Stock Market Thread

Discussions. Still no racial epithets or political campaigning. Don’t bring any of this back to the sports boards. What’s said in FFA, stays in FFA.
Steelcody7
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Re: Stock Market Thread

Post by Steelcody7 » Wed Feb 03, 2021 5:06 pm

I made a nice chunk of money on BB. got in at $9 and sold at $21 as well as SFIX. Paid $27 sold $100. I don't know enough to get too risky but enjoy buying low in company's I think will eventually take off. Never in a hurry and have no problem waiting a year or two. Bought a good many shares of AMC at $8 to see if they explode post covid.



SteelPro
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Post by SteelPro » Wed Feb 03, 2021 5:24 pm

Steelcody7 wrote:
Wed Feb 03, 2021 5:06 pm
I made a nice chunk of money on BB. got in at $9 and sold at $21 as well as SFIX. Paid $27 sold $100. I don't know enough to get too risky but enjoy buying low in company's I think will eventually take off. Never in a hurry and have no problem waiting a year or two. Bought a good many shares of AMC at $8 to see if they explode post covid.
I was considering buying AMC a month ago when it was priced below $3 as a pure speculative bet on it surviving/thriving once we finally get through the pandemic. Ultimately I passed because their balance sheet is horrible. It was that way even before covid. This is a stock that hadn’t sniffed $8 since early December 2019. Before Covid is was languishing between $5-6. Since then it has been further diluted with stock issued/sold to stave off bankruptcy. And furthermore there is concern that in theater viewing has been altered forever by Covid. We already know exclusive windows will be drastically reduced if not completely eliminated. My point is I’m not bullish on AMC, although when it falls back to $3 bucks it might be worth a flyer. I think IMAX is a better investment for those looking at a post Covid theater rebound.

LakecrestSteeler
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Post by LakecrestSteeler » Wed Feb 03, 2021 5:50 pm

SteelPro wrote:
Wed Feb 03, 2021 5:24 pm
Steelcody7 wrote:
Wed Feb 03, 2021 5:06 pm
I made a nice chunk of money on BB. got in at $9 and sold at $21 as well as SFIX. Paid $27 sold $100. I don't know enough to get too risky but enjoy buying low in company's I think will eventually take off. Never in a hurry and have no problem waiting a year or two. Bought a good many shares of AMC at $8 to see if they explode post covid.
I was considering buying AMC a month ago when it was priced below $3 as a pure speculative bet on it surviving/thriving once we finally get through the pandemic. Ultimately I passed because their balance sheet is horrible. It was that way even before covid. This is a stock that hadn’t sniffed $8 since early December 2019. Before Covid is was languishing between $5-6. Since then it has been further diluted with stock issued/sold to stave off bankruptcy. And furthermore there is concern that in theater viewing has been altered forever by Covid. We already know exclusive windows will be drastically reduced if not completely eliminated. My point is I’m not bullish on AMC, although when it falls back to $3 bucks it might be worth a flyer. I think IMAX is a better investment for those looking at a post Covid theater rebound.
Add this to the calculus of buying too...I remember in 2008 Ford and GM were on the cusp of becoming penny stocks...both in the $2-$6 range flipped a coin and bought a small position in GM...too big to fail, especially if you live in Detroit and see their footprint everywhere. Wasn’t too long after GM declared bankruptcy and Ford went onward and upward. Stocks nearly literally went in the garbage can.

You never know what will happen with AMC...even Tesla...Musk dies of a heart attack...that stock will drop like a rock I would guess. All you can do is due dilligence and hope for the best, knowing that sometimes that is not even enough.

LakecrestSteeler
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Post by LakecrestSteeler » Wed Feb 03, 2021 5:54 pm

Steelcody7 wrote:
Wed Feb 03, 2021 5:06 pm
I made a nice chunk of money on BB. got in at $9 and sold at $21 as well as SFIX. Paid $27 sold $100. I don't know enough to get too risky but enjoy buying low in company's I think will eventually take off. Never in a hurry and have no problem waiting a year or two. Bought a good many shares of AMC at $8 to see if they explode post covid.
I was patting myself on the back and texting Wednesday afternoon at peak BB price, never had a ceiling set...next morning I was a bag holder!

You ended up missing out on $7 extra per share. Curious, did you sell with a standing order or were you day trading and tracking the price? How long did you have the standing order in?

