Cryptocurrency - Bitcoin Continues to Soar!

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Cryptocurrency - Bitcoin Continues to Soar!

Post by MinnGuyInvesting »

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Bitcoin reached a new high today, now trading at over $60k.

During the last down turn in the NASDAQ, Bitcoin held steady staying above $45k while NASDAQ was getting hammered. This last week it tickled the previous high around $57-58k, and broke through upside this morning.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by SlowMovingInvestor »

Stimulus checks hitting yesterday and today :happy ?
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by z3r0c00l »

SlowMovingInvestor wrote: Sat Mar 13, 2021 6:44 am Stimulus checks hitting yesterday and today :happy ?
I didn't get one yet. Yes Bitcoin doing great, either it is the future of money or it is pride coming before the fall. Only time will tell. Hope you are taking some profits.
Last edited by z3r0c00l on Sat Mar 13, 2021 6:47 am, edited 1 time in total.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by novolog »

It's insanely reflexive
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by SlowMovingInvestor »

z3r0c00l wrote: Sat Mar 13, 2021 6:45 am
SlowMovingInvestor wrote: Sat Mar 13, 2021 6:44 am Stimulus checks hitting yesterday and today :happy ?
I didn't get one yet. Yes Bitcoin doing great, either it is the future of money or it is pride coming before the fall. Only time will tell. Hope you are taking some profits.
I'm not eligible, but I saw comments that a lot of people were getting checks yesterday, maybe today morning as well when bank deposits became available. Not sure when deposits become available, but if it's sometime early in the morning, a quick look seems to show that's when prices spiked.

I think some exchanges allow you to purchase with debit cards.

[ If my theory is right, it just shows how much fiscal stimulus is the driver]
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by z3r0c00l »

SlowMovingInvestor wrote: Sat Mar 13, 2021 6:57 am
z3r0c00l wrote: Sat Mar 13, 2021 6:45 am
SlowMovingInvestor wrote: Sat Mar 13, 2021 6:44 am Stimulus checks hitting yesterday and today :happy ?
I didn't get one yet. Yes Bitcoin doing great, either it is the future of money or it is pride coming before the fall. Only time will tell. Hope you are taking some profits.
I'm not eligible, but I saw comments that a lot of people were getting checks yesterday, maybe today morning as well when bank deposits became available. Not sure when deposits become available, but if it's sometime early in the morning, a quick look seems to show that's when prices spiked.

I think some exchanges allow you to purchase with debit cards.

[ If my theory is right, it just shows how much fiscal stimulus is the driver]
That is a fascinating observation and I can certainly see the correlation, the government is sending out money at the rate of what, a few billion per hour right now? I bet Target will be packed later in the day :shock:
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Post by SlowMovingInvestor »

z3r0c00l wrote: Sat Mar 13, 2021 7:02 am That is a fascinating observation and I can certainly see the correlation, the government is sending out money at the rate of what, a few billion per hour right now? I bet Target will be packed later in the day :shock:
Not quite the same, but I remember stopping by a WalMart and grocery supercenter late at night once 2 years back, and there was a huge crowd of people with carts filled up, but not checking out. They waved me ahead, and then as I was leaving, midnight struck and immediately, the shoppers started getting checked out. It was the last day of the month and food stamp cards are refilled at midnight ..
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by MinnGuyInvesting »

Not sure if any of you are serious on stimulus checks going to bitcoin.

I wouldn't think much stimulus money would be going to bitcoin in reality.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by SlowMovingInvestor »

MinnGuyInvesting wrote: Sat Mar 13, 2021 9:13 am Not sure if any of you are serious on stimulus checks going to bitcoin.
I'm actually somewhat serious, since I have read that a stim checks over the last few months did pump up various stocks, including GME.

