So I get home late last night and bring up the charts to see the whole crypto space going down like a five dollar hooker on dollar night.
I heard there was a power blackout in China that cut bitcoin hash rate in half. What do you all think is next on the horizon?
Well, I knew it was too good to be true when we were up nearly 30% for the month mid April. So it was a bit sobering to be brought back down to earth. On the bright side, I was being a little flippant yesterday since my son was telling me that some of his buddies had been making out like bandits with Dogecoin. I asked him to sit with me and (against all my rules) wanted to show him how easy it was to set up a limit or stop order. I chose to limit buy DOGE with one thousandth of a BTC at a time starting at 495 satoshis. It kept tanking but was already down past the Fib 61.2% retrace. Long story short, we had 5 limit orders filled one after the other down to 404 satoshis, and by the time I awoke at 6am UK time, we were already 22% up. I’ve set a limit sell order for a 40% profit. My only regret was that this was a flippant act that was supposed to show my son how NOT to trade instead of a serious trade. If it hits 623 Satoshis I’ll be proven to be wrong and may have to develop a “social media only strategy” just for DOGE. It softened the blow somewhat of the overall impact of the market retracement. It’s slowly recovering and I expect it will be back where it was in a few days’ time.
Congrats on the doge even though it didn’t exactly teach the lesson you expected. I’ve been dabbling in doge a little bit also. Trying to catch some of the gains. I closed out positions as the crash was happening but I agree it will return to normal soon, it’s still a bull market. I think the lesson I learned is next time my account is up nearly 100%, go ahead and book some profits.
Love the analogy.
Maybe folks are realizing that Bitcoin has absolutely no utility value whatsoever, well at least compared to the likes of XRP.
Would be interesting to know all you HODlers, other than the great fool theory, are there any good reasons for holding bitcoin?
I do know at least one company accepting bitcoin as a payment method… besides Tesla, That would be AT&T DirectTV I had them before switching to Dish. So it has some value as a payment method. But it’s grown beyond Satoshi’s original vision. It’s considered more a store of value now rather than a payment method.
One thing I wonder about bitcoin is what happens when the last of it is mined. We just saw a drop in hash rate cause a dip in price so what happens when the last of it is mined?
The sad thing is I knew about it when it was around $100 a coin… I coulda been a gazillioinair but hindsight is 2020
Another day when DOGE defied the general trend of other tokens. This time my son was keen to explain to me his rationale behind wishing to set another limit buy order, which filled, followed by a limit sell order (which filled same day). That is more dangerous than the first lesson I was trying to teach him. Two wins on a row. I have asked him to now open his own Bittrex account into which I will transfer the BTC equivalent of a couple of hundred bucks so he can start his own trading interest. He finished an accounting degree last year but absolutely hates the idea of working as an accountant. I have been trying my best to find an interesting career path for him, but his last night out spent with his ex-high school buddies brought up the subject of their DOGE wins, so I think he is now a convert. Muhahahahahaha