November 15, 20223 yr BlockFi purportedly had somewhere in the ballpark of a $2-$3B valuation while it was prepping to IPO, so it wasn't exactly an insignificant (or innocent) bystander that was caught up in the collateral damage of FTX going under. Now if coinbase, which is the dominant US exchange, also goes under with it's $12B market cap, that could signal trouble for any other companies with significant exposure to crypto in general (robinhood, paypal, etc.) There's potential there for the popping of a crypto bubble to cause some turbulence for conventional markets, beyond just the fintech sector.
November 16, 20223 yr Do we get vindication or are we still hanging on to this being a sound investment?
November 16, 20223 yr 8 minutes ago, Paul852 said: Do we get vindication or are we still hanging on to this being a sound investment? An exchange going under isn't really indicative of any inherent flaws in the currency itself. As I said before, this isn't even the first time it's happened. The fact BTC hasn't dropped closer to $10k after FTX, and now BlockFi going under, is actually a bit surprising.
November 16, 20223 yr 8 minutes ago, we_gotta_believe said: An exchange going under isn't really indicative of any inherent flaws in the currency itself. As I said before, this isn't even the first time it's happened. The fact BTC hasn't dropped closer to $10k after FTX, and now BlockFi going under, is actually a bit surprising. So in your opinion crypto is still a sound investment?
November 16, 20223 yr Just now, Paul852 said: So in your opinion crypto is still a sound investment? Not sure I'd use the terms "sound investment" for something as volatile as cryptocurrencies, nor do I currently own any aside from a few hundred scattered about in RH, CB, and my old binance acct that I got locked out of. I haven't the slightest idea of where we are headed in the short term, but long term, if you're asking me if I think there's a future without cryptocurrency, my answer is a resounding "No." The value and utility they can provide is proven and the underlying technology is robust. Will I buy back in? At some point, yeah. Do I advocate for others to do the same? Only after knowing the risks involved (never more than 1% of your portfolio) and only after understanding how the technology works and why it has utility as a medium of exchange.
November 16, 20223 yr 1 minute ago, we_gotta_believe said: Not sure I'd use the terms "sound investment" for something as volatile as cryptocurrencies, nor do I currently own any aside from a few hundred scattered about in RH, CB, and my old binance acct that I got locked out of. I haven't the slightest idea of where we are headed in the short term, but long term, if you're asking me if I think there's a future without cryptocurrency, my answer is a resounding "No." The value and utility they can provide is proven and the underlying technology is robust. Will I buy back in? At some point, yeah. Do I advocate for others to do the same? Only after knowing the risks involved (never more than 1% of your portfolio) and only after understanding how the technology works and why it has utility as a medium of exchange. I'm surprised you'd only have a few hundred.
November 16, 20223 yr 14 minutes ago, Paul852 said: I'm surprised you'd only have a few hundred. Sold off most of what I had back in the spring and summer of 2020 just as markets were recovering from the pandemic. Ironically, I put that money into biotech stocks (vaccine companies) which have since taken a major bath in the past year so it ended up being all for naught anyway. But regardless, I strongly disagree with those who say BTC is going to zero as a result of this. Nor do I think we'll see $60K again in the next year or so either, but over the course of the next 3 years, if I were forced to pick which one was more likely than the other, I'd say $60k would be more likely than going to zero.
November 17, 20223 yr 2 hours ago, Paul852 said: Do we get vindication or are we still hanging on to this being a sound investment? Here’s the thing: it’s not an investment — it’s 100% speculation. Even most of the people speculating are speculating on the wrong thing. They should be looking at regulatory acceptance, not price appreciation. That’s the only way it has a long term future. Proponents will say that this is an exchange issue, not a crypto technology issue. But the technology and even the adoption doesn’t matter if you can’t easily, consistently and safely pass between crypto and fiat. The exchanges ARE the problem. Without them crypto is worthless. And part of the issue with exchanges are the regulatory environment. Bearer instruments are disliked by governments for a reason.
November 20, 20223 yr 23 minutes ago, DEagle7 said: Has anyone checked in on @mattmcginley7? Your doing OK bud? He is probably in recovery after selling one of his kidneys.
November 20, 20223 yr 1 hour ago, DEagle7 said: Has anyone checked in on @mattmcginley7? Your doing OK bud? I’m sure he’ll still say he’s glad he held instead of selling when it went over 60k.
November 20, 20223 yr Author 3 hours ago, DEagle7 said: Has anyone checked in on @mattmcginley7? Your doing OK bud? Of course I'm doing okay. I've bought more lol
November 20, 20223 yr Author 1 hour ago, Jsvand12 said: I’m sure he’ll still say he’s glad he held instead of selling when it went over 60k. Everyone would love to sell the top and buy the bottom. It never happens that way though I still think 1 Bitcoin will eventually be worth at least $500k. At current prices, that's 30x more than what it's currently worth If I'm right, I'll be glad I didn't sell at $60k. The concern for me, FTX blowing up and every person you know with only a limited understanding of crypto now not liking it sure sound to me like very heavy buy signals
November 20, 20223 yr How do you know an investigation will never go anywhere in Congress? When both sides are "riding dirty". "House GOP Leader Kevin McCarthy used FTX funding to sway GOP primaries"
November 20, 20223 yr 4 minutes ago, lynched1 said: How do you know an investigation will never go anywhere in Congress? When both sides are "riding dirty". "House GOP Leader Kevin McCarthy used FTX funding to sway GOP primaries" Pssssssh, we get to hear about Hunter Biden's laptop for the next two years.
November 20, 20223 yr 5 minutes ago, Eaglesfandan said: Pssssssh, we get to hear about Hunter Biden's laptop for the next two years. Acknowledging it's existence is progress. 👍 I want to hear about the Kung Flu scam.
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