— Simple Jack CapitalšØāš¦Æš (@SimpleJackCap) May 19, 2021
-----------------------------------------------------
It is my sincere desire to provide readers of this site with the best unbiased information available, and a forum where it can be discussed openly, as our Founders intended. But it is not easy nor inexpensive to do so, especially when those who wish to prevent us from making the truth known, attack us without mercy on all fronts on a daily basis. So each time you visit the site, I would ask that you consider the value that you receive and have received from The Burning Platform and the community of which you are a vital part. I can't do it all alone, and I need your help and support to keep it alive. Please consider contributing an amount commensurate to the value that you receive from this site and community, or even by becoming a sustaining supporter through periodic contributions. [Burning Platform LLC - PO Box 1520 Kulpsville, PA 19443] or Paypal
-----------------------------------------------------
To donate via Stripe, click here.
-----------------------------------------------------
Use promo code ILMF2, and save up to 66% on all MyPillow purchases. (The Burning Platform benefits when you use this promo code.)
It is my sincere desire to provide readers of this site with the best unbiased information available, and a forum where it can be discussed openly, as our Founders intended. But it is not easy nor inexpensive to do so, especially when those who wish to prevent us from making the truth known, attack us without mercy on all fronts on a daily basis. So each time you visit the site, I would ask that you consider the value that you receive and have received from The Burning Platform and the community of which you are a vital part. I can't do it all alone, and I need your help and support to keep it alive. Please consider contributing an amount commensurate to the value that you receive from this site and community, or even by becoming a sustaining supporter through periodic contributions. [Burning Platform LLC - PO Box 1520 Kulpsville, PA 19443] or Paypal
-----------------------------------------------------
To donate via Stripe, click here.
-----------------------------------------------------
Use promo code ILMF2, and save up to 66% on all MyPillow purchases. (The Burning Platform benefits when you use this promo code.)
Click to visit the TBP Store for Great TBP Merchandise
It is created in bits and bytes and can disappear as quickly as it appeared.
China banned transactions and services in cryptos. Now let’s see how much of the Bitcoin market was concentrated in China…
They banned cryptos so they could roll out and force people into their own crypto. One with scaling negative interest so the longer you leave it in the account the more gets taken away. Its so the citizenry spend the money immediately moving the money around so the government can hide their looming bankruptcy.
A couple months back a friend that I hadnāt talked to in quite a while called me and wanted to know what I thought about bitcoin. I think at the time it was somewhere between 50-60K. Not far into the conversation I realized he didnāt really want to know what I thought, what he really wanted was for me to affirm what he thought which was that bitcoin was a great āinvestmentā and he was getting ready to āinvestā. What I told him was that I had no interest in it and I suggested he read the book āExtraordinary Popular Delusions and the Madness of Crowdsā.
Iām not sure but I donāt think he followed my advice.
China and potentially the realization that “bitcoin has no clothes”….Bitcoin is facing its first real test as a store of value with the threat of significant inflation. Gold is bid up like always in an inflationary environment…….Crypto’s are crashing? Gold is also a non-correlated asset…when markets crash gold tends to do better, therefore, providing a hedge. Crypto’s are crashing right along with the rest of the stock market (especially the tech sector).
So China is a significant event but the trend in Crypto’s is not good as “new money” much as we want it to be.
Just being non-government issued does not seem to be enough.
Free Speech, right? Respect, I demand Respect….
?w=499&ssl=1
“Buy the dip”. Hardy har har.
Those suckers – Bitcoin, the other fantasy currencies, and their speculator believers – are going down. All the way.
Hero to zero in a nano-second Auntie. š
China banned cryptos and there’s a lot of BTC mining done in China.
Shit be bad and shit.
Well, China made new restrictions on the use of Bitcoin and other crypto’s but I think it is more than just that. China is the trigger to the realization that digital currency is meaningless. Blockchain is valuable and will become ubiquitous but cryptocurrencies are still under government control and so worthless as a means to buy, sell, trade, or as a store of value. It sucks, how can we rid ourselves of gov’t tyranny?
https://www.thecable.ng/china-cracks-down-on-digital-currency-orders-financial-institutions-to-end-crypto-services
Up next …..the Dow. TPTB vaporizing money created from thin air. 300 Billion just went bye-bye.
