Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

[Lobwedgephil 1139]

Little flash crash tonight in Bitcoin/Eth.  

[elfenix 34226]

how the fuck the i sell my eth?

[T’Boo Ted Marshall 2732]

Not sure what to think about XRP or XLM. I might throw a little that way but I just don’t see much upside in it like BTC and ETH.

[Nice Guy Eddie 13509]

Here I was thinking that we could push towards 20k soon for btc. Instead wake up to a big drop.

always have mixed feelings when values drops. But since I’m still accumulating, it’s not bad.

8 hours ago, T’Boo Ted Marshall said:

Not sure what to think about XRP or XLM. I might throw a little that way but I just don’t see much upside in it like BTC and ETH.

I think it’s ok to have a some major alt coins even if you don’t fully believe in its future. They seem to follow btc increases as some btc profits appear to flow into them at times. 

[52-80 19147]

10 hours ago, elfenix said:

how the fuck the i sell my eth?

get revolut (online bank) and swap it for cash

its a legit banking service i use it for quick forex

[GRHorn 105]

Bounced back pretty well this weekend. Pushing 18k

[Nice Guy Eddie 13509]

On 11/28/2020 at 3:51 PM, GRHorn said:

Bounced back pretty well this weekend. Pushing 18k

And hit close to 20K this morning. There seems to be disagreement on whether btc hit 20K a couple of years ago or not. My memory is that some exchanges briefly hit 20K while others did not. And there isn't an official # but I assume coinmarketcap.com is about as close as it gets.

[GRHorn 105]

19 minutes ago, Nice Guy Eddie said:

And hit close to 20K this morning. There seems to be disagreement on whether btc hit 20K a couple of years ago or not. My memory is that some exchanges briefly hit 20K while others did not. And there isn't an official # but I assume coinmarketcap.com is about as close as it gets.

From crypto twitter I follow it made new highs on a couple different exchanges. It did on binance. Not on Coinbase though. All in due time. 

Edited November 30, 2020 by GRHorn

[BTW 370]

I started playing in these out of boredom during the initial shut-down last spring, LINK & XRP mostly, although I do have some ETH and BTC just for the fomo.  

My guess is cryptos (particularly BTC) are a hedge against the threat of a weakening Dollar.  People don't want to be in cash and a lot of the capital markets are trading at bonkers multiples.

[ChiTownDoc 21144]

I want to push a bunch of what used to be gold (did ok on it since spring) into BTC.  I'm waiting for 15k.  Is anyone crazy enough to think we don't see 15k again?  Serious question.  

[Nice Guy Eddie 13509]

14 minutes ago, ChiTownDoc said:

I want to push a bunch of what used to be gold (did ok on it since spring) into BTC.  I'm waiting for 15k.  Is anyone crazy enough to think we don't see 15k again?  Serious question.  

No idea. It was recently at 15k three weeks ago. Might be there tomorrow. Or never.  I find BTC to be great with dollar cost average buys. Set up a scheduled, if not automated, purchase plan. 

People famously wait for BTC to drop but it doubles instead. On the previous page, @52-80 wrote about waiting for an estimated drop that never came and now it's 80% up since that point.  I'm of the belief that we still have a long way to go before BTC peaks so getting in at 15k or 19k doesn't matter much.

 

[GRHorn 105]

1 hour ago, ChiTownDoc said:

I want to push a bunch of what used to be gold (did ok on it since spring) into BTC.  I'm waiting for 15k.  Is anyone crazy enough to think we don't see 15k again?  Serious question.  

If we bust through ATH convincingly in the next day to two we won’t see 15k again. JMO. 

[GRHorn 105]

Stock market as a whole pretty blah today but my 401k was up 17%. I own a lot of gbtc and BTC miners. Mara common, Riot Leaps. Unbelievable day. Me bragging means it’s due for a big dump, but rather than trading in and out I’m gonna hold for the big move this year.  

[ChiTownDoc 21144]

Thanks guys.  I’ll move some already - good point that if we see it at 100k in the next year it makes no real material difference on 15k vs 19k.  

