# Bitcoin #

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udo started the topic in Wednesday, 15 Nov 2017 at 3:49pm

The Bitcoin graph looks Interesting ! ?

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donweather Saturday, 13 Feb 2021 at 3:35pm

I’m pretty sure this is a scam. Id stay away for now.

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udo Saturday, 13 Feb 2021 at 3:41pm

For sure.

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Topsy Monday, 15 Feb 2021 at 9:07pm

Whoever wrote that China article didn't have much of a clue. Saying it is so cheap and comparing to the Bitcoin and Ethereum price whilst giving no supply or market cap details. Looked very scammy to me too.

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thermalben Wednesday, 17 Feb 2021 at 1:12pm

Bloody hell.

"Also boosting the value of bitcoin are some optimistic forecasts from investment banks like JP Morgan (which sees it surging as high as $US146,000 in the long term) and Citi (which forecast it could hit $US318,000 by year end).

Not a bad comeback for an asset which crashed below $US3,200 (from a peak of around $US19,000), when its first 'buying frenzy' died down about two to three years ago."

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Blowin Wednesday, 17 Feb 2021 at 1:27pm

What’s it tell you about the stability of fiat currency ?

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donweather Wednesday, 17 Feb 2021 at 2:40pm

Fiat is dead my friends, even more so when central banks continue to hit the "print" button.

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indo-dreaming Wednesday, 17 Feb 2021 at 3:34pm

Bitcoins use as a currency is almost close to irrelevant it close to useless it's slow and expensive and with a negative impact to the environment not to mention extremely unstable.

it's now something completely different like they say much closer to gold, i have to say i never expected it would blow up again, but i think now it could go anywhere as seems like the real money has come in, and peoples confidence boasted, now its always going to bounce back, if it drops a decent amount people are going to be buying in big time.

Kind hurts a little seeing it blow up and not riding it, but i rarely every bought any bitcoin or ETH, i had a look the other day and the crypto i had havent even hit previous highs and the market was full of all these names id never seen before.

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donweather Friday, 19 Feb 2021 at 7:44pm

I was suggesting BTC is a day to day form of money. Merely pointing out as you say people are realising the worthlessness of fiat currency when countries can just continually hit the print button.

And yes there's a whole new world of alt coins out there now that not even I know what they really do.

It's funny watching youtube and reading telegram right now on crypto. It's like 2017/2018 all over again with everyone hyped saying BTC will go to $400k and alts like BNB will reach BTC marketcap. Everyone believes ALTS will give them 50-700x returns.

I think what people don't realise is NOTHING that sustains always goes up. It has to correct. Just a question of how big a correction. Learnings from 2017/2018 for me are the faster it pumps the harsher it dumps.

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udo Saturday, 20 Feb 2021 at 6:20pm

$ 70,700 AuD
Down from 71,800 earlier

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simba Saturday, 20 Feb 2021 at 8:32pm

fomo ....so is it gunna keep going up......or crash.....?

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udo Saturday, 20 Feb 2021 at 9:45pm
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Blowin Tuesday, 23 Feb 2021 at 7:37am

Not Bitcoin but still interesting :

Financial Devil's Dictionary: "SPAC"
America still leads the world in one thing: inflating speculative bubbles using gibberish finance acronyms. Meet the latest 'Get-Super-Rich-Quick' scheme, the Special Purpose Acquisition Company
Matt Taibbi and Eric Salzman
Feb 22

SPAC (n) acronym for Special Purpose Acquisition Company: a way to pay millions today, for the exciting investment idea someone promises to have tomorrow.

After the dot-com bubble exploded, Americans were forced to take a master class in the initial public offering, or IPO. When Enron blew up, we sifted through Special Purpose Vehicles (SPVs) found in the wreckage. With the 2008 crash, the job was finding ways to explain Collateralized Debt Obligations, Credit Default Swaps, and other acronymic nightmares, under cover of which a fair portion of the world’s wealth vanished.

In the Fed-fueled Covid-19 economy, there’s one acronym worth knowing now, in case of bust later: the SPAC, or Special Purpose Acquisition Company.

