Irish banks are not crypto friendly - if you can, transfer to something like Revolut/N26 etc to then transfer to the exchanges
Strange question but if I DCA weekly into Bitcoin, not a huge amount, would this be seen as a bad thing to show up on bank statement when looking for a mortgage? Go easy on me. I’m reapplying soon and don’t want any hiccups.
Same, getting ready for in.
I've added cash to Coinbase Pro a few times now but haven't pulled the trigger yet on anything either, can't make up my mind how I feel about things atm tbh.
I regret not buying in yesterday too. I don't feel like we are out of the woods just yet. I've fallen into too many bull traps before!
Crypto is acting just like a tech stock now. Not sure if this is good or bad. Might be a symptom of the huge institutional investment in the last year.
Hah, no chance. The rest is staying right where it is (in the red!).
Sold a bit as January is always a long months after early december payday and Christmas/NY.
Could you sell some more, its kinda got stuck
I bought more eth. Bargain long term at this price.
I didn't want to say but was thinking that someone could easily be stuck for money and need to sell no matter the price
Fúck sake stuck for me was suppose to say stuck for money.
Selling when something has fallen considerably is only bettered by buying when they have been rising for a while. Do both to get the full effect....
I cannot understand why you sold some. Stuck for me I suppose?
Thank you for your sacrifice 🙏
Don't worry lads, i sold some of my Eth this morning, so it will almost certainly jump up by at least 20% be the end of the day.
I used to listen to his podcasts years ago but I can't stand him now. He's a champagne socialist (and a commie) and absolutely clueless on crypto.
Will 2022 be the year that cryptocurrencies falter? Or will these parallel currencies, “private money” issued by private tech platforms, continue to fascinate?
Whatever cryptocurrencies are, they are patently not money. Money needs to be a store of value, widely used and accepted, in order to buy and sell stuff. It must have some reasonably stable relationship with the value of everything else in the economy.
Money is like language – the more it is used, the more useful it is. Which is why, if you could only choose one, fluency in English is more useful than fluency in Basque. This is the paradox of money: the more of it around, the more valuable it is, unlike other things where the value rises if it is scarce. Money is the opposite because it is a technology, not a commodity
Sticking with the analogy of that other great technology, language, English is not perfect, but it is the language more people default to, and therein lies its value. A language like Esperanto may have been conceived as the most logical language, most elegant in its grammatical symmetry, but is utterly useless in practical terms because no one else speaks it. Could Bitcoin be the Esperanto of finance?
If you can’t trade widely in a currency, it’s not money. Take the most widely used currency, the dollar. Its value resides in its universal recognition, its worldwide reach, measured most accurately not on the trading floors of Wall Street but in the fact that taxi-drivers in large parts of the world can tell you the dollar’s value on a day by day and in some cases hour by hour basis. That’s real power, real reach.
The dollar is universally practical, interchangeable, and therefore highly valuable. The dollar is “public money” backed by the revenues of the US economy, issued by a US federal institution, welcomed everywhere. Even Islamic State, the most implacable anti-American group imaginable, demands its ransoms in dollars. While happy to recite the Koran, they want paid in greenbacks. The dollar supersedes politics, culture and religion.
The advocates of crypto and its most widely known incarnation, Bitcoin, argue that “private money”, issued by an algorithm and backed by nothing, is purer than “public money” backed by the State because the State is corruptible. This is a matter of opinion. But money is not about opinion. In fact, even though the notion of “private money” is associated with technology and new finance evangelists, it’s not so modern at all and indeed is used widely on this island.
Of the many unusual things in Northern Ireland, one that is rarely commented on but always noticed, are the unusual bank notes issued by Irish banks such as Bank of Ireland and AIB, British banks such as First Trust and Ulster Bank and even a Danish bank, Danske Bank. These are worth the same as sterling, but they are not legal tender anywhere in the UK. The currency only circulates within Northern Ireland. In a bar or shop in England, people will laugh at you for proffering these notes and they are not obliged to take them. They are NI-specific bank notes, convertible at one for one with sterling, issued by private banks in Belfast.
These notes are as close to “private money” as you can get, because unlike Bank of England sterling, which is “public money” issued by a public institution (the Bank of England), the NI currency is issued by private banks. Banks in Northern Ireland are “chartered” by the Bank of England to issue “private money” on its behalf, and the notes are redeemable for “public money” at par.
This idea of private banks issuing private money is quite alien to us. This country and every other sovereign country in the world, use “public money”. In the North they use private money backed by the Bank of England, which gives the northern banks permission to print money. Ultimately, the charter is backed by the UK state. The northern economy proves that private money can exist and can work as the crypto supporters maintain, but the key difference is that the “private money” in the North is backed by the Bank of England, which is backed by the UK state.
What about private money like a crypto, which is backed by nothing? We’ve had these monies issued by banks before. They were termed “wildcat” banks in the US in 1800-1863. Due to a profound absence of coins and the fragile grip exercised by the federal system as the country expanded westwards, Americans innovated in finance. Private banks issued money, claiming it was backed by the State or the money in the bank’s vaults. All too often these “wildcat” monies proved to be ephemeral. Sometimes the banks went bust; the value varied from state to state; and the currencies were wracked by instability, the opposite of what is needed to establish real currency credibility.
