Cryptocurrency - Bitcoin Continues to Soar!

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watchnerd
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

Where is the Ethereum is soaring thread?
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

JHU ALmuni wrote: Tue May 04, 2021 8:24 pm My initial $8000 investment in dogecoin is now worth half a million... I'm in shock :sharebeer
You've won the lottery!

Congrats! You have reached lifetime investing peak and will never exceed that much ROI in so little time.

Now count your blessings and diversify, for heaven's sake, unless you become one of those tragic tales everyone points to a few years from now. ;)
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Re: Cryptocurrency - Bitcoin Continues to Soar!

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decapod10 wrote: Fri Apr 16, 2021 11:33 am Crypto people feel about Dogecoin the way traditional investors feel about crypto, lol. They think it's a scam coin, but continue to see Doge go higher and higher. So I guess it's anybody's guess that this point.
Dogecoin is a false flag operation.

Or aliens.

Or a secret way for the Fed to keep inflation low by sucking money out of the system.

Or actually pimped by gold bugs so they can reassert gold supremacy.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by OohLaLa »

JHU ALmuni wrote: Tue May 04, 2021 8:24 pm My initial $8000 investment in dogecoin is now worth half a million... I'm in shock :sharebeer
:beer
Where's your head at for this Saturday (SNL)? Lots of media attention on that event and I am worried it's a head-fake being set up... Lots of inflow that I hardly doubt is millenials chipping in an extra Benjy or two.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

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OohLaLa wrote: Tue May 04, 2021 9:47 pm
JHU ALmuni wrote: Tue May 04, 2021 8:24 pm My initial $8000 investment in dogecoin is now worth half a million... I'm in shock :sharebeer
:beer
Where's your head at for this Saturday (SNL)? Lots of media attention on that event and I am worried it's a head-fake being set up... Lots of inflow that I hardly doubt is millenials chipping in an extra Benjy or two.
So you think Elon is going to come on and reveal that he was just trolling everyone?
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Re: Cryptocurrency - Bitcoin Continues to Soar!

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I'm going to post this here just for the historical record, as it completely flies in the face of all the discussion on this thread about currencies, deflation, fiat, networks, DeFi, investment vs speculation, etc.

According to this, we're all wrong.

It's just a popularity contest:
“If there becomes enough of a community around an asset, and that community decides to effectively create long-term value through some form of declining supply cap over time, that could actually equate to a valuable currency,” said Mike Bucella, BlockTower Capital general partner.

The real value is in today’s meme-driven culture and doge represents the network value of memetics, which may prove to be enormous. If at some point, the DOGE community decides to implement a burn or new supply mechanism, via a protocol hard fork, then this value will have a higher likelihood of being retained long-term.”
https://www.cnbc.com/2021/05/04/dogecoi ... ance-.html
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by OohLaLa »

watchnerd wrote: Tue May 04, 2021 11:13 pm
OohLaLa wrote: Tue May 04, 2021 9:47 pm :beer
Where's your head at for this Saturday (SNL)? Lots of media attention on that event and I am worried it's a head-fake being set up... Lots of inflow that I hardly doubt is millenials chipping in an extra Benjy or two.
So you think Elon is going to come on and reveal that he was just trolling everyone?
lol No, no. It's very possible that Elon will host with a Doge tshirt on and other cheerleading antics. I'd be surprised if he didn't.

I am saying that part of the Reddit crowd and especially mainstream media (extra worrisome that it's massively them) are fueling the idea that the current rise is due to his upcoming appearance.

The secondary, related idea is that this will increase momentum medium-term. I don't think this is a given, and, seeing the meteoric pump taking place even as I write this post, I think this can be a great chance for large positions to be dumped during or shortly after the show. "Buy on the rumor, sell on the news" type of deal. That's why I'm really curious as to how our fellow poster will approach this, considering his immense position. I would definitely be on the edge of my seat with a corner-of-napkin plan to unload, even if temporarily or partially... I unfortunately do not share his difficult position haha. :beer

Just google "elon snl doge" in the "News" tab and you'll see what I mean.
“If there becomes enough of a community around an asset, and that community decides to effectively create long-term value through some form of declining supply cap over time, that could actually equate to a valuable currency,” said Mike Bucella, BlockTower Capital general partner.

