I'm surprised no one has mentioned that Tesla (the company) bought 1.5 billion worth of Bitcoin this morning.
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Doge is 100% pump-n-dump. Just don't get caught on the wrong side of that equation. There is no cap on doge...there will be trillions of them if people keep mining...no limit. Think about what that means for its future value. It has no future.
Quoted from 29REO:The IMF’s plan to replace Bitcoin/gold/dollar with the SDF digital currency. This is interesting if they can do it.
It could replace fiat. It can't replace Bitcoin, and I doubt it would replace gold either.
Quoted from Spyderturbo007:Has anyone else verified themselves on Binance.US? I wanted to deposit some fiat, but they want all that KYC / AML crap.
I did it on Coinbase, but I'm always hesitant to hand out that kind of information.
I've been verified...took a couple/few weeks. But I haven't used it yet...been too focused on BTC and ETH which I can just buy on Coinbase Pro. I have also been using Swan Bitcoin for DCA buying of Bitcoin. Works great, fee's arent bad and they will transfer to your hard wallet for no additional fee.
Quoted from Spyderturbo007:I agree 100%, but the entire thing that scares me about this is the government coming in and doing what they do best......fu*&ing it all up.
I realize they can't ban it, but they can make it really, really difficult to use or convert to fiat.
I'm a hardcore crypto / blockchain advocate. I think some of the stuff in the works is going to turn out to be incredibly useful and I've been piling money into as much as I can. But there is always that lingering thought in the back of my head that Uncle Sam is going to swoop in and try to kill it.
I have been sleeping a little better at night now that companies like Tesla, Microstrategy, Overstock, Paypal, Visa, etc have been jumping on the wagon. They have a lot more firepower than we do if the government does decide to try and pull something stupid.
I used to have that same fear...but it's less and less and time goes by. Why? Becasue institutional money is buying in. Who do you think all these institutions manage money for....lawmakers would certainly be included. These people are not going to F themselves out of profits. Make no mistake Bitcoin (all crypto) will get regulated. But that will be a boon for Bitcoin...more regulation means even more institutional money coming in. It will give Bitcoin "legitimacy". Bitcoin won't replace fiat...CBDC's will do that. Bitcoin will (and is) replacing gold and many other forms of "store of value" assets. It will become the
"de-facto" safe haven asset used to protect profits against inflation.
We will soon (few years at most) be at a point where banning BTC would crash the stock market...obviously they won't let that happen. How would it crash the market? More companies are buying in every week. They are using Bitcoin to hold some of their profits. We have already seen what happens to a companies stock when this becomes public...their stock goes up. If BTC got banned their stock would tank...this of course would chain reaction across the market affecting companies that are not even in the crypto market. Doesn't take much for people to panic sell and create a market crash...we've seen it before.
Regulation will happen...outright banning (in the US) will not. Just wait until the first central bank buys in and then see what happens.
Everyone thinks BTC is too expensive...this is still EARLY. Bitcoin will surpass 300k after the next halving. The halving after that...500k-1Mil.
Quoted from Crumbalimb:Confused about how the value comes into play with all cyptro currency
Dont you think that Botcoin ,being the only one you can use to buy anything is the only one that most likely would succeed ? The end game is another world currency will take over the current goverments "Gold thats not really their"currencies. Other them being a miner you have to use current currency to buy any and when you sell it you get current currency back. So why cant I use any cyptro to buy food,gas or pay my electric bill if its worth cash.
So the way I understand it so far is we are just gambling that the world current currency will crash and become worthless and the only thing we can buy food with is cyptro that has no real backing but the current cash we have put into it today ????
This is like learning all the rules on POTC lol
Using crypto for daily transactions is the future...not the current best use. Although I have purchased things with both BTC and ETH.
Right now this is still an emerging market. It will remain volatile until these assets reach their price discovery points. Then things will settle down on the volatility end and they can began to serve their intended purposes. This could take another decade though. Which is great, if you're an investor/holder. Trading can be risky during this time.
Quoted from Spyderturbo007:I don't want to stand at the register trying to buy my coffee for 10 minutes while the BTC transaction settles.
Hence the Lighting network
I may be getting a little carried away now. I'm 54 and my crypto assets now represent 41% of my entire portfolio. I'm both, a little scared and excited. Now a lot of that 41% is from gains...so it's not like I've socked away over 40 percent of my savings into crypto. But still...it's grown enough now that if I lost it, it would hurt.
Okay...now that that's off my chest, time to go buy some more crypto. 
Quoted from BMore-Pinball:I am about the same age, and that's way more than I would be comfortable with.
If your crypto holdings drop 50% - would you be ok with that?
I would still be ahead with a 50% drop...so yeah, I'd be okay. When I first got involved in 2017 I invested a total of 32k into crypto (mostly Bitcoin). I watched as that investment shot up in Dec. of 2017 to peak over 100k. Then I watched it drop all the way down to low of 11k! Never sold any of it. Today, I'm very glad I never sold.
I'll put it this way...the way things are going I'm planning on retiring a little early. If my crypto tanks...I just won't retire early.
Quoted from Spyderturbo007:Nice! You have a lot more BTC than I do based on my rough math.
I only have 0.71. I should have added along the way, but during that down turn I just wasn't able to risk it.
Yeah...I got lucky and was able to take advantage of the huge drop in 2018 and pretty much doubled my BTC holding when it was at 4k. I've also paid as high as 39k (not for a whole coin...just a fraction).
Quoted from canea:Every day. When you've doubled your investment, you're supposed to lock in that value, right? Tough to get out, tough to get in because it just goes up. I feel super optimistic about the future of crypto, but dang.
See...I kind of find it easy to hold (hodl). Because fiat is a losing proposition and I can't find a better investment for the future than Bitcoin (in particular). My only problem is I keep FOMO'ing to buy more. Or, maybe that's not a problem.
Quoted from f3honda4me:On holding or selling I look at it this way. If your plan is shorter term, have a point at which you take profits and adhere to it. If your plan is for long term, then buy into whatever you're buying and plan to hang onto it for at least 3-5 years and don't sweat the drops that happen.
PS. this is not financial advice, just my ramblings :p
And my thought is...only take profits if you need the cash right then...otherwise, what are you going to do with those dollars?
Bitcoin is the opposite of stocks. When stocks get really high you know at some point they are coming down. But with BTC...the higher the value goes the more secure and the more attractive it gets as a Store of Value. There are some big companies waiting to buy Bitcoin. Why are they waiting? Because Bitcoin's market cap is not big enough for them to purchase it according to their bylaws. Guess what happens when it gets there. Bitcoin will eventually slow down...in the future. But, it could literally keep growing forever.
I'm definitely more of a HODL'er...so "lambo money" in just a few years is not my goal. That being said I do think you can make that kind of money with Bitcoin within 10 years. I think it will 20x from here in that timeframe. Possibly a lot more.
Can you make more with other cryptos? Probably...if you guess right and make all the right moves. Bitcoin is the safest bet.
I agree with you about the YouTube videos....most are a pathetic joke. For macro analysts I like Roul Pal and Lyn Alden. Saylor has some interesting analysis but can also get a little carried away IMHO.
Quoted from michiganpinball:Ok looking for help in the best way to buy some bitcoin. I have a wallet (electrum) and also signed up on coin base. I have tried linking my bank accounts on coin base and they all fail to link. One says because it is a business account and one says "unknown" reason. I am in a 7 day timeout before I can even attempt to link another. I tried adding debit cards and finally got one of them to add but there is $50 a WEEK limit LOL. I did by $50 and send to my wallet to test the process and all worked good. But want to do way more than $50 worth.
I found some online services that will allow purchase from a CC/Debit card right to a BTC address but the markup is ridiculous as in 15% and even higher. I understand sellers have to protect(insure) themselves against fraudulent charge backs but I'm not going to eat that kind of transaction cost.
I even looked online for local people who would send BTC for Cash in person. Only found one and they accept only Gold/Silver.
Is there a better way?
There is Gemini and Binance.us. I've heard people having good luck with Gemini and bank accounts.
Quoted from Spyderturbo007:If anyone else is using Blockfolio you might want to change your price feeds if you’re pulling from Coinbase or Coinbase Pro. I just found out it’s pulling bad data for some of the coins.
I was wondering why there was a big discrepancy between my two tracking apps.
Yeah...I switched over to "Global average".
Quoted from pninja005:Reading this thread I also jumped into the pool with a small budget to start (2k).
I have to say though watching the numbers go up/down (mostly down atm) it's very tempting to do this with much higher amounts so I'm wondering how much do you "play" with?
I would say...I'm no longer playing.
Quoted from vex:Good call, I sold everything today. Getting back in at a discount hopefully. Riot does what Bitcoin does. I believe Bitcoin will be 100$ by July and would expect Riot to be well over 100 imo. Good luck jp!
That's a dangerous game...I prefer to just hold (and pick up more if it does dip).
Quoted from vex:It is but I really track the Btc price. I flipped it 4 times today and am up 27% so far and sold at 60.25 and will buy during the afternoon sell off hopefully. Have you been in riot for a while? What a great performer!
Every time you sell BTC at a profit it creates a tax event. That would become a pain to keep track off. Not to mention paying short term capital gains really reduces any profit made. All of that in addition to it possibly just going up after you sell.
Quoted from Zampinator:Yes!
My response:
Zamp! I didn't know you were into crypto! We should talk sometime. I've been in since Sept of 2017. Still DCA buying.
Quoted from Spyderturbo007:So lets talk tax events and buying one currency to send to another exchange to buy a separate currency. Any accountants around here?
Lets say I own some BTC that I bought years ago at $3k/BTC. Today, I buy 0.05BTC with the intention of sending it to another exchange, selling it for USD (since there isn't a BTC trading pair for what I want to buy), and then buying another currency.
Standard reporting is FIFO, meaning that when I sell the BTC, I'm going to get taxed on the profit from the difference between the purchase at $3K and the sale at $52k. But in all actuality, I just wanted to make a purchase.
Anyone have a way to report that without triggering a tax event? I can't just change everything to LIFO because then I'm paying short term capital gains on everything.
The only way I can think of to avoid taxes is working with peer to peer trading platforms like Bisq. My understanding is you pay a little premium to trade on there and its possible to get scammed. You're dealing with "reputation" when you deal peer to peer...but...it's totally anonymous.
Quoted from Spyderturbo007:Not that anyone cares, but I picked up ~2,400 ADA yesterday at $0.9193. The main reason was that the development for that blockchain in the way of DApps is 86% of what is put into Etherium. I think that's huge especially with the slower transaction times and crazy gas fees we're seeing with Etherium right now. DeFi is getting hammered with these high fees especially with the complexity of some of the contracts. It's not a wallet to wallet transfer so the fees are much higher.
It has the potential to take off as things move forward. The only thing I don't like is the crazy number of coins, but on the flip side, no one really talks about the fact that ETH is unlimited. Then again, right now, there are only 115 million ETH and 32 Billion ADA. That kind of puts a damper on how high the price can get for ADA even with mass adoption.
If it were to reach the same market cap as ETH (which I highly doubt), you're still only talking about a max price of $6.53. It's a 6x increase in price, but we all know that's nothing when it comes to crypto.
I think ADA is a good call/diversification. That being said you are only estimating a 6x growth. Makes BTC look good from that standpoint. I hate how so many people think BTC is too expensive. Not saying thats you...but a lot of people. I sort of get it...it's a psychological barrier. But if you just look at the potential. I'm seriously considering if ETH takes off I will sell it and put the proceeds into BTC.
Quoted from Spyderturbo007:Every time I think it's to expensive, it goes up.
The way I'm looking at it now is like this. Let's say I have $2500 to put towards something and I buy BTC. At this price, I'll get 0.04587BTC. If BTC goes to $100,000, I'll have $4,588 or a gain of $2,088.
On the other hand, $2,500 would get me 2,681 ADA. If ADA goes up to $2, my return is $2,863, or a 37% increase over the BTC purchase.
To me, it just looks like multiples on my return are more likely with the Alts.
In the short term I agree with you...in the long run BTC wins.
Quoted from EricHadley:I am diggin RVN right now! Been mining it for 1.5 yrs, amassed 250k coins. All of a sudden went from a penny and a half to a high of 28 cents on Saturday morning. KUNG POW!
Nice little bonus 
Quoted from Spyderturbo007:Hummmm.......ADA or DOT. I'm on the fence on what position I want to add to while it's down.
ETH dipped more than both of those.
