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Bitcoin and most of the other crypto currencies are tumbling.

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Hi~Tide

Lapsed Senior Member
Joined
Apr 2, 2021
Posts
280
I recently purchased $100 in BC, I looked today and for the week it’s down about 10%. Combined with the fees and all I could transfer to my wallet was $80. 😿
But it’s not any better for the other currencies, most of the bigger ones are down 20-30 points. I’m not sure if the cost of trading or buying any of the other ones is much better. About the one I would feel safe about buying would be Ethereum, but aside from just being other established and trusted ???? type of currency I know little about it.

As far as that goes I know little about the whole way they can monetize any of it. I understand the security aspect, I guess it’s just the idea that the work done is worth X amount of money.

I suspect there’s a lot of people that are like me, wondering how they managed to get the BC itself from ?? not that long ago to $50-60,000 today. I know of a few stories where people took a gamble and won really big, I just wish I was one of them.
 

rhodes23

Senior member
Joined
Dec 5, 2018
Posts
154
Don't panic - cryptocurrency is highly volatile. Way up today, way down tommorrow. That's how it's been since it's inception
Don't think of it as a currency but more like a commodity. Never an investment / always a trade.
The secret, as always, is buy low / sell high - easy to say but not so easy to do.
People's emotions dictate they do the opposite more often than not.

Put that $80 back in there and I'd bet that in a few weeks time you'll have at least $100-120.
 

Gullible

Exalted member
Joined
May 15, 2011
Posts
2,806
I always tell people that when coin goes down, and it does dip from time to time, that is when you should buy more. I have been right for 5 years so far, everyone who followed my advice is either rich or has done very well. Now is a great time to buy some, or buy more. It will surely shoot up past its previous high in the low 60's. I will post my 'I told you so' shortly no doubt.

The only people who have ever lost money on bitcoin are those who sold it too soon, those who sold when it went down for example.
 

Hi~Tide

Lapsed Senior Member
Joined
Apr 2, 2021
Posts
280
Don't panic - cryptocurrency is highly volatile. Way up today, way down tommorrow. That's how it's been since it's inception
Don't think of it as a currency but more like a commodity. Never an investment / always a trade.
The secret, as always, is buy low / sell high - easy to say but not so easy to do.
People's emotions dictate they do the opposite more often than not.

Put that $80 back in there and I'd bet that in a few weeks time you'll have at least $100-120.
I didn’t buy it as an investment but rather as a way to make a purchase. I would have left it there and waited for a rebound if I didn’t need to be able to transfer it.

I wish I understood it all a bit better, so I could set a limit on the amount of fees that I was willing pay for the mining. I hate to even use it myself but it’s the future of e-commerce, especially in this kind of business where people want to be anonymous.

The idea of my $80 being accidentally sent to the wrong address is also a bummer. But never really was a time when you could send x amount of money to a vendor and really not have some risk involved. I do remember when there were a few that would accept VISA and MC, and I guess there are still some of them out there. I’m just beginning to get back into buying online again and it is difficult to find exactly the same who you used several years ago. They change website addresses or stop using them at all. The couple of places that I do use currently only use email, at least for what I want anyway.
 

rhodes23

Senior member
Joined
Dec 5, 2018
Posts
154
Wish I bought one coin at $100 when it first came out.
or better yet, 10 coins. I'd be able to retire today with a nice nest egg

But it's true what they say. Extreme volatility is worrisome and if government regulators
get involved the whole cryptocurrency market could crash in a matter of days or even hours.
 

Hi~Tide

Lapsed Senior Member
Joined
Apr 2, 2021
Posts
280
Wish I bought one coin at $100 when it first came out.
or better yet, 10 coins. I'd be able to retire today with a nice nest egg

But it's true what they say. Extreme volatility is worrisome and if government regulators
get involved the whole cryptocurrency market could crash in a matter of days or even hours.
Eh, dream big! 50-100 would be more like it. At 50-60k each you would really have something. I think the biggest success story that is verifiable was about some guy who invested the 1k he got as a graduation gift. I’m not sure sure exactly how many he was able to buy but that was several years ago.
Then there is always the the one big dummy that lost the hard drive. Last time I heard he had narrowed it down to a certain part of the landfill. They said that was worth 1/4 million back when I first heard about 2 years ago, maybe even longer. That’s the kind of luck I would have.
 

Gullible

Exalted member
Joined
May 15, 2011
Posts
2,806
Extreme volatility is worrisome and if government regulators
get involved the whole cryptocurrency market could crash in a matter of days or even hours.
Government would like nothing better than to "regulate" bitcoin. Regulate it into the ground that is. The only reason they haven't done it yet is because they can't. They like having a monopoly on money, govt is used to printing up another shipload of cash whenever it thinks up some new whackadoodle commie scheme to spend it on. Can't do that with btc, can't ban it, can't tax it, can't force us to buy a permit to use it, so naturally they hate it.
 

Sling Man

Honorable member
Joined
Jan 31, 2013
Posts
278
Bought quite a bit when it dipped down to 54K:crying:. Must be great to be Elon Musk. The guy literally made billions on just a few tweets over the last few months. There's no doubt in my mind he's trying to manipulate the market. He's probably laughing his ass off right now. His new bitcoin tweet in July after buying this dip will probably be something along the lines of "Solar City to team up with large scale bitcoin miners, Tesla accepts bitcoin again". Bitcoin skyrockets.
 
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Hi~Tide

Lapsed Senior Member
Joined
Apr 2, 2021
Posts
280
Luckily my portfolio is only down 20%, or $50, give or take a little. I’m not one to buy into it big because of the extreme volatility. It’s down 10% and up12% almost every week. I usually only buy what I need and transfer it to the vendor.
 

Hi~Tide

Lapsed Senior Member
Joined
Apr 2, 2021
Posts
280
Apparently they are having trouble keeping the Coinbase site up, probably due to the large number of people trying to see how much money they have lost. The last time I looked BTC was down to 38k. Very few of the things they list were up, like maybe 1 in 10 or less. It’s the big “correction” I anticipated, I just didn’t expect it drop off of a cliff. BTC itself is probably down close to 15k just in a week, so it’s going to be interesting to see how much lower it goes and how much time it takes to return to 50-60k.
 

Hi~Tide

Lapsed Senior Member
Joined
Apr 2, 2021
Posts
280
Wow, the entire market is down BIG! Actually the one with the least decline today is BTC, but that’s because it was going down longer than just the last 24 hours. It was at a low of 30k and has been bouncing up and down, but it’s still down about 25% on the week. Ouch...
 

Vans Edge

Honorable member
Joined
Jan 2, 2012
Posts
361
Remember, the market is driven by FUD Fear, Uncertainty, and doubt. I learned a long time ago to pay no heed to the bulls and the bears and just draft a long term plan for holding your funds. Never feed into emotion when investing money into volatile markets such as cryptocurrencies.

If you bought the crypto to make a purchase, then lesson learned. I never buy or convert my crypto for these types of transactions until the order has been placed and payment info has been sent my way.
 

Hi~Tide

Lapsed Senior Member
Joined
Apr 2, 2021
Posts
280
Oh I am just watching as a pass time. I only purchase what I need when I need it. Ain’t no way in hell I would invest anything I couldn’t afford to say goodbye to in anything that isn’t FDIC insured.
 

countryboyjs

Lapsed Senior Member
Joined
Dec 4, 2013
Posts
373
I never really messed with bitcoin. Always seemed too complicated for me. I stick with mg or an myself.
 

wildings

Eminent member
Joined
Feb 23, 2014
Posts
1,249
@Kermit S i tried to run that thought experiment down every possibly variation. i could see the individual~ but in my case as you know the bank doesn't have a clue what i do there. nor should they. actually the exchange pushes their cash card or whatever. what got my attention apart from the wild mining fees was it took 4 hours plus to confirm 1 at the place of purchase. that got me digging and they have a status page and shows green go red no go for the various aspects. you can google the status page there and no doubt the others have them as well. to the forum at large i suggest you check that before you purchase. seriously. i was hanging for hour an had zero control. don't be me and drive off that cliff.
 

kmontayne

Exalted member
Joined
Sep 1, 2010
Posts
3,321
As per twitter davthewave we are on track.
Back in 2017 he predicted the drop it had, before it started the uptrend to where it went this year.

BTC is to go down to as low as close to 20k maybe a bit higher 25k more or less..
Around august we may start to see the uptrend again, and this time to 100k by end of year.

There is a lot of speculation I've heard that Elon knocked the price down, china, now I am hearing
that Biden admin wants to roll out taxes for the wealthy, this will effect wealthy with BTC so they predict price dropping
Then I also heard the Futures market for BTC expired today? Or is about to expire, and the Futures where for 40-50k

But I am confused because This guy, following btc since it began, hits it on the nail.
So I am unsure if all of these current events is actually causing the price drop. I am sure it is part of it, but not the cause of it.

When Elon Musk made mention that he invested was it millions or a billion?
The percentage I saw BTC climbed was about 1%. So how are his news of warning BTC is bad for the environment going to
knock it down 30%. Makes no sense.

I rather stick to tech analysts than speculators.
 

fundus

Distinguished member
Joined
May 31, 2015
Posts
572
I like Elon but he's got to stop talking about crypto because of the overreaction the markets aka people have with what he says. Crypto is always going to have wild fluctuations but he's not helping in the short term. With that and the talk about federal regulations and Coinbase going public didn't help. All the "money experts" in the media warn about crypto, duh, it's definitely not an investment tool and mainstream america will likely never accept it in our lifetime. Let's be honest, crypto is here for the online sub-culture of misfits, online gaming and pharms drive the crypto market and will hold it steady without the hype, mostly online gambling until most states make it legal, and it's getting closer every year.

I'll continue to keep a healthy crypto wallet weather the market is up or down, it's going to just be that way. Let's be honest, the days of using MG or WU is like going back to the horse and carriage days, nobody wants to deal with those companies, I know I don't. Crypto is here to stay whether we like how it works or not, especially with this younger generation that have no connection to paper anymore. To be honest, once I put funds into my BTC wallet I don't even treat it like it has true monetary value, it's weird. It becomes like a token in an arcade, even I know it's "real" the digitalization of it becomes almost like an illusion, if that makes any sense.
 

wildings

Eminent member
Joined
Feb 23, 2014
Posts
1,249
@kmontayne brother kmontayne you know, i can't say i've ever said a word to you. that's only odd in that i am a self proclaimed expert in everything, so my renowned wisdom should have found it's way to your posts. there are a lot of monied individuals and factions funding xbt at the moment. how that end, not a clue. of course according to the keiser report if someone with 40 bucks invests in btc that's gonna change the world.
what i wish it would do is reduce the mining fees (do any members that follow this, perhaps you or others might enlighten me/us on when/if the the transaction fees might reduce to a reasonable level? also are lightning channels functional at the user small player level. are segwit and legacy wallets still an option and actually serve a function? i looked at the current electrum where formerly there was a choice. now there is a tab for lightning.

edit: just checked ang "lighting channels" are the sole option in that regard. of course as soon as i get my arms around that it will have mutated 3 times. i can say with certainty because i left ~ 40 bucks in the wallet to check different days and times of day. that matters, alot! a holiday and early am before businesses start rolling and fees become 2 dollars as opposed to 20. it waiting time still sucks. btc will never be a loaf of bread and gallon of milk. then that wasn't the plan anyway. a wealth storage/movement instrument probably.
 
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