“The real value is in today’s meme-driven culture and doge represents the network value of memetics, which may prove to be enormous. If at some point, the DOGE community decides to implement a burn or new supply mechanism, via a protocol hard fork, then this value will have a higher likelihood of being retained long-term.”
Let's entertain a ridiculous notion, that Dogecoin would see widespread use...

From the little I've read, Dogecoin actually looks like a good alternative to BTC, if you just look at actual use as an alternative currency. At buck level, it would actually be more practical. It doesn't have a hard (total) cap and is inflationary by design (although decreasingly so, as the total supply increases).

With increased popularity, it shares the same underlying problems, though: Proof of Work, extra slow transaction speeds.

There is this narrative that it's all a joke, but for a joke coin it sure has serious underpinnings and actual development. I don't know how to feel about it, but if there was more dev support, this thing might ironically work as its own little thing. :confused

Another nice part about it is the general positivity of the community. There is a focus on keeping things friendly and even helpful (few fundraisers that I recall). Got to admit that it's nice to see when contrasted with all the hate online.
Last edited by OohLaLa on Wed May 05, 2021 12:10 am, edited 1 time in total.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by OohLaLa »

Dogecoin is about to take place #3 in terms of market cap... sweet Baby Jesus... :shock: hahaha
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Re: Cryptocurrency - Bitcoin Continues to Soar!

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OohLaLa wrote: Wed May 05, 2021 12:02 am

I am saying that part of the Reddit crowd and especially mainstream media (extra worrisome that it's massively them) are fueling the idea that the current rise is due to his upcoming appearance.
I've read that, too, and it makes no sense to me.

Like why would someone bid a coin up just because he's appearing on SNL?

It's not even like he invented it.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

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OohLaLa wrote: Wed May 05, 2021 12:02 am
From the little I've read, Dogecoin actually looks like a good alternative to BTC, if you just look at actual use as an alternative currency. At buck level, it would actually be more practical. It doesn't have a hard (total) cap and is inflationary by design (although decreasingly so, as the total supply increases).
It Doge is just stealing market share from BTC, this could get funny.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by decapod10 »

watchnerd wrote: Wed May 05, 2021 12:26 am
OohLaLa wrote: Wed May 05, 2021 12:02 am
From the little I've read, Dogecoin actually looks like a good alternative to BTC, if you just look at actual use as an alternative currency. At buck level, it would actually be more practical. It doesn't have a hard (total) cap and is inflationary by design (although decreasingly so, as the total supply increases).
It Doge is just stealing market share from BTC, this could get funny.
Dogecoin is probably legitimately a better currency than BTC, for whatever that is worth.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by txhill »

decapod10 wrote: Wed May 05, 2021 12:49 am
watchnerd wrote: Wed May 05, 2021 12:26 am
OohLaLa wrote: Wed May 05, 2021 12:02 am
From the little I've read, Dogecoin actually looks like a good alternative to BTC, if you just look at actual use as an alternative currency. At buck level, it would actually be more practical. It doesn't have a hard (total) cap and is inflationary by design (although decreasingly so, as the total supply increases).
It Doge is just stealing market share from BTC, this could get funny.
Dogecoin is probably legitimately a better currency than BTC, for whatever that is worth.
It is, but Doge is still a bad currency compared to other options, and it is a worse store of value than BTC. BTC is being actively developed (even if they are very slow and careful to adapt it). That said, the better option doesn't always win. I'm starting to question my BTC allocation and whether I should take some profits (not Doge-level profits but still...) and just go full ETH or at least far heavier into ETH like 80 ETH:20 BTC. That probably would be my eventual allocation anyway just in terms of growth v. store of value.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by MinnGuyInvesting »

I never bought Doge.
I hold small amounts of several, but kicking myself on that one.
Oh well, look at the positives!
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Re: Cryptocurrency - Bitcoin Continues to Soar!

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MinnGuyInvesting wrote: Wed May 05, 2021 8:09 am but kicking myself on that one.
Not me.

If I put my money into Dogecoin, it means I'll put my money into anything trendy.

I can't live my life like that.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by aln10788 »

JHU ALmuni wrote: Tue May 04, 2021 8:24 pm My initial $8000 investment in dogecoin is now worth half a million... I'm in shock :sharebeer
Wow. Amazing gamble that paid off. You sell any yet?
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by dziuniek »

8k to .5 M .... nuts, good on you buddy.

I'm up 40% on Doge in 2 days with beer money.
Up 50% on ETC in 2 days also.

