The Lemon Fool

TheMotorcycleBoy wrote:Radical man!

TheMotorcycleBoy wrote:The salary will be converted to Ethereum and Bitcoin, the statement added.

Then presumably converted straight back into dollars so he can pay his mortgage, taxes etc?

NotSure wrote:

TheMotorcycleBoy wrote:Radical man!

TheMotorcycleBoy wrote:The salary will be converted to Ethereum and Bitcoin, the statement added.

Then presumably converted straight back into dollars so he can pay his mortgage, taxes etc?

I guess so. Depends how persuasive he is. I certainly wouldn't want to mess with him.

TheMotorcycleBoy wrote:NYC Mayor Eric Adams to receive first paycheck in cryptocurrency via Coinbase
Jan 20 (Reuters) - New York City Mayor Eric Adams on Thursday said his first paycheck, to arrive on Friday, will be automatically converted into cryptocurrency via Coinbase Global Inc (COIN.O).

The salary will be converted to Ethereum and Bitcoin, the statement added.

Well I hope he converted it quickly!

https://www.bullionbypost.co.uk/bitcoin-price/

Clitheroekid wrote:Well I hope he converted it quickly!

Indeed.

I would be a wealthier man if I had allocated some of my financial resources to cryptocurrencies but investing in a "currency" that can lose 26.7% (Bitcoin) or 36.3% (Ethereum) of its value in 3 weeks (these are 2022 YTD price movements) for no too obvious a reason is too speculative for me even if it might double in the next 3 weeks. The same goes for non fungible tokens.

According to Coinbase, SpongeBob Square (SPONGS / HKD) meme token's price is down 74.6% in the last 24 hours and down 91.4% in the last week. At a price of only 0.0000000008 HKD per token how could it be anything other than a bargain?

Pendrainllwyn

2018 and GBTC in US$ terms lost over -82%

Much of Btc seems to be ramping/dumping 'insider trading' that regulation would otherwise prohibit. Many of the plebs are enticed in after large up-runs, and bear the cost during the down-runs (sell out in despair after large losses).

Pendrainllwyn wrote:
but investing in a "currency" that can lose 26.7% (Bitcoin) or 36.3% (Ethereum) of its value in 3 weeks (these are 2022 YTD price movements) for no too obvious a reason is too speculative for me even if it might double in the next 3 weeks. The same goes for non fungible tokens.

Pendrainllwyn

I don't entirely disagree, but as with many other posts on this sort of thing, you probably should look at other things in context. For example, I own shares in Fevertree, who just reported pretty good earnings (albeit their guidance was uncertain due to Covid) and they fell 20% yesterday and are down a further *% today - going from £28 to £20 in two days, or almost 30%. Similarly I have shares in ITM Power who just reported great results and a new contract signed just today - 5 days ago their shares were £3.20 - today they hit £2.30. At the beginning of January they were £4.12.

Three weeks ago Tesla was $1200 a share, and they just reported stellar earnings - today they are $800 - a 33% drop for one of the biggest companies in the world.

In risk off times, even good news is not enough to stop speculative shares, and indeed Cryptos, form being murdered if the market is in the process of a bit of panic and rotation. Blaming Crypto for that is unfair.

1nvest wrote:
Much of Btc seems to be ramping/dumping 'insider trading' that regulation would otherwise prohibit.

How can a crypto currency, with no business, no company running it, no "owners", no employees, have "insider trading"?

seekingbalance wrote:

1nvest wrote:
Much of Btc seems to be ramping/dumping 'insider trading' that regulation would otherwise prohibit.

How can a crypto currency, with no business, no company running it, no "owners", no employees, have "insider trading"?

I cannot speak for 1nvest, but I assumed he was referring to the fact that there are a small number of individuals who hold vast amounts of BTC (known as 'whales'). They can trade between themselves and drive (manipulate) the market direction if they choose. This is apparently known to have happened in the past. Not sure if that is legal with shares? I would imagine this is even more true for 'altcoins', but I am speculating (no pun intended....).

NotSure wrote:

seekingbalance wrote:

1nvest wrote:
Much of Btc seems to be ramping/dumping 'insider trading' that regulation would otherwise prohibit.

How can a crypto currency, with no business, no company running it, no "owners", no employees, have "insider trading"?

I cannot speak for 1nvest, but I assumed he was referring to the fact that there are a small number of individuals who hold vast amounts of BTC (known as 'whales'). They can trade between themselves and drive (manipulate) the market direction if they choose. This is apparently known to have happened in the past. Not sure if that is legal with shares? I would imagine this is even more true for 'altcoins', but I am speculating (no pun intended....).

If "manipulation" was possible as you describe, and they are trading amongst themselves, and each own large holdings, why would one side of that trade "allow" themselves to be manipulated against?

dealtn wrote:
If "manipulation" was possible as you describe, and they are trading amongst themselves, and each own large holdings, why would one side of that trade "allow" themselves to be manipulated against?

AIUI, to start a cascade of panicky sellers so they can (both) mop up cheaper BTC. (Or vice versa - to generate FOMO so they can offload).


Hardly authoritative, but edited to add: https://www.linkedin.com/pulse/how-crypto-whales-move-markets-nitin-kumar-/

Two years on from the last post on this thread.....hmmm......

Is BTC still a bubble?

Cos it's rocketed of late. I'm assuming this is due of the launch of some ETFs to aimed as a simple vehicle to get a position.

Matt

Er rocketing is a key feature of bubbles...

TheMotorcycleBoy wrote:Two years on from the last post on this thread.....hmmm......

Is BTC still a bubble?

Cos it's rocketed of late. I'm assuming this is due of the launch of some ETFs to aimed as a simple vehicle to get a position.

Matt

Could be.
Isn't the size of those ETF's quite large. They are also continuing to see large inflows.
https://cryptopotato.com/bitcoin-etfs-c ... bloomberg/

The Bitcoin ETFs, though barely six weeks old, have taken in over $8 billion more than gold peers, already have 40% as much in assets and could pass them in size in less than two years.

I confess that I'm not as happy about the price increase as some may think.
It's causing me to give serious thought to CGT and accounting for my gains.

I've decided that I must spend some as a means to crystalize some of those gains.
Naturally I'll likely buy the bitcoin back again after a month.

JohnB wrote:Er rocketing is a key feature of bubbles...

Hmmm..... but from where I'm from they only deflate once

One only needs to look at BTC price from it's inception to now, to observe that, love it or hate it, the chart doesn't anything like a bubble (e.g. the tulip bulb craze).

(I hold zero crypto assets).

Matt

Talking this afternoon with an old friend of ours, who is a very hard working nurse. Her 19 yr old, a very nice, modest and level headed lad, is heavily into the crypto world, jetting around the world for meetings and conferences. She mentioned he had 10 bitcoin. Her reaction when I pointed out that was worth $600,000! wow. They are a family that thoroughly deserves some good fortune! Perhaps I should not have said anything?