[GRHorn 105]

11 minutes ago, ChiTownDoc said:

Thanks guys.  I’ll move some already - good point that if we see it at 100k in the next year it makes no real material difference on 15k vs 19k.  

That’s the target imo. 100k by 12/21. Could be higher if it gets really crazy. 

[bluto 4914]

Are there any crypto equities or etfs? I don’t want to have to do the whole wallet thing but would like to add a piece.

[52-80 19147]

49 minutes ago, bluto said:

Are there any crypto equities or etfs? I don’t want to have to do the whole wallet thing but would like to add a piece.

Gbtc - with a bit of premium atop the NAV

Mstr - a “real” business, whose cash holdings are in Bitcoin, so it’s a proxy buy with real enterprise value as the backstop. 
 

was gonna buy it this morning but it opened 14% up, so I waited for it to deflate.  Then it closed the day at 25% up lol

[GRHorn 105]

11 minutes ago, 52-80 said:

Gbtc - with a bit of premium atop the NAV

Mstr - a “real” business, whose cash holdings are in Bitcoin, so it’s a proxy buy with real enterprise value as the backstop. 
 

was gonna buy it this morning but it opened 14% up, so I waited for it to deflate.  Then it closed the day at 25% up lol

It’s gone up more recently because Citron put a price target of 700 on it. 

[GRHorn 105]

1 hour ago, bluto said:

Are there any crypto equities or etfs? I don’t want to have to do the whole wallet thing but would like to add a piece.

SI (Silvergate) is another good crypto proxy. They’re a small bank that handles a large number of crypto settlements between big players in the industry on their 24/7 settlement network. They’re also rolling out crypto lending program that I’m sure will do well. Major of the plumbing of the industry. 
 

And like I said before, if you wanna get a little crazy buy the two most liquid BTC miners. Mara and Riot. They’ve been going ballistic and should continue to do so throughout the year. 

[GRHorn 105]

Cross posting from market thread. All this money will continue to flow into various assets. It will drive the price up the most in a deflationary, fixed supply asset like bitcoin. 

[Nice Guy Eddie 13509]

This recent rally appears to be losing steam. It held north of 18k & 19k for a decent percent of the last month but now looks to want to drop. 

Or I could be 100% wrong and it shoots north of 20k this afternoon. 

[Blotto 23491]

3 hours ago, Nice Guy Eddie said:

This recent rally appears to be losing steam. It held north of 18k & 19k for a decent percent of the last month but now looks to want to drop. 

Or I could be 100% wrong and it shoots north of 20k this afternoon. 

Still holding my BTC and ETH from 2017 and some XRP I bought this year. I think its largely a scam but overall I'm up about 250%, so a profitable scam. Thing is, I have no idea what the fuck to do with it. I don't trade it. Just hold it and watch it go up and down. Will probably die with a bunch of worthless crypto, lulz. I just figure maybe it skyrockets and then I won't be pissed off I didnt jump onboard. but if it all goes to zero, I won't really miss it, because I have already written it off as a speculative gamble. 

[Biff Tannen 45665]

4 hours ago, Blotto said:

Still holding my BTC and ETH from 2017 and some XRP I bought this year. I think its largely a scam but overall I'm up about 250%, so a profitable scam. Thing is, I have no idea what the fuck to do with it. I don't trade it. Just hold it and watch it go up and down. Will probably die with a bunch of worthless crypto, lulz. I just figure maybe it skyrockets and then I won't be pissed off I didnt jump onboard. but if it all goes to zero, I won't really miss it, because I have already written it off as a speculative gamble. 

Yep, same.  Just a gamble and if it goes insane, hey I made a few grand or so.

[GRHorn 105]

Another example of institutional adoption here. 

Bitcoin would be a good speculative way to help reach pensions and insurance companies reach return projections. 
 

Again, these aren’t day traders or retail FOMOing. This BTC is getting pulled off the market. The free float is getting smaller every day in the face of growing demand. This shit is going to go parabolic again and I am here for it. 

