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4 hours ago, peenie said:

I think you're right about this. I only have cryptos through PayPal and Robinhood. I'll have to get a Coinbase or Binance account in order to properly own. 

Which wallet to do you suggest I get? 

I use Coinbase and Coinbase Pro.  I transfer all of my BTC and ETH to BlockFi where it earns interest.

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2 hours ago, Hardcore troubadour said:

Crypto cucks are running for cover. 

You really love calling people cucks, don't you?

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26 minutes ago, Hawkeye21 said:

You really love calling people cucks, don't you?

Just the cucks. You’re in. 

  • Haha 2

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28 minutes ago, Hawkeye21 said:

I use Coinbase and Coinbase Pro.  I transfer all of my BTC and ETH to BlockFi where it earns interest.

You'll never guess but coinbase went down for an extended amount of time today. 

 

28 minutes ago, Hawkeye21 said:

I use Coinbase and Coinbase Pro.  I transfer all of my BTC and ETH to BlockFi where it earns interest.

Move your coins to Celsius you'll get better interest rates and they payout weekly instead of monthly. Also more coins are offered 

Join Celsius Network using my referral code 1698030247 when signing up and earn $40 in BTC with your first transfer of $400 or more! #UnbankYourself 

 

https://celsiusnetwork.app.link/1698030247

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2 hours ago, Frozenbeernuts said:

If I had some more I could afford to put i i would probably buy more on leverage right now. But I dont. Spent my last bits of investment money at $37k

So if it drops are you gonna buy more?


And that's my point....so many ....keep saying "when it drops, I add more"

To me that doesn't make sense.

If it drops, and you're confident its at bottom or going back up, you spend what you have available to invest.   So when it drops again, you don't have any to invest. (like you just mentioned-- and that makes sense)

If you "save some funds"  (don't invest it all) so if it drops again, you're not showing confidence that it's going to go back up .

Which brings me too....

5 hours ago, Hawkeye21 said:

 Every time it drops like this I just buy more.


How are you able to invest more every time it goes down, but Frozenbeernuts isn't? 

 

 

 

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2 minutes ago, tubby_mcgee said:

So if it drops are you gonna buy more?


And that's my point....so many ....keep saying "when it drops, I add more"

To me that doesn't make sense.

If it drops, and you're confident its at bottom or going back up, you spend what you have available to invest.   So when it drops again, you don't have any to invest. (like you just mentioned-- and that makes sense)

If you "save some funds"  (don't invest it all) so if it drops again, you're not showing confidence that it's going to go back up .

Which brings me too....


How are you able to invest more every time it goes down, but Frozenbeernuts isn't? 

 

 

 

Well let's see, I just got my tax refund back, and I make money each week, which gives me more opportunities to buy things. I cant believe I need to explain this to you.

How many simpletons that don't understand how income or investing work are on this site?

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10 minutes ago, Frozenbeernuts said:

Well let's see, I just got my tax refund back, and I make money each week, which gives me more opportunities to buy things. I cant believe I need to explain this to you.

How many simpletons that don't understand how income or investing work are on this site?

Truth be told, you talking couch cushion money.  I get your strategy now.  Keep on plugging.

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6 hours ago, Frozenbeernuts said:

Well let's see, I just got my tax refund back, and I make money each week, which gives me more opportunities to buy things. I cant believe I need to explain this to you.

How many simpletons that don't understand how income or investing work are on this site?

I don't understand income. That's why I make more than you and have more saved than you.  Me dumb.

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2 hours ago, tubby_mcgee said:

I don't understand income. That's why I make more than you and have more saved than you.  Me dumb.

Yes, you are. Congrats on making a bunch of money, but it was probably more coincidental than based on your intelligence. If it's hard to understand that I could have more money to invest right now than in the past, and I need to explain the phenomenon of accumulating more money to invest with, then you could probably use a lesson or two on the basic concepts of money.

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I think there is a misconception of me being overly confident in bitcoin. I have learned from mistakes in the past that I need to be 100% certain of an assets future potential to weather a reduction in value as steep as we just saw.