The SPAC is an IPO-for-IPOs. In essence, it’s a shell company, put together for the express purpose of raising money to acquire private companies that will eventually be taken public. Pick any absurd empty-package metaphor, and it’ll probably fit: investing in the plate one picks up on the way to a salad bar, in the tortilla you’ve been told will eventually contain the world’s best burrito, in the plain white paper and finger-paints you hope to dump in the crib of the next Rembrandt, etc.

Often called “Blank Check Companies,” the SPAC isn’t all new, but the mania has reached once-unimaginable heights. In 2021 already, 160 SPACs have raised over $50 billion, nearly matching last year’s record of $83.4 billion. An increasingly common element in SPAC announcements is the name of a celebrity, who’s enlisted to join a group that announces a plan to raise a massive sum of money for… something. It could be anyone, from A-Rod (asking for $540 million), Shaq (twice asked for $300 million), Grammy winner Ciara ($200 million), etc., etc.

The SPAC’s cash requests are often wrapped in altruistic verbiage, an example being former NFL quarterback Colin Kaepernick joining Phoenix Suns part-owner Jahm Najafi to form Mission Advancement. The group believes “purchasing decisions can act as instruments of change,” and therefore wants to build brands to create “meaningful financial and societal value.” In their SEC filing, they figure this will only cost $287 million:

On the opposite political end lay former House Speaker Paul Ryan’s Executive Network Partnering Corporation, launched last August. Reports humorously noted that Ryan and his partner, Solamere Capital founder Alex Dunn, had “not selected a target industry” for their SPAC, which essentially meant they were asking for $300 million without knowing what for yet. The SEC filing for ENPC was inspired vagueness:

We have not selected any company to partner with and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any company to partner with regarding a partnering transaction. We may pursue a partnering transaction with any company in any industry.

If you invest in a SPAC, your money goes in an interest-bearing account that can only be used to acquire properties or be returned to you, should the SPAC management team (called “sponsors”) fail to acquire properties in the allotted time, usually 18 to 24 months. Sponsors are paid in “founder shares,” bought at a discount and usually amounting to 20% of the common stock of the future company, a nice relatively risk-free chunk of change framed as the sponsors’ reward for not paying themselves exorbitant salaries during the brief shopping period.

In the nineties, investors jumped en masse into a tulipomania of stock-buying in companies that in many cases were little more than loose business plans scrawled on the backs of napkins. Crowds poured billions into names like Webvan, eToys, and DrKoop.com, which often barely had income, let alone profits.

The SPAC boom takes the last IPO bubble and moves the speculative mania back a regulatory step or two, allowing money to be raised before any irritating disclosures have to be made about any concrete business plans. After all, the businesses don’t exist yet. When you invest in a SPAC, you’re investing in the reputations of its sponsors, i.e. names, not businesses.

Although the money hasn’t abated, investors are said finally to be grumbling over the lusciousness of the arrangement for SPAC directors. As Yahoo! noted, the “intense competition for deals is beginning to erode returns,” triggering a “backlash from some investors over what they say has become a ‘get-super-rich-quick’ scheme.” Of course, they say that like it’s a bad thing. What’s not to admire, about a country that sells ideas it doesn’t even have yet?

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Blowin Wednesday, 24 Feb 2021 at 10:50am

From Macrobusiness :

“US Treasury Secretary, Janet Yellen, weighed in on Bitcoin last night, clearly on the negative side. This is important:

It is a highly speculative asset and you know I think people should be aware it can be extremely volatile and I do worry about potential losses that investors can suffer.

I don’t think that Bitcoin … is widely used as a transaction mechanism. To the extent it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering.

You don’t say. The result was a 22% smash in the “safe haven” asset:

It is pretty amusing watching this battle play out. There is some incredible cognitive dissonance going on when a brand new…err…private currency, with no backing from a sovereign, taxation system, or central bank, is somehow construed as the “new gold”.

