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Old 05-09-2022, 10:21 PM   #1
RiverRat1
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Default What's the breaking point for Bitcoin?

It was down under 30k today.

People starting to say it's going to be worthless yet? Seems like when it's rising it's all fun in the sun and going to 1 million. Starts down and it's worth zero.

People giving up and dumping yet or buying?
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Old 05-09-2022, 10:29 PM   #2
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Clearly you don't get it.

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Old 05-10-2022, 06:24 AM   #3
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Keep thinking of a better “breaking point” thread to start. This wasn’t it.
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Old 05-10-2022, 06:48 AM   #4
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Are there people buying private jets and beach houses with it yet?
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Old 05-10-2022, 07:30 AM   #5
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Are there people buying private jets and beach houses with it yet?
Yes there are - there has been.
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Old 05-10-2022, 07:56 AM   #6
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All of crypto is plummeting.... I don't have much in it, and its a long term, like 10 year, hold for me.
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Old 05-10-2022, 07:58 AM   #7
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I'm about to buy more bitcoin
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Old 05-10-2022, 08:19 AM   #8
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Crypto isn’t going anywhere, the play right now is to determine which crypto will be left standing
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Old 05-10-2022, 08:25 AM   #9
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BTC moving in tandem with the S&P the past couple of months (or more). It bounced to 32k overnight, stock market poised for a bounce on open this morning. I still think there is a lot of downside before we see a return to bull market. Will be jumping in at some point, but not yet.
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Old 05-10-2022, 08:39 AM   #10
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I got into crypto in 2017. I have stayed away from the all but the main players and am still way up. I buy a little each month no matter what, just like my normal portfolio. Everything is a 10-15yr hold for me.
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Old 05-10-2022, 08:47 AM   #11
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Quote:
Originally Posted by flywise View Post
Are there people buying private jets and beach houses with it yet?
its up 400% in the last 2 years and roughly 2500% in the last 5 years, somebody has made some money off of it.
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Old 05-10-2022, 09:10 AM   #12
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Quote:
Originally Posted by flywise View Post
Are there people buying private jets and beach houses with it yet?
An acquaintance has bought several cars and effectively retired off bitcoin. How much of this is true? I mean I can only take him at his word, but I have no reason to doubt him.
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Old 05-10-2022, 09:26 AM   #13
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We bought into Bitcoin in 2014 and have done extremely well, I rolled more into it yesterday with the money made off it. We’ve added over 1200 acres off profits from it so I have zero complaints and we have a bunch left in place for the long haul road results. Love it or hate it but a lot of people have cashed in from it.
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Old 05-10-2022, 09:34 AM   #14
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Quote:
Originally Posted by AntlerCollector View Post
Keep thinking of a better “breaking point” thread to start. This wasn’t it.
ok, will do. Any ideas?

Quote:
Originally Posted by Playa View Post
Crypto isn’t going anywhere, the play right now is to determine which crypto will be left standing
Someone told me that would be XRP
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Old 05-10-2022, 09:49 AM   #15
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Quote:
Originally Posted by flywise View Post
Are there people buying private jets and beach houses with it yet?
Ive never touched the stuff but I know someone who bought a Lamborghini with it. (the profits from it....not actually with the coin itself)
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Old 05-10-2022, 09:55 AM   #16
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Dang it, I missed the low point again...
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Old 05-11-2022, 08:09 AM   #17
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Dang it, I missed the low point again...
check again
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Old 05-11-2022, 08:58 AM   #18
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LUNA coin went from well over $100 and straight down to under $1

This is not good for any cryptos. May buy the fear if things tank 25% from here
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Old 05-11-2022, 04:04 PM   #19
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I thought crypto was suppose to be an inflation hedge. Lol, not looking good
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Old 05-11-2022, 07:34 PM   #20
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Quote:
Originally Posted by CTR0022 View Post
I thought crypto was suppose to be an inflation hedge. Lol, not looking good
BTC has been way too much in lock-step with the S&P this year. The "institutional investor adoption" meme is more likely reality and they are selling to reduce risk. Still has quite a bit of downside to go, unfortunately. Ultimate bottom should be around 22k, hopefully it won't go that far, but it would be nice to catch a sweep of that low.
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Old 05-11-2022, 09:51 PM   #21
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Quote:
Originally Posted by SharpEnd View Post
BTC has been way too much in lock-step with the S&P this year. The "institutional investor adoption" meme is more likely reality and they are selling to reduce risk. Still has quite a bit of downside to go, unfortunately. Ultimate bottom should be around 22k, hopefully it won't go that far, but it would be nice to catch a sweep of that low.
Facts!