Looks like craft beer this weekend. :sharebeer
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by MinnGuyInvesting »

watchnerd wrote: Wed May 05, 2021 8:16 am
MinnGuyInvesting wrote: Wed May 05, 2021 8:09 am but kicking myself on that one.
Not me.

If I put my money into Dogecoin, it means I'll put my money into anything trendy.

I can't live my life like that.
Good point. I feel better about my decision.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by txhill »

MinnGuyInvesting wrote: Wed May 05, 2021 10:21 am
watchnerd wrote: Wed May 05, 2021 8:16 am
MinnGuyInvesting wrote: Wed May 05, 2021 8:09 am but kicking myself on that one.
Not me.

If I put my money into Dogecoin, it means I'll put my money into anything trendy.

I can't live my life like that.
Good point. I feel better about my decision.
Yeah as much as I like to joke about Dogecoin I won't invest in it. If it does establish itself as a store of value or currency or whatever else, more power to it. Most I will do is trim my BTC holdings but I hate selling anything so I probably won't even bother doing that...
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by bogledogle »

sojersey wrote: Tue May 04, 2021 9:28 pm Dogecoin mooning, this anthem goes out to all the Bogleheads :wink: https://www.youtube.com/watch?v=cbI31x3FpS0
Love it! ....401K9!!
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by bogledogle »

watchnerd wrote: Tue May 04, 2021 11:13 pm
OohLaLa wrote: Tue May 04, 2021 9:47 pm
JHU ALmuni wrote: Tue May 04, 2021 8:24 pm My initial $8000 investment in dogecoin is now worth half a million... I'm in shock :sharebeer
:beer
Where's your head at for this Saturday (SNL)? Lots of media attention on that event and I am worried it's a head-fake being set up... Lots of inflow that I hardly doubt is millenials chipping in an extra Benjy or two.
So you think Elon is going to come on and reveal that he was just trolling everyone?
Now we are getting into QElon territory.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by nzahir »

JHU ALmuni wrote: Tue May 04, 2021 8:24 pm My initial $8000 investment in dogecoin is now worth half a million... I'm in shock :sharebeer
Congrats!

Now I hope you have sold some at least and continue to sell in pieces

Coming from a non boglehead who only owns crypto (above 6 figures) and has been through 2017's cycle
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by il0kin »

I think cryptos are fascinating -

BUT

You can't help but wonder how, exactly, intrinsic value is determined when pricing is determined by whether Elon Musk wears a Dogecoin t-shirt on Saturday Night Live?

We live in strange times
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by txhill »

il0kin wrote: Wed May 05, 2021 11:48 am I think cryptos are fascinating -

BUT

You can't help but wonder how, exactly, intrinsic value is determined when pricing is determined by whether Elon Musk wears a Dogecoin t-shirt on Saturday Night Live?

We live in strange times
Maybe Elon appearing on SNL will be to Dogecoin what the Coinbase IPO was to bitcoin...
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by GR8FUL-D »

sojersey wrote: Tue May 04, 2021 9:28 pm Dogecoin mooning, this anthem goes out to all the Bogleheads :wink: https://www.youtube.com/watch?v=cbI31x3FpS0
That was hilarious.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by txhill »

sojersey wrote: Tue May 04, 2021 9:28 pm Dogecoin mooning, this anthem goes out to all the Bogleheads :wink: https://www.youtube.com/watch?v=cbI31x3FpS0
That is hilarious ... they really are all putting it in dog money.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by langlands »

txhill wrote: Wed May 05, 2021 11:49 am
il0kin wrote: Wed May 05, 2021 11:48 am I think cryptos are fascinating -

BUT

You can't help but wonder how, exactly, intrinsic value is determined when pricing is determined by whether Elon Musk wears a Dogecoin t-shirt on Saturday Night Live?

We live in strange times
Maybe Elon appearing on SNL will be to Dogecoin what the Coinbase IPO was to bitcoin...
You mean what the coinbase IPO was to dogecoin right? Dogecoin spiked a lot more from the coinbase IPO than bitcoin. Pretty much anything is bullish for dogecoin.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by txhill »

langlands wrote: Wed May 05, 2021 12:00 pm
txhill wrote: Wed May 05, 2021 11:49 am
il0kin wrote: Wed May 05, 2021 11:48 am I think cryptos are fascinating -

BUT

You can't help but wonder how, exactly, intrinsic value is determined when pricing is determined by whether Elon Musk wears a Dogecoin t-shirt on Saturday Night Live?

