OT: Bitcoin, Altcoins, NFT's & All Things Crypto

[bob-loblaw]

Bob-loblaw = Good to hear from you. Since I’ve apparently been branded the resident crypto-hater I must ask. If you can’t do technical analysis and there may not be a bottom in sight, why continue to buy? You don’t strike me as a gambler, but then again just buying based on a general belief that crypto is the future and will go up in value is an incredibly risky proposition. I, personally, don’t see any short term catalysts, although many people I know feel they must double-down now because they’ve lost so much money since the $67K run-up. On that basis I figured dip-buying would push it back to $40K and it would stabilize. But BTC has not responded. And the BTC charts look nothing like gold and gold miners, which have held up well during the recent market turmoil. Are there any short or long term crypto catalysts?

Why continue to buy? Because I honestly dont know what the bottom is going to be and at any given time, we could see a tremendous volatility to the upside in a days notice.

I'm 100% not a gambler, I loathe AC and am extremely fiscally conservative by nature. So much so that it has cost me a lot over the years. I've been tech heavy my entire life and ahead of the curve with most tech since the mid to late 90s. If I wasnt so conservative (or dumb) I wouldnt have invested in Amazon back in 01/02 when I was making $$ being an Amazon affiliate. Or when I got my first gen iPod and realized I no longer had to have terrible CD's of mp3s that would skip. Or when I spent $30 on a FB ad and found an army of grassroots volunteers. Or when I saw this little red box with movies appear in my local Pathmark. I could go on and on but Im getting off base. I've always had a keen eye for gamechanging technology and I see BTC as that. I've bought everywhere from 7k and as high as 64k. Buying at 36k vs 33k wont make too much of a diff in the grand scheme of things.

I havent looked at catalysts. on anythig on chain. The one thing that quickly jumped out at me is that the # of wallets with at least .01 btc in them continues to increase at a ATH.

I too thought it would hold at 40k as that seemed to be the floor. If I had to guess, there is a TON of short interest in BTC right now, with people looking to dip it into the 20s. I foresee a massive flush out of those people in the very near future.

 

[T2Kplus20]

See, this statement shows me you simply don’t listen to anyone that doesn’t have a YouTube channel. The LB3s didn’t miss out on any opportunities. Aside from cash reserves, I’m 100% invested in the market and have been for 20 years. The LB3s tried to educate you on taking a more tactical approach to investing by focusing on fundamentals, sector rotations, inflation hedges, calculated risks, etc. And if you spent a few minutes to go back through this thread you would cringe at many of your amateur-hour posts.

You admitted many times to missing out a lot in March/April 2020. Others in that original thread from 2020 missed out completely.

 

[RUAldo]

But if I listened to the LB3s I would have missed the greatest buying opp of this generation, March 2020. So everyone has their swings and misses. I was right that it was a temporary/artificial drop.

I offer plenty of ideas. What about ETH? I gave plenty of facts and rationale for its growth in 2021, but you torn apart this idea time and time and time again. My ETH investment almost 3x'ed. I talked about buying big tech last March and May, including TSLA which is still way up for me (still almost double). So I give out plenty of successful ideas.

I'll be more openminded if you do the same.

Offering up ETH as an idea is like offering up Apple. BTC and ETH own crypto headlines. And everyone is in on Big Tech like MSFT. Hell, I’ve owned Alphabet and Meta as my biggest holdings for over 10 years. Whatever, like I said, a little humility would serve you well because you’ve clearly done an investing 180 now that you’ve apparently cut your crypto holdings and are focusing on 6-8 stocks.

 

[T2Kplus20]

Offering up ETH as an idea is like offering up Apple. BTC and ETH own crypto headlines. And everyone is in on Big Tech like MSFT. Hell, I’ve owned Alphabet and Meta as my biggest holdings for over 10 years. Whatever, like I said, a little humility would serve you well because you’ve clearly done an investing 180 now that you’ve apparently cut your crypto holdings and are focusing on 6-8 stocks.

Your problem is that you jump to conclusions and make assumptions. Why do you do that? I own plenty of crypto and will add to positions in the near future. I am moving my ETH position to COIN, but in the meanwhile, taking advantage of stock dips of awesome companies. I'll likely start rebuying ETH this week or next and will end up with more than before due to the price drop.

