Bitcoin tumbles 10% as El Salvador adopts it as legal tender

CNBC ^ | Tuesday, September 7, 2021 | Tanaya Macheel

[DesertRhino]

Then really, it’s just a glorified debit card for convenient use. Other than using it online, it has none of the benefits of bitcoin. The supply can get as big as they want to make it, and pegged to the dollar it can (and will) be inflated away.

[neefer]

Well they may have just lost 10% as per the article title.

Spoken like someone with paper hands. Study the history of Bitcoin. Ten percent is nothing. Back in the "old days," it could drop 50% to 75% in 24 hours. Crypto is becoming less volatile and El Salvador (not Brazil) is adding to its stability.

[SunkenCiv]

Well put.

[salmon76]

LOL, I read headline too fast. I thought it said “Biden tumbles 10%”...

[aMorePerfectUnion]

HODL!

[SunkenCiv]

Nope. I think someone around here has one, though. Check the keywords, see if there’s someone who posts most of the topics.

[neefer]

Thank you. I have a close friend from El Salvador. If it wasn’t for her, I wouldn’t have a clue.

[amorphous]

Every system has a flaw.

Indeed.

I try to take the known flaws into consideration when placing buy or sell orders; like placing orders over a wide price range. I had five buy orders fill on ETH this morning. All at different prices.

I was almost totally out of ETH. Now I have a lot more. Have already entered a sell order, but I'm still evaluating where the price is headed.

Sold all of my OMG. Missed buying back in this morning by just a few cents. Added another buy order at a slightly higher price.

I also hold a reserve. Mined over 300 ETH. Still holding some of those and even a few BTC I mined back in the day.

It's been interesting and profitable. Can't overemphasize keeping perfect records and account for every transaction you ever make/made.

I've had several hundred trades, just this year. The vast majority were profitable.

A percent of every profit goes to charity. Hoping to avoid the Boogieman!

[Vermont Lt]

I honk the idea is to disengage from the dollar.

[corkoman]

The supply can get as big as they want to make it, and pegged to the dollar it can (and will) be inflated away.

This concept seems lost on most who are not willing to research bitcoin and its inherent value. Most inept governments will look to devalue their currency after blundering with fiscal/monetary policies.

Our inept/corrupt govt just "prints" money and the resulting inflation steals value from anyone with savings.

You cannot inflate bitcoin and unless you have harry potter magical powers you cannot disconnect the internet.

But many, even here, believe in the Unlimited Power of Government and that bitcoin can be somehow strangled.

[PeterPrinciple]

so bitcoin causes global warming? and is melting glaciers?

[cpt_dave]

A Huge Problem with bitcoin is that you need a computer and an internet connection. It is more “fiat” than fiat money. It’s not anonymous since there’s a blockchain history. It’s only a matter of time before some clever people figure out how to counterfeit it.

[Mama Shawna]

Freeper aMorePerfectUnion has the crypto ping list.

[SunkenCiv]

Unusual options activity, this one’s bullish, had never heard of it, or had forgotten, this showed up in the news feed on one of the stocks I follow:

Marathon Digital Holdings Inc NASDAQ: MARA
MARA
Information Technology : IT Services | Small Cap Blend

Company profile
Marathon Digital Holdings, Inc., formerly Marathon Patent Group, Inc., is a digital asset technology company. The Company mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets. It operates in the Digital Currency Blockchain segment. The Company operates Data Center in Hardin, Montana, United States with a power capacity of approximately 105 megawatts. The Company also owns approximately 2,060 Application Specific Integrated Circuits (ASIC) Bitcoin Miners at a co-hosted facility in North Dakota, United States. Its mining hardware performs operations in support of the blockchain measured in hash rate or hashes per second.

here’s the other bullish one:

Enphase Energy Inc NASDAQ: ENPH
ENPH
Information Technology : Semiconductors & Semiconductor Equipment | Mid Cap Growth

Company profile
Enphase Energy, Inc. is an energy technology company. The Company designs, develops, manufactures, and sells home energy solutions that manages energy generation, energy storage and control, and communications on one platform. Its semiconductor-based microinverter converts energy at the individual solar module level and, combined with its networking and software technologies that provides advanced energy monitoring and control. The Company’s Enphase Home Energy Solution with IQ platform, which is an integrated solar, storage and energy management offering, uses a single technology platform for managing the whole solution, enabling rapid commissioning with the Installer Toolkit; consumption monitoring with its Envoy Communications Gateway with IQ Combiner+, Enphase Enlighten, a cloud-based energy management platform, and its Enphase AC Battery. System owners can use Enphase Enlighten to monitor their home’s solar generation, energy storage and consumption from any Web-enabled device.

The others were bearish, and the symbols are AAPL, NVDA, SPRT, ADP, CRWD, SQ, source of info Benzinga.

[SunkenCiv]

Always, and with white knuckles! And keep the mylanta within reach.

[jimmygrace]

Tether is the stable crypto that comes to mind. It is pegged to $1, and is about 70% backed. However, there is no point in using Tether as the official currency when you can just use the dollar.

[nicollo]

what’s Microstrategy doing w/ bitcoin?

Oh, data mining. Doh.

Not surprised. I met the founder, Saylor, back in the 90s — seemed a bit on the spectrum — very smart and very, very aggressive.

[aMorePerfectUnion]

PING!!!

[aMorePerfectUnion]

If YOU would like to be on the very secretive CRYPTO PING LIST, please pm me.

The Crypto Ping List covers the following:

Bitcoin
Ethereum
Other coins built on the Ethereum blockchain mining
etc.

Thanks! For it - or ag'in it, it'll be a wild ride.

[Jane Long]

This concept seems lost on most who are not willing to research bitcoin and its inherent value. Most inept governments will look to devalue their currency after blundering with fiscal/monetary policies.

---

But....can they devalue GOLD???

(Throwing that in, for the gold bugs :~)