Bitcoin?

[theMot]

Anyone buying at the moment? I’ve been watching it the past few years with interest. Decided to start ploughing some funds into it now that it is gaining solid institutional support. I couldn’t resist all those spam emails any longer lol.

 

[evil wasabi]

can you imagine being one of the people to use bitcoin to buy a pizza back in the day? Back when 10000 bitcoins would cover the price?

Talk about remorse.

 

[basic]

i bought the majority of mine while it was lower than what it is now, so i'm doing pretty good. imo, it's a bit risky to plunge in too deep too quickly after breaking previous highs. there will be a lot of volatility, so beware.

 

[evil wasabi]

Cathie Wood says Bitcoin will hit $500000, so who knows.

 

[LoneSage]

can you imagine being one of the people to use bitcoin to buy a pizza back in the day? Back when 10000 bitcoins would cover the price?

Talk about remorse.

But the news of someone using Bitcoin to buy a pizza is what legitimized it and made it popular. If pizzaguy never bought it, then Bitcoin would have remained obscure.

 

[basic]

Cathie Wood says Bitcoin will hit $500000, so who knows.

oh, i think it will continue to go up...but how much? not sure and won't venture to guess. i'm just saying that there will be some sharp rises and very steep falls throughout the process so i don't want mot to lose his nerve and sell at a loss too early like that clown from barstool sports.

 

[neogeostore]

I think if you put money into it now (but preferably 3-4 months ago) and look at it as a 5-year investment, you will be very pleased.

 

[evil wasabi]

There are 3 questions you want to ask.

1) what do you see happening in 6 months? We have some major events happening. Jan 20 is a changeover. A stabilized stock market may translate to less demand in Bitcoin. After Biden takes over, the fed will need to readminister the financial safeguards that Trump removed, and the result will have a chilling effect. We may also see a return of the SEC, FTC, and DoJ investigating and prosecuting companies for their misdeeds over the past 4 years. Enforcement was curbed, but trade violations weren’t decriminalized. So we might see some meme stocks take a hit. If this happens, Bitcoin could go up more as the retail kids pull their money out of TSLA and put it into Bitcoin. Just spitballing. Call it a hot take.

2) where do you see Bitcoin in 12-18 months?

3) where will it be in 5 years.

I am going to predict a small dip around Jan 21. But after that I think sky is the limit. We’re going to see the SEC clamp down on the market as it is. Any company that tries to direct list under the recent Trump change will get butt fucked. If these happen we will be good to go, at a slower rate.

But... If the SEC doesn’t do anything, expect a financial crash. The retail effect on the market thanks to Robinhood and other apps that made options trading easy and accessible to unsophisticated and unqualified traders is the reason we have hemorrhaged to Tetsuo levels. It’s unsustainable. And that crash will bring down Bitcoin with it, and create an awesome buying opportunity for anyone who has pulled out in time.

Unless Biden can correct course.

 

[theMot]

I don’t have a lot of confidence predicting where it will be in 12 months, 5 or 10 years. As I mentioned, I’m confident I won’t burn my capital in the long run because It’s being bought up by big institutions and it’s going to be enabled for transactions on PayPal in late January 2021. I feel there is plenty of upside due to pay processing platforms like PayPal having to hold more and more just so they can transact with it. On the other hand I don’t think it is the final digital currency solution, I think governments are watching it and will model there own digital currency off it in the long run.

Tin foil hat mode; Governments want it to succeed so they can make their own digital currency, wipe out cash, make everything traceable then print the fuck out of their current government backed currency to eliminate federal debt once and for all.

 

[evil wasabi]

Federal debt is a powerful tool. Wiping it out is an immature move. When you owe your creditors $10000, you have a problem. When you owe your creditors $10t, they have a problem.

 

[basic]

I only started following Bitcoin a little prior to the boom in 2017. Bitcoin and the general cryptocurrency market have generally tracked with the stock market. So if the stock market stabilize I anticipate steady growth. The stronger indicator seems to be the value of USD and Bitcoin has an inverse relationship to it. These, of course, have been my observations and is by no means an indicator of future behavior.

 

[HornheaDD]

Im gonna put my ignorance and old-manitude on full display here, but... I don't get bitcoin. I haven't really done any research on it, but I guess my biggest question is, how is it worth anything? It doesn't exist. I know it's like regular paper money, people assign a value to a piece of paper, or metal, and trade goods for that. I get that, but someone just came up with "electronic pennies" one day, and now one E-Penny is worth 26 grand?

Wouldn't that be the definition of inflation?

Sorry if I sound dumb, but when I first heard of bitcoin, it was already worth way too much to buy one. That's another thing, how tf do you buy what is essentially an email.

 

[theMot]

Im gonna put my ignorance and old-manitude on full display here, but... I don't get bitcoin. I haven't really done any research on it, but I guess my biggest question is, how is it worth anything? It doesn't exist. I know it's like regular paper money, people assign a value to a piece of paper, or metal, and trade goods for that. I get that, but someone just came up with "electronic pennies" one day, and now one E-Penny is worth 26 grand?

Wouldn't that be the definition of inflation?

Sorry if I sound dumb, but when I first heard of bitcoin, it was already worth way too much to buy one. That's another thing, how tf do you buy what is essentially an email.

Spend an hour or two on youtube searching "Bitcoin explained" "bitcoin for dummies" and the penny will drop.

 

[evil wasabi]

Im gonna put my ignorance and old-manitude on full display here, but... I don't get bitcoin. I haven't really done any research on it, but I guess my biggest question is, how is it worth anything? It doesn't exist. I know it's like regular paper money, people assign a value to a piece of paper, or metal, and trade goods for that. I get that, but someone just came up with "electronic pennies" one day, and now one E-Penny is worth 26 grand?

Wouldn't that be the definition of inflation?

Sorry if I sound dumb, but when I first heard of bitcoin, it was already worth way too much to buy one. That's another thing, how tf do you buy what is essentially an email.

Everything you just asked yourself, ask about the US dollar. It’s all abstract.

 

[LoneSage]

Tin foil hat mode; Governments want it to succeed so they can make their own digital currency, wipe out cash, make everything traceable then print the fuck out of their current government backed currency to eliminate federal debt once and for all.

This isn't tin foil, this is reality and is happening over here right now.

 

[theMot]

This isn't tin foil, this is reality and is happening over here right now.

Yep, China is the world power leading the way in this.

 

[SpamYouToDeath]

Everything you just asked yourself, ask about the US dollar. It’s all abstract.

The US dollar is a few thousand times more efficient than Bitcoin, though. It costs like $10 to process a transaction in Bitcoin. It's exceptionally bad at doing what the US dollar does.

Fundamentally, Bitcoin is just gambling. It doesn't create any value and it doesn't solve any problems. The guys