Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
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Golden Baronet of the Realm
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This is completely speculative but if anyone really believes BTC will keep rising, then look into MGTI stock. It's a cheap stock that somewhat follows BTC prices. I bought a bunch from old crazy man McAfee's recommendation a cpl years ago and it tanked hard since, but in the last couple days i'm almost back to my cost basis. It's a junk stock at $0.02 a month ago but it's over $0.058 now and rising.
edit: Full Disclosure: I'm always wrong and don't know what I'm doing.
edit: Full Disclosure: I'm always wrong and don't know what I'm doing.
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Flobee
Vyemm Raider
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I think people are underestimating the buy pressure in this market right now. Who is selling at these prices to cause the drop you expect? I'm sure we'll see a correction but they're getting bought up almost instantly. Good luck finding a re-entry if that's what you're looking for.
Ravishing
Uninspiring Title
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I'm leery of any investment right now. I do not see good things ahead. The economic impact of this pandemic has yet to be fully realized. BTC will mirror the markets. The bubble is going to burst eventually. It's all being propped up and the vaccine news is already priced in.
If BTC doesn't pull back on its own, it will as soon as the markets turn. There is no reason to be optimistic right now. Everything is at all time highs and there's going to be some serious economic impacts ahead.
A Biden presidency also doesn't bode well for the markets. Adopting a wait-and-see approach is smart right now. There will be buying opportunities ahead.
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LachiusTZ
Rogue Deathwalker Box
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That's not how inflation works.
Can't upload it, but 20% of all dollars were printed this year.
Holding cash could be the worst possible thing right now.
That being said, I just took some cash out of the market, so... Lulz
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Flobee
Vyemm Raider
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Being somewhat pedantic, that's not how QE works. M2 money supply != printing dollars. QE creates bank liquidity not actual dollars. Banks have to lend to create those dollars. They aren't doing that.
Inflation may end up being where the economy is headed but I expect we'll see the dollar surge and treasury rates fall further before any sort of run away inflation occurs. Real dollar inflation only works when all that liquidity the fed is creating finds velocity. We'll have inflation I bet, but it will probably follow a period of deflation.
We're probably teetering towards an insolvency event. In which case having cash is probably not a terrible idea as asset prices can be expected to drop significantly. Problems are systemic so its hard to tell exactly how the house of cards falls down. I'm just a guy that reads too much internet though. What do I know?
Ravishing
Uninspiring Title
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Flobee had a good answer. I don't see inflation ahead. Im seeing massive business closures, jobless claims, and yet higher taxes on the horizon.
A huge sector of the economy: Construction, has been burning through their backlog, and has also been continuing to work through the pandemic, but the States are too hurt to issue new work. There will be a sector crash coming.
Look for other sectors that require state funds to function for other weak spots.
Maybe they'll print money till the states are solvent again, idk, but for now be wary.
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Flobee
Vyemm Raider
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That only works if you print the cash and give it to the renters missing rent, the homeowners missing mortgage payments, and the commercial real estate owners as well. I haven't seen that happening and the moratorium on rent is ending this month as I recall. If that isn't addressed then people are going to start/continue skipping payments and we're going to see the entire real estate market unravel.
They need asset prices to remain elevated to keep property owners from going underwater on their mortgages, pensions also rely on ever increasing asset prices. We're in a bubble that we can't afford to pop, but we're out of interest rates to adjust and our only option is QE infinity into MMT.
This situation is untenable as the same force that is keeping boomers afloat and asset prices sky high is keeping the younger generation from being able to afford to invest in assets for their own future. We're in a demographic trap and something has to give eventually. Institutions aren't buying Bitcoin just because they want the sick gains. They're buying it to hedge again systemic failure in the traditional system.
Flobee
Vyemm Raider
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Value has to go somewhere. If the traditional system fails then there is only one alternative.
LachiusTZ
Rogue Deathwalker Box
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I was just looking at buying some bitcoin in early September when it was at 10k. I looked at the 50% drop that occurred earlier in the year and was like, "Hmm, 10k is lower than the all-time of 17K, but what if it tanks back to 4k?"
Now, I'm kicking myself
Now, I'm kicking myself
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Caliane
Avatar of War Slayer
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from the politics thread.
35% of US dollars have been printed in the last 10 months.
Their take away was Assets good. Cash bad. Bitcoin now.
this is out of my depth, but seemed pretty compelling to me.
Borzak
Bronze Baron of the Realm
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Had an idea about mining several years ago. I should have pushed it lol. Several places I've worked will do partial shutdown at times. They buy 3 phase power and you get charged the minimum year round even if you aren't using any. Could have used all that power to mine at basically no cost for short duration. Just a dumb thought.