We live in strange times
Maybe Elon appearing on SNL will be to Dogecoin what the Coinbase IPO was to bitcoin...
You mean what the coinbase IPO was to dogecoin right? Dogecoin spiked a lot more from the coinbase IPO than bitcoin. Pretty much anything is bullish for dogecoin.
Yeah I guess so. What a world
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by langlands »

il0kin wrote: Wed May 05, 2021 11:48 am I think cryptos are fascinating -

BUT

You can't help but wonder how, exactly, intrinsic value is determined when pricing is determined by whether Elon Musk wears a Dogecoin t-shirt on Saturday Night Live?

We live in strange times
With GME, TSLA, and now Dogecoin, it's becoming clearer to me that there is a very strong appetite from retail for the burgeoning new "meme" asset class. Some sort of psychological or emotional value is derived from coordinating with other like-minded investors to all put money in the same thing. This thing can't just be stocks or bonds, because those assets don't signal community. The thing needs to have a very controversial investment thesis so as to attract disdain from a large portion of well-respected, but more traditional investors. This builds a strong sense of us vs. them, which has been proven throughout history as one of the most reliable ways to build a strong community.

GME and TSLA are still companies, but dogecoin is the purest example yet of this phenomenon since it is 100% meme. To me, this is a bit different from a classic bubble because there are a good chunk of true believers in the mix. Everyone engaged in a classic pump and dump is simply a mercenary who knows he needs to get out before all the other fools. If you read some of the posts in r/wsb, you get the sense that some of these people are very sincere that they "like the stock" and are literally never going to sell. How is this really that different from gold? A bunch of people have essentially coordinated and agreed that meme is now a valuable thing and worth investing in. If the world is willing to allocate 1% of resources to this, that is still something like $3 trillion.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

langlands wrote: Wed May 05, 2021 12:22 pm How is this really that different from gold? A bunch of people have essentially coordinated and agreed that meme is now a valuable thing and worth investing in. If the world is willing to allocate 1% of resources to this, that is still something like $3 trillion.
Well, I would agree there are commonalities between "meme plays" and contra-status-quo narrative stories.

Gold, as you point out, has a deep history in this.

But I wouldn't put all crypto currencies in the "mostly a meme play" bucket.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by il0kin »

langlands wrote: Wed May 05, 2021 12:22 pm
il0kin wrote: Wed May 05, 2021 11:48 am I think cryptos are fascinating -

BUT

You can't help but wonder how, exactly, intrinsic value is determined when pricing is determined by whether Elon Musk wears a Dogecoin t-shirt on Saturday Night Live?

We live in strange times
With GME, TSLA, and now Dogecoin, it's becoming clearer to me that there is a very strong appetite from retail for the burgeoning new "meme" asset class. Some sort of psychological or emotional value is derived from coordinating with other like-minded investors to all put money in the same thing. This thing can't just be stocks or bonds, because those assets don't signal community. The thing needs to have a very controversial investment thesis so as to attract disdain from a large portion of well-respected, but more traditional investors. This builds a strong sense of us vs. them, which has been proven throughout history as one of the most reliable ways to build a strong community.

GME and TSLA are still companies, but dogecoin is the purest example yet of this phenomenon since it is 100% meme. To me, this is a bit different from a classic bubble because there are a good chunk of true believers in the mix. Everyone engaged in a classic pump and dump is simply a mercenary who knows he needs to get out before all the other fools. If you read some of the posts in r/wsb, you get the sense that some of these people are very sincere that they "like the stock" and are literally never going to sell. How is this really that different from gold? A bunch of people have essentially coordinated and agreed that meme is now a valuable thing and worth investing in. If the world is willing to allocate 1% of resources to this, that is still something like $3 trillion.
That's an interesting analysis. I don't dislike cryptos on principle by any means (other than their environmental impact), I just don't understand their value and I do understand the theory underlying blockchain and the general infrastructure for how it all works.

I just can't bring myself to put my real (at least, what I perceive as real) money into a currency where the social contracts around their existence are still very much being hashed out in the digital wild west.

