Why is Bitcoin stagnant right now?

originally posted by: tanstaafl
Only if you're an idiot and sell it.

Obviously plenty did.

originally posted by: JinMI
Theres part of the cultural argument. They/we wanted it to be a hedge while many, some the same as above, wanted that institutional money for those "sweet gains bro!!!"

They're mostly fan bois playing trends while nation states and bad actors manipulate the crypto market.

originally posted by: AugustusMasonicus
a reply to: tanstaafl
Let me know when that exists and then we can talk.

It exists now, and we're talking about it... you are just oblivious.

Bitcoin plunges as major crypto lender halts operations

The price of bitcoin and other cryptocurrencies are falling Monday, after the major crypto lender Celsius halted all withdrawals citing “extreme market conditions."

link

Not a good couple of days for Crypto.

originally posted by: tanstaafl
It exists now, and we're talking about it... you are just oblivious.

It actually doesn't, you're so caught up in fan boi'ing Bitcoin you don't see it's numerous flaws, shortcomings and manipulations.

originally posted by: AugustusMasonicus
a reply to: tanstaafl
It actually doesn't,

And yet people are using it as a medium of exchange every single minute of ever single day.

Again, it must be really, really painful... my sympathies...

originally posted by: tanstaafl
And yet people are using it as a medium of exchange every single minute of ever single day.

People are still using livestock as a medium exchange, doesn't mean it's easy, effective or practical. The difference is these people aren't Bitcoin fan bois who think it's a currency when they also said it's not a currency.

a reply to: tanstaafl

I don't understand your logic. BTC is losing value as we speak. There's no there-there. People may be using it as a currency, but that currency buys less and less every day. And it really isn't a currency because there is no underlying asset.
I think your logic is that if you don't sell, you don't lose. Remember Game Stop (NYSE:GME)? Run it up to sell it off. But at least there was some hard asset behind the issue.
Institutions that run BOTS on BTC make money all day long. But people who have faith in this thing that it's going to come back and all the blah, blah, blah you hear in the markets are barking up a dead tree.

originally posted by: Phantom423
a reply to: tanstaafl

I don't understand your logic. BTC is losing value as we speak.

Totally and utterly irrelevant to my point.

There's no there-there.

Define 'there', and maybe, just maybe, your comment will have some kind of comprehendible meaning.

People may be using it as a currency, but that currency buys less and less every day.

I already acknowledged that it is volatile. That is irrelevant to the fact that people are using it as a medium of exchange every day.

That said, I think it is dumb to do that... the smart thing to do is buy it, and hold it until ... whenever.

And it really isn't a currency because there is no underlying asset.

You think there is some underlying asset with respect to FRNs?

Rotflmao!!!!!!!!!!!

I think your logic is that if you don't sell, you don't lose.

Or realize gains... yes, this is an undisputed fact - unless/until it goes to ZERO with no chance of ever recovering.

Remember Game Stop (NYSE:GME)?

You're honestly comparing a STOCK (and manipulation of said stock via calls/puts?

Rotflmao!!!!!!!!!!

Institutions that run BOTS on BTC make money all day long.

Ues, with a huge amount of capital investment and ongoing maintenance costs.

But people who have faith in this thing that it's going to come back and all the blah, blah, blah you hear in the markets are barking up a dead tree.

We'll find out soon enough...

You think there is some underlying asset with respect to FRNs?

Rotflmao!!!!!!!!!!!

Floating Rate Notes have a face value which doesn't change. The investment is based on current interest rate and debt yields. You obviously don't know anything about the bond market. You might want to read about it at Treasury Direct:
www.treasurydirect.gov...

Define 'there', and maybe, just maybe, your comment will have some kind of comprehendible meaning.

The meaning of "there" is obvious. It's a hot air balloon that just might go to Zero. Crypto is not a zero sum game. You can be an absolute winnder or loser i.e. it is NOT dependent on buying and selling activity. The bid/ask ratios are practically non-existent.

You're honestly comparing a STOCK (and manipulation of said stock via calls/puts?

Rotflmao!!!!!!!!!!

Yes, I am. Because regardless the type of financial instrument, the same shenanigans can apply. And the same BOTS that trade cryptos also trade stocks, bonds, futures, and forex. Looks like another area you don't know much about.

I already acknowledged that it is volatile. That is irrelevant to the fact that people are using it as a medium of exchange every day.

That said, I think it is dumb to do that... the smart thing to do is buy it, and hold it until ... whenever.

Please do not ever consider becoming an investment advisor.

a reply to: tanstaafl

PS The instrument in the lower half of the chart I posted is not an FRN. It's the DX 9-22 U.S. Dollar futures.

originally posted by: Phantom423
Floating Rate Notes have a face value which doesn't change.

I'm not talking about Floating Rate Notes - in fact never heard of them.

Now address what I'm talking about.

The meaning of "there" is obvious. It's a hot air balloon that just might go to Zero.

