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13 minutes ago, gleninjersey said:

Bitcoin down almost 50% from highs back in November.

This is what happens when you speculate on something that's based on.... nothing....  but emotion..

13 minutes ago, gleninjersey said:

If you are a gambler, could be a good time to buy some soon.

Or, get out NOW, before you lose another 50%...

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8 hours ago, gleninjersey said:

U.S. Fed exploring launching "digital dollar".  Looks like all the major crypto coins / currency are taking an 8-10% loss right now.  Bitcoin down almost 50% from highs back in November.

If you are a gambler, could be a good time to buy some soon.

https://www.msn.com/en-us/money/markets/the-federal-reserve-is-taking-the-next-step-toward-possibly-launching-a-digital-dollar/ar-AASZ8Vk?ocid=uxbndlbing

Thanks for the info.  I saw that last night and had another "someone must have said something" moments.

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Still heading down today, with more drops possibly on the way:

....."Bitcoin prices fell sharply on Friday, while ether prices also dived, wiping off nearly $150 billion from the crypto market.

Bitcoin fell about 10% and was trading near $38,425 late Friday morning, according to Coin Metrics. Ether, the second-largest cryptocurrency by market cap, dived more than 12% to $2,807.

Some experts warn that the crypto market could be heading toward a downturn soon, as heightened regulatory scrutiny and intense price fluctuations dampened bitcoin’s prospects.

https://www.cnbc.com/2022/01/21/cryptocurrencies-bitcoin-falls-7percent-ether-down-9percent-in-the-last-24-hours.html

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49 minutes ago, Sniper said:

Some experts warn that the crypto market could be heading toward a downturn soon, as heightened regulatory scrutiny and intense price fluctuations dampened bitcoin’s prospects.

https://www.cnbc.com/2022/01/21/cryptocurrencies-bitcoin-falls-7percent-ether-down-9percent-in-the-last-24-hours.html

Lol.  "could be heading toward a downturn soon".  This writer just wake up?  What's their next breaking news story?? "Biden May Not Be Savior Voters Thought".  

I would never put more money into crypto than you aren't willing to see vaporized overnight BUT a 50% sale is still a 50% off sale.  Doesn't mean it can't go down another 50%  But if you have some gambling money....

 

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On 1/21/2022 at 4:50 PM, father-of-three said:

The numbers appear to  speeding towards where they were back in July...maybe lower.

Kinda looks that way. Down another 8% today. I thought it would get some action, as a safe haven, since the regular market got hammered this week. Nope, they both are heading South.

....."Cryptocurrencies continued their dramatic slide on Saturday, with bitcoin losing nearly half of its value since hitting its November high.

Bitcoin, the world’s most valuable cryptocurrency by market value, tumbled about 8% on Saturday to trade just above $35,000. The coin hit a record high of $69,000 in November.

Meantime, ether, the second-largest cryptocurrency by market cap, sank nearly 10% to trade around $2,400.

https://www.cnbc.com/2022/01/22/bitcoin-falls-another-8percent-as-cryptocurrencies-extend-steep-losses.html

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Well I'm taking a shot. My siblings and I created m3 mining co llc. Been a really small time gpu mining for a bit for the experience and now trying to take it to the next step. I got sick from doing my duty at world trade center. My days are numbered as of now. Terrible timing but time isn't on my side right now. I Will keep u guys updated looking to be full service crypto Co / how to etc for the little guy. Between the 3 of us were broke lol. Will probably be Looking for a crowd funding site to raise the first few thousand for equipment. Sold everything I had lol. Go big or go home I say. 

 Regards p

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2 hours ago, 70gto said:

Well I'm taking a shot. My siblings and I created m3 mining co llc. Between the 3 of us were broke lol. Will probably be Looking for a crowd funding site to raise the first few thousand for equipment. Sold everything I had lol. Go big or go home I say. 

Didn't you just recently sell all your gold and silver coins and other personal items? And now, trying to make money speculating on crypto?

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Been at it small scale for a while. so I have experienced a crypto winter (bear market) b4 we probably have at most another 10 to 15 percent more to drop before stabilizing is my uneducated guess NOT FINANCIAL ADVISE.