I see a jump early this morning in crypto. No fundamental news that I know of (not that most of crypto has fundamentals), so why the burst of speculation around the time when overnight deposits would show up ? Interesting pattern in any case. 'Wealth' effect certainly a possibility.
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Post by SEAworld9 »

people all over the world are buying bitcoin. it not just stimulus checks in the US driving price action. from russia to nigeria to china to india to countries in europe and south america and africa and so forth, people and institutions everywhere are all acquiring this same scarce asset.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by diabelli »

SlowMovingInvestor wrote: Sat Mar 13, 2021 9:19 am
MinnGuyInvesting wrote: Sat Mar 13, 2021 9:13 am Not sure if any of you are serious on stimulus checks going to bitcoin.
I'm actually somewhat serious, since I have read that a stim checks over the last few months did pump up various stocks, including GME.

I see a jump early this morning in crypto. No fundamental news that I know of (not that most of crypto has fundamentals), so why the burst of speculation around the time when overnight deposits would show up ? Interesting pattern in any case. 'Wealth' effect certainly a possibility.
It seems intuitive at least that we'd see so much frothiness and imaginary currency at the same time the gov't is just sending thousands of dollars to people, many of whom haven't had any reduction in their regular income
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by ohboy! »

I don’t really understand how anyone who has crypto could be more bullish on BTC than ETH. I’ve sold some BTC yesterday for ETH. A rebalance of sorts. I feel way more confident in my ETH holdings than I do BTC. The development on Ethereum is a simmering revolution about to boil over on the world. Proof of stake is a necessary evolution for cryptocurrencies and BTC will be left with the environmental FUD for years to come.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by dukeblue219 »

ohboy! wrote: Sat Mar 13, 2021 10:04 am I don’t really understand how anyone who has crypto could be more bullish on BTC than ETH. I’ve sold some BTC yesterday for ETH. A rebalance of sorts. I feel way more confident in my ETH holdings than I do BTC. The development on Ethereum is a simmering revolution about to boil over on the world. Proof of stake is a necessary evolution for cryptocurrencies and BTC will be left with the environmental FUD for years to come.
I know just enough about blockchain tech to be dangerous as they say, but when I first learned about staking I thought "this is so obviously better than BTC, how did the OG BTC not implement it from the start?"
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by ohboy! »

dukeblue219 wrote: Sat Mar 13, 2021 10:08 am
ohboy! wrote: Sat Mar 13, 2021 10:04 am I don’t really understand how anyone who has crypto could be more bullish on BTC than ETH. I’ve sold some BTC yesterday for ETH. A rebalance of sorts. I feel way more confident in my ETH holdings than I do BTC. The development on Ethereum is a simmering revolution about to boil over on the world. Proof of stake is a necessary evolution for cryptocurrencies and BTC will be left with the environmental FUD for years to come.
I know just enough about blockchain tech to be dangerous as they say, but when I first learned about staking I thought "this is so obviously better than BTC, how did the OG BTC not implement it from the start?"
Staking is only one aspect of Ethereum that makes it so attractive. An entire decentralized financial system is growing at orders of magnitude on Ethereum. Checkout this site, cryptofees.info Note that all of the protocols highlighted in pink are on Ethereum. This is the great thing about crypto, ALL data is transparent.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by langlands »

ohboy! wrote: Sat Mar 13, 2021 10:04 am I don’t really understand how anyone who has crypto could be more bullish on BTC than ETH. I’ve sold some BTC yesterday for ETH. A rebalance of sorts. I feel way more confident in my ETH holdings than I do BTC. The development on Ethereum is a simmering revolution about to boil over on the world. Proof of stake is a necessary evolution for cryptocurrencies and BTC will be left with the environmental FUD for years to come.
What is your crypto allocation?
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by moneyman11 »

ohboy! wrote: Sat Mar 13, 2021 10:04 am I don’t really understand how anyone who has crypto could be more bullish on BTC than ETH.
I’m a ETH/DeFi fan as well, but will always hold more BTC than ETH. To understand “how anyone who has crypto could be more bullish on BTC than ETH”, study how the “DAO hack” was handled by ETH and then try to understand how there could exist a large group of people for whom the ability to just “roll back” undesired activity is not a feature they wish to have on their supposedly “immutable” financial ledger.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by ohboy! »