Good grief.

 

[applesktrack]

Does crypto losses go toward the same 3k as stock losses for taxes?

 

[RUAldo]

You admitted many times to missing out a lot in March/April 2020. Others in that original thread from 2020 missed out completely.

I didn’t miss out. I said I wish I bought more aggressively because the market snapped back MUCH faster than just about anyone anticipated. Regardless, I was, and still am, 100% invested in the market other than cash reserves.

 

[ScarletNut]

I didn’t miss out. I said I wish I bought more aggressively because the market snapped back MUCH faster than just about anyone anticipated. Regardless, I was, and still am, 100% invested in the market other than cash reserves.

Would you consider this guy a credible voice?

Ex-Goldman CEO Lloyd Blankfein says 'crypto is happening' despite plunge in digital assets

Cryptocurrencies have been selling off for weeks as the expectation for rising interest rates hit riskier assets.

www.cnbc.com

 

[RuSnp]

Would you consider this guy a credible voice?

Ex-Goldman CEO Lloyd Blankfein says 'crypto is happening' despite plunge in digital assets

Cryptocurrencies have been selling off for weeks as the expectation for rising interest rates hit riskier assets.

www.cnbc.com

You can see how he became a banker CEO. A lot of words saying absolutely nothing.

 

[BROTHERSKINNY]

You can see how he became a banker CEO. A lot of words saying absolutely nothing.

The Vampire Squid Speaks!

 

[RUAldo]

Would you consider this guy a credible voice?

Ex-Goldman CEO Lloyd Blankfein says 'crypto is happening' despite plunge in digital assets

Cryptocurrencies have been selling off for weeks as the expectation for rising interest rates hit riskier assets.

www.cnbc.com

Yes absolutely credible IMO. And I heard the interview live. Now, just look at history and you’ll remember who got rich during the Gold Rush. Most of the miners went bankrupt. It was the “pick and shovel” companies that made all the money, some of which still exist today. Goldman has some of the best and brightest minds. They aren’t “investing” in crypto and taking on risk. They are merely looking to provide the “picks and shovels” as exhibited by Blankfein’s statement:

“Traditional financial companies including Goldman have begun offering clients ways to buy, trade and custody digital currencies, and a parallel universe of decentralized finance protocols has emerged so holders can lend out and earn yield on their coins.”

So, someone may view Blankfein’s comments as all-out crypto validation. Or, they can view it as Goldman simply looking to repeat history. I’ll let folks decide for themselves after reading the article. But when he said “I would certainly want to have an oar in that water” notice he never once said he was personally buying crypto or that Goldman was buying crypto.

 

[rutgersguy1]

Yes absolutely credible IMO. And I heard the interview live. Now, just look at history and you’ll remember who got rich during the Gold Rush. Most of the miners went bankrupt. It was the “pick and shovel” companies that made all the money, some of which still exist today. Goldman has some of the best and brightest minds. They aren’t “investing” in crypto and taking on risk. They are merely looking to provide the “picks and shovels” as exhibited by Blankfein’s statement:

“Traditional financial companies including Goldman have begun offering clients ways to buy, trade and custody digital currencies, and a parallel universe of decentralized finance protocols has emerged so holders can lend out and earn yield on their coins.”

So, someone may view Blankfein’s comments as all-out crypto validation. Or, they can view it as Goldman simply looking to repeat history. I’ll let folks decide for themselves after reading the article. But when he said “I would certainly want to have an oar in that water” notice he never once said he was personally buying crypto or that Goldman was buying crypto.

Don't know the history but like the analogy.....and good cause I don't want another 2008 with banks taking crazy risks lol. It's kind of how I view and like names like V/MA....process the payments but no credit risk.

 

[RUAldo]

Don't know the history but like the analogy.....and good cause I don't want another 2008 with banks taking crazy risks lol. It's kind of how I view and like names like V/MA....process the payments but no credit risk.

In case you are interested, quick excerpt: “Classic “pick and shovel” play is the strategy named after the tools used to mine for gold during the California Gold Rush of the 1840s and 1850s. Prospectors needed to buy a pick and a shovel to be able to mine for gold. While there was no guarantee that a prospector would find gold, the companies that sold picks and shovels were earning revenue and thus were good investments.”

