Bitcoins/Litecoins/Virtual Currencies

Jackie Treehorn

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Friendly reminder not to buy crypto on Friday nights.
Call me Johnny Paperhands, but I just sold VET at 0.204 for a decent profit from last night.

Shit is sliding again and I’m gonna be too busy tonight and tomorrow to continually monitor the situation and don’t want to stress it.

I’m going to set numerous price alerts and act accordingly before rebuying.

In fact I’m just gonna put in some lower limit buys.
 
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Jackie Treehorn

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I'm strongly suspecting we're going to see another middle of the night flash crash this weekend.
Yeaaaah. I’m just sketched. We’ve had what, like 4 dips this past week or two now? Granted everything has recovered to ATHs for some things.

Escaping + a few thousand from being down like $10k plus last night has me all ehhhhh.
 

Rajaah

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Even though my buy-in average is .22 I'm considering selling tonight if it reaches .21 and then rebuying it over the weekend during whatever customary weekend mini-crash happens. Hopefully the result = more than I started with (i.e. buy at .16 or .17).
 
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Jackie Treehorn

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Even though my buy-in average is .22 I'm considering selling tonight if it reaches .21 and then rebuying it over the weekend during whatever customary weekend mini-crash happens. Hopefully the result = more than I started with (i.e. buy at .16 or .17).
I have my limit buy set at 0.13 (lol) but I should probably make it 0.15-0.16.
 

Sanrith Descartes

Veteran of a thousand threadban wars
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Even though my buy-in average is .22 I'm considering selling tonight if it reaches .21 and then rebuying it over the weekend during whatever customary weekend mini-crash happens. Hopefully the result = more than I started with (i.e. buy at .16 or .17).
So you want to sell at a loss so you can hopefully buy the same thing at a lower price?
 
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Rajaah

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I’m still waiting on doge hitting 1 dollar. Any minute now. Hodl.

I'm still salty about losing $100 on Doge when I got it during the last big spike ("big" compared to now). Immediately dropped 20% and sat there for months until I gave up on it. People told me to keep it and I laughed at their joke currency.

I think it'll hit $1 almost for certain. Seems like a big goal for a lot of prominent people. However I also think the fad will die way down after it does, and have no plans to get back into the Doge Market.

I mentioned that MANA is like seeing an old girlfriend doing well and being happy for her. Well, Doge for me is more like that one girlfriend in my hometown who wouldn't do anything I wanted while we were together, then when she got a new boyfriend she did all of it. Yep, she decided THAT was the time to dye her hair red, start wearing sexier outfits, and instagram-posting her new enthusiam about threesomes and swinging. That's how I feel about Dogecoin.

Fuck Dogecoin.
 
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Rajaah

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So you want to sell at a loss so you can hopefully buy the same thing at a lower price?

On paper it doesn't look like a good idea, but I think there's a very strong chance we'll see both A) An upswing this evening and B) A downswing over the weekend, probably late Saturday night. Seeing .13 wouldn't actually shock me, but I hope not.

Or to put it another way, if I get close to a loss-recoup I'll go back to USD and see if we get a slump over the weekend where I can get back in and have a lower starting position.
 
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Sanrith Descartes

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Given the circumstances it’s really not that far fetched of an idea. 😬

Asia waking up soon so we’ll see what effect they have.
No, it really is. I could drop the math but suffice it to say the cost basis is 0.22. Sell at a loss at 0.21. Hope to buy at 0.17/0.18 and ride it up. If the price hits 0.20 then you made about 0.02 minus the loss you ate so about a penny a share. If it only hits 0.19 you break even. If it hit 0.23 then you could have sat tight, had zero risk and made a profit The risk btw, is you eat a loss, buy at 0.17/0.18 and then it drops again because there is no way to gauge it other than guesswork and hopium. You end up compounding your loss.

All for pennies of possible profit per coin. This risk vs reward is worse than marrying your ex-wife a second time because "hey, it could be worse than it was the first time you did it".

Also I didn't account for rransaction fees because I don't know them but I am guessing trades aren't free.
 
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Sanrith Descartes

Veteran of a thousand threadban wars
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On paper it doesn't look like a good idea, but I think there's a very strong chance we'll see both A) An upswing this evening and B) A downswing over the weekend, probably late Saturday night. Seeing .13 wouldn't actually shock me, but I hope not.

Or to put it another way, if I get close to a loss-recoup I'll go back to USD and see if we get a slump over the weekend where I can get back in and have a lower starting position.
It's only bad idea on paper until you execute it and them it's a bad idea in reality. I wish you all the best, but this idea really isn't... good.

Just curious, do you pay any transaction fees on these trades?
 
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Jackie Treehorn

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No, it really is. I could drop the math but suffice it to say the cost basis is 0.22. Sell at a loss at 0.21. Hope to buy at 0.17/0.18 and ride it up. If the price hits 0.20 then you made about 0.02 minus the loss you ate so about a penny a share. If it only hits 0.19 you break even. If it hit 0.23 then you could have sat tight, had zero risk and made a profit The risk btw, is you eat a loss, buy at 0.17/0.18 and then it drops again because there is no way to gauge it other than guesswork and hopium. You end up compounding your loss.

