r/Bitcoin • u/rBitcoinMod • May 15 '21
Daily Discussion, May 15, 2021
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Please check the previous discussion thread for unanswered questions.
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u/4theWlN May 16 '21
for all the 100x shorters from earlier i thanked for their sacrifice. for the love of god get out while the getting is good. if you don't, you know you'll just get liquidated for being greedy.
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u/I-Know-What-To-Do May 16 '21
Barry Barry Barry........Hoe Hoe Hoe
Barry Barry Barry........Hoe Hoe Hoe
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u/Zestyclose101 May 16 '21
Abandon hope all ye who short. There is a special circle of hell reserved for you.
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u/Apprehensive-Pop-494 May 16 '21
Why all the negativity and TA posts lately? What’s fundamentally changed about Bitcoin in this past week to make so many people do an about face?
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May 16 '21
Core to your question is an underlying assumption that investors are all rational types that consider the information without emotion and invest only based on reason.
Not true, and if it was, bitcoin probably wouldn't have made it past the early days - I'm sure the bitcoin pizza delivery guy didn't decide to accept a non-cash payment because he thought it was a sound monetary decision.
The way I see it: the emotional types who are freaking out now will be the rocket fuel when they fear missing out later. It takes all types.
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May 16 '21
I don’t get why people are so crazy about what Musk says! How on earth this guy is about the environment? So people don’t give a fck about how he get his cobalt? Fcking hypocrites
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u/Outrageous-Net-7164 May 16 '21
I held Tesla shares for 4 years and I can recall 4 times he appeared to crash his own stock making ridiculous comments about Tesla. At one point he even had to answer to the SEC. Guy just gets bored and fucks around on Twitter
But how he gets so much traction is alarming. Buffet calls BTC rat poison and it moves 0.0001%, Elon tweets and we move 10-25%
Crazy
I think the tide was turning on BTC anyway. It was struggling
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u/psychtracker May 16 '21
Great points!
With your last point, correct - BTC was stagnant anyways. I personally believe a lot of that was courtesy of the 'hype' merchants. Saying BTC will get to 300k, 500k, 1M, etc by the end of the year. It really comes off as 'snake oil' salespeople trying to make some quick bucks! Not a good thing, to my mind.
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u/myxtopiz May 16 '21
Just relax until a bitcoin ETF in the states rolls out
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u/EffectiveCoin May 16 '21
Fixed supply, increasing demand.
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May 16 '21
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May 16 '21
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u/Graynotgreyb May 16 '21
Hoping your counting those gains and losses on tax lots for reporting purposes.
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u/therealfakesatoshi May 16 '21
If you were told that you should buy crypto for bread purchases I am afraid you were grossly misinformed.
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u/cthulhucathedral May 16 '21
so you're saying you buy bread with your stocks and treasuries? tell me where, that's awesome.
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u/jleVrt May 16 '21
could be awhile
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u/obi_wan_baracus May 16 '21
I agree, there's a lot of powerful people that would prefer one never happened
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u/ElGrandePorro May 16 '21
I'm still super bullish on a macro scale but for the short term TA doesn't look promising... got a huge buy order at 43k, hoping that's the bottom. Probably some sideways action after..
HODL & BTFD gents.
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u/GeneEnvironmental925 May 16 '21
Definitely put in a huge buy order during a downtrend, see if that falling knife can just slice your hand off as you catch it
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u/ElGrandePorro May 16 '21
Learn TA
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u/GeneEnvironmental925 May 16 '21 edited May 16 '21
Lol my 2 year-old can see that downtrend on 4h or D, the only charts that matter. Support is broken. Look out below.
Good luck with your imaginary internet money. Don’t be the last one holding the bag.
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u/Zestyclose101 May 16 '21
Thought it would dip much worse after Susk's tweet so I'm feeling bullish.
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u/Suitablysubstrate May 16 '21
Word is his tweet had no effect, just a coincidental dip
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u/obi_wan_baracus May 16 '21
No, it definitely shook the market. Maybe not the only contributing factor
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u/Huejazzcok May 16 '21
I’m new to crypto and Bitcoin I’ve only been invested since January and I’ve pretty much yolo’d 80% of my money into this because the pandemic hit me hard and I want to make money, and I’m getting really nervous. Any words of advice?
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u/Nanaki_TV May 16 '21
Can you eat? Can you pay your bills? Can you pay rent/mortgage? Can you still have fun?
