The amount of coverage Bitcoin gets in the weekend edition of (financial) newspapers reminds me of when everybody wrote about GME three weeks ago. Just before it tanked. I had a price target of 60k for this leg. It wouldn't surprise me if we stay shy of it, say $57.5k? But with enough mania, this might just power on through to 100k before crashing.
Elon tweeted and cnbc picked up the story a hour later. Caused some panic. Now they are slamming him.lol.He has a lot of followers that pinpoint his every move. I dread the day he jokingly tweets to eat turds and drink yellow snow, some would actually do it.
This ain't tulips or stocks boss man. It run hard and fast this time, I agree, but there is a lot of worried people out there that are noticing things that have never been seen before. The market is getting spooked. I try to swim with the sharks. Some very interesting articles are surfacing. I say we see some choppy waters in the markets.
And when the value falls precipitously (like it always does cyclically), will the funeral services from all the suicides in Miami also be paid in Bitcoin?
Its going to be interesting seeing the person accepting their salary in bitcoin when they get paid on a Monday, and by Friday their account is worth 25% less due to volatility.
He does mention a good point. Until it somewhat stabilizes the wild fluctuations have been wild in the past.
Here ya go boss. You can cash in a few of your coins and the stockaholics club will have a meet n greet. One for the bulls and one for the bears to keep fighting at a minimum. The charts will work as bouncers.
The global need for energy to mine bitcoins is already insane (now on Argentina level) and it will rise exponential. I'm not sure the global governments are happy with that.
Nor should they be. It is this single issue that literally makes me hate Bitcoin and any other "minable" cryptocurrency. I could care less about the ridiculousness of the concept, the wild price swings, the manic obsession of it by its supporters, or any of the other quirks of cryptocurrency. It's the damn mining and insane social, environmental, and GPU disruptions/damage that come with it.
No sir. The non believers should stay out. But still voice their beliefs and opinions. Safe to say everything we do and consume has a environmental impact to a certain degree. Unless we shut down the entire World and go back to caveman days its a moot point. Kinda like the tree huggers that drive cars to and from the trees and use the daily products of modern mankind.
Dont get me started on the GPU issue! Just to be clear, Bitcoin has been minded on ASIC's for some time now, GPUs are not good enough for bitcoin mining, but are heavily used in ETH. Ive been trying to get a 3070 or better for months, its just not happening, and now that ETH is $2000 its even worse. NVDA has responded by nerfing their 3060 so its worse at hashing, and planning to release a dedicated mining card.
Is this what they consider a V shaped recovery. I watched it drop early this morning and had no concerns. People take profits as they should. Its had a hard run a little to fast. But longterm it has a strong history of always setting new highs.
Yeah that was a nice sell off, it took all the other coins with it. New arrivals need to remember this went from 10k to 50k in 5 months, that kind of action is NOT NORMAL!
