Rayvin

Why is Priti Patel joining the police on arresting people? That doesn't feel like it should be a thing.

Great position to be in - people keep talking about how BTC will eventially hit $1m. Not sure about that myself but I think it'll go back north of $60k.

Yeah I jumped out while it fell to go back in later. The risk with that is that it immediately starts rising again when you sell, thus meaning you've lost money with no gain - but I seemed to get this one right. That said, it'll take me a while I think for it to get back to where it was, which is when I'll have really made some profit from it. I think it has fallen as far as it's going to for now, I guess the test from here is whether or not the market confidence has taken a more serious hit, or if it's going to start climbing again as people eye better prices.

I did buy the dip...

Wait, have we met in real life? Did I apologise to you? Sorry about that.

ETH, ADA, XRP - my usuals. You might well be right on Bitcoin btw, just my view.

Indeed, but I really don't see the logic in holding if you know it's going to go down significantly enough to make some money out of it. It's a weird sentiment.

I bought back in If we get back to where we were, I'll have made some money out of the dip. Honestly I held for the first bit but it was so obvious we were going to take a hit as the day rolled on and the US woke up to see red everywhere that I didn't think it made sense to hold.

Well you hit me with an 'I told you so' when it does then. For now at least, I'm back to green - so I'm not complaining about it myself.

I suppose the bigger question is how notionally free market states could refuse this idea? How would they stop it? China can, I guess (I suspect it actually can't in reality) but I can't imagine the US following suit this late in the game. Elon Musk didn't crash the market through the tweet itself, he crashed it by holding huge amounts of Bitcoin and then claiming his company, which had moved itself into something of a 'bitcoin cheerleader' position, would no longer work with them. This had an impact because of the large amount of value that Tesla owned in the coin. On the other hand, when the UK decided to leave the EU, the pound absolutely tanked. So it's not as if fiat currencies are immune to this sort of thing either. But yes, I mean I agree on stability to some extent (although this 'crash' we're currently talking about has really just pulled us back to where we were in February in terms of value) but then that's the nature of the beast at this point. Fair enough if it's not your thing though, I do understand that. I'll add that I'm not sure what impact the national cryptocurrencies that several states are introducing will have on this either. But I very much like the idea of currency without borders and government intervention.

I guess this is worth addressing actually - I do understand why the market has crashed. China banned trading cryptocurrencies last night. That's a fairly obvious crash signal IMO. Elon Musk's nonsense over the previous few days is less predictable but still ultimately made sense in terms of cause and effect within the market - that really should have only affected Bitcoin itself (and indeed, I made quite a bit on ADA as a consequence). The market is volatile but it's not totally random. The cryptos that have been doing well have functionality and long term value and potential. As for the ponzi scheme argument, you could really say the same thing about gold. Or any actual currency. These things only have value because we agree that they do. Once cryptocurrencies get to the point where they are being used and traded for goods instead of conventional currencies, then they really won't be any different to traditional money. The big question, frankly, is whether governments will let them - not whether it's a ponzi scheme or not. If Bitcoin is valued to the point where you can buy a house with 3 coins, and both sides of the trade are happy with that, how is that different to cash money?

My personal view is that Bitcoin won't last. I know some people think it'll become the crypto version of gold, but it really is a fairly worthless coin in terms of functionality. I've mostly focused on the Alt Coins.

Buying the dips is indeed what you're meant to do - but if you're invested at a certain point, and it falls, and you think it's going to fall further.... then get out and buy further down. Which is my strategy with this.

So this has been an exciting day I bailed on everything as soon as I woke up, and it was an incredibly good decision based on how things have progressed since then. Holy fuck...

I will never understand why people choose to humiliate themselves with stuff like this Is it a complete lack of self awareness? Is he in on the joke?

You and I both know that the way it works with the Tory party is that you always get someone worse than the previous one. Given our current trajectory we might skip over Gove entirely and land squarely on Patel.

I mean, you would think that would fucking hurt unless it was a very lukewarm cup of tea. That aside though, what an absolute cunt that guy is.

Aye, because as soon as "the left" (i.e. everyone who isn't currently voting Tory) start criticising him, they'll all form ranks around him to defend his honour. Maybe the best thing we can do is to be quiet about it and let them work it out themselves.

Which is probably why they're talking about it now, just after the Scottish Parliament vote.

Well, that's going to put the cat amongst the pigeons. What are they going to go in on, I wonder.

You and me both.

Will give it a look mate, cheers. I reckon ETH might have gone down about as far as it's going to unless we're entering into a far bigger market correction than I realised, so I've gone in on it a bit now. Honestly though this last few days has been pretty grim so I'm expecting to get burned

Are they likely to go up then, do we think? 3rd time is the charm I suppose.

It's not, it's just all I could be bothered to summon up in the space of the 2 mins it took me to write that. I'm not seeking to convince you mate - it's not like I actively follow his movements on here anyway, I only really notice he exists at all because of all the gifs that follow his posts. But over the course of the years we've had plenty of other mackems do this. Indeed, RTG seems to have NUFC fans who do the same thing. It's beyond me as to why it happens but there we are. I used to think as a community that we were a bit too quick to assume people were mackems, but at the same time I had to concede in the end that it mostly turned out that the community was right

I can't really remember how it all started with him but he took positions that were contrary to the more apparent truths of the day to start with - can't remember specifics but I'd put my money on some of it being about how great an owner Ashley is. I also recall when Moyes was being offered the West Ham job for the first time he inexplicably went off on one about how terrible the guy is - only "Newcastle fan" I've ever seen get worked up about David Moyes in any sense whatsoever. I mean he occasionally takes swipes at Sunderland in order to persuade us of his loyalties but you can see that he's dying inside whenever he does it. I don't get what he's getting out of any of this.