moneyman11 wrote: Sat Mar 13, 2021 10:28 am
ohboy! wrote: Sat Mar 13, 2021 10:04 am I don’t really understand how anyone who has crypto could be more bullish on BTC than ETH.
I’m a ETH/DeFi fan as well, but will always hold more BTC than ETH. To understand “how anyone who has crypto could be more bullish on BTC than ETH”, study how the “DAO hack” was handled by ETH and then try to understand how there could exist a large group of people for whom the ability to just “roll back” undesired activity is not a feature they wish to have on their supposedly “immutable” financial ledger.
It was a different time in the Ethereum ecosystem. I can point to all sorts of historical Bitcoin issues. I believe now the biggest FUD in crypto is POW mining. POS is 99% more efficient. I like Bitcoin more than US dollars, don’t get me wrong. I just like ETH exponentially more. And I care about the environment. You will find other posts here where I confront mining environmental FUD, but that’s for some perspective, I don’t think there is much argument to be had that POW is better than POS personally. Time will tell I suppose.
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Post by moneyman11 »

ohboy! wrote: Sat Mar 13, 2021 10:38 am
moneyman11 wrote: Sat Mar 13, 2021 10:28 am
ohboy! wrote: Sat Mar 13, 2021 10:04 am I don’t really understand how anyone who has crypto could be more bullish on BTC than ETH.
I’m a ETH/DeFi fan as well, but will always hold more BTC than ETH. To understand “how anyone who has crypto could be more bullish on BTC than ETH”, study how the “DAO hack” was handled by ETH and then try to understand how there could exist a large group of people for whom the ability to just “roll back” undesired activity is not a feature they wish to have on their supposedly “immutable” financial ledger.
It was a different time in the Ethereum ecosystem. I can point to all sorts of historical Bitcoin issues. I believe now the biggest FUD in crypto is POW mining. POS is 99% more efficient. I like Bitcoin more than US dollars, don’t get me wrong. I just like ETH exponentially more. And I care about the environment. You will find other posts here where I confront mining environmental FUD, but that’s for some perspective, I don’t think there is much argument to be had that POW is better than POS personally. Time will tell I suppose.
Ok. You asked “why”, and I gave you what is the most fundamental reason why. Sounds like it is not as important to you, but it is important to many as the fundamental reason why permissionless, immutable, digital finance even exists in the first place.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Valuethinker »

novolog wrote: Sat Mar 13, 2021 6:46 am It's insanely reflexive
And there is now this linkage between Bitcoin price and Tesla stock price. Another strange feedback loop.

(On a bigger scale, 20% of the attributed value of Berkshire Hathaway is in Apple stock).

You have correctly glimpsed the nature of this thing. I don't know if you have followed the Sante Fe Institute Systems Thinking types (I only understand the bare basics of what Jay Forrester and co were doing with Systems Dynamics models). But it feels, somehow, like a classic for them. The way that Donella Meadows discusses crashing the supply chain in "the Beer Game".

I feel a bit Mr Kurz in Heart of Darkness. Wanting to push away from the computer screen, disconnect the plug, and scream "The horror! The horror!".
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by dru808 »

I don’t know what’s going on, just glad I invested in btc in 2020, that’s all. :sharebeer :moneybag :dollar
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I'm heavier on Bitcoin than ETH, but started weighing future deposits heavier in ETH on my BTC / ETH mix.
Was 90%-10%, but now closer to 60/40.

I'm throwing some money at other coins now as well in a self-made Index.
Less than 1% of my crypto portfolio each.

AAVE and Cardano (ADA) are the two heavier ones.
Also have some money in Litecoin, Stellar, BNB, Uniswap, Link, Uniswap.