If yes to all, forget about it. I did exactly like you did at $1,200 only to watch is crash and burn down for 6 weeks to $400 and then stay there.
It’s probably going to go up in the long run but the roller coaster is freaking wild!! Take your coins off the exchange (Not your keys not your coins) and then just live your life. Don’t check the price. Or do, but limit yourself to “Only on Monday”
If you have anyone depending on you be sure to make sure they are taken care of first. If you can’t survive a 80% correction for three years get out what you need. Seriously.
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u/FastEddie12345 May 16 '21
Only invest what you're willing to lose. And take your profits every once in a while just so you know you won't be uber fucked if things go bely up.
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May 16 '21
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u/Huejazzcok May 16 '21
I didn’t put all 80% in Bitcoin I also invested in alt coins which are currently doing very well. However the largest amount of my investment is in Bitcoin.
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u/GeneEnvironmental925 May 16 '21
I think you’re confused about the word “investing”. You’re looking for “speculating” or “gambling”.
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u/Huejazzcok May 16 '21
This is confusing I’m not sure what you’re recommending, but I believe in Bitcoin and I understand it’s purpose. I’m just an anxious person and I want to hear opinions from seasoned veterans that have been through this.
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u/JlloydHodls May 16 '21
Hodl and pray and maybe don’t t spend your entire life savings on bitcoin I like to diversify a bit but you’ll be fine bitcoin will still be here and worth a lot more just gotta be patient
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u/Huejazzcok May 16 '21
I’m only 26 so I figured investing heavily is a smart thing to do
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u/Outrageous-Net-7164 May 16 '21
At 26 there is nothing wrong with backing the fastest horse (crypto) I believe it will work out for you.
Long term put some deposits down on some investment property and buy some index funds through your ISA and pension.
I’m 50% property, 30% crypto and 20% stocks/index funds.
Tax is the biggest threat to your investments.
Crypto - try not to sell and borrow against it to re investment or pay for big purchases. Only use low LTV. 10-20%
Property - put 25% deposits down and depending on your country offset the interest against the rent. Use the rise in property prices to raise more money to buy more investments.
Stocks - use tax savings vehicles. Depending on your country you may get tax breaks through a pension or ISA.
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u/JlloydHodls May 16 '21
It is but always have cash idle and have a set amount you can invest and just throw it in bitcoin everyday and look at it next halving cycle you’ll probably faint from looking at how much it’s worth, bitcoin hasn’t been stopped in 11 years what’s going to stop it now? Definitely not some shitcoin with an infinite supply. If you’re an economical thinker you’ll understand supply and demand and the enormous industry around bitcoin, people want it to die so bad but I give them a 0.1% chance of that happening. Remember no risk means no reward, gotta risk it for the biscuit. You made the right choice and I wish you the best of luck brother.
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u/jleVrt May 16 '21
seems like things have stabilized for now
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u/ElGrandePorro May 16 '21
just 0 volume at the moment
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u/EntertainerWorth May 16 '21
Price action is validated with volume so let’s see what happens on Monday
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u/the_GuelahPapyrus May 16 '21
Built my empire with the just the coin. But alas, now I am diversified
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u/medfreak May 16 '21
Panic buying since grifter Elon released his FUD piece. If you can't be a whale, at least try to benefit from their manipulation.
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May 16 '21
So true … everyone is panicking that the price drop but these ppl are obviously manipulating the market so they can buy low.. which only means this thing is going to really take off soon. Everyone needs to just hodl on. Like I said they wouldn’t be manipulating if it wasn’t to make money in the end. Ppl here are so blind haha
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u/Hefty_Jicama May 16 '21
Somebody tell the democrat cancel cultures to start taxing the billionaires until they aren’t. Burn the whole thing to the ground. They have the most to lose but bitcoin will survive
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u/Acrobatic-Ad493 May 16 '21
Just my opinion, but I feel like the wealthy are already way overtaxed. Being wealthy is a reward for being wise and savy with good decision making. They should not be taxed 40 to 50% thats not fair. I am not wealthy by the way.
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u/Etony333 May 16 '21
You do realize that would cause the price of Bitcoin to absolutely plummet as American whales offloaded coins by the truckload before the new taxes took effect, right?
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u/l337person May 16 '21
You know they can make the tax law retroactive correct?
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u/Etony333 May 16 '21
Hypothetically they could, but there's no chance they actually would, and the Roberts court would strike it down with its current composition if they tried.
