GBTC....what the heck?

[mrmarket]

I have no idea what this is, or why it goes up, or why it will go down...but I think there are greater fools out there and I'll throw in a few sheckles tomorrow...what the heck.

[mrmarket]

I got in at 1436 at the open this morning...will keep a stop loss on it

[tko]

Mr Market,
Long time first time here. Appreciate all you do. I've been in this since early May at 220 so have now realized 7x or so. My son, who is into cryptos, turned me on to this. I plan on holding long term and will add on a substantial dip. Keep an eye on the premium. The pps usually dips once the premium exceeds 40%, even is bitcoin is up. Left from Citron has already bashed gbtc and he is due for another bashing.

[blindsquirrel]

Greater fool may be a good strategy with these cryptos. I've had a few people who don't invest telling me they are buying this crypto stock or that one. They are certainly hot right now and wow! What a bubble!

[Louetta]

I got in at 1436 at the open this morning...will keep a stop loss on it

You have a pair on you like this [hefts two grapefruit].

[mrmarket]

You have a pair on you like this [hefts two grapefruit].

up 17% so far...will keep me fruited for a while

[billyjoe]

Mr.Market, Watch out for that banana peel stuck on the bottom of your ice skate.

-----------billy

[jiesen]

up 17% so far...will keep me fruited for a while

Up 27% now... are you thinking of taking any of it off the table at this point?

[mrmarket]

I got out last week...

[billyjoe]

I'm telling my boys to sell their bitcoin pieces. Well, maybe half. Cryptocurrency is all Greek to me. Just got an e-mail from son #2. He says so many are saying it's a bubble, it's not yet a bubble until we least expect it !

----------------billy

[blindsquirrel]

It is for sure a bubble, just how elastic is that small film gonna be before it bursts? My take on bitcoin: All currencies require confidence to have any value at all. The dollar is stable because the government backing it is stable. Bitcoin is blowing up because, like you said, people don't understand it, so all they see is rising prices. All driven by an abundance of confidence in... what? When that confidence goes away - POP! One good thing for someone long bitcoin, there is only so many of them out there. So far, it isn't like the dollar where the US government prints more when they want more money in circulation. Supply and demands says these prices could go way, way higher before the pop.

[mrmarket]

It is for sure a bubble, just how elastic is that small film gonna be before it bursts? My take on bitcoin: All currencies require confidence to have any value at all. The dollar is stable because the government backing it is stable. Bitcoin is blowing up because, like you said, people don't understand it, so all they see is rising prices. All driven by an abundance of confidence in... what? When that confidence goes away - POP! One good thing for someone long bitcoin, there is only so many of them out there. So far, it isn't like the dollar where the US government prints more when they want more money in circulation. Supply and demands says these prices could go way, way higher before the pop.

What's sad is people are taking out 2nd mortgages to buy bitcoin. These are the same people who invest emotionally, so they will inevitably continue to hold as it goes up and then ride it down as well.

[billyjoe]

I know 2 people that have been in bitcoin for years , one, a friend of my son was sweating it out at $300 and sold. He got back in soon enough to hit it big. The other, an older gentleman I'd estimate in his early 70's has been preaching cryptocurrency for years. Most considered him to be a nut. He loved explaining bitcoin and ethereum to anyone who'd listen. Not many did.

-----------------billy

[mrmarket]

up another 20% today...seems to be all they talk about on CNBC!

[blindsquirrel]

I posted this link in the other bitcoin thread too, but I watched half of this long video today about Bitcoin. Mind = blown. I keep coming back to trust. I understand who is behind the dollar, but in essence, it is the Borg (sorry, Star Trek reference) behind Bitcoin. I don't see how it will stay secure. It is encrypted and secure NOW, but as it grows, it will be a bigger and bigger target. Big targets are where the bast hackers like to be. How long until one of them cracks it, gives themself 40,000 bitcoins and crashes the market?

Here is the video: https://youtu.be/N6NscwzbMvI