islander wrote:
Yes!   This.       

 rgio wrote:

if you only post your trades afterward, then you can always be up. This is a secret of most people who perfectly time the market swings consistently. 

 rgio wrote:

Nope, still up.  Goes any lower might buy the dip.  I'm all Etherium now.  More thoughts later.  Out the door to work.

 kurtster wrote:
So are you still holding?  If so...you're down.  How far will you go?

tyler cowen and mark carney

On digital currencies (about  halfway down)

whole interview is informative

 kurtster wrote:

Imagine accepting $1M on Saturday for good or services... and waking up with a value of $500k on Monday.  Not only did you lose $500k....but you owe tax on $1M, with loss deduction limitations on the missing $500k.  There will be companies that go out of business because they won't have the money to pay the taxes.

 rgio wrote:

Oh, fear not.  I never intended to use it.  I'm trying to accumulate it.  And being all in Pay Pal, it is highly documented.  You do raise an interesting point.  Accepting it for payment could also have the same implications.  I need to be careful with my activity because my vinyl goes out via PP and I don't want to send out any unnecessary flags.  Without going into details, I had my first audit at the age of 22.  I took notes and learned a lot about these things.  Everything was in order, but the experience was a serious eye opener.  I am capable of doing my own long forms, but prefer not to right now.  I'll pay a little for the service for peace of mind.

 kurtster wrote:
Kurt...prepare for the nightmare.

The IRS is going to make you show any capital gain/loss on the conversion for each transaction (it's a huge focus for them).  I can't imagine the total shit-show of trying to reconcile gains and losses for buying coffee or a tee shirt.   I would keep crypto as an investment and buy things with dollars.  Keep all of the gains/losses obvious.

Just because you can use crypto to buy stuff doesn't make it a good idea.

 Steely_D wrote:

Yeah, went back in and will be holding as well going forward.  We just went through a big adjustment and shake out and it's looking better again going forward.  That and now I can actually use it to buy stuff should I want to.

 kurtster wrote:

HODLing
Down a bit but recovering nicely.

As someone on Reddit posted: "It's an investment, not a currency" to which I replied, "So it's a Beanie Baby?"

Interesting.  Just used PayPal to buy something and at checkout, I was offered the ability to pay using my crypto currency out of my account.  This is a new option just made available.  A new buying strategy.  Make purchases when the crypto is at a high point in the day and worth the most.

 westslope wrote:

Yeah, bailed out earlier this morning right before the huge drop.  Gonna sit and watch now.  Prolly going down hugely some more.  Still net ahead, but not much now.

 kurtster wrote:
Not worried about catching a falling knife?   The headlines on Bitcoin have been rather dismal as of late.

See:  yahoo! Finance Bitcoin USD (BTC-USD)

I went back in this morning.  So far so good.

Oh, and the pay out on PayPal was instant, no holds this time, so I can jump back in or transfer funds out when ever now.

Everybody's buying $ASS (no joke) but it's like a 50 step process to obtain. So no way, Jose. See the link to reddit for the instructions. Someone will probably get rich but it won't be me.  I made my $200 bucks in BC and I'm outy.

So I just bailed as this new slide slides.  Still up around 30%.  Still not bad for a month.   Coulda' got out at 98% but who knows the future for certain ?  

Now to see what the new bottom is.  My grub stake is intact and I have some extra to pay for the car repairs.  I'll call round one of this little experiment a success.

Hey, steely, if you're still up % wise, now is the time to bail if you haven't already.

The Financial Times tells me that impersonators of Elon Musk have fleeced more than US$2 M in cryptocurrency scams.  Americans have lost more than $80 M in scams between October 1, 2020 and March 31, 2021.  Median 'investor' loss is $1,900 per person.

Bitcoin, now at US$44,000.  It was at $66K a month ago. 

FTC Data Shows Huge Spike in Cryptocurrency Investment Scams
May 17, 2021
New data spotlight points to more than ten-fold increase in reported losses in last 12 months


And if I recall correctly, Tesla is no longer accepting Bitcoins as payment.   

Pass the popcorn.

Invisible Monopoly Money.

Next?

 westslope wrote:

You are correct about defining resistance.  I used to know this stuff in detail back when I was doing metals.  Oversold and undersold, and much more stuff.  I have pretty much forgotten how to articulate it, but retain the understanding of the concepts.  As I mentioned I do look at the curves, read tidbits, look for patterns.  Unlike metals, this is more gut than anything else tempered by my existing knowledge and experience from metals.  Unlike commodities, crypto is not consumed.  It has no material use or need.  Supply is somewhat fixed.  Mining it is not an easy thing to do and things like forks happen such as Bitcoin Cash from Bitcoin which affect supply and demand.  Again, I have forgotten so much in a way to be able to articulate it properly.

Yes, it is a casino. My eyes are wide open.  As I have mentioned earlier, it does not seem to react as drastically and as quickly as metals do (did) with a mid east crisis or some other sudden geopolitical events or financial event, like changes in interest rates.  Musk did knock the snot out of cryptos and they did react.  I still went to bed that night and woke up to much lower numbers, but still 60% up from my entry point.  I was a couple hundred bucks away from 100% Saturday night, early Sunday.  Since then the curves are finding a new bottom range, yet still sloping upwardsish when looked at over a longer time period.  

Speaking of going to sleep when things are happening, unlike metals, you can buy and sell 24 /7 .  You don't have to wait for your local market to open, which is usually too late even if you have formal buy and sell orders in place.  FOREX also has a big impact on metal prices just simply based on the worth of your local currency.   Other markets are open when the USA's is not.  

But resistance points have been broken, substantially.  The retreat is also about as much down as it was up, so in my thinking the reaction has been proportional.  I'm not overly worried at present.  I'm going to let things ride for now.  Of my four choices to work with, my two picks are still the best of the four.

And going forward, the green guilt trip thing will fade away as those who are concerned about that aspect will soon be gone if not already.

Eh ?  wtf do I know ?  This is an experiment for me.  And most importantly it has been low stress as was hoped for.

 westslope wrote:

I don't blame the tweeter,
as much as the tweetees who listten.