SteelPro
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Post by SteelPro » Wed Feb 03, 2021 6:01 pm

LakecrestSteeler wrote:
Wed Feb 03, 2021 5:50 pm
SteelPro wrote:
Wed Feb 03, 2021 5:24 pm
Steelcody7 wrote:
Wed Feb 03, 2021 5:06 pm
I made a nice chunk of money on BB. got in at $9 and sold at $21 as well as SFIX. Paid $27 sold $100. I don't know enough to get too risky but enjoy buying low in company's I think will eventually take off. Never in a hurry and have no problem waiting a year or two. Bought a good many shares of AMC at $8 to see if they explode post covid.
I was considering buying AMC a month ago when it was priced below $3 as a pure speculative bet on it surviving/thriving once we finally get through the pandemic. Ultimately I passed because their balance sheet is horrible. It was that way even before covid. This is a stock that hadn’t sniffed $8 since early December 2019. Before Covid is was languishing between $5-6. Since then it has been further diluted with stock issued/sold to stave off bankruptcy. And furthermore there is concern that in theater viewing has been altered forever by Covid. We already know exclusive windows will be drastically reduced if not completely eliminated. My point is I’m not bullish on AMC, although when it falls back to $3 bucks it might be worth a flyer. I think IMAX is a better investment for those looking at a post Covid theater rebound.
Add this to the calculus of buying too...I remember in 2008 Ford and GM were on the cusp of becoming penny stocks...both in the $2-$6 range flipped a coin and bought a small position in GM...too big to fail, especially if you live in Detroit and see their footprint everywhere. Wasn’t too long after GM declared bankruptcy and Ford went onward and upward. Stocks nearly literally went in the garbage can.

You never know what will happen with AMC...even Tesla...Musk dies of a heart attack...that stock will drop like a rock I would guess. All you can do is due dilligence and hope for the best, knowing that sometimes that is not even enough.
In 2008 the whole market was in the shitter. If you were buying then you almost couldn't go wrong no matter what you bought as along as the company you were buying survived the recession. That is not the case now. I'm not saying I know what will happen with AMC. But I highly doubt simply surviving will be enough for them to outperform the market.

955876
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Post by 955876 » Wed Feb 03, 2021 6:22 pm

Never in a hurry and have no problem waiting a year or two.
Buffett says he won’t invest in a stock for 10 minutes if he isn’t willing to be invested in that stock for 10 years.

A bit extreme and not quite practical in some cases but also decent advice in principal.

I threw some $$$ at a small biotech 6 years ago that a couple doctors I know were big into.

That stock has been underwater since until literally today. Finally back in the green.

Had I owned it in a non-qualified capacity I likely would have sold long ago and moved on to something else.

In a qualified account though I’m more apprehensive to selling given you aren’t able to harvest the loss for tax purposes. So more willi mg to sit on something for longer.

The money came back to me today.

That’ll never happen at the Blackjack table.

SteelPro
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Post by SteelPro » Wed Feb 03, 2021 6:31 pm

955876 wrote:
Wed Feb 03, 2021 6:22 pm
Never in a hurry and have no problem waiting a year or two.
Buffett says he won’t invest in a stock for 10 minutes if he isn’t willing to be invested in that stock for 10 years.

A bit extreme and not quite practical in some cases but also decent advice in principal.

I threw some $$$ at a small biotech 6 years ago that a couple doctors I know were big into.

That stock has been underwater since until literally today. Finally back in the green.

Had I owned it in a non-qualified capacity I likely would have sold long ago and moved on to something else.

In a qualified account though I’m more apprehensive to selling given you aren’t able to harvest the loss for tax purposes. So more willi mg to sit on something for longer.

The money came back to me today.

That’ll never happen at the Blackjack table.
Question of the day is do you feel this stock is worth holding another 6 years or are you itching to unload now that it is finally out of the red?

955876
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Post by 955876 » Wed Feb 03, 2021 6:48 pm

Definitely crossed my mind.

Given I’ve been patient this long I’m likely going to let it ride. Position isn’t large enough portion of this particular portfolio to bellyache if it trades back into the red on me.

At this point considering all the time already spent it would bother me more if I sell here and see it go higher than if I hold and it moves back lower.

So going with the momentum and will leave it be for now.