I watch a few youtube videos from people who seem to really like this stuff. The Cardano one is the latest add. One person in particular seems to love that more than anything. Thinks it will replace ETH.

I have no idea. I doubt that will happen fast. (Meanwhile some are saying ETH will pass BTC).

My best returns have been on ETH, but BTC is the first one that's going to blow up. I think it's still early. 100k by end of 2021 seems more and more likely. At this pace we might be closer to 200k. (And some predict 400k).
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by MinnGuyInvesting »

SlowMovingInvestor wrote: Sat Mar 13, 2021 9:19 am
MinnGuyInvesting wrote: Sat Mar 13, 2021 9:13 am Not sure if any of you are serious on stimulus checks going to bitcoin.
I'm actually somewhat serious, since I have read that a stim checks over the last few months did pump up various stocks, including GME.

I see a jump early this morning in crypto. No fundamental news that I know of (not that most of crypto has fundamentals), so why the burst of speculation around the time when overnight deposits would show up ? Interesting pattern in any case. 'Wealth' effect certainly a possibility.
BTC took a big jump from 57k to over 60k between 3:00 and 7:00 AM Central time.
If that was American's investing, a lot were waiting up for their checks to hit overnight so they could buy bitcoin.

(I think the bump was highly unlikely directly related to stimulus checks).

Now if the whole world had more confidence in BTC because of the stimulus, that could be a factor, but it's not directly related to checks being directly turned into bitcoin.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by MinnGuyInvesting »

BTC up to $61,400.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by ohboy! »

MinnGuyInvesting wrote: Sat Mar 13, 2021 2:27 pm I'm heavier on Bitcoin than ETH, but started weighing future deposits heavier in ETH on my BTC / ETH mix.
Was 90%-10%, but now closer to 60/40.

I'm throwing some money at other coins now as well in a self-made Index.
Less than 1% of my crypto portfolio each.

AAVE and Cardano (ADA) are the two heavier ones.
Also have some money in Litecoin, Stellar, BNB, Uniswap, Link, Uniswap.

I watch a few youtube videos from people who seem to really like this stuff. The Cardano one is the latest add. One person in particular seems to love that more than anything. Thinks it will replace ETH.

I have no idea. I doubt that will happen fast. (Meanwhile some are saying ETH will pass BTC).

My best returns have been on ETH, but BTC is the first one that's going to blow up. I think it's still early. 100k by end of 2021 seems more and more likely. At this pace we might be closer to 200k. (And some predict 400k).
Cardano’s problem is Charles. He is an egomaniac. If he lines up with your political ideologies maybe he’s the best for you. I find him cringey and think he is the ultimate reason Cardano will have limited outcomes. Check out some videos of him if you have not already. He knows the space and is a smart guy, but I don’t trust his direction.
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Post by SteveDB »

True. Many people around the world are investing in various coins with BTC leading the way. It may blow up at some point but we will never know until the bubble pops.

There are various opps to make astronomical returns with smaller coins, but I hope everyone that wants to explore this, it does with fun money only

I put 0.5% of my investable assets and a fraction of my NW in some coins with low market cap like BEPRO.
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Post by lusoman »

BTC creates no value. It's pure speculation like Gold. I will don't put a dolar on it.
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Post by am »

SteveDB wrote: Sat Mar 13, 2021 5:00 pm True. Many people around the world are investing in various coins with BTC leading the way. It may blow up at some point but we will never know until the bubble pops.