Bitcoin is the only worthwhile source and will soon go up like crazy again, cycles. Fiat money? Continues to be worth less. Joe Biden and his printing mania help ensure that. The rest of the altcoins are junk.
Bitcoin blood in the streets………turn those machines back on……turn those machines back on!
I know a COO who put part of his retirement in $hitcoin in the last month…… he’s 65. Stupid has no age barrier.
Yup. Just look around.
Age does not automatically guarantee wisdom.
Digital nothingness.
Buttcoin…LOL!
Bitcoin, like the ‘new’ art investments etf are nothing but money laundering schemes. Lose the internet? Bye bye bitcoin. Lose your ‘wallet?’ Bye bye bit coin. The Chinese banned bitcoin because it was being used to move money out of the country.
I guess you have to be smart enough to own bitcoin.
The simple explanation is that they finally ran out of suckers. There are no ‘serious’ answers to your questions. No one has ever been able to quantitatively model mass mania.
Regulation is the purpose of this crash. You aren’t allowed to be outside the system.
CCP doesn’t like competition.
The e-yuan is perishable credit and a very poor savings vehicle. It’s also a very creative way to calculate and control inflation.
I can have a billion dollars in bitcoin on a thumbnail drive but it still travels over a pipeline like the one bringing fuel to the East Coast.
If you’re Ok with having anything more than some speculation funds trapped somewhere between New Orleans and New York for an indefinite period or confiscated by a Nigerian living in a shanty along the Niger, then by all means use bitcoin.
https://www.zerohedge.com/crypto/crypto-markets-lose-over-800-billion-week-bitcoin-bloodbath-accelerates
Got Gold?
and silver.
Iām surprised it crashed when I havenāt even put any money into it yet. I still have 238 sealed servings of powdered eggs in the basement. I should sell my financial insights. Iām extremely dependable. Just listen to whatever I think and do the exact opposite.
“I still have 238 sealed servings of powdered eggs in the basement.”
Well, I can top that. I have five #10 cans of powdered milk AND 2#10 cans of salt. I am set.
Got Spam?
Powdered eggs, powdered milk and salt may all be worth more than Bitcoin before it is all said and done and the fat lady sings.
There is also canned butter and fried spam is tasty. I recently had a fried spam and egg muffin, I’d forgotten how tasty that could be. Then again, I was REALLY hungry.
MyG- I have canned butter that is 14 years old. Want some?
14 years old? Is it any good? Seriously. I have eight cans of Red Feather butter that I got before there was a run on it. (During the Great Toilet Paper Shortage of 2020) Now (I just checked) Walmart is selling twenty four cans for $199.99.
BL, we’re rich, rich, rich beyond our wildest dreams…š
MyG- It is my understanding , if kept cool, canned butter has no set shelf life/expiration. But there is a limit to what I will consume.
Lawzy, we iz rich!
Current DOW- off -452.81
Look out below>>>>>>>>>>>>>>>>>>>>
Ron has some bad timing. Two days ago he said bitcoin is great.
Until they don’t……..FedCoin…..it’s coming.
This. Iām not sure how anyone can miss the end game here.
Central bank digital currencies will predominate.
Just the other day Abraham Lincoln was all in on Bitcoin, ditto Bernie Madoff. So you should be good to go…
I see dead people……all in on crypto. They put the”crypt” in crypto….lol.
Had a poker-night with an old friend a couple of nights ago, someone I graduated HS with and was stationed with a couple of times over the years. He asked why someone as smart as me wasn’t all in on the whole crypto thing. He just couldn’t believe it when I told him that that was precisely why I wasn’t involved with that BS, that I was too smart to be involved.
He also, along with my cousin and some other friends, had a really hard time understanding why I wasn’t ‘all in’ for the local Republicans, because they know how much I detest the libs, and ‘we need to take the country back’.
These are the good ones and it was still like screaming into a blind deaf-mute’s face; they just couldn’t recognize reality. And my friend’s brother, self-made hard-working millionaire many times over, just couldn’t accept what I was trying to explain.
And that is why I know the whole shit-show is a lost cause
Why would anyone loan money in Bitcoin?
Goes down you lose money.