Neither does BTC operate as a medium of exchange, despite Elon Musk’s hope that it will. And, if it does, what happens then as it undermines taxation everywhere?

It is very clear that nobody can even agree on what BTC is, let alone that it is the future of money.

Private currencies have been launched many times in history and eventually, all have failed. The reason is simple. There are two key sources of power that give a sovereign nation its definition. The most important is the monopoly on violence. Only the state can be allowed to be fully armed and to use these arms in defence of its integrity. This is not to say that that integrity is always right. Obviously not. Sometimes it must be fought.

The second source of power is control of the currency. This gives the state the ability to tax, the ability to grow the economy, and the ability to control the flow of wealth such that it can remain intact against such forces as class warfare, globalisation etc.

I do wonder if those that promote BTC really understand how radical is their product. I admire the anarchistic features of BTC. But this is not some worthy Millennial revolution in sexual and racial relations that we are talking about. BTC is fooling around with a nuclear device positioned directly under state power.

The state is ponderous, corrupted and beastly. But it will defend itself when the time comes. At that point, BTC will look like a pocket knife brought to a nuclear war.

This is why I say that the more that BTC succeeds then the closer it gets to failure. I don’t know where that tipping point is for the state. Nobody does. But it certainly exists. A point very much underlined when the US Treasury Secretary, the person most endowed with the duty of care for state financial power, speaks negatively about crypto.

Janet Yellen is the one with her finger on the BTC equivalent of the BIG RED BUTTON“

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Topsy Tuesday, 2 Mar 2021 at 7:24pm

Yellen is not anti Bitcoin, she is pro regulation. This is a good thing for the industry. She has made other comments and clarifications that the writer of the above article chose not to mention. Lets not forget that clicks are more important than balanced reporting these days.

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udo Monday, 15 Mar 2021 at 9:25am

Sun 14th - $79 K

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Distracted Wednesday, 17 Mar 2021 at 2:09pm

The New York Attorney General has settled the case with Tether for $18M. So nothing was actually determined but looks like Tether is in the clear for now.
https://bitcoinist.com/clear-skies-for-bitcoin-as-tether-settles-with-nyag/

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donweather Thursday, 15 Apr 2021 at 10:00pm

New ATH. USD$65k

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udo Monday, 17 May 2021 at 1:46pm
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velocityjohnno Sunday, 6 Jun 2021 at 8:33pm

Are you not entertained? This is the kind of entertainment only trillions in printed liquidity can provide. Cumrocket to the moon!

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thermalben Thursday, 15 Jul 2021 at 7:17am

Interesting thread from the co-creator of Dogecoin.

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Westofthelake Thursday, 15 Jul 2021 at 12:46pm

Brief explanation cont'd below:
"After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.
The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like “get rich quick” funnel designed to extract new money from the financially desperate and naive.
Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost purpose built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable.
Cryptocurrency is like taking the worst parts of today's capitalist system (eg. corruption, fraud, inequality) and using software to technically limit the use of interventions (eg. audits, regulation, taxation) which serve as protections or safety nets for the average person.
Lose your savings account password? Your fault.
Fall victim to a scam? Your fault.
Billionaires manipulating markets? They’re geniuses.

This is the type of dangerous “free for all” capitalism cryptocurrency was unfortunately architected to facilitate since its inception.
But these days even the most modest critique of cryptocurrency will draw smears from the powerful figures in control of the industry and the ire of retail investors who they’ve sold the false promise of one day being a fellow billionaire. Good-faith debate is near impossible.
For these reasons, I simply no longer go out of my way to engage in public discussion regarding cryptocurrency. It doesn't align with my politics or belief system, and I don't have the energy to try and discuss that with those unwilling to engage in a grounded conversation.
I applaud those with the energy to continue asking the hard questions and applying the lens of rigorous skepticism all technology should be subject to. New technology can make the world a better place, but not when decoupled from its inherent politics or societal consequences."

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bonza Thursday, 15 Jul 2021 at 1:27pm

wow. thanks for posting.

