Bitcoin Taking a Leap
By Jim Bauer
@porwest (78761)
United States
January 13, 2023 9:50am CST
The word "leap" may be a bit overstated considering that Bitcoin peaked out around $65k per coin before it plummeted. But certainly, in recent days it has finally busted out of it's recent trading range of about $16k and today is sitting right around $19.2k per coin.
What is shows is a sign of break out from its recent resistance levels, and if I were to compare a move like that to stocks (which are not comparable by the way), it would be a signal of strength, at least in the short term.
In the crypto world all it shows me is that there is still at least some "interest" in the world of cryptocurrencies despite all that has happened that has been negative, and perhaps helps to affirm that crypto may still have some longevity.
I am not deep into crypto, only owning bits and pieces compared to my typical investments such as stocks, private equity and investor group real estate. But being that it does have the potential to offer gains, it seems having just a little bit of skin in the game is useful.
Besides, most of the crypto I get these days is not from my own money being invested in it, but rather earned through faucets and other mechanisms.
This recent swift rise in Bitcoin's price is not significant, per se. It is simply interesting.
8 people like this
7 responses
@porwest (78761)
• United States
31 Jan 23
@DaddyEvil You must have scared them off. Their comment is gone. lol
@porwest (78761)
• United States
31 Jan 23
It actually has, and this even surprised me a bit since I am MOSTLY a bit of a naysayer when it comes to crypto. It is something I learn a little more about each day, and the more I understand it the more interested I become in learning even more...
That all side, I am still on the fence but getting closer every day to deciding where I stand on the whole thing.
1 person likes this
@CarolDM (203454)
• Nashville, Tennessee
31 Jan 23
@porwest I will stay on the sidelines for now as well. Interesting story about FTX. He is on house arrest. How many others can say the same. But wait, he made lots of friends to help him out now. Will be very interesting when they release the two names of who helped his parents fund his bail. They are set to be disclosed soon.
1 person likes this
@thislittlepennyearns (58134)
• Defuniak Springs, Florida
13 Jan 23
I remember when I was mining bitcoins and stuff they were up to thousands and thousands.
1 person likes this
@thislittlepennyearns (58134)
• Defuniak Springs, Florida
18 Jan 23
@porwest I haven't paid attention to in in about three or four years.
1 person likes this
@porwest (78761)
• United States
19 Jan 23
@thislittlepennyearns It is a very risky thing, so you may not be missing much. I am only very minimally involved.
@moffittjc (118442)
• Gainesville, Florida
15 Jan 23
I will admit that I know nothing about crypto, and have no interest in it whatsoever, but it seems to me that on any given day, crypto is either up big or down big. Do you anticipate that swings like this are going to be the norm in the crypto world for the foreseeable future?
1 person likes this
@moffittjc (118442)
• Gainesville, Florida
2 Feb 23
@porwest I think the thing that still baffles me a little about crypto is that if it is “currency “ as they say, why isn’t anyone using it to buy things? I really don’t know anywhere that accepts crypto as a form of payment. So how does a currency have any relevance if no one is spending it?
1 person likes this
@porwest (78761)
• United States
3 Feb 23
@moffittjc Bingo. That's part of the BIG problem with it. You can't really use it. lol. Although all the people deeply committed to believing in it say it's coming, it's just a matter of time.
I don't know.
Until some big dog like Walmart takes it, I don't think anyone will, although there are maps of places that do. But they are few and far between.
I usually liken crypto to having a $20 bill in your pocket standing in front of a vending machine that only takes dollar bills. You have the money to buy the chips, but you still can't have your chips. lol
1 person likes this
@porwest (78761)
• United States
31 Jan 23
IF crypto really IS a thing and NOT just a fad (sorry for all the CAPS, I just don't feel like inserting the codes for italics even though this apology took far longer to do than it would have taken to include the codes, ahem), I think, just like any other asset, prices will stabilize. This much volatility and uncertainty is never a good thing when it comes to any investor or investment.
I think as well, at least being able to better understand how any value is determined will also help investors to better understand why it moves one way or another, and be able to use that as a determining factor as to what to expect.
That all said, this is still, from my perspective, a "start-up," and so it is going to move a bit more wildly while it is still in "growth mode" until things settle down a bit.
That compares it too much to business and companies and their related stocks, but the theory, despite that I don't think the two are the same thing, still makes sense to me.
1 person likes this
@yoalldudes (35040)
• Philippines
14 Jan 23
I have a little bit of Bitcoin I earned from forums as well as games.
1 person likes this
@lazydaizee (6737)
• United Kingdom
14 Jan 23
I did try to earn some money on a Bitcoin site that paid you to take surveys. However I did not understand the currency and I was not sure if it was worth my time or not. There seemed to be so many numbers with Bitcoin but they did not seem to be worth much. Maybe I should have stuck with it if they were doing well at the time. This was when Bitcoin and crypto currencies were still new.
1 person likes this
@porwest (78761)
• United States
17 Jan 23
@lazydaizee I would think it is just a natural progression. If things rise too quickly, I become very suspect, so especially in a very volatile market like crypto, some stabilization is probably a good thing.
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@lazydaizee (6737)
• United Kingdom
16 Jan 23
@porwest Some new things do start well and then slow down after a while, maybe this is because of competitors setting up similar products.
1 person likes this
@LindaOHio (156157)
• United States
14 Jan 23
I'm glad you're not investing heavily in cryptocurrency.
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