Bad Crypto Investing Advice

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Furious
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Re: Bad Crypto Investing Advice

Post by Furious »

After hitting a peak at $42,000 last week Bitcoin hit a bowel-emptying dip of $31,000 and has recovered to $37,500.

THIS is why you don't try to day trade crypto. You'll burn out out your stomach.
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Don't you DARE hit that sell button!
y u poek bear?
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Furious
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Re: Bad Crypto Investing Advice

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Annnnd Bitcoin is up $2000 from my last post.

Yeah. It's crazy.
y u poek bear?
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Furious
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Re: Bad Crypto Investing Advice

Post by Furious »

BTC is floop-flerping between 34000-36000

ETC jumped from 1000 to 1400 and is now "stable" at 1300

All we have to do now is wait for some bad fiscal policy... ssshhh...
y u poek bear?
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Furious
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Re: Bad Crypto Investing Advice

Post by Furious »

This is why you HODL and DON'T PANIC

The Fed Chairperson, two days ago:
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And BTC and ETH dropped 10-15% in value.


THEN, after she got a few phone calls from the investment firms hodling billions of Bitcoin
The Fed Chairperson, one day ago:
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(greyscale lets you post larger images :P)
y u poek bear?
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Furious
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Re: Bad Crypto Investing Advice

Post by Furious »

The GameStop Controversy

Here's what's going on:

- GameStop (stock name: GME) sucks and has for many years, buying out the good stores and monopolizing the used video game market.

- For different reasons (digital downloads, Amazon, Steam, big box stores, bad management) GME has been losing money and is on it's last legs.

- Then COVID-19 hit. GME execs decide you can't even go into many of the stores now, which is the whole reason customers put up with GameStop.

- Investment/hedge funds know this is happening and decide to short GME stock.
---- Shorting a stock means that you borrow the stock from someone else, sell it for an immediate profit, then hope the stock price crashes so you can buy it back at a discount, keep the difference, and then give the stock back to it's owner. While I play options I don't do this type of trading; if you do you're hoping that stock owners and business fail, or worse, you manipulate the market so the stock tanks, which is extremely slimy.

- A large group of Redditors/internet goofballs see this happening and buy ALL of the GME stock, raising the demand and price for it.

- Now the hedge funds are legally bound to buy back the GME they sold at a significantly higher price (it's called a short squeeze), to the tune of $BILLIONS$.

- The side effects of this are GameStop becoming valuable again and Redditors becoming rich, like, Bitcoin rich.

It will be interesting to see who flinches first in this standoff. If the Redditors don't sell, the demand (from the hedge fund) keeps the price high, despite attempts to tank GME.
y u poek bear?
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