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

[McGarnagle]

Good lord, normally when a commodity spikes there are natural braking points where stops are triggered and minor retracements happen, but BTC blew straight past 80 to f***ing 86K without taking a breather.

Complete parabola right now, and this might just be the ground floor.

Edit: Just broke through $88K

Edit #2: $89K now lmao

 

[BreadManPanarin]

I trimmed my MSTR position a couple of months ago. Sold 20 call contracts for $40k. Had a very nice gain.

Today those calls are worth over $300k. Oops. No more trimming for a while.

 

[TheDoldrums]

$92k...

I remember when they were doing memes for it being over $9000 lol

 

[McGarnagle]

$92k...

I remember when they were doing memes for it being over $9000 lol

I remember getting in at about $27K and thinking I was too late to the party. Or when I added a bunch at about 60K thinking I chased it too much when it cut back.

 

[BreadManPanarin]

There does not exist a USD price at which you have missed out on Bitcoin.

The fully diluted supply of US dollars and other fiat currencies is unlimited (∞).

The price of Bitcoin is programmed to go up forever because ∞/21 million = ∞

 

[Primary Assist]

There does not exist a USD price at which you have missed out on Bitcoin.

The fully diluted supply of US dollars and other fiat currencies is unlimited (∞).

The price of Bitcoin is programmed to go up forever because ∞/21 million = ∞

What if someone tries to sell me a bitcoin for infinite dollars

 

[BreadManPanarin]

What if someone tries to sell me a bitcoin for infinite dollars

That's not how this works, obviously. The point is not that Bitcoin is worth infinite dollars today.

The point is that if you are holding Bitcoin you can have a reasonable mathematically driven expectation that it will go up in value relative to dollars forever, when viewed over longer time frames. Over short time frames it is of course incredibly volatile, which tricks a lot of people out of seeing the bigger picture:

Life gets more expensive over time when you save in dollars, and cheaper over time when you save in Bitcoin. I look forward to buying my next house for less than 1 BTC sometime in the next handful of years.

 

[Primary Assist]

That's not how this works, obviously. The point is not that Bitcoin is worth infinite dollars today.

The point is that if you are holding Bitcoin you can have a reasonable mathematically driven expectation that it will go up in value relative to dollars forever, when viewed over longer time frames. Over short time frames it is of course incredibly volatile, which tricks a lot of people out of seeing the bigger picture:

View attachment 931025

Life gets more expensive over time when you save in dollars, and cheaper over time when you save in Bitcoin. I look forward to buying my next house for less than 1 BTC sometime in the next handful of years.

Thank you for the thorough response to my smartass question! Man I miss those early 2021 discussions we used to have in the Covid forum

 

[BreadManPanarin]

Man, that brings me back… wonder what ever happened to that guy who was 100% all in Cardano and was convinced it would outperform BTC long term. RIP…

 

[McGarnagle]

Man, that brings me back… wonder what ever happened to that guy who was 100% all in Cardano and was convinced it would outperform BTC long term. RIP…

TSLA iS oVeRpRiCeD1!1!11

 

[x Tame Impala]

Man, that brings me back… wonder what ever happened to that guy who was 100% all in Cardano and was convinced it would outperform BTC long term. RIP…

ZDH or something like that was his name I think

 

[BreadManPanarin]

ZDH or something like that was his name I think

ADA is down 86% in BTC terms since then.... Poor fella.

 

[FlappyGiraffe]

Today could be the day - Q4 2021 here we come!

 

[Primary Assist]

Bitcoin hit its ATH at Wayne Gretzky-thousand earlier today. Still a bargain.

 

[Toothless Legend]

Bitcoin hit its ATH at Wayne Gretzky-thousand earlier today. Still a bargain.

Thank god there's only ever going to be a Peter Forsberg-million of them.

 

[McGarnagle]

The price has tested 99 throughout the day, sitting in the 98s for most of the day. My guy feeling is that as soon as it breaks the mythical $100K resistance line, it's going to keep rocketing up to like $120 before settling back down at $105-110. But I'm not confident enough to put money on that.