Same principle applied to the Oil boom. Many investors also use it when buying stocks, which is why many of Apple’s suppliers’ stocks were doing way better than Apple during the days when Apple was teetering on the brink of failure.

 

[RUAldo]

For those that argued that gold is irrelevant now, it’s interesting that GLD is in the green today and gold has remained relatively stable throughout this downturn. Why wouldn’t “digital gold”, which apparently replaced the useless shiny stuff in the ground, respond the same way? Asking for a friend…

 

[JFP3]

For those that argued that gold is irrelevant now, it’s interesting that GLD is in the green today and gold has remained relatively stable throughout this downturn. Why wouldn’t “digital gold”, which apparently replaced the useless shiny stuff in the ground, respond the same way? Asking for a friend…

I have invested in gold and crypto. Despite the recent bloodbath, I have still more than doubled my crypto investment (though at one point I had nearly quadrupled it- all helped by making an insane profit on doge because I got in for $500 before liftoff took my $500 to nearly 6 figures). Gold, on the other hand, is up by small percentages - way less than the market and worse than all my investments over past 8 years except for some bonds, which do nothing.

anyways, enough solipsism. I don’t think crypto will replace gold, but I think gold and Bitcoin (which I expect to last, although most coins won’t) are investments that won’t move down with inflation, which is something.

 

[RUAldo]

Gold, on the other hand, is up by small percentages - way less than the market and worse than all my investments over past 8 years except for some bonds, which do nothing.

I’ve used gold as a safe haven at times, but agree the returns are a joke in the past few years. What’s interesting about BTC is that it should be an inflation hedge since its apparently a “store of value” and “digital gold” (according to the usual suspects) but it’s clear that it’s simply another risk asset.

 

[JFP3]

Why continue to buy? Because I honestly dont know what the bottom is going to be and at any given time, we could see a tremendous volatility to the upside in a days notice.

I'm 100% not a gambler, I loathe AC and am extremely fiscally conservative by nature. So much so that it has cost me a lot over the years. I've been tech heavy my entire life and ahead of the curve with most tech since the mid to late 90s. If I wasnt so conservative (or dumb) I wouldnt have invested in Amazon back in 01/02 when I was making $$ being an Amazon affiliate. Or when I got my first gen iPod and realized I no longer had to have terrible CD's of mp3s that would skip. Or when I spent $30 on a FB ad and found an army of grassroots volunteers. Or when I saw this little red box with movies appear in my local Pathmark. I could go on and on but Im getting off base. I've always had a keen eye for gamechanging technology and I see BTC as that. I've bought everywhere from 7k and as high as 64k. Buying at 36k vs 33k wont make too much of a diff in the grand scheme of things.

I havent looked at catalysts. on anythig on chain. The one thing that quickly jumped out at me is that the # of wallets with at least .01 btc in them continues to increase at a ATH.

I too thought it would hold at 40k as that seemed to be the floor. If I had to guess, there is a TON of short interest in BTC right now, with people looking to dip it into the 20s. I foresee a massive flush out of those people in the very near future.

I admire the persistence. Before the last big dip I promised myself I would buy a bitcoin if they ever fell below $30K. But, when they hit $29K, it was too painful to throw more money at it. Then, went it skied back, I said buy if it ever goes below $40K. Now that the plummet has happened, I just can't put more in.

 

[phs73rc77gsm83]

Does crypto losses go toward the same 3k as stock losses for taxes?

Yes, if you sold and realized a loss. See IRS link:

Frequently Asked Questions on Virtual Currency Transactions | Internal Revenue Service

Frequently asked questions and answers about Virtual Currency transactions.

www.irs.gov

 

[RUDead]

 

[RUAldo]

View embedded media

Too funny! That was really well done. I also loved the Rutgers Football version back in the day. I still laugh my ass off whenever it pops up on a thread.

 

[RUDead]

Too funny! That was really well done. I also loved the Rutgers Football version back in the day. I still laugh my ass off whenever it pops up on a thread.

I like when he says "I'm going to get a fiat job and start stacking" LOL

 

[bob-loblaw]

I admire the persistence. Before the last big dip I promised myself I would buy a bitcoin if they ever fell below $30K. But, when they hit $29K, it was too painful to throw more money at it. Then, went it skied back, I said buy if it ever goes below $40K. Now that the plummet has happened, I just can't put more in.

