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Index » Radio Paradise/General » General Discussion » Bitcoin Page: 1, 2, 3  Next
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kurtster

kurtster Avatar

Location: where fear is not a virtue
Gender: Male


Posted: May 10, 2021 - 5:52am

 rgio wrote:


Measured how? 

Resistance is a point where (some) investors assume the risk/reward has turned against them and sell.  


There are generally trends that support prior pressure at resistance levels. If you look at the one month chart for Ether, there are no consistent resistance points / dips in the trend. If 4,000 was a major one, what's the next resistance point?



It's more psychological than anything else, imo.  There are so many charts and notions about the charts.  Patterns and whatnot.  Head and shoulder curves, whatever.  Not as relevant with crypto, imo.  It is more about breaking new upper limits, period.  The only thing that seems to stop the upward trend is bad news regarding threatened regulatory events.  But what do I know in the end ?  Not much.  Bitcoin itself and Dogecoin notwithstanding as they are more outliers, imo.

I would say that $5k is the next resistance point for Ethereum.

I have a live action candlestick chart that I was watching last night when it broke 4k.  I had it set to by the hour.  I saw it touch 4000.00, then drop to 3998. 96, and back up to 3999.99 for about 15 minutes.  Finally it hit 4000.00 even, dropped a couple of cents, bounced around within a couple of bucks under 4, then hit it even again and finally zoomed up to around 4032, IIRC.  The volume at that point was pretty substantial, too.  The new high is now 4137 and it is presently at around 4135 - 4130.  

$4132 as I hit submit.

rgio

rgio Avatar

Location: West Jersey
Gender: Male


Posted: May 10, 2021 - 5:22am

 kurtster wrote:

Ethereum just broke through a major resistance point of $4000 USD.




Measured how? 

Resistance is a point where investors assume the risk/reward has turned against them and sell.  There are generally trends that support prior pressure at resistance levels.  If you look at the one month chart for Ether, there are no consistent resistance points / dips in the trend.  If 4,000 was a major one, what's the next resistance point?


kurtster

kurtster Avatar

Location: where fear is not a virtue
Gender: Male


Posted: May 9, 2021 - 8:22pm

Ethereum just broke through a major resistance point of $4000 USD.


kurtster

kurtster Avatar

Location: where fear is not a virtue
Gender: Male


Posted: May 8, 2021 - 10:18pm

 westslope wrote:

Absolutely.  

I just counted the Bitcoin SPAM in the gmail SPAM folder.  16 out of 88.  18% of the SPAM concerned Bitcoin.

If that does not indicate a bubble, what does?  



There is zero crypto spam in my spam folder and I actually own some.  Ironic, eh ?  Better you than me ;)

So I finally played that Bloomberg vid.  Saw it wasn't an article so it took some time to get to.

I see Giustra's points, to a degree.  I agree that Bitcoin has affected the gold market and imo, actually stabilized it.  It is far less volatile than it has traditionally been in the past.

I think that we are living in a bubble driven economy quite frankly.  Giustra is right about speculation and momentum though in regards to crypto in general.  Those are drivers in many commodities however.  

I dunno.  My involvement is a gut feeling / opportunity / timing thing.  I think / hope that I got in at a relatively safe low point where there is still an opportunity for large % increases with the two that I settled on (Ethereum and Bitcoin Cash) as opposed to Bitcoin which is pretty much range bound for the foreseeable future.  And I think that others may see that as well.  Litecoin is a waste of time presently, imo.

As far as hype is concerned, I think much if not most is focused on Dogecoin, which I only recently became aware of.  Sorry, not for me.  Pure speculation at this point, imho.  Too easily manipulated by hype. 

So I went and looked at my receipts for a timeline.  I first went into this on March 22.  Dumped Bitcoin April 20 on the plus, nicely.  Up 50% actually.  Dumped Litecoin April 25 for a slight loss, though still nicely up overall with the proceeds from Bitcoin.  So since this readjustment during that week in April, I doubled my holdings in the two remaining and I'm now up roughly 75% in the past three weeks.  Barring some crazy, I might expect to see 100% within the next two weeks.  Then comes the first crossroads.

rgio laid it out pretty well below.  If I take back the initial, even though I reduce my gain potential accordingly, I have made money with money and have established a grub stake of sorts in short order.  That was a goal.  And it is still all gain going forward.  I must say that the wife is thinking the same way, too.



