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Merged Bitcoin - Part 3

A feature of this rally from 4k to 40k is the lack of news stories.
While I always thought Buffet and Munger would be proved correct I realised at about 13k I was wrong.
Congratulations to all those cleverer than the naysayers.
I will be surprised if the 500k does not come to pass in a few years, so FOMO should not be in play.
 
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Back to the thread topic, bitcoin rises to $45,000 after Musk/Tesla buy 1.5 billion in it.

It's all over the news so I don't have one good link.

My son bought some amount I don't know a while back, I'll have to ask him. I had him buy $100 worth a couple weeks ago and it had already risen to $140.

I don't have enough to invest but he does. One of his coworkers at his last job (Hitachi) got rich from Bitcoin after the last bubbly-thingy. It made it more tempting.
 
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Samson said:
A feature of this rally from 4k to 40k is the lack of news stories.
While I always thought Buffet and Munger would be proved correct I realised at about 13k I was wrong.
Congratulations to all those cleverer than the naysayers.
I will be surprised if the 500k does not come to pass in a few years, so FOMO should not be in play.
Click to expand...
There's a news story now.
 
psionl0 said:
Eating crow is not the same as consuming an appendage.
Click to expand...
20k was perfectly possible in a bitcoin bull trend, but I now think it is unlikely ever.

An appendage is defined as an extra part that is attached to something. An example of an appendage is a leaf added to a dining table for extension.


The impossible may take a little while, will give progress reports.
 
ChrisBFRPKY said:
It just went from $39,100 to $43,773 in the space of 30 minutes. 6:30 to 7:00 AM CST. Now at 7:25 AM CST $44,600 and rising.



Added info: Oh, I see now, Tesla just purchased 1.5 Billion in Bitcoin.

And now I think I see why the charts are off. BTC price hovering at $43,700 It must be a buy in manipulation software. It's not a bot, it's a program designed to defeat bots and humans that allows a large buy in without moving the market. It takes several minutes to complete 1 buy in and uses multiple buy and sell transactions to keep the price steady while the purchase is being made. This has been responsible for the manipulation in the charts. I see what the 15 minute candle looks like now after this process has completed. A short wick on the top and bottom with the price indicator centered. Gotcha now.
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$46,744.20 now.

Elon Musk has actually been promoting Dogecoin on his Twitter. No mention of BTC.

He also just announced a $100 Million Carbon Capture technology prize.

https://twitter.com/elonmusk/status/1358930781314322433?s=20
 
Part of me can't help thinking Musk noted the Gamestop stock event and said to himself, If I invest a billion.five and cause a little run on Bitcoin I can double my billion in a couple weeks. :p


My question is however, (humor me I am a novice here) can Musk turn that bitcoin back into cash instantly? Or does it depend on people buying the equivalent of his shares?
 
Orphia Nay said:
$46,744.20 now.

Elon Musk has actually been promoting Dogecoin on his Twitter. No mention of BTC.

He also just announced a $100 Million Carbon Capture technology prize.

https://twitter.com/elonmusk/status/1358930781314322433?s=20
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The DOGE coin antics are a joke.

The tweet about LOKI was funny. Some say it's a comparison of himself to a mythical figure of mischief, I think most people are as sharp as oxen when it comes to cryptic messages.

Elon placed a hashtag #Bitcoin in his twitter bio a few days ago with a brief message that caused a surge in price. He also announced he supports Bitcoin. Now Tesla buying in $1.5 Billion in BTC and accepting payment in BTC is good news and proves beyond any doubt Musk is on board.

I wouldn't count on many tweets about BTC now. He won't say too much about a specific investment that he is in after the SEC fined the crap out of him awhile back for basically nothing. It's ok he can afford it. His tweets can move markets and he knows this. That's why it's a big deal now that he's a Bitcoin supporter.
 
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Skeptic Ginger said:
Part of me can't help thinking Musk noted the Gamestop stock event and said to himself, If I invest a billion.five and cause a little run on Bitcoin I can double my billion in a couple weeks. :p


My question is however, (humor me I am a novice here) can Musk turn that bitcoin back into cash instantly? Or does it depend on people buying the equivalent of his shares?
Click to expand...

Yes, you can convert Bitcoin back into cash instantly and vice versa. Millions are not a problem, billions are not a problem either. You don't even have to participate in a trading market, just click the mouse. Coinbase is a good place to start.
 
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Though technically correct, perhaps a bit dishonest. If one offers to consume an appendage if "X" happens, to me it always refers to an extremity, a body part, like hands, fingers, arms, feet etc. Which is why I brought up the pickled pigs feet for an easy face saving solution as there was no specific mention to consume "his own" appendage. (Even if that saying typically implies this.)

Of course it could simply be a cultural difference that eludes me. I will admit that I was wrong to sell half my bag. It was a mistake.

“The only real mistake is the one from which we learn nothing.”
Henry Ford :thumbsup: Lesson learned.
 
