The Bitcoin/Crypto Thread
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Cryptocurrency’s dollar values are falling along with the stock market indices:
https://www.fastcompany.com/90749588/stocks-and-cryptocurrencies-are-crashing-today-heres-why
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Converting my mined Monero to Bitcoin. In the process of the transaction now. I can then transfer it into my Coinbase account and transfer cash into the bank account. A total of $150 for a couple of weeks of mining. Not too bad IMO. I did get lucky and hit a solo block worth most of that $150. I might try solo mining again. The p2Pool payouts are just not frequent enough for the amount you receive.
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https://www.cnbc.com/2022/05/10/bitcoin-btc-investors-panic-as-terrausd-ust-sinks-below-1-peg.html
The UST coin that's supposed to be pegged to the USD fell to 70 cents, making lots people worry that the issuer of UST may sell a lot of Bitcoins to prop the UST back up.
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@Axtremus said in The Bitcoin/Crypto Thread:
https://www.cnbc.com/2022/05/10/bitcoin-btc-investors-panic-as-terrausd-ust-sinks-below-1-peg.html
The UST coin that's supposed to be pegged to the USD fell to 70 cents, making lots people worry that the issuer of UST may sell a lot of Bitcoins to prop the UST back up.
It all but collapsed today. And to put it in perspective UST and LUNA had a combined market cap of about $50B.
That's about the same as GM.
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@89th I'm mining ETH and getting paid in Bitcoin. It's not a fortune but it is buffering the crash that is happening.
I have very little cash invested in Crypto. It's more of a hobby than an investment strategy.
Although I did pick up more SHIB. I have 40 million of them now. lol
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@xenon said in The Bitcoin/Crypto Thread:
The rest of the stuff? I don't know how it makes anyone's life better. (Maybe lower remittance fees... that's about it).
I think ETH is behind NFTs which I could see as a significant way of the future for digital ownership.
@mark nice! Let's get SHIB to the moon.
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@89th said in The Bitcoin/Crypto Thread:
@xenon said in The Bitcoin/Crypto Thread:
The rest of the stuff? I don't know how it makes anyone's life better. (Maybe lower remittance fees... that's about it).
I think ETH is behind NFTs which I could see as a significant way of the future for digital ownership.
@mark nice! Let's get SHIB to the moon.
It could... but digital ownership of what though... I don't own anything that would benefit from having a "digital deed" or being subject to digital scarcity.... that might just be "me" bias though.
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The supposedly “algorithmically pegged” UST has collapsed, it’s related Luna coin is now deemed worthless on the open market:
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I don't invest in things I don't understand. Even after all the electrons put into this thread, I fail to see how crypto is a wise investment.
Always remember, Operation Valkyrie was an act of sedition.
Warning: I post things that interest me. Read and comment at your own discretion. -
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@Catseye3 said in The Bitcoin/Crypto Thread:
@Jolly "I don't invest in things I don't understand."
You and Warren Buffett. That's why he's invested his whole life in Coca-Cola and none at all in computers.
Well …
As of May 2, Apple Inc. is Berkshire Hathaway’s largest stock holding:
https://www.cnbc.com/2022/05/02/buffett-bought-more-apple-last-quarter-and-says-he-would-have-added-more-if-the-stock-didnt-rebound.htmlBuffet has been an Apple Inc. stock owner since 2016.
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“I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill
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@Catseye3 said in The Bitcoin/Crypto Thread:
@Jolly "I don't invest in things I don't understand."
You and Warren Buffett. That's why he's invested his whole life in Coca-Cola and none at all in computers.
Is that where you got this investing strategy?
I've listened to a lot of Buffet and his partner. I've read and listened to Dave Ramsey. I like Graham's classic book. I like Jack Bogle's investing philosophy.
If I could live my life over, there are some money things I would do different...or the same...
- Buffet said he started investing at 11, but wishes he had started investing at 7. I wish I had, too. Dollar average, dollar average, dollar average.
- Debt is a money killer. Some debt types are preferred over others. Mortgage debt is not entirely bad. Student loan debt - within reason - is not entirely bad. That comes with the caveat that you acquire DIY skills and start with a fixer-upper you can later sell at a profit. The caveat on student loan debt is you borrow no more than what you must and for most common degrees, there exists less expensive schools.
- Buy and hold. If you picked a good stock or a good fund, ride it.
- Diversify. Either by investing in the whole market by index funds or select sector funds in businesses that you know well. Own some real estate. Have a bit in bonds or bond funds.
- Always beware of fees. Some companies (example: M-L) will kill you with fees.
- Cash ain't bad. And the best way to acquire cash for the average person is to live below your means. You don't want too much of your wealth tied up in cash, but you want enough to be flexible in regards to opportunities or enough to cover any emergencies.
That's a few, but I think you get most of my financial philosophy from that...
Always remember, Operation Valkyrie was an act of sedition.
Warning: I post things that interest me. Read and comment at your own discretion. -
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@Jolly said in The Bitcoin/Crypto Thread:
If I could live my life over, there are some money things I would do different...or the same...
- Buffet said he started investing at 11, but wishes he had started investing at 7. I wish I had, too. Dollar average, dollar average, dollar average.
- Debt is a money killer. Some debt types are preferred over others. Mortgage debt is not entirely bad. Student loan debt - within reason - is not entirely bad. That comes with the caveat that you acquire DIY skills and start with a fixer-upper you can later sell at a profit. The caveat on student loan debt is you borrow no more than what you must and for most common degrees, there exists less expensive schools.
- Buy and hold. If you picked a good stock or a good fund, ride it.
- Diversify. Either by investing in the whole market by index funds or select sector funds in businesses that you know well. Own some real estate. Have a bit in bonds or bond funds.
- Always beware of fees. Some companies (example: M-L) will kill you with fees.
- Cash ain't bad. And the best way to acquire cash for the average person is to live below your means. You don't want too much of your wealth tied up in cash, but you want enough to be flexible in regards to opportunities or enough to cover any emergencies.
Sounds good. I'd sharpen 2. to "No debt ever, except for a house (and in the US potentially student loan)". Don't have the cash for a new car? Buy a used one you can afford.
I'd add: If you have money to spend, spend it on big "dream-fulfilling" things, rather than on general lifestyle things.
And: Don't buy insurance for something that won't kill you financially in the damage event. The ROI is bad, so it's only worth it if the damage case is life-threatening.
And: Separate friends and money. Don't lend money to your friends, or ask them for money.
