Bitcoin

[leatherback]

Alternatively, one can also say that since the almost 2 year low in December 2018, BTC has gained steadily, to now be at 125% value. 25% increment in 4 months is decent to me. Value is comparable to Sep 2017 at the moment, and volumes traded have been increasing over the last weeks.

Love this game. Especially as I am "only" putting the profits from the 2017/2018 run on the line.

 

[leatherback]

Interesting 30 day streak. Wondering whether this will turn out to be a final breath before dying, or the start of a new run... The BTC newsoutlets for sure are thinking big again.
Not something to put money in that you are not willing to risk loosing.

 

[leatherback]

what did just happen!?

 

[Bonsai Nut]

what did just happen!?

LOL no one knows... It certainly wasn't due to market demand from the U.S... where everyone was asleep.

As CNBC notes, “The reason for the sudden price jump wasn’t immediately clear.” And it would all be pretty funny if it wasn’t so sad.

I am not kidding you when I say some people think it was due to this story - an April Fool's story printed yesterday in the U.S. - that was copied to Asia markets and people thought was real news. How ironic if an April Fool's story was able to pump up the price of bitcoin 25% LOL! The publishers of the article have gone back and edited it to put "April Fools!" all over the headline and beginning of the article - but it is already too late. I wouldn't be surprised if they get looked at by the SEC.

 

[Bonsai Nut]

I get grey hair just reading some of these stories... but a fool and his money...

Crypto Exchange says its founder died... and no one can find $180 million...

Crypto Currency investor has phone hacked... and loses $224 million...

My favorite anti-crypto quote from Gizmodo:
To be clear, Bitcoin is absolutely worthless by any real measure. It’s fake money that’s about as practical to use in the real world as Monopoly bills. Bitcoin is backed by nothing and requires tremendous amounts of energy to mine using computers. As it becomes more difficult to mine, it saps more and more energy, causing millions of tons of carbon dioxide to be pumped into the atmosphere and accelerating climate change. Bitcoin is little more than a speculator’s death cult at this point.

 

[CasAH]

what did just happen!?
View attachment 235068

Dead cat bounce.

 

[leatherback]

Dead cat bounce.

Hope not! Jumped a little again overnight..

 

[leatherback]

Sold again. Time for a correction?
But.. 25% increment in ~one week is not a bad week.

 

[peh3]

I actually sold two days before it shot up ...

 

[Bonsai Nut]

25% increment in ~one week is not a bad week.

The difference between a professional investor and an amateur is not how much they make...

...but how much they don't lose.

 

[leatherback]

Sold again. Time for a correction?
But.. 25% increment in ~one week is not a bad week.

Correction alive and kicking. See whether it sticks with 5K, or drops down to 4.6k today.

 

[leatherback]

Dead cat bounce.

Cat missed I think. Will this go back towards the sky ... ?
Been accumulating since april 16th again.

 

[Djtommy]

Fake out before a big drop?
Better be ready to sell if you are long.
But hey you never know right.

 

[Bonsai Nut]

But hey you never know right.

Oh, you know all right. Part of the underpinnings for the value of this "asset" is that they believe 17% - 23% of all bitcoins are permanently lost... people have simply misplaced, forgotten, or lost the keys. The percentage that are actually traded on a daily basis are a tiny sliver of a percent. The wild swings in price are based on nothing concrete - and in most cases no one knows who/what is causing them. So many billions of dollars lost by ignorant mom and pop investors who have gotten rolled by the big players.

4 million bitcoins lost

You should corner the market on buggy whips, too. I heard those are coming back. Oh wait - at least buggy whips have a purpose and don't destroy the environment.

 

[Bonsai Nut]

Let's see...

24 Hour Bitcoin Unit Trading Volume: 58,813
Total Bitcoins in Circulation (as of today): 17,679,400
Daily Trading Volume %: 0.33%
24 hour price appreciation: 6.7%

LOL! You have an asset that trades 0.33% volume and it swings the value by 6.7%? And people think nothing wonky is going on? All of these people who have never taken a single finance class - investing in something they don't understand. Google "pump and dump" and you can thank me for the free finance tip.