I found this:
Popular crypto exchange Kraken saw ETH prices flash crash to $700 on Monday Feb 22.
One reason for this may be leveraged traders getting washed out.
No other exchange saw such a fall, leaving questions as to the real reason for the drop.
As the name suggests, a flash crash happens when the price of an asset goes up and down a large magnitude, usually in seconds. These events see the liquidations of many traders who’ve bet on the price going in the opposite direction, provided they use a derivatives platform.
However, they can also benefit traders who have placed low buying orders, as the price is likely to have them filled on the way down, charting massive gains as it recovers.
Quoted from Spyderturbo007:I know I didn’t lose it, but it still stings. I’ve been HODLing since sometime in 2017 before the first run up. You’d think I’d be used to these crazy swings by now.
It still hurts when you wake up and think “Shit, I could have paid off my car with what vaporized overnight”.
You'll get it all back and then some.
Welcome to crypto. Over a four year period I've watched my portfolio drop by 80% and then soar to 400%.
It's called an "emerging market", and it will be a very bumpy ride.
It will reward those with diamond hands.
Quoted from pninja005:Good to know! I'm sure several (like me) jumped in last week so we are really newbies and seeing this going up / down at such a crazy rate is... well
I can tell you that no one who held Bitcoin for at least 4 years at any point in its 12 year history lost money. It's definitely a long play...not hold for a month, or year. Buy and hang on...give it 8+ years (two more halving cycles) and you will be very pleased.
Quoted from sixtyfourbits:For those of you that have been in crypto since 2017 or before. How does this run feel compared to the run in 2017?
It's definitely different this time. Institiutional money coming in is changing the game. It's still volatile compared to other assets...but not as insane crazy as it was the last time. I don't expect any more 80% drops (I could be wrong). I'd still expect 50-60% drop if we overshoot the S2F models (P.S. we always overshot and then retract). But, that retraction might be from $160k down to 65k (for BTC...end of this year...just an example).
Quoted from Luckydogg420:My thought is that the overall crypto market will rise as more people (like me) get interested in it. Some crypto will be worthless, just like some fiat currency, but I think some will take off and the early adopters will be rewarded. My plan is to buy into the 4 that I think have the best potential for sticking around; Bitcoin, ethereum, ada, and dogecoin. I’m not a “wealthy” man but I have a little extra on payday, so I plan to contribute $25 every 2 weeks for the year (maybe ongoing), I will be buying whatever seems to be dipping that week and then I plan is to hold everything until 2030. If something takes off crazy then I might sell a bit to recoup my investment and transfer into whatever is low at that time, but my plan is to hold everything.
excellent...except for dogecoin...dogecoin has no possible future; pure "pump & dump" meme coin. It was literally created as a joke.
Quoted from Spyderturbo007:They call it an OTC Trade (Over The Counter). Genesis Trading is a name I’ve seen before. You can also go directly to some of the larger exchanges depending on the size of the order.
If I remember correctly it was discovered that the recent Tesla purchase was facilitated by Coinbase.
Going OTC with a large purchase ensures liquidity and a stable price for the transaction.
I've also heard that very large purchases can be negotiated directly with minors.
Quoted from sixtyfourbits:Cardano/Ada is going on a nice climb this morning. 1.17 at the time of posting this.
I doubled up on my Cardano yesterday morning.
Quoted from pninja005:I'm hoping for a BTC dip to $10k so I could actually get "1" but...
We will never see 30k again, let alone 10. No need to buy a whole coin...just keep stacking Sats!
Quoted from canea:Awesome, thank you for the recommendations and I will!
Thanks also for the mining explanation wolfmarsh!
This stuff is fascinating and high level. But that's what seems to lend it legitimacy. We've got our... top men working on it.
This is also a great read! - https://www.lynalden.com/misconceptions-about-bitcoin/
Quoted from Zampinator:I know you don’t want another account. But....Crypto.com is simple. Buy USDC on Coinbase transfer to Crypto.com then buy ADA with the USDC. It will take 5 minutes to set it up without setting up a deposit line. That’s how I do it. Just an idea.
Oh...wow, cool option. I just used Binance.us.
Quoted from Pdxmonkey:Found a nice chart
[quoted image]
Excellent...and fascinating. Looks like Sept is the 2nd worst month. Or, second best for buying!
Quoted from pninja005:Does it really matter? You guys here are my crypto financial advisors and if I listen I should just HODL and look back in a couple of years
Don't you ever sell anything? I'm sure those that got ADA at .20 or so are tempted to sell at current rate?
Sell for what dollars? Fiat is a losing proposition. I will sell when I have an important appreciating asset to buy...like a home. I would not sell to buy depreciating assets like cars or pinball machines.
Why I don't care about the volatility of BTC
1) I did my homework...I know where this is going, so day to day or even month to month values mean next to nothing to me. I have literally gone months without even looking at the current value. In 2018 I had no clue it had dipped below 4k.
2) This was always a long play for me...buy and hold...for years...not weeks or months. This isn't a get rich quick game for me...that being said I will likely be able to retire a few years early because of it.
3) Bitcoin isn't going to zero at this stage. If you don't know why that's true, then you don't understand network effects and Metcalfe's law. If it's not going to zero its going to go a LOT higher.
4) It's not going to get banned in the US. It will get regulated. Thats a good thing. That will bring in even more institutional investors. Regulation means "legitimacy".
5) Central bank digital currencies are coming. They will have no negative impact on BTC...they will likely drive it even higher by introducing even more people to the concept of digital money.
6) If this goes where I know its going...I'll never need to sell. I'll take collateralized loans against it and earn interest off it. Neither creates a tax event and both allow me to keep all my Sats.
Quoted from nwpinball:I wouldn't call pinball machines depreciating assets, although I suppose it depends what era you collect. I buy Bally/Williams DMD games mostly and they've all doubled to quadrupled in value in the past 15 years. Same thing has happened to 80s arcade games, especially color vectors, they sell at 5-8 times what I bought them for ten years ago.
Well that's true...mine have certainly held or gone up in value. But you get my main point.
Quoted from f3honda4me:We don't need institutional investors. And regulation is not a good thing. It gives them a way to manipulate the currency just like everything else that's "regulated". Regulation = control.
You will never flip gold without institutional investors getting involved. And more regulation is coming...like it or not. They can't really "manipulate" Bitcoin...they just want to make sure they get their taxes. I'm fine with that if it means greater adoption.
I'm trying out BlockFi for interest on some of my Bitcoin. It's a bit of a risk but I've dug into to company and the CEO. While they are obviously not backed by the Federal Goverment, they are backed by Gemini...which is something.
I sent over enough to generate about $400 a month (at current BTC value) in interest. We shall see how it goes. I'm wondering if they will maintain their interest rates if BTC goes to 100k+?
Quoted from Spyderturbo007:Looks like they pay 3% at that level. Celsius pays 6.2%.
Never mind. I was looking at the wrong thing. It looks like they pay 6% up to 2.5BTC. They have a ~$100 withdraw fee though for more than one transaction a month.
So, if you had 2.5 BTC on there and it goes to 100k, you would get $1250 a month in interest.
If I'm going to pull my BTC off of there I would do it all at once...which would be free. By the way...they pay the interest in BTC! I consider that a bonus. Plus your interest then compounds every month...so really in my example above that $1250 a month would increase every month even if the value of BTC stayed flat.
Quoted from russdx:I think it will now touch 40k before bouncing back, definitely more sales coming.
Wouldn't surprise me.
Quoted from Wolfmarsh:I sure hope so, I'd love to buy a bunch more at that price.
Doesn't look promising
The sheer amount of vitriol amongst the traditional stock traders for crypto is astonishing to me. I also follow a fanatical F.I.R.E. group and they are like white supremacists, and crypto isn't white.
Same old (and tired) arguments also...nothing has changed. We are still so early.
Factoid of the day - On Oct 8th (2020) corporations held $618,000,000 in Bitcoin. By February 24th that number was $74,000,000,000. In 4.5 months!
Quoted from Spyderturbo007:It’s like crickets in here when things are down.
I grabbed 2.2 AAVE today. I didn’t have the energy or the nerve to mess with Uniswap.
I bought more BTC. I just don't announce every time I buy.
Quoted from Spyderturbo007:Can someone decipher this for me? I’m pretty much lost.
https://cointelegraph.com/news/99-gone-in-60-seconds-how-a-polkadot-trader-may-have-crashed-dot-futures
Sounds like somebody gamed the system to the tune of 8.3 million by manipulating Binance's matching engine...whatever that is.
So they were holding a large short contract (betting that the price would go down to $10). Then they manipulated Binance's system with a large leveraged long position which they knew (or hoped) would cause a flash crash to at least hit their $10 target triggering their short bet. They did this using separate accounts.
Quoted from Baiter:Ultimately it'll improve ETH, but it could result in miners get ticked off and cause the price to drop, or price goes up becase because EIP 1559 fixes some core issues with the chain. Pick your poison
I pick...both. An initial drop...followed by a steady rise.
Quoted from EricHadley:This^
I mine whatever is most profitable and trade monthly earnings into bitcoin.
Smart move
So I was going to transfer some funds from Etrade to Coinbase and pick up some more BTC on March 4th...but then I happened to catch this: https://ycharts.com/companies/GBTC/discount_or_premium_to_nav
So I bought GBTC at a historic discount to Nav. Still not sure that was the best move though...pulled the trigger without fully thinking it through when I saw the historic discount. I only say that because you still pay a fee to hold GBTC vs just holding it yourself. Oh well.
Historically GBTC runs at a 30% premium over Nav.
Quoted from Spyderturbo007:Just sent my tax stuff to my accountant. What a pain in the ass. Dealing with Coinbase Earn Rewards, Staking Rewards, Airdrops and mining revenue. I had 293 transactions just for the income report that amounted to a few hundred dollars worth of income. There were only about 3 disposition transactions so that was easy.
I'm glad I'm using that tracking software, because trying to do that manually would have been absolutely impossible. Especially if you want to use any reporting method other than FIFO.
Ugh. Doing this legally is a pain in the ass.
I have zero transactions to report.
Quoted from Leeb18509:So asking hypothetically for a friend, can someone chime in and tell me when TurboTax 2020 asks you about the crypto stuff with that question, what's the next question if you say "yes"? My friend is curious.
Well I wasn't joking...I haven't sold any crypto in years. I still have 100% of everything I bought in 2017.
Quoted from pninja005:Any reason why BTC is climbing that much again?
Will this create another pullback tomorrow?
This is the bull year right after a halving. I would be very surprised if Bitcoin does not get to at least 100k by the end of the year. Just wait until 2025...the year after the next halving.
My Litecoin is actualy up 5% today. I'm really not sure what to think about this one...but I picked them up at $59.
Quoted from cait001:how do people deal with the implications of the massive growth of power usage crypto requires?
Everything I've read on it always says "oh we'll solve that problem in the future, since we're gonna make so much money the market will figure it out" and the like, but that kind of thinking seems farcical.
Capital concedes nothing, and people making money aren't going to care about the environment when there's more money they can make off of it. Same thing we experienced in the oil boom, now decentralized and far lower barriers of entry. But the same sort of hand-waving motivations exist, and now we're well past all prior tipping points.
I think it's a bunch of FUD
It's very interesting to me how Bitcoin has now become "the safe play" and everything else is now "the gamble". And everyone wants to gamble. "What's the next Bitcoin?"
So the smart play would be, if one of your gambles moons....sell it, then wait and roll it into BTC right before the next halving.
Quoted from Pdxmonkey:Imo
Btc is the best odds atm...
Not necessarily the best pay out but the best odds. Of my portfolio it’s definitely the last thing I would sell. Why? Institutional is hopping in now, 60k will seem cheap next year probably even this year.
Plus if I had to sell it, I would take a loan against it before having to sell it. Not a Bitcoin maximalist but once I trade into btc it’s not turning into anything else.
Again this is my opinion, nobody knows where we will be.
Ada is tricky...it’s a different beast. I like the functionality that of it. But the supply is massive by design. The higher it gets the harder is it to move.
I'm right with you...not a full on maximalist but 80% of my crypto portfolio is BTC and I don't see that changing. I will also never sell it all. Shoot, right now I'm getting $500 a month just in interest on just a small portion of it.
Quoted from mbrave77:Im not too worried about the high price of btc right now. Just dollar cost average and accumulate. I only jumped in 2 months ago to this. I just add a few hundred a week. And i have been spreading it out a bit. I just plan to keep accumulating and see what happens in 5 years.
