Biggest crash in stock market history?

rick81721

Lothar
Yes, but gold is gold. I can still take gold to a dealer and get money for it. What is bitcoin? Why is bitcoin worth any more or less than any of the other (or future) cryptos, just because it was the first?

Yep gold is real and rare enough to have value that has lasted for millenia. bitcoin is smoke and mirrors!
 

THATmanMANNY

Well-Known Member
Yes, but gold is gold. I can still take gold to a dealer and get money for it. What is bitcoin? Why is bitcoin worth any more or less than any of the other (or future) cryptos, just because it was the first?
You're still talking about now. If I owned a dealer and made loads of money to take on this risk of accepting BTC for one car or more, I absolutely would.

More because it is more accessible, more exchanges, more merchants, more software, more hardware and yea being first helped a lot.

"Old habits die hard"

The NFT (non fungible token) realm taking place now... that's just too much for me lol
 

Santapez

Well-Known Member
Team MTBNJ Halter's
Bitcoin is worth what people will give for it. So, if people believe it has value, like the US dollar, it has value. And the argument that the fact that another cryptocurrency can come along is a good, but probably not great point. The US could destroy the dollar and make another currency.

That being said, I'm still a believer, until proven wrong, that Bitcoin is a solution for a problem that doesn't exist. We have easy and stable ways of buying/selling/trading. I can easily send money around the world in a secure fashion. I can easily use that same money at Starbucks to buy a cup of coffee either through green sheets of paper or holding my watch close to the payment device on the counter.

I have employees in VZ. VZ is a PITA with restrictions, their currency being crap, etc. Do we pay them in Bitcoin as every Bitcoin zealot would believe? No, they love their USD.

Plus, it's not easy to use. It's nowhere near as easy as cash/credit cards/venmo/Google Pay/Apple Pay/Etc. Find me someone who isn't a complete dork who gets obsessed over this stuff who is into it.

The fact that it was worth little awhile ago, and now has skyrocketed makes it less than ideal because it's got high volatility. Sure it's great if you bought a bunch of coins at $2k and held them, but it's a digital currency, not a speculative stock. Well, I guess it is more the latter.

You're still talking about now. If I owned a dealer and made loads of money to take on this risk of accepting BTC for one car I absolutely would.

More because it is more accessible, more exchanges, more merchants, more software, more hardware and yea being first helped a lot.

"Old habits die hard"
That's because you can immediately convert it to cash. This came up when the first Tesla was bought with Bitcoin. They immediately just turned it around for cash. If you were selling gold bricks you would take a train load of egg laying chickens if you could easily then sell them to a farmer. But we already have fiat currency to skip that middle step.
 

GSTim

Formerly M3Tim
You're still talking about now. If I owned a dealer and made loads of money to take on this risk of accepting BTC for one car or more, I absolutely would.

More because it is more accessible, more exchanges, more merchants, more software, more hardware and yea being first helped a lot.

"Old habits die hard"

The NFT (non fungible token) realm taking place now... that's just too much for me lol
How is being first working for AOL or Yahoo right now?
 

Santapez

Well-Known Member
Team MTBNJ Halter's
And just to add to the above, I don't think it's out of the realm of possibilities that Bitcoin gets major acceptance. If places like Starbucks, etc take it it'll get much wider adoption. But it still solves a problem that doesn't exist.
 

Magic

Formerly 1sh0t1b33r
Team MTBNJ Halter's
Bitcoin is worth what people will give for it. So, if people believe it has value, like the US dollar, it has value. And the argument that the fact that another cryptocurrency can come along is a good, but probably not great point. The US could destroy the dollar and make another currency.

That being said, I'm still a believer, until proven wrong, that Bitcoin is a solution for a problem that doesn't exist. We have easy and stable ways of buying/selling/trading. I can easily send money around the world in a secure fashion. I can easily use that same money at Starbucks to buy a cup of coffee either through green sheets of paper or holding my watch close to the payment device on the counter.