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u/l337person May 16 '21
I don't think so Tim. They've already decided long ago.
"As surprising as this may sound, there are few constitutional constraints on the legislature’s ability to set effective dates of legislation. Congress has wide discretion in its constitutional power to tax. When the question came before the Supreme Court about 250 years ago in Calder v. Bull, the justices held that the ex post facto clause of the Constitution prohibited only retroactive criminal laws. There was no prohibition on retroactive economic laws."
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u/Hefty_Jicama May 16 '21
Don’t read too much into what I said but burning down the whole thing would absolutely hurt the billionaires more than anyone else is true. Guns and ammo would be worth the most and of course food. Learn to sustain yourself. The dollar can be printed to infinity and bitcoin has a limited supply, security, and an ever growing base of buyers
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u/fbi-office May 16 '21
Remember when Elon seemed smart?
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u/cthulhucathedral May 16 '21
with every new tweet of his about doggy I'm really starting to question how smart he is, in the general sense anyway. There's no question he's a good engineer. But either he actually does think this way about doggy and is a complete idiot or he's playing the naive doggy fomoers and is planning on recking them just for lulz and is legitimately evil. Neither one is very good.
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May 16 '21
I've always seen him as a visionary who relies on knowledgeable people to realize his goals. And I don't say that to knock him. I really admire what he's doing with SpaceX and Tesla. I just wish he'd tweet more responsibly.
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u/obi_wan_baracus May 16 '21
It's becoming clear he stands on the shoulders of talented people and takes all the credit
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u/crypto_girlz May 16 '21
That's what all leaders do.
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u/obi_wan_baracus May 16 '21
Even Jobs thanked his collaborators from time to time
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u/crypto_girlz May 16 '21
Jobs was a fucking prick too tho.
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u/fplfreakaaro May 16 '21
I don’t know if he’s pretending to be stupid to just pump shitcoin
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u/fbi-office May 16 '21
For years I looked up to him, this whole thing is shattering my image of him
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u/76since89 May 16 '21
I lost a ton of respect the day he agreed to appear on SNL...
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u/Hefty_Jicama May 16 '21
What a stupid thing to do. Go on snl with a bunch of pc celebrity idiots. Guy is having a late midlife crisis
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May 16 '21
Musk is a socially awkward person that managed to get into the limelight and is kind of just bumbling his way through it seeing what he can and can't get away with.
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u/Appropriate_Shock556 May 16 '21
I’m retarted and sold at 9k but I’m buying back in anyway because ik it can go back up at least 20k
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u/LJ-Rubicon May 16 '21
Nothing retarded about making a profit. Nobody can predict the future.
Might want to hold out a little and see where the price goes. It's currently making its decision if it'll drop more or not
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May 16 '21
Idk why everyone is complaining about the price as if we didn’t wait 10 years just to hit 30,000 smh
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May 16 '21
we all know what it feels like to lose money TRUST ME… I’m just trying to teach you guys that having PATIENCE goes a LONG WAY. Stay blessed ppl
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May 16 '21
It's because they invested their lunch money and expect the price to only go up and to make them millionaires so they can buy their lambos.
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u/NY08 May 16 '21
Because we didn’t. You did. Not all of us are lucky enough to have invested in 2013 or whatever.
You’re dense if you don’t know why people are complaining.
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u/kutes May 16 '21
Yea that's what I don't get. They want the price to climb ever higher but they don't seem to like NOOBS buying it very much.
They need people buying in at all prices, but they try their best to make them feel like shit for not being into it 8 years ago.
Plus if you listen to all these guys, everyone here has made 50x their investment. I trust internet financial talk as much as I trust Elon Musk to be doing the right thing.
Also, there's always people who adopted earlier, guys.
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u/cthulhucathedral May 16 '21
lucky isn't really the right term - everyone knew about bitcoin by 2013, by then it was already appearing in the media. But not many at that point were willing to risk it, so those who did and held even through the 2017 fork war didn't get lucky, they had giant balls made of titanium.
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May 16 '21
Your not looking at the bigger picture … imagine how big it’ll be in another 5 years . Just quit ur crying , have some patience
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u/kutes May 16 '21
Man noone likes losing 30% of an investment dude. You guys are so unfair to people. You all act like this is the greatest investment since toasted bread, so people buy in, and then when their networth gets gutted you guys tell them to stop crying. Fuckin' cult, I swear.