Im about to dump my gbtc and ethe stocks because Id just rather have more of the real
Thing.
Well the nice thing about GBTC is you can hold it in retirement accounts...especially a Roth.
Quoted from PiperPinball:Is that with BlockFi or Gemini that pays that much in interest?
Several do...I'm with BlockFi who just happens to be backed (insured) by Gemini.
Quoted from Spyderturbo007:Astropin, you have me convinced that my 0.71BTC isn’t enough and I need to increase that to 0.726BTC.
It's an accumulation game. We are going after a scarce, soon to be, reserve asset.
As far as, will it go up or down tomorrow or next week, or next month? Doesn't really matter to me...accumulate. 61k is an ATH....won't look as such by December. Just imagine where it might be after the next halving...or the one after that? Accumulate.
Quoted from dc2010:This crypto revolution is still early
Bitcoin will reach 1million in the future...
But it isn't the only coin you can change your life with
As I said in earlier post, I'm in on ada, and I'll get in on bitcoin too, but where I personally feel my biggest gains are going to be right now are the privacy and gaming coins that are just hitting stride
A portfolio should not be one dimensional
I feel like most governments are going to let Bitcoin do it's thing and just be another reserve asset. I think they will do likewise with most of the "smart contract" coins. I think they will relentlessly diparage/hammer/outlaw/ban all privacy coins.
Quoted from robm:Speaking of mining. Anyone heard of VBit Technologies - had a call from a cousin who sent me a few quick videos to watch, and she will call me later once i've watched them.....classic multilevel marketing approach!!
Had a quick look, not seeing anything about them that makes me really excited, but interested in any non biased opinions, particualrly from those who have first hand knowledge, but don't onsell a product!
You forever lost me at MLM company!
Quoted from Spyderturbo007:Pro tip.....Don't pound a 6 pack with some friends while discussing crypto and then go buy $1,000 worth of BTC on Saturday night at $61,000/BTC.
Seriously....these prices are just a rounding error when you're looking eight years out.
Quoted from sixtyfourbits:If it’s on coinbase pro, that’s a good sign of it eventually coming to coinbase too though isn’t it? Hopefully sooner than later.
Hopfully you are ALWAYS trading on Coinbase Pro and not regular Coinbase. Coinbase Pro is included free with a Coinbase singup and the fees are MUCH less. Free to transfer back and fourth also.
Quoted from Astropin:Hopfully you are ALWAYS trading on Coinbase Pro and not regular Coinbase. Coinbase Pro is included free with a Coinbase singup and the fees are MUCH less. Free to transfer back and fourth also.
Quoted from Spyderturbo007:I'm pretty sure you just log into Coinbase Pro with your Coinbase credentials. At least that's what I do. It's been so long that I can't remember if I had to "turn on" Coinbase Pro access or not.
Transfers back and forth between the two are instant and free.
Edit: you beat me to it!
Quoted from mbrave77:so do I just log into coinbase Pro with my coinbase credentials? Will my positions Im already in be visable?
Sorry.... you do need to transfer your positions to Coinbase Pro to trade with them...but it's instant and free.
Quoted from nwpinball:Woah, I didn't know about Coinbase pro at all. Is there a fee for transfering your coins from Coinbase to CB Pro?
No fee
Is mining really more profitable than just throwing money at it? Or is just the technical "thrill" of it?
Quoted from EJS:There is definitely some thrill in building your own computer/rig.
As it sits, you can get into it right now, but you'll be paying between 2x and 2.5x the retail price for graphics cards. There is speculation that once Ethereum goes PoS (proof of stake) everyone will dump their GPUs/ nobody will buy them. Last I checked there are more than a hand full of coins available to mine haha. (Decent GPU up to $600 was about $350 or $300)
For my recent builds I spent more money on the CPU because I wanted to maximize the ability to mine Monero. Basic CPU that is good for gaming is about 250-300 but I went for the Ryzen 9 that comes in around $500. Then add $100 if you want to overclock and give it a proper cooling system.
Memory about $100, a computer power supply $50 to $60 but if you want more than 2 GPUs on your computer you'll need a server power supply so that's $150 easy.
Motherboards easily around $95-150 for something respectable.
Accessories like PCIe risers and computer case about $50. You don't really need a computer case if you don't care.
NOW we can talk about an important cost.....electricity.
Right now I'm at $0.09 per kWh which is average and still makes it worthwhile. Starting in June we're looking at 12 cents per. At this point you better hope your coins appreciate. Anything more than this you might not want to bother. One computer with 1 GPU can easily be like having an incandescent 100w lightbulb on all the time. Maybe 150. My current estimates put each of my computers in at earning $120 a month assuming all the coins stay flat.
Hopefully you can math better than I can. If someone told me these coins wouldn't appreciate I wouldn't have done what I did.
Okay...thanks. I'll just keep throwing crappy fiat at it.
Quoted from Leeb18509:I've moved most of my ADA from Binance.us to my adalite wallet. It's pretty much the same, copy an address from your wallet and paste it in the Binance GUI to send. No extra codes. There was a caveat about certain addresses only being accepted by CB Pro but if starts with a "1" that's the good one AFAIK.
As far as fees for buying and selling if that's what JRBBRJ meant, Binance.us is .05% to buy/sell, CB Pro is .075% I believe, so just a little bit more but not much. Opening a whole other exchange account may not be worth to you unless you already have one at Binance. I already feel like I have too many out there that I quit using after 2018. I'm pretty sure some Chinese kid is using my passport to buy beer in Bejing.
The market buy/sell fees for both are 0.5%...Unless you are trading huge amounts.
Quoted from f3honda4me:That's not really what we are talking about though if you read the previous convo. This is about short term trades.
Don't short term trades trigger short term capital gains tax? (Hint...yes, yes they do).
Quoted from Spyderturbo007:They do, but a gain is a gain.
All my research shows long term holders outperform traders more than 90% of the time.
Quoted from f3honda4me:So? Just trying to have some fun with play money. Why do you feel it necessary to keep telling people what they are doing with their own money is “wrong”? :/ You do you and let others do what they want to do.
I don't believe I ever told anyone to do anything. People are, of course, free to do whatever the hell they want.
Quoted from f3honda4me:Well then sorry Astro
No worries....it can be easy to misconstrue intentions on a message board.
Quoted from pninja005:Isn't the next BTC halving for 2024?
Yes...why?
So the next (after this year) bull run will be in 2025
Quoted from pninja005:Thanks for the details!
Now, how the hell am I going to get 2-10 BTC at the current market prices !?!
Spend $107,300 - $536,500 dollars?
Quoted from Baiter:Yea, April is historically good, but that's usually because it's a rebound after a March drop, and this year Bitcoin did not drop in March.
Interestingly last month it was the weekend after futures expiration that things dropped... but only until Monday. Even the staunchest Bitcoin HODLers acknowledge the likelihood that Bitcoin will be back in the 40's, or 30's or even lower at some point in the future before the next halving event. That would make it far easier to get those 2-10 Bitcoins
I don't know shit, but I don't think we will ever see the 30's again...ever.
Quoted from pninja005:In order to increase coins without investing more $ one needs to trade.
However, each time I sell at a higher price (eg +10%); the moment it's sold I wonder if I will be able to buy back at the lower rate again.
Is this normal feeling for newbies?
I'd rather just buy and HODL but don't have the cash to increase the coin amount much.
Note we joined this game at ATH coin rates.
Well...not to mention everytime you sell for a profit you owe capital gains tax. If you held less than a year you really get hammered.
I would suggest just buying what little you can on a regular basis.
Quoted from Baiter:Seems if you didn't own crypto before 2021, you're kinda screwed watching everyone else be happy with their gains... lots of luck involved. All the small altcoins have 10x'd or 20x'd already, so chasing them further is done with elevated risk, as is trading them. Longer term you're probably good doing regular buying, as the overall crypto adoption is still early. Crypto runs in 4 year bubbles due to BTC, so it's always good to consider what you're going to do when that bubble pops later this year.
Bubble won't likely pop until next year... And we have a long way to go in this bull run. I expect BTC to at least 2x from here this year (might go much higher than that).
So, in 2018 I transferd $250 worth of Bitcoin to a gambling site to play some poker. Played for about a week and had $400. Then I stopped playing... Then I forgot about it. Just logged in last week and my $400 is now $3000...
Quoted from Pdxmonkey:Big hypothetical theory here...
You could say this cycle is vastly different then last cycle due to what I believe is a wall of institutional money coming.
About two weeks ago Morgan Stanley announced making Btc available, with limits, to their high end clients. One week after that Fidelity and Goldman Sachs announced their Bitcoin ETF. If the SEC passes either one it will be massive, wait till these companies start competing. Square pushed PayPal in crypto. Not to mention odds are Biden’s pick for SEC chief is Gary Gensler will be voted in. He is pro bitcoin, even taught at classes at MIT about blockchain and cryptography. Ginsler will probably add regulation which is good for anyone holding btc and wants to see it legitimized mainstream. If BTC is valued at say 420k it’s not really going to matter if you got in at 50k or 20k. And if you think 420k is crazy talk...
1.) Inflation is coming
2.) More wallets are hodling
3.) Minors are selling less btc
4.) What happens when exchanges runs out of btc to sell? Compare coinbase’s reserve two weeks ago to today, I won’t ruining the surprise.
5.) higher the market cap the more attractive it is for huge corporations.
6.) Lightning Network.
Again this my theory, do your own DD.
I'm totally with you. People who think BTC will only 10x from here are not fully thinking this through. We could see 10x by 2025. Then it will keep going with each halving cycle. Or maybe the halving cycles stop being the primary driver and we enter a supercycle.
Ask yourself this, "is bitcoin a better investment than gold”? If you answered no, you need to do more research. If yes, how much better?
If it's a 5x better investment then the Bitcoin market cap will eventually 5x gold's. That would appoximately equal $50 million per Bitcoin. That sounds absolutely absourd. Yeah, well a 50k bitcoin sounded absolutely absourd just 5 years ago. Hell, for most it probably seemed outrageous even 5 months ago.
Quoted from Baiter:Lol... is that really a fair question? I'm down 12% from my last gold purchase while Bitcoin is up 500%. Interesting to note that Gold is in a multi-year cup-and-handle pattern, but let's face it, it's not going to keep pace with BTC.
I'm referring to market cap....not just current ”gains”. Gold's market cap is approximately 10 trillion. If Bitcoin is more useful as a store of value (and I would argue it's way more useful), then it should flip gold's market cap. That's a $500,000 bitcoin. And if it's better, then it should take even more market cap.
Quoted from nwpinball:This should bump BTC up more... it prompted me to buy more:
"PayPal Holdings Inc will announce later on Tuesday that it has started allowing U.S. consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally, a move that could significantly boost use of digital assets in everyday commerce.
Customers who hold bitcoin, ether, bitcoin cash and litecoin in PayPal digital wallets will now be able to convert their holdings into fiat currencies at checkouts to make purchases, the company said. The service, which PayPal revealed it was working on late last year, will be available at all of its 29 million merchants in the coming months, the company said.
“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet,” President and CEO Dan Schulman told Reuters ahead of a formal announcement."
Yeah, when Paypal first offered it back in December I bought $500 of BTC and ETH. Currently over $3k.
Nice timing...this was in the Swan Bitcoin newsletter today:
Liftoff: 5 Misconceptions About Bitcoin's Energy Usage
You’ve probably seen headlines such as, “Bitcoin boils the oceans,” or comparisons like, “Bitcoin uses as much energy as Greece.”
Time to address these common misconceptions …
1) “Bitcoin doesn’t do anything useful, therefore its energy use is not worth it”
Most people critiquing Bitcoin for energy consumption assume Bitcoin doesn’t provide any value. For example, clothes dryers consume way more energy than Bitcoin but no one complains about it because we agree they add value.
There is a reason a decentralized protocol with no marketing budget went from zero to $1T market cap in 12 years. The roughly 100M Bitcoin users value it.
Now, the critics might say, “well, the only use case for Bitcoin is speculation, which is bad.” In a recent video, Alex Gladstein explains how Bitcoin is protecting human rights, and Yan Pritzker lists a wide range of non-speculative uses for Bitcoin.
