I was going to convert my ETH into Bitcoin at some point. Bitcoin being my largest crypto holding. But I bought ETH when it was down and it keeps doing well for me, especially recently. And I'm now backing away from that idea.

I still consider myself a crypto neophyte and I research when time permits. I'm just seeking opinions here on that move and ETH, to compare or contrast with what I'm reading.

Thanks

Isn't that demand solely due to each phone containing BONK tokens? Online says it was 30 million tokens which is currently worth more than the phone itself.

What percent are you Eth vs btc atm and is your Eth staked?

That was the main reason it sold out, the phone has a lot of other advantages with several other airdrops $mobile, $jup and more to come. As an actual phone reviews say it sucks.

These airdrops have been pretty nice for Solana, I think it’s the current meta in the space.

20% and not staked

Maybe do 1/2 of the 20% if that’s what you’re thinking. That way if Eth does moon you still have some and stake the remaining 10%.

I think atm BTC and ETH will be the two cryptos that will get ETF’s.
Btc first of course

Yep, Helium now runs on the Sol network, fees are in Sol and fast and cheap. The old miners now earn IOT, which can be held or converted to SOL or HNT. I staked my existing HNT for a year to earn more IOT. So I'm currently sitting on the HNT I earned before the migration and a ton of IOT. Together it was only worth about $45 a month ago, but is now worth about about $350. My miner was $400 and I never thought I'd earn it back, but it looks like I will. The new mobile network is 5G with new miners and you can earn by just owning the phone. I didn't want to invest any more in the system, but the early adopters have made alot.

Well I dca'ed around 500 SOL with an average of 40 over the last 2 years and then sold all at break even so there was no profit or loss.

I don't seem to be very good at this game

Im down 95% on my crypto, I imagine it will stay that way lol.

You have done well! Most people have lost most of their investments.

Crypto can be a big expensive casino. You play, you lose, you go home!

I sold a bunch of my crypto this year to work on projects on my rental house before selling it. I sold before the bottom, but took a loss on some of it. The only think I held onto was $500 of BTC and 250ish staked ATOMs. I was hoping to enter again while the market was down, but it was already creeping up when I got paid for the house sale. It's been painful to sit on the sidelines watching this bull run, but I sunk the cash in the Market and got over 20% returns in 2 months.

BTC is where the store of value is at IMO.

Imagine this, my wife is our account and crypto buyer seller.

Hey honey buy 10 more bit coin okay no problem, a year later wow that was good, look at the account she decided we should only buy 3 more ha ha ha ha such is life!

Couple less NIB machines for me

The one thing I’m wondering is if the demand for bitcoin will stay as high if it no longer has the highest likelihood to outperform. Like even though it has doubled this year, there are quite a few stocks that have outperformed it. I own it as an asymmetric holding that can outperform the regular market by a large margin possibly, if that starts to no longer happen (if the performance only equals the regular market or o ly slightly higher) I will have a lot less reasons to hold it, like I would switch to something like TQQQ for extra asymmetric performance. If bitcoin becomes big enough that it can’t 3x or 4x every few years, it may become less desirable.

My personal opinion (as a Bitcoin bull), but I think it will be a while, and be priced in the high 6 figures, or even low millions, before Bitcoin slows down to "market average" performance. I could be wrong.

I just wonder how long it will be before the law of large numbers starts to drag on its performance. Once things get above that trillion dollar market cap it gets really hard to increase in value at a high rate.

All alts are the attack on Bitcoin.

Jesus Christ you're so wrong when it comes to BTC.

Well that would be nice since I own a decent amount, lol.

But before you outright dismiss me, the law of large numbers is why Warren Buffett can't find anything to buy. Growing a business from 1 to 2 to 10 million is very reasonable, but once you start getting into the billions/trillions it gets harder and harder to move the needle. Look at Amazon, from 2013 to 2018 they like 4.5x'd, from 2018 to 2023 they didn't even 2x...company struggled to expand as they'd already taken over most of the market.

