Bitcoin

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I tried to short GBTC this morning for a trade, but Fidelity didn't have any shares available. Maybe for the better?

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I just can't get into this bitcoin thing, especially now with sentiment so high. Anecdotally I've noticed a great deal of recent podcasts and blogs talking up bitcoin and how it will only go up due to it's limited supply. It is a bit alarming when you hear these young twenty year olds talking about being worth so much because of their bitcoin speculations. Most are confused with the idea that long term things only go up.

As a means to "move currency" it's fantastic and has likely greased the wheels of the shadow banking system.
 
At least gold is something you can physically hold. Words from Downtown:

If you’re long gold as an inflation hedge, and you see copper and oil rallying while the dollar falls, you’re probably like WTF? Then you look at Bitcoin and see that it’s rising. Then you go on Twitter or Reddit and become exposed to the views of the new cool-kid crypto libertarians from the Valley who are saying Bitcoin is the new gold. And then the FOMO just ripples through every nerve-ending in your body, the envy and desperation to be a part of it crashing like a wave against the side of your skull. You’re anxious and excited and nothing but a buy order will satisfy the chemical cocktail flooding the surface of your brain. Don’t be embarrassed, people have done capricious things in the financial markets for lesser reasons.
Click to expand...

https://thereformedbroker.com/2020/11/30/five-reasons-why-bitcoin-is-going-up/
 
I do wonder if Paypal (PYPL) is slightly tethered to Bitcoin now that they have a revenue stream coming from the sale of it on their platform. The stock is breaking out of a large channel on its chart today.
 
BTC touched $23,800 overnight. Yea that's not a typo. It was at $19,300 at one point yesterday. What a ride.

RIOT Blockchain (RIOT) is trading almost 10% higher in premarket this morning.
 
Yeah, I made some decent hit and run trades recently but I have to see some of these gaps get filled before I'm jumping in again.

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tsptalk said:
Yeah, I made some decent hit and run trades recently but I have to see some of these gaps get filled before I'm jumping in again.
Click to expand...

One gap partially filled. I'd like to see it fall below 25 before getting back in. 24 looks like decent support.

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Up 11% since 2021 - which began three days ago.

Now we're seeing calls for 100,000 before the party ends.

Despite owning a trifling amount, I prefer to just watch this from the sidelines.
 
Bullitt said:
Up 11% since 2021 - which began three days ago.

Now we're seeing calls for 100,000 before the party ends.

Despite owning a trifling amount, I prefer to just watch this from the sidelines.
Click to expand...

It’s very tempting to buy some. However I don’t want to be in the correction
 
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