ChrisBFRPKY said:
Though technically correct, perhaps a bit dishonest. If one offers to consume an appendage if "X" happens, to me it always refers to an extremity, a body part, like hands, fingers, arms, feet etc. Which is why I brought up the pickled pigs feet for an easy face saving solution as there was no specific mention to consume "his own" appendage. (Even if that saying typically implies this.)

Of course it could simply be a cultural difference that eludes me. I will admit that I was wrong to sell half my bag. It was a mistake.

“The only real mistake is the one from which we learn nothing.”
Henry Ford :thumbsup: Lesson learned.
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There are appendages and appendages.
John McAfee I think is minus one despite being eventually correct.
 
Samson said:
There are appendages and appendages.
John McAfee I think is minus one despite being eventually correct.
Click to expand...

I think this is affectionately referred to as "The Dickening" in search engines. Hilarious.

Meanwhile the price of BTC is still pumping.

I wonder if anyone realizes that Elon bought the BTC for Tesla in January?
 
Samson said:
I will consume an appendage if bitcoin does not see 20,000 shortly.
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Define "shortly".

Given your catastrophic (and hilarious) record of complete market incompetence, maybe it's time to retire from the prediction biz?
 
I think Samson was safe to say the market will go down after this bull run is over. It has always dropped and traded near the prior bull market highs. As was my intention to rebuy some BTC hopefully in the mid to upper 20's.

But we're in a different situation here that's hard to read. We're still setting new all time highs after what appeared to be the transition into a bear market, again turned bullish in a big way. It's quite a bit different than prior market runs. I expect we're going to see some surprising new all time highs before it's over, then we may see the drop for rebuys, but I believe it unlikely we'll ever see a correction to the low 20's again. I would be so happy to be wrong.
 
ChrisBFRPKY said:
I think Samson was safe to say the market will go down after this bull run is over.
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That's like saying "water is wet". This was a much more specific prediction - unless you contend that "soon" means within the next 1,000 years.

ChrisBFRPKY said:
But we're in a different situation here that's hard to read. We're still setting new all time highs after what appeared to be the transition into a bear market, again turned bullish in a big way. It's quite a bit different than prior market runs. I expect we're going to see some surprising new all time highs before it's over, then we may see the drop for rebuys, but I believe it unlikely we'll ever see a correction to the low 20's again. I would be so happy to be wrong.
Click to expand...
Actually it isn't. Although no two bubbles are exactly the same, a look at the 2017 bubble shows that a 10 fold increase in the price from the start of the bubble to the peak is not that unlikely. Admittedly, Elon Musk is a confounding factor (but there may have been whale like individuals involved in previous bubbles).
 
ChrisBFRPKY said:
Yes, you can convert Bitcoin back into cash instantly and vice versa. Millions are not a problem, billions are not a problem either. You don't even have to participate in a trading market, just click the mouse. Coinbase is a good place to start.
Click to expand...

A bitcoin transaction takes somewhere around 10 minutes. This makes if fine for buying a Tesla but a horrible currency for buying a cup of coffee or tickets to a bitcoin convention.

I love Tesla but I think this move is completely insane. I think the whole thing is insane. I agree with Buffet that bitcoin is poison but, like North Korea, its crash just never seems to happen
 
psionl0 said:
That's like saying "water is wet". This was a much more specific prediction - unless you contend that "soon" means within the next 1,000 years.


Actually it isn't. Although no two bubbles are exactly the same, a look at the 2017 bubble shows that a 10 fold increase in the price from the start of the bubble to the peak is not that unlikely. Admittedly, Elon Musk is a confounding factor (but there may have been whale like individuals involved in previous bubbles).
Click to expand...

Yes, everyone knows there will be a deflation of the bubble sooner or later. Hence the reason his comment was a safe one at that point.

However, picking out a price we're going to correct to and when is another issue. Since we're still apparently in a bull market, the new low may be the previous high of this run prior to the bearish break.

I missed it by using the 2017/2018 run as a model. This run is completely different at this point and we're well past anything to compare with from 2017/2018. There is one possibility but I've rejected it as I cannot reasonably accept. If we're going there, I don't care if I can rebuy that 50% or not. water under the bridge. If I had any hair left I would have probably pulled it out by now.

portlandatheist said:
A bitcoin transaction takes somewhere around 10 minutes. This makes if fine for buying a Tesla but a horrible currency for buying a cup of coffee or tickets to a bitcoin convention.

I love Tesla but I think this move is completely insane. I think the whole thing is insane. I agree with Buffet that bitcoin is poison but, like North Korea, its crash just never seems to happen
Click to expand...

A transaction on Coinbase is instant, no waiting if your coins are already there. As are transactions for the crypto based cards instant. The transactions on the cards actually clear faster than normal card transactions from a bank.

Bitcoin isn't for everyone. I find it more enjoyable and productive to listen to Jimmy Buffet rather than Warren. Because of the generation gap, he really doesn't know what he's talking about. Literally, he doesn't know how it works and it scares him. Ask Warren how he did on his oil stocks back in March 2020....He should have bought Bitcoin.
 
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