Bitcoin could run into the same issue eventually. I don't know where that would be.

Absolute scarcity. Study harder.

Then why don't LE's go to 100k since they're so scarce? Same reason as everything else that's scarce, as the price rises it prices out the buyers and lessens demand.

For Bitcoin to reach a million, it would have to go from 1% of the stock market total value to 25%...that's a lot of money. Basically it means that it would have to be worth more than google, amazon, apple, facebook, nvidia, microsoft, and telsa combined.

That example doesn’t work, Pinball LE’s aren’t scarce. They make more every few months. Bitcoin is fixed… won’t be more than 21million.

The real game theory is if companies or nations begin adopting bitcoin reserves. With an ETF in play, once a few major companies do it then the domino effect could be massive. Seems to be going well for Microstrategy, who btw bought another $618million worth on 12/26.

As far as market caps, I always felt that the way they calculated those makes it so misleading. Last sold price x circulating supply doesn’t take into effect slippage or lost supply either.

There's only 500 LE's of like Ghostbusters, they aren't making anymore. How does that not pass the limited test? They're making other LE's (just like they're making other crypto's) but that doesn't change the amount of that particular LE (or Bitcoin).

Mark to market accounting rules are going to make it very hard for companies to hold it. Tesla had some (not sure if they still do) but it was causing their earnings report to go wonky. Berkshire has the same issue due to the amount of stock they hold. Most companies don't want that in their earnings. If companies haven't bought gold for reserves, it's highly unlikely they would ever buy bitcoin.

Tesla still holds about 10k Bitcoin at average price of 34k ea.

Ghostbuster isn’t same as Btc. Way too many differences. Bitcoin controls the entire crypto market. Most other cryptos also don’t have a fixed amount.

50% of the value but only 6% of the volume. 6% volume does not speak to controlling the crypto market. Value wise yes, usage, no. Similar to saying Tesla controls the entire automotive market, it's worth 50% of the entire automotive market but only has 4% of the sales. Does Tesla control the entire car market? Food for thought.

Others derive their value based from Bitcoin.

That’s why when Bitcoin goes up or down the whole market follows.

Can't compare pinball machines to a new form of money...it's apples and oranges. Can't compare companies to Bitcoin either...again, way too different. Bitcoin (by market cap) will be larger than all of those companies combined...someday. When? I have no idea...but its a one way street for BTC's value over time. It will flip gold's market cap. My pure guess...that could happen either this halving cycle...or the next (2028-29).

Didn't you lose a bet on Bitcoin hitting 100k like 2 or 3 years ago?

I'm just saying there's a limit on how high something can go no matter how much demand there is because your buyers run out of money. Doesn't matter whether it's stocks, gold, cars, pinball machines, etc, it eventually reaches a ceiling. Most people are buyers in this thread at $40k, are they buyers at $400k? When you get that high, the upside gets so limited that people start to bail for better alpha. Like if it got to a million, what more upside would it have?

I think there's asymmetric upside to bitcoin which is why I own it, but I'm also realistic on how large it can actually grow here unless some sort of dollar crisis occurs. A 2x to 4x gain from here over the next 2 years seems realistic as a possibility. Interest rates are too high for high leverage (plus no fake money from exchanges) so some of the nonsense that was going on the last spike won't happen this time...but that also means the move up will probably be more under control.

There may be higher upside in the crypto's that actually serve a transactional purpose eventually if there's some sort of income generated from owning them. They're smaller so they have more room to run.

Yes I did...which is why I always say I could be wrong.

Bitcoin already has transactional purpose, and can already generate income from owning them...not much right now...but that will also change over time.

I don't think that has any relivince at all on the price of Bitcoin and quite honestly is a cheapshot.

