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Discussion in 'Road Side Pub' started by Weather Man, May 20, 2020.

  1. VenomousDSG

    VenomousDSG Get ready to fly! Established Member

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    Shit has dropped 10 grand since the weekend, great volatile investment....

    This crap is just like Gamestop was a couple weeks ago, only it's being played out much longer because it's not regulated and it can be played out and manipulated as long as those with control want to.... Pump and dump, over and over again.

    It will drop back down to the teens here shortly again, stay there for a couple months, and when something significant happens with the economy again (like the election/inauguration spike that cause this surge) it will go back up again. Rinse/repeat
     
  2. Rb0891

    Rb0891 Premium Member Premium Member Established Member

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    Partially true, the underlying technology with these have value of perhaps in the long term. GME not so much.
     
  3. VenomousDSG

    VenomousDSG Get ready to fly! Established Member

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    There is zero true value in a currency that isn't backed by anything (i.e. a physical asset like gold or a government), and has no regulation whatsoever. It's a mirage currency.
     
  4. Rb0891

    Rb0891 Premium Member Premium Member Established Member

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    The technology is not currency as so many think. It is the block chain idea and it is pretty revolutionary.
     
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  5. quad

    quad Well-Known Member Established Member

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    Lol yes the dollar is backed by the clueless and inept government. But all governments are spending. Fiat currencies are doomed.

    ogbk60cb8h921.jpg
     
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  6. quad

    quad Well-Known Member Established Member

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  7. VenomousDSG

    VenomousDSG Get ready to fly! Established Member

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    Clueless and inept, not arguing that. But a government entity nonetheless....

    I'd rather have my money backed by something than nothing. Only way the dollar is going to fail is if the government collapses, and if that happens everything is going to take a massive shit anyways. Bitcoin is still small potatoes and untrustworthy.
     
  8. q6543

    q6543 Well-Known Member Established Member

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    It's a risk asset, no risk no reward.

    Too many dollars is risky IMO, i keep some around but maybe 1/10 what i used to.
     
  9. 98SVTContour98

    98SVTContour98 Active Member Established Member

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    I'd encourage anyone who thinks bitcoin is worthless b/c it's not backed by a govt or gold to do some more reading...Bitcoin (like all money) is backed by it's monetary properties and abilities...there are plenty of videos/people who discuss this in depth (Saifedean Ammous, Andreas Antonopoulos, Michael Saylor, Nic Carter)

    [​IMG]
     
  10. venmos1

    venmos1 Well-Known Member Established Member

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    from what i have been reading and seeing, this drop was not expected. many thought it was time for things to take off. Anyone see this shortening the bullrun or maybe pushing it back? doesnt seem like many people are coming off their price predictions for the end of bull run. if anything, some are higher.
     
  11. FordMoCo21

    FordMoCo21 Just passing through. Established Member

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    So the JPMChase analysts predict a long-term value over $145k, basically tripling where it's at. That sounds great until you realize this thing has just as much of a chance to 1/10 itself and never rebound as well. The risk:reward just isn't there IMO. If you're already in it from say a price point of $10k-$30k then it makes a little more sense to stay in.

    Also, in my non-educated on the matter opinion, it seems competition in this area would eventually get really fierce. It's not like Tesla or Apple where the barriers to entry are sky-high. But I could be wrong, and someone could correct me...
     
  12. quad

    quad Well-Known Member Established Member

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    George @ CryptosRUs investigated this drop. Below are two videos where he goes into it. Whales were dumping Bitcoin to take profits and buy up the dip.

    Ivan on Tech also warned the past 2 weeks that the market needed a correction he was starting to take profits. He took profits before the dump. A correction at some point was expected. We've already had three 20-30% corrections in this bull run. There could be two left. The 2017-18 bull run did not have all the quantitative easing being done by governments could extend the bull run for longer. Ivan Tech thinks it will near the end in September or so. Some think by the end of the year or that it could continue on into next year. We'll have to see what happens.





     
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  13. quad

    quad Well-Known Member Established Member

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    Cardano's price is pretty stable right now and resilient because apparently up to 72% of ADA is staked meaning it can't be sold off in panic. So the portion that is exposed to panic selling is only 28% of the circulating supply.

    The only issue with staked coins is that there could be a mass selloff once the coins are unlocked from staking. But I am sure they'll have unstaking limits in place to counteract this.
     
  14. venmos1

    venmos1 Well-Known Member Established Member

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    Yep my best gains are from cardano while eth is pooping.
     
  15. mysticsvt

    mysticsvt southernmustangandford Premium Member Established Member

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    Cardana is my only saving grace at the moment. CoinBase is in the slumps but my Binance is UP.
     
  16. mysticsvt

    mysticsvt southernmustangandford Premium Member Established Member

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    Had to scroll a good ways back to find this but worth the watch. Is the US dollar really back by anything more the the governments word? How much do you trust that? How has it crippled other countries?
     
  17. Rb0891

    Rb0891 Premium Member Premium Member Established Member

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    It's backed by nothing other than every country knows that if it gets challenged Armageddon begins...
     
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  18. quad

    quad Well-Known Member Established Member

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    I wish I converted more ETH to ADA. I'll wait until ADA calms down. There is a lot of Ethereum FUD at the moment and ADA is being hyped up lol!

    This is some bullish news on Ethereum:

    Canada’s CI Global Files for What Would Be World’s First Ether ETF

    The world’s first ether exchange-traded fund (ETF) may be on the way, after CI Global Asset Management filed a preliminary prospectus in Canada on Thursday.
    • In an announcement, the firm said its proposed “CI Galaxy Ethereum ETF” would be the first ETF in the world to invest directly in ether, the native cryptocurrency of the Ethereum network.

    • If approved, the ETF would trade on the Toronto Stock Exchange (TSX) under the ticker “ETHX.”

    • Galaxy Digital Capital Management LP will act as the ether sub-adviser and execute trading on behalf of the ETF.

    • ETHX will invest directly in ether with its holdings priced using the Bloomberg Galaxy Ethereum Index, owned by Bloomberg Index Services.

    • “Ethereum is the leading candidate to be the base layer of Web 3.0, and ether is a growth asset that provides investors exposure to the explosion of decentralized applications,” said Mike Novogratz, chairman and CEO of Galaxy Digital, in the announcement.

    • The ether ETF may have a reasonable chance of being approved. Last week, two bitcoin ETFs were listed in Canada.

    • CI Global also recently filed a preliminary prospectus for a bitcoin ETF, which would also be in in partnership with Galaxy Digital.
     
  19. Rb0891

    Rb0891 Premium Member Premium Member Established Member

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    Same here. I am mostly in eth though glad I bought some ada at .35. Once or if eth hits 2500 I converting some to more ada.
     
  20. lOOKnGO

    lOOKnGO Keep'um smiling Established Member

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    So this is what it will take for people to finally push away from the computer and get some exercise.
     

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