Like I said, strange times
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by txhill »

langlands wrote: Wed May 05, 2021 12:22 pm
il0kin wrote: Wed May 05, 2021 11:48 am I think cryptos are fascinating -

BUT

You can't help but wonder how, exactly, intrinsic value is determined when pricing is determined by whether Elon Musk wears a Dogecoin t-shirt on Saturday Night Live?

We live in strange times
With GME, TSLA, and now Dogecoin, it's becoming clearer to me that there is a very strong appetite from retail for the burgeoning new "meme" asset class. Some sort of psychological or emotional value is derived from coordinating with other like-minded investors to all put money in the same thing. This thing can't just be stocks or bonds, because those assets don't signal community. The thing needs to have a very controversial investment thesis so as to attract disdain from a large portion of well-respected, but more traditional investors. This builds a strong sense of us vs. them, which has been proven throughout history as one of the most reliable ways to build a strong community.

GME and TSLA are still companies, but dogecoin is the purest example yet of this phenomenon since it is 100% meme. To me, this is a bit different from a classic bubble because there are a good chunk of true believers in the mix. Everyone engaged in a classic pump and dump is simply a mercenary who knows he needs to get out before all the other fools. If you read some of the posts in r/wsb, you get the sense that some of these people are very sincere that they "like the stock" and are literally never going to sell. How is this really that different from gold? A bunch of people have essentially coordinated and agreed that meme is now a valuable thing and worth investing in. If the world is willing to allocate 1% of resources to this, that is still something like $3 trillion.
I think this is right. Also, from a certain lens, Dogecoin is the purest representative of the younger generation: disgust with the system (which is really stacked against new entrants) combined with a hilarious in your face element. I don't think this is a pure get rich quick pump & dump but rather a symptom of a deeper dispute between the haves and have nots. I bought bitcoin in part to hedge my position so I'd come out on right side of this dispute regardless of outcome, but maybe the better bet is Dog Money.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Kenkat »

langlands wrote: Wed May 05, 2021 12:22 pm
il0kin wrote: Wed May 05, 2021 11:48 am I think cryptos are fascinating -

BUT

You can't help but wonder how, exactly, intrinsic value is determined when pricing is determined by whether Elon Musk wears a Dogecoin t-shirt on Saturday Night Live?

We live in strange times
With GME, TSLA, and now Dogecoin, it's becoming clearer to me that there is a very strong appetite from retail for the burgeoning new "meme" asset class. Some sort of psychological or emotional value is derived from coordinating with other like-minded investors to all put money in the same thing. This thing can't just be stocks or bonds, because those assets don't signal community. The thing needs to have a very controversial investment thesis so as to attract disdain from a large portion of well-respected, but more traditional investors. This builds a strong sense of us vs. them, which has been proven throughout history as one of the most reliable ways to build a strong community.

GME and TSLA are still companies, but dogecoin is the purest example yet of this phenomenon since it is 100% meme. To me, this is a bit different from a classic bubble because there are a good chunk of true believers in the mix. Everyone engaged in a classic pump and dump is simply a mercenary who knows he needs to get out before all the other fools. If you read some of the posts in r/wsb, you get the sense that some of these people are very sincere that they "like the stock" and are literally never going to sell. How is this really that different from gold? A bunch of people have essentially coordinated and agreed that meme is now a valuable thing and worth investing in. If the world is willing to allocate 1% of resources to this, that is still something like $3 trillion.
This is a really interesting observation. I will add that I noted a similar phenomenon in the 1999-2000 tech crash / dot-com bubble, for both mutual funds (Janus, for example) and specific companies like AOL or Yahoo. There was an emotional investment of “true believers” in these as well.

While cryptocurrencies have been around 10+ years and may have utility going forward, the recent run-up sure has been something else. It feels like a shake-up is coming that will turn many of the true believers into disillusioned former investors, but then what do I know?
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by OohLaLa »

Fun fact: the top 20 coins have a bigger market cap (approx. 2T, with BTC at 1T) than SPY, IVV, DIA, QQQ combined (approx. 1.25T by eyeballing). :shock:

There's interest, that's for sure. Of course, the right person sneezing might cause that to halve, but this is not the right thread for that kind of thinking!
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by YRT70 »

sojersey wrote: Tue May 04, 2021 9:28 pm Dogecoin mooning, this anthem goes out to all the Bogleheads :wink: https://www.youtube.com/watch?v=cbI31x3FpS0
That is REALLY well done. And hilarious.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by HomerJ »

txhill wrote: Wed May 05, 2021 1:01 pmI think this is right. Also, from a certain lens, Dogecoin is the purest representative of the younger generation: disgust with the system (which is really stacked against new entrants)
Why is the system stacked against new entrants?
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

Kenkat wrote: Wed May 05, 2021 1:02 pm It feels like a shake-up is coming that will turn many of the true believers into disillusioned former investors, but then what do I know?
Well, at some point, the pool of money and buyers runs out, momentum flattens out.

