Board 8 > Stock Topic 26

(+) Yeah! (+)

Apparently some fund got margin called and had to liquidate stocks in a firesale. Probably too late already, as it'll probably open a lot higher on Monday.

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Leafeon13N posted...

We should absolutely crack down on bitcoin.

It is bad for the environment and destined to be monopolized heavily by China.

hold on i don't get to say this often but

OK Boomer


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That is a gross misuse of a bad meme.

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Sunroof posted...

Might be too late if you didnt buy it Friday

I only invested $321 and kinda wish I dropped more into it.

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Also here's my biggest investment mistake ever.

In 2011, I was a Bitcoin miner and I mined 0.11 BTC before I gave up on it. I sold it for a buck and Mt. Gox didn't even let me cash out. I wrote it off. It took my computer a month to mine it and I figured I would never make money on Bitcoin.

If I held until now, it would be worth about 6k today.

And I would have eventually earned a few whole Bitcoin if I kept mining.

I just didn't believe in Bitcoin being a real currency, but I didn't consider that speculators might in the future.

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Red and I agree on something? God have mercy

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Bitcoin is literally impossible to "ban" so this is all silly. It's like banning people from exchanging silver.

How will China monopolize BTC?


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neonreaper posted...

How will China monopolize BTC?

Right, the hilarious thing about that claim is that Bitcoin would be worthless if it were "monopolized" in this way.

ChainLTTP posted...

Bitcoin is literally impossible to "ban" so this is all silly. It's like banning people from exchanging silver.

Except not at all? Banning the exchange of Bitcoin dramatically decreases the demand for it. Part of bitcoins rise was more mainstream acceptance of it.

Banning silver never worked because its a physical good. Someone would always want it outside your government worst case scenario.

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masterplum posted...

Except not at all? Banning the exchange of Bitcoin dramatically decreases the demand for it. Part of bitcoins rise was more mainstream acceptance of it.

Sure, it would devalue it, but the government could never enforce a ban.

red13n posted...

That is a gross misuse of a bad meme.

No he nailed it tbh

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I'm with red here, I don't think it's boomer-ly to say "hey this thing sucks because it actively makes the global environment worse"

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Peace___Frog posted...

I'm with red here, I don't think it's boomer-ly to say "hey this thing sucks because it actively makes the global environment worse"

Pretty much any leap in innovation in the next few centuries will require a ridiculous amount of energy. Instead of banning the innovation, maybe encourage it so that we're naturally forced to accelerate the development of new energy resources. If there's trillions of dollars at stake, you don't think that would greatly motivate the construction of nuclear power plants, etc?

ChainLTTP posted...

Pretty much any leap in innovation in the next few centuries will require a ridiculous amount of energy. Instead of banning the innovation, maybe encourage it so that we're naturally forced to accelerate the development of new energy resources. If there's trillions of dollars at stake, you don't think that would greatly motivate the construction of nuclear power plants, etc?

No, we should ban a singular thing instead of the underlying problem.


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Do you guys want to ban everything that makes the environment actively worse?

meanwhile in reality, looks like DMG/Argo are starting the first green Bitcoin mining center. Thats where we should be going with this.

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It's become kind of astounding to watch how regressive certain Left positions have become.

ChainLTTP posted...

It's become kind of astounding to watch how regressive certain Left positions have become.

Can we not pretend plum and red are super left

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Keep politics out of these topics!

word up

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not when politics affects my tokenz

Not really seeing it. Unlike 1934, the US government wants the value of the dollar to go down this time, so that the value of stocks and real estate can keep going up. BTC is a competitor with gold, not with the dollar. The dollar is a horrible store of value, by design, and BTC is a horrible medium of exchange due to its volatility.

As far as the environment, as I've said before, I think we're going to innovate our way out of the problem. We have already made a lot of progress on that front and judging by the price of electric vehicle and energy company stocks, the stock market seems to think the big shift is coming within a few years.

If we don't do that, we are in all likelihood not going to escape the problem at all because "dieting" our energy usage is never going to work.

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DoomTheGyarados posted...

Can we not pretend plum and red are super left

I am actually one of the furthest left people on b8.

Anyway, more than half of all bitcoin is mined in China.

It takes exponentially more power to mine as the blockchain grows.

Those bitcoin warehouses are only going to grow bigger and China isn't suddenly going to start caring about the environment.

So you've got a currency sustained predominantly by China that grows exponentially worse for the environment by the day.

And no amount of clean energy orwhatever plan you have willfix this because energy demand will outpace this.

Bitcoin is horrible. Dont try to claim some weird leftist superiority while supporting that crap.

Bein for the money, thats fine. But not recognizing that bitcoin is a major problem is naive.

Regardless, the solution isn't to ban bitcoin. It sounds like banning mining would serve the purpose you want. And I am no expert but I'm pretty sure that wouldn't necessarily mean that Bitcoin still wouldn't be a viable exchange currency.

ChainLTTP posted...

Regardless, the solution isn't to ban bitcoin. It sounds like banning mining would serve the purpose you want. And I am no expert but I'm pretty sure that wouldn't necessarily mean that Bitcoin still wouldn't be a viable exchange currency.

Thats not enforceable. Miners would move to whatever country didnt ban it, and China isnt going to ban it

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BTW would prefer we side this discussion to another topic or drop the subject. This topic is for making money.

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ChainLTTP posted...

banning mining would serve the purpose you want. And I am no expert but I'm pretty sure that wouldn't necessarily mean that Bitcoin still wouldn't be a viable exchange currency.

Mining is how you validate the currency exchanges so that's exactly what it necessarily means

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Lopen posted...

Mining is how you validate the currency exchanges so that's exactly what it necessarily means

Well I learn something new every day. I didn't realize the Bitcoins given from mining are just "rewards" for validating the existing exchanges.

red13n posted...

BTW would prefer we side this discussion to another topic or drop the subject. This topic is for making money.

Half of my non-retirement portfolio is crypto so this is absolutely relevant to me making money.

And honestly yes banning bitcoin ruins its value even if it's not a worldwide ban.

LTC is worth like 1/150 bitcoin not because it has an algorithm that is that much worse or anything it's mostly because bitcoin has the inside track on actually achieving its goal of being a universal country neutral currency. Each place it becomes more difficult to do that lowers the practicality of it as a currency.

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Market is currently down. Not that thats been an accurate indicator of how the days have ended recently.

Other not bitcoin currencies require much less energy to confirm transactions. I'd be fine if one of those became more prevalent.

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Forceful_Dragon posted...

Other not bitcoin currencies require much less energy to confirm transactions. I'd be fine if one of those became more prevalent.

>.>

The problem is that energy requirements are based on the amount of competition. If another coin become more popular it would see more competition in mining and potentially just become the new bitcoin in power consumption.

The real solution is proof of stake as proof of work is irredeemable garbage tbqh.

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i stand by my ok boomer quip

i think wanting to ban something as opposed to innovating around it is a pretty boomer-ish sentiment

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Nasdaq poising to be down 1% at open. Jeez

With the large sales I'm hearing about from Morgan Stanley and Goldman Sachs, and the futures not looking great, I'm considering stop lossing everything I've made profits on. TD Ameritrade allows me to sell some of my ETFs ($2,700 worth) now. I'm considering doing it.

Kinda feel like I started at the tail end of a bull market and now we could be going into a bear market.

ExThaNemesis posted...

i think wanting to ban something as opposed to innovating around it is a pretty boomer-ish sentiment

You cant innovate around it the amount of power it consumes. It is a medium sized countries worth of electricity every day. And that amount is only growing. Green energy isn't "clean" when you increase the necessary output to what Bitcoin will inevitably demand. It is an energy disaster in the making.

65% of all bitcoins created currently go to China. Russia has basically an equal share as the US(At a paltry 7%).

It is everything everybody should hate.

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Bearnorn posted...

Kinda feel like I started at the tail end of a bull market and now we could be going into a bear market.

You are still better of holding than paying taxes on your gains.

There is no one really crying "Recession" right now and that is what you should fear rather than a slowing down. People should expect smaller returns but trying to predict the market and holding in cash is generally a losing bet.

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At the very least, sell any gains you fear droping big and move the money into SPY or an SPY-tracking ETF. Don't hold in cash.

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There's three ways to look at the market right now.

1). The world economy is going to fully reopen in the coming months and we're therefore poised for the biggest economic boom since WWII ended.

2). The economy took an artificial hit last year which allowed some to capitalize on the V-shaped recovery. Now we're set for a period of normalization where we can expect pretty steady gains, but nothing like the 100%+ returns we all had this past year.

3). We're actually in a bubble right now from said returns and everyone should get out as soon as possible.

I am inclined to think we're in scenario #2.

red13n posted...

You are still better of holding than paying taxes on your gains.

There is no one really crying "Recession" right now and that is what you should fear rather than a slowing down. People should expect smaller returns but trying to predict the market and holding in cash is generally a losing bet.

I only started two months ago as a hobby. I've lost $250 so I'm not worried about taxes because I only have short term losses and no long term stocks. I recently started doing it more seriously, but I'm not sure if I should be putting money in stocks or using the money as a down payment for a home in LA or Vegas. I have almost 50k in savings in about $9,750 in stocks+cash in my brokerage account.

I originally saved all this money because I wanted to get a house but that's not going to happen. I can maybe get a condo but this quadruples the housing expense living with my mom (we own the house but pay for the land). Not sure if I should be risking my life savings in stocks when it was originally for another purpose.

red13n posted...

At the very least, sell any gains you fear droping big and move the money into SPY or an SPY-tracking ETF. Don't hold in cash.

I'm considering investing big in SPY but I'm not sure if it would be better to diversify beyond that. I know what Warren Buffet says about it. Not sure if I should keep the cash available until after I buy a home.

ChainLTTP posted...

There's three ways to look at the market right now.

1). The world economy is going to fully reopen in the coming months and we're therefore poised for the biggest economic boom since WWII ended.

2). The economy took an artificial hit last year which allowed some to capitalize on the V-shaped recovery. Now we're set for a period of normalization where we can expect pretty steady gains, but nothing like the 100%+ returns we all had this past year.

3). We're actually in a bubble right now from said returns and everyone should get out as soon as possible.

I am inclined to think we're in scenario #2.

I feel like a lot of retail traders came in and drove stocks higher. There's the idea that you can't lose in the stock market. I feel like a crash is coming and a lot of people are going to exit. Then we'll have more normalcy.

Right now, a lot of people are coming in for quick profits, myself included. When they dry up and people lose significant money, some of the more conservative new investors will leave. Especially if bonds are looking a bit better.

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You cannot lose in the stock market over a long period of time.

If you are in for quick profits you are gambling not investing.

You need to figure out how much money you'd need for 6 to 12 months if you lost your job right now to survive(don't forget to factor in safety nets like unemployment and such).

Everything else needs to go somewhere because sitting in cash is a losing bet.

Trying for quick profits with some % of the funds is fine. But also not investing it is basically losing the value of that money over time.

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red sox 777 posted...

You can do that, but you can also sell it early. For example, if you think the stock has fallen enough and it will go up - then you want to sell the put to lock in your profits.

So you can sell mid-contract? Why not just pick a very far expiry date in hopes that eventually the price goes below your strike price, thus cushioning your odds?

Sunroof posted...

So you can sell mid-contract? Why not just pick a very far expiry date in hopes that eventually the price goes below your strike price, thus cushioning your odds?

The farther out the contract, the more expensive the premium will be.

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There seems to be an answer to every loophole! Haha. Makes sense though.

red13n posted...

You cannot lose in the stock market over a long period of time.

If you are in for quick profits you are gambling not investing.

You need to figure out how much money you'd need for 6 to 12 months if you lost your job right now to survive(don't forget to factor in safety nets like unemployment and such).

Everything else needs to go somewhere because sitting in cash is a losing bet.

Trying for quick profits with some % of the funds is fine. But also not investing it is basically losing the value of that money over time.

Oh, I definitely do the emergency fund. Saved me from 2014-2015. My goal was to save 20k, which I reached in 2019. I didn't invest at that point because I got into a car accident that resulted in a potentially life-changing injury and the pandemic hit. Then I got lots of overtime and student loans forebearanced so my savings shot up to almost 60k. Now, I don't know if I can or should try to own in LA or just rent at home and either buy somethng cash or move out of state because I'll be priced out.

Anyway, it started as quick profits, but I am thinking of going long term with ETFs. But not if I'm thinking I'm buying overvalued stocks.

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I just looked at the chart for ViacomCBS good lord

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Yeah Im not regretting not getting into that.

My goal is to retire with at least $1,000,000 in my 401(k). Then I can put it all into high dividend-yielding stocks and live off that, coupled with social security.

I wonder if it's a good time to buy ViacomCBS...

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