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Wizard
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Wizard
Joined: Oct 14, 2009
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May 9th, 2021 at 1:46:14 AM permalink
Looks like Dogecoin dropped 31% during the show. What did Musk say or not say?

Never mind, this was easy to search on: Dogecoin price flops as Elon Musk hosts ‘Saturday Night Live’.
It's not whether you win or lose; it's whether or not you had a good bet.
lilredrooster
lilredrooster
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May 9th, 2021 at 1:48:43 AM permalink
Quote: lilredrooster

.......................

Elon Musk is hosting Saturday Night Live tonight - it's a very big deal

let's see - right now at 7:26 est the price is .643776


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big surprise - a little more that 8 hours later Doggy is at .530547 - it dropped a lot - that must have fooled a lot of people



since January it's been like betting on the Yankees every single game of the season and the Yankees win 150 out of 162 games - and you can get even money betting on them


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Last edited by: lilredrooster on May 9, 2021
"𝘣𝘦𝘭𝘪𝘦𝘷𝘦 𝘩𝘢𝘭𝘧 𝘰𝘧 𝘸𝘩𝘢𝘵 𝘺𝘰𝘶 𝘴𝘦𝘦 𝘢𝘯𝘥 𝘯𝘰𝘯𝘦 𝘰𝘧 𝘸𝘩𝘢𝘵 𝘺𝘰𝘶 𝘩𝘦𝘢𝘳"______Edgar Allan Poe
OnceDear
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OnceDear 
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May 9th, 2021 at 3:15:27 AM permalink
Quote: Wizard

Looks like Dogecoin dropped 31% during the show. What did Musk say or not say?

Never mind, this was easy to search on: Dogecoin price flops as Elon Musk hosts ‘Saturday Night Live’.

I can see the case for the existence and dominance of BitCoin and just a very few other crypto coins. But, [expletive deleted] what are we supposed to think when the fifth biggest alt coin was created as a joke, exists as a joke and has zero real world application.

https://coinmarketcap.com/currencies/dogecoin/

Market Cap $60Billion. down 30% on the day. RUN AWAYYYYYYY. LOL.

https://policysquare.substack.com/p/leaves-cigarettes-dollars-or-bitcoins
Beware. The earth is NOT flat. Hit and run is not a winning strategy: Pressing into trends IS not a winning strategy: Progressives are not a winning strategy: Don't Buy It! .Don't even take it for free.
darkoz
darkoz
Joined: Dec 22, 2009
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May 9th, 2021 at 6:56:46 AM permalink
Quote: OnceDear

Quote: Wizard

Looks like Dogecoin dropped 31% during the show. What did Musk say or not say?

Never mind, this was easy to search on: Dogecoin price flops as Elon Musk hosts ‘Saturday Night Live’.

I can see the case for the existence and dominance of BitCoin and just a very few other crypto coins. But, [expletive deleted] what are we supposed to think when the fifth biggest alt coin was created as a joke, exists as a joke and has zero real world application.

https://coinmarketcap.com/currencies/dogecoin/

Market Cap $60Billion. down 30% on the day. RUN AWAYYYYYYY. LOL.

https://policysquare.substack.com/p/leaves-cigarettes-dollars-or-bitcoins



It doesn't have zero real world application.

It's used as a currency to tip online such as waiters, taxi drivers etc. It's being adopted by a lot of the twenty-something crowd.

I think you are looking at it inside out. Doge was created as a joke BUT crypto has such power that Doge has become successful!

Truthfully Dogecoin should be worth hundreds right now but the reason it's not is because part of the joke is that they add new coins periodically as soon as the price goes to high. It's a purposefully inflationary created coin.

It will never rise very high on purpose.

It's value comes from its usage and devotion of the people who buy more (after all it's cheap) so they can utilize it as an altcoin.

I like to think of Bitcoin as the Beatles and Dogecoin as the Monkees.
For Whom the bus tolls; The bus tolls for thee
billryan
billryan 
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May 9th, 2021 at 7:54:16 AM permalink
More like the Rutles. There is some tax advantages to investing in non-existent entities, but it's tiresome and not for most folks.
darkoz
darkoz
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May 9th, 2021 at 8:09:00 AM permalink
Quote: billryan

More like the Rutles. There is some tax advantages to investing in non-existent entities, but it's tiresome and not for most folks.



