Bit Coin Troubles

[Sparko]

seems like Elon Musk is taking advantage of the lack of SEC regulation on crypto to manipulate the market.

In February, he bought 1.5 billion dollars of bitcoin and announced that Tesla would take bitcoin as payment. Prices jumped.
Then yesterday, he announces that Tesla WON'T take bitcoin as payment because it uses too much fossil fuel to mine. Prices have dropped. He said he was holding on to the bitcoin he has though which has kept the price from crashing. probably going to keep doing his manipulation though. He has done this with the stock market before and the SEC slapped his wrist, but they don't regulate crypto.

He has also done it with dogecoin. dogecoin started out as a joke crypto made from a meme. Elon bought some and has been pumping it and claiming to be the dogeking and said he was going to take some to the moon. again, price jumped.

Another reason why crypto is so volatile and risky: no regulation from fraud or manipulation. So be careful. Still could be a good investment but don't invest anything you aren't able to lose. I am using some extra money I saved over the last year sitting at home not buying anything or going anywhere (thanks pandemic)

[rogue06]

Man, SNL sure is bad. It is PAINFULLY unfunny.

Has been for awhile.

[KingsGambit]

In retrospect it would have been nice to invest in it several years ago. The main reason I didn't was thinking US regulators might pull the rug out at any time, and of course that didn't happen.

[Ronson]

Man, SNL sure is bad. It is PAINFULLY unfunny.

[Ronson]

According to Business Insider's "Markets Watch" : A single digital wallet currently owns 36.7 billion dogecoin, or 28% of the cryptocurrency's entire supply (although the headline says $22 billion).

I wonder if they even realize it.

I suspect it is Musk's son. He said his son is invested in Doge

[Teallaura]

Yeah, I don't pretend to understand this but counting effectively destroyed currency seems like a bad idea.

[Cow Poke]

Or if they still have that phone...

One of the talk shows I was listening to on cybercurrency was dealing with that very issue --- how much cybercurrency is there out there locked up forever in lost appliances or lost passwords or simply mined and forgotten.

[Teallaura]

According to Business Insider's "Markets Watch" : A single digital wallet currently owns 36.7 billion dogecoin, or 28% of the cryptocurrency's entire supply (although the headline says $22 billion).

I wonder if they even realize it.

Or if they still have that phone...

[rogue06]

According to Business Insider's "Markets Watch" : A single digital wallet currently owns 36.7 billion dogecoin, or 28% of the cryptocurrency's entire supply (although the headline says $22 billion).

I wonder if they even realize it.

[Cow Poke]

And I remember when two bits were worth only 25 cents.

And would pay for a shave and a haircut.

These days it takes eight whole bits even to make a byte!

Word!!!

[Faber]

And I remember when two bits were worth only 25 cents.

[Cow Poke]

that $10 bucks I mentioned earlier rose to like $350. I took some out and left in a couple hundred which is now worth $400. Let er ride.


if anyone is interested in investing in crypto, PM me. I can get you set up and get a bonus for both of us.

Yeah, my youngest daughter was asking me about this, and I discovered I don't know as much as I'd like.
Hit me up!

[Ronson]

I bought $1K worth of Doge on Thursday in anticipation of Elon Musk hosting SNL today. I'm up $200 at this moment. I plan to sell tomorrow and go into Etherium for the longer ride.

[Sparko]

I know someone who's son had some bit coins or currency (apparently it is the only currency some "businesses" in Amsterdam accept when selling some questionable smoking product), and when the price shot up used it to put a substantial down payment on a car.

that $10 bucks I mentioned earlier rose to like $350. I took some out and left in a couple hundred which is now worth $400. Let er ride.


if anyone is interested in investing in crypto, PM me. I can get you set up and get a bonus for both of us.

[Sparko]

It seems a lot of folks get into Cryptocurrency for the same reason one would buy silver or gold. Inflation's looming around the corner to rear it's ugly head- especially after all the COVID spending- so they're looking for an insurance policy of some sort that won't hooch them over like a Saving's Account or just stuffing cash under your mattress.

Well Crypto ain't it. It's value is based on nothing but popularity. It can go up or down at any time. Right now it's going up. A lot. But at any time, even on a whim, it can drop like a stone. It's basically a form of gambling. You can make a killing or get killed.

I have a minimum amount in Bit Coin and Etherium right now, I had a hundred bucks as of a couple of months ago. Right now it is worth about $400. But it could drop to zip just as easily.