Crypto has a “wildcat” feel to it. A recent interesting note by UK-based technology writer Stephen Diehl fleshes out this comparison in more detail.
Some private currencies were more successful than others. In fact, the description of the southern states of the US as “Dixieland” comes from the legacy of one such private currency. The Bank of Louisiana issued a $10 note. Back then, Louisiana was bilingual due to its French-speaking Cajun population. The $10 note was known by its French name, the dix, meaning 10 in French. But the English speakers couldn’t pronounce the silent “x” in the French way, so the “dix” pronounced “deece” in French became dix or dixie in English.
This note was used widely in the Confederacy. In time, the Confederacy became known as Dixieland, home of the Dixie Chicks, the Dixie Democrats, and a whole host of Southern dixie-related monikers. In time, the dix disappeared, replaced by the US dollar.
The history of private money isn’t too sparkling, so why would it be any different now? If anything, the risks are greater. Take the craze for NFTs (non-fungible tokens). These are digital assets that can only be bought with cryptocurrencies, mainly Ethereum. Prices are soaring, but of course they are, because NFTs are among the few things you can buy with crypto.
The currency was created before it could be used, leaving investors with a money that had no everyday use. Then NFTs come along and it’s hardly surprising that prices of NFTs are rising, as the cryptoholders can buy nothing else with their cryptocurrencies. It is a sealed system.
It’s not hard to imagine how all this might end – lots of little people holding lots of valueless assets while the big guys get out. As the denouement could take some time, bubbles can inflate for a long time and the more people involved, the more people there will be to evangelise about the brave new world. This time it’s different, didn’t you hear?
The problem is that history tells us to be careful. When something claims to be money but patently isn’t, is backed by nothing, generates no income, and promises you the sun, moon and stars, it sounds like a quick way to destroy wealth not create it.
Anyone got a link to that David McWilliams article not behind a paywall?
I actually rate him highly and listen to his podcast pretty much every time, but he's definitely behind the curve on Bitcoin and crypto in general.
He is saying Crypto isn't money because it isn't a store of value. In that case, Money isn't money 😂.
The money in the bank is not storing value. Between the bank charges and inflation, it is becoming more and more worthless day by day.
Hoping BTC doesnt break 40k after the cpi data is released on wednesday, if it holds after that we could have a bottom.
McWiliams had an article on crypto in Saturday's IT: https://www.irishtimes.com/opinion/david-mcwilliams-cryptocurrency-is-patently-not-real-money-1.4770394
Inspired by Stephen Diehl it would appear.
Along with the podcasts he's done on the subject, it's a very superficial piece.
TA only works if enough people buy into imo. A buy signal becomes a self fulfilling prophecy. It's rules are utterly arbitrary.
If it really works, why not just set up bots to follow it's rules and become a millionaire
If it goes beyond a 55% correction you'd be mad not to start dcaing into ETH and a couple of others. The merge is still on the way for ETH aswell, no way we don't see fomo to a new ATH before then*.
*Source: my ass.
If you compare to the crash earlier last year the pattern is very similar - if it follows the same then another week or two of sideways movement before making a new ATH - well here's hoping lol
If it goes beyond a 55% correction I don't know what to say
I just wish all the alt's didn't follow BTC every time
I remember saying the exact same thing back in early 2018. And buying the dip but it kept on dippin'. Think I'll be holding off on buying any cryptos for the moment. We're at the same BTC price as a year ago and 40% down from the all-time high. So yeah, this is a bear market. 😉
Anyone here use TA? I'm no pro
I personally like Ichimoku - and have been bearish since just before Xmas and it's still looking bearish (now when I say bearish I mean the immediate future is still on a downward trend) and BTC still seems pushing those lower highs and lower lows at the moment
Personally think we are still in for a lot more hurt before we start bucking the trend but I'm building up my dry powder for when things look to be taking a turn
Remember how cheap houses were in the 1980's? That was the result on high inflation in the 1970s. It was a massive pain in the short term but wages outpaced savings and assets comfortably to the point everybody stopped thinking of houses as a store of value and just thought of it as somewhere to live cos it was likely a depreciating asset if you had a 2nd one.
I'm not sure today is a particularly good time to buy crypto. It may be a good time to stick more stuff in stables. We could have a lot further to drop. I don't see things jumping up so amazingly that we'll all be kicking ourselves that we missed the boat anyway. A little patience may be required. I dunno wtf to do to be honest with you. I've bought stuff that I hoped was bear-resistant and a lot of its staked so I can't swap it into stables anyway. Also I don't wanna pay the Eth fees with my too small holdings. I'm prepared for pain in that I can lose most of it and be fine but on the other hand I maybe have no prepared myself sufficiently for market reentry if it dumps dramatically from here.
Yes that Buffet quote applies here too where the stock market is the only shop where people run out when there is a sale on.
The biggest mistakes I've made in the last two years of crypto investment were selling out of fear. Not going to make that mistake a third time...
That Fear and Greed Index is stupid - shouldn't let emotions control your investments
Real investors have dollar signs in their eyes at the moment - steal some absolute bargains
Fear and greed index at max pain again:
TBH Im kind of looking forward to low prices to start buying again, Ive been letting my wages pile up for months because I cant think of anywhere to put them besides the odd Lithium miner whenever theres a pullback.
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