2) “Each Bitcoin transaction is responsible for [insert large number] CO2 emissions”
This argument simply divides the total energy consumption of Bitcoin by the 300,000 final transactions per day settled by the network. This approach results in very high “energy cost per transaction.” Let’s break this down …
Each final Bitcoin transaction can represent thousands, or even millions, of transactions in total. Many transactions happen off the network, on exchanges, or payment layers like the Lightning Network, for instance. When users want to finalize transactions they do so on the Bitcoin network. The economic density per transaction is increasing all the time as the ecosystem supporting the network evolves.
Both Nic Carter and Lyn Alden explain this in detail.
3) “Bitcoin’s Proof of Work is inefficient”
Bitcoin’s Proof of Work function appears inefficient at first glance. However, there are no alternatives if we want a secure, decentralized, sound monetary system.
Critics will also attack Bitcoin’s energy consumption without comparing the relative energy costs of other known financial systems such as our current fiat monetary system, the petrodollar.
The short answer is that a monetary system built on Bitcoin consumes orders of magnitude fewer resources than our existing financial system. Dan Held explores this in his article, PoW is Efficient.
Bitcoin mining relative costs
4) “Bitcoin hogs local power resources, driving prices up”
This is simply not true. Bitcoin miners are only profitable when they find the lowest cost of energy on the planet. The cheapest energy is “nonrival energy,” meaning it doesn’t compete with consumers.
Instead, most Bitcoin miners consume stranded, curtailed, or otherwise wasted energy. For example, when natural gas wells generate power that is too expensive to move to cities, they have to flare the gas and waste it. Instead of wasting that energy, and polluting the atmosphere, they happily sell it to Bitcoin miners.
Interestingly, Bitcoin can run exclusively on nonrival energy since Bitcoin consumes less energy than the total nonrival energy produced today.
5) “Bitcoin consumes dirty energy”
Critics who make this claim fail to examine the energy mix that Bitcoin consumes. Let’s look at the data.
According to the International Energy Agency (IEW), nearly 28% of global energy production came from renewables in 2020.
On the other hand, Coinshares estimates that 73% of Bitcoin’s energy consumption comes from renewable sources. By comparison, Bitcoin is leading the charge in renewables.
Quoted from Cheeks:I've decided that any time I get paid through PayPal, I'll move the money from PayPal credit into the crypto they offer.
I started out spreading my money evenly between each of the crypto the offer: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
I don't sell a ton through PayPal, so this will never be loads of money through this means. It's more for fun and to dip my toe in crypto to see if I can make a few bucks.
I plan to hold everything I put in. Should I continue to spread money across all 4 or should I concentrate on certain ones?
I bought BTC and ETH. I will never ever buy BCH (AKA B-trash). Too many reasons why to go into. LTC is fine, but I would buy less of it vs the other two. But those are just my opinions. I've been buying since Sept of 2017.
Open letter to all financial advisors:
If you are not recommending your clients have at least some exposure to BTC... you're stupid.
Having no exposure to Bitcoin is a risk. If you have no Bitcoin, you are effectively shorting Bitcoin. Really think about what that means.
Stop thinking about Bitcoin like you would a stock. That's a potentially costly mistake. Stop thinking about Bitcoin as currency. It's not for purchasing your daily coffee. Bitcoin is a reserve asset. It's harder money than gold. It is truly scarce. That makes it the soundest money that humans have ever created. The higher BTC's value goes the more attractive it becomes.
Now I'm not suggesting that they need to bet the farm. Whatever they are comfortable with. 1%, 5%, 10%?
Having zero is not an intelligent financial decision.
The only factor risk tolerance should play is how much? What percent do you want to risk? And zero should not be on the table.
Risk tolerance should come into play when considering "crypto" as a whole. High wealth clients might want to consider a smaller percentage going towards "alt" coins as speculative assets.
1 week later
Quoted from Pdxmonkey:Two months ago
[quoted image]
There's some perspective for you.
Quoted from JohnTTwo:Wondering how many others are into the yield farming on their bitcoin?
I'm just earning 6% on BTC with BlockFi, and the interest is paid in Bitcoin.
Quoted from nwpinball:I'm doing the same, I am starting to go more towards ETH now. I expect both to at least double in the next few years and the opportunities to buy dips to be fewer and fewer.
I would be willing to wager (for real) that both will more than double from here, this year.
Quoted from Pdxmonkey:What’s the play on Coinbase ipo tomorrow?
Hearing some original investors are selling their shares at 450 already.
Will crypto outperform COIN?
My guess is that it's over hyped, but will eventually dip. That would be the time to grab some. That's what happened with Facebook anyway.
Well...I didn't listen to my own advice...and bought some "COIN". I actually didn't think the price was terrible and I had some other crap that was underperforming. Picked it up at a little under $378 a share. We shall see if that was dumb or not.
Quoted from EJS:Currently at 325 I know a lot of people who bought today. I was tempted to but didn’t. Still staying on track with mining.
Yeah...that's fine. I'll start to worry if we are still here in a year or five. I'm not a trader, I buy and hold.
Quoted from sixtyfourbits:Doge is going nuts!
I seriously wish it would crash and die already... damn scam coin.
Quoted from sixtyfourbits:I fully agree. I think a lot of new people are buying it on hype and how cheap it is. But when it crashes, a lot of people are going to be left holding bags of it. And then will look at crypto as a whole as a scam, not just doge.
Frankly...we don't need people who think investing in doge is a good idea (hope I didn't hurt anyone's feelings). They will be back eventually anyway.
Can you make money investing in doge...of course. Does that make it smart?
Quoted from Pin-Pilot:Does it really matter how you double, triple, quadruple or ten fold your $. Nope.
What is the end game for EVERY investor/trader? Grow your cash. Period!
Hell, If I could find a way to snap my fingers and double my money I would do it all day and not be ashamed!
Doge will crash....hard. if you haven't taken profits before that happens you will lose 98% of your gains.
Doge's supply is infinite. It has no possible long term value...none. So, everyone investing in doge is playing the bag holder game ...100% certain of that.
Quoted from Frax:You respond by telling them with a block reward of 10000 per minute, Doge is generating the same number of coins every day and a half that Bitcoin will generate in it's entire lifespan, and there's currently about 6900x the amount of Doge available as BTC will ever have.
10k x 60 = 600000
600000 x 24 = 14,400,000 per day
Bitcoin hard cap is 21 million. 21 / 14.4 = 1.45 days for Doge to generate 21 million coins.
If that doesn't explain why Doge can never hold value long-term......I don't know what will. But the people making money are always going to have their ears plugged and refuse to listen or comprehend why this is an issue. You're wasting your time trying to explain it to them. If they had half a brain, they'd be doing the research themselves, before buying.
Doge took a pretty big dump last night.
Quoted from Chalkey:A lot of dogecoin haters salty about missing their ride to the moon. It's not too late, it'll keep rising.
https://investorplace.com/2021/02/dogecoin-has-an-inflationary-supply-trait-making-it-ideal-as-a-cryptocurrency/
[Copypasta] The fact that Dogecoin is mildly inflationary helps to contribute to its appeal and to its value.
By being inflationary Dogecoin doesn't rig things so heavily in favor of early movers as other coins do, although of course early movers can and have profited nicely from Dogecoin.
This is important because as time goes by people will be less and less inclined to want a coin just to help make the early adopters rich. That's especially the case for many coins in which the early adopters have a reputation for behaving obnoxiously.
Reduced supply may make the coin more appealing to speculators in the short term, but it will turn off genuine users in the long term.
If you believe that...I don't know what to tell you. Infinate supply can never have any long term value. Basic economics.
Quoted from Chalkey:Ok I guess I'll just throw out all this [every currency in circulation]
That would be a good start. Storing any significant value in any fiat is a horrible investment.
Quoted from Spyderturbo007:What the hell is going on?!?!?
This is an insane crash. WTF?!?!?!?
It's because I bought more BTC at $60,800.
This looks like a good explanation of what happened. Checking Tethers volume and price during the crash seems to confirm.
Quoted from EJS:Chia runs off of PoST (proof of space and time)
So in order to farm (like mining) you need to have plots to farm.
Each hard drive which can be HDD, will be filled with plots. In order to produce plots at an efficient rate a SSD preferably mounted via M2 off the motherboard would be used to plot your farms. Good CPU with good memory are ideal.
Think of your SSD like your tractor. Unfortunately SSD have finite life so they will get run into the ground. Once plotted the files hang out and are referenced from time to time so HDD work best/ more cost effective.
Well gee, thanks for the clarity. 
Quoted from Spyderturbo007:And that boys and girls is why you don't keep your 'effin keys on your 'effin computer. That d-bag should be thrown in jail. Damn CEO of an exchange keeps his private keys for the administrative MetaMask wallet on his damn computer? Seriously?!?!
Mine have never been on my computer.....ever. They are embossed on steel plate locked in safes at two different locations.
https://cryptobriefing.com/easyfi-hacked-over-80-million-metamask-attack/
"Stupid is as stupid does"
Quoted from Spyderturbo007:I'm going to get it from Astropin for this one, but I bought some DOGE. I had $41 in my Binance account I found when I went in to pull my weekly staking rewards numbers for my tracking software.
Figured, what the hell. I'll buy it at $0.34 and put in a sell order for $0.69 and see if I can double my money.
Before you down vote me too much, I also bought some SUSHI that I've been eying for the last few weeks. Figured the pull back might be a good time to get in on it. I appear to be pretty heavy into DeFi now that I take a look at my portfolio.
I'm not going to downvote anyone for "playing" in a pump and dump scheme. $41....have fun. Just don't go thinking it has any real future and start adding real money to it just because you did "double your money".
Quoted from nwpinball:IBTC and ETH have been doing much better than the stock market over the past 4 months
4 months? Try a decade.
I'll buy BTC all the way down...and most of the way up. I've bought a 4k and I've bought at 60k...and I'll buy at least to 100k.
If someone put a gun to my head right now and said "will Bitcoin be closer to 1m on Jan 1st 2030 or closer to zero?" (Essentially above or below 500k). "And if you're wrong you're dead"....I would have to go with 1m.
Quoted from chet218:The problem with crypto is its hard to know who to trust and who not to. Regarding Safemoon most people are getting their scam information from a Twitter person named Waronrugs. The problem is waronrugs has his own coin he’s promoting called safefairmoon. Its shady to me to call out a coin on one hand, then promote your coin on the other. Crypto doesn’t appear to be as regulated as the stock market.
Disclaimer: I do have money in safemoon, but not much so if it is a scam, I’ll shrug it off and move on.
Anyone creating a coin called "safemoon” is either a scammer or an idiot... Either way I'm staying miles away. And "safefairmoon" (seriously?) Is a magnitude worse.
Quoted from cooked71:Yep, and the DOGE party is dying as quickly as it started....
[quoted image]
It will probably rise and crash again... It's the king meme coin. It will still never have any long term value.
Quoted from canea:I really like your confidence, but I don't know how you guys do it! It's psychologically tough watching those gains go away. Everyone always just says buy the dip, buy more, etc. but its feels hard to justify throwing money at it forever. As a relative newcomer to this, it got expensive quick.
This week feels bad. Below 50k...
For me, gains aren't gains until I actually put that money to use...I buy something with it. So when I watched my crypto portfolio drop 6 figures in three days....I haven't lost that money. I still own the exact same number of coins that I did a few days ago.
It's a poker game...I lost some chips... there's been a quick string of bad hands...but the game is still being played...I haven't lost my ”buy-in" and I haven't cashed out.
Literally everyone is saying this mini crash is from Biden's capital gains tax proposal. But that is completely nonsensical. Therefore, this dip is temporary.
Quoted from Spyderturbo007:I saw that too, which made absolutely no sense at all. There *might?* be a tax increase so lets sell everything right now so that if there is actually a tax increase we can make sure we lock in gains so we can pay the higher tax rate. Wait, what?
Well not to mention that, even if it passes (maybe what 10% chance of that?), it would only affect about 3% of the population.
Quoted from nwpinball:If the current trend continues, you will be able to take out even more cash at 25% a week from now. I don't really feel like this was big enough to be a correction, this was a pretty normal weekly fluctuation for crypto. It's so tough to try to time the market when you have an external timeline.
Yep, the 2017 bull run had 8 corrections of 20% or more (one being 40%) along the way. So far the biggest correction we've had in this bull run has been 26% and we have had 4 so far. P.S. I personally do not expect to see a 40% correction this time (but I could be wrong). Still a long way to go in this bull run.
Pulled my BTC off BlockFi...they are droping their interest rates to 2% on anything over 0.5 BTC. At that level (for me) the reward is no longer worth the risk.