There are various opps to make astronomical returns with smaller coins, but I hope everyone that wants to explore this, it does with fun money only

I put 0.5% of my investable assets and a fraction of my NW in some coins with low market cap like BEPRO.
Seems like coins shoot up when they get listed on Coinbase. Some of the alt coins shoot up 100s of percent in days to weeks. For no reason either and questionable use. Kind of like putting it down on black at the roulette wheel.
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Post by Monsterflockster »

lusoman wrote: Sat Mar 13, 2021 5:10 pm BTC creates no value. It's pure speculation like Gold. I will don't put a dolar on it.
As least cold is a commodity that is physically sold. Bitcoin is Monopoly money people are putting value on for whatever reason.
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Post by TropikThunder »

SEAworld9 wrote: Sat Mar 13, 2021 9:28 am people all over the world are buying bitcoin. it not just stimulus checks in the US driving price action. from russia to nigeria to china to india to countries in europe and south america and africa and so forth, people and institutions everywhere are all acquiring this same scarce asset.
Now read this sung to the tune of "I'd like to buy the world a Coke".
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Post by am »

Monsterflockster wrote: Sat Mar 13, 2021 5:21 pm
lusoman wrote: Sat Mar 13, 2021 5:10 pm BTC creates no value. It's pure speculation like Gold. I will don't put a dolar on it.
As least cold is a commodity that is physically sold. Bitcoin is Monopoly money people are putting value on for whatever reason.
Yes, humans have a tendency to do that. Look at baseball cards. A gem mint piece of cardboard from 1980 with a picture of Rickey Henderson on it just auctioned for 180k on eBay. Some other pieces of cardboard from that year with other lesser known players in gem mint are worth almost nothing. Go figure!
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Post by WhyNotUs »

Don't follow the price but I know that the energy use continues to soar, about as much as the entire country of Argentina. Not impressed.
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Post by JBTX »

diabelli wrote: Sat Mar 13, 2021 9:31 am
SlowMovingInvestor wrote: Sat Mar 13, 2021 9:19 am
MinnGuyInvesting wrote: Sat Mar 13, 2021 9:13 am Not sure if any of you are serious on stimulus checks going to bitcoin.
I'm actually somewhat serious, since I have read that a stim checks over the last few months did pump up various stocks, including GME.

I see a jump early this morning in crypto. No fundamental news that I know of (not that most of crypto has fundamentals), so why the burst of speculation around the time when overnight deposits would show up ? Interesting pattern in any case. 'Wealth' effect certainly a possibility.
It seems intuitive at least that we'd see so much frothiness and imaginary currency at the same time the gov't is just sending thousands of dollars to people, many of whom haven't had any reduction in their regular income
How long until the Fed starts buying Bitcoin ?
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Post by matt1882 »

WhyNotUs wrote: Sat Mar 13, 2021 6:10 pm Don't follow the price but I know that the energy use continues to soar, about as much as the entire country of Argentina. Not impressed.
I wouldn't be surprised if the assertions about energy use are the result of fudging of data to fit a pre-selected narrative. Regardless of how much bitcoin-related energy has been expended in the aggregate from January 2009 to the present, the relevant questions are what is the marginal cost, in terms of electricity, to process a single bitcoin transaction today (and in the indefinite future); and what is the marginal cost, in terms of electricity, to mine a single bitcoin today (and for the next 120 years)? And the answer to the second question, whatever it is, needs to be viewed in light of the fact that, although there are three million bitcoin left to be produced, those three million bitcoin will be produced gradually over the next 120 years--that is, at an average rate of just 25,000 per year. Surely the amount of energy used in connection with bitcoin is far dwarfed by the amount of energy needed to allow people to stream 1 trillion hours worth of videos per year--see https://finance.yahoo.com/news/data-use ... 32224.html
Last edited by matt1882 on Sat Mar 13, 2021 7:49 pm, edited 1 time in total.
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Post by FIREyourself »

am wrote: Sat Mar 13, 2021 6:04 pm Look at baseball cards. A gem mint piece of cardboard from 1980 with a picture of Rickey Henderson on it just auctioned for 180k on eBay.
At least those pieces of cardboard are unique. Can't even say that about Bitcoin.
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by am »

FIREyourself wrote: Sat Mar 13, 2021 8:13 pm
am wrote: Sat Mar 13, 2021 6:04 pm Look at baseball cards. A gem mint piece of cardboard from 1980 with a picture of Rickey Henderson on it just auctioned for 180k on eBay.
At least those pieces of cardboard are unique. Can't even say that about Bitcoin.
How are pieces of cardboard unique? There’s thousands of pieces of cardboard with Rickey Henderson’s picture, less that are gem mint. There’s cardboard with pictures of thousands of other players from most of the last and this century. Not sure why humans attribute so much value to a photograph from 1980 or to many others?