It isn't a hot air balloon, but yeah, it could go to zero.

Crypto is not a zero sum game.

I'm not talking about 'crypto', I'm talking about BTC.

You can be an absolute winnder or loser i.e. it is NOT dependent on buying and selling activity.

Clueless much?

There are lots of crypto millionaires who made theirs by buying when they were extremely low and selling after they exploded but before they deflated again.

the same BOTS that trade cryptos also trade stocks, bonds, futures, and forex.

I'm not talking about 'trading cryptos', and I'm not even talking about 'cryptos'...

Looks like an area you don't know much about.

Please do not ever consider becoming an investment advisor.

Why on earth would I ever want to do that?

originally posted by: Phantom423
a reply to: tanstaafl

PS The instrument in the lower half of the chart I posted is not an FRN. It's the DX 9-22 U.S. Dollar futures.

You don't even know what I'm talking about, which means your comments are totally irrelevant.

a reply to: tanstaafl

Take a break.

originally posted by: Phantom423
Please do not ever consider becoming an investment advisor.

Oh, come on, you don't think 'whenevs' is an adequate timeframe to determine when to shift assets in your portfolio?

originally posted by: AugustusMasonicus

originally posted by: Phantom423
Please do not ever consider becoming an investment advisor.

Oh, come on, you don't think 'whenevs' is an adequate timeframe to determine when to shift assets in your portfolio?

Perhaps after a few Tanqueray martinis!

a reply to: Phantom423

My man. I like your style.

a reply to: tanstaafl

There are lots of crypto millionaires who made theirs by buying when they were extremely low and selling after they exploded but before they deflated again.

You just don't get it. What you're describing is random luck, not skill. BTC is a decentralized digital currency just like any other crypto currency. It just happens to be the first one out there and is traded more actively than others. But the concept is the same.

Do you understand why BTC has tanked? It tanked because of liquidity slippage - that's the big, very big, difference between crypto and other instruments. As an example, if I have $100,000 in BTC that I want to sell, there has to be buyers on the other side to pick it up. Sure, there are buyers - plenty of them, but they won't pay you market value. You would be lucky to get 75-85% of the value. This is referred to as "slippage". When a transaction takes place with slippage, it causes the market price to go DOWN. So what you're seeing on those charts is not just sellers selling their BTC. You're seeing a fire sale. And that's why BTC can go to zero. It's also why the price of commodities that you buy with BTC will be inflated and continue to inflate over time.

Traders make money all day long on crypto - any crypto - with BOTS or arbitrage strategies. Unlike other markets where there is only ONE exchange i.e. NYSE, CME, CBOT, crypto has dozens of exchanges. Exchanges have different prices in small increments, but traders can exploit those differences using arbitrage strategies. This also has an effect on price.

The point is this: BTC or any crypto is not an investment. If you're holding this stuff over the long term, you better have a strong stomach.

a reply to: face23785

Crypto currency seems to have dropped off a cliff since Buffett crapped on it again in early May. Its certainly not the first time he attacked it but his comments seemed to be more widely reported this time plus they came at a time when crypto has already been struggling for a while and people were already beginning to lose confidence in it. People listen to Buffett. Like he said - bitcoin produces no value and he wouldnt buy all the bitcoin in the world for $25. HA! I wouldnt either - its worthless. I love Mungers take on bitcoin - "To me, it's just dementia. It's like somebody else is trading turds and you decide you can't be left out." - Munger. HAAA!

Any of you guys want to buy my turds? Get in early because I think the price of my turds is going to rise pretty soon and you dont want to miss out.

originally posted by: Phantom423
a reply to: tanstaafl
You just don't get it.

You're the one who appears to think they know what the coinversation (pun intended) is about, making clueless ass-u-me-ptions (ass-u-me-ing that FRNs meant 'floating rate notes' when obviously I meant 'federal reserve notes' - you know, what you probably call 'dollars' even though they are not and never have been dollars.

What you're describing is random luck, not skill.

Did I say it was skill?

quote]BTC is a decentralized digital currency just like any other crypto currency.
Just like? That one little comment right there proves just how extraordinarily clueless you are about the subject matter.

It just happens to be the first one out there and is traded more actively than others. But the concept is the same.

There are to characteristics of BTC that completely and utterly demolish your assertion.

Do you understand why BTC has tanked? It tanked because of liquidity slippage

Another comment that proves your cluelessness.

The primary driving factor causing BTC to go down with the markets is clueless market traders who happen to hold BTC but get into trouble and have to liquidate BTC to cover their margin calls, combined with people like yourself who are trading BTC like they do the other #-coins, because they don't understand just how different it is.

Your continued lumping of BTC in with every other #-coin out there is proof positive of your ignorance.

I can guarantee you one thing, whatever happens, it is likely to be different from what either of us sees coming.

I fear for my children's futures. BTC is one disruptive technology that actually has a chance - not sure how much of a chance - of breaking the financial stranglehold that the central bankers have had on human society since god only know when they started.