Edited December 11, 2020 by GRHorn

[GRHorn 105]

 

A little heads up here. There have been a lot of rumblings of pending Mnuchin regulations on Bitcoin and exchanges. Not certain what the scope and severity will be, but it could be centered around self custody, like people holding coins on their own hardware wallets etc. The thinking is that they will somehow make it more onerous to move coins off exchanges into your own possession, amongst other things. Maybe more extensive KYC or imposing lower withdrawal limits. A lot of posters here may not really care about holding their own keys/coins and are happy to leave them on exchanges, but if you have some sitting on exchanges and have a hardware wallet it might be a good weekend to pull those coins off if you don’t want them encumbered in any way. 

[Party_Taco 3723]

So, I finally regained access to Binance after not paying much attention for 1.5 years.

It seems that all of my shitcoins remain, but BTC, LTC and ETH are basically wiped out. I still have all of my transfer/purchase emails from Binance, and I know I didn’t sell the coins, so assume they were stolen.

Anything I can do at this point to attempt recovery?

[Nice Guy Eddie 13509]

12 hours ago, Party_Taco said:

So, I finally regained access to Binance after not paying much attention for 1.5 years.

It seems that all of my shitcoins remain, but BTC, LTC and ETH are basically wiped out. I still have all of my transfer/purchase emails from Binance, and I know I didn’t sell the coins, so assume they were stolen.

Anything I can do at this point to attempt recovery?

Go look at your transaction and deposit/withdrawal reports. I bet your coins are still there, or you forgot that you moved them elsewhere. For the latter, I moved coins before and forgot. 

[Party_Taco 3723]

I can see my Trades history, but that’s not reflective of balance at the time - Doesn’t seem to be any funny business since I was last playing around with things a few years ago, but the balance of the big 3 being basically zero doesn’t make any sense.

I’d happily reach out to Binance, but want to make sure I’ve looked at everything first. Assume the web app has better tools than the mobile one?

[Nice Guy Eddie 13509]

37 minutes ago, Party_Taco said:

I can see my Trades history, but that’s not reflective of balance at the time - Doesn’t seem to be any funny business since I was last playing around with things a few years ago, but the balance of the big 3 being basically zero doesn’t make any sense.

I’d happily reach out to Binance, but want to make sure I’ve looked at everything first. Assume the web app has better tools than the mobile one?

Look at the withdrawal report. Coins shouldn't just disappear. Either you sell them or they've been withdrawn.   Regardless you should be able to look at their reports to understand when you deposited or bought the coins along with any sales or withdraws. It should all add up.

I don't know about Binance, but some exchanges have different wallets within one account: Trade, vault (asset), etc. And if you can't figure it out, contact their support desk. Ask them where is your X.XX bitcoins or ETH.

[GRHorn 105]

Orgasmic price action this morning.  Over 20k convincingly. Miners going bonkers. 

[Nice Guy Eddie 13509]

2 hours ago, GRHorn said:

Orgasmic price action this morning.  Over 20k convincingly. Miners going bonkers. 

21k is close.  but a drop to below 20k wouldn't surprise me due to profit taking.

[GRHorn 105]

Anotherone.gif

 

[T’Boo Ted Marshall 2732]

No time for love Dr Jones. Past $21k

[BTW 370]

Now past $23k

[BTW 370]

If you are willing to listen to a guy in a stretched out v-neck with 80k youtube subscribers ...

 

[Nice Guy Eddie 13509]

It's amazing how many institutions are announcing btc investments. 2 years ago, most (all?) investment companies would have been embarrassed to even admit they were tracking btc. Now they're buying thousands of bitcoins. I assume that the bigger investment firms have internal and external pressure to allow more crypto investments. I know they don't want to hurt their reputation by selling clients on a tulip bubble but at some point you can't deny huge gains.

I still see btc owners breakdown as the following:

• early adopters
• hobby investors (me)
• early (relatively speaking), high-value investors

We still haven't seen more conservative high value investors and passive, long-term investors jump in. I think they represent the real money. IF these last 2 groups enter the crypto market...