Same reason bitcoin and other cryptos ain’t going anywhere. We as humans like to attribute value to seemingly worthless things. If cardboard is worth 180k, then some computer code can be as well.
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Post by Aaand...it'sgone »

For those with a crypto allocation, are you rebalancing out of crypto as it grows, or letting it ride? I have a small crypto allocation (started as 1% of 'fun money'), and it's starting to outgrow it's allocation quite a bit (3% now).
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Post by am »

Aaand...it'sgone wrote: Sat Mar 13, 2021 8:50 pm For those with a crypto allocation, are you rebalancing out of crypto as it grows, or letting it ride? I have a small crypto allocation (started as 1% of 'fun money'), and it's starting to outgrow it's allocation quite a bit (3% now).
Letting it ride. I’d have more regrets if crypto keeps growing then If I lost it all. My initial <1% portfolio investment has grown to 4x the size, Seems like, we’re going to go much higher with NFTs, Defi, bitcoin taking on gold, etc.
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Post by lucha »

Aaand...it'sgone wrote: Sat Mar 13, 2021 8:50 pm For those with a crypto allocation, are you rebalancing out of crypto as it grows, or letting it ride? I have a small crypto allocation (started as 1% of 'fun money'), and it's starting to outgrow it's allocation quite a bit (3% now).
Letting it ride. This is because:

*I paid ~$10K of tax for gains I made trading in 2017 (total noob/nobhead mistake as I didn't understand how capital gains taxes worked at the time). I put 10% of my net worth ($60K) in crypto, it grew to $220K at the peak, and didn't save any of the money from my gains for taxes before investing it all back in.

*Lost $45K the next calendar year and sold out (I was part of a club getting pre-release deals on ICOs and a lot of my funds were tied up so I couldn't pull out in time -- that's one excuse). Generated $45k in capital loss to carry forward for many years.

*Finally put my remaining $15K into ETH last August and now it's grown to $60K. So I'm nearly breaking even and not touching it AT LEAST until it's been a year. But probably just letting it go a few years and seeing what happens.

It's definitely money I prepare to lose after so many burns in the crypto space, and I'm more interested in seeing what happens with crypto and the world than I am paying any more capital gains tax unless absolutely needed (am betting on the upside over the long term).

I don't even consider it part of my Asset Allocation at this point. It is what it is.
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Post by MinnGuyInvesting »

Aaand...it'sgone wrote: Sat Mar 13, 2021 8:50 pm For those with a crypto allocation, are you rebalancing out of crypto as it grows, or letting it ride? I have a small crypto allocation (started as 1% of 'fun money'), and it's starting to outgrow it's allocation quite a bit (3% now).
I'm leaving it ride.

I'm not rebalancing.
I expect some new highs here in 2021 yet, but the Bear crypto market will come and things will be down for a couple years, then maybe another cycle after that.

I plan to hold and possible keep adding over the next couple years.
Index ETF's 45% |ARK Funds 30% | AAPL 5% | TSLA 4% | GOOGL 2% | AMZN 1.3% |Other stocks 4.5% | BTC/ETH 9% |
Aaand...it'sgone
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Aaand...it'sgone »

Thanks for the confirmation bias, everyone!

