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Hannity: Bitcoin. He doesn’t understand it, but he bought it

Bucky said:
When I first bought bitcoin I remember everyone who said it was a scam.

Now the majority of financial experts are saying, "oh, you should allocate at least some portion of your portfolio in bitcoin or cryptocurrency."
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Bitcoin is essentially paper or in this case digital paper. All paper can go to zero easily and have only implied value that depends on the ability to deliver the underlying commodity if in fact there is one. Bitcoin is at its core software, and the value of the bitcoin is essentially fiat by consensus. As an investment precautions to be taken would be similar to what one would when dealing with second tier or lower derivative contracts where the underlying commodity is not directly owned by the contract producer.
 
Hatuey said:
I said, manipulate bitcoin, not block-chain. You are welcome:

www.bloomberg.com

Research Affiliates Quant Warns of Bitcoin Market Manipulation

In 2017, Alex Pickard had made so much money from Bitcoin that he quit his job in finance and moved to Washington state to mine digital coins full time. Less than a year later, the venture had failed and he was back at quant firm Research Affiliates.
www.bloomberg.com www.bloomberg.com
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So someone could, theoretically, use counterfeit funds to purchase bitcoin and therefore create false demand? It has never happened, but could, theoretically...

Along with every other traded commodity ever. Doesn't sound like a big deal, and is a concern for literally any traded assest, so not unique to bitcoin. Meh.
 
I'm rather surprised that the world governments have allowed cryptocurrency and NFTs to go unchecked for as long as they have.
 
Ikari said:
I'm rather surprised that the world governments have allowed cryptocurrency and NFTs to go unchecked for as long as they have.
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Because it was invented by the CIA and the original billion tokens (or whatever they were) are held by the federal reserve.

😉
 
highroller said:
Because it was invented by the CIA and the original billion tokens (or whatever they were) are held by the federal reserve.

😉
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I have never heard that one before.
 
Metric Mouse said:
So someone could, theoretically, use counterfeit funds
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That isn't what the article pointed to as the most flaggrant source of manipulation. Do you want to give it a second try?

While you are at, please make sure to answer: Who shows up to defend bitcoin if someone who owns much of it, threatens to manipulate it for their gain?
 
If I owned Berkshire Hathaway, and threatened to manipulate the US dollar, for my gain, someone from the government shows up to tell I cannot do that.

Who shows up when the bitcoin whales running around manipulate bitcoin price for their gain?

The internet police?
 
I don't understand this crypto stuff at all. Well maybe a little, but not enough to make huge investments in it. Seriously though, what percentage of people who own crypto could really explain it?
 
Threegoofs said:
Yeah. I could have made so much buying last month and holding.

oh, wait.
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...If one is dumb enough to buy in all at once, fail to dollar-cost-average, and then sell at the bottom...
 
Hatuey said:
If I owned Berkshire Hathaway, and threatened to manipulate the US dollar, for my gain, someone from the government shows up to tell I cannot do that.

Who shows up when the bitcoin whales running around manipulate bitcoin price for their gain?

The internet police?
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If whales manipulate and drive down the price then you buy more. People need to educate themselves about price fluctuations, have a plan for different scenarios, and dollar-cost-average to avoid emotional selling at lows. The only reason the whales do it is because new/uneducated retail 'investors' let their emotions control their decisions.
 
Geoist said:
If whales manipulate and drive down the price then you buy more.
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That works for me cause I have a money tree but.... what happens in an economy where people can't afford a money tree and buying more bitcoin when it drops by 30%?

I think bitcoin is a tulip mania situation. Dont get me wrong, I dropped some money on bitcoin, but I dont see it lasting without a tangible government to knock on doors when shit goes sideways.

Leaving currency strictly up to computing power is how we got the Matrix the first time.
 
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Hatuey said:
That works for me cause I have a money tree but.... what happens in an economy where people can't afford a money tree and buy more bitcoin when it drops by 30%?
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One doesn't need a money tree, just smart financial planning. If the average investor followed the basics of investing the manipulation tactics wouldn't work. It's still early in the 1st inning for crypto. I would not be shocked if these fluctuations stabilized over time as people learn to stop freaking out. Until then, I'll happily take advantage of the bitcoin and ethereum discounts.
 
Geoist said:
One doesn't need a money tree, just smart financial planning.
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Okay, most Americans dont have a financial planner. Most of the world doesn't either. Financial planning carries a few societal pre-conditions in the majority of cases.

Knowing that, I can conclude from your statements that in a bitcoin economy, it is people's fault if bitcoin was worth 70K today and then it is worth 35K tomorrow?