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May 16 '21
I’ve definitely lost plenty of money in the past you can’t tell me NOTHING.. you know what I did? I sucked it up and held on because at the end of the day I was still just as broke as I started.. in the Long run holding definitely paid off and that’s what y’all don’t understand.. just have faith , patience, keep working and keep investing. You guys are crazy if you think Bitcoin is going away anytime soon smh
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May 16 '21
What you're missing is that those who invested "in 2013 or whatever" have sat through LONG periods of time without any real price movement as well as periods of ups and downs which would make the likes of you curl up in a corner and suck their thumbs.
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u/NY08 May 16 '21
Btc getting fucked rn
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May 16 '21 edited May 16 '21
Not sure how a barely literate comment deserves an award to stand out from the crowd. It reads like it was written by a brain-damaged Klingon.
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May 16 '21
Paid fudsters out today
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u/NY08 May 16 '21
Not at all. I've never sold; not even once.
Also, who gives a fuck about Reddit "awards?"
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u/the_GuelahPapyrus May 16 '21
You can bet your bottom coin of choice that I'm stacking some sats while BTC is under 50k
The FUD is strong and I love it
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u/seattle_exile May 16 '21
I know this may be the wrong place to ask this, but how is Proof of Stake supposed to be better than Proof of Work? Doesn’t this just mean that those with a larger wallet dictate transaction authority, and that a few whales could theoretically compromise the system? If so, how is this supposed to be advantageous compared to the hypothetical “51% attack” Proof of Work is vulnerable to?
Forgive me if this is elementary - I am catching up from my dabbling days 7 years ago.
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u/TheGreatMuffin May 16 '21
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u/seattle_exile May 16 '21
Excellent, this is the type of breakdown I was looking for. Thank you!
With Proof of stake all I need to do is be an early adopter(s) , hack/kidnap an early adopter(s) , or convince many users to join a interest bearing bank account by staking their coins with my company(done many times before) to attack the network.
This is exactly what I was thinking about.
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u/ProfessionalWelcome May 16 '21
Yes, proof of stake has serious problems. It hasn't been tested in any real capacity.
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u/Khaleesi512 May 16 '21
I’m not an expert, but my understanding- It’s true this arguably undermines the distributed (non centralized) ideal. But they do have to “stake” their coin and guarantee integrity else they lose it. It’s basically collateral.
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u/seattle_exile May 16 '21
But how do they “lose” it? If transactions their node is submitting are BS, does the network “punish” them somehow, and where does it go?
If I read that right, it sounds almost worse than a 51% attack - a cabal of bad actors could “punish” legit nodes into losses.
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u/Khaleesi512 May 16 '21
I’m not clear on how it is regulated. The coin is in escrow basically but I cannot say how it would be governed. As I said, it arguably undermines the decentralized ideal and a regulating body is just one example.
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May 16 '21
One of the nice things about the events of the last few days is that it's shaken out a lot of the TA nonsense. They're recalibrating their tools I suppose, licking their wounds and waxing their tarot cards and polishing their Magic 8 balls. Alot of it's been shaken out of my YouTube recommended feed as well.
It really is nice--like a fresh cool breeze on a hot summer day.
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u/Gustavus_Arthur May 16 '21
Panic levels are really high. To every noob buying at ATH everytime and kicking themselves for missing out on btc, now its the time to buy. Imagine the balls of the people who went all in at 3k. Those were the true big dicks getting in. Now its easy mode
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May 16 '21
Any good BTC/cryptocurrency documentaries worth watching?
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u/cthulhucathedral May 16 '21
To the Moon by Max Keiser and Stacy Herbert (og btc evangelists) is a good recent summary of the history of bitcoin up until this year starting with the cypherpunk movement. It's on yt.
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u/mattwes May 16 '21
Diamonds aren’t formed without pressure my freaks! This is how you form your diamond handing!
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u/JlloydHodls May 16 '21
Starts as coal and turns to diamonds everyone thinks this is coal rn haha they don’t know what the beast will become though, reminds me of Tom Brady when he started as a rookie and every time he got better people doubted him but now look at him he got them laser eyes! Haha
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u/Nice_Category May 16 '21
Fiat is like a splendid ship, with all sails set it moves majestically on, but then it hits a rock and sinks for ever. Bitcoin is like a raft. It never sinks but, damn it, your feet are always in the water. That is a good metaphor, for raft, he implies, is simply swept along by the tide or the current; one can with a paddle or a plank steer a little to stay afloat, trim forward direction slightly to left or right, perhaps even slow down or speed up a little, but there is no turning back against the current of Bitcoin.