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You might want to read this about the crypto market in general, and MicroStrategy and El Salvador venturing into crypto. I'm not in crypto and won't be, so some of this is beyond me. But some aspects of it look like another Ponzi scheme. See what you think. My favorite phrase in this article was 'hard fiat currency'. LOL

Dollars Ex Machina - Doomberg (substack.com)

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48 minutes ago, 45Doll said:

But some aspects of it look like another Ponzi scheme. See what you think. My favorite phrase in this article was 'hard fiat currency'. LOL

That's the way I always looked at it. Here's a quote from the article. It's a game that always requires new bagholders to enter, and the last one out, ends up with a empty bag.

....."Given that cryptocurrencies don’t produce anything of material value, this enormous waste of resources renders the whole enterprise a negative-sum game. Investors can only cash out by selling their coins to other investors — but only after the miners and various cryptocurrency service providers take the house’s rake. In other words, investors cannot — in the aggregate — cash out for even what they put in, as cryptocurrencies are inefficient by design.

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It's like any other currency In the sense that it's perceived value imo. A dollar is a piece of paper. The more people willing to accept it (crypto) the more valuable it becomes.

Think of the companies getting involved with crypto. Huge companies accept it and are trying to capitalize on it.

Are there shit coins? Sure. But certain coins will probably keep their value. The next generation of people are giving it that value.

Are you willing to bet against these companies? Cause I'm not.

https://smallbiztrends.com/2021/12/who-accepts-bitcoin.html

 

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22 minutes ago, Cheflife15 said:

Are you willing to bet against these companies? Cause I'm not.

Mostly fringe companies. When popular places like the grocery store, gas stations, mortgage companies, car loans, landlords, utilities, etc. jump on board, then let me know.

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13 minutes ago, Cheflife15 said:

It's like any other currency In the sense that it's perceived value imo. A dollar is a piece of paper. The more people willing to accept it (crypto) the more valuable it becomes.

Think of the companies getting involved with crypto. Huge companies accept it and are trying to capitalize on it.

Are there shit coins? Sure. But certain coins will probably keep their value. The next generation of people are giving it that value.

Are you willing to bet against these companies? Cause I'm not.

https://smallbiztrends.com/2021/12/who-accepts-bitcoin.html

 

That list is incredibly misleading. 

Like paypal on the list is truly leaning into bitcoin because they are willing to provide actual money to merchants in exchange for you giving them bitcoin. They are actually swapping one form of money for another.  

Similar with newegg. 

At&t on the other hand accepts traditional money and has just integrated a payment method that says they will allow bitpay to give them cash on your behalf. They don't want your bitcoin. 

Microsoft is on the list, but removed bitcoin, readded, and appear to have removed it again, at least all their FAQs on how to do it no longer work for me to see the option. 

Starbucks doesn't want your bitcoin, which is why you can't use it in person. They will accept dollars form a third party on your behalf after the transaction completes. They will then give you credit for that at a later date. 

Overstock is hard to say what they are doing. 

Amazon doesn't want your bitcoin, but will accept dollars on your behalf from a third party.

Apply this scrutiny to the rest of the list, and it gets much, much shorter. 

 

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There's actually much larger lists than just that. Even bridgewater mall has crypto atms. 

There's a reason every major credit card and payment software is making it assesible.  It's because there is a demand.

We're hitting a world where people are exploring a "meta verse." Crypto will be a huge part of it.

I'm not saying dump your life savings in, but I would be surprised if it doesn't continue to grow.

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22 minutes ago, Cheflife15 said:

I'm not saying dump your life savings in, but I would be surprised if it doesn't continue to grow.

Have you looked at the Bitcoin chart the past year? I'm not so sure that it instills confidence, that many people will jump right in... Gamblers and fanboys, sure... serious investors... hmmmm...

bitcoin.jpg

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33 minutes ago, Cheflife15 said:

There's actually much larger lists than just that. Even bridgewater mall has crypto atms. 

There's a reason every major credit card and payment software is making it assesible.  It's because there is a demand.

We're hitting a world where people are exploring a "meta verse." Crypto will be a huge part of it.

I'm not saying dump your life savings in, but I would be surprised if it doesn't continue to grow.

The metaverse is a pile of shit. Even assuming it is something people want long term, they don’t want what is being made. People don’t want to move to Facebook-burg and be stuck with no amenities but the company store. 

