That was after a massive rise that began about 2 weeks ago, so it wasn't unexpected.

Whales merely moving bitcoin to exchanges wouldn't cause it. They would have to be profit taking, likely temporary profit taking.

It will go back up. In crypto this happens.

I have been watching my crypto grow like crazy and then suddenly deflate like an untied balloon. People who blow up the value and then cull the profit are what cause these devaluations. The price goes off the charts and then they cut their share, then buy up cheaper coin and repeat the process.

I have been watching my crypto grow like crazy and then suddenly deflate like an untied balloon. People who blow up the value and then cull the profit are what cause these devaluations. The price goes off the charts and then they cut their share, then buy up cheaper coin and repeat the process.

That's what happens, yes. The crypto rise over the past 3 weeks was enormous and not sustainable.

The reason for the enormous swings is precisely because there is not enough profit taking as you describe. It's a new market and there are booms and busts much like the first gold panners in a wild frontier where gold is in streams ready to be picked up, but which is in a place where Indian raids and banditos are also on hand to take it off your hands.

Booms and busts.

But crypto does have utility and it cannot be created out of nothing by a central issuing authority like the Fed can and does the US dollar.

I have been watching my crypto grow like crazy and then suddenly deflate like an untied balloon.

Gold's done likewise over the last week or so.

Yesterday, a neighbor told me that he'd put "some money" in ATT for the 7% dividend. Makes sense here.

Whales Move Bitcoin To Exchanges

How did the whales get all the way from the Wal-Mart parking lot over to the exchanges?

Prices don't fluctuate like that in a grocery store. Why> Because items have a value based on common use and needs. Crypto is in a bubble. Golf and silver go up and take profits, and then go up again. Why: Because the probable value of the dollar in the future is seen as declining. Crypto has no stable value.

Golf and silver go up and take profits, and then go up again. Why: Because the probable value of the dollar in the future is seen as declining. Crypto has no stable value.

I got a wild hair up my ass earlier this year and decided to dabble in the stock market. I spent a couple weeks looking for undervalued stocks, settled on RYCEF (Rolls Royce jet engines).

I only put like $2000 on the line, but it has just kept tanking. From $2.92 that I bought in, down to $0.54. If it ever goes above $3.00 again I'm selling. It was at like $18.00 a couple years ago.

Prices don't fluctuate like that in a grocery store. Why> Because items have a value based on common use and needs.

I say it's because the market for grocery goods has a long history which has resulted in price stability. Producers know exactly how much to produce because they know how much will be consumed.

Crypto lacks that stability because it does not have that stabilizing history. Yet. But it's also not a normal commodity, but rather a potential currency.

Crypto is in a bubble. Golf and silver go up and take profits, and then go up again. Why: Because the probable value of the dollar in the future is seen as declining. Crypto has no stable value.

The bubble criticism of crypto has been around a long time. It comes up every time Bitcoin is pushing new highs and is into new highs. Within the last couple years and especially this year, crypto in general is gaining more respect with financial institutions, central banks and governments. CB's are looking to introduce their own cyrpto. Paypal did a 180 and announced users could buy crypto with PP funds, which was prohibited previously. Iran is realizing it can be used to bypass US sanctions. They have not yet made any announcement to accept bitcoin for oil, but they have as of about 2 months ago announced they are offering their domestically mined bitcoin for foreign goods. I think if/when there are enough offers accepting that, then Iran will announce they will accept bitcoin for oil, and that will be a very big day.

Bitcoin/crypto does have utility that gold and silver lack, and while its price history does show strong volatility (in USD terms, at least) one would be hard pressed to substantively allege bitcoin is in any meaningful bubble at any price below 30k.

Crypto does have its pitfalls, security being one, but I see it has a very strong future.

Some months ago I told you I would try to get my wife (an ever-more- serious dabbler in the market) to recommend a stock for you. But she's shy about that; not sure why.

The Marathon Petroleum (MPC) I bought in March at about $27 is at $41.48 now. Pays a nice dividend, too. I should sell it soon, as I don't think the long term outlook for oil is good.

Are you sure RYCEF went down to $0.54? It appears to be at $1.53 now.

I should have listened to you. RYCEF was at 0.54(or so) at its lowest a few months ago, made my head hurt.

I would hold on to MPC and sell at about $44. It will drop a couple months into Bidet's reign.