BITCOIN

Scottex99

Yeah I’m not saying it is stocks, or that dog money meme coins are penny stocks , or have their properties.

I’m saying, could you compare them being opposite sides of the crypto investment spectrum.

i assume nobody buys penny stocks but you are still “technically” investing in them.

Like I said earlier whether I “invest” or “gamble”
to profit, doesn’t mean anything to me how others want to classify it when the money is in my bank 

thegentleway

Except the opposite end of the investment spectrum to gambling on penny stocks would be cash/bonds…

MeteredOut

Scottex99 said:

Some of this is more cult than community but these kids grew up on the internet, they see the power of memes. Everyone saw what happened with GameStop.

<snip>

Up 62% today, nearly 400% in the past month, People buying based on social media memes are crazy!

Scottex99

Yep, but in their shoes, it might not be so crazy.

The Kitty guy tweeted some picture and everything went mad.

This is a good summary:

https://rekt.news/gamestonk2/

MeteredOut

Scottex99 said:

Yep, but in their shoes, it might not be so crazy.

The Kitty guy tweeted some picture and everything went mad.

This is a good summary:

https://rekt.news/gamestonk2/

You really think people buying on the back of an unknown person posting a picture is a sound investment strategy?

No wonder you're hot on crypto

Scottex99

Not for that but for the previous points.

Younger people don't trust governments, politicians or anyone at the top. They could be working for peanuts or think they'll never have enough money to retire.

They like these things because they are new and have an anti-establishment feel.

If they can "make" money (not saying they will actually lock in profit) and cost some fat cat hedge funds a few billion, then it's even more attractive 

MeteredOut

Scottex99 said:

Not for that but for the previous points.

Younger people don't trust governments, politicians or anyone at the top. They could be working for peanuts or think they'll never have enough money to retire.

They like these things because they are new and have an anti-establishment feel.

If they can "make" money (not saying they will actually lock in profit) and cost some fat cat hedge funds a few billion, then it's even more attractive 

 Any evidence that did actually happen with GME and AMC?

And I'd wager only a handful (in relative terms) made money, with most losing out. The "blame it all on the boomers" mentality actually holds many back, IMO, but that's a whole separate discsussion.

Scottex99

IIRC that was the initial Catalyst that started it all, people found out that GME and AMC were being shorted by big players and decided to buy to mess with that. The it went viral and the shorts got stopped out, not sure how/where to verify the numbers though.

People probably didn't make money as caught on too late, or did make initial profit but didn't take it as they got too euphoric, I've done it myself with some crypto altcoins, and it's likely a similar thought process of patting yourself on that back and thinking it's up only forever.

Each to their own in terms of how finances have changed over the last few decades but I think there is no denying that central banks are in a sticky spot now, middle classes getting squeezed etc.

thegentleway

Scottex99 said:

Not for that but for the previous points.

Younger people don't trust governments, politicians or anyone at the top. They could be working for peanuts or think they'll never have enough money to retire.

They like these things because they are new and have an anti-establishment feel.

If they can "make" money (not saying they will actually lock in profit) and cost some fat cat hedge funds a few billion, then it's even more attractive 

They like these things because they think they can get rich quick. 

User232002

Malthusian said:

It would be pretty difficult for the vast majority of institutional investors to decrease allocation to cryptocurrency, given that for over 99.9% of the investment funds and pension schemes in the world, their allocation to cryptocurrency is zero, and any allocation to magic Internet money would be in violation of their fund's objective.

Susquehanna $1.3B. Millenium $2B. 13F season has been fun. Imagine if someone had come here earlier and told you this was happening....

User232002 said:

In 2012 Bitcoin was magic internet money. Now its being bought or retained as a balance sheet asset by multi billion dollar companies, bought by pension funds, is legal tender in a nation state and there are openly pro-BTC politicians in congress and the senate arguing for Bitcoin to be adopted. 

29th January 2022. Bitcoin Price; $38,000

In other news,



A company committed to a speculative attack on fiat currency is about to get regular fiat inflows funneled in to it. Even more so when it inevitably joins the S&P.

Meanwhile,

Malthusian said:

What may have confused you is that El Salvador has committed to using half the money raised to buy Bitcoin and the other half to invest in its volcano brodome.

I do wonder how the brodome is doing...





If only someone had possibly foreseen this...

User232002 said:

2. Blockchain mining can be concentrated around key renewable energy resources as they are buyers of last resort, which are vital to build out the infrastructure for renewable energy. A wind farm in Antarctica isn't much use to anyone, but if you let that wind farm support a blockchain it incentivises renewable energy generation around the globe in places it would not normally be initiated. 

11th January 2022. Moving on,

Frequentlyhere said:

Because as the hypothetical gradual population level realisation of its inevitability dawns, Bitcoin will either:

a) shoot up hugely in real asset-buying value, leaving oligarchic wealth in your hands and abject poverty to almost everyone else. Governments powerless to provide core services as they no longer hold the money. Normal people's pensions worthless, whilst Michael Saylor rules the World. Is that what we actually want the future of money to look like?

Well, it looks like only some pension funds and only some governments will have their purchasing power diluted. Choose wisely.





Glorious.