All for pennies of possible profit per coin. This risk vs reward is worse than marrying your ex-wife a second time because "hey, it could be worse than it was the first time you did it".

Also I didn't account for rransaction fees because I don't know them but I am guessing trades aren't free.
I was thinking more along the lines of rebuying at 0.15-16 myself.

In which case, buying $40-50k worth at 3-4-5 cents cheaper is quite significant over time, especially with a projected value of, say, $2.00-3 a coin in the next few years.

But I also sold for a couple grand profit earlier.

Fees are insignificant.
 

Intrinsic

Person of Whiteness
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Couldn’t sleep last night so had my Binance all set up. Put in a limit of 0.17 for 6,500 shares just to see what happens. Executed during my flight. May put in another $1k in a limit of something stupid low and just see.
 
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Sanrith Descartes

Veteran of a thousand threadban wars
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I was thinking more along the lines of rebuying at 0.15-16 myself.

In which case, buying $40-50k worth at 3-4-5 cents cheaper is quite significant over time, especially with a projected value of, say, $2.00-3 a coin in the next few years.

But I also sold for a couple grand profit earlier.

Fees are insignificant.
Ok. You are a different scenario than the other one because you sold for a profit. If you are already long the instrument and think it is going to go higher after a "slight" dip of 4-5 pennies, the correct answer is to be patient and wait, not realize a loss.

Honest question... if you were already long $40k worth of APPL with a cost basis of $140.00 would you sell it at $139.99 in hopes to buy it back at $139.94 in the believe it is going to go higher after you buy?
 
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Jackie Treehorn

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Ok. You are a different scenario than the other one because you sold for a profit. If you are already long the instrument and think it is going to go higher after a "slight" dip of 4-5 pennies, the correct answer is to be patient and wait, not realize a loss.

Honest question... if you were already long $40k worth of APPL with a cost basis of $140.00 would you sell it at $139.99 in hopes to buy it back at $139.94 in the believe it is going to go higher after you buy?
Well no, because that’s not 20-30 percent cheaper. 😀

Apt comparison would be selling at $139.99 to rebuy at $100.
 
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Gravel

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Good post, and I'm not trying to crap on bitcoin per se, I'm just saying the very point of the monetary system is corruption and they will squash any threat to continuing the grift. Corruption is a feature, not a bug.

To address your bullet points:

1. They don't care. They don't care about avoiding any of that. They talk about it, but they will collapse the entire system before they actually take action so it's a moot point.
2. How long term are we talking? After a collapse of a currency? At that point, it doesn't matter. Governments and economies don't operate on geologic timelines, 20 years is a long time in monetary policy terms, and 50 years is about as long as any currency system lasts without major reforms. We are in that window now if you look at the last time the dollar shifted which was when we went off the gold standard in the early '70s.
3. Not much longer. What will replace it will be either a digital dollar, or more likely the Yuan. China's problems will magically disappear if they become the world's reserve currency, just like all of our stupid policies like QE are masked by being the world's reserve currency.
4. Bitcoin isn't built on debt, and debt is the point of the current system. Like I said, it's a feature not a bug, it's how they fuck everyone and accrue all wealth to themselves over time. Going away from that is needed I agree, but it won't come without a massive upheaval and that upheaval is very unlikely to come from within the US sphere of influence. The central banks/fed are simply too powerful. Whether it meets all of those goals is irrelevant to our current rulers, and that's who's going to decide whether it lives or dies, not us.
5. Governments are full of the incompetent, true. But the people who ACTUALLY control govs: fed reserve, wall street, central banks, etc are pretty much the most competent and ruthless people on the planet. If you think the actual 'people' of the US or west have any say in the government's monetary policy, or any policy that affects the aforementioned people... well I have this great fractional ownership deal on a large clock in London I'd like to share with you. Or maybe we can ask all those people who are currently serving time for all the bullshit that caused the 2008 collapse... oh wait...
6. Afraid of a few globalists personally? No. Afraid of the militaries they control? The nukes they control? Their ability to dictate 'reality' through the media? Yes. You do understand these people control TRILLIONS of dollars and all western govs through their proxies and by extension their militaries, including the US military? We're talking about the entire system here. Monetary policy is at the root of it, and there is no way in hell that while these people still have power they will brook any serious competitor to that power.


Don't get me wrong, I think if bitcoin or some other decentralized currency were allowed to do its thing like you're talking about, it would unfuck the world in many many ways like you say. But the powers that control the world's money will never allow that to happen BECAUSE of that very reason.

This is all just my opinion though and I seem to becoming more cynical by the minute, so grain of salt and all that :)
And to go back to my point, there's nothing special about bitcoin that can't be replicated. Why would the crypto they can't control be the one they pick instead of something that governments develop?
 
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