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donweather Friday, 16 Jul 2021 at 7:43am

I have to say that does sound a little bitter and twisted from someone who sold out early and watched his dogecoin pump to ATHs.

But it also does have some truth and I have no doubt a fair whack of the alt coins are just scams making their creators get rich very quickly before they fade away into Non-existence.

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velocityjohnno Friday, 16 Jul 2021 at 10:32am

We must remember that he did trade out of his dogecoin and bought a used Honda Civic, and those are good, reliable cars, so some good did come of it.

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indo-dreaming Friday, 16 Jul 2021 at 12:15pm
velocityjohnno wrote:

We must remember that he did trade out of his dogecoin and bought a used Honda Civic, and those are good, reliable cars, so some good did come of it.

Are you taking the piss or did he really cash out early and only get a car out of it?

Ouch i know it was just started as a joke, but being the creator you would have thought he would have kept a lot and made some serious money.

BTW. I cant believe that Musk dude, i thought he was mr save the world, and then he invest in Bitcoin that uses the same energy of a small country, and do i have it correct?....latter he sells up or won't accept it anymore for buying Teslas because of the negative environmental issues.

Is anyone buying this, super smart dude and he doesn't know before he gets into it the high energy use issues/ environmental issues?

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donweather Friday, 16 Jul 2021 at 12:46pm

Indo, it's called price manipulation. He buys, pumps it, then FUDs it......to perhaps buy more me thinks!!!. Once he's secured more at the bottom he'll then pump it again to an ATH. He did just this with DOGE. He's a turdburger!!! And without social media none of this would even be remotely possible.

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velocityjohnno Friday, 16 Jul 2021 at 12:56pm

Everyone has their price Indo.

https://cointelegraph.com/news/founder-of-8-4b-dogecoin-sold-everything-...

Edit: that was the other founder. This guy probably still has some. Anyway I salute the Civic buying founder.

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indo-dreaming Friday, 16 Jul 2021 at 3:25pm
donweather wrote:

Indo, it's called price manipulation. He buys, pumps it, then FUDs it......to perhaps buy more me thinks!!!. Once he's secured more at the bottom he'll then pump it again to an ATH. He did just this with DOGE. He's a turdburger!!! And without social media none of this would even be remotely possible.

100% get that seen it many times before when i was into crypto where people in the spotlight use their status to pump and then dump, just surprised that he would do it and then seemingly not get called out for it, seeing he has the green reputation he does.

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indo-dreaming Friday, 16 Jul 2021 at 3:25pm

Cheers velocityjohnno

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velocityjohnno Friday, 23 Jul 2021 at 7:23pm

Bump to thread. Usually this thread gets going after considerable price increase, but I thought I'd pre-empt it for a change.

Here's bitcoincharts AUD approximation, via btcmarkets data:
https://bitcoincharts.com/charts/btcmarketsAUD#rg360ztgSza1gEMAzm1g50za2...

Include all those letters afterward in the link, as they attach 50 and 200 day exponential moving averages, 12,26 MACD and stochastic with a K value of 14. It had quite the run up and now the alternate time is going on, usually this time the thread doesn't do much.

I'd like to put up a question about the financial depth of the crypto universe at present. How useful is it? How deep is it? Can we use it for ecommerce widely? Does it have a stockmarket where, for example, BHP could be bought with BTC? What about options and warrants and futures and things like that? It's been great for price appreciation, but is there depth where you can do funkier things with crypto?

So far, I can see in the Ethereum world they are beginning to create some financial depth - the world of NFTs and games that create and reward in tokens that are eventually redeemable in bigger cryptocurrencies. But that won't help buy an oil futures contract, as adorable as the meme-art can be. Do we have anything on the horizon with the scale of what the legacy system currently has?