If Bitcoin were to continue growing at 70% CAGR for the next 10 years, it would be larger than the GDP of the whole planet.

So, at a minimum, if there isn't a flat out crash or collapse to zero for some currencies, returns will become muted over time.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by txhill »

HomerJ wrote: Wed May 05, 2021 1:50 pm
txhill wrote: Wed May 05, 2021 1:01 pmI think this is right. Also, from a certain lens, Dogecoin is the purest representative of the younger generation: disgust with the system (which is really stacked against new entrants)
Why is the system stacked against new entrants?
Growing wealth inequality stacks the system against new entrants. Wage growth is minimal compared to skyrocketing student debt and asset growth (housing prices, etc.). Not to mention all the problems that the older generation are kicking down the road (impact of climate change, massive debt, etc.). Whether or not you agree all of this is happening, at the very least there is the perception that this is happening, which is the key here.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Kenkat »

watchnerd wrote: Wed May 05, 2021 1:55 pm
Kenkat wrote: Wed May 05, 2021 1:02 pm It feels like a shake-up is coming that will turn many of the true believers into disillusioned former investors, but then what do I know?
Well, at some point, the pool of money and buyers runs out, momentum flattens out.

If Bitcoin were to continue growing at 70% CAGR for the next 10 years, it would be larger than the GDP of the whole planet.

So, at a minimum, if there isn't a flat out crash or collapse to zero for some currencies, returns will become muted over time.
If I did my quick calculation correctly, Dogecoin has returned roughly the same amount since the beginning of the year as an investment earning 10% for 50 years. In other words, the equivalent of 50 years of solid stock market returns in a little over 4 months.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

Kenkat wrote: Wed May 05, 2021 7:52 pm

If I did my quick calculation correctly, Dogecoin has returned roughly the same amount since the beginning of the year as an investment earning 10% for 50 years. In other words, the equivalent of 50 years of solid stock market returns in a little over 4 months.
Which is, obviously, unsustainable into the distant future, at its current market cap.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Cycle »

Dogecoin isn't the next dogecoin, it's kittycoin or some other thing we wouldn't think to speculate in despite its Much Wow
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by watchnerd »

Cycle wrote: Wed May 05, 2021 8:24 pm Dogecoin isn't the next dogecoin, it's kittycoin or some other thing we wouldn't think to speculate in despite its Much Wow
+1

Polkadot has potential
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Cycle »

Unfortunately (fortunately?) Dot and Doge aren't available on coinbase pro so despite attempts to buy them in the past I've been thwarted. Perhaps I need to open a binance account.

I have a policy of buying any coin I hear about and to never research them
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by qwerty123 »

Cycle wrote: Wed May 05, 2021 8:34 pm Unfortunately (fortunately?) Dot and Doge aren't available on coinbase pro so despite attempts to buy them in the past I've been thwarted. Perhaps I need to open a binance account.

I have a policy of buying any coin I hear about and to never research them
This will end well.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by cogito »

txhill wrote: Wed May 05, 2021 11:58 am
sojersey wrote: Tue May 04, 2021 9:28 pm Dogecoin mooning, this anthem goes out to all the Bogleheads :wink: https://www.youtube.com/watch?v=cbI31x3FpS0
That is hilarious ... they really are all putting it in dog money.
A friend/coworker of mine went to school with Remy, all of his Reason parodies are absolutely hilarious. The original bitcoin parody he did is just as good. https://www.youtube.com/watch?v=UG7zLhEWanc
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Cycle »

qwerty123 wrote: Wed May 05, 2021 8:47 pm
Cycle wrote: Wed May 05, 2021 8:34 pm Unfortunately (fortunately?) Dot and Doge aren't available on coinbase pro so despite attempts to buy them in the past I've been thwarted. Perhaps I need to open a binance account.

I have a policy of buying any coin I hear about and to never research them
This will end well.
Well now i'm trying to stick to my IPS and get some DOT (a small amount). I've got the Kraken account setup now, where I can purchase polkadots.