On a side note it was a pretty painless operation. They did have to confirm my idenity (that's fine by me). They then spent 1 day verifying (no biggie). Then they transfered 100% of all my BTC for no fee...not even a transfer fee (cool).
Quoted from Spyderturbo007:Celsius is 6.20% for BTC. I'm not sure what you were getting with BlockFi.
6%...but I'm not as convinced/impressed with Celsius as a company. For now I'll just go back to hodl’ing.
Quoted from Cheeks:Was going to create an account at BlockFi. Does anyone have a "qualifying" referral code that I could use to get the $250 deposit bonus?
Funny...I just left BlockFi...but don't have any referral codes.
Quoted from Cheeks:I'm a noob, so I started at Coinbank (regular) and added Kraken to get a few currencies Coinbank doesn't have. Being new, I don't have huge balances. Is there any reason you left other than exceeding the limit for BTC rewards? I was going to open the account so that I could start getting interest, but is there any reason I should not start up an account there?
I kinda hate having so many exchange accounts, but it doesn't seem like anyone carries all the currencies I'm dabbling in.
Nothing wrong with BlockFi for earning interest. They paid on time and removing my BTC was completely free. I only left because they dropped the interest rate on Bitcoin down to 2% on anything over 0.5 BTC. I might throw half a BTC back on there just to get the 6%.
Quoted from Spyderturbo007:Celsius is 6.20% for BTC. I'm not sure what you were getting with BlockFi.
Celsius now at 3.51% on BTC...of any amount.
Quoted from Spyderturbo007:Are you sure about that? My app still shows me getting 6.20% and their website still says 6.20% on your first 2 BTC and then the 3.51% kicks in.
[quoted image]
I was playing around on their site were you can estimate your payouts based on what crypto you deposit and how much you deposit. No mater how much (or little) Bitcoin I selected it kept saying 3.51%???
Quoted from nwpinball:I'm 60% BTC, 30% ETH, 10% other. Wish I was more ETH, but I've tripled my investment in just 4 months, so I can't complain.
ETH is going to outperform BTC in the short term...not in the long term. I'm glad I hold ETH, but I have no plans to sell any BTC to buy more. Just depends on your time horizon.
Quoted from Deaconblooze:What's the opinion on bitcoin cash? I'm pretty evenly split between ADA, ETH, and BCH at the moment.
Very little invested. I'm looking to keep mining and diversifying from that, and also doing a recurring monthly of maybe 100.
Personally I think BCH has no long term future. It's not a smart contract or DeFi coin. It's not a great SOV, and other coins also make for superior daily use currency coins.
I like ADA and ETH.
Quoted from Baiter:This... and the fact that BCH has been rising because people who want Bitcoin don't understand it's not Bitcoin. There's a lot of instances where a project uses the name of a popular one in its name simply for this fact, not unlike the long time practice of parking domains like amezon.com and counting on typos to drive traffic. It should be part of everyone's smell test in the due diligence process.
Yep...BCH is a poser and Doge is a meme with only one possible outcome.
Quoted from Avi8er:What wallets do you all recommend?
Hardware? Trezor or Ledger. I have a Ledger...easy to use.
Quoted from pninja005:So you guys really only HODL and never sell to buy more?
I mean ETH is crazy high atm; selling now can most probably get you some more very soon.
Trying to time this market can be tricky. You have to pay capitol gains everytime you sell at a profit (on the profit)...so why bother? Yes you can make some nice gains (if you're right), or you can trap yourself if you're wrong. I just HODL and "buy the dips" & that has worked out pretty well.
Quoted from sixtyfourbits:but I'm wishing now that I YOLO'd some money into it when I first got started.
Really? I don't. It could run all the way to $5 and I still wouldn't touch it (nor wish I had). You are as likely to be the bag holder as you are too get rich. I won't play in a pump and dump scheme. Yes doge could keep doing this for many years... I'll watch from the sidelines and invest in real projects.
Quoted from Chalkey:With the exception of bitcoin, which was actually used as currency for 99% illegal activity, every one of these cryptos is a pyramid scheme / pump and dump / whatever else you're saying about dogecoin if buy / sell is it's only purpose.
lol...yeah, I'm just going to stop right there... lol.
Quoted from Spyderturbo007:On a happier note, my largest holding is LINK. Someone lit a fire under it in the last 2 hours. I'm considering taking my 25% out now. All time high, up 10% in the last 24 hours. Then again, don't they say that once you punch through the ATH you're now in price discovery mode? There was a $1 million sell wall at $46.50 that took a few tries to get through, but she punched through.
The Addams family call out is stuck in my head saying Greed!!! Then again, I'm also reminded of that old saying that "Pigs get fat, hogs get slaughtered".
I hate these decisions.
I've never taken any profits. Not because of greed, but because I see a real future for Crypto. If I think the future is bright then why would I take profits now? Plus, if you take profits then where do you put that money? Stocks? Cash (lol)? If you have something you really want to buy...go for it, but otherwise let it run.
Quoted from Snowyetti:Doge coin just buy some and hold for best results!!set it and forget it.
Let's compare in four years.
Quoted from taylor34:I own some bitcoin and Ethereum based upon just having some diversity for asymmetric returns, but the one question I've never been able to answer with crypto is "How does this make my life easier or better?". Most of the answers I get are rather fuzzy and unspecific, and don't seem particularly better, just different. Like why bitcoin over just using Paypal, credit cards, etc? Maybe I can see the attraction in places like Venezuela where there is hyperinflation, harder to see in the more modernized economies.
You're conflating Bitcoin with a daily use currency... it's not, and wasn't designed as such. It's a "Store of Value", a reserve asset, a hedge against inflation, and the best performing asset on the planet over the last 12 years.
Making money doesn't make your life easier or better?
How are PayPal or Visa hedges against inflation?
Bitcoin makes you self sovereign. You're your own bank. Want to take your life savings with you to another country....memorize 12 or 24 words and get on a plane...done & done. Want a low interest loan using Bitcoin as collateral? Easy. Want to earn interest off your crypto? Easy...and neither triggers capital gains taxes...plus you keep your crypto.
Want to transfer larger sums internationally? Bitcoin will do it faster and cheaper.
Want to send small sums to anyone in the world in a different currency with no fee? Strike will do that for you using the lightning network and bitcoin.
Quoted from Chicoman:So if you had to pick one.....
Bitcoin vs Ethereum - Which one is the better investment & why?
Bitcoin! One word... scarcity.
Oh, but there's more. We hear all the great potential for ETH...smart contracts...ect...but so far there is no realworld use cases beyond some NFT's. Not saying it has no future...I think it does (and I own some), but BTC is digital gold...but better. It will not only capture gold's market cap...but that point will only be a blip along it's path of capturing more and more asset classes.
The crypto I lump summed bought in 2017 is in a completely seperate account from everything I have purchsed since. That original account has now grown 749%.
Quoted from Spyderturbo007:I saw that Kraken opened up ADA staking. Might send over my ADA from Coinbase and Binance and make a few percent.
I actually just staked some of my ETH the other day for 6%.
Quoted from thechakapakuni:Hardly anybody carries it so I’m not guessing it’s going to skyrocket like it did before. So you’re probably right. It’s hovering around .60 which means it has a long way to fall. I think 64B is right
If it does shoot up to $1, I'm seriously considering shorting it.
So I made this post 3 years ago in the Bitcoin thread:
"Most of the people in my small town still have ZERO clue what Bitcoin is or cryptocurrencies or a blockchain, and they certainly aren't invested. So we have a ways to go yet."
This is still 100% true today...we are still early.
Quoted from DBLM:Anybody else have any LTC? Going up!
Bought more than 100 of them @ $59 in 2017!
Quoted from Spyderturbo007:Did I miss something? What just happened? I don't see any news anywhere?
Come on man... you've been around long enough. Up, down, up, down, up, down. But if you zoom out far enough, it just looks like up.
Quoted from KornFreak28:Dogecoin?
Now that there's funny right there.
Quoted from cooked71:MMMM...? Start with a M and end with a N?
Hmmm, you lost me.
Quoted from Deaconblooze:What's the best value 4100 pin..
ST pro?
It wasn't one ETH ...it was "some" ETH.
Quoted from thechakapakuni:Hookers & Blow?
Good choice...but alas, no.
Quoted from Spyderturbo007:Something totally irresponsible like I did, I hope?
Nope... this is going to be a total letdown of a reveal... and probably somewhat predictable.
Quoted from Cheeks:Bought more BTC...
Ding, ding, ding. So, sold the ETH at 4100 and was able to get a whole Bitcoin at 55100... I'm on a roll.
Quoted from TronGuy:You guys please forgive me for being a complete novice here.
A guy I know told me to buy dogecoin a month ago. He told me to open a robinnood acct to do it.
I only put $500 in.
I haven't kept up on this thread . But i see the references to robinhood on the last page or so.
Do I just try to sell now and get out of robinhood?
(Thank you for any advice)
On Robinhood all you own is an IOU...not actual crypto. To get out of it you have to sell. If you made a profit you will owe short term capital gains taxes on it.
I would sell, move the money to an exchange and roll it into something other than doge...but that's just me.
Quoted from Pdxmonkey:Coinbase already gave everything up. That’s how they got green lite to go public. Kraken also plans to go public next year. Assume anything with a KYC is going to IRS. It’s a necessary evil for the evolution of crypto. We need gov and Wall Street now to grow and they won’t join till there are rules in place. I believe it won’t cause a dip but instead cause massive spike. ETF’s in June hopefully.
Yep. US ETF's will bring a WAVE of money into crypto. Don't know if it will happen by June...but it will happen. Most likely with just Bitcoin to start.
So what's your coin of choice?
SixtyFourBits is our resident Cardano Bull (probably not a bad call).
SpyderTurbo is pretty active but I would have to say Link is his baby.
I would have to say I'm the resident Bitcoin Bull...although I think Pdxmonkey is not far behind on that one.
Oh...and WackyBrakke is our RAVEN guy!
Quoted from PhilGreg:so does Bitcoin Cash really have a reason for being?
Not really no. In many parts of the crypto world B-cash has a nickname...B-trash.
Quoted from EricHadley:Every penny move on RNV when you hold around half a million coin is a nice move, assuming it's moving up and not down
Well then, I hope it goes to a couple bucks for you.
Quoted from TronGuy:Does eth stand for ethereum?
(Sorry, rookie, newbie question)
ETH...not ETC.
Quoted from NPO:ETH.
It is way more than just a cryptocurrency. It allows for programming across thousands if not millions of computers, one of the pillars of DeFi, and is a currency for NFTs.
Meanwhile, BTC sits there as digital gold. ETH will catch up over time.
He asked about BCH...not BTC. I would agree that ETH is vastly superior to BCH...but not to BTC. "Sits there as digital gold" is extremely short sighted in my opinion. Gold's 10 trillion market cap is nothing to sneeze at. Bigger than all of the "FANG" stocks plus Tesla combined. BTC will eat that market cap and not even blink as it goes after the rest of the metals, bonds, ...and so on. I don't know the timeframe but it will eventually get to 100 trillion market cap. A wave of money will come after the first US Bitcoin ETF hits. Just wait until the first central bank decides to use it as their reserve asset.
Quoted from Pdxmonkey:[quoted image]
Elon tweet.
Wonder if he’s talking Doge.
Whoo Hoo! Bitcoin SALE! (Not kidding).
Quoted from thechakapakuni:So what are “energy efficient” coins?
None that are completely decentralized. If Bitcoin ever switched from proof of work to proof of stake, I would sell it all. It would compromise it's security.
Quoted from Baiter:As I understand proof of stake is more secure than proof of work because it ensures miners have skin in the game. Proof of work for Bitcoin will become problematic in the future when there are no more coins to mine and fees are lowered (i.e., less rewards), resulting in fewer miners which increases the probability of a 51% attack. More miners/validators are the key to decentralized security.
And my understanding is that PoS takes more computer power to confirm transactions... Meaning, fewer nodes, meaning less decentralization, meaning less secure. With Bitcoin I can run a node on a cheap Raspberry Pi. Also, why would minors transactions fees go down in the future? My understanding is that they will only go up. Which is fine.
Bitcoin is NOT a currency. It's a reserve asset. It's a settlement layer. I feel like no one gets that.
Transaction fees are dirt cheap on secondary layers, like the lighting network. Therefore, you don't need cheap transactions on the primary settlement layer.
I'm in the process of transferring some funds from one Roth to another (Two totally different providers). In one I can buy GBTC, in the original I cannot. I'm afraid the transfer is going to take too long and I'm going to miss this sale!! FOMO can suck sometimes. (I FOMO when prices are down).