I wouldnt call it persistence. If you believe in it, buy in. It's a lot easier mentally to buy something on an upswing.

View embedded media

The messaging of this was extremely well done.

 

[RUAldo]

The one thing that quickly jumped out at me is that the # of wallets with at least .01 btc in them continues to increase at a ATH.

Is there a main trusted source of all BTC related stats such as transaction volumes, mining, wallet count, etc.?

 

[JFP3]

I wouldnt call it persistence. If you believe in it, buy in. It's a lot easier mentally to buy something on an upswing.


The messaging of this was extremely well done.

Counterpoint: if you believe in an investment long term isn’t it reasonable to make that investment and then ride?

 

[bob-loblaw]

Glassnode is the best on chain site but you have to pay to access its main charts. Before people scoff att this, I equate it to paying a service like ahrefs to monitor your site performance and seo on Google.

Theres people on Twitter who are analysts for glassnode who are not 24/7 "to the moon" type personalities. My 3 faves are Checkmate, Dylan LeClair and will clemente. If you're on Twitter I highly recommend you follow them. I know you have a johnny 5 quest for input, so it'll be beneficial to see what they're discussing. Of all of them checkmate is my fave, but he's pseudononmous so I know that will take him down a notch in your book.

Counterpoint: if you believe in an investment long term isn’t it reasonable to make that investment and then ride

Counterpoint to your Counterpoint. Of you believed in some thing at twice the price, wouldn't you view an opportunity to buy at half off with excitement?

 

[RUAldo]

Scaramucci pumping on CNBC. Now, BTC is NOT a store of value. It’s “early technology” like Amazon, Apple, and Google. Oh man, can these guys dance. He must have been reading my crypto/technology posts in this thread LOL. Can’t make this shit up.

 

[RUBlackout]

For those that argued that gold is irrelevant now, it’s interesting that GLD is in the green today and gold has remained relatively stable throughout this downturn. Why wouldn’t “digital gold”, which apparently replaced the useless shiny stuff in the ground, respond the same way? Asking for a friend…

BTC is over leveraged with margin

Scaramucci pumping on CNBC. Now, BTC is NOT a store of value. It’s “early technology” like Amazon, Apple, and Google. Oh man, can these guys dance. He must have been reading my crypto/technology posts in this thread LOL. Can’t make this shit up.

well if you have watched the charts following BTC/ETH they are in line with the price movements of large tech. I’m indifferent on what crypto actually is but I tend to believe the use case for blockchain technology is the real value in it

 

[RUAldo]

Scaramucci pumping on CNBC. Now, BTC is NOT a store of value. It’s “early technology” like Amazon, Apple, and Google. Oh man, can these guys dance. He must have been reading my crypto/technology posts in this thread LOL. Can’t make this shit up.

People that follow BTC should all watch the Mucci interview. This is precisely why I’m such a negatoid. The narrative once again changed - it’s not digital transactions, not store of value, it’s like Amazon and it’s “amazing technology”. It’s emerging tech just like 1998. He must have used “tech” over a dozen times. “Tech” will be the new narrative now that it’s obvious the digital gold and inflation hedge pitches proved to be completely false. Now, setting aside my Mucci rant, I do believe (just my opinion) the tech will outlast the coin/token dynamic.

 

[RUAldo]

tend to believe the use case for blockchain technology is the real value in it

100% agree. The real question is can we all benefit from commercial and consumer blockchain applications/products without the crypto/coin/token noise? I believe the answer is “Yes”.

 

[bob-loblaw]

100% agree. The real question is can we all benefit from commercial and consumer blockchain applications/products without the crypto/coin/token noise? I believe the answer is “Yes”.

False. There is no incentive for running the network without the native coin/token. Otherwise you just wind up w a large company like IBM just hosting a blockchain which is no longer centrslized.

Also, taking Scaramucci as anything more than entertainment is a fools errand.

 

[RUAldo]

False. There is no incentive for running the network without the native coin/token. Otherwise you just wind up w a large company like IBM just hosting a blockchain which is no longer centrslized.