Steelcody7
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Post by Steelcody7 » Wed Feb 03, 2021 7:07 pm

LakecrestSteeler wrote:
Wed Feb 03, 2021 5:54 pm
Steelcody7 wrote:
Wed Feb 03, 2021 5:06 pm
I made a nice chunk of money on BB. got in at $9 and sold at $21 as well as SFIX. Paid $27 sold $100. I don't know enough to get too risky but enjoy buying low in company's I think will eventually take off. Never in a hurry and have no problem waiting a year or two. Bought a good many shares of AMC at $8 to see if they explode post covid.
I was patting myself on the back and texting Wednesday afternoon at peak BB price, never had a ceiling set...next morning I was a bag holder!

You ended up missing out on $7 extra per share. Curious, did you sell with a standing order or were you day trading and tracking the price? How long did you have the standing order in?
I was tracking the price. I saw it hit $25 and was hopeful it would hit $40 by some miracle and it didn't happen.

Also, can someone recommend the best way to get started with bitcoin? I saw 3-4 services recommended a while ago and wouldn't mind throwing $1,000 in the game.

LakecrestSteeler
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Post by LakecrestSteeler » Wed Feb 03, 2021 7:14 pm

955876 wrote:
Wed Feb 03, 2021 6:22 pm
Never in a hurry and have no problem waiting a year or two.
Buffett says he won’t invest in a stock for 10 minutes if he isn’t willing to be invested in that stock for 10 years.

A bit extreme and not quite practical in some cases but also decent advice in principal.

I threw some $$$ at a small biotech 6 years ago that a couple doctors I know were big into.

That stock has been underwater since until literally today. Finally back in the green.

Had I owned it in a non-qualified capacity I likely would have sold long ago and moved on to something else.

In a qualified account though I’m more apprehensive to selling given you aren’t able to harvest the loss for tax purposes. So more willi mg to sit on something for longer.

The money came back to me today.

That’ll never happen at the Blackjack table.
I was watching DFV gut feel lesson. I found it interesting. Not 100% sure he was serious.

He said that if he gets an uncomfortable or spider sense type of feel after researching a stock, he introduces some randomness into the process by picking Uno cards or using the 8 ball. Essentially highlighting that luck plays a part, but also preventing a bias from creeping into the process when you get to stocks for which you are unsure, but might be healthy.

So he might pick COKE and get that feeling, and then he picks an UNO card to increase his position by a factor, decrease by a factor based on the Uno card or bail on it by reversing the letters, with a Reverse card, EKOC or EKO or EK until he gets a ticker to research. Rinse and repeat.

I would guess it would break up the monotony of picking stocks and take you in new directions that you might not otherwise have ever gone.

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Post by Dan Smith--BYU » Wed Feb 03, 2021 7:21 pm

"Still, to lose $13M in one day even if he's already worth $6M or whatever. The latter is a very comfortable sum to retire on, but $13M can get you primo beachfront property."

He could have sold a quarter or a half and retained his credibility among the bulls. At a certain point when you are set for life, sell some and ride the rest with house money.

955876
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Post by 955876 » Wed Feb 03, 2021 7:47 pm

Also, can someone recommend the best way to get started with bitcoin? I saw 3-4 services recommended a while ago and wouldn't mind throwing $1,000 in the game.
The Grayscale Bitcoin Trust (GBTC) is likely the easiest way to access it.

But realize you are paying a premium going that route vs setting up an actual Bitcoin account somewhere.

The premium isn’t huge and can be written off in your mind as a “convenience fee”. But will always pay a bit more to buy and receive a bit less to sell do to internal cost of the vehicle.

I’m not familiar with the actual crypto platforms as I don’t dabble in those personally or professionally so dunno there.

If you have an online stock account already it would be real easy to ticket $1,000 in GBTC

SteelPro
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Post by SteelPro » Wed Feb 03, 2021 9:49 pm

You can buy Bitcoin right through a PayPal account now. Not saying that is the best way, but seems like it may be the easiest.

955876
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Post by 955876 » Wed Feb 03, 2021 9:57 pm

There you go.

That sounds pretty easy.

Steelcody7
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Post by Steelcody7 » Thu Feb 04, 2021 12:03 am

955876 wrote:
Wed Feb 03, 2021 7:47 pm
Also, can someone recommend the best way to get started with bitcoin? I saw 3-4 services recommended a while ago and wouldn't mind throwing $1,000 in the game.
The Grayscale Bitcoin Trust (GBTC) is likely the easiest way to access it.

But realize you are paying a premium going that route vs setting up an actual Bitcoin account somewhere.

The premium isn’t huge and can be written off in your mind as a “convenience fee”. But will always pay a bit more to buy and receive a bit less to sell do to internal cost of the vehicle.