Quoted from nicoy3k:Tesla is probably angling to release their own green crypto “Tesla coin”
That's not decentralized...so who cares?
Quoted from Baiter:They definitely sold 10% of their holdings. It was positioned as an attempt to prove Bitcoin's liquidity, and in the end added 25% to Tesla's net profits for the last quarter. So much for the car business
https://www.coindesk.com/tesla-sold-bitcoin-in-q1-for-proceeds-of-272m
That was prior to his announcement...I meant after. They are still sitting on billions in BTC and he directly stated they have no plans to sell it.
Quoted from Astropin:I'm in the process of transferring some funds from one Roth to another (Two totally different providers). In one I can buy GBTC, in the original I cannot. I'm afraid the transfer is going to take too long and I'm going to miss this sale!! FOMO can suck sometimes. (I FOMO when prices are down).
So...this will likely take 10 days to process. Where does everyone think will will be in 10 days? Higher, lower, same. I'd be fine with either same or lower...but my guess is higher.
Quoted from steigerpijp:Although it’s a bit of a bumpy ride right now , this piece of exposure is nice ..
So , for any Motorsport fans , Im painting Rinus’ Indianapolis 500 special helmet , with an added bit of bitcoin branding .
Will post next week when it’s out in the open [quoted image]
I'll be rooting for car #21!
Quoted from sixtyfourbits:Doge just jumped 6 cents on another Elon musk tweet
Somebody stick a sock in him!
Quoted from steigerpijp:As usual , these predictions always contain “ could “ or might .. go up , or down …
I personally believe that Bitcoin does not follow charting that applies to equities. It follows stock to flow models much better. Up, down, up, down....but overall...up.
Quoted from Zablon:and tweets. It follows tweets more than anything else.
Quoted from steigerpijp:I regret to say that it does that a bit too much to my liking .. why say Elon Musk is the new Messias to so many I just cannot grasp, but I must be missing something .
I’m new to this , but the feeling that retail crypto folk are getting played is growing
What this really tells me is how this market is still being driven primarily by retail investors...not institutional money.
Which tells me we are still in the normal cycle.
Which tells me that we will still go much higher by the end of the year... and then enter another bear market next year....as usual.
So nothing has really changed...yet. Maybe next cycle.
Quoted from Spyderturbo007:Hopefully it’s not another 2 year Bear market like the last one.
Yeah .. hard to say. The market will start to anticipate the halving and try and beat the rush...so the bear market should get shorter.
K
Quoted from zermeno68:I'm new to Crypto investing and trying to wrap my head around tokenomics distribution to holders.
Is it true if you have a tokens purchased and left in Bitmart exchange are you only 5% holder payout related to other similar exchanges (Bitmart being CEX).
If so, is it best to take the 10% hit to transfer the tokens to a wallet (say MetaMask) so you can get some of the 5% payout from all crypto exchanges (CEX and DEX).
Trying to wrap my head around this.
So, I've been buying since Sept of 2017...and I don't know what any of this means.
"Tokenomics distribution to holders" ?
"5% holder payout" ?
"10% hit to transfer" ?
"5% payout from all crypto exchanges" ?
Quoted from Mr68:New guy here. Well established real estate investor, bored with the stock market and a healthy distrust of the government. I set up a Coinbase account and took the Bitcoin plunge yesterday. I feel like I'm late to the party but at the same time my timing could be pretty good.
I have a lot to learn and I appreciate the intelligent voices in this thread. Nice to see some familiar avatars too.
Trust me, you're still early. Everyone getting into Bitcoin always feels late... everyone. You beat the US ETF's, you beat the vast majority of institutions, you beat all central banks.
Quoted from highdef:This is what I was alluding to the other day in regards to Tesla dumping Bitcoin off their books.
[quoted image]
Fake news until actually reported by the company. P.S. I don't care either way. If Bitcoin dips I buy even more, if it just goes higher...I'm cool with that also...win/win.
Quoted from highdef:After all, it helped them in quarterly earnings. They're making more on trading Bitcoin vs. manufacturing cars.
Shit, look at MicroStrategy! They are a BTC bank now, not a software company. They hold over 90,000 coins.
Quoted from kvan99:Are you guys buying ETH at these levels, another pinsider clued me in how high the blockchain fees are .....so what's the prediction or outlook for it?
Should I just focus on Bitcoin instead?
I would get some of both. Both have stood the test of time and both appear to have potential upside in the future. Arguably the safest bets you can make in crypto.
Probably worst for ”stable coins". But they have been a prime target since they came into existence.
Really going to come down to; "Are you a currency, or are you an asset". Anything attempting to be a currency is going to get hammered eventually.
Quoted from Pdxmonkey:Anybody hit the Blockfi lotto?
I wish ...but sadly, no. I saw one person got over 700 BTC sent to them. Not good for BlockFi.
Quoted from SantaEatsCheese:Guys,
If your money is in crypto on the paypal app, pull it out now.
Why? I only have a little on Paypal... But why would I sell it now?
I'm not selling anything... I'm gathering funds to buy as much as I can. This isn't new. This is how I've made my largest gains.
P.S. I'm still up 296% on my ETH holdings.
Quoted from Leeb18509:I don't know man, if you have upwards of $200 on PayPal GET OUT NOW!
It's still at 3k... Which is up 200%
Are we having fun yet?
Are you not amused?
Quoted from pninja005:So I managed to totally miss this dip
How stupid can one be; damn damn damn..
Umm... the dip is still here, Until BTC crosses 50-55k we are still in a dip.
Quoted from steigerpijp:Jezus..my bitcoin bought day before ath 100% earned money .. it’s been a double change of underpants watching that get sliced in half I tell you ..
Still hodl . Barely
Hopefully you bought some more recently and lowered your cost basis?
Quoted from steigerpijp:I had the chance , at the lowest of lowest I was out buying garden flowers with my daughter . When I got back it was at 39 again
Shitting myself tbh. I know it’s part of the deal , but this weeks has been a serious deal , no?
Ehh...I'm always buying, I just try to buy more when it dips. I also bought some BTC at 60.4k...but I also bought some at 4k.
Quoted from zermeno68:How do you all store your coins/tokens for long term? Is there a hardware wallet that you all recommend? I'm a noob in crypto world and bringing myself up to speed.
Either a Trezor or Ledger hardware wallet.
Quoted from PhilGreg:Right, it is on my computer. But let's say I was to say I have enough, I don't plan on selling any, I don't even need a wallet, right? I agree with the single piece of paper of course, but my point was just: as long as you have your seed phrase you're good, right?
At the end of the day, all you need is the seed phrase. You could literally memorize your seed phrase, get on a plane and move to another country, and then have access to all of your crypto funds with just that memorized seed phrase.
Quoted from cait001:shout out to everyone who understands crypto, like stocks, is basically gambling with your fun money.
Guess I'm SOL then...because I don't see either market that way. Where do you put your money? Savings account?(lol), precious metals?, commodities? Real Estate? Art? All could be considered "gambling"...well except "savings account" where you know you're going to lose money. Or, all could be considered very smart investments...if you really know what you're doing.
This market is like a fucking yo-yo right now, and going nowhere. If you're an active trader you could buy and sell on the 15% swings every 12hrs.
Quoted from BMore-Pinball:I am about the same age, and that's way more than I would be comfortable with.
If your crypto holdings drop 50% - would you be ok with that?
Well, I guess we know the answer to this now. I didn't think it would happen 3 months later. My response? I bought some more.
Quoted from littlecammi:What's the big deal with Bitcoin? Not even one numismatist is at all interested in collecting it.
It could be that numismatist are only interested in physical forms of currency? 
Rather outdated notion...but I still wear mechanical watches, so to each their own.
Quoted from pinstyle:This isn't necessarily directed at the OP so anyone can answer. What can you tell me about the stability of an economy using only Bitcoin (order whatever coin), decentralized finance?
To fully answer your question read, The Bitcoin Standard.
Bottom line, any country that adopted Bitcoin as their reserve asset and base currency would be far more stable...and frankly, more fair.
Inflation is a disaster...always. The average lifespan of a government issued currency is 40 years. The US dollar has been going for a hundred. But make no mistake that it's days are numbered.
Making that switch would likely not be smooth.
Quoted from Spyderturbo007:I’m going to make this pretty easy. Bitcoin, as of right now, makes an absolutely horrible currency. Anyone that tells you it is a currency is an idiot and not to be trusted.
Transaction fees are off the chain and it can take 60 minutes to get 7-8 confirmations. You’d literally pay $13 for a $3 Latte at Starbucks. You would stand there so long that your coffee would be cold by the time the transaction settled.
With that said, I own BTC.
It’s just too late and I’ve been drinking for awhile. If not, I’d expand on my statement.
Well to be totally fair..Bitcoin is literally not a currency. It's an asset....like art or property or a stock. It's design makes it a perfect reserve asset. Like gold, but better in every way that matters when considering a Store of Value.
It's not for buying coffee, it's for storing your money for the future.
That being said...2nd layer protocols will make it perfectly useful as a future currency. Like the lighting network. Super fast, and super cheap...but it still needs development.
Quoted from fosaisu:Right. It’s theoretically infinitely divisible, just like any other currency. But you don’t get inflation by making change for a dollar, you get inflation by printing more dollars (which governments do to fund spending and pay their debts). Of course more Bitcoin are being “printed” (mined) every day, but as I understand it the difficulty and expense of mining increases over time by design, limiting the pace at which Bitcoin inflation can realistically occur.
BTC is not infinitely divisible. There can only be 21 million of them ever...and that's it.
Those 21 million are divisible by 100 million. Those are referred to as Satoshi's.
It's possible to further divide Satoshi's on secondary layers like the lighting network...But, all second layer transactions must eventually be reconsiled on the primary blockchain... bringing you back to the original limit.
Quoted from littlecammi:So Bitcoin is a valuable asset . . . that you cannot actually see or touch.
Sounds just like the Emperor's new clothes.
Hey.. welcome to 2010, when a lot people where actually still baffled by the concept of totally digital money. Shit, most US dollars have been digital for a long time now.
I'm willing to bet the bull market is not over...any takers?
The bet would be made in BTC.
I'll bet we still hit at least 100k...this year.
Bet size 0.1 BTC. (Just for total clarity .1 BTC would be = to $10,000 usd if it is at 100k).
Actual bet payout would be made on January 1st 2022.
That means if the price on that date is 200k, the payout would be = to 20k. If the price is 55k then the payout (assuming Bitcoin hit 100k earlier in the year) would be = to 5.5k.
If it never hits 100k you win, and I pay you 0.1 BTC on January 1st.
Quoted from Deaconblooze:That's some really shitty risk/reward for anyone that takes that bet.
Not if you believe the bull run is over.
Quoted from Spyderturbo007:What would be even cooler is if we knew how to write a smart contract that would self execute using the BTC price at 0:00UTC on 1/1/2022 from a Chainlink oracle.
Now that would be a bad ass bet!
I think that might actually be possible. I thought I heard about someone making a bet like that. Or maybe they were just using a trusted 3rd party to hold the BTC.
Edit. A good way to hedge your bet against me would be to buy some BTC while it's cheap. Say 0.4. If you lost the bet, you still made money. If you win the bet, you probably broke even at worst.
Quoted from pinstyle:You are absolutely correct and I understand completely where I stand. It is unfortunate some people have such little regard for others. It does seem at times that we are in a “I got mine, not my problem” era. The disrespect towards elders etc. What I am wondering is where did this come from, how did they learn to be this way? I already knew what the answer to my original question was, I wanted someone to answer it to try and make people think. Though I do realize where I am and my audience. All I can say is what a shitty way to go through life to put money at such a high priority, it is very shallow existence.
You never said what your answer is.
In my opinion (and also of some of the best Austrian economists), you need "Hard Money" to have a long term stable economy. Bitcoin is the hardest money the world has ever seen. A distant second is gold. Now, that being said gold is a very well established asset with a long history. Bitcoin is still in an emerging market... hence the volatility. Give it time.
Quoted from DBLM:That is a sucker bet based upon the payout. Your payout has no upper limit but the other side has limited upside and payout would be in a depreciating asset if they win. Now, if you want to throw a few grand USD down straight up as to if on Dec 31, 2021 BTC is over 100k at that point in time now that could be an interesting conversation…
Maybe you missed this:
Edit. A good way to hedge your bet against me would be to buy some BTC while it's cheap. Say 0.4. If you lost the bet, you still made money. If you win the bet, you probably broke even at worst. If it goes up but doesn't break 100k you would win on both ends.
