Are members invested in Bitcoin/crypto?

sgrenald · Feb 23, 2021

321Only
Google Executive Order 6102 which is a very prominent example.
In 1933 US citizens had to hand in privately held Gold to the Government because too much of the USD was printed and the currency was devaluated. in 1934, the gold standard was created which pegged the USD to Gold creating a backed currency.

Gold Standard was again rejected in 1971 because the government had to issue more USD than they could back with gold reserves. This led to the fiat standard which we still have today. Now look at the health of our current fiat currencies and ask yourself what would be a smart move from the government perspective. yeah, protecting the citizens from bad goods (that actually hold value). lets ban it

The US went OFF the gold standard in 1933, after almost 60 years. And while EO 6102 required people to hand in gold, what that meant in practical terms was to turn in your gold coins at the local bank and get paper money in exchange. The average person wouldn't have had more than a hundred bucks or so in gold at MOST. That would be the equivalent of about $1500 today. It also wasn't enforced in any meaningful way and there were lots of exceptions (e.g. numismatic coins). It's not like the FBI was doing house-to-house searches for gold hoarders. Any gold that was handed back to the banks was sent to the treasury where it was melted down. But today you can buy common date $20 gold double eagles for a little over the spot price of gold, which tells you how much is still out there.

In the 70s, they basically shut down the Bretton Woods system, because too many foreign nations were requesting payments in gold instead of dollars. https://www.federalreservehistory.org/essays/gold-convertibility-ends

While there are certain benefits to having a gold-backed currency, overall, it creates more problems than it solves in a modern economy.

Observer · Feb 23, 2021

STANDY
Everyone with half a brain knows that Bitcoin will drop back to 5-10k again don’t they.
🍿

You should short it. You’ll make a fortune. 😉

sgrenald · Feb 23, 2021

Observer
You should short it. You’ll make a fortune. 😉

Well, it's down over 10% today...

Another rule of investing is that timing is everything. Being too early can be as bad as being too late.

NGO1 · Feb 23, 2021

STANDY
Everyone with half a brain knows that Bitcoin will drop back to 5-10k again don’t they.
🍿

The other half of my brain is willing to bet it will climb to 100k. At this point, it’s pretty close to a roulette wheel. FOMO is compelling.

Observer · Feb 23, 2021

sgrenald
Well, it's down over 10% today...

Another rule of investing is that timing is everything. Being too early can be as bad as being too late.

20% swings are just another day in crypto.

NGO1 · Feb 23, 2021

I’m calling BTC $20k and TSLA $500, by end of month.

sgrenald · Feb 23, 2021

Observer
20% swings are just another day in crypto.

"Back in the day," I worked at Activision. During the time I was there, the price would bounce between 10 & 15. One of the producers used to buy when it was around 10 and then sell at 15 and made a nice chunk of change over the course of a couple of years.

Hands90 · Feb 25, 2021

Dogecoin went up 12% last night.

FYPM · Feb 25, 2021

Hands90
Dogecoin went up 12% last night.

Bought DOGE @0.3 and sold on the 7 spike..POLKADOT is well worth a look, also ZCash. Up in those two and BTC this year, but only small beer invested in this space

Walrus · Feb 25, 2021

I watched this video, it’s only ten hours, it gave me a much better understanding of the US economy.

Observer · Mar 7, 2021

Uniswap is at an all-time high and most of the majors seem to have carved out a pretty solid bottom. Looking at 3 mo charts, it might be time for some more excitement.

In OF related news, I spent some of my winnings on my first Speedmaster. We are, after all, going to the moon.

Walrus · Mar 7, 2021

Observer
Uniswap is at an all-time high and most of the majors seem to have carved out a pretty solid bottom. Looking at 3 mo charts, it might be time for some more excitement.

In OF related news, I spent some of my winnings on my first Speedmaster. We are, after all, going to the moon.

