Crypto Currency

Discussion in 'West Mall' started by AC, Mar 25, 2020.

  1. Monahorns

    Monahorns 5,000+ Posts

    The comparison you are making isn't the appropriate one. Do you know if or how prices in BTC in El Salvador changed. Did their prices go up 41.7%. Maybe but I haven't seen. The 41.7% is in terms of dollars not necessarily goods in a certain market.

    Also, I didn't say that El Salvador would make BTC prices stable. I said as more and more countries make it legal tender that will help stability.
     
  2. iatrogenic

    iatrogenic 2,500+ Posts

    I don't need to know the price of goods. I need to know how their prior currency changed relative to the dollar, and it was a 15% weakening. Therefore, Bitcoin was 26% worse than the prior currency.

    Bitcoin has been around long enough to find a stable footing, but it has not. Look at the facts as they are, not as you hope they will be as an investor. All the techno-geek talk of "block chain" and other vacuous mumbo jumbo sounds good, and as a conveyance of information it is good, but beneath the sweet allure is a steaming pile of cow manure.

    Not everyone in El Salvador was happy about the change. Governments have an almost inexhaustible list of failed decisions.
     
  3. Monahorns

    Monahorns 5,000+ Posts

    Yes you do because currencies relative position changes all the time without the prices for goods changing necessarily. There are more factors than just the one comparison. Prices are simply ratios of value between goods anyway.

    Yeah. 9 years. But monetary systems in the past developed over centuries. Put yeah. It should already be done while many governments fight its use.
     
  4. iatrogenic

    iatrogenic 2,500+ Posts

    Nobody lives in a closed system.

    Six months in, El Salvador’s bitcoin gamble is crumbling.

    Why Bitcoin Is Losing Its Shine in El Salvador

    El Salvador’s Bitcoin Law Is a Farce

    What happens when a whole country switches to bitcoin?
     
  5. iatrogenic

    iatrogenic 2,500+ Posts

  6. huisache

    huisache 2,500+ Posts

    Waiting for somebody to tell Damon his pal Howard Zinn was a commie snake oil salesman
     
  7. Monahorns

    Monahorns 5,000+ Posts

    Articles linked brought to you by the CIA!

    The first article was mostly about how the infrastructure wasn't built out enough and the transaction costs. That is more an issue with the implementation not the currency.
     
  8. iatrogenic

    iatrogenic 2,500+ Posts

    :lol:

    Yep, the CIA caused Crypto to fail. It wasn't a bad idea.
     
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  9. Chop

    Chop 10,000+ Posts

    Did most of y’all who dabble in crypto get out before this crash?
     
  10. Monahorns

    Monahorns 5,000+ Posts

    No. Still in. Do you pull everything out of the stock market when it turns down?
     
  11. iatrogenic

    iatrogenic 2,500+ Posts

    Do you get out of a burning house before it kills you?
     
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  12. Chop

    Chop 10,000+ Posts

    I don’t give investment advice, but as for me only, yes—when it breaks key support levels and keeps going down, I personally get the heck out of Dodge and don’t get bloodier and bloodier and bloodier as it goes down further. I set reasonable stop losses and don’t get mauled on any one trade. If it’s strong enough to the downside, I MIGHT even short it (on a pullback—actually a “pull-up” if it’s going down). That’s just what I generally do. I have no recommendations whatsoever for anyone else though.

    Everybody in the markets should seek the advice of a qualified investment advisor, don’t risk more than you can afford to lose, and don’t follow some random guys on an internet sports forum.
     
  13. Monahorns

    Monahorns 5,000+ Posts

    I'm not following anyone on the board. Jeez.

    But Chop you don't exit the whole stock market. The stock market has crashed many times in history and the next 10-20 years are predicted to be great. You cashing out?
     
  14. iatrogenic

    iatrogenic 2,500+ Posts

    Mona, the stock market is nothing like Crypto. It's a terrible analogy.
     
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  15. Monahorns

    Monahorns 5,000+ Posts

    It is treated by law as a financial asset like a stock. So it is indeed a good analogy.
     
  16. iatrogenic

    iatrogenic 2,500+ Posts

    If you say so.
     
  17. Monahorns

    Monahorns 5,000+ Posts

    It is an indisputable fact that the law treats cryptos as financial assets.
     
  18. iatrogenic

    iatrogenic 2,500+ Posts

    That is true, but you know that the stock market and the market for crypto are hugely different. Why are you even arguing that?

    I hope you make billions on the asset, but that argument is silly.
     
  19. OrangeShogun

    OrangeShogun 500+ Posts

    @Monahorns, is there a floor at which you would dump your crypto holdings? Conversely, if the opportunity arises, is there a level at which you would take profits?
     
  20. Monahorns

    Monahorns 5,000+ Posts

    I hadn't thought of it. Maybe $10,000 - $15,000, but I don't have much in it total anyway. At this point I wouldn't take profits.
     

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