[Finance] The cryptocurrency (Bitcoin etc) thread

[Tom Hark Preston Park]

I think it is all hilarious and this is from someone that is currently £418 down with various crypto at 68% down

lots of silly people dabbling in something they don't know about looking for easy money.

My mate who had a couple of £100k just keeps saying to forget about it as its all cyclical. The forums just keep saying to buy the dip.

I'm just wondering what to tell the missus and what happens when it hits zero

This is when the 'hacks' and 'haircuts' kick in. Equivalent of a run on the bank. The exchanges will be 'temporarily' pulling up the drawbridge on Withdrawal Requests. Got a problem? Raise a ticket with Customer Support and we'll get back to you...

 

[Lower West Stander]

A lot of them did yes, and made a lot of money. Remember that professional traders are the casino. They make the markets. Investors walk in the door, are given some nice drinks and have their pockets picked

Yep - just because markets go down, doesn't mean traders don't make money.

Those bid/offers in 2008....

 

[Lower West Stander]

I have been a front office trader for over 30 years and I agree with Tyrone but not for the reasons he mentions. Pretty much everyone in the market looks at fundamentals so it’s not that. Rather, I think the distinction centers upon what you are trying to achieve. A trader wants to make his yearly p and l and will take a long term view but is happy to trade short term around it. An investor is parking wealth and looking for a return and shouldn’t be too concerned with the short term noise. It is possible to be both but I think that if an investor is going to veer into trading then he needs to be as aggressive and disciplined as his competitors in banks etc. Very few will have the necessary skills.

How on earth have you managed to keep sane?

Us analysts.....

 

[disgruntled h blocker]

This is when the 'hacks' and 'haircuts' kick in. Equivalent of a run on the bank. The exchanges will be 'temporarily' pulling up the drawbridge on Withdrawal Requests. Got a problem? Raise a ticket with Customer Support and we'll get back to you...

Telling people to "buy the dip" on Crypto is more akin to a halfway house between an addicted gambler betting to make up for losses and someone desperate to get others to join a Ponzi scheme. It's not like someone investing in Coca-Cola after CR7 made that comment last week. But I might be wrong.

 

[Tom Hark Preston Park]

Telling people to "buy the dip" on Crypto is more akin to a halfway house between an addicted gambler betting to make up for losses and someone desperate to get others to join a Ponzi scheme. It's not like someone investing in Coca-Cola after CR7 made that comment last week. But I might be wrong.

How do you even judge where "the dip" is when the thing's in a nosedive and the herd are stampeding for the exit?

 

[Neville's Breakfast]

How on earth have you managed to keep sane?

Us analysts.....

I’m in commodities. It’s flown by tbh, probably because I have expanded the range of markets I trade. From Precious to Carbon and Power via Oil, Base Metals and Iron Ore. I remember those overnight borrowing spreads in 2008 very well as I was on the wrong side of them as a captive client to an internal desk !

 

[Tom Hark Preston Park]

I’m in commodities. It’s flown by tbh, probably because I have expanded the range of markets I trade. From Precious to Carbon and Power via Oil, Base Metals and Iron Ore. I remember those overnight borrowing rates in 2008 very well as I was on the wrong side of them as a captive client to an internal desk !

Were you ever in LIFFE commodities trading in St Catherine's Dock? Some serious madmen there then

 

[Neville's Breakfast]

Were you ever in LIFFE commodities trading in St Catherine's Dock? Some serious madmen there then

Yes ! I traded Oil on the IPE floor but would wonder down the corridor to dabble in coffee, cocoa and sugar on London Fox (as it was pre the sale to LIFFE). Do I know you Tom old boy ?

 

[beorhthelm]

I have been a front office trader for over 30 years and I agree with Tyrone but not for the reasons he mentions. Pretty much everyone in the market looks at fundamentals so it’s not that.

there are next to no fundamentals in crypto. there are road maps and prospects that people treat in lieu of fundamentals you'd recognise. so everyone is really a trader with short or long horizons. case in point todays action, no real news, just hammering of BTC, so everything else gets marked down, prices hit sell orders and down it goes further. if there were real fundamentals some would be going up independently of BTC. im bailing out of my larger positions hope to buy in lower or reevaluate in the coming weeks.