I was actually attempting to purchase a watch with ethereum. The fees stopped me in my tracks. I know I could just cash some out but I wanted to utilize crypto. The fees at the time I was looking at doing it would have come to 70 bucks for a 500 and change watch. I spoke to someone who transacts regularly they said I either made a mistake or my timing was bad as normally the fees should be about 5 bucks for a transaction that size. So I’m not sure exactly what I did. Now my understanding is EIP should be reducing the fees. I thought that was happening soon, but now I’m hearing July. The fees on eth seem to be causing angst on many but it seems it’s just on smaller purchase the issue lays. By the way good on you for the speedy.

Observer · Mar 7, 2021

Walrus
I was actually attempting to purchase a watch with ethereum. The fees stopped me in my tracks. I know I could just cash some out but I wanted to utilize crypto. The fees at the time I was looking at doing it would have come to 70 bucks for a 500 and change watch. I spoke to someone who transacts regularly they said I either made a mistake or my timing was bad as normally the fees should be about 5 bucks for a transaction that size. So I’m not sure exactly what I did. Now my understanding is EIP should be reducing the fees. I thought that was happening soon, but now I’m hearing July. The fees on eth seem to be causing angst on many but it seems it’s just on smaller purchase the issue lays. By the way good on you for the speedy.

Fees are huge on Ethereum these days. Like $50 on the low side. It’s a victim of its own success. That probably won’t change until ETH 2.0. Not sure about BTC fees. I have no plans to ever sell that. I cashed out some BNB that was up about 700%. Fees are super low on chains like Cosmos and Binance.

Observer · Mar 8, 2021

Foo2rama
Tesla, Bitcoin, and Tulips. All things that will continue to rise!!!!

Reading through this thread as I think about the volatility in markets these days. Just for fun, let’s take a look.

The morning after this post, TSLA opened at $674.51 (I assume you meant the stock and not the car (which may have spontaneously combusted by now 😀 )).
Today it’s trading down 12% at $591.
BTC was at $26,280, and today is up 98% at over $51,000.
Not sure about tulips, but since tulips should be planted in the fall, I imagine the price is depressed in March.

BTC traded below $14,000 when the thread was created. Congrats to everyone who rolled the dice.

Not picking on you, @Foo2rama . You’re one of the best. 😉

Walrus · Mar 8, 2021

Observer
Reading through this thread as I think about the volatility in markets these days. Just for fun, let’s take a look.

The morning after this post, TSLA opened at $674.51 (I assume you meant the stock and not the car (which may have spontaneously combusted by now 😀 )).
Today it’s trading down 12% at $591.
BTC was at $26,280, and today is up 98% at over $51,000.
Not sure about tulips, but since tulips should be planted in the fall, I imagine the price is depressed in March.

BTC traded below $14,000 when the thread was created. Congrats to everyone who rolled the dice.

Not picking on you, @Foo2rama . You’re one of the best. 😉

Funny you mention that. I wanted to ask people’s opinion on the EV sector as nio and a few others got smacked about pretty well. If you got into Tesla 80-100 pre 6 for 1 split even with this dive your ok but of course losing those gains certainly hurt. I try not to talk too much about it here as I see the stock threads keep getting locked. I thought we did a good job keeping it non political but at the same time you gotta expect the rules of the house your in. I liked hearing a number of peoples opinions here. Anyway Tesla getting a haircut is not a surprise, how quickly it turned was a bit of a surprise. I don’t think it can ever be written off it’s had massive corrections and pumps in its history, I am very grateful I did some trading with it as that is not normally my style but it’s valuation was such I just thought it would be wise to lock in profits. Mind you, just to stress I’m a small fish my trades don’t make me rich. It’s funny though my wife and I met with a new financial person and the best thing I could find right now is a fund that pays 2.5%apy over three years. There were some higher but they involved two long of a lockup period. Damn I staked some ETH at 7.5%apy but ethereums price can be all over the place so it’s nothing to brag about. In two years eth could be 7k or 75 bucks who the hell knows. The market is confusing right now, when I’m confused I like to sit back a little. Good buddy of mine got in btc at 55k. Fortunately he didn’t go crazy but he is obviously perturbed he bought at the top. He was talking to him today he said he learned a good lesson about fomo. I gave him credit for not panic selling during the dip.

