errand. And one that will make people hate their life several years from now when they see the price.
Hopefully the next downward spike won't come for a while
It'll continue to happen intermittently. Not too sure how many buying opps there will be in the 20's though.
Short term I think its going to pop again. The Black Rock news got squashed by the paper hands selling out of concern yesterday. Black Rock's interest in BTC is fn huge. It's another signal that Wall St is on board. One by one the dominoes are falling. You cant ignore it at this point...
One of them, yes. A big part of the BTC ethos is self-sovereignty. Jon Najarian of CNBC had some pretty good takes on this back when he was on the Pomp Podcast over the summer. He really drives home the power of currency portability.
This is going to continue. The "whales" are buying the dip.
Microstrategy dropped another 10 mill in Bitcoin during yesterdays dip.
For those doubting Wall St's willingness to bet on the BTC train, here's another piece of the puzzle
Well played. WSB is going to town on that stock, just like GME. I held off buying the other day at $9. Im immediately regretting that decision.I'm up 185% on BB. Is that good?
the number of accts with over 1k coins has increased in 36hrs. all you need to know. lol
not to toot my own horn but I bought another 8 coins last night at 1071
Sold out of LTC position as I trade that position and took some profit before the weekend but still long quite a bit of ETH
I think we touch 1350 over the weekend
+1not to toot my own horn but I bought another 8 coins last night at 1071
Sold out of LTC position as I trade that position and took some profit before the weekend but still long quite a bit of ETH
I think we touch 1350 over the weekend
Looking good on ETH, but sadly I missed that dip. Still, made a few good purchases yesterday morning. Nicely in the black to wrap up the week!
By the way, I know you are high on XOM. What about CVX? I remember you saying that your are bullish on the energy sector in general. Thoughts?not to toot my own horn but I bought another 8 coins last night at 1071
Sold out of LTC position as I trade that position and took some profit before the weekend but still long quite a bit of ETH
I think we touch 1350 over the weekend
For what it's worth, Cramer often says CVX is the best in class choice in the sector. Cleaner balance sheet and all that.
The more down trodden may have more headroom though if the entire sector rallies this year.
Smaller plays too. TELL is up about 5x from it's 52 weeks lows, and still 50% off it's precovid levels.
Good stuff, thanks. I spoke to the advisor that we use for our backdoor Roth IRA accounts (16% of our retirement assets) and he is bullish on XOM, CVX, and the energy section. Very conservative guy (who actually owns 2 bitcoins which surprised me). He recommended:
Energy sector ETF, but 45% of the fund is XOM and CVX. Only a total of 25 holdings. May be the way to go for me.
Watched the whole video, interesting comments on Bitcoin and crytpos (not sure if I agree that a market downturn would break people's faith in BTC, it may help as an alterative to traditional market options).
In the 2000's, the following performed best:
Emerging markets
Health care
Energy
Value