I have employees in VZ. VZ is a PITA with restrictions, their currency being crap, etc. Do we pay them in Bitcoin as every Bitcoin zealot would believe? No, they love their USD.

Plus, it's not easy to use. It's nowhere near as easy as cash/credit cards/venmo/Google Pay/Apple Pay/Etc. Find me someone who isn't a complete dork who gets obsessed over this stuff who is into it.

The fact that it was worth little awhile ago, and now has skyrocketed makes it less than ideal because it's got high volatility. Sure it's great if you bought a bunch of coins at $2k and held them, but it's a digital currency, not a speculative stock. Well, I guess it is more the latter.


That's because you can immediately convert it to cash. This came up when the first Tesla was bought with Bitcoin. They immediately just turned it around for cash. If you were selling gold bricks you would take a train load of egg laying chickens if you could easily then sell them to a farmer. But we already have fiat currency to skip that middle step.
The problem I have with Bitcoin is that even the believers just go ahead and flip it for real money when they can, like the sell off when it got to 20k. Of course it wasn't that easy to flip at the time, but if you believe in it so much, why do you want real dollars instead of sitting on your precious pile of fake coins? It's fun to play in the markets for $$$, but I'm not holding it.
 

Santapez

Well-Known Member
Team MTBNJ Halter's
The problem I have with Bitcoin is that even the believers just go ahead and flip it for real money when they can, like the sell off when it got to 20k. Of course it wasn't that easy to flip at the time, but if you believe in it so much, why do you want real dollars instead of sitting on your precious pile of fake coins? It's fun to play in the markets for $$$, but I'm not holding it.
I'll buy in when people are happy to get their paychecks in Bitcoin, as opposed to USD.
 

THATmanMANNY

Well-Known Member
interesting that this is the first time my accountant asks this
"Manny, this year we are requesting answers to these questions ... yada yada yada... #2 do you own/trade virtual currencies."
uncle same is closely watching
 
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Bike N Gear

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Shop Keep
interesting that this is the first time my accountant asks this
"Manny, this year we are requesting answers to these questions ... yada yada yada... #2 do you own/trade virtual currencies."
uncle same is closely watching
On Oct 23, 2020, the IRS released instructions to the draft 2020 Form 1040 which contains the infamous virtual currency question: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in virtual currency?
 

Patrick

Overthinking the draft from the basement already
Staff member
https://www.businessinsider.com/big...burry-stop-tweets-sec-regulators-visit-2021-3 Just in case we think the media and big money doesn’t manipulate. Michael J Burry who made his fortune predicting the subprime mortgage crisis “randomly” deleted all his tweets predicting a dangerous asset bubble after the SEC showed up at bis house.

Not sure what you are saying.

no chance he was tweeting to benefit himself?
As an influencer, he can manipulate the market - like when Elon talks about his stock price.
If he benefits from it, that would be illegal.
 

Dave Taylor

Rex kwan Do
Not sure what you are saying.

no chance he was tweeting to benefit himself?
As an influencer, he can manipulate the market - like when Elon talks about his stock price.
If he benefits from it, that would be illegal.
Hmmm, so a bullish Elon is ok but a bearish fund manager is not? He just stated that he felt german like inflation was coming.
 

Santapez

Well-Known Member
Team MTBNJ Halter's
Well...

I am not even sure what's going on with that link.

And yeah, I was wrong in what I said. Not ready to buy in. :)

And not defending my position, but I'd be curious how that ends up. Football players are not known for wise financial decisions.

And just looked, damn a Bitcoin is 52k today.
 

Cassinonorth

Well-Known Member
I am not even sure what's going on with that link.

And yeah, I was wrong in what I said. Not ready to buy in. :)

And not defending my position, but I'd be curious how that ends up. Football players are not known for wise financial decisions.

And just looked, damn a Bitcoin is 52k today.

I have no crypto personally, just thought that was kinda relevant to what you were talking about.
 
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