Everything is running like the S&P / SPY. Just need to be PAYtient and start scaling in, buying the the dip, averaging down.

There are too many variables affecting the market right now. Lots of fear and negativity.
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Old 05-11-2022, 10:05 PM   #22
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I never suggest this with stocks because I can trade technicals but with crypto, dollar cost averaging into it while it's down seems like a good strategy.

Just like stocks though, "the time to buy is when there's blood in the streets." That time could be now.
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Old 05-11-2022, 10:06 PM   #23
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What the hell is up with this breaking point bullcrap? If you have a breaking point in anything on this earth quit at life because you don't deserve to be here. I've seen more threads about breaking points than you can shake a stick at lately. I don't get it.

Breaking points are for the weak. Apparently it's some running joke that I'm not aware of but if you have a breaking point just stop.

Last edited by okrattler; 05-11-2022 at 10:17 PM.
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Old 05-11-2022, 10:15 PM   #24
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Quote:
Originally Posted by BigL View Post
I never suggest this with stocks because I can trade technicals but with crypto, dollar cost averaging into it while it's down seems like a good strategy.

Just like stocks though, "the time to buy is when there's blood in the streets." That time could be now.
100%
Right now a lot of stocks are on sale (black Friday).
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Old 05-12-2022, 08:46 AM   #25
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Quote:
Originally Posted by okrattler View Post
What the hell is up with this breaking point bullcrap? If you have a breaking point in anything on this earth quit at life because you don't deserve to be here. I've seen more threads about breaking points than you can shake a stick at lately. I don't get it.

Breaking points are for the weak. Apparently it's some running joke that I'm not aware of but if you have a breaking point just stop.
Looks like your breaking point is reading too many breaking point threads
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Old 05-12-2022, 01:09 PM   #26
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Not sure if this relates but I just left a meeting with a buddy that mines bitcoin. When the Chinese outlawed mining he went to Canada and bought $10M worth of Chinese computers and set shop up in Tx. which has low cost elec. he just spent another $1M liquid cooling the computers so he could mine 3 extra coins a month. He is quite savvy in the space. Anyway, just for the curious his break even on mining is $21,500 per coin.

Probably not relevant to the intent of this thread but I thought interesting
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Old 05-12-2022, 01:15 PM   #27
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Quote:
Originally Posted by elgato View Post
Not sure if this relates but I just left a meeting with a buddy that mines bitcoin. When the Chinese outlawed mining he went to Canada and bought $10M worth of Chinese computers and set shop up in Tx. which has low cost elec. he just spent another $1M liquid cooling the computers so he could mine 3 extra coins a month. He is quite savvy in the space. Anyway, just for the curious his break even on mining is $21,500 per coin.

Probably not relevant to the intent of this thread but I thought interesting
Very interesting indeed thank you for sharing! I am still not sure I totally understand how all the crypto currency thing works but always interested in reading real world examples of how some folks are making money.
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Old 05-12-2022, 02:12 PM   #28
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For 21500 a coin mining ill start digging in my back yard to look for them coins. Anyone know what one looks like?
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Old 05-12-2022, 03:23 PM   #29
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Quote:
Originally Posted by HTXTundra View Post
Facts!

Everything is running like the S&P / SPY. Just need to be PAYtient and start scaling in, buying the the dip, averaging down.

There are too many variables affecting the market right now. Lots of fear and negativity.
Not everything
While the equities market is going down in value,
Many things are going up in value….vehicles, housing, gas, groceries, plumbing, electrical, etc…
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Old 05-12-2022, 03:26 PM   #30
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Forgot to add insurance premiums & property taxes too
Quite ridiculous
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Old 05-12-2022, 03:42 PM   #31
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Quote:
Originally Posted by okrattler View Post
What the hell is up with this breaking point bullcrap? If you have a breaking point in anything on this earth quit at life because you don't deserve to be here. I've seen more threads about breaking points than you can shake a stick at lately. I don't get it.

