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Cryptocurrencies Part III - We ran as if to meet the Moon

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I've sold most of my holdings (perfect timing to jump back in), what the hell is going on today? I vaguely saw some headlines about it being related to inflation in the US dollar or something
 
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McGarnagle said:
Bitcoin and Ether shitting itself after I sold a crap ton at between $65-69 and $3100-$3000 respectively. And by the end of the month I should be able to start buying again. I feel #blessed
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Nice timing!!! Not sure when you should jump back in, i think it goes down more, maybe even until the election. Hard to say but you must be feeling good now haha.
 
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The Crypto Guy said:
Nice timing!!! Not sure when you should jump back in, i think it goes down more, maybe even until the election. Hard to say but you must be feeling good now haha.
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$53-55k seemed like one hell of an entry. Wouldn't shock me if we see $45k over the next 6 months, but I sure as hell wouldn't sit around waiting for it.
 
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BreadManPanarin said:
$53-55k seemed like one hell of an entry. Wouldn't shock me if we see $45k over the next 6 months, but I sure as hell wouldn't sit around waiting for it.
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Yea it’s definitely not getting to 45k. Once it looked apparent that trump is the favorite to win after the assassination attempt, it’s been on the upward swing. I expect new ATHs for bitcoin/ether before the end of the year.
 
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The Crypto Guy said:
Yea it’s definitely not getting to 45k. Once it looked apparent that trump is the favorite to win after the assassination attempt, it’s been on the upward swing. I expect new ATHs for bitcoin/ether before the end of the year.
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It would take a black swan scenario in traditional financial markets. That would almost surely send BTC to $45-50k for a brief period, and then it would likely rocket higher.

Man, the ETHBTC price action post-ETH ETF launch is something to behold. Lmao

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BreadManPanarin said:
It would take a black swan scenario in traditional financial markets. That would almost surely send BTC to $45-50k for a brief period, and then it would likely rocket higher.

Man, the ETHBTC price action post-ETH ETF launch is something to behold. Lmao

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You’ve been around Crypto to know a 3 day window means nothing. But I guess you still troll Ether. Ethereum ETF going live is huge news, which obviously upsets you.

Anyway, everything is down because Trump isnt as likely to win anymore.
 
Instead of investing in crypto isn’t it better just to throw that money at paying off your house or car faster? You end up saving tens of thousands to hundreds of thousands by skirting that interest.

So yeah I could throw $50k at ETH right now and MAYBE in 5 years it hits $10-$12k. With $50k I could buy 16 ETH and if it hits that number, which is FAR from a guarantee, I would make $192k. Sounds great but I would also have to pay taxes on those profits.

If you bought a house recently or buy one in the next couple of years, interest rates will be at least 6% for the foreseeable future. Seems like knocking down a 10% chunk of your principal loan would be the more responsible move. Less risky than banking on a highly volatile asset perhaps
 
x Tame Impala said:
Instead of investing in crypto isn’t it better just to throw that money at paying off your house or car faster? You end up saving tens of thousands to hundreds of thousands by skirting that interest.

So yeah I could throw $50k at ETH right now and MAYBE in 5 years it hits $10-$12k. With $50k I could buy 16 ETH and if it hits that number, which is FAR from a guarantee, I would make $192k. Sounds great but I would also have to pay taxes on those profits.

If you bought a house recently or buy one in the next couple of years, interest rates will be at least 6% for the foreseeable future. Seems like knocking down a 10% chunk of your principal loan would be the more responsible move. Less risky than banking on a highly volatile asset perhaps
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Of course.

Used crypto to pay off my wife's 70k in student loans last year. Also paid off both our cars when we bought them out after our lease was up.

House is also paid for.

I wouldnt want any high interest things over my head.
 
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The Crypto Guy said:
Of course.

Used crypto to pay off my wife's 70k in student loans last year. Also paid off both our cars when we bought them out after our lease was up.

House is also paid for.

I wouldnt want any high interest things over my head.
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That’s great man. Congrats.

I’m glad what I’m saying is making sense. Theres gains to be had through investments but when interest rates on homes are an absolute killer, why not eliminate your debt first. I HATE debt. I hate having it hang over my head and I hate that it’s costing me more money to keep making monthly payments than if I just paid my car off. A coworker of mine bought his house a few years ago for $409k in the burbs and he’s trying to pay it off as quickly as possible. Otherwise he’ll pay over $400k in interest alone over a 30 year mortgage.

I think these investment apps try and funnel people into thinking the opposite
 
x Tame Impala said:
That’s great man. Congrats.

I’m glad what I’m saying is making sense. Theres gains to be had through investments but when interest rates on homes are an absolute killer, why not eliminate your debt first. I HATE debt. I hate having it hang over my head and I hate that it’s costing me more money to keep making monthly payments than if I just paid my car off. A coworker of mine bought his house a few years ago for $409k in the burbs and he’s trying to pay it off as quickly as possible. Otherwise he’ll pay over $400k in interest alone over a 30 year mortgage.

I think these investment apps try and funnel people into thinking the opposite
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Personally I would much rather have a $500k mortgage at 6.75% and $500k worth of Bitcoin than a paid off house and no Bitcoin, because I expect the Bitcoin to appreciate a lot faster than 6.75% per year.

The Crypto Guy said:
You’ve been around Crypto to know a 3 day window means nothing. But I guess you still troll Ether. Ethereum ETF going live is huge news, which obviously upsets you.
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Yes, a 3 day window is not meaningful.

Yes, I still enjoy trolling ethereum playfully, as I believe it is a misallocation of capital that could go toward Bitcoin.

No, I am not upset about Ethereum having ETFs. I see no problem with it.
 
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The Crypto Guy said:
You’ve been around Crypto to know a 3 day window means nothing. But I guess you still troll Ether. Ethereum ETF going live is huge news, which obviously upsets you.

Anyway, everything is down because Trump isnt as likely to win anymore.
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Why is it tied to Trump?
 
BreadManPanarin said:
There is a perception that Trump is the more crypto-friendly candidate. He is speaking at the Bitcoin Conference later today.
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Also has some big crypto backers like the Winklevoss twins. Crypto will likely finally be embraced by the US if he gets elected. The Biden/Harris admin will likely continue to look at it like a competition to the US currency to keep it down.
 
I sold $27K worth of BTC in May in the 65-69 range. Now it's collapsed to all hell. I got very lucky with the timing, no skill, all luck.
 
BUY BUY BUY!!

First time i’ve bought more Eth in 3 years!

Japan stock market just opened and crashed, expect the same for the US tomorrow!

Cant wait for the news to keep trying to tell us we arent in a recession:laugh:
 
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The Crypto Guy said:
BUY BUY BUY!!

First time i’ve bought more Eth in 3 years!

Japan stock market just opened and crashed, expect the same for the US tomorrow!

Cant wait for the news to keep trying to tell us we arent in a recession:laugh:
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Where's the bottom? I've heard people saying 45K is possible.

It is a good time to get back in and buy again. DCAing probably the best strategy though.
 
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