Money Bitcoin Take? - Page 110

Did anyone in this thread get suckered into GBTC?

Originally Posted by :
These Traders Paid a 100% Premium for Bitcoin at the Market Top

Losing money as everything from stocks to oil to corporate debt tumbles? It could be worse.

To see what may be one of the most poorly timed trades of the past year, take a look at the $1 billion Grayscale Bitcoin Investment Trust. On Dec. 18, the day before Bitcoin’s epic crash began, buyers of the trust propelled its premium over net asset value to more than 100 percent. In rough terms, it was like shelling out $40,000 for Bitcoins that were trading near $20,000 in the spot market.

The markup was largely a result of scarcity value. Buying the trust was one of the few ways for regulated U.S. institutional investors to gain exposure to cryptocurrencies. Some were willing to pay for the privilege on expectations that crypto-mania was just getting started.

Of course, we now know that was the peak. As Bitcoin tumbles toward $4,000 and the Grayscale trust’s premium shrinks, the bullish Dec. 18 bets are looking worse by the day. While it’s unclear how long buyers held on to their positions, anyone who stuck with the trade would be nursing losses of more than 87 percent.

One warning to bargain hunters: Even after its tumble, the Grayscale trust isn’t exactly cheap. Its premium to net assets still stands at more than 9 percent.

https://www.bloomberg.com/amp/news/a...mpression=true
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Originally Posted by BryanBusby:
Buy buy buy!

Why why why
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Because lighting money on fire is fun?
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We'll be back bros

We'll be back
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Originally Posted by FD:
Did anyone in this thread get suckered into GBTC?

https://www.bloomberg.com/amp/news/a...mpression=true

At one time I had to trade the hell out of btc for a while in order to offset my gbtc losses. Was fairly small money, but was damn glad to work my way out of it before I committed to the long haul on a sinking ship.
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Originally Posted by BWillie:
Yep - long term. First or last. What can ya do

Ride your tulips/dot.com stocks/beanie babies down to zero, brah
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Originally Posted by Cave Johnson:
Ride your tulips/dot.com stocks/beanie babies down to zero, brah

I'm still hodling for the next bull run on beanie babies. When it comes I'm going to be rich.
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I told you jackasses.
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Originally Posted by :
What a difference a year can make. Last year at this time, bitcoin was in the middle of a 217-percent rally that saw its value peak in December near $20,000.

Now the largest cryptocurrency is struggling to stay above $4,000 – losing almost 28 percent in value this week and briefly hitting its lowest level since September 2007 at $3,477.58 in early Sunday trading, according to data from CoinDesk.

...

Year to date in 2018, bitcoin has declined almost 70 percent.

https://www.usatoday.com/story/money...ng/2108033002/
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Originally Posted by Eleazar:
https://www.usatoday.com/story/money...ng/2108033002/

Lowest level since 2017 - not 2007.
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Originally Posted by suzzer99:
I told you jackasses.

wait a minute, that’s my line.:-)
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Rags to riches and back again.
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Has anyone done a welfare check on ChiefRocka?
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Fellar sure is quiet lately
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Bitcoin is down more than 80% from last year's high, nearing its worst-ever bear market

Bitcoin is only 10 years old, but the cryptocurrency has already seen its fair share of bear markets.

The most recent one, which some are dubbing "crypto winter," worsened over the weekend. The cryptocurrency slid below $3,500 for the first time in 14 months, then later recovered toward the $3,900 level by Monday, according to data from CoinDesk. That brings its decline from last year's peak to more than 81 percent.

That loss isn't the worst bitcoin has suffered, but the world's largest digital currency is getting close.

...

Measured in dollars, this year's damage has been much more significant. Roughly $700 billion has been wiped off cryptocurrencies' global market capitalization since the high, according to data from CoinMarketCap.com. The price of one bitcoin has dropped more than $15,000 since December.

Bitcoin skyrocketed to current its all-time high of almost $20,000 in December 2017. Coinbase's CEO said this summer that at the height of that boom, the exchange was opening up 50,000 new accounts a day, for mostly retail investors. The all-time high also came ahead of the availability of bitcoin futures. Those products have also fallen. On Monday, they dropped to their lowest levels since launching.

Trading volumes are also down drastically. Bitcoin's 24-hour volume was near $49 billion at the peak, and as of Monday was down 61 percent, to $19 billion.

Even some bitcoin bulls are anticipating more short-term carnage.

Anthony Pompliano, founder and partner at crypto investment firm Morgan Creek Digital Assets, is predicting an 85 percent decline from the all-time high. That would make this year's downturn the second-worst bear market for bitcoin, implying a price of about $3,000.

...

https://www.cnbc.com/2018/11/26/bitc...-the-high.html
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