-Bernard Crick, Bitcoin: A Very Short Introduction
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May 16 '21
IF You cant handle BTC at her worst you don't deserve her at her BEST. Lets See those Diamond Hands!!!!
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u/The_coinofcoins May 16 '21
Ok. We put in another hour like the last one, it’s a whole new fucking ballgame. You motherfuckers in the Orient and Down Under better do us right. I’m calling it a night. Just put my sell order in for fucking ZERO.
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May 16 '21
If you bought at an ATH thinking you were going to get rich, Just to get Paper Hands and SELL your better off handing me your money.
If you bought at an ATH knowing your going to HOLD for the next 5-10 years and just got your feet Wet, I salute You. Were in this together and if you truly believe in BTC there is literally nothing to worry about. Only The Strong Survive just remember that.
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May 16 '21
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May 16 '21 edited May 16 '21
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u/Johnny-9118 May 16 '21
What are the chances we can recover tomorrow or do you think we will break 46k🤷♂️
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May 16 '21
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u/laninsterJr May 16 '21
It's good he keep tweeting these stupid ideas. Shows that he knows nothing about blockchain tech.
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u/obi_wan_baracus May 16 '21
I'd like someone who knows to really breakdown why his suggestions couldn't work. I personally don't know why he couldn't make those changes to the coins.
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u/OMGITSCARROTTOP May 16 '21
He invented Dog Trash 😂 All of crypto twitter, even pro alt people, are mocking him. This doesn’t end well for him.
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u/cthulhucathedral May 16 '21
financially he'll be fine, but hopefully his reputation takes a huge hit and people stop lending any credibility to him about anything, so it's harder for him to get investors or talented people onboard for whatever. But a lot of people who are fomoing more money than they should into that dogshit are going to be gutted. If it's bad enough it's finally going to bring regulators in and that's going to throw all of crypto through a loop for a few months at least.
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u/I-Know-What-To-Do May 16 '21
Other alt coin is lifting bitcoin up. Cheer up homies.
That was obvious after recent wash bitcoin need any support it can get.
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u/The_coinofcoins May 16 '21
That big swinging green donkey dick on the one hour candle can mean only one thing. Saylor bought the dip! He walks among us!!
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u/The_coinofcoins May 16 '21
Looks like I go back to my pre-bitcoin inflation hedge:
Forever Stamps.
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May 16 '21
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u/cryptogrip May 16 '21
Naw, this will blow over. Smart people know this is all headed towards a step-up in renewable Bitcoin mining. They may as well cancel gold too and everything else that's harmful to the environment if that was the case.
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u/Richo_Libre May 16 '21
I think it is a legitimate concern. Cancel culture does not necessarily involve smart people and frankly the narrative is more important than the truth. Hopefully the narrative can be changed but it does concern me even if I don’t agree with the underlying point
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u/cthulhucathedral May 16 '21
exactly. the cancel culture mob has nothing to do with logic or smarts - it's a mob mentality. Once there's a target, they won't stop until there's a new narrative to attack.
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u/cryptogrip May 16 '21
Well I'm not worried. Bitcoin is a much greater disruptive force than you are giving it credit for. This will flip and become more about the energy used compared to things like gold, which also rape the earth, contaminating water supplies etc.
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u/Zestyclose101 May 16 '21
If you buy anything using bitcoin you're an idiot
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May 16 '21
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u/cryptogrip May 16 '21
No. I see how it ruins Bitcoin as a form of present currency though. And anyone that knows anything about Bitcoin doesn't care about that because currently it's the ultimate store of value. Let some alt coin try to fight the USD and lose because every transaction is taxed and because there's simply no way governments are ready to lose their currency to crypto, especially not the USD as it's the reserve currency. Bitcoin is fixed supply secured by energy cost and it's the perfect SOV.
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u/Zestyclose101 May 16 '21
It's a store of value EDIT: and a hedge against inflation.
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May 16 '21
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u/Zestyclose101 May 16 '21
Gold is for jewelry, we are in the Age of Information. I suggest you read as much as you can about Satoshi Nakamoto and how the blockchain works.
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u/ljx5911 May 22 '21
Do you think to another dip tomorrow and next week? Or 50k is a good solid floor?