I’m not familiar with the actual crypto platforms as I don’t dabble in those personally or professionally so dunno there.

If you have an online stock account already it would be real easy to ticket $1,000 in GBTC
I use ETRADE but just bought some bitcoin through Paypal. Strange times we're living in, lol.

955876
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Post by 955876 » Thu Feb 04, 2021 3:21 pm

Well things just got interesting. The stock I spoke of yesterday that I’d been sitting on for 6 years underwriter that finally got back to even....

Currently up 150% today. Was up over 170% a few minutes ago.

Haven’t looked at any news yet. Just sipping the morning coffee and got that pleasant surprise.

SteelPro
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Post by SteelPro » Thu Feb 04, 2021 3:46 pm

955876 wrote:
Thu Feb 04, 2021 3:21 pm
Well things just got interesting. The stock I spoke of yesterday that I’d been sitting on for 6 years underwriter that finally got back to even....

Currently up 150% today. Was up over 170% a few minutes ago.

Haven’t looked at any news yet. Just sipping the morning coffee and got that pleasant surprise.
A little deja vu. So the question of the day is...

955876
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Post by 955876 » Thu Feb 04, 2021 4:46 pm

Ha. Today’s move complicates that question now a bit too.

12 months ago to the day it was $3.58. My cost basis is $7.75. Yesterday was first day in 6 years I’ve been in the green with it in 6 years.

Today it popped but losing steam now. Only up 55% for the day so lost some from earlier.

Pretty sure I’m sticking with the plan which is to hold. Given the time commitment already allocated getting out at break even or with a slight gain would be but a minor victory.

While I would definitely kick myself some if it trades all the way back to where it’s been I would kick myself harder if it keeps going up.

Maybe I’ll get lucky and Kathy Wood will decide to throw it into her ARKG. If that occurred and I had sold I would be more upset.

It’s really only about 5% of the the portfolio it resides in and about 1% of my total holdings across the board.

So not life changing if it goes back down. Fun though if it goes higher.

955876
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Post by 955876 » Thu Feb 04, 2021 6:36 pm

And BTW, trading was halted in the security earlier this morning after the huge open.

Just saying for the GME crew that acted like that was the only stock to ever get halted intraday.

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Steelperch
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Post by Steelperch » Fri Feb 05, 2021 5:47 am

SteelPro wrote:
Wed Feb 03, 2021 9:49 pm
You can buy Bitcoin right through a PayPal account now. Not saying that is the best way, but seems like it may be the easiest.
I use eToro and Coinbase apps. Etoro is commission free. Just download the app and link your bank account and you’re in. Just be careful buying crypto on Robinhood. You don’t really own the Bitcoin. You have to keep it on Robinhood. You can’t transfer coins to an offline wallet, and you can’t use coins to make third-party transactions.

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Post by Steelperch » Fri Feb 05, 2021 5:49 am

Dan Smith--BYU wrote:
Wed Feb 03, 2021 7:21 pm
"Still, to lose $13M in one day even if he's already worth $6M or whatever. The latter is a very comfortable sum to retire on, but $13M can get you primo beachfront property."

He could have sold a quarter or a half and retained his credibility among the bulls. At a certain point when you are set for life, sell some and ride the rest with house money.
DeepFukinValue had an investment of $55,000. It ran up to $22 million at its peak. I believe there were some calls and other option type plays in there that he cashed out on, but I do believe he is still holding the bag on a bunch of GME. If so he was dumb or greedy for not getting out.

955876
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Post by 955876 » Fri Feb 05, 2021 3:31 pm

If so he was dumb or greedy for not getting out.
Or C: he was dumb and greedy for not getting out.

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Post by LakecrestSteeler » Fri Feb 05, 2021 4:49 pm

Steelperch wrote:
Fri Feb 05, 2021 5:49 am
Dan Smith--BYU wrote:
Wed Feb 03, 2021 7:21 pm
"Still, to lose $13M in one day even if he's already worth $6M or whatever. The latter is a very comfortable sum to retire on, but $13M can get you primo beachfront property."

He could have sold a quarter or a half and retained his credibility among the bulls. At a certain point when you are set for life, sell some and ride the rest with house money.
DeepFukinValue had an investment of $55,000. It ran up to $22 million at its peak. I believe there were some calls and other option type plays in there that he cashed out on, but I do believe he is still holding the bag on a bunch of GME. If so he was dumb or greedy for not getting out.
Had to be more than $55,000 to get to $22M. I was coming up with around $150K on a total portfolio around $2M. $55K at $4 going up to a peak of $500 only gets him to $6.8M...unless there were some major excellently timed sells and purchases on spikes and dips on the journey.