I am will to bet you bitcoin will hit 100k

I'm not sure how it's a cheap shot, everyone (literally everyone) in this thread is saying I'm completely off base currently by worrying about the law of large numbers and that bitcoin is going to a million rather soon. I was just pointing out that 2 or 3 years ago 100k was a 'given' and that it didn't pan out...and then there was the NFT thing in this thread that also imploded. And I was raked over the coals for saying that staking didn't make much sense when the asset you're staking for 6% can move 6% in a single day plus you have other risk from the exchanges (plus you're illiquid), and I think for the most part that has played out as well.

This thread is actually making me reconsider my bullish position in the asset (short term)...when everyone is 110% bullish, usually that marks some sort of a top, like everyone is front running the ETF approval. Maybe it's nothing though and this group does not represent the market as a whole. I do think bitcoin will hit 100k in the next couple years barring some sort of financial crisis. But being so bullish that you can't consider the alternatives is generally not a great idea, it's how people get wiped out usually (like Saylor was close to last year, one more move down and he was in serious trouble).

What’s your timeframe? 2024?

BitCoin will hit 100k it is just a timing issue and the run ups and scandals have helped bitcoin in the long run IMHO. It did not pan out in the time frame but will pan out IMHO.

This group is not a true cross section way to bullish from the mean.

Do you hand a stranger 100k cash or a bar of gold? If you do you are going to get scammed dah.

I hear what you saying there is a top and right now I have the top at about 600k, mostly believing in lots of what you are saying and my daughter who is working with Vitolic on the next gathering Prospera in Rotan Honduras.

Interesting. I’ve got one of mine with iTrust holding BTC. Perhaps worth looking into further. Thanks for the tip Astropin

Big week coming up
Etf gets approved or delayed
Most signs point to approval

I won't be buying the ETF ...but if I was, I'd buy Fidelity's. ONLY one that will self custody the Bitcoin.

Right, and Fidelity has lowest fees too. I don’t like this cash and carry methodology though.

Isn’t that strange all the others all have Coinbase as custodian. Talk about a single source of failure.

Bitcoin high for over 2 years

A bit of a fake-out yesterday with the SEC twitter/X account, but sounds like things are still on track for the Bitcoin Spot ETF approvals today

I picked up 10K each of mining stocks MARA and RIOT hoping for good news with the ETF.

12 Bitcoin ETFs approved

Looks like Eth was the play today

Really glad I changed my mind and held it all. Sometimes it pays to procrastinate.

Sold most of mine at $4100

Yeah, I sold most my ETH when it was in that range as well. I really wish I picked it up again at $800-1800, still thinking of picking up some now.

I have no plans to ever buy ETH again...and will dump what I have left when the bull market ramps up. Everything going into BTC.

You do you, that's what I'd expect. I think ETH has the potential to go up more in value than BTC. I also still dabble in the darks arts (ATOM, IOT, HNT currently because of mining and staking).

Hey, I get it. And right back at ya...you do you.

11 US Bitcoin ETFs just got approved and you think ETH will outperform?

I would treat them at two separate investments and buy both, rather than either/or. Interestingly enough, BTC hasn't yet seen a jump with the news, but ETH is another 6.5% up and climbing today. ATOM has popped two days in a row too.

Sold all my remaining GBTC yesterday and getting ready to buy Fidelity's ETF at a lower price. Win.

This is in a retirement account that I cannot convert to real Bitcoin.

Can someone help me navigate Opensea? I admit I was blinded by the NFT craze and blew ETH on stupid ass NFTs. I'm old enough that I'll own that mistake. But now I'm trying to dump them for the tax write off. I'm getting this message when trying to sign the transaction through Metamask. I have a vampire, vampiress and bat, so I don't want to give someone access to all 3 of them when I'm only trying to sell one.

SVS Warning (resized).PNG

All three are different contracts…
So granting access to one won’t grant access to the other(s). Also meaning you will need to approve each contract before you sell each one. I’d look if there’s any activity if none then you might be SOL unless you have a Weth bid