Since I had so little skin in the game to start, I'm probably going to let it ride. But if it starts getting above 5% of my net worth, I'll probably feel differently. I guess I'll have to work on growing the rest of my NW really fast so I don't have to rebalance. :greedy
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Corsair
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Corsair »

am wrote: Sat Mar 13, 2021 9:03 pm
Aaand...it'sgone wrote: Sat Mar 13, 2021 8:50 pm For those with a crypto allocation, are you rebalancing out of crypto as it grows, or letting it ride? I have a small crypto allocation (started as 1% of 'fun money'), and it's starting to outgrow it's allocation quite a bit (3% now).
Letting it ride. I’d have more regrets if crypto keeps growing then If I lost it all. My initial <1% portfolio investment has grown to 4x the size, Seems like, we’re going to go much higher with NFTs, Defi, bitcoin taking on gold, etc.
That’s speculation, the whole point of an AA is to rebalance once it grows out of the set band. Buy low, sell high. Otherwise one should probably increase the set % in the AA. People treat BTC like a religion instead of an investment.
All posts are my own opinions and are not financial advice.
SlowMovingInvestor
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by SlowMovingInvestor »

Apropos of my earlier comment about stim checks (although this talks about stocks)

https://www.bloomberg.com/news/articles ... nd=premium
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nedsaid
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by nedsaid »

Oh boy. Now I am awaiting a Bitcoin in Freefall thread.
A fool and his money are good for business.
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MinnGuyInvesting
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by MinnGuyInvesting »

nedsaid wrote: Sun Mar 14, 2021 12:43 am Oh boy. Now I am awaiting a Bitcoin in Freefall thread.
We can create that in about 4-5 days probably when it rolls back under $60k.
Index ETF's 45% |ARK Funds 30% | AAPL 5% | TSLA 4% | GOOGL 2% | AMZN 1.3% |Other stocks 4.5% | BTC/ETH 9% |
am
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by am »

Corsair wrote: Sat Mar 13, 2021 11:16 pm
am wrote: Sat Mar 13, 2021 9:03 pm
Aaand...it'sgone wrote: Sat Mar 13, 2021 8:50 pm For those with a crypto allocation, are you rebalancing out of crypto as it grows, or letting it ride? I have a small crypto allocation (started as 1% of 'fun money'), and it's starting to outgrow it's allocation quite a bit (3% now).
Letting it ride. I’d have more regrets if crypto keeps growing then If I lost it all. My initial <1% portfolio investment has grown to 4x the size, Seems like, we’re going to go much higher with NFTs, Defi, bitcoin taking on gold, etc.
That’s speculation, the whole point of an AA is to rebalance once it grows out of the set band. Buy low, sell high. Otherwise one should probably increase the set % in the AA. People treat BTC like a religion instead of an investment.
Did I just hear the first admission ever on bogleheads that bitcoin is an investment and not a scam, rat poison, etc? :D
WhyNotUs
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by WhyNotUs »

matt1882 wrote: Sat Mar 13, 2021 7:46 pm
WhyNotUs wrote: Sat Mar 13, 2021 6:10 pm Don't follow the price but I know that the energy use continues to soar, about as much as the entire country of Argentina. Not impressed.
the relevant questions are what is the marginal cost, in terms of electricity, to process a single bitcoin transaction today (and in the indefinite future); and what is the marginal cost, in terms of electricity, to mine a single bitcoin today (and for the next 120 years)?
"A single bitcoin transaction uses roughly 707.6 kilowatt-hours of electrical energy–equivalent to the power consumed by an average U.S. household over 24 days, according to Digiconomist. On a yearly basis, bitcoin consumes more energy than all but 38 countries, falling in line with countries like Finland, Chile and Austria."

