Igor wrote:Grumpy David wrote:Did you decide to sell? Must have made a small fortune for a few minutes worth of "work".
I think of crypto currencies as hopeless for use as a currency due to wild fluctuations but a better comparison is to think of it as a commodity like Digital Gold.
I did, £28k profit from last Friday to yesterday. Kept a small handful in case it seriously rockets but I don't trust there won't be further fuckery if Wall Street closes ranks; the 'outages' suffered by 5 major brokers yesterday wasn't a coincidence, and closing the buy market on select tickers - BB, AMC, GME - should be strawberry floating criminal. Wouldn't be surprised to see trading halted for at least a week at some point and I'd rather get out with £28k profit than have £80k stuck in a closed market.
Brokers have also stopped buying on BB; hedge funds and MMs sold to each other at progressively lower prices to drive down the price during pre-market, triggering stop-losses for retail investors on market open, driving the price down further. They then cover their shorts, all while retail investors are locked out of buying. This'll be a major catalyst for DeFi. Buy ethereum. Take control of the markets out of the hands of a select few.
Silver is also another big play, the price of silver/oz has been artificially suppressed for decades. Most shorted asset on the market, majority short positions held by JPM. Fair market value, taking inflation into account, would put silver at around $1000/oz, rather than $25/oz. If silver does the way of GME, it'll completely destroy JP Morgan. My silver position is up 4.5% in the last few hours.
strawberry floating amazing!
![Very Happy :D](./images/smilies/standard/icon_e_biggrin.gif)
Turned $6,000 into £28,000 in under a week! Even after CGT, that's a huge windfall!
You will actually have a Capital Gains Tax bill now. (If you bought outside of an ISA or pension).
![Laughing :lol:](./images/smilies/standard/icon_lol.gif)
The wallstreetbets sticky topic on the BUY market being shut is just hilarious. HOLD THE DOOR!
![Laughing :lol:](./images/smilies/standard/icon_lol.gif)
And the more the media covers the story, the more of a Streisand Effect / FOMO position it creates. Sky News saying that lots of Americans are using their $600 stimulus checks to buy Stonks. Magnificent.