Investing and holding an asset is exponentially easier and less stressful when I am certain of its success. I will not make claims about short term price action because I don't know what it will do. I never made it seem like that was my intention either

My perspective on bitcoin is a much longer time horizon. Like 30 years. I plan to take profits here and there, but thats only with the idea of accumulating more than I had previously.

I am still researching it extensively, but at this point I have done enough research to believe in its future usefulness completely. If I had done this research when I first got in 2017, I would own quite a bit more. If I had never done the research, I may have panic sold at the bottom.

I recommend everyone do a little research on it. At a minimum it should open your eyes to what bitcoin is capable of, and the major flaws in the legacy monetary systems that have been used for centuries

Governments will always debase their currency through inflation. Bitcoin is inflation proof and is a true free market, which is something I would expect more conservative geeks to gravitate toward

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57 minutes ago, Frozenbeernuts said:

I think there is a misconception of me being overly confident in bitcoin. I have learned from mistakes in the past that I need to be 100% certain of an assets future potential to weather a reduction in value as steep as we just saw.

Investing and holding an asset is exponentially easier and less stressful when I am certain of its success. I will not make claims about short term price action because I don't know what it will do. I never made it seem like that was my intention either

My perspective on bitcoin is a much longer time horizon. Like 30 years. I plan to take profits here and there, but thats only with the idea of accumulating more than I had previously.

I am still researching it extensively, but at this point I have done enough research to believe in its future usefulness completely. If I had done this research when I first got in 2017, I would own quite a bit more. If I had never done the research, I may have panic sold at the bottom.

I recommend everyone do a little research on it. At a minimum it should open your eyes to what bitcoin is capable of, and the major flaws in the legacy monetary systems that have been used for centuries

Governments will always debase their currency through inflation. Bitcoin is inflation proof and is a true free market, which is something I would expect more conservative geeks to gravitate toward

Keep friends close and enemies closer.  Ie. Spend more time listening to the detractors than the people pushing this asset class.  Just a learned FYI.

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1 hour ago, Alias Detective said:

Keep friends close and enemies closer.  Ie. Spend more time listening to the detractors than the people pushing this asset class.  Just a learned FYI.

If detractors have good info, I am willing to listen to them. A lot of them spread misinformation

Bitcoin uses too much energy. False

Bitcoin can be overtaken by another coin. False

Bitcoin can't be used for payment. False

Bitcoin is going to die. False

The bitcoin community is toxic. False

Bitcoin is expensive. False

 

To me, a bitcoin detractor is the same exact person who could ramble off a ton of bull shlt reasons why the internet was going to fail. There were plenty of people who thought the entire idea was absurd and doomed.

Give me a legit reason why bitcoin is dangerous, and I will listen. It's not easy to find, because a lot of the FUDsters have been proven wrong, and some of them have even converted

Case in point - one of the most influential people and smartest in the bitcoin community is Michael Saylor. He didn't even get into bitcoin until 2017. In 2013 he was calling for the demise of the coin. He realized he was wrong and switched sides.

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If you guys consume the same info I do, I guarantee you will start to shift your opinion. Not because these people are good marketers, its because there has been a lot of study of bitcoin, especially as it relates to the history of money and energy

Its a close to a totally free market as it gets without the government being able to bend it to its will.

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4 minutes ago, Frozenbeernuts said:

If detractors have good info, I am willing to listen to them. A lot of them spread misinformation

Bitcoin uses too much energy. False

Bitcoin can be overtaken by another coin. False

Bitcoin can't be used for payment. False

Bitcoin is going to die. False

The bitcoin community is toxic. False

Bitcoin is expensive. False

 

To me, a bitcoin detractor is the same exact person who could ramble off a ton of bull shlt reasons why the internet was going to fail. There were plenty of people who thought the entire idea was absurd and doomed.

Give me a legit reason why bitcoin is dangerous, and I will listen. It's not easy to find, because a lot of the FUDsters have been proven wrong, and some of them have even converted

Case in point - one of the most influential people and smartest in the bitcoin community is Michael Saylor. He didn't even get into bitcoin until 2017. In 2013 he was calling for the demise of the coin. He realized he was wrong and switched sides.

