Captain Cranks
Footballguy
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Bitcoin-Explain to me how to buy these things (3 Viewers)
- Thread starter Sheriff Bart
- Start date
Captain Cranks
Footballguy
FTR, we have NOT broken support at $30K just yet. The big money knows where stops are set (in this case, just below $30K) and may be glad to be the other side of the trade. This is a big level of technical support and it may not go quietly.
I'll want to see a daily close well below $30K before sticking a fork in this support level.
I'll want to see a daily close well below $30K before sticking a fork in this support level.
Nathan R. Jessep
Footballguy
in for some ADA at 1.01 
Captain Cranks
Footballguy
Crypto talking heads on Twitter and Youtube: The Chinese crackdown news is being used to create FUD and manipulate the market.
Also crypto talking heads on Twitter and Youtube: OMG! It's a Death Cross! Get ready for a sell-off!!!
Also crypto talking heads on Twitter and Youtube: OMG! It's a Death Cross! Get ready for a sell-off!!!
jb1020
Footballguy
Yeah, thats what I'm seeing. The Chinese are banning something...whats new? And it just the mining operations right?
I don't know much about the mining processes and what not, but it looks like a lot of the Chinese mining ops are being moved to the US. Maryland seems to be the new home for a lot of it. Maybe once all this equipment gets set up we'll be back in business?
Seems like its all FUD to let the big dogs here get everything in order. I try not to let the conspiracy minded part of my brain take over, but it does from time to time.
Captain Cranks
Footballguy
It's the same kind of news we see it every other financial market. Sometimes bullish things happen. Sometimes bearish things happen. That doesn't mean there's some sinister manipulation at hand, though. It's legitimately bearish short-term news that one of the biggest economies in the world is disallowing decentralized cryptocurrency. It's silly for them to say, "it's just intentionally timed FUD" for legitimate news while at the same time be spreading fear at a technical phenomenon that most of the time doesn't mean anything significant.
These youngins in the crypto space like to show their naivete sometimes.
There are many willing minions in the media to stir up fear and create a buying opportunity for the whales. These are the best time for the big boys to get money in the market without driving the prices up.
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bostonfred
Footballguy
Approximate time line
Musk says you can use bitcoin to buy tesla
Btc goes way up
Russian hackers attack colonial pipeline
Us government successfully tracks transaction but does not announce it
Musk starts selling bitcoin
Musk announces not more bitcoin for tesla
Btc drops hard
China decides btc is bad and gets out
I am definitely missing some steps here but I don't think that its a coincidence that China liked the anonymity or that Musk changed his mind when he did or as abruptly as he did, and now the average investor gets it in the can once again
Musk says you can use bitcoin to buy tesla
Btc goes way up
Russian hackers attack colonial pipeline
Us government successfully tracks transaction but does not announce it
Musk starts selling bitcoin
Musk announces not more bitcoin for tesla
Btc drops hard
China decides btc is bad and gets out
I am definitely missing some steps here but I don't think that its a coincidence that China liked the anonymity or that Musk changed his mind when he did or as abruptly as he did, and now the average investor gets it in the can once again
Captain Cranks
Footballguy
What's your suggestion here? Musk, the US government, the Chinese government, and Russian hackers are all working in coordination to screw the "average investor"?
bostonfred
Footballguy
No, not at all. I suspect that Musk had some level of inside info on the Colonial Pipeline thing. I suspect that China is dumping because they had a bunch of money saved aside to do untraceable #### and now that they know it's not untraceable they're dumping it. I suspect that musk anticipated that people with impure intentions - including but not limited to China- would dump as soon as they found out that it wasn't actually as untraceable as people had said. I don't suspect any conspiracy and if musk did what I suspect I don't think it's even illegal because he dumped currency, not a stock.
beer 30
Footballguy
Oddly enough, I had an epiphany during this latest downturn. It just became kinda clear to me how to manage these investments at a level I understand. It's pretty simple and has given me a new calm & confidence that I didn't have before. I was trying to over analyze everything in the macro. Looking at it in the micro (just BTC), buying low, selling high(er), lather, rinse, repeat. It just takes the knowledge of where you bought at and selling when its higher than your buy in. Having a bunch of crypto makes it a little more difficult because you have to track your buy in but it's certainly doable. You also have to be hyper aware of the price fluctuations.