Herein lies the DeFi debate. In the end, I’ll admit I could be completely wrong. But here’s what I do know. Ask friends, family, co-workers, etc. about DeFi and the future = few if any care about DeFi and most or all don’t even understand it. I’ve done this exercise many times. Then, ask the C-suite about DeFi and commercial product/applications. Other than evaluating certain crypto projects in their labs under trial conditions, they won’t risk critical company product and infrastructure on technology that offers no protections/guarantees. In many instances these crypto “projects” won’t even be considered by Fortune 500 companies based on supply chain issues such as off-shore restrictions. If a company wants or needs hyperledger tech they don’t want decentralization. Again, I’m not suggesting this is based on anything more than anecdotal evidence and theory. But, if you don’t mind I’d like to hear your thoughts on MAINSTREAM consumer and commercial adoption and why the vast majority of people should care about centralized vs decentralized.

 

[bob-loblaw]

Herein lies the DeFi debate. In the end, I’ll admit I could be completely wrong. But here’s what I do know. Ask friends, family, co-workers, etc. about DeFi and the future = few if any care about DeFi and most or all don’t even understand it. I’ve done this exercise many times. Then, ask the C-suite about DeFi and commercial product/applications. Other than evaluating certain crypto projects in their labs under trial conditions, they won’t risk critical company product and infrastructure on technology that offers no protections/guarantees. In many instances these crypto “projects” won’t even be considered by Fortune 500 companies based on supply chain issues such as off-shore restrictions. If a company wants or needs hyperledger tech they don’t want decentralization. Again, I’m not suggesting this is based on anything more than anecdotal evidence and theory. But, if you don’t mind I’d like to hear your thoughts on MAINSTREAM consumer and commercial adoption and why the vast majority of people should care about centralized vs decentralized.

My comment to you was based solely on your comment about how you can eliminate the coin or token from blockchain tech and it'll be just fine. This is one sticking point you continue to have and it makes sense. BUT, there is zero incentive for a company to hold a centralized chain for the sake of having their own blockchain. Same with the avg joe or small business. You're dedicated resources to run something that you would not be incentivized to do, becoming a losing proposition.

The idea of blockchain is not too foreign and has been used for some time. Not sure your age or how far you go back tech wise, but Torrents are the perfect example. In essence they're a version of a blockchain, allowing the end user to download fragments of a file from te x amount of people hosting said file. Even Microsoft right now takes advantage of this in a sense. There's a feature enabled that started on Win10 that automatically allows your device to host downloads for your neighbors Windows updates. So in essence your PC could be hosting a mini microsoft node, allowing all of your neighbors to download fragments of a software update off of your machine. Lovely, right

Walking balk to your last question, the average person should care about decentralization because when done right (talking about BTC network only here) it is more secure than a centralized server. In laymans terms lets say someone breaks into your home and you have a safe (that cannot be stolen) holding your valuables. Centralization is akin to leaving your safe combination on a post it next to the safe. Decentralization would take that combination and spread it in every nook and cranny of your house, making it virtually impossible to figure out. Kind of a stupid analogy I know, but it's the easiest one I can come up with.

And in the age of conspiracy theories, the internet, trumpism, the great reset, etc. People are looking for a reason to self custody their wealth in a way that simply cannot be taken from them.

I hate the wishy washy answer here and I know its going to drive you nuts, but the reality is that the amount of people who trust the US govt is at an all time low. People will continue to gravitate towards BTC. And that's just the US. BTC benefits people of countries with shit governments, hyperinflation, etc much more than it benefits US citizens. We have a banking system, a somewhat stable dollar (although thats tough to say lately)

My resolve towards BTC has not wavered. The likelihood of BTC reaching 1mm is infinitely higher than it going to zero.

 

[bob-loblaw]

I havent gotten a chance to watch this yet, but this the weekly Glassnode on chain report. The analyst is the Twitter user Checkmate I've spoke about in the past. These are great learning tools for anyone looking to see what is occuring on the block chain.

 

[Rutgers Chris]

Ndamukong Suh- Solana bull? Had to do a double take when I saw the name, didn’t think was really him. He has an interesting story about what he’s building for his life after football.

Ndamukong Suh Is Building An Investment Empire—With A Little Help From Warren Buffett

Real estate. Restaurants. Startups. When he's not sacking quarterbacks, Ndamukong Suh is investing in a little bit of everything.

www.forbes.com

 

[RUAldo]

Ndamukong Suh- Solana bull? Had to do a double take when I saw the name, didn’t think was really him. He has an interesting story about what he’s building for his life after football.