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Post by LakecrestSteeler » Fri Feb 05, 2021 4:52 pm

955876 wrote:
Fri Feb 05, 2021 3:31 pm
If so he was dumb or greedy for not getting out.
Or C: he was dumb and greedy for not getting out.
I recall the Volkswagen chart getting used to compare squeezes. This GME squeeze essentially matched perfectly with the VW squeeze in 2008 when normalized for stock price and inflation.

But I don’t think anybody had a GPS way point alarm set to tell them they were on peak spike! Myself included. And many were falsely thinking or being mislead to think the spike would generate $1000 peaks or higher. I personally would have expected a mirror image of VW and bailed had I known I was at the equivalent peak on Wednesday.

955876
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Post by 955876 » Fri Feb 05, 2021 5:20 pm

Something I think missing from the equation here is that the Reddit crowd was in a tug-o-war with with a hedge fund that had a shit ton of short exposure.

And for a bit the hedge fund was getting their ass handed to them.

However, what is to stop all the other hedge funds out there that did not already have short exposure from opening new short positions?

Reddit crowd could very well beat one fund only to find another jumping into the game. Rinse repeat.

Without a steady stream of buyers the stock can’t stay at the elevated levels it was trading.

“Victory” if achieved seems like a very limited window IMO until the next deep pocket fund says ok now it’s my turn to play ball.

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Post by jebrick » Sun Feb 07, 2021 4:06 pm

https://washingtonmonthly.com/2021/02/0 ... -uprising/
In effect, hedge funds may have manipulated GameStop in opposite directions, wringing out profits daily or even two or three times a day. If this is correct, the GameStop saga is not some populist uprising but a rolling version of “pump and dump,” a classic form of manipulation and naked shorting. At a minimum, the facts already known call for an SEC investigation with subpoena power focused on the broker-dealers’ handling of these transactions.
Interesting article. The writer is showing that other hedge funds were orchestrating the GameStop uprising to profit from other funds over leveraging them.
"Some people are born on third base and go through life thinking they hit a triple."

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Post by Kodiak » Mon Feb 08, 2021 11:47 am

jebrick wrote:
Sun Feb 07, 2021 4:06 pm
Interesting article. The writer is showing that other hedge funds were orchestrating the GameStop uprising to profit from other funds over leveraging them.
Wholly unsurprising. We don't have to speculate to know other "Wall Street" firms benefited bigly from this.

If we could keep score, I'm guessing WSB may have killed a hedge fund or two while mostly transferring their bank account to other Wall Street firms.
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Post by Steelperch » Mon Feb 08, 2021 3:24 pm

It was announced that Tesla bought $1.5 Billion worth of Bitcoin and will begin accepting Bitcoin as form of payment. This is huge. The more big companies that put their reserve cash into Bitcoin the more credibility it gains and the higher the price will go. Bitcoin is up to $44,000 per coin, up from $34,000 to start the year and up from $0.08 per coin in 2010.

With Tesla being looked at as a cutting edge leader this could really start the snowball effect to a $100,000 Bitcoin price in the very near future.

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Post by LakecrestSteeler » Mon Feb 08, 2021 5:46 pm

Steelperch wrote:
Mon Feb 08, 2021 3:24 pm
It was announced that Tesla bought $1.5 Billion worth of Bitcoin and will begin accepting Bitcoin as form of payment. This is huge. The more big companies that put their reserve cash into Bitcoin the more credibility it gains and the higher the price will go. Bitcoin is up to $44,000 per coin, up from $34,000 to start the year and up from $0.08 per coin in 2010.

With Tesla being looked at as a cutting edge leader this could really start the snowball effect to a $100,000 Bitcoin price in the very near future.
It makes me uncomfortable!

I don’t see how crypto will be a viable currency if it just keeps appreciating. One of the reasons for its creation was to avoid inflationary and deflationary pressures of fiat money. Who is going to want to spend Bitcoin if it keeps going up irrationally? It needs to reach some manner of an equilibrium for it to be a viable currency. Who is going to spend Bitcoin? I suspect it is going to get leveraged for US dollars so that the owners of the Bitcoin don’t have to part with it. It will get over leveraged and implode at some point would be my guess. Blockchain won’t go away...but. Bitcoin???