This is simple stuff and I know most everyone in here is rolling their eyes at this right now but I'm new to it and have a miniscule investment that I would like to grow. Managed to make a little during this latest dip and subsequent run back up.
Captain Cranks
Footballguy
Just be aware that what you're describing is trading and not investing. It's also a great strategy for when we're churning in range like we've been. If that's your goal, great. If you're a long term investor who expects things to 5-10X, you're going to be kicking yourself when you look back at all the sales you made because eventually the market will have run away from you.
dnurk
Footballguy
I read that .gov tracked down and recovered some of the ransom funds but didn’t really see anything in depth about how they were able to trace it. That does trouble me somewhat as I thought the blockchain was truly anonymous. Any good articles out there on how they were able to find those funds and what the larger impact is on blockchain security?
The Ref
Footballguy
Even money - NSA tracked down the hackers through all the means they have at their disposal via Patriot act and other. They then put a gun to head and say either your brains or the password will be on this page in the next 2 minutes.
10,000-1 .gov used quantum computer to hack the blockchain and recover the BTC they got.
beer 30
Footballguy
Yes absolutely. My "investment" is minimal compared to you guys. There are no retirement dreams associated with the money I'm dealing with but my goal is to continue to build my base and hopefully, some day, I'll have enough to set aside to actually consider it an investment.
Appreciate all the advice you and some of the others continually post in here. Helps a lot
Captain Cranks
Footballguy
I had a bid to buy more at $20.00. Think it got down to $20.12.
Also missed my second tranche of ADA by $0.001.
Chaos Commish
Footballguy
Your profit taking strategy is generating short-term gains. Short term v long term takes a huge bite out of roi.Yes absolutely. My "investment" is minimal compared to you guys. There are no retirement dreams associated with the money I'm dealing with but my goal is to continue to build my base and hopefully, some day, I'll have enough to set aside to actually consider it an investment.
Appreciate all the advice you and some of the others continually post in here. Helps a lot
KGB
Footballguy
What is your opinion on what's low (good buy price) and high (good sell price) for BTC?
KGB
Footballguy
beer 30
Footballguy
Long(er) term yes but my thought was it a long time to run up to 40 last time it was there so I had a pretty good idea it wasn’t going to approach it this weekend. This weekend was a quick profit grab for me. I’ve always kept a base amount in BTC but I shave off the top now to manipulate some quick profits when the opportunity presents itself.
As someone mentioned above, that’s not investing, it’s more akin to day trading but it keeps me off the streets.
https://www.cnbc.com/2021/06/25/elon-musk-jack-dorsey-discuss-bitcoin.html
Tech billionaires Elon Musk and Jack Dorsey have agreed to discuss bitcoin with each other at an event in July.
In a bizarre Twitter thread, Musk responded to a tweet from Dorsey promoting an event called “The B Word,” which aims to encourage companies and institutional investors to adopt bitcoin.
“Bicurious?” the Tesla CEO said, seemingly referring to the “B” word in question.
In response, Twitter’s Dorsey said: “Bizarre! Let’s you and I have a conversation at the event. You can share all your curiosities...”
Musk agreed. “For the Bitcurious? Very well then, let’s do it,” he said, to which Dorsey later replied: “Done! Will set up.”
