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Good news keep coming: Bitcoin plunges below $24,000
June 18, 2022
4:50 am
Bill
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I'm a victim, give me money, that's all it is.

June 18, 2022
5:02 am
Alexandre
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The Greatest Fool Theory, explained.

Buying common shares promising zero dividend - fool
Buying crypto - greater fool
Buying NFT - greatest fool

FFxr6-rXEAUTQcP.jpeg

June 18, 2022
9:01 am
Dean
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.
Meanwhile, back at the Ranch . . .

Bitcoin is hovering around $19K USD today

A little background https://www.ctvnews.ca/business/bitcoin-drops-below-us-20-000-as-crypto-selloff-quickens-1.5952961
.
How low will it go ❓❗

    Dean

sf-cool " Live Long And Prosper " sf-cool

June 18, 2022
1:53 pm
HermanH
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Alexandre said
FFxr6-rXEAUTQcP.jpeg  

It is ironic that the mugger isn't using an NFT gun to rob the victim. sf-smile

June 18, 2022
3:48 pm
dougjp
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Dean said
.
Meanwhile, back at the Ranch . . .

Bitcoin is hovering around $19K USD today

A little background https://www.ctvnews.ca/business/bitcoin-drops-below-us-20-000-as-crypto-selloff-quickens-1.5952961
.
How low will it go ❓❗

    Dean

  

This is fabulous news. Break out the popcorn! sf-cool

Why is 'abbreviation' such a long word?

June 18, 2022
4:19 pm
Bill
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A bit of perspective: Bitcoin was 30 cents at the beginning of 2011. And huge % corrections even larger than the latest one so far have occurred before. Must be lots of people who have made, and lots who have lost, a lot of money on this gamble, though I personally haven't met any. A relative was in a card game with locals in a poor small South American country and the other participants were actively trading it on their phones while playing cards.

June 18, 2022
5:02 pm
Norman1
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The people with those huge gains may not be still holding their bitcoins because of choice.

Some may have just forgotten the password to decrypt the key needed to transfer their bitcoins from their wallet to another owner.

CBC: This man owns $321M in bitcoin — but he can't access it… is about one person claiming to be in that situation.

June 18, 2022
5:11 pm
Alexandre
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https://www.cnbc.com/2022/03/31/cryptocurrency-news-21percent-of-adults-have-traded-or-used-crypto-nbc-poll-shows.html

One in five Americans has invested in, traded or used cryptocurrency, a new NBC News poll found.

Half of men between the ages of 18 and 49 said they have dabbled in crypto, the highest share of all demographic groups.

Forty percent of Black Americans said they have traded or used crypto, while 42% all people between the ages of 18 and 34 years said the same.

I didn't realize it is that bad.

June 18, 2022
5:13 pm
Dean
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.
An interesting read . . .

A recent Investopedia article; "Bitcoin's Price History" :

Dean

sf-cool " Live Long And Prosper " sf-cool

June 20, 2022
10:02 am
Norman1
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That a significant 20%+ of adults are involved with cryptocurrency is not surprising. Speculative bubble situations do draw lots of people in who are looking for easy profits.

Lots of people were drawn into dot-com stocks just before 2000. Same with real estate just before 2008.

June 20, 2022
10:32 am
Dean
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.

.
It seems like every generation has it's 'Moths' who are attracted to the 'Flames'.

About five months ago my son came Very close to investing a sizable sum in Bitcoin (against his father's advice), as some of his friends were already heavily into it. But like many of his generation when thinking about doing something, he Procrastinated ... and now he's thanking his Lucky Stars, he did.

All's well, that ends well ... Whewsf-wink

    Dean

P.S.
As for his friends who had bought into Bitcoin,
they don't want to talk about it right now. sf-frown

sf-cool " Live Long And Prosper " sf-cool

June 20, 2022
10:51 am
pooreva
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Dean said
.
... and now he's thanking his Lucky Stars, he did.  

I think 'lucky star' is called DAD!

June 20, 2022
11:03 am
Dean
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pooreva said

I think 'lucky star' is called DAD!  

Actually, my son was prepared to go Against my advice.

It was his Procrastination that saved him. LOL sf-laugh

    Dean

sf-cool " Live Long And Prosper " sf-cool

June 20, 2022
4:34 pm
Bill
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Can work either way, i.e. if Bitcoin had soared son would not be happy with dad, never hear the end of it. If anyone but especially my kids ask for my opinion on a specific investment I just mumble something along the lines of "well, I s'pose it could go up, might go down though too, you never know......."

June 21, 2022
6:51 pm
RetirEd
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If it had soared, he'd only have himself to blame for procrastination!
RetirEd

June 21, 2022
9:47 pm
AltaRed
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Bill said
Can work either way, i.e. if Bitcoin had soared son would not be happy with dad, never hear the end of it. If anyone but especially my kids ask for my opinion on a specific investment I just mumble something along the lines of "well, I s'pose it could go up, might go down though too, you never know......."  

I stay out of my kids' investing decisions as well. I have pointed them to educational resources like https://www.financialwisdomforum.org/forum/index.php and its resident finiki https://www.finiki.org/wiki/Main_Page but I don't want to be the one influencing them on their decisions.

June 21, 2022
10:17 pm
AllanB
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If you think about it Bitcoin promoters are acting to overthrow the financial system. The college kids who buy into it are too stupid to understand. They want to get rich off a collapse of government issued currencies we all use. And, they still want the freedom to exchange in hard currency.

June 22, 2022
5:07 am
mordko
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AllanB said
If you think about it Bitcoin promoters are acting to overthrow the financial system. The college kids who buy into it are too stupid to understand. They want to get rich off a collapse of government issued currencies we all use. And, they still want the freedom to exchange in hard currency.  

Wouldn’t be the first time someone acted to overthrow the financial system. President Nixon famously succeeded in 1971 with the introduction of fiat money.

One could have a strong argument that the financial system changed again in the last couple of years when some central banks were given the new objectives relating to social cohesion, greenhouse gases, etc.

June 22, 2022
6:54 am
Alexandre
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mordko said

Wouldn’t be the first time someone acted to overthrow the financial system.  

Tulip mania didn't overthrow the financial system. Original Ponzi scheme by Mr. Ponzi didn't. Not one pyramid scheme, does not matter how far reaching it were, did overthrow the financial system.

Crypto mania won't be different in that respect. Bitcoin narrative has changed over time. Whatever it is today, the grandiose talk of its apostles will be, at the end, just that: a talk.

Some people holding crypto will get rich off stupidity and naivete of other people. That will be the end result, nothing else.

I can forecast two outcomes for crypto. One is it will be squashed like a bug by the governments, and that is easy to do with political will.
What hard is to find that political will among Western politicians.

Another is crypto will merge with stock markets, which is very much the same scam nowadays. A few sprinkles of regulation for crypto exchanges, small print warning that your crypto holdings can lose value and returns are not guaranteed. Do that and your crypto coin is just like stock of a company not paying dividend. They both are so lookalike. Crypto will do just fine on Wall Street, no risk to existent financial system at all. Just an obvious complement to it.

June 22, 2022
8:11 am
JohnnyCash
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Great post above! The one thing fans of crypto like is the sense of anonymity and the perceived ability to move capital without government being aware. It likely has an element of ongoing money laundering occurring though. It would be interesting if it ever became regulated and mainstream, such as mentioned above, problem with that is, it then becomes more difficult to remain anonymous and governments will find a way to take their pound of flesh (cut) in the process.

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