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Hutchy 19 Saturday, 31 Jul 2021 at 4:34pm

I liked the idea of digital currencies at first as they were not manipulated by governments and companies .
Due to their popularity and immunity of government control the rules are being and will continue to be changed . Governments want bring out their own digital currencies as they want to get ride of cash and their Bull S reason that they are dominated by criminals and terrorists . The regulator in the UK has asked the govt to consider what are the things that digital currencies should be ABLE to buy . It is all about control . Where did you get it and what are you buying with it ? The World Economic Forum hates non govt digital currencies .
The SPAC market is not a total casino . Reputable companies with wonderful businesses use it to get funding in the US as they are unable to list on NASDAQ . NASDAQ listing usually requires a company to have $US100m in revenue and a market cap of $1b ore more . There is crap being SPACed as there is crap on our ASX . Buyer beware .

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Roadkill Friday, 8 Oct 2021 at 7:38pm

BTC looking good…stock to flow points towards more upside. (Lots more upside). ALTs lagging a bit but if DCA has been used the rewards are coming. Personally, I want more doom and gloom and weakness.

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Blowin Friday, 8 Oct 2021 at 8:34pm
Roadkill wrote:

BTC looking good…stock to flow points towards more upside. (Lots more upside). ALTs lagging a bit but if DCA has been used the rewards are coming. Personally, I want more doom and gloom and weakness.

You would you daft fucker.

Anyone with a scintilla of nouse knows this shit is OVER. Bitcoin is an impediment to the monopoly of the central bank digital coins which will soon be dominating the globe before a single global digital currency is crowned King.

You think that China has banned Bitcoin for Laffs, bloke? The digital Yuan is not going to compete with Bitcoin in China bloke. You honestly believe the Western Hemisphere is different bloke?

As if an untethered and unaligned digital currency such as Bitcoin will be gifted global status. Lol cunt. You must be trying to unload your Gold Coast Kiwi Superstar Tradie position onto the Swellnet crew……get fucked.

Take your losing position to the grave bloke.

#[email protected]

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Roadkill Friday, 8 Oct 2021 at 8:35pm
Blowin wrote:
Roadkill wrote:

BTC looking good…stock to flow points towards more upside. (Lots more upside). ALTs lagging a bit but if DCA has been used the rewards are coming. Personally, I want more doom and gloom and weakness.

You would you daft fucker.

Anyone with a scintilla of nouse knows this shit is OVER. Bitcoin is an impediment to the monopoly of the central bank digital coins which will soon be dominating the globe before a single global digital currency is crowned King.

As if an untethered and unaligned digital currency such as Bitcoin will be gifted global status. Lol cunt. You must be trying to unload your Gold Coast Kiwi Superstar Tradie position onto the Swellnet crew……get fucked.

Take your losing position to the grave bloke.

#[email protected]

I have bought BTC at it’s peak. I have bought ETH at it’s peak, I bought BNB nearly at it’s peak.

Nothing wrong buying at all time highs.

Thx for the input and great advice fullynousedupblowin. #happypostfromblowin #blowin’sfinancialadviceline

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Blowin Friday, 8 Oct 2021 at 8:35pm

“Nothing wrong buying at all time highs.”

Lolololol

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Roadkill Friday, 8 Oct 2021 at 8:43pm
Blowin wrote:

“Nothing wrong buying at all time highs.”

Lolololol

I bought BTC at an all time high of $3k years ago..dumb cunt hey.
I bought ETH at under $10 and more at an all time high of $250..dumb cunt.
BNB at .35c and more at an all time high of $2….dumb cunt.

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Blowin Friday, 8 Oct 2021 at 8:49pm

Yeah crew , this is Roadkill in a nutshell. He admits to buying Bitcoin at its obvious peak…something only a fckn financial clown would do …yet here he is telemarketing for profit to anyone to anyone that clicks on Swellnet.

“Roadkill FRIDAY, 8 OCT 2021 at 7:38PM
BTC looking good…stock to flow points towards more upside. (Lots more upside). “

This is known as spamming. Swellnet would not permit it except it’s snuck in under the guise of a regular poster giving “market tips “ AKA pumping the market to sell his shares which he stupidly bought at the top of the market am doing which he hopes to offload on some moron who falls for his schtick.

Take your shit elsewhere bloke. We do not want what you are literally selling.