I suppose crypto is just a pump and dump scam to you
For Whom the bus tolls; The bus tolls for thee
billryan
billryan 
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May 9th, 2021 at 8:43:59 AM permalink
I don't pay much attention to crypto currencies. I have a fairly strict code for what makes a good investment and crypto doesn't qualify.
It has served me well for the past forty years and I've no reason to change now.
It is this simple- Bears make money, bulls make money, pigs get slaughtered. My #1 rule of investing- Don't be a pig. The idea isn't to make the most money, it's to make enough money that you don't have to worry about your lost opportunities. I don't need a string of poloponies to be happy. Nor do I feel the need to let everyone know every time investments do well.
I'm currently living in an old farmhouse, with eight rooms. I rarely venture into four of them. I'm already thinking about downsizing even though I'm only here about four months.
lilredrooster
lilredrooster
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May 9th, 2021 at 9:18:15 AM permalink
Quote: billryan


It has served me well for the past forty years and I've no reason to change now.
It is this simple- Bears make money, bulls make money, pigs get slaughtered. My #1 rule of investing- Don't be a pig. The idea isn't to make the most money, it's to make enough money that you don't have to worry about your lost opportunities. I don't need a string of poloponies to be happy. Nor do I feel the need to let everyone know every time investments do well.
I'm currently living in an old farmhouse, with eight rooms. I rarely venture into four of them. I'm already thinking about downsizing even though I'm only here about four months.




I hear you - your attitude is pretty much the same as mine

but for a lot of people there is a game aspect to the markets - odiousgambit showed that in one of his threads

for a lot of them it's not so much about making a ton of money but about doing well just because if you play a game you want to play well

I can respect that point of view too

𝙚𝙖𝙘𝙝 𝙩𝙤 𝙝𝙞𝙨 𝙤𝙬𝙣 - like the old soul song says "different strokes for different folks"

for me I'd much rather bet sports

some here love slots - I look at a machine and feel like I want to puke - it's so uninteresting to me



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"𝘣𝘦𝘭𝘪𝘦𝘷𝘦 𝘩𝘢𝘭𝘧 𝘰𝘧 𝘸𝘩𝘢𝘵 𝘺𝘰𝘶 𝘴𝘦𝘦 𝘢𝘯𝘥 𝘯𝘰𝘯𝘦 𝘰𝘧 𝘸𝘩𝘢𝘵 𝘺𝘰𝘶 𝘩𝘦𝘢𝘳"______Edgar Allan Poe
darkoz
darkoz
Joined: Dec 22, 2009
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May 9th, 2021 at 9:28:28 AM permalink
Quote: billryan

I don't pay much attention to crypto currencies. I have a fairly strict code for what makes a good investment and crypto doesn't qualify.
It has served me well for the past forty years and I've no reason to change now.
It is this simple- Bears make money, bulls make money, pigs get slaughtered. My #1 rule of investing- Don't be a pig. The idea isn't to make the most money, it's to make enough money that you don't have to worry about your lost opportunities. I don't need a string of poloponies to be happy. Nor do I feel the need to let everyone know every time investments do well.
I'm currently living in an old farmhouse, with eight rooms. I rarely venture into four of them. I'm already thinking about downsizing even though I'm only here about four months.



I'm not saying you should invest in crypto but you do recognize that it goes up pretty consistently, at least the main recognized ones.

If you don't understand why that's fine, but to dismiss it without understanding why isn't good investment strategy. At least understand why it's going up so you can make an educated decision to invest or not.

Bitcoin didn't go from fifty cents a coin to fifty thousand dollars a coin on the strength of word of mouth. There is a lot more to it than that

Other crypto which is also gaining would not be able to just on some word of mouth suggestions
For Whom the bus tolls; The bus tolls for thee
billryan
billryan 
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Thanks for this post from:
Calder
May 9th, 2021 at 9:47:54 AM permalink
Quote: darkoz

I'm not saying you should invest in crypto but you do recognize that it goes up pretty consistently, at least the main recognized ones.

If you don't understand why that's fine, but to dismiss it without understanding why isn't good investment strategy. At least understand why it's going up so you can make an educated decision to invest or not.

Bitcoin didn't go from fifty cents a coin to fifty thousand dollars a coin on the strength of word of mouth. There is a lot more to it than that

Other crypto which is also gaining would not be able to just on some word of mouth suggestions



Show me bitcoin's P&L
Show me their EBITDA
Show me their patents or their license agreements.
Show me their forward looking projections.
Show me what separates them from their competitors.
That's what I invest in. It's why I don't have to swing for the fences.
That is the difference between informed investing and buying the flavor of the week.
There are many paths to success. I've enjoyed the path I've chosen, and am fortunate enough that I don't have to worry about others roads.
I'm sure I've lost out on opportunities and that others have done much better than I have, but none of that really matters. Not to me, anyway.

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