I avoid giving advice in these matters but I told him how people end up regretting panic selling and left it at that. Shoot giving crypto advice is probably a great way to loose friends.

sgrenald · Mar 8, 2021

I think I mentioned this before, but I bought TSLA in 2009 at 5 (post-split valuation to keep it simple) and sold 18 months later for 8. So I made 60% on my investment in a year and a half, which is really good. Of course, had I kept my stake, it would be worth over a million now. But I thought Tesla was wildly overvalued when it was 60.

Observer · Mar 8, 2021

Walrus
Funny you mention that. I wanted to ask people’s opinion on the EV sector as nio and a few others got smacked about pretty well. If you got into Tesla 80-100 pre 6 for 1 split even with this dive your ok but of course losing those gains certainly hurt. I try not to talk too much about it here as I see the stock threads keep getting locked. I thought we did a good job keeping it non political but at the same time you gotta expect the rules of the house your in. I liked hearing a number of peoples opinions here. Anyway Tesla getting a haircut is not a surprise, how quickly it turned was a bit of a surprise. I don’t think it can ever be written off it’s had massive corrections and pumps in its history, I am very grateful I did some trading with it as that is not normally my style but it’s valuation was such I just thought it would be wise to lock in profits. Mind you, just to stress I’m a small fish my trades don’t make me rich. It’s funny though my wife and I met with a new financial person and the best thing I could find right now is a fund that pays 2.5%apy over three years. There were some higher but they involved two long of a lockup period. Damn I staked some ETH at 7.5%apy but ethereums price can be all over the place so it’s nothing to brag about. In two years eth could be 7k or 75 bucks who the hell knows. The market is confusing right now, when I’m confused I like to sit back a little. Good buddy of mine got in btc at 55k. Fortunately he didn’t go crazy but he is obviously perturbed he bought at the top. He was talking to him today he said he learned a good lesson about fomo. I gave him credit for not panic selling during the dip.

I avoid giving advice in these matters but I told him how people end up regretting panic selling and left it at that. Shoot giving crypto advice is probably a great way to loose friends.

Glad your friend didn’t get shaken out with the weak hands. I think he’ll be glad he did. Tesla’s rapid drop isn’t surprising me one bit. Musk is an interesting and talented guy, but the competition against more prestigious brands that have been making cars for up to a hundred years is just getting started. It looks like a new watch brand trying to square off with Omega to me. Best of luck to him, but things are looking rough for the high-fliers that don’t have solid fundamentals. I’m happy to be wrong, though.

Observer · Mar 8, 2021

sgrenald
I think I mentioned this before, but I bought TSLA in 2009 at 5 (post-split valuation to keep it simple) and sold 18 months later for 8. So I made 60% on my investment in a year and a half, which is really good. Of course, had I kept my stake, it would be worth over a million now. But I thought Tesla was wildly overvalued when it was 60.

Hey, a win is a win. 😉

Walrus · Mar 8, 2021

I only have one friend IRL who was into bitcoin when it was well under a dollar. He was a computer nerd and would mine and trade bitcoin back in the early days and buy computer parts. He put together back then what was a very nice computer with bitcoin. In 2018 he had it in a room in his house with crime scene tape around it as he figured it was worth around 300,000 usd if he had saved the bitcoin. Of course the computer was outdated and useless by then. It has now disappeared, he used to be able to laugh about it but I think with bitcoin at 50k the reminder is too much for him.

sgrenald · Mar 8, 2021

Observer
Hey, a win is a win. 😉

Yep! It doesn't particularly bother me. I think if I'd held onto those 2000 shares I'd probably be freaking out at the $500k or so paper loss in the last few days. I'm more pissed off about Fedex screwing up my Speedmaster delivery.