Fools and their money are soon parted. At least buy a custom dance animation on Fortnite - you will enjoy it more.

 

[Djtommy]

Oh, you know all right. Part of the underpinnings for the value of this "asset" is that they believe 17% - 23% of all bitcoins are permanently lost... people have simply misplaced, forgotten, or lost the keys. The percentage that are actually traded on a daily basis are a tiny sliver of a percent. The wild swings in price are based on nothing concrete - and in most cases no one knows who/what is causing them. So many billions of dollars lost by ignorant mom and pop investors who have gotten rolled by the big players.

4 million bitcoins lost

You should corner the market on buggy whips, too. I heard those are coming back. Oh wait - at least buggy whips have a purpose and don't destroy the environment.

I guess most people are just trading price action, it seems to be hitting a resistance now so probably it will hoover around it’s current price for a while. My guess is it will drop down from that but It might get a pop before it does that, the pros will start selling and mom and pop will start buying at that time. For the long haul though, much more likely to fall fall down If you ask me.
Edit, you can short bitcoin too right?

 

[Djtommy]

Let's see...

24 Hour Bitcoin Unit Trading Volume: 58,813
Total Bitcoins in Circulation (as of today): 17,679,400
Daily Trading Volume %: 0.33%
24 hour price appreciation: 6.7%

LOL! You have an asset that trades .33% volume and it swings the value by 6.7%? And people think nothing wonky is going on? All of these people who have never taken a single finance class - investing in something they don't understand. Google "pump and dump" and you can thank me for the free finance tip.

Fools and their money are soon parted. At least buy a custom dance animation on Fortnite - you will enjoy it more.

I agree that the chart looks exactly like a pump and dump, just over a very long timeframe,

 

[Bonsai Nut]

Edit, you can short bitcoin too right?

Theoretically there is an even SMALLER options market operated by off-shore exchanges. I believe there is ONE single US exchange. The premium on the trades is really steep - as appropriate for the volatility. And there is always the question of whether you trust the exchange or not. The business is rife with stories of exchanges getting hacked and $millions disappearing. Just because you have a logo on your web site saying you are audited by Grant Thornton doesn't mean a thing. Small comfort when you have a big accounting firm to tell you how many $ millions are mysteriously gone.

 

[Djtommy]

Theoretically there is an even SMALLER options market operated by off-shore exchanges. I believe there is ONE single US exchange. The premium on the trades is really steep - as appropriate for the volatility. And there is always the question of whether you trust the exchange or not. The business is rife with stories of exchanges getting hacked and $millions disappearing. Just because you have a logo on your web site saying you are audited by Grant Thornton doesn't mean a thing. Small comfort when you have a big accounting firm to tell you how many $ millions are mysteriously gone.

I have no idea about the premiums, I’m staying the hell out of that garbage, that’s all I need to know

 

[Bonsai Nut]

I have no idea about the premiums, I’m staying the hell out of that garbage, that’s all I need to know

Just to give you an idea of the current spread based on 5/31/2019 options prices @ $5500... puts only make sense to buy if you think the price is going to fall below $5182 (at some point between now and 5/31), and calls only make sense if you think the price is going to rise above $5991. If the price remains within those two ranges, you will lose your options money - potentially all of it depending how long you wait. Of course, the more it falls below $5182, or the more it rises above $5991, the more money you make. If the price were to fall to $4864, you would double your money (with a current $5500 put).

It is not for the faint of heart. If that isn't exciting enough for you, you can always trade options on margin (where you borrow funds to buy your options). This is how you get financial pros who put together sophisticated hedge strategies... and then when it unravels they are suddenly out $ billions, and no one can seem to understand how it happened. Hint: if you are in the arbitrage business, don't hold unhedged security positions... because then it isn't arbitrage, it's gambling.