 

[Tom Hark Preston Park]

Yes ! I traded Oil on the IPE floor but would wonder down the corridor to dabble in coffee, cocoa and sugar on London Fox (as it was pre the sale to LIFFE). Do I know you Tom old boy ?

Not unless your name is MOOOOOSE. Spent a day there once as part of my LIFFE contract duties. They'd done perfunctorally grading coffee beans for the day by about half eleven. Then they - and by extension me - retired to the pub. Two hours later those guys - and by extension me - were pissed as farts, playing table football. MOOOOOSE was stripped to the waist. His second in command (Scottish, if memory serves) got married 3 days earlier. He thought it was tremendous fun to toss his wedding ring across the pub floor. Being a nice man I retrieved that ring twice. Third time he did it - with serious drink taken - I flicked them the V, told both of those senior clients to go fvrk themselves and went for me train home

 

[Neville's Breakfast]

Not unless your name is MOOOOOSE. Spent a day there once as part of my LIFFE contract duties. They'd done perfunctorally grading coffee beans for the day by about half eleven. Then they - and by extension me - retired to the pub. Two hours later those guys - and by extension me - were pissed as farts, playing table football. MOOOOOSE was stripped to the waist. His second in command (Scottish, if memory serves) got married 3 days earlier. He thought it was tremendous fun to toss his wedding ring across the pub floor. Being a nice man I retrieved that ring twice. Third time he did it I told both of those senior clients to go fvrk themselves and went for me train home

I remember those days well. Lots of characters. The name Moose does ring a bell but as I say I only dabbled in softs. Yes, those lunches could be quite lengthy. My boss once went out for lunch and didn’t get back for 3 days ! Soft commodity trading was pretty archaic with everyone standing outside their booths on telephones. I was rather more used to the open outcry oil pits. I never imagined that one day the whole world would have the same type of market access we once enjoyed as a bit of an exclusive club on the floor.

 

[Tom Hark Preston Park]

I remember those days well. Lots of characters. The name Moose does ring a bell but as I say I only dabbled in softs. Yes, those lunches could be quite lengthy. My boss once went out for lunch and didn’t get back for 3 days ! Soft commodity trading was pretty archaic with everyone standing outside their booths on telephones. I was rather more used to the open outcry oil pits. I never imagined that one day the whole world would have the same type of market access we once enjoyed as a bit of an exclusive club on the floor.

Head-mental days for sure

 

[Lower West Stander]

My XBTUSD GP Bloomberg screen for 2021 looks like Bart Simpson's head.

 

[KeegansHairPiece]

A recovery of sorts yesterday. What does it all mean?

 

[OzMike]

I am still up at least 20% on my original investment, though it was 500% up before the crash.

 

[Albion Dan]

A recovery of sorts yesterday. What does it all mean?

Battle to reclaim that $34k resistance zone. Personally I don't think it will and expect a drop back, range for a bit, then off to the races again toward end of Summer.

 

[CheeseRolls]

there are next to no fundamentals in crypto. there are road maps and prospects that people treat in lieu of fundamentals you'd recognise. so everyone is really a trader with short or long horizons. case in point todays action, no real news, just hammering of BTC, so everything else gets marked down, prices hit sell orders and down it goes further. if there were real fundamentals some would be going up independently of BTC. im bailing out of my larger positions hope to buy in lower or reevaluate in the coming weeks.

PayPal in 2020:
- settled $936 billion in payments.

Ethereum 2021:
- settled this same amount in about 17 days. (May 1 - May 17th)

 

[Neville's Breakfast]

Some good news for crypto bulls;

https://www.finews.asia/finance/347...-to-significantly-increase-crypto-allocations

Disclaimer; I am just an interested bystander. I have no crypto holdings and never will have as I don’t trade in a market I don’t understand.

 

[chiefkickass]

A recovery of sorts yesterday. What does it all mean?

Dead cat bounce

 

[giveusfalmerplease]

Anyone invested in AMC? Missed the 500% increase in may and it's dropped back 20% from it's high but many YT videos suggesting still a HODL and could treble again by end of July when a lot of options expire