Ok

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5 hours ago, Frozenbeernuts said:

I think there is a misconception of me being overly confident in bitcoin. I have learned from mistakes in the past that I need to be 100% certain of an assets future potential to weather a reduction in value as steep as we just saw.

Investing and holding an asset is exponentially easier and less stressful when I am certain of its success. I will not make claims about short term price action because I don't know what it will do. I never made it seem like that was my intention either

My perspective on bitcoin is a much longer time horizon. Like 30 years. I plan to take profits here and there, but thats only with the idea of accumulating more than I had previously.

I am still researching it extensively, but at this point I have done enough research to believe in its future usefulness completely. If I had done this research when I first got in 2017, I would own quite a bit more. If I had never done the research, I may have panic sold at the bottom.

I recommend everyone do a little research on it. At a minimum it should open your eyes to what bitcoin is capable of, and the major flaws in the legacy monetary systems that have been used for centuries

Governments will always debase their currency through inflation. Bitcoin is inflation proof and is a true free market, which is something I would expect more conservative geeks to gravitate toward

Anyone claiming to be 100% certain of anything in finance is a straight up idiot.

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did we all buy the dip?

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5 minutes ago, GutterBoy said:

Anyone claiming to be 100% certain of anything in finance is a straight up idiot.

Why else would I buy bitcoin when it was in the 50s? It takes some strong conviction to buy in the 50s and then be happy it dropped down into the 30s. For your own good, do more research on investing and bitcoin. It can only help.

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17 minutes ago, edjr said:

did we all buy the dip?

I signed up on the dip :wave:

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I think we're all about to get fūcked by Bitcoin.  I couldn't understand why the stock market got pummeled just as Bitcoin started crashing.  Then I realized asshóles must be leveraging the buy crypto, so now when it crashes, people have to sell their stock to cover margin calls.  

Please tell me no one here is using leverage to buy crypto.

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3 minutes ago, nobody said:

I think we're all about to get fūcked by Bitcoin.  I couldn't understand why the stock market got pummeled just as Bitcoin started crashing.  Then I realized asshóles must be leveraging buy crypto, so now when it crashes, people have to sell their stock to cover margin calls.  

Please tell me no one here is using leverage to buy crypto.

I don't know about anyone here, but there are plenty doing it.  Probably even more since Musk and Cuban started mouthing off.  

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3 minutes ago, nobody said:

I think we're all about to get fūcked by Bitcoin.  I couldn't understand why the stock market got pummeled just as Bitcoin started crashing.  Then I realized asshóles must be leveraging buy crypto, so now when it crashes, people have to sell their stock to cover margin calls.  

Please tell me no one here is using leverage to buy crypto.

Can you explain this in baby language? I don't know anything about stock or even what leveraging or margin calls means. Are you saying that:

The regular stock market was affected when Bitocoin dropped because people started to sell their stocks that they own in order to buy Bitcoin? Or are you saying that they are borrowing money in order to buy Bitcoin?

Could you just use regular language, not stock market slang? And what do you mean when you say you're going to get screwed by Bitcoin. How is any of this Bitcoin's fault?

TIA :wub:

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4 minutes ago, vuduchile said:

I don't know about anyone here, but there are plenty doing it.  Probably even more since Musk and Cuban started mouthing off.  

Doing what? See my post to nobody above and feel free to answer in simpler terms since I'm unfamiliar with investing. 

TIA :wave:

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2 minutes ago, peenie said:

Doing what? See my post to nobody above and feel free to answer in simpler terms since I'm unfamiliar with investing. 

TIA :wave:

Errrrrrbody up in here buyin' stupid sh!t.  

j/k.

 

Basically borrowing money to invest in cryptocurrencies.  

Margin trading with cryptocurrency allows users to borrow money against their current funds to trade cryptocurrency “on margin” on an exchange. In other words, users can leverage their existing cryptocurrency or dollars by borrowing funds to increase their buying power (generally paying interest on the amount borrowed, but not always).[1][2][3][4]

For example, you put down $25 and leverage 4:1 to borrow $75 to buy $100 worth of Bitcoin. The only stipulation is that no matter what happens, you’ll have to pay back to $75 plus fees. In order to ensure they get the loaned amount back, an exchange will generally “call in” your margin trade once you hit a price where you would start losing the borrowed money (as they will let you borrow money to trade, but they don’t want you losing that money). A margin call can be avoided by putting more money into the position

https://cryptocurrencyfacts.com/basics-margin-trading-cryptocurrency/#:~:text=In other words%2C users can,buy %24100 worth of Bitcoin.