Steely_D

Steely_D Avatar

Location: Biscayne Bay
Gender: Male


Posted: May 8, 2021 - 4:59pm

 westslope wrote:

Absolutely.  

I just counted the Bitcoin SPAM in the gmail SPAM folder.  16 out of 88.  18% of the SPAM concerned Bitcoin.

If that does not indicate a bubble, what does?  



I think it indicates, like the Nigerian Prince scams, the existence of at least one person/group that is emailing anyone to see if they can profit off someone's naïveté. 
westslope

westslope Avatar

Location: BC sage brush steppe


Posted: May 8, 2021 - 1:55pm

 Steely_D wrote:

Bitcoin millionaires are only that when they cash out for USD/Euros/etc. Until then, they're just swagger.


Absolutely.  

I just counted the Bitcoin SPAM in the gmail SPAM folder.  16 out of 88.  18% of the SPAM concerned Bitcoin.

If that does not indicate a bubble, what does?  

Steely_D

Steely_D Avatar

Location: Biscayne Bay
Gender: Male


Posted: May 8, 2021 - 1:49pm

 westslope wrote:

Funny how all successful speculators in big zero-sum games — often asset bubbles — end up in cash.  


Bitcoin millionaires are only that when they cash out for USD/Euros/etc. Until then, they're just swagger.

westslope

westslope Avatar

Location: BC sage brush steppe


Posted: May 8, 2021 - 8:45am

Funny how all successful speculators in big zero-sum games — often asset bubbles — end up in cash.  Says a lot about the success of fiat currency and monetary management by modern central banks.  

It also hints at the strongly at the notion of taking gains earlier than later.  
rgio

rgio Avatar

Location: West Jersey
Gender: Male


Posted: May 8, 2021 - 8:34am

 kurtster wrote:

Longer term could be cash out the initial at 100% and let the proceeds ride, which would be the smart thing to do.  But then I only get half of the gain going forward. 


No...it's ALL gain...since it was free.  Risk/reward strikes again!

C'mon Playa...go big or go home!!!

kurtster

kurtster Avatar

Location: where fear is not a virtue
Gender: Male


Posted: May 7, 2021 - 11:04pm

 black321 wrote:

pretty much goes for anyone who invested in the S&P 500 too.



Yeah, IIRC it wasn't all that long ago when Soros was big time shorting the S&P 500.  And he ended up on the wrong side of that, but who know's how that worked out in reality ...

But a now 65% bump in 3 weeks is rather earth shaking to a little guy like me.  And it seems likely to hold as things have flattened out with a new higher bottom.  This observation only applies to the two crypto's I've kept.  Ethereum and Bitcoin Cash of the 4 choices available in Pay Pal.  They also seem to compliment each other with similar curves / %'s / trends.   PP is just a couple of mouse clicks in real time, 24 / 7. They will even keep track of your gains or losses when withdrawing.  Just get the 1099 at the end of the year.

Again, I'm only doing this because PP laid this opportunity in my lap.  I'm not going to go through the angst of watching stocks and jumping through hoops to buy or sell.  I'm just looking at percentages and trends.  Anything in the news is easily discovered watching the morning business news for things like Central Bank decisions.  Those seem to have more of a negative affect than anything else.   And watch for the plateaus and their duration.  This is what I have learned to do after watching Bitcoin over time.

Longer term could be cash out the initial at 100% and let the proceeds ride, which would be the smart thing to do.  But then I only get half of the gain going forward. 

black321

black321 Avatar

Location: An earth without maps
Gender: Male


Posted: May 7, 2021 - 10:40am

 kurtster wrote:



just searched that.

yeah.  my jaw is kinda on the floor right now.

whatever thoughts I had going in are kinda out the window.

i've always said that tough choices are better than no choices ...

pretty much goes for anyone who invested in the S&P 500 too.

westslope

westslope Avatar

Location: BC sage brush steppe


Posted: May 7, 2021 - 10:24am



Bitcoin investing 'feels like a bubble': Prolific Mining financier Frank Giustra


As someone who helped build what later became Goldcorp, Frank Giustra says bitcoin is more like a tech stock than gold. He also talks about the future of energy, having served as a strategic adviser for DeepGreen Metals for a number of years. The company is set to merge with the Sustainable Opportunities Acquisition Corporation (NYSE: SOAC) and become public in June 2021 as The Metals Company.