Problem with kraken is i need to wire money into the account, which is like $25 with my bank. They don't allow ACH. I can send some BTC from coinbase pro; however, when I send the BTC the cost basis likely won't transfer so I'll need to keep track of that myself? No thank you. How many non-tax savvy folks are sending crypto around and getting hit with unexpected tax bills at the end of the year.

What I don't understand is how is DOT is earning 12% for users staking at Kraken. That has ponzi scheme written all over it. Which is a sign the Dot has Much WOW and must be purchased as soon as possible.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by txhill »

Cycle wrote: Wed May 05, 2021 11:06 pm
qwerty123 wrote: Wed May 05, 2021 8:47 pm
Cycle wrote: Wed May 05, 2021 8:34 pm Unfortunately (fortunately?) Dot and Doge aren't available on coinbase pro so despite attempts to buy them in the past I've been thwarted. Perhaps I need to open a binance account.

I have a policy of buying any coin I hear about and to never research them
This will end well.
Well now i'm trying to stick to my IPS and get some DOT (a small amount). I've got the Kraken account setup now, where I can purchase polkadots.

Problem with kraken is i need to wire money into the account, which is like $25 with my bank. They don't allow ACH. I can send some BTC from coinbase pro; however, when I send the BTC the cost basis likely won't transfer so I'll need to keep track of that myself? No thank you. How many non-tax savvy folks are sending crypto around and getting hit with unexpected tax bills at the end of the year.

What I don't understand is how is DOT is earning 12% for users staking at Kraken. That has ponzi scheme written all over it. Which is a sign the Dot has Much WOW and must be purchased as soon as possible.
I don't know much about DOT other than it has a pretty legit developer and in theory is useful in connecting blockchains, but idk. I like your IPS though. Have you heard of Elongate and Cumrocket coin? (Can i even say that here) Now go out and buy them! I actually bet you'll make a killing if you do...

More seriously, the lack of ACH at Kraken is a major deterrent from using them. Kind of incredible they don't have that setup properly.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by luckyducky99 »

langlands wrote: Wed May 05, 2021 12:22 pm GME and TSLA are still companies, but dogecoin is the purest example yet of this phenomenon since it is 100% meme.
Investment goes post-modern. The asset is about itself rather than any external economic reality.

It’s fascinating.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by txhill »

cogito wrote: Wed May 05, 2021 8:49 pm
txhill wrote: Wed May 05, 2021 11:58 am
sojersey wrote: Tue May 04, 2021 9:28 pm Dogecoin mooning, this anthem goes out to all the Bogleheads :wink: https://www.youtube.com/watch?v=cbI31x3FpS0
That is hilarious ... they really are all putting it in dog money.
A friend/coworker of mine went to school with Remy, all of his Reason parodies are absolutely hilarious. The original bitcoin parody he did is just as good. https://www.youtube.com/watch?v=UG7zLhEWanc
This is great too, but dog money is just perfect
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by YRT70 »

txhill wrote: Wed May 05, 2021 11:44 pm
cogito wrote: Wed May 05, 2021 8:49 pm
txhill wrote: Wed May 05, 2021 11:58 am
sojersey wrote: Tue May 04, 2021 9:28 pm Dogecoin mooning, this anthem goes out to all the Bogleheads :wink: https://www.youtube.com/watch?v=cbI31x3FpS0
That is hilarious ... they really are all putting it in dog money.
A friend/coworker of mine went to school with Remy, all of his Reason parodies are absolutely hilarious. The original bitcoin parody he did is just as good. https://www.youtube.com/watch?v=UG7zLhEWanc
This is great too, but dog money is just perfect
+1. Dog money is on another level.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Cycle »

txhill wrote: Wed May 05, 2021 11:09 pm I don't know much about DOT other than it has a pretty legit developer and in theory is useful in connecting blockchains, but idk. I like your IPS though. Have you heard of Elongate and Cumrocket coin? (Can i even say that here) Now go out and buy them! I actually bet you'll make a killing if you do...

More seriously, the lack of ACH at Kraken is a major deterrent from using them. Kind of incredible they don't have that setup properly.
I'm going to try and buy some USD coin at Coinbase Pro, then transfer that to Kraken so i can buy some polkadots. I think i have to just pay gas fees.
Since it's a stable coin, hopefully there will be gains of 0 or minimal.
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