Elon Musk has crashed Bitcoin to pre-Tesla investment levels

poohbear

Posts: 643   +557
I would be ok with a crypto crash completely, hopefully that would drive money back to the stock market. My stocks would appreciate a little more buyers on the market. ;-)

I sold all my ETH @4300 some days ago and I havent been trading with crypto for months and wont trade them ever again. I am all in tech stocks moving forward.
The only crypto I have is what my gaming rig with a 3060Ti can mine in its idle times.
The situation has become a bit bizarre...bitcoin is trading in lockstep with the stock market now. I.e. When bitcoin goes down, the stock market goes down & vice versa. This pattern has been noticed the past few weeks and analysts keep commenting about it. It seems it has become a legitimate asset class that people actively invest in. 🧐🧐
 

Bl00dyMinded

Posts: 335   +465
We just going to ignore that Crypto is all green again and BTC is trending back at $42k? Where are all the people enjoying the burn being put out by the fire fighters? :D

Just hope you were smart enough to buy the dip.
 

NightAntilli

Posts: 764   +968
We just going to ignore that Crypto is all green again and BTC is trending back at $42k? Where are all the people enjoying the burn being put out by the fire fighters? :D

Just hope you were smart enough to buy the dip.
I am not willing to invest more of my money into crypto... I still have to eat lol. So... For the first time ever, I used some of my crypto as collateral to get some money and buy more crypto. 8% yearly interest to borrow on your crypto is a joke. I already gained that back, and then some.

The crash is the perfect time to do this, since you get a max of 50% of money against your collateral. It's much harder to get liquidated after such a drop, because dropping another 50% from such a crash is quite unlikely. It's a lot easier to get liquidated if you borrow at near all time highs. If you borrowed against your BTC above 60k, you would have been liquidated yesterday.
 

Bl00dyMinded

Posts: 335   +465
I am not willing to invest more of my money into crypto... I still have to eat lol. So... For the first time ever, I used some of my crypto as collateral to get some money and buy more crypto. 8% yearly interest to borrow on your crypto is a joke. I already gained that back, and then some.

The crash is the perfect time to do this, since you get a max of 50% of money against your collateral. It's much harder to get liquidated after such a drop, because dropping another 50% from such a crash is quite unlikely. It's a lot easier to get liquidated if you borrow at near all time highs. If you borrowed against your BTC above 60k, you would have been liquidated yesterday.
Yes sir! Another trick to avoid capital gain taxes are... When it goes up you sell some and profit. and when it dips you sell the dip and buy right away what you just sold. Come tax season you can write off your lost when you sold so you don't have to pay capital gain taxes or as much. But in reality you didn't lose anything because you bought it right back ;). Some people just don't know how to play the game.
 

Markoni35

Posts: 1,234   +507
The usual tidal behavior. Like a pump. Up and down. Each time it goes up, rich become richer. Others can earn mucho dinero too, but they don't have the schedule with the precise timing. When exactly to buy. When exactly to sell. So they never earn as accurately as the whales.
 

NightAntilli

Posts: 764   +968
The usual tidal behavior. Like a pump. Up and down. Each time it goes up, rich become richer. Others can earn mucho dinero too, but they don't have the schedule with the precise timing. When exactly to buy. When exactly to sell. So they never earn as accurately as the whales.
Whales battle each other too though. It's not as if all whales are working together to steal from the poor.
 

scavengerspc

Posts: 1,591   +1,620
TechSpot Elite
The usual tidal behavior. Like a pump. Up and down. Each time it goes up, rich become richer. Others can earn mucho dinero too, but they don't have the schedule with the precise timing. When exactly to buy. When exactly to sell. So they never earn as accurately as the whales.
Absolutely true, and it is advantageous to buy at the beginning when the risk is lower. If anyone here had bought into BC when I did 6 years ago, even just 3 of them which would have been just over $1000 total, look at what they could have sold them for.

"You got to have money to make money" while true does not mean you have to start with a small fortune. Sometimes rent money can get you going.

Smart + Balls = $$
 

Markoni35

Posts: 1,234   +507
Absolutely true, and it is advantageous to buy at the beginning when the risk is lower. If anyone here had bought into BC when I did 6 years ago, even just 3 of them which would have been just over $1000 total, look at what they could have sold them for.

"You got to have money to make money" while true does not mean you have to start with a small fortune. Sometimes rent money can get you going.

Smart + Balls = $$

You forgot a variable in your formula.

Smart + Balls + Luck = $$$

Anyone who says that luck doesn't play a role was probably very lucky. Rich people often don't think that money is important, since they can't remember times when they were out of money. Same is true for lucky people.