https://www.forbes.com/sites/jonathanpo ... ate-change
I own the next hot stock- VTSAX
yosim
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by yosim »

moneyman11 wrote: Sat Mar 13, 2021 10:46 am
ohboy! wrote: Sat Mar 13, 2021 10:38 am
moneyman11 wrote: Sat Mar 13, 2021 10:28 am
ohboy! wrote: Sat Mar 13, 2021 10:04 am I don’t really understand how anyone who has crypto could be more bullish on BTC than ETH.
I’m a ETH/DeFi fan as well, but will always hold more BTC than ETH. To understand “how anyone who has crypto could be more bullish on BTC than ETH”, study how the “DAO hack” was handled by ETH and then try to understand how there could exist a large group of people for whom the ability to just “roll back” undesired activity is not a feature they wish to have on their supposedly “immutable” financial ledger.
It was a different time in the Ethereum ecosystem. I can point to all sorts of historical Bitcoin issues. I believe now the biggest FUD in crypto is POW mining. POS is 99% more efficient. I like Bitcoin more than US dollars, don’t get me wrong. I just like ETH exponentially more. And I care about the environment. You will find other posts here where I confront mining environmental FUD, but that’s for some perspective, I don’t think there is much argument to be had that POW is better than POS personally. Time will tell I suppose.
Ok. You asked “why”, and I gave you what is the most fundamental reason why. Sounds like it is not as important to you, but it is important to many as the fundamental reason why permissionless, immutable, digital finance even exists in the first place.
it's amazing the stories people will tell themselves and the FUD they will believe, they will learn the hard way as always
Mindbender
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Mindbender »

FIREyourself wrote: Sat Mar 13, 2021 8:13 pm
am wrote: Sat Mar 13, 2021 6:04 pm Look at baseball cards. A gem mint piece of cardboard from 1980 with a picture of Rickey Henderson on it just auctioned for 180k on eBay.
At least those pieces of cardboard are unique. Can't even say that about Bitcoin.
This puzzles me. Are you aware of how bitcoin exists on the blockchain? Your bitcoin is one of the most unique things in existence. Just wait until you hear about non fungible tokens. :D
FIREyourself
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by FIREyourself »

Mindbender wrote: Sun Mar 14, 2021 9:51 am
FIREyourself wrote: Sat Mar 13, 2021 8:13 pm
am wrote: Sat Mar 13, 2021 6:04 pm Look at baseball cards. A gem mint piece of cardboard from 1980 with a picture of Rickey Henderson on it just auctioned for 180k on eBay.
At least those pieces of cardboard are unique. Can't even say that about Bitcoin.
This puzzles me. Are you aware of how bitcoin exists on the blockchain? Your bitcoin is one of the most unique things in existence. Just wait until you hear about non fungible tokens. :D
I guess I should have said rare...
1/3 VTI | 1/3 VXUS | 1/3 BND
Paul78
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Re: Cryptocurrency - Bitcoin Continues to Soar!

Post by Paul78 »

SlowMovingInvestor wrote: Sat Mar 13, 2021 7:11 am
z3r0c00l wrote: Sat Mar 13, 2021 7:02 am That is a fascinating observation and I can certainly see the correlation, the government is sending out money at the rate of what, a few billion per hour right now? I bet Target will be packed later in the day :shock:
Not quite the same, but I remember stopping by a WalMart and grocery supercenter late at night once 2 years back, and there was a huge crowd of people with carts filled up, but not checking out. They waved me ahead, and then as I was leaving, midnight struck and immediately, the shoppers started getting checked out. It was the last day of the month and food stamp cards are refilled at midnight ..
Or like in Raising Arizona where the bank is usually dead/doesn't have much cash expect on the day when farmers come to cash their subside checks.

But yes I could easily see people investing into bitcoin or whatever with stimulus checks. Don't get me wrong many people need the checks right now to help pay for the basics but then there is also a large chunk of people that didn't get laid off or take a pay cut and this is just "extra" money for them. There is also a section of people that were just working to help pay for college (or have some "fun" money to spend during college as their parents or finical aid or scholarships were covering the basic cost). They ended up with a lot more because in many cases the unemployment benefit was more than what they were making and they got these rounds of stimulus checks.
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