Again, I dont think that has much traction for the average person working in dollars and not fractions of a bitcoin but good luck, may you make many converts.
 
Geoist said:
If whales manipulate and drive down the price then you buy more. People need to educate themselves about price fluctuations, have a plan for different scenarios, and dollar-cost-average to avoid emotional selling at lows. The only reason the whales do it is because new/uneducated retail 'investors' let their emotions control their decisions.
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Most don't really understand what exactly it is they are buying. If they understood that at its core bitcoin is simply a mix of software and fiat currency I doubt near as many would buy into it nor for nearly as much. Bitcoins value is not intrinsic. Were as gold or land or likewise has intrinsic value.
 
Hatuey said:
Okay, most Americans dont have a financial planner. Most of the world doesn't either. Financial planning carries a few societal pre-conditions in the majority of cases.

Knowing that, I can conclude from your statements that in a bitcoin economy, it is people's fault if bitcoin was worth 70K today and then it is worth 35K tomorrow?

Again, I dont think that has much traction for the average person working in dollars and not fractions of a bitcoin but good luck, may you make many converts.
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Who said anything about a financial planner? Just some basic education is necessary to get started. Costs nothing but some time.

No one is forcing them to get into cryptocurrencies. They can just put all of their investment money into the S&P if they wish. But if they decide to dip into crypto then they sure as hell better do some research. If they are dollar-cost-averaging, investing longterm, and not putting all their rent money into it, then it's really not a big deal for the price to drop from $70K to $35K shortterm.
 
Bucky said:
When I first bought bitcoin I remember everyone who said it was a scam.

Now the majority of financial experts are saying, "oh, you should allocate at least some portion of your portfolio in bitcoin or cryptocurrency."
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Regulations are coming, too much criminal activity (globally) funded by crypto.
 
PirateMk1 said:
Most don't really understand what exactly it is they are buying. If they understood that at its core bitcoin is simply a mix of software and fiat currency I doubt near as many would buy into it nor for nearly as much. Bitcoins value is not intrinsic. Were as gold or land or likewise has intrinsic value.
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Fiat money backed by the full faith and credit of the US is one thing, fiat money backed by computer code is something entirely different.
 
Geoist said:
Who said anything about a financial planner? Just some basic education is necessary to get started. Costs nothing but some time.

No one is forcing them to get into cryptocurrencies. They can just put all of their investment money into the S&P if they wish. But if they decide to dip into crypto then they sure as hell better do some research. If they are dollar-cost-averaging, investing longterm, and not putting all their rent money into it, then it's really not a big deal for the price to drop from $70K to $35K shortterm.
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I think we both know that bitcoin is a niche investment and not really a viable option for most people.

Don't get me wrong, I put money into it, if its gonna make me money, I'm all for it, but I'm not seeing it as a long term replacement for any currency.
 
Hatuey said:
That isn't what the article pointed to as the most flaggrant source of manipulation. Do you want to give it a second try?

While you are at, please make sure to answer: Who shows up to defend bitcoin if someone who owns much of it, threatens to manipulate it for their gain?
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A: absolutely that's what the article said.

Which part of the article do you think states the most flagrant source of manipulation? A simple "nuh uh" is not a very good discussion point.

B: I'm sure whomever protects gold, wheat, iron, oil and other valuable traded commodities from being manipulated by people who own large shares of them.
 
mrjurrs said:
Fiat money backed by the full faith and credit of the US is one thing, fiat money backed by computer code is something entirely different.
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Correct.

And people who think of Bitcoin only as a replacement for fiat currency will always have lower returns on their investments than people who treat it as a commodity/technology.
 
Bucky said:
When I first bought bitcoin I remember everyone who said it was a scam.

Now the majority of financial experts are saying, "oh, you should allocate at least some portion of your portfolio in bitcoin or cryptocurrency."
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No they arent
 
Non-Russian_bot said:
I don't understand this crypto stuff at all. Well maybe a little, but not enough to make huge investments in it. Seriously though, what percentage of people who own crypto could really explain it?
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Imagine I handed you a piece of paper that certified I had done some arbitrary and useless math in a way that pollutes the atmosphere and insisted you give me a sandwich in exchange for it.
 
Deuce said:
Imagine I handed you a piece of paper that certified I had done some arbitrary and useless math in a way that pollutes the atmosphere and insisted you give me a sandwich in exchange for it.
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Ohhhhhhhhhhhhh now I see 🤪
 
Non-Russian_bot said:
Ohhhhhhhhhhhhh now I see 🤪
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It’s not as far off from the truth as crypto proponents would want to admit.
The full answer is more technical but also more stupid.
 
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