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!
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).
The wallstreetbets sticky topic on the BUY market being shut is just hilarious. HOLD THE DOOR!
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.
Last edited by Grumpy David on Thu Jan 28, 2021 4:24 pm, edited 1 time in total.
I missed this was being talked about in this thread, could probably spin out a separate one as its quite a news story in itself now
It's funny, but my god is it also just depressing. Luckily my investment FOMO on things like this and crypto is mostly balanced out by my Fear Of Choosing To Participate In Capitalist Insanity (FOCTPICI)
If I had any spare cash I could afford to lose, I'd be buying BlackBerry right now. This 40% drop seems completely artificial and I expect it'll be back to at least $20 by market close. Company is in excellent shape and with the exception of Tesla, nearly every single car company working on autonomous vehicles has signalled that they'll be using BlackBerry's security software. Their software is already in 175million cars worldwide. They're no longer a phone company.
I'm in for about 1,300 shares and will hold to at least $100. Obviously, I could be completely wrong.
I'm also heavy into Ethereum (approx. £100k at this point). If this has shown us anything, it's that we absolutely need to remove control of financial markets away from a single centralised point of control. I believe Ethereum will be the platform for decentralised finance and my price target is at least $10k.
Full disclosure, I'm not an expert by any means, I work in corporate banking but my role has nothing to do with this sort of thing. Overall I'm up about £140k over the last 10 months, though most of that is unrealised.