View embedded media

Ndamukong Suh Is Building An Investment Empire—With A Little Help From Warren Buffett

Real estate. Restaurants. Startups. When he's not sacking quarterbacks, Ndamukong Suh is investing in a little bit of everything.

www.forbes.com

I would never have expected Suh to have that level of business acumen given his on- and off-field antics during his career.

 

[jtung230]

Literally said this couple of days ago.

Bitcoin's recent crash is a reminder: Don't get your financial advice from NFL stars

The likes of Aaron Rodgers and Odell Beckham Jr. endorsed Bitcoin right around its November peak. On Monday, the cryptocurrency's 10-week hemorrhage produced a nearly 52 percent dive.

www.yahoo.com

 

[RUAldo]

Literally said this couple of days ago.

Bitcoin's recent crash is a reminder: Don't get your financial advice from NFL stars

The likes of Aaron Rodgers and Odell Beckham Jr. endorsed Bitcoin right around its November peak. On Monday, the cryptocurrency's 10-week hemorrhage produced a nearly 52 percent dive.

www.yahoo.com

Great article…a few good quotes:
“The reality is, the vast majority of people don’t truly understand how cryptocurrency works — let alone the kind of risk factors that can cause Bitcoin to dump 52 percent in 10 weeks.”
“Over the years, we didn't see many athletes hawking unstable financial investments to mainstream America. Now we do, largely because the companies that thrive on cryptocurrency and its related products see athletes as a sturdy relationship to leverage with everyday people.”
“But it should make you think twice about whether or not someone like Aaron Rodgers can be trusted to give you sound (and paid-for) investment predictions like “Bitcoin to the moon.”

 

[bob-loblaw]

Literally said this couple of days ago.

Bitcoin's recent crash is a reminder: Don't get your financial advice from NFL stars

The likes of Aaron Rodgers and Odell Beckham Jr. endorsed Bitcoin right around its November peak. On Monday, the cryptocurrency's 10-week hemorrhage produced a nearly 52 percent dive.

www.yahoo.com

That article reads like it was written by someone writing for a HS newspaper. I'm writing words. 900 more to go.... I'm writing random words, 700 more to go... Its almost as bad as linking a "to the moon" video from a YouTube "expert" full up Max Headroom type effects.

 

[T2Kplus20]

That article reads like it was written by someone writing for a HS newspaper. I'm writing words. 900 more to go.... I'm writing random words, 700 more to go... Its almost as bad as linking a "to the moon" video from a YouTube "expert" full up Max Headroom type effects.

FYI, I'm surprised how crypto (at least BTC and ETH) is starting move in sync with tech and the Nasdaq. I guess that's the result of institutional adoption.

 

[RUAldo]

That article reads like it was written by someone writing for a HS newspaper. I'm writing words. 900 more to go.... I'm writing random words, 700 more to go... Its almost as bad as linking a "to the moon" video from a YouTube "expert" full up Max Headroom type effects.

Boblaw, you need to remember that MOST PEOPLE (emphasis added) really have no clue what crypto is all about or why they should even care about it. Your level of research/knowledge puts you in a tiny minority.

 

[bob-loblaw]

Great article…a few good quotes:
“The reality is, the vast majority of people don’t truly understand how cryptocurrency works — let alone the kind of risk factors that can cause Bitcoin to dump 52 percent in 10 weeks.”
“Over the years, we didn't see many athletes hawking unstable financial investments to mainstream America. Now we do, largely because the companies that thrive on cryptocurrency and its related products see athletes as a sturdy relationship to leverage with everyday people.”
“But it should make you think twice about whether or not someone like Aaron Rodgers can be trusted to give you sound (and paid-for) investment predictions like “Bitcoin to the moon.”

Disagree with your good quotes

I wouldnt say a "vast majority" dont understand what they're getting into. That's a reach and based on the authors opinion.

Quote two- We've seen athletes hawking everything, including financial investments. Hello Joe Namath and reverse mortgages. Im sure there's more, but thats all I have off the top of my head.

Three - is it any differant than any other celeb shilling BTC or hoenstly anything? Rodgers is taking a portion of his salary in BTC as a long term investment. He clearly states that.