Bitcoin is a Ponzi scheme in same sense fiat currencies: US dollar, Euro, yuan, pound sterling all are
I don't believe in this crypto currency nonsense, but I did make about €2000 with Coinbase's stock. But it's crazy to think that there is now $1000 billion invested in this bitcoin crap, why not invest it in affordable housing and perhaps even a basic income?
Agree with all said so far. I've never "invested" in it. I have a good friend who keeps telling me I should. Why? Because you should he says.
No, I only follow Coinbase, but MicroStrategy was also on fire. It's a software company that invested heavily in Bitcoin, and now people see them as a crypto company, I don't get it. But Coinbase was quite predictable, I bought 50 shares at an average price of $145 a month ago, and sold them at $190, after earnings. I'm guessing they will go up to $220 because of this new crypto hype in the coming weeks. On the other hand, Nvidia might ruin the sentiment on Wall Street, most experts predict earnings will be good, but not good enough, so the AI hype will probably take a hit in a few days. Just look at what happened with Super Micro last friday, LOL. https://finance.yahoo.com/quote/SMCI/
BTW, off topic, but I forgot to ask what are your thoughts about the newest SpyShelter 15 version? Perhaps you can test it against malware? https://www.wilderssecurity.com/threads/spyshelter-12.422366/page-18#post-3184427
I'm actually selecting some malware for a possible test soon; but as it is still in Beta I'm deciding if this would be in any way fair.
I will reply in the SpyShelter thread. And just like I predicted, Coinbase took a hit yesterday because of weak sentiment on Wall Street. Nvidia and Super Micro also got hammered, but at least they did recover. I'm guessing tomorrow they will take a hit again. Palo Alto also got hammered today, perhaps I will perform a buy on the dip, it's just too tempting LOL. https://finance.yahoo.com/quote/PANW/
What is really going to be interesting is what will occur to Coinbase, Riot, and Marathon Digital on the Bitcoin Halfing Day in April. Marathon will take a bit hit in Mining profits, Riot not so much (the reward for mining prior to the first halfing in 2012 was 50 BTC and now will drop to a tad over 3 BTC), Not at all sure how COIN will react.
It's funny, the reaction to cryptocurrencies. They get a bad rap just because they are a new, evolved, way of looking at money. People that got in early, like me, did make a lot of money. At it still remains profitable. Don't disparage it because you don't understand it. Remember, there are bad people in every sector. Specifically, look at mortgages and credit cards, or the stock market. People use those systems to make money too. No one is forcing people to buy a house above their means or use too much credit. Everyone knows the rules before they start. Yes, there are bad exchanges. People use them because they are trying to get rich too fast. That is not possible in crpto without a huge investment. Stop trying to cut corners and you'll be fine.
Yes, from what I've read, this Halfing Day will most likely push bitcoin prices even higher. Coinbase seems to be correlated to the bitcoin price. So as long as bitcoin keeps rising, we're all good. But those analysts really are a bunch of idiots sometimes, I actually could have made more money, but I got scared when one analyst on CNBC said that earning numbers would not be great, because according to him those Bitcoin ETF's could actually be a bad thing for Coinbase's transaction revenue. Same with Nvidia, almost every analyst predicted a correction, luckily I didn't listen and made €1000 yesterday, too bad that I didn't invest in Super Micro, I was too chicken for that. https://finance.yahoo.com/quote/NVDA https://finance.yahoo.com/quote/SMCI
What I don't like about it, is that it's bad for the environment, good for criminals and not suitable for normal payments because of the wild fluctuation of the price. So I don't believe in crypto currencies, the euro and dollar work just fine. And needless to say there should be more regulation, but apparently that goes against the whole point of crypto currencies.
I thought this was a pretty interesting article from the European Central Bank, they basically say that Bitcoin is crap, and I'm going to have to agree with them. It's just a tool for Wall Street to make money. https://www.ecb.europa.eu/press/blog/date/2024/html/ecb.blog20240222~0929f86e23.en.html https://finance.yahoo.com/news/bitcoins-fair-value-zero-latest-160504773.html (summary)
I wonder what the hell happened yesterday? Coinbase (+$25) and bitcoin (+$5000) both exploded from out of nothing. I totally missed out on this rally, also based on analysts who thought that bitcoin was in for a correction. I see that premarket Coinbase has already hit $202, just like I predicted, but a bit sooner than I thought. It's a typical pump and dump scheme, should have seen this coming.
Not at all. It's more of a Supply vs Demand sort of thing. Unlike traditional currency, the supply of BTC is capped. and with Halfing Day approaching people assume that it will skyrocket. Although this may not be the case, until that date a feeding frenzy should ensue (BTC is up ~6000USD today). Still like MARA and RIOT with protective puts in place.
Yes, but that's what I meant with pump and dump, they are going to keep pushing it higher, and after this Halfing Day event it will plunge. I bought 20 shares of Coinbase at $200, but I sold it again at $205, I somehow think Coinbase will have a slight pullback, but I might be wrong. Luckily I did buy 10 shares of Super Micro at $910, tomorrow they are going to skyrocket because they were added to the S&P 500.
I'm an idiot, both Coinbase and Bitcoin exploded again today, just like last week monday. I did make €1500 with Super Micro (+$200), so this makes up for my blunder LOL.
What also may portent some difficulties for the market in general, Gold has also been on a mini-spike (and MU is approaching a 5 year high as their components are being used by the AI guys).
Yesterday Cathie Wood dumped quite a lot of Coinbase stock, so that's why it pulled back. But today it's up again, crazy stuff. I think it's going a bit too well on Wall Street, I think coming Friday it's going to crash when MongoDB and Broadcom get hammered. CrowdStrike was up $70, I totally missed this rally. But anyway, Coinbase hasn't got anything to do with AI of course, so perhaps it will keep rising. It's a bit too risky for me at the moment though.
Cathie is one of the best contrarian indicators out there. Burns through investors cash on junk. I can't quite fathom all the Fandom as an ARKK $150 invested in 2021 is worth $50 today.
Yes, she sold a lot of Nvidia stock in January 2023, just before Nvidia was about to explode, she missed about $600 million because of this. BTW, seems like my instinct was right about last friday. At first, all seemed fine, but all of a sudden there was a major selloff, which was of course triggered by massive profit taking on Coinbase, Nvidia and Super Micro. Broadcom and MongoDB also got hammered. But I suppose Bitcoin will keep rising until the halving event, so I need to buy back Coinbase ASAP.
I can't believe that I'm writing about this and even more surprised that I recently took a position in it, but HOOD is turning out better that expected. But I guess it does make sense as the Pigs are gorging at the BTC trough and HOOD is making cash providing the feed.
I'm not really into Robinhood since it's a slow mover. But today I went all in, bought myself Coinbase, Nvidia, Super Micro, ASML and MongoDB. Now let's hope that CPI (inflation) won't be too bad tomorrow, otherwise I'm toast.
