Cryptocurrencies Traders With Pockets Full of Crypto Quit Wall Street Millennials who made money trading digital assets in their spare time are breaking away from top firms. https://www.bloomberg.com/news/arti...ets-full-of-cryptocurrencies-quit-wall-street
I do not get it. Would you buy and other investment hoping for positive developments ? I trade/invest when those are happening....other wise you get a chart like BTC.
You speak as a trader and what you say makes sense. For me and (I think for the most part @johnarb as well), I veiw BTC as a long term hedge for potential protection of the rest of my financial base. We both got in early enough that this drop is not of any concern. I am concerned with BTC in 2022 and if it is not any higher than it is right now then it means the rest of my financial base must be OK and that is the main concern.
A hedge may make sense but most BTC owners don't even know what a hedge is. It is the new world order, fiat is dead, banks are obsolete.....go back and look at the posts when BTC $18k. And by the way, if it gets that bad BTC is not going to worth anything , only guns and ammo. When it really gets bad ! Everything has a correlation of 1.0.
The anti Bitcoin crowd as a whole has way too much misplaced confidence that things will always be as they are today. Past history is too distant and stability is all that they have experienced. I am 73 and I remember when inflation in this country was 20% and you could buy a short term Treasury that paid 15% interest. And, the US Government had installed wage controls. It was against the law to give an employee a pay raise. Now most on ET would not even believe that but I lived through it. Now Bitcoin has done what it has done already in a quiet stable economic environment and has still barely scratched the surface at the retail level. More and more people will begin to think like me, and more and more of you young pups will begin to see that we really do not live in Camelot where there is a legal limit to the snowfall. Then you guys with the straw houses just might have wished you would have at least built one brick room in the house. There is a whole lot of room in between Camelot and the "guns and ammo period" where Bitcoin will really have its day.
So you lived and invested though the 1970's so did I and many on ET. And what happened, the inflation, stagnation of the 70's turned to the growth of the 80's and the....excesses and corrections of 90s ...2000s. IT IS CALLED ECONOMIC CYCLES you should know that. Blockchain tec maybe a game changer just as many other tec innovations. BTC as a currency, not so much. Between Camelot and guns and ammo is where we usually are....there is a place for BTC but it is not a game changer, as a glance at a chart illustrates.
That is the problem. You only take a "GLANCE" at the chart, like the decline of the last 5 months actually proves something. Yes is does prove that when an asset makes a 4x move in less than a month it is vastly overextended and must retrace. How many investments have had a 7.85x move in the last 14 months? Bitcoin on 3/24/17 was $934 and right now it is $7,346. I am glad to hear that there is a place for BTC. At least we can agree on that point.
Gotta love the perma BTC bulls...it's the fundamentals.....no, no the technicals....no,no the establishment is screwing us.... Bottom line is it came out of thin air, there is nothing to lean on. It is a nice curiosity, go with blockchain for the meat and potatoes. And to answer your question...a million of penny stock scams. Telling ??
Tell me the last penny stock scam that climbed to $7,000 per share. Another question and it is a serious question as I am not trying to be cute here. Since this is a Bitcoin specific thread and you do not like Bitcoin, why do you spend so much energy here?