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  • #46
    We should make this the official crypto thread, then. I bought a fair amount at 7K about a year ago. Want to buy more, but I don't know when to pull the trigger.

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    • #47
      Originally posted by EasyDisease View Post
      We should make this the official crypto thread, then. I bought a fair amount at 7K about a year ago. Want to buy more, but I don't know when to pull the trigger.
      7k is a great price. It seems like nearly every time bitcoin hits a new high there's a media spike and a rally, and we're pretty close to one right now.

      If you look at the long-term trend for bitcoin prices, you can kind of pick out an exponential curve with a ton of spikes around it. That curve, to my eye, lines up with a current price around $10k. That's a bunch of voodoo and nonsense but we've regressed back to that curve enough for my confirmation bias to really put up a fight against the rational part of my brain.

      I've been looking to sell a big chunk if you wanted to try to work something out directly, but I'm not sure it'd be worth the trouble for either of us.

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      • #48
        Wonder if that was the peak at $34,999 or if we've got more gains coming.

        I've been meaning to sell for a little while now. Will probably get around to it in the next day or two. Gonna sell most of it for cash, but I'm also going to pick up some gold with it as well. I can imagine people laughing in my face 20 years from now for trading Bitcoin for gold in 2020.

        Some of the first bitcoin I ever got was actually trading the other way. I sent some silver coins to this random guy in Canada and he sent me bitcoin. 1 oz of silver to 1 bitcoin. The guy I bought them from had no idea what bitcoin even was. His ISP back in like late 2010 had introduced an option where you could pay your bill by bitcoin. He was mining them on his basic home computer. I spoke with him on the phone and even then, with bitcoin at about $15, he had that bemused tone of someone who just had a huge windfall and hasn't really wrapped their head around it yet. He definitely had thousands of bitcoin, if not tens of thousands.

        I'm guessing not many people took advantage of that ISP's offer. But it's funny to imagine a world where they did and now you have a small town in Canada where every household is worth 8 figures because some nerdy guy at the ISP was into crypto.

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        • #49
          LARP, can you give me the upshot of the OCC's new guidance regarding stablecoin networks? I notice a bit of a rally going on, and I assume it's related.

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          • #50
            Originally posted by EasyDisease View Post
            LARP, can you give me the upshot of the OCC's new guidance regarding stablecoin networks? I notice a bit of a rally going on, and I assume it's related.
            It’s way over my head, but I’ll wade in anyway. There have always been two questions with Bitcoin. Will Bitcoin win, and will blockchain technology win. This announcement seems like one more (huge) step in confirming that blockchain will win. But it has no direct bearing on Bitcoin. These chains are totally separate.

            If they use a stablecoin like USDT (Tether), which I believe they may, then that has Ethereum as its backbone and it would surely be good for the value of ETH. You need to spend small amounts of ETH to send USDT.

            It’s hard to tell where these rallies come from, but the current one seems more driven by hype around institutional investors making big buys. If these big asset-holders decide they want to have, say, 2% of their portfolio in crypto then that’s a lot of buying activity that needs to happen.

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