@ChiTownDoc were you able to jump into bitcoin before this recent 20-25% jump? 

[T’Boo Ted Marshall 2732]

Guess I should have held on to my BTC a little longer.

I kept my ETH though.

[ChiTownDoc 21144]

29 minutes ago, Nice Guy Eddie said:

It's amazing how many institutions are announcing btc investments. 2 years ago, most (all?) investment companies would have been embarrassed to even admit they were tracking btc. Now they're buying thousands of bitcoins. I assume that the bigger investment firms have internal and external pressure to allow more crypto investments. I know they don't want to hurt their reputation by selling clients on a tulip bubble but at some point you can't deny huge gains.

I still see btc owners breakdown as the following:

• early adopters
• hobby investors (me)
• early (relatively speaking), high-value investors

We still haven't seen more conservative high value investors and passive, long-term investors jump in. I think they represent the real money. IF these last 2 groups enter the crypto market...

@ChiTownDoc were you able to jump into bitcoin before this recent 20-25% jump? 

I did a little but am doing the slower dollar cost avg thing even though I should probably jump all in.  Everything is going up now so not many regrets.  

[GRHorn 105]

 

 

lolol

Edited December 17, 2020 by GRHorn

[Nice Guy Eddie 13509]

US Treasury dept announcing they are planning to require more information about private wallet ownership. Transfer a certain crypto amount from a KYC (know your customer) exchange to a private, self-custody wallet, you have to inform the exchange who owns that wallet. Then the info is reported to the feds. Basically it’s like how you get reported today for dealing in large cash transactions. The transaction isn’t illegal but the govt wants to know about it.

https://www.coindesk.com/fincen-proposes-kyc-rules-for-crypto-wallets

while part of me is annoyed by this proposal, it’s great news for the overall crypto world. It’s acceptable of crypto by the US govt as a legit type of currency/asset. Some are worried that the US govt would attempt to ban crypto but this proposal seems like the opposite of that. At least for now.

for practical matters, the clock may be ticking if you want to avoid being reported.  

[GRHorn 105]

11 hours ago, Nice Guy Eddie said:

US Treasury dept announcing they are planning to require more information about private wallet ownership. Transfer a certain crypto amount from a KYC (know your customer) exchange to a private, self-custody wallet, you have to inform the exchange who owns that wallet. Then the info is reported to the feds. Basically it’s like how you get reported today for dealing in large cash transactions. The transaction isn’t illegal but the govt wants to know about it.

https://www.coindesk.com/fincen-proposes-kyc-rules-for-crypto-wallets

while part of me is annoyed by this proposal, it’s great news for the overall crypto world. It’s acceptable of crypto by the US govt as a legit type of currency/asset. Some are worried that the US govt would attempt to ban crypto but this proposal seems like the opposite of that. At least for now.

for practical matters, the clock may be ticking if you want to avoid being reported.  

Here’s a reaction from one of the few crypto think tanks in DC. 

 

[Nice Guy Eddie 13509]

Interesting post from an S&P 500 (tomorrow) CEO but this led to a Twitter conversation between Musk and Saylor, who is the MicroStrategy CEO who is up at least $500m with his company bet to park their cash in Bitcoin.

 

[Anastasis 23464]

 

[Nice Guy Eddie 13509]

If Elon ever joined in in Bitcoin, I can only imagine the fomo. And if he used Tesla funds, well then basically every stock investor in the world would then have exposure to bitcoin. It would be a new world for Bitcoin.

if you want to hear the microstrategy ceo talk about his reasoning to buy Bitcoin, here is a good interview that starts at the 15 minute mark. This guy makes you want to liquidate your entire 401k balance to invest in bitcoin: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5tZWdhcGhvbmUuZm0vV1dPNjY1NTg2OTIzNg/episode/NmE1ZWVlOWEtNzJjMi0xMWVhLWIyMzktMTMxZjI4OGE3NWM1?hl=en&ved=2ahUKEwjnkq7Sl93tAhUHR6wKHSG4BSAQjrkEegQIGRAH&ep=6
 