Quoted from pinstyle:It could be a means of currency. Anything we attach value to can be. I think where I start to question things is when I think about market stability. Maybe I am reading people wrong but it seems like people want to remove financial control away from one central point. So we could have any number of accepted currencies. Imagine what that would mean. You might wake up one morning and say, “Honey...,did you move our money to dogecoin today? Bitcoing just took a dump...Sorry I forgot..., Shit, welp I better put in for that overtime otherwise we are not going to be able to pay our mortgage.” It doesnt matter what we use as a means of payment but what we all need is stability. Again maybe I have everyones intensions all wrong but this is the vibe I get.
As far as a reserve asset is concerned...there is only Bitcoin in my opinion. All the other cryptos severe other purposes or are just flat out scams.
You need scarcity, security, decentralization and proof of work to even quality as "hard money". Only Bitcoin fits that bill AND has the network effects to fullfil it.
Other cryptos like Ethereum, Cardano, Link....etc... server other uses/functionality...and therefore will have value. But only Bitcoin will serve as a reserve asset.
Quoted from Chalkey:If you guys are looking for cult red flags somebody in this thread just said that something made up in the ether is the hardest currency ever to exist
I'm sorry you don't understand what hard money is. Reading about the history of money is a good start. If you understand why gold is hard money, and you understood how the Bitcoin protocol works, then it should become a little clearer.
Quoted from Chalkey:Funds secured by real property, stable compared to other currencies? Money that doesnt sway 50% based on the whims of neckbeards, perhaps?
"The hardness of money is in reverse relation to the monetary inflation, and the consequent dilution of the value of the existing stock, which can economically be inflicted on it."
If you just look at government issued currencies then the US dollar is the hardest money. But clearly by the above definition, it's not very hard. Gold would clearly be much harder since it is much more difficult to inflate it's available stock.
By that same metric Bitcoin (which has a known fixed supply cap) is much harder than gold. There can only be 21 million ever. While each Bitcoin is divisible by 100 million, the important part is that it can not be inflated past its fixed supply cap.
Quoted from steigerpijp:Maybe because Tesla did not have “ diamond hands” as Elon stated , and ditched them just before announcing no more btc transactions?
Surely such a big business sets a stop loss in place ?
I think there were just WAY too many people using leverage... Way too many. They are getting liquidated as the price falls... Which triggers more liquidations. This will bounce back. But where is the bottom? I have no idea. I do know I'm going to try and grab as much as I can.
Quoted from Zablon:Please stop saying 'correction'. There is no 'right amount' or 'fair price' in what it should be. That is a false narrative meant to make people think this is supposed to happen. It isn't supposed to happen. lol. Corrections are for companies with profit margins and expenses.
Temporary reduction?
Quoted from steigerpijp:Good for you bud .
Crazy as it sounds , I traded a lot going upwards gaining btc %
I had 1.1 till last Wednesday . If I buy back now I’ll have 1.4 ..best trade ever , but I’m just feeling like that frog jumping out of the pan being boiled slowly ..
Many crypto friends have been supportive, but I must admit , I never hear a negative note , and there surely are . Believing is great , but financial decline to me right now is just bad timing and trumps my belief atm .
I don’t deserve the gain if can’t handle the loss , and I’m an fully aware .
I hear you, you need to do what's best for you. This has been a tough one...even for us veterans. I can't even tell you how far down I am from the peak...kind of crazy that I'm not just losing it right now... probably because overall I am still up. For me nothing has really changed...sure sentiment has...but it's crazy how fast sentiment can flip right back again...seen it before. What I see in Bitcoin's potential has not changed one bit. I'm planning to buy more soon...
Quoted from steigerpijp:When I say “ dips “ they were blips .. to veterans
But glad to hear you say even this latest “correction “has been a serious one and not just a regular occurance
Haven't seen anything like this since 2013...and I wasn't even in then. This did catch me by surprise but, this is what happens in emerging markets. Not for the faint of heart (or over invested). This should slow down the dopes playing with leverage because a whole lot of them just got rekt.
Quoted from Chalkey:Well you know what zero people ever said, buy high and sell low.
And yet, it's shocking how many people do exactly that.
Seen on Twitter:
Some like $USDC for stability...
Others like $DAI...
I prefer $ADA.
Feb 2021: $1.20
Mar 2021: $1.20
April 2021: $1.20
May 2021: $1.20
Quoted from Spyderturbo007:Ugh. I got this in my inbox this morning. [quoted image]
I'm afraid doge is going to die a very slow death... probably many deaths.
Quoted from Concretehardt:I am wondering about that myself, besides Elon pumping it what else does it have going for it.. or am I missing something?
Nothing beyond "pump & dump"...so if you enjoy spinning the wheel...
Quoted from taylor34:I mean, you could really say that about almost all the crypto’s at this point since their values are all basically to a degree ‘made up’ and highly speculative. Frankly Dogecoin, even though it was made as a joke, honestly makes as much sense as anything else. The fact that it’s not rare or collectible makes it more viable in my opinion. Too much of the crypto space operates like collecting art or Stern LE’s, maybe the Stern pro option that nobody cares about really is the best option for adoption. I’m honestly not sure if any of the current crypto’s on the exchanges are going to make it longer term except for maybe Ethereum, the companies that are building infrastructure are not using any of these except it.
Wow...I seriously don't even know where to start. I feel like I could write a novel on why that's wrong...and many have already. But in order to understand it, you would have to have an understanding of the history of money.
Why is a dollar worth a dollar...because we all agree it is. Sure, you could argue that it's because it's backed by the US military...but wtf? At the end of the day, it has value because we agree it has value...sort of like EVERYTHING.
Bitcoin is not a currency... it's a store of value. Why? Because it's scarce (No. 1) because it's secure (the most secure and also the largest network on the planet), and because it's decentralized (no trusted 3rd party needed to transact safely and securely... which solves a problem that previously had NEVER been solved). It represents a paradigm shift in a store of value.
Doge....like the US dollar, is not scarce. There's no cap, therefore; they can never retain value over time. The US dollar has lost over 85% of it's value just since 1971.
Quoted from taylor34:Here’s what I know about crypto and banking. In theory it could completely remove the need for a bank...however, when you really start thinking about it, it’s not really 100% feasible. Who’s going approve mortgages, car loans, etc? The defi concept works to make those things so they don’t go through a central point like a bank.
And then you have the safety aspect. Credit cards and bank accounts have safety guaranteed for the most part. Nobody is going to put their life savings into something until those safety options are matched, and that basically means that the government would have to stand behind it. Does any believe that any government is going to back the current crypto’s in existence? I don’t. So that is going to hold back widespread adoption, despite that fact that the interest rate is much higher which is appealing(for now, it will probably drop as time goes on).
Credit cards took a long time to become popular for payment. Crypto might be the same. I do not disagree though that fiat money is a problem longer term, and that decentralization may be the key.
Okay...so your close, close to getting it, closer than I thought. You just need a little more research and you're there.
There are roughly 10,000 different coins in existence now. There is one Bitcoin. I say that because nothing else is truly even competing with it. Most of those 10,000 are flat out scams...caveat emptor. Others have real world uses... like Ethereum, and Cardano and Link. Many of those are competing with each other... but none of them are competing with Bitcoin.
Bitcoin is already the "Amazon" of SoV's (just the 2012 version right now). Being a store of value (in theory) isn't that hard. You need scarcity, security and acceptance. But, once you have all of those things it's extremely difficult to be replaced.
When Bitcoin was a 500 million dollar asset I would have agreed with you...it could have been replaced...but it wasn't. Once it got to 500 billion it was clear it had won the battle for Store of Value. It's too secure, too decentralized and too accepted to be replaced at this point.
Bitcoin Cash said Bitcoins tech was outdated and transactions were to slow and expensive...so they forked it and changed the protocol to be faster and cheaper. Guess what...it failed. Sure it still exists, but it failed to dethrone Bitcoin....and for VERY good reasons. Increasing the block size did speed up transactions and made them cheaper....but, at the cost of security and less decentralization.
In a store of value security is paramount. Bitcoin is optimized to be a store of value...and it has the network effects. This is NOT MySpace vs Facebook or VHS vs Beta.
Something like Bitcoin could only happen once. It solved digital scarcity and it solved needing a trusted 3rd party for transactions. Done!
Maybe doge does go on to be used as a daily use currency (I certainly wouldn't bet on it long term)...but so what? It still wouldn't have any long-term high value. Would you invest in the dollar? Of course not. In any case, that still wouldn't affect Bitcoin's status as an SoV.
Edit: if Bitcoin is "digital gold" then doge is digital cast iron.
Edit 2: that's giving doge WAY too much credit.
Quoted from kvan99:Right on, the biggest take away is scarcity and the security of BC, because the other coins also benefit from the De-fi aspect. The reason I'm here and the reason I threw almost 20k at crypto since last week is because I realized there is no going back....I guess it's acceptance that you were talking about.
PS: the experts are saying there is plenty of room for the other coins to compete...but only the ones filling the gaps in the market. ETH can do things BC can't at this moment, as you all mentioned the smart contract aspect of it. I need to know what will happen to BC and co if the central banks step up regulations against it. For ex: What if Switzerland that's know for it's private banking decides to introduce a crypto. Will actions like that dent BC's growth?
I don't think anything will stop Bitcoin long term...short term, anything can happen, as we just saw.
That's the mega bonus of being a completely decentralized protocol. You really can't ban it...I mean you can, but that doesn't stop ANYONE from actually owning it. So far, every single time Bitcoin has been banned somewhere, adoption in that country INCREASED.
The game theory really goes against banning it. If you ban it, then your enemies can adopt it and put you at a disadvantage. Better to regulate the market and collect the taxes... that's the best you can do.
The cat is out of the bag and there is no putting it back... that time has passed.
Quoted from vicjw66:The most profitable time would have been years ago. When Bitcoin dropped from $20k down to $5k, my friend lost a bit of money but said “now is the time to invest.” He made it back and then some. I have a fundamental problem with the energy consumption some cryptos require, but to get him off my back I put $500 into Bitcoin last week when it was around $40k. It immediately dropped to $32k but I guess it’s recovered a little. I consider it money lost, and if years from now I come out ahead then it will be a pleasant surprise.
Years from now? You'll be looking at 5k+...possibly in 4 years.
Quoted from taylor34:Is there even that big of a market for 'store of value'? Just realistically, the total gold value is only about 10 trillion, not like 100 trillion. There are other metals, art, etc that are also things like this, but gold is probably the biggest equivalent. So that kind of means the market cap of all crypto stores is value is probably capped at around 10 trillion (once it gets out of this hyper speculation phase). So a 10x gain from here is like 'best case' and probably only has a small chance of happening. To expect it to be higher than gold seems unlikely barring some sort of critical adoption from governments, kind of the law of large numbers issue that companies have when they get too big...Berkshire can't grow like they want anymore because in order to move the needle they need to make very large acquisitions now, small companies just don't help.
Bitcoin will run into the same issue eventually here, 1 Trillion to 2 Trillion basically will require all of the money that's gone into bitcoin in the past 10 years to double to get it to 100k. And then another Trillion to get it to 150k probably. So it starts to become harder and harder to move the needle for % gains. It's the same reason that Amazon, Microsoft, Apple, etc doubled over and over again until they got so large that doubling is very hard to do. People are using extreme leverage into Bitcoin to move the needle but eventually that reaches a point where it doesn't work, kind of like where Telsa has gotten to now.
I don't completely disagree with your synopsis...just your outcome.
Bitcoin is superior to gold as a store of value...so it will flip gold. Right now this market is still being primary driven by retail speculation...what do you think will happen when that changes? When more and more institutional money starts coming in? When Bitcoin starts to pick away at the bond market and pension funds? When a lowly 3rd world central bank adopts it as a reserve asset? 10 trillion will come...and then Bitcoin will keep going. How high? I have no idea. 100 trillion might not be out of reach in 20-30 years.
Edit: changed to 20-30 years. 10 seems overly ambitious.
Look, I know some of you think I'm overly bullish on Bitcoin...and others, think I'm completely off my rocker. I get it. I often talk about BTC in a future tense.
When I say Bitcoin is a Store of Value, really that's the future, that's how I see it playing out. Right now BTC is a volatile asset.
