Wow. Bitcoin is almost $1,500

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ultimatebob

Lifer
Jul 1, 2001
25,135
2,434
126
I noticed that Fidelity is going to offer a Bitcoin ETF now.

That's not actually a bad way to invest in Bitcoin if you wanted to do it from your Roth IRA. You can be pretty sure that a big organization like Fidelity will have cyber insurance if their Bitcoin hot wallet gets hacked.
 

FelixDeCat

Lifer
Aug 4, 2000
27,849
1,260
126
And I'm going to blame you for keeping me on the sidelines. When I thought about buying at around $7,500, you said that was too high. When I considered at $12,500, you said it was too high. At $33,000, you said it was too high. Now $50,000 can't even buy me 1 bitcoin.
I still dont have any yet, but I love to trade bitcoin mining stocks up AND down, so Im rooting for $100,000 BTC and Im rooting for $40,000 BTC.

Love the volatility! :)
 

Fritzo

Lifer
Jan 3, 2001
41,723
1,914
126
It seems that the stimmy rally didn't happen. Actually, we're down 15% since the last time I complained about this:

View attachment 41873

I think that the India crypto ban spooked some investors. It will probably come back at some point, though.
People are waiting for another dip. Predictions is BTC will get down to $46000. Expect the simulus boom to happen after that.

Meanwhile, in OT Bitcoin news: ADA is up 10% this morning. Cashed out at the peak and waiting for another dip.
 

ultimatebob

Lifer
Jul 1, 2001
25,135
2,434
126
you mean it won't go below 50$k?

or it won't drop 50$k from it's current price?
Oh, I think that it will go below $50K at this point. The whole tech market seems to be in some weird post Covid crisis malaise right now, and everything is dropping.

By the way, Coinbase finally replied to my tech support request four weeks later. The response was useless, as they just asked me to verify my identity with a photo ID. If they actually bothered to LOOK at my account before responding, they would have seen that I already linked a second bank account to transfer funds.

So, yeah... I wouldn't trust Coinbase with a large sum of cash. Their customer support sucks.
 
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destrekor

Lifer
Nov 18, 2005
28,799
358
126
Oh, I think that it will go below $50K at this point. The whole tech market seems to be in some weird post Covid crisis malaise right now, and everything is dropping.

By the way, Coinbase finally replied to my tech support request four weeks later. The response was useless, as they just asked me to verify my identity with a photo ID. If they actually bothered to LOOK at my account before responding, they would have seen that I already linked a second bank account to transfer funds.

So, yeah... I wouldn't trust Coinbase with a large sum of cash. Their customer support sucks.
Honestly, my experience has been such that support at any crypto exchange is predictably bad. At least in comparison to what we typically expect of customer support in just about any other market segment. Generally just slow, and things that users should be able to figure out on their own they probably just put at the lowest priority in the ticket queue.

Doesn't mean I wouldn't trust large sums of money with the US-based exchanges.

I think largely that every Crypto business is overwhelmed with users who haven't grasped some nuance of cryptos yet -- or of market trading at all, as some people jump into cryptos without any stock market experience or very limited experience and get in over their heads -- and are making stupid mistakes or otherwise just making things more complicated for themselves in some way, so support gets tied up with them.

Doesn't help that the crypto markets are operating entirely differently from general markets: consider that each individual exchange is its own platform, operating as exchange, market maker, broker, bank, etc. These entities are directly overseeing every element, whereas your typical brokerage/bank is a middleman.
 

Train

Lifer
Jun 22, 2000
13,808
50
91
www.bing.com
By the way, Coinbase finally replied to my tech support request four weeks later. The response was useless, as they just asked me to verify my identity with a photo ID. If they actually bothered to LOOK at my account before responding, they would have seen that I already linked a second bank account to transfer funds.
How does adding a second bank account negate the need for photo ID?
 

ultimatebob

Lifer
Jul 1, 2001
25,135
2,434
126
How does adding a second bank account negate the need for photo ID?
That's the odd thing... I already submitted my photo ID as part of the account setup process.

Their "customer support" was asking me to verify it AGAIN to apparently unlock the account. If they really thought that I was some evil hacker, why did they let me add a second bank account to my Coinbase account?
 

Fritzo

Lifer
Jan 3, 2001
41,723
1,914
126
Looks like BTC is heading towards 60K again. Betting it will dip at that point, then I'm buying in.
 

ultimatebob

Lifer
Jul 1, 2001
25,135
2,434
126
It seems that Ethereum is the new hotness right now. It's up over 25% over the past month, while Bitcoin has been mostly flat.
 

njdevilsfan87

Platinum Member
Apr 19, 2007
2,304
240
106
Passive income is amazing in crypto right now. Between staking Polkadot (DOT) and Tezos (XTZ), and lending USDC I'm getting somewhere around 8% interest on average. And with DOT and XTZ I'm also exposed to upside. They're like being invested in a growth stock that pays a really high dividend.
 

BudAshes

Lifer
Jul 20, 2003
13,615
2,708
136
122
It seems that Ethereum is the new hotness right now. It's up over 25% over the past month, while Bitcoin has been mostly flat.
It is certainly a more useful technology. Bitcoin is honestly not that useful outside of the brand name.
 

FelixDeCat

Lifer
Aug 4, 2000
27,849
1,260
126
BTC hits 60k again.

ETH sets a new all time high.
It wont last. Its manipulated downward when the market is open and left to drift upwards on the weekends.

The longer term trend seems to be upwards, so it may eventually stay in the 60s for a while.
 

ultimatebob

Lifer
Jul 1, 2001
25,135
2,434
126
It wont last. Its manipulated downward when the market is open and left to drift upwards on the weekends.

The longer term trend seems to be upwards, so it may eventually stay in the 60s for a while.
Yeah, I've noticed that trading pattern as well. Bitcoin goes up a few thousand over the weekend, only to fall again on Monday.

I should probably stop checking the price daily, though... seems like a waste of time if I already decided that I'm HODL'ing it.
 

FelixDeCat

Lifer
Aug 4, 2000
27,849
1,260
126
Yeah, I've noticed that trading pattern as well. Bitcoin goes up a few thousand over the weekend, only to fall again on Monday.

I should probably stop checking the price daily, though... seems like a waste of time if I already decided that I'm HODL'ing it.
The biggest players have used the same system to control the price of gold and silver for decades. Using derivatives and paper contracts to keep a collar on things, and then turn around and sell forward contracts so they can wear down the premium on those too.

Maybe Im wrong about this, but you can see the pattern week after week.
 

Fritzo

Lifer
Jan 3, 2001
41,723
1,914
126
It wont last. Its manipulated downward when the market is open and left to drift upwards on the weekends.

The longer term trend seems to be upwards, so it may eventually stay in the 60s for a while.
Forcast for BTC is 80K. Will get there if people stop using 60K as a sell marker.
 

FelixDeCat

Lifer
Aug 4, 2000
27,849
1,260
126
I'm not seeing that pattern. Checked https://bitcoincharts.com/ and am not seeing any correlation to weekends, or any day of the week at all.
Being that I like to trade BC mining stocks like RIOT and MARA, I watch the moment to moment moves of BC like a hawk. We will see what happens at 9:30 AM EST Monday. There might be a short covering /FOMO rally or the regular push down of prices may take hold.
 
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