[GRHorn 105]

On 12/20/2020 at 12:30 PM, Nice Guy Eddie said:

If Elon ever joined in in Bitcoin, I can only imagine the fomo. And if he used Tesla funds, well then basically every stock investor in the world would then have exposure to bitcoin. It would be a new world for Bitcoin.

if you want to hear the microstrategy ceo talk about his reasoning to buy Bitcoin, here is a good interview that starts at the 15 minute mark. This guy makes you want to liquidate your entire 401k balance to invest in bitcoin: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5tZWdhcGhvbmUuZm0vV1dPNjY1NTg2OTIzNg/episode/NmE1ZWVlOWEtNzJjMi0xMWVhLWIyMzktMTMxZjI4OGE3NWM1?hl=en&ved=2ahUKEwjnkq7Sl93tAhUHR6wKHSG4BSAQjrkEegQIGRAH&ep=6
 

Thanks for sharing. I’ve heard a few with Saylor, but that is pretty succinct on the investment rationale. I might forward that to my dad. Try to shill him on it one time for real. I have in passing but never sense a lot of interest. When this next crazy year is done I’ll feel bad if I never gave him a real good pitch on it. 

[Nice Guy Eddie 13509]

1 hour ago, GRHorn said:

Thanks for sharing. I’ve heard a few with Saylor, but that is pretty succinct on the investment rationale. I might forward that to my dad. Try to shill him on it one time for real. I have in passing but never sense a lot of interest. When this next crazy year is done I’ll feel bad if I never gave him a real good pitch on it. 

Saylor has some interesting ideas on why he thinks treasury cash is trash when interest rates are 0 and he is of the belief that we are headed for high inflation in the next 2 years. Add to his ideas that there is limited upside to disbursing that cash as a dividend or buying back more stock.  So far, his strategy has paid off for his stockholders as the stock price has gone from $115 to $320 in 6 months. I do question his recent practice of borrowing money to buy bitcoin. He might be 100% right with this strategy but do you take on debt based on your economic prediction? You don't always have to go all-in to win.

[GRHorn 105]

32 minutes ago, Nice Guy Eddie said:

Saylor has some interesting ideas on why he thinks treasury cash is trash when interest rates are 0 and he is of the belief that we are headed for high inflation in the next 2 years. Add to his ideas that there is limited upside to disbursing that cash as a dividend or buying back more stock.  So far, his strategy has paid off for his stockholders as the stock price has gone from $115 to $320 in 6 months. I do question his recent practice of borrowing money to buy bitcoin. He might be 100% right with this strategy but do you take on debt based on your economic prediction? You don't always have to go all-in to win.

About 6 months ago, an article was shared with me that had Druckenmiller sharing what he learned from George Soros. I don’t think this is the exact article but it has the gist of it. 
 

https://acquirersmultiple.com/2017/11/stanley-druckenmiller-the-greatest-lesson-i-ever-learned-from-george-soros/

Another quote from him on this. Emphasis not mine. 
 

The first thing I heard when I got in the business, not from my mentor, was bulls make money, bears make money, and pigs get slaughtered. I’m here to tell you I was a pig. And I strongly believe the only way to make long-term returns in our business that are superior is by being a pig. I think diversification and all the stuff they’re teaching at business school today is probably the most misguided concept everywhere. And if you look at all the great investors that are as different as Warren Buffett, Carl Icahn, Ken Langone, they tend to be very, very concentrated bets. They see something, they bet it, and they bet the ranch on it. And that’s kind of the way my philosophy evolved, which was if you see – only maybe one or two times a year do you see something that really, really excites you… The mistake I’d say 98% of money managers and individuals make is they feel like they got to be playing in a bunch of stuff. And if you really see it, put all your eggs in one basket and then watch the basket very carefully.

So, that’s basically the approach I’ve taken on this. Besides my BTC in cold storage, I think about 65% of my 401k is in Gbtc or other crypto proxies. I think it’s going to be a massive year. 