Here's the thing, you don't want to invest for growth in a store of value. You want to invest when that future store of value is still a volatile asset! The volatility is a feature, not a bug.
You wanted to invest in Amazon in the early 2010's. You could say 1997 when it IPO'd at $18...but then it was more of a gamble. But, had you bought in 2012 at $200...now that was a smart trade! It was clearly showing signs of it's potential by then.
BTC right now is Amazon in 2012....just with a much higher ceiling.
Quoted from sixtyfourbits:PayPal announced they are going to start letting people withdraw their crypto to wallets right away.
Umm...that's huge!
So, I've been thinking about this lately. There is nothing the alt coins do that can't be accomplised on a second layer protocol of Bitcoin. Smart contracts, NFT's, daily use currency...you name it.
I know some are being done right now, and others are being worked on. Will that matter? Not sure yet.
Quoted from Spyderturbo007:5 months of gains wiped out and still going. Every metric turning bearish, analysts calling it the next crypto winter, fear index close to its all time high, BTC dominance the lowest in years, derivatives market all bearish and you could go on and on.
There really isn’t anything pointing the other direction.
Quoted from Astropin:I'm willing to bet the bull market is not over...any takers?
The bet would be made in BTC.
I'll bet we still hit at least 100k...this year.
Bet size 0.1 BTC. (Just for total clarity .1 BTC would be = to $10,000 usd if it is at 100k).
Actual bet payout would be made on January 1st 2022.
That means if the price on that date is 200k, the payout would be = to 20k. If the price is 55k then the payout (assuming Bitcoin hit 100k earlier in the year) would be = to 5.5k.
If it never hits 100k you win, and I pay you 0.1 BTC on January 1st.
Quoted from Spyderturbo007:The bet has a limited upside for me and an unlimited downside without a hedge. It's stacked in your favor so I'll have to politely decline.
Yeah...I wouldn't take my bet without a hedge...but I'm bullish. I probably would take it with a hedge. It will be fun just to see how it all plays out.
Quoted from davijc02:A bunch of people at work are all excited about safemoon. I threw a few hundred at it just to see what happens.
This is my first adventure into crypto. Anyone else buy into this or have thoughts on in?
Just my opinion...pump and dump coin. You might make some fast money; you might lose it all.
Quoted from Durzel:I bought at pretty much the height of BTC at £40,500 (~$57,400), and then subsequently traded out some of it to buy ETH and ADA when they were lower (but still quite a lot higher than they both are now). I don't even know if that was a particularly smart strategy, but I wanted to diversify my portfolio as I was ~80% BTC at that point.
As things stand I'm about 33% down on what I originally put in.
In some ways it's comforting being down, because short of trying to daytrade my way out of the hole there isn't a whole lot I can do except wait.
As a relative novice - is there anything I can do with my holdings that would see me slowly improve my position? (random market depressions notwithstanding)
IMHO, the best thing you could do would have been adding more during this mini crash and lowering your cost basis. Other than that, just holding is your best strategy. My entire strategy has been, buy, hold, and buy the dips.
I originally bought in Sept. of 2017. Things took off in November, and by end of December I was way up. Then it all crashed...hard. I was down to less than 1/3rd of my original buy in.
I held...then I bought more when BTC was at 4k. Here's the thing... almost no one was buying at that time. Everyone was panicking. That's when you buy. These past few weeks is when you buy... I've been buying... and actually raising my cost basis this time.
Buy when everyone is fearful. Hold when you can't buy, or it is shooting up.
I'm not going to say I've always avoided the peaks...I bought a little BTC at $60,400. But I don't sell. The only sale I've made was ETH at 4100 to buy more BTC.
Quoted from Jecco74:I am all in on safemoon for the long term. There is talks about them having a blockchain soon. We will see in time.
Another great hype coin that was created 12 days ago is CLU. DNP3 is a streamer on twitch with a large following. He has recruited a high level Dev team. This coin will be a good investment for a couple of years down the road in my opinion. This is his 5th start up company.
I was in on CLU from day one and have already 10x my initial investment. I have bought more as I learned more about DNP3 and his vision.
Both safemoon and CLU have a community behind them. Now all they have to do is create a solid utility and get the word out.
Take your 10x and RUNNNNN!!!
Quoted from pninja005:What do you guys think about XRP? I bought some at 1.2 but wonder if I should dump it when it gets back to that level or keep longer term?
My gut is it's going to eventually be replaced by CBDC'S (Central Bank Digital Currencies).
Quoted from Jecco74:Seriously... No one needs your FUD. Do your own research. I am not here to hold your hand.
Asking legitimate questions about the development team and it's actual utility is now FUD? WTF?
Quoted from sixtyfourbits:I bought more Ada. I really should've bought over the weekend instead of today, but I really like the way charts are shaping up so thought I'd gamble and buy a bit more.
I don't know if any of you are holding crypto assets in a self directed IRA, but I'm in the process of transferring mine right now. In 2017 there were not a ton of options. I ended up with Kingdom Trust. They have been charging me upwards of $130 a month just to hold my assets. The amount varies based on the account balance.
Switching to iTrustCapital - $29.95 flat fee regardless of your balance, and they get very good reviews. There is a 1% fee for crypto trading.
Quoted from taylor34:I've been looking into this more and more, and is there really a reason to own bitcoin over Ethereum at this point? Bitcoin has been depreciating vs Ethereum for a while now, and the use cases for Ethereum are a lot more. I get the 'store of value' thing but if its goal is to store value vs Ethereum and other cryptos then it seems like owning 'the market' is more diversified and appreciating more. Bitcoin also has the energy use headwind which I think limits it.
I own both but still prefer Bitcoin simply for the greater security and being fully decentralized. Ether has good network effects going for it but it also has more competition in it's "smart contracts" space. It will likely outperform BTC during middle/late bull markets....which are still driven by BTC for now.
Quoted from taylor34:It looks like ethereum has been outperforming since September of 2019, when it was still in the bear market. So does that mean you expect that to continue should the market take off again here?
Honestly they are both being driven by Metcalf's law at this point. One could outperform the other for a period and then vise versa. Price is irrelevant (meaning ETH being cheaper doesn't matter).
ETH having stiffer competition could become a factor long term.
Quoted from Durzel:Let’s be honest, if you were a billionaire and could buy anything you wanted, wouldn’t you get your rocks off by doing things like this?
In all honesty...no, I wouldn't. Of course I would do my best to not be an "in the spotlight" billionaire. I don't need or want that much attention. This, of course, is just one more reason I'll never be a billionaire...not enough narcissism on board.
The rest of your post, I agree with completely.
Quoted from Durzel:To be honest, at this point, people should assume that Musk is going to tweet negatively and positively about cryptos, particularly BTC, at any given point, on a whim, and make their investment decisions accordingly.
Like you said earlier... Soon his antics will have no impact...he will just get ignored. Especially after Tesla stock crashes.
Quoted from Spyderturbo007:Did anyone know that these things existed? They are physical coins loaded with a particular amount of BTC. Pretty bad ass if you ask me. I totally want one.
Astropin this is right up your alley.[quoted image]
Yep...those have been around for years. Legit ones go for a premium well above BTC's current value. Very cool...I'm just not paying the premium.
Quoted from taylor34:I think bitcoin will go back up too...I would feel better about it though if we would have reached ‘capitulation’ which we never did. The fact that people aren’t fearful tells me that there’s a decent chance we didn’t reach the bottom yet.
It's a good sign that the "Elon effect" is dropping off.
Quoted from manadams:Anonymous calling out Elon Musk for tanking bitcoin and other things.
Mess with a bull...you get the horns.
Quoted from sixtyfourbits:I’m still green enough at this that I’m not sure exactly what this may result in, but sounds like things could get spicy soon lol.
[quoted image]
I'm thinking those shorts are going to get crushed. A lot of positive Bitcoin news hitting right now.
Quoted from loneacer:Not sure if it’s already been said, but a certain ex president said Bitcoin is a scam today also.
I can not think of higher praise for Bitcoin.
Quoted from Zablon:I agree....but maybe they believed the hype just a bit too much....hard to say.
There is no way Russian hackers thought "we will just keep our stolen Bitcoin on an exchange". .. Hard to believe.
Quoted from Pdxmonkey:Haven’t hit a lower low yet for btc. So that’s okay but damn if it isn’t flirting with danger.
Minors sold 5000 Bitcoin overnight. Probably Chinese that are being forced to move.
Quoted from Spyderturbo007:I say this is the end of the bull run and the bear market is now. Lower highs and lower lows. Regulatory fear, mining bans and moving averages that just keep falling.
Most analysts predict BTC testing and breaking through the $30k support and falling as low as the projected $19k floor.
Death cross imminent which according to Cointelegraph has always spelling the end of the bull market and the start of the bear market.
“ As Cointelegraph reported, traders are already on edge over a potential “death cross” involving two key moving averages that could spell further downside.
This could extend beyond the short term, Cane Island Alternative Advisors investment manager Timothy Peterson noted, thanks to BTC/USD now lingering below its 200-day moving average for almost three weeks.
“This metric has *always* marked the end of a bull run and the start of a bear market,” he added in comments on Monday.
I think we are done making money for awhile. All of my 2021 gains (that I didn’t dispose of a few weeks ago) have been wiped out. BTC Price has dropped back to where it was in December when the bull run started.
Things don’t look good at all. From what I keep reading there are no positive metrics regarding the crytpto space.
I want to be wrong but things don’t look good.
How convinced are you?
Quoted from Spyderturbo007:I’m seriously considering it actually and I’m one of the people that HODLed through the last crypto winter if that says anything.
I can’t take a bet with an upside that’s capped for me and unlimited for you. I’m not that dumb.
? 0.5 Bitcoin is 0.5 Bitcoin. If if you really think it's not going to 100k this year...which, even I think is getting questionable...
We stay this low much longer and I'll be cancelling that offer.
Quoted from DBLM:My cash wager still stands.
Easier for me to deal in BTC instead of cash for something like this. It's a bet about BTC, in BTC.
Quoted from DBLM:Both Spyder and I have been saying the way that you have the bet structured is a sucker bet. Why would I want to get paid in BTC if it is on the way down? For me to profit the most, it has to lose its intrinsic value. This puts a limit on what I can win. But theoretically, there is no upper limit to what you could win.
Kudos to you for coming up with a slick bet or stealing it from somebody but this is ridiculous. But if you ever want to convert to old boring fiat we can talk.
Okay, how about a fiat valued bet...made in BTC? For example; our bet is for $2500 US. Same parameters I set up originally except in this case its a flat USD value paid in BTC on Jan 1st 2022?
Quoted from DBLM:No no no! My winning potential is minuscule while you potentially have unlimited upside. That is the point that you are ignoring.
How about this: 5K paid however the winner likes that BTC is 100K on 12/31? It is purely binary. If on that date it is 100K, you get 5K payable however you like. If it is not 100K, I get paid however I like.
It think you are confused by my offer. The payout is valued at $2500 USD REGARDLESS of BTC's value on Jan 1st. What I'm not going to do is specify the exact date BTC has to be valued at 100k. My upside is the same as yours...$2500 USD...just paid out in BTC. The entire point of my bet is that BTC will hit 100k at some point in 2021. If you truly think it won't, then you should take the bet.
Quoted from DBLM:That is a good point. I will defer to Astropin on that. I have looked at online escrow services like escrow.com so we would put our assets in those at the beginning of the bet. Since none of us know each other that would make the most sense. Since I am insisting on the escrow, I will even pay the escrow fee, which appears to be $173 for the 10K of assets.
I appreciate your efforts but the parameters just keep building up...72 consecutive hours....escrow (I actually have no issue with the escrow, but do they safely hold crypto assets?) I want to bet and deal in BTC. We can deal with USD values but I want to transact in Bitcoin. I wanted to keep it simple...Will BTC hit 100k or not? The 72 hours could be a tuff nut because we all know BTC is volatile and I expect the 100k barrier to be extremely volatile...that's definitely a psychological barrier, and we've seen what those barriers have done in the past. A lot of "profit taking" will happen right at that level. I thought my last offer was a fair one....dealing in a fixed USD value for the actual payout. But if we can't get there, that's fine with me also. It be fun to see what happens regardless.
I was listening to the President of El Salvador speak live on Twitter in a Bitcoin group as this was going to a vote. He was chatting away for 40 minutes and being asked a million questions. It was kind of surreal. Chat group stareded out with a few hundred Bitcoiners, and by the time the President was talking there were over 22 thousand people in the group.
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