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Roadkill Friday, 8 Oct 2021 at 8:56pm
Blowin wrote:

Yeah crew , this is Roadkill in a nutshell. He admits to buying Bitcoin at its obvious peak…something only a fckn financial clown would do …yet here he is telemarketing for profit to anyone to anyone that clicks on Swellnet.

“Roadkill FRIDAY, 8 OCT 2021 at 7:38PM
BTC looking good…stock to flow points towards more upside. (Lots more upside). “

This is known as spamming. Swellnet would not permit it except it’s snuck in under the guise of a regular poster giving “market tips “ AKA pumping the market to sell his shares which he stupidly bought at the top of the market am doing which he hopes to offload on some moron who falls for his schtick.

Take your shit elsewhere bloke. We do not want what you are literally selling.

This is the BITCOIN thread? Ya know..where we can post about bitcoin and I imagine other crypto stuff…and you come in all screaming anger? Funny stuff. I know you don’t understand it so best you leave it to those who do or are interested in it as a topic.

You are an angry chap tonight bro. Chill.

BTW, I don’t really sell…I just hodl and dca.

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donweather Friday, 8 Oct 2021 at 9:52pm
Roadkill wrote:
Blowin wrote:

“Nothing wrong buying at all time highs.”

Lolololol

I bought BTC at an all time high of $3k years ago..dumb cunt hey.
I bought ETH at under $10 and more at an all time high of $250..dumb cunt.
BNB at .35c and more at an all time high of $2….dumb cunt.

Wow BNB at 35 cents. You’ve done well there my friend.

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donweather Friday, 8 Oct 2021 at 9:55pm
Roadkill wrote:
Blowin wrote:

Yeah crew , this is Roadkill in a nutshell. He admits to buying Bitcoin at its obvious peak…something only a fckn financial clown would do …yet here he is telemarketing for profit to anyone to anyone that clicks on Swellnet.

“Roadkill FRIDAY, 8 OCT 2021 at 7:38PM
BTC looking good…stock to flow points towards more upside. (Lots more upside). “

This is known as spamming. Swellnet would not permit it except it’s snuck in under the guise of a regular poster giving “market tips “ AKA pumping the market to sell his shares which he stupidly bought at the top of the market am doing which he hopes to offload on some moron who falls for his schtick.

Take your shit elsewhere bloke. We do not want what you are literally selling.

This is the BITCOIN thread? Ya know..where we can post about bitcoin and I imagine other crypto stuff…and you come in all screaming anger? Funny stuff. I know you don’t understand it so best you leave it to those who do or are interested in it as a topic.

You are an angry chap tonight bro. Chill.

BTW, I don’t really sell…I just hodl and dca.

My advice with any investment would be to always have an exit strategy. Or at the very least a partial sell strategy. Anything that goes up will always come down and BTC has shown that in the past. It could easily drop below $10k again so as I always tell myself.......always pay yourself. Otherwise what was the point of buying and DCAing in the first place?

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Roadkill Sunday, 10 Oct 2021 at 10:32am

Sunday funday starting…getting a roll on.

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Hutchy 19 Sunday, 10 Oct 2021 at 12:26pm

For you digital currency people .

The Securities and Exchange Commission’s Chairman, Gary Gensler, told Congress that the SEC will not ban cryptocurrencies. It is amazing that people even thought that the SEC had such power - it does not! Gensler said in his testimony “that would be up to Congress.” The SEC can at best declare them to be a security and subject them to its established regulation. It has no power to ban something that is not formally security. They can bring a lawsuit against Bitcoin and argue it is under their rules and let a judge decide and if that case were brought in NYC, the SDNY always rules in favor of the government.

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udo Tuesday, 12 Oct 2021 at 9:16pm

Bitcoin - El Salvador Currency - Volcanic energy....Strike me ...Jack Mallers..

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Roadkill Friday, 15 Oct 2021 at 2:51pm

Bitcoin ETF on the cards it seems. New money flooding in and will keep coming.

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Craig Friday, 15 Oct 2021 at 2:52pm

Yeah right, I see.