Breaking points are for the weak. Apparently it's some running joke that I'm not aware of but if you have a breaking point just stop.
Sounds like this thread was yours.
Calm down, you're scaring the kids.
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Old 05-12-2022, 04:45 PM   #32
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Originally Posted by elgato View Post
Not sure if this relates but I just left a meeting with a buddy that mines bitcoin. When the Chinese outlawed mining he went to Canada and bought $10M worth of Chinese computers and set shop up in Tx. which has low cost elec. he just spent another $1M liquid cooling the computers so he could mine 3 extra coins a month. He is quite savvy in the space. Anyway, just for the curious his break even on mining is $21,500 per coin.

Probably not relevant to the intent of this thread but I thought interesting
Bitcoin is capped at 21 mill coins, currently there are 19M that have been mined leaving only 2M un-mined.
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Old 05-12-2022, 05:08 PM   #33
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Quote:
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Bitcoin is capped at 21 mill coins, currently there are 19M that have been mined leaving only 2M un-mined.
I call BS on 21 mil.

One day it will come out there are many many more. Why do I think this?

Simple. How many big crypto traders are there around the globe? How many Countries buy BTC? How many companies have stashes 1,000-20,000 BTC?

Then millions and millions of people have their partial bitcoin.

Long story short if there were only 19 mil tradeable bitcoin they would all be locked down tight. There are far more than 20 million hard core crypto believers that would buy and never sell.

And I didn't even get into Robinhood and junk platforms where people supposedly own BTC because they don't actually own it on those sites. Try to buy a bitcoin on Robinhood and move it to a private wallet. Let me know how it goes.
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Old 05-12-2022, 08:12 PM   #34
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The code only allows for mining of 21M coins. That's it. It is hard-coded in.
Are companies (exchanges, platforms, etc) floating more than that? Maybe likely.
But as far as the actual blockchain, there cannot be any more than 21M.
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Old 05-12-2022, 08:20 PM   #35
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Quote:
Originally Posted by RiverRat1 View Post
Looks like your breaking point is reading too many breaking point threads
Someone get okrattler a cold one.
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Old 05-12-2022, 08:33 PM   #36
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Quote:
Originally Posted by RiverRat1 View Post
I call BS on 21 mil.

One day it will come out there are many many more. Why do I think this?

Simple. How many big crypto traders are there around the globe? How many Countries buy BTC? How many companies have stashes 1,000-20,000 BTC?

Then millions and millions of people have their partial bitcoin.

Long story short if there were only 19 mil tradeable bitcoin they would all be locked down tight. There are far more than 20 million hard core crypto believers that would buy and never sell.

And I didn't even get into Robinhood and junk platforms where people supposedly own BTC because they don't actually own it on those sites. Try to buy a bitcoin on Robinhood and move it to a private wallet. Let me know how it goes.
FYI I do think Robinhood just now finally enabled crypto withdraws/transfers. Got an email about it from them a few days ago.
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Old 05-13-2022, 07:13 AM   #37
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What is the best way to purchase Bitcoin?
The best crpyto wallet?
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Old 05-13-2022, 10:44 AM   #38
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Quote:
Originally Posted by Neuse View Post
What is the best way to purchase Bitcoin?
The best crpyto wallet?
I like Gemini, but Coinbase is fine as well.

Numerous choices for wallets, depends on whether you want software or hardware, desktop or mobile, etc.
Here's a good resource for info, from a bitcoin dev:
https://lopp.net/bitcoin-information...d-wallets.html
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Old 05-13-2022, 05:02 PM   #39
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Thank you sir, that is a lot of info in that website.
Is it safe to trust what they are posting?
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Old 05-13-2022, 06:19 PM   #40
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Yes
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Old 05-13-2022, 08:36 PM   #41
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He is a very well respected bitcoin developer and online privacy / security expert. I trust his info, recommendations, and definitely check to make sure that the links are going to the right place but the products/services are all solid.
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