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6 hours ago, Frozenbeernuts said:

If detractors have good info, I am willing to listen to them. A lot of them spread misinformation

 

The bitcoin community is toxic. False

 

Discussing the motivations of the hackers, Wright said: “I think one of the underreported things about this, and I think it’s a day of reckoning, is the use of cryptocurrency to enable these groups to continue their activities. In other words, if you remove the ability to monetize this, these gangs are out of business because they’re only in it for one reason — to make money. So I think there’ll be a day of reckoning with how countries look at the use of cryptocurrencies, especially Bitcoin.”

Nothing is without risk.

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@vuduchile

What??!! I told you I don't understand!!

Omg....why did you copy and paste? I need plain language!! 

In the above example does that mean that a person will say, I have $25 but I want to borrow $75 so that I can afford to buy a $100 coin? And that person will borrow the $75 hoping that the coin will raise in value so that they make a profit. However, if the coin loses value then they have to immediately pay back that $75?

I don't know what leverage means. Geezus!!

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6 minutes ago, peenie said:

Can you explain this in baby language? I don't know anything about stock or even what leveraging or margin calls means. Are you saying that:

The regular stock market was affected when Bitocoin dropped because people started to sell their stocks that they own in order to buy Bitcoin? Or are you saying that they are borrowing money in order to buy Bitcoin?

Could you just use regular language, not stock market slang? And what do you mean when you say you're going to get screwed by Bitcoin. How is any of this Bitcoin's fault?

TIA :wub:

What he's saying and I do not agree with him is the following.

You put $100 into an exchange. It can be crypto or stocks or whatever. 

The exchange allows you to trade on 10x margin. Meaning YOU are borrowing money to purchase crypto or stocks.

So instead of having $100 to trade with you have $1000 (100+900)

You decided to by 1000 of XYZ crypto for $1 each.

At this moment you have 1000 XYZ worth $1000.

If the price goes up, great you're making money and the exchange is making money.

If the price goes down the exchange has to protect their "investment" aka your loan. If it goes too far you have to add more capital (your original $100) or the exchange will liquidate your position. Meaning they sell your 1000 XYZ coin.

 

 

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Peenie - People are buying bitcoin on credit, and as long as it keeps going up, they are fine.  Once it goes down, they have to pay that money, but they don't have it, the only way they can get it by selling some stock, and when lots of people sell stock at the same time, it goes down, so they both go down together.

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1 minute ago, Cdub100 said:

What he's saying and I do not agree with him is the following.

You put $100 into an exchange (wat da fuq). It can be crypto or stocks or whatever. 

The exchange (charles schwab/robinhood/coinbase/fidelity/binance?) allows you to trade on 10x margin (da fuq, you mean buy using loaned money). Meaning YOU are borrowing money to purchase crypto or stocks.

So instead of having $100 to trade with you have $1000 (100+900)

You decided to by 1000 of XYZ crypto for $1 each.

At this moment you have 1000 XYZ worth $1000.

If the price goes up, great you're making money and the exchange is making money.

If the price goes down the exchange has to protect their "investment" aka your loan. If it goes too far you have to add more capital (your original $100) or the exchange will liquidate your position. Meaning they sell your 1000 XYZ coin.

 

 

That's better but still too much lingo. 

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2 minutes ago, GutterBoy said:

Peenie - People are buying bitcoin on credit, and as long as it keeps going up, they are fine.  Once it goes down, they have to pay that money, but they don't have it, the only way they can get it by selling some stock, and when lots of people sell stock at the same time, it goes down, so they both go down together.