[ZB'Tejas 593]

1 hour ago, GRHorn said:

So, that’s basically the approach I’ve taken on this. Besides my BTC in cold storage, I think about 65% of my 401k is in Gbtc or other crypto proxies. I think it’s going to be a massive year. 

Ha, good lord. That's quite the bet.

[Nice Guy Eddie 13509]

2 hours ago, GRHorn said:

About 6 months ago, an article was shared with me that had Druckenmiller sharing what he learned from George Soros. I don’t think this is the exact article but it has the gist of it. 
 

https://acquirersmultiple.com/2017/11/stanley-druckenmiller-the-greatest-lesson-i-ever-learned-from-george-soros/

Another quote from him on this. Emphasis not mine. 
 

The first thing I heard when I got in the business, not from my mentor, was bulls make money, bears make money, and pigs get slaughtered. I’m here to tell you I was a pig. And I strongly believe the only way to make long-term returns in our business that are superior is by being a pig. I think diversification and all the stuff they’re teaching at business school today is probably the most misguided concept everywhere. And if you look at all the great investors that are as different as Warren Buffett, Carl Icahn, Ken Langone, they tend to be very, very concentrated bets. They see something, they bet it, and they bet the ranch on it. And that’s kind of the way my philosophy evolved, which was if you see – only maybe one or two times a year do you see something that really, really excites you… The mistake I’d say 98% of money managers and individuals make is they feel like they got to be playing in a bunch of stuff. And if you really see it, put all your eggs in one basket and then watch the basket very carefully.

So, that’s basically the approach I’ve taken on this. Besides my BTC in cold storage, I think about 65% of my 401k is in Gbtc or other crypto proxies. I think it’s going to be a massive year. 

I think that is a strategy to contemplate. I know Bill Ackman expresses a similar sentiment. I think the important elements to understand are when it's a good time to get in, and what's the plan to get out. 

[Burt Macklin 19020]

2 hours ago, GRHorn said:

About 6 months ago, an article was shared with me that had Druckenmiller sharing what he learned from George Soros. I don’t think this is the exact article but it has the gist of it. 
 

https://acquirersmultiple.com/2017/11/stanley-druckenmiller-the-greatest-lesson-i-ever-learned-from-george-soros/

Another quote from him on this. Emphasis not mine. 
 

The first thing I heard when I got in the business, not from my mentor, was bulls make money, bears make money, and pigs get slaughtered. I’m here to tell you I was a pig. And I strongly believe the only way to make long-term returns in our business that are superior is by being a pig. I think diversification and all the stuff they’re teaching at business school today is probably the most misguided concept everywhere. And if you look at all the great investors that are as different as Warren Buffett, Carl Icahn, Ken Langone, they tend to be very, very concentrated bets. They see something, they bet it, and they bet the ranch on it. And that’s kind of the way my philosophy evolved, which was if you see – only maybe one or two times a year do you see something that really, really excites you… The mistake I’d say 98% of money managers and individuals make is they feel like they got to be playing in a bunch of stuff. And if you really see it, put all your eggs in one basket and then watch the basket very carefully.

So, that’s basically the approach I’ve taken on this. Besides my BTC in cold storage, I think about 65% of my 401k is in Gbtc or other crypto proxies. I think it’s going to be a massive year. 

I have a Roth IRA in Bitcoin that’s obviously doing very well. The more I read, the closer I am to throwing more at it. I picked up some RIOT that’s up 46% in like a freaking week, and I almost grabbed MARA at 9.81. Kicking myself for not doing that one.

I like GBTC a lot and may move some of my 401k to it if we see a bit of a pullback between now and Christmas. Only thing that worries me about it is that it trades at a premium and if a crypto etf gets approved, then it’ll likely tank by the premium amount, but at this point it won’t even matter. lol

Long term though, Bitcoin is only going to add more and more institutional investors that will create a much stronger floor than bitcoin’s ever had before. If other CEO’s follow MSI’s strategy, then the thing is going to sky rocket.