And if there are all these other crypto currencies I don’t see the point. I am not saying you won’t make money investing in crypto, but Bitcoin as a solution to currency I am not seeing it yet. The more crypto currencies that enter the market, the worse it will get. Just like language...too many and nobody can communicate. Too many currencies and there are no currencies.

I bought Tesla stock for their ability to make cars, batteries and solar/power tech, not their ability to invest in speculative monetary technology. If I wanted that I invest in a bank or trading house.

Now maybe if someone came up with a crypto currency that was tied to energy density in petroleum products, chemical, and solar then I could see Tesla investing because their batteries are essentially the new currency; actually the batteries are even currency even without it being a crypto currency.

Maybe I am uncomfortable because I have 1/6th my portfolio in Tesla. Anyone have more than that?

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Post by Steelperch » Mon Feb 08, 2021 6:25 pm

LakecrestSteeler wrote:
Mon Feb 08, 2021 5:46 pm
Steelperch wrote:
Mon Feb 08, 2021 3:24 pm
It was announced that Tesla bought $1.5 Billion worth of Bitcoin and will begin accepting Bitcoin as form of payment. This is huge. The more big companies that put their reserve cash into Bitcoin the more credibility it gains and the higher the price will go. Bitcoin is up to $44,000 per coin, up from $34,000 to start the year and up from $0.08 per coin in 2010.

With Tesla being looked at as a cutting edge leader this could really start the snowball effect to a $100,000 Bitcoin price in the very near future.
It makes me uncomfortable!

I don’t see how crypto will be a viable currency if it just keeps appreciating. One of the reasons for its creation was to avoid inflationary and deflationary pressures of fiat money. Who is going to want to spend Bitcoin if it keeps going up irrationally? It needs to reach some manner of an equilibrium for it to be a viable currency. Who is going to spend Bitcoin? I suspect it is going to get leveraged for US dollars so that the owners of the Bitcoin don’t have to part with it. It will get over leveraged and implode at some point would be my guess. Blockchain won’t go away...but. Bitcoin???

And if there are all these other crypto currencies I don’t see the point. I am not saying you won’t make money investing in crypto, but Bitcoin as a solution to currency I am not seeing it yet. The more crypto currencies that enter the market, the worse it will get. Just like language...too many and nobody can communicate. Too many currencies and there are no currencies.

I bought Tesla stock for their ability to make cars, batteries and solar/power tech, not their ability to invest in speculative monetary technology. If I wanted that I invest in a bank or trading house.

Now maybe if someone came up with a crypto currency that was tied to energy density in petroleum products, chemical, and solar then I could see Tesla investing because their batteries are essentially the new currency; actually the batteries are even currency even without it being a crypto currency.

Maybe I am uncomfortable because I have 1/6th my portfolio in Tesla. Anyone have more than that?
Bitcoin is like gold as a store of value, but unlike Gold you can’t just go out and mine more. There is a finite number of Bitcoin that will ever be created (21 million coins). The major difference between fiat and crypto is that the crypto is controlled by people and not central governments. Gold is an old fashioned concept in the digital age. Crypto like Bitcoin is a logical replacement. I don’t see Bitcoin being used much as a traditional currency where you use it to go out and buy a cup of coffee. Think of it as Gold, not dollars.

My portfolio is now up to like 70% Tesla and 10% Bitcoin (just counting individual investing accounts and not 401k/IRA.) I have a huge conviction that Tesla will become the biggest company on the planet, so I’m comfortable not being diversified in the traditional sense. I’m confident that Bitcoin will become digital gold so I’m very pleased with today’s announcement. Companies don’t want to leave their assets in cash sitting around depreciating. Big companies moving towards storing value in crypto is a watershed moment. Big insurance companies like Mass Mutual, Fintech companies like PayPal and Square, and now a major Fortune 500 company in Tesla throwing large sums into Bitcoin lends huge credence into it as an asset. Bitcoin to $100k very soon seems more likely every day. Just imagine when every Fortune 500 company puts 5-10% of their cash reserves in Bitcoin. The price will skyrocket. Don’t think for a second the Tesla announcement today was isolated. Most everyone will follow. Many companies have been considering it, sometimes it just takes a leader to make that first jump.

And I was a big crypto skeptic for years. Following billionaires and major companies is never a bad idea. I bought into Bitcoin at $18k way back in December of 2020. It’s up to $44,000 today. I think my only regret a few years from now will be not buying more at $18k.

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