:first:

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8 minutes ago, Bert said:

Discussing the motivations of the hackers, Wright said: “I think one of the underreported things about this, and I think it’s a day of reckoning, is the use of cryptocurrency to enable these groups to continue their activities. In other words, if you remove the ability to monetize this, these gangs are out of business because they’re only in it for one reason — to make money. So I think there’ll be a day of reckoning with how countries look at the use of cryptocurrencies, especially Bitcoin.”

Nothing is without risk.

I never said it was without risk. All forms of money come with risk. You also have no idea how much less risk bitcoin comes with to people in developing nations.

But if someone learns the process of storing their coins before they buy, the risk is pretty minimal

There are gangs everywhere who want to back into everything you own or steal what you have. Nothing new. Quit acting like crypto invented hacking

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Also.  NFT buzz seems to have dropped off a cliff.  Gary V, Cuban and others are on twatter today trying to pump it.  

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I think there are three different types of crypto investors these days

1) You got your crypto cult.  That's your Cdub and your frozenbeans, the hodlers, the right wing nuts that think this is the future of commerce, sell at $1M.  They are relatively small players in the market.

2) Then you got your instituional investors.  These are the guys that don't know what's gonna happen, but they want a piece in case it's good.  They're just using it as a place to park some cash for now and take a chance.

3) Then you got your playas.  These are the dudes Nobody is talking about.  The traders, buying on leverage, looking to make some bucks, get in and get out.  This is why it's been so volatile.  They are big enough players to cause some big swings either way.

Then you got the smart people that are just watching it all 🍿

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3 minutes ago, Frozenbeernuts said:

I never said it was without risk. All forms of money come with risk. You also have no idea how much less risk bitcoin comes with to people in developing nations.

But if someone learns the process of storing their coins before they buy, the risk is pretty minimal

There are gangs everywhere who want to back into everything you own or steal what you have. Nothing new. Quit acting like crypto invented hacking

Relax.  You didn't say but you act like there is no risk, no down side, absolutely no possible threat.  I never implied crypto invented hacking. :rolleyes:

I did imply elected officials often make knee jerk decisions such as imposing, regulations, restrictions, taxes, etc. on things they precisive as a threat.  The quote from the former Senior Advisor of the US State Department and Anti-Terrorism Assistance Program is a perfect indication.  

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28 minutes ago, Bert said:

Relax.  You didn't say but you act like there is no risk, no down side, absolutely no possible threat.  I never implied crypto invented hacking. :rolleyes:

I did imply elected officials often make knee jerk decisions such as imposing, regulations, restrictions, taxes, etc. on things they precisive as a threat.  The quote from the former Senior Advisor of the US State Department and Anti-Terrorism Assistance Program is a perfect indication.  

Sure. They could tax us more at any minute for anything they want. I'm not going to be terrified to invest my money because the gov may tax it

If they wanted to eradicate bitcoin they missed their chance. Its too late. That was a risk at some point, but not any longer

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10 hours ago, Frozenbeernuts said:

Governments will always debase their currency through inflation. Bitcoin is inflation proof and is a true free market, which is something I would expect more conservative geeks to gravitate toward

You're way too hung up on inflation.  Do you realize what happens without inflation?

Normally you buy a house for $100k with a loan.  Inflation helps that house increase in value so that both the lender and home owner make money.  

In the case of no inflation, eventually you'll run into a deflationary cycle.  In other words, instead of that house costing $100k, you can buy it for $90k.  Now the home owner is motivated to just walk away from mortgage.  In other words, the 2008 housing crisis.

So yeah, let's remove inflation from the economy.  It will just plunge the entire world into an unrecoverable depression.  That sounds fun.

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13 minutes ago, nobody said:

You're way too hung up on inflation.  Do you realize what happens without inflation?

Normally you buy a house for $100k with a loan.  Inflation helps that house increase in value so that both the lender and home owner make money.  

In the case of no inflation, eventually you'll run into a deflationary cycle.  In other words, instead of that house costing $100k, you can buy it for $90k.  Now the home owner is motivated to just walk away from mortgage.  In other words, the 2008 housing crisis.

So yeah, let's remove inflation from the economy.  It will just plunge the entire world into an unrecoverable depression.  That sounds fun.

Ever heard of purchasing power? You aren't making money if the purchasing power is decreasing more quickly than a currency is inflating.

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