Captain Cranks
Footballguy
Love how they have to treat this guy like a child simply because he's such an attention whore. He's not some stupid idiot who doesn't know how BTC works. He just likes the attention and unfortunately the adults in the room have to give it to him.
dnurk
Footballguy
Looks like China .gov threats are having a real (and hopefully short term ) impact on mining.
https://www.theblockcrypto.com/post/109629/ethereum-hash-rate-sink-china-mining-shutdown
from what I understand, shouldn’t the blockchain adjust to the volume of miners automatically? I thought I read the algorithms get more simple or more complex based upon the speed at which they’re solved.
https://www.theblockcrypto.com/post/109629/ethereum-hash-rate-sink-china-mining-shutdown
from what I understand, shouldn’t the blockchain adjust to the volume of miners automatically? I thought I read the algorithms get more simple or more complex based upon the speed at which they’re solved.
Captain Cranks
Footballguy
Crypto will have to catch a bid soon or else BTC's headed for the $20s.
I am waiting for that. As soon as it dips below $28K I will start moving my sideline position back into the market.
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KGB
Footballguy
KGB
Footballguy
Please update when they have a ticker or close to it
Nathan R. Jessep
Footballguy
ADA (Cardano) seems to be a popular choice. I got in on a bit of that last week when there was a dip.
beer 30
Footballguy
The two that are popular now are ADA & MATIC. If you can get into MATIC at under $1 that’s a good price, it’s close to that now. ADA is at $1.23 which is a good entry point as well, think I paid $1.50 when I bought. Both will probably dip a little lower but barring another blood letting, not significantly IMO.
Yesterday I saw a new coin that Coinbase just picked up, CHILIZ. Its an Ethereum token that lets users trade tokens to show their support for professional sports teams. I don’t know what any of that men’s or how it works but I bought some cause, sports. I got in at $0.24, currently trading at $0.23
Ethereum is a good buy right now too at $1,765. I got in around $1,866 so my strategy of buy high, sell low is coming along swimmingly.
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David Dodds
Administrator
My crypto wallet includes ETH, LTC, ADA, and ALGO.
beer 30
Footballguy
I picked up a little ALGO a couple weeks ago because it was paying a 6% bonus on Coinbase. Been a good investment so far
2Squirrels1Nut
Footballguy
Actually, wouldn't it be better if they continue to restrict mining, which will restrict supply, driving up the price?
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Captain Cranks
Footballguy
The frequency and number of BTC mined doesn't change except for halving events when approximately every four years the block reward is reduced by half. Right now, 6.25 BTC are earned by a miner every 10 minutes. The number of miners competing for the reward are irrelevant to those terms.
What we are seeing are miners and others in China dumping their holdings. That should be a short term dynamic that ultimately leads to stronger, more decentralized infrastructure as mining was getting very concentrated in China.
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beer 30
Footballguy
@Captain Cranks you think this upcoming meeting in July between Dorsey & Musk is going to create a temporary spike? I do so if you’re looking to get into BTC now would probably be a good time. It’s around $33k today, I could see it bumping up to high $30’s if this actually comes off.
Captain Cranks
Footballguy
Ehhh, it certainly won't hurt, but I don't see it as the type of event that will spur a ton of demand. We need more El Salvador / corporate adoption-type news to get things into a more bullish posture. That's not to say we can't keep churning in this 30-40K range without anything significant to occur.
Captain Cranks
Footballguy
Quick update on my top 5 long term rankings, in order:
ADA, BTC, SOL, DOT, and ETH.
I don't think this has changed much since the last time I listed it other than dropping LINK for SOL.
ADA, BTC, SOL, DOT, and ETH.
I don't think this has changed much since the last time I listed it other than dropping LINK for SOL.
Chaos Commish
Footballguy
Captain Cranks
Footballguy
On the LINK side, I don't like the price action lately, and the upside relative to the other coins seems muted. OTOH, I really like the business approach of SOL. They've built an ultra-efficient, high performance platform that they're actively marketing across the world to increase market share. They say they're not trying to be an ETH killer, but they're absolutely trying to be an ETH killer.
2Squirrels1Nut
Footballguy
Great info, thank you!Captain Cranks said:
