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!
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.