———————————————-

kurtster:  You might enjoy this more reasoned, analytical approach to Bitcoin and similar.   Giustra — well known in Canadian resource investment circles — does not mention the huge energy demand of blockchain technology.

kurtster

kurtster Avatar

Location: where fear is not a virtue
Gender: Male


Posted: May 5, 2021 - 4:07pm

 black321 wrote:
"As someone who made money off GameStop, Dogecoin and a lottery ticket this year, the best financial advice I can give you is to just be a f#$king idiot."






just searched that.

yeah.  my jaw is kinda on the floor right now.

whatever thoughts I had going in are kinda out the window.

i've always said that tough choices are better than no choices ...
black321

black321 Avatar

Location: An earth without maps
Gender: Male


Posted: May 5, 2021 - 12:38pm

"As someone who made money off GameStop, Dogecoin and a lottery ticket this year, the best financial advice I can give you is to just be a f#$king idiot."



westslope

westslope Avatar

Location: BC sage brush steppe


Posted: May 5, 2021 - 8:21am

 kurtster wrote:

Now Bitcoin cash seems to be making a strong move.

  





You buy the beer bud!
kurtster

kurtster Avatar

Location: where fear is not a virtue
Gender: Male


Posted: May 5, 2021 - 5:23am

Now Bitcoin cash seems to be making a strong move.

  


kurtster

kurtster Avatar

Location: where fear is not a virtue
Gender: Male


Posted: May 4, 2021 - 4:44pm

 westslope wrote:

Guys, please keep posting and discussing crypto currencies.  The subject is very interesting.  I would invest/trade if my cajones were bigger.

In the meantime, here is an article that might be of interest.


CBDC technology: interest intensifies in digital currency ‘innovation catalysts’

Prof. Alistair Milne appears to nail it:

Blockchain-based solutions, he said, bring a risk of generating “distractions”, whereas centralised ledgers can “deliver everything”, for example user experience and security, “pretty much just as well”.

This is a new area for me but am guessing that CBDC has the promise to reduce transaction and friction costs for digital payments.



An interesting read.  Lot's to think about.  Privacy being one.  And then the question raised earlier about an EMP or solar event.  

Guaranteed access.  Your account / wallet could effectively be turned off by your government should it want to and the resulting hardship would be devastating.

Then there is the old M*A*S*H episode were it was time to turn in the blue currency for the red currency.
westslope

westslope Avatar

Location: BC sage brush steppe


Posted: May 4, 2021 - 3:33pm

Guys, please keep posting and discussing crypto currencies.  The subject is very interesting.  I would invest/trade if my cajones were bigger.

In the meantime, here is an article that might be of interest.


CBDC technology: interest intensifies in digital currency ‘innovation catalysts’

Prof. Alistair Milne appears to nail it:

Blockchain-based solutions, he said, bring a risk of generating “distractions”, whereas centralised ledgers can “deliver everything”, for example user experience and security, “pretty much just as well”.

This is a new area for me but am guessing that CBDC has the promise to reduce transaction and friction costs for digital payments.
westslope

westslope Avatar

Location: BC sage brush steppe


Posted: May 4, 2021 - 9:09am

 islander wrote:


Kurtster is actually right here. Currency has value because we agree it does. Your bills with an extra zero are worth 10X what mine are because we agree on it.  Blockchain has a lot of value and many other applications, but bitcoin has a value because we all say it does.

It's far from the ground floor, and as with many other investments - once you hear about it, it's probably too late. 

Blockchain has value because the system can freeride off of somebody else's energy input.  Think of it as legal theft.

Bitcoin has value because SOME people agree it has value.

Fiat currency has value because almost all people agree it has value and because it has relatively autonomous central banks with massive financial power to ensure that it keeps its value.

steeler

steeler Avatar

Location: Perched on the precipice of the cauldron of truth


Posted: May 4, 2021 - 9:08am

 kurtster wrote:

Most importantly, we have the RRHOF.  It's even better if you're a Raider fan.  You can also find a large group of Steeler haters, albeit for different reasons but it is a shared misery at their hands that is  always looking for company ...  The Immaculate Reception ...


That explains a lot — you’re living in a toxic, delusional environment!

I was there, in Three Rivers, for the Immaculate Reception. My claim to fame!

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