Also there were gold atms which heralded the return to hard currency from fiat right?

i will also point out that there’s an atm down the street that has a $9 service fee. Just because some grifter sees a chance to make a buck doesn’t mean that’s the future knocking on your door. 
 

I’ll be more excited when making it convenient doesn’t just translate to being rid of the bitcoin you have for a more recognized cash equivalent. Like tell me when we have the first big company offering refunds in crypto when you paid in crypto. 

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Some of you guys take what YOU want and say that a large portion of the population don't want that. People like the metaverse. The next generation was raised on tv screens and technology. Billionaires are investing in this stuff. Celebrities are endorsing it. You fail to remember a large part of society is dumb and will follow these people.

As far as the chart goes for the last year, there's hundreds of stocks that do that. Do a 3 year chart or a 5 year chart and the story changes a bit.

Again, there's a reason paypal, Mastercard, Visa, venmo etc are making it assesibe. It's users want it.

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16 minutes ago, Cheflife15 said:

Some of you guys take what YOU want and say that a large portion of the population don't want that. People like the metaverse. The next generation was raised on tv screens and technology. Billionaires are investing in this stuff. Celebrities are endorsing it. You fail to remember a large part of society is dumb and will follow these people.

As far as the chart goes for the last year, there's hundreds of stocks that do that. Do a 3 year chart or a 5 year chart and the story changes a bit.

Again, there's a reason paypal, Mastercard, Visa, venmo etc are making it assesibe. It's users want it.

Or they have a stake in the payment processor handling the crypto and can pump the price a bit with a press release. 
 

I’m not saying people don’t want something adjacent to the metaverse. The only reason I think nfts aren’t totally idiotic is that the consumer would absolutely love a unified digital marketplace where they can resell the virtual clown vomit they bought for a game when they move on to the next game and the game makers would like to make those micro transactions more attractive while taking their cut in perpetuity. If someone does it right their perceived value on both sides of the market. 
 

But moving into the facebook brand virtual neighborhood where you can only buy and sell things in the Facebook store and lose your shirt when you want to move to apple island.

Second life has had that shit forever and it’s been marginally popular at best past the initial hype with stupid prices we are seeing repeat itself.

Outside of that you also probably don’t want the product that results from the Twitter mob deciding policy that governs your experience. You do not want the whole planet two clicks from your doorstep. 

There’s money to be made front running idiots before they wise up, but don’t mistake that for the new future. 

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1 hour ago, Cheflife15 said:

You fail to remember a large part of society is dumb and will follow these people.

And they're broke. That's why they're "followers". I'll always remember what my mother said: "Just because Johnny jumps off the bridge, doesn't mean you have to".

1 hour ago, raz-0 said:

There’s money to be made front running idiots before they wise up, but don’t mistake that for the new future. 

No truer words have ever been spoken.. Only the front runners make money, every one else gets fleeced.

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Might be time to hit the "Eject" button....

White House Wants Crypto Rules as a Matter of National Security

....."The Biden administration is preparing to release an executive action that will task federal agencies with regulating digital assets such as Bitcoin and other cryptocurrencies as a matter of national security, a person familiar with the White House’s plan tells Barron’s.

The national security memorandum, expected to come in the next few weeks, would task parts of the government with analyzing digital assets and assembling a regulatory framework that covers cryptos, stablecoins, and NFTs, or non-fungible tokens, this person said.

“This is designed to look holistically at digital assets and develop a set of policies that give coherency to what the government is trying to do in this space,” the person said.

https://www.barrons.com/articles/white-house-executive-action-regulate-cryptos-national-security-51643312454

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4 hours ago, Cheflife15 said:

The government wants to tax it and regulate because they understand its not going away and they want their cut.  

I'm not selling,  the reward potentially far outweighs the risk for me.  

It's already taxed.  If you are "mining" crypto it's considered income.  If you buy and sell at a higher price it's a capital gain.

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7 hours ago, gleninjersey said:

It's already taxed.  If you are "mining" crypto it's considered income.  If you buy and sell at a higher price it's a capital gain.

Yes but without actual regulation do you think every person is declaring their gains? There is certainly more money for our corrupt government to collect.

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Follow the money. The big boys in wall street are in on btc not necessarily every shitvcoin out there but btc yes. To what end Idk. We will never know when there all in or all out until after it happens. I dont believe the dollar is going anywhere soon. If there is mass adoption it will be along side the dollar not to replace it. Example el Salvador. They kept their peso and just accept btc also. Usually the crappier the money in that country the more btc gets a foothold in it that area. 

I'm not here to argue for or against btc its been here 13 years so far and creeping slowly into society norm in some parts of the world. 

There are lots of people alot smarter than me in. So I for one see a case for it. If you dont that's fine. This is like talking politics or religion. I would never try n convince anyone either way. Well maybe politics but whatever. 

Yes I have an opinion but I don't want to fight about it. I have too many friends and aquintences here to screw that up. I do welcome intelligent debate wo the butthurt either way. If and when btc ever hits 250k thats when it has serious enough power to displace every currency on earth . That's why countries are trying to get a handle on it now. My 1.5 cents

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23 minutes ago, 70gto said:

Follow the money. The big boys in wall street are in on btc not necessarily every shitvcoin out there but btc yes. To what end Idk. We will never know when there all in or all out until after it happens. I dont believe the dollar is going anywhere soon. If there is mass adoption it will be along side the dollar not to replace it. Example el Salvador. They kept their peso and just accept btc also. Usually the crappier the money in that country the more btc gets a foothold in it that area. 

I'm not here to argue for or against btc its been here 13 years so far and creeping slowly into society norm in some parts of the world. 

There are lots of people alot smarter than me in. So I for one see a case for it. If you dont that's fine. This is like talking politics or religion. I would never try n convince anyone either way. Well maybe politics but whatever. 

Yes I have an opinion but I don't want to fight about it. I have too many friends and aquintences here to screw that up. I do welcome intelligent debate wo the butthurt either way. If and when btc ever hits 250k thats when it has serious enough power to displace every currency on earth . That's why countries are trying to get a handle on it now. My 1.5 cents

I'm on board with this. Billionaire investors are behind this. Didn't they rename the Staples center the crypto.com center? There is huge momentum for this.

The dip in crypto right now is no better or worse than the market

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https://dailyhodl.com/2022/01/28/crypto-exchange-giant-partnering-with-lebron-james-on-web3-education-initiative/

Crypto Exchange Giant Partnering With LeBron James on Web3 Education Initiative

So many huge names invested or pushing or even just giving crypto a platform. 

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4 minutes ago, Cheflife15 said:

https://dailyhodl.com/2022/01/28/crypto-exchange-giant-partnering-with-lebron-james-on-web3-education-initiative/

Crypto Exchange Giant Partnering With LeBron James on Web3 Education Initiative

So many huge names invested or pushing or even just giving crypto a platform. 

When people offer to let you front run a pump and dump, sometimes you like money and say yes. Crypto.com is willing to turn cash into crypto for free. It's less clear if you can turn the crypto into cash for free it looks like it may be 2%. They also have designed their platform to incentivize you not having functional access to significant piles of crypto. So they want to give you a 2% haircut off the top, and more or less set things up to front run you if not day trade your crypto. They'll just borrow a little of your crypto and put it back later when prices are unfavorable for you. And if it gets out of hand they will be tragically "hacked" and all the crypto will go poof. Oops sorry unregulated market. (How many of those have we had so far? At least 3. One of them actually had the hackers put some of the money back once it became apparent that they would still be liable for a shit ton of money. Those are some nice hackers and that's super convenient... not sketchy at all. Literally NO way it could just be the crooks running the show running off with your money.). 

Web3 as it exists is... being as generous as I can... poorly defined. People like to babble on about blockchain and distributed and such. Maybe rant about the man a bit while talking about making gobs of money. But while you may be able to have an unalterable block chain, there is nothing saying you can't fuck up the block chain illegitimately, nor has anyone implemented anything that doesn't rely on key critical infrastructure. I.e. everything web3.0 so far can be hacked maliciously, stolen, or forced to shut down. As an example, lets say you wanted to put videos on a block chain, but you wanted the payload IN the block chain. Who is paying for the CPU cycles and storage to do that. How distributed could such a blockchain be? 

It's not there. It is questionable when or if it will ever be there. For a there to exist in a way that can make any number of attractive products, there needs to be interoperability, and at the moment that is largely missing. Crypto exchanges are pretty much the most advanced version of trying to create interoperability between mutually incompatible block chains, and they are a hot mess. 

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