Goes way up you bankrupt your customer and don’t get paid back.
Why would anyone loan money in Bitcoin?
Goes down you lose money.
Goes way up you bankrupt your customer and donāt get paid back.
Same can be said for stocks and bonds so long as the Fed manipulates interest rates…
Banks don’t make loans in stocks. The reason you don’t want to make loans during inflationary spikes. Or conversely in the case of Greece having to pay back double when the Dracma debt was converted to Euros.
Bonds move inversely to interest rates.
Because in the end, BC retains value and increases in worth. Cash just keeps being worth less. Watch bitcoin go back up past 60.000 and long term as it gets harder to afford it will skyrocket. it has a limited number to buy, unlike paper money. Never sell BC.
Full disclosure: I bought $5K of Bitcoin about a year ago — actually first I bought about $1K, when Bitcoin was around $7K, which made me a bit nervous as just after I bought it at $7K, I read somewhere that it was likely to drop to $5K. I wouldn’t be out that much, but hey, every penny counts, ya know? Then a month or so later it went up to just under $10K, and I felt a lot better — until it came down to around $8K, or around there. Part of me went, “Damn!” but I’d started reading up myself to get a better understanding of Bitcoin, and started to think, “Wait, there really is something solid here, despite all the gloom and doom.” Besides, after witnessing what our “government” and the entire banking and MSM industries are really all about (short version: They Don’t Like You Except As Lunch), I figured if I was really serious about pushing back against The System, I’d damn well better put my money where my mouth was. So when Bitcoin went to $8K I invested another $4k — this was money I could afford to lose if I had to, it would hurt like hell but I’d be okay if bitcoin went to zero. But I was really sick and tired of the lizard people running everything and scaring the hell out of everybody, so to hell with the loudmouths who wouldn’t know their a$$ from a hole in the ground.
Anyway, even after the latest Bitcoin “crash,” a year after my first investment, I’m still up over 300% in profit on my Bitcoin investment. A year later. Even after the whole thing exploded and Bitcoin was revealed as a total Ponzi scheme to so many brilliant people sharing their advice on websites like this one.
I don’t think anyone here ever said it wasn’t a decent speculation play.
It’s just not something to sink half your pension into.
As an aside. You could have done much better than that day trading futures options.
Iām sure youāve got company too. Not me of course, but these things made a lot of people a lot of āmoneyā.
Anon- I bought silver at $4 oz. , I know what you are saying. I will hold’em and fold’em when the right time comes. The windows were closed for a lot of people trying to sell in this rout, you can’t always exit when the stampede is in progress.
I think a lot of people on TBP are getting investing all wrong. Including me, of course. Follow the crowd when they start to go in but GTFO when there’s profit.
Seriously, Tesla was a buy. Google was a buy. Facebook was a buy. The reasons DID NOT MATTER. What mattered is that they were favored stocks/investments. It ain’t even close to being about P/E’s n’shit.
…
I’ll make it so people can understand BC better, think of BC as you think about gold. There’s only so much of it. The Gov. doesn’t like BC because they can’t control it. It’s a long term investment like Gold.
Answer: Because the mink doesn’t want to sell its pelt for a couple o shekels.
Mr Mink saw that around the globe stoopid humans are giving away their bodily integrity to lying grifters and sacks-of- shit like The Programmer and Dr. Falsi for free or maybe a round die-a-bee-tuss delivery system.
That’s an otter, not a mink. This is a mink….
I will not pretend I even know how this works.
An assclown I (unfortunately) have to deal with was trying to ridicule me for not getting on board the Bitcoin train to nowhere. I asked him to explain how it all works. He began explaining it to me ” People mine the internet and then they get these block chains and then……that is all I really know.”
So, you give me crap for not wanting any part of investing my money in something you cannot even explain to me.
I asked what if the internet gets knocked out? “The internet can never get knocked out!”
I told him it sounded like a Ponzi scheme to me. He got pissed and went looking for another victim.
I invest in tools, experience and knowledge. At least I know I can build a house/cabin, fix shit and garden. Probably be my retirement plan any way.
Not all cryptos are programed the same way or have the same supply limits. But BTC seems to have a cult following that repeat their mantras and rage if you say something about BTC that’s off script for them. A few of them are pretty deranged.