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Author Topic: Bitcoin  (Read 65125 times)

MU82

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Re: Bitcoin
« Reply #500 on: June 14, 2022, 09:11:06 AM »
It's just an old fashioned bank run.  They can only meet withdrawls if they have the liquidity to do so.

I am far from a crypto expert, but isn't one of the supreme advantages of crypto supposedly that it is better and more accessible than cash held in a bank? Correct me if I'm wrong. (I know you will.)
"We understand that for some reason, to people with money, to people who fund political campaigns, guns are more important than children. Today we stand for Lexi, and as her voice, we demand action."

-- Kimberly Rubio, whose daughter Lexi was among 19 schoolchildren slaughtered in Uvalde, Texas

User Name #251

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Re: Bitcoin
« Reply #501 on: June 14, 2022, 09:30:41 AM »
I am far from a crypto expert, but isn't one of the supreme advantages of crypto supposedly that it is better and more accessible than cash held in a bank? Correct me if I'm wrong. (I know you will.)

I have no idea what the advantages are.  But my guess is that the people who run these exchanges weren't planning for an extreme divestment that was going to hurt their liquidity.  Or maybe they thought they might happen but didn't really care enough about it.
“True patriotism hates injustice in its own land more than anywhere else.” - Clarence Darrow

HouWarrior

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Re: Bitcoin
« Reply #502 on: June 14, 2022, 06:55:53 PM »
When I was 5 years old I Bitcoin...later that same day I swallowed a quarter.

I still remember the pain ...but it passed

I will never Bitcoin again
I disapprove of what you say, but I will defend to the death your right to say it.

Hards Alumni

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Re: Bitcoin
« Reply #503 on: June 16, 2022, 06:18:50 AM »
And how about Celcius, one of the largest crypto lending platforms, pausing all withdrawals this morning. And Binance, the world's largest crypto exchange, halting Bitcoin withdrawals for a spell.

Isn't one of the supposed benefits of crypto that one can do what one wants with them pretty much any time without interference from government, the private sector, other individuals, etc?

So if all of a sudden you lose access to the crypto you have spent tens of thousands of dollars (or more) buying, isn't that a pretty big problem?

NYKNYC

Best to just not talk about things you don't understand or only read about in the grey lady, aina?

Hards Alumni

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Re: Bitcoin
« Reply #504 on: June 16, 2022, 06:23:23 AM »
I am far from a crypto expert, but isn't one of the supreme advantages of crypto supposedly that it is better and more accessible than cash held in a bank? Correct me if I'm wrong. (I know you will.)

These are exchanges.  They exchange fiat for crypto. 

I have mine on a hard wallet because I prefer to maintain custody of my crypto.

jesmu84

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Re: Bitcoin
« Reply #505 on: June 18, 2022, 01:35:51 PM »
My God

rocky_warrior

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Re: Bitcoin
« Reply #506 on: June 19, 2022, 12:52:41 AM »
My God

Buy something worthless, get something worthless.
“Normal is an illusion. What's normal for the spider is chaos for the fly.”  -Morticia Addams

TSmith34

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Re: Bitcoin
« Reply #507 on: June 19, 2022, 10:18:33 AM »
If I was a bitcoin investor, I don't think I'd want Cathie Wood on "my side" yelling that it's going to $1M.

https://finance.yahoo.com/news/crypto-optimist-bitcoin-to-1000000-by-2030-155113653.html?.tsrc=372

"I think that is pretty lofty," Valkyrie CEO Leah Wald said on Yahoo Finance Live (video above) when asked about Cathie Wood's Ark Invest calling for bitcoin prices to reach $1 million by 2030 in its January 2022 "Big Ideas" report.

"Bitcoin’s market capitalization still represents a fraction of global assets and is likely to scale as nation-states adopt as legal tender," Ark stated, listing several factors for its aggressive projection: (1) maturing bitcoin investor base focused on the long-term; (2) bitcoin taking market share as a global settlement network; and (3) institutional investors are being attracted to the space.
Pooba of Biggot Buffons

JWags85

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Re: Bitcoin
« Reply #508 on: June 20, 2022, 11:29:39 AM »
If I was a bitcoin investor, I don't think I'd want Cathie Wood on "my side" yelling that it's going to $1M.

https://finance.yahoo.com/news/crypto-optimist-bitcoin-to-1000000-by-2030-155113653.html?.tsrc=372

"I think that is pretty lofty," Valkyrie CEO Leah Wald said on Yahoo Finance Live (video above) when asked about Cathie Wood's Ark Invest calling for bitcoin prices to reach $1 million by 2030 in its January 2022 "Big Ideas" report.

"Bitcoin’s market capitalization still represents a fraction of global assets and is likely to scale as nation-states adopt as legal tender," Ark stated, listing several factors for its aggressive projection: (1) maturing bitcoin investor base focused on the long-term; (2) bitcoin taking market share as a global settlement network; and (3) institutional investors are being attracted to the space.

But the difference between Crypto and the market is Cathie Wood yelling this isn't remotely unique or an outlier  :o

TSmith34

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Re: Bitcoin
« Reply #509 on: June 20, 2022, 11:53:33 AM »
True, she isn't the only one, but she is a walking contra-indicator right now. Personally, I think the first two reasons she states are poor arguments as well.
Pooba of Biggot Buffons

Hards Alumni

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Re: Bitcoin
« Reply #510 on: June 22, 2022, 12:45:03 PM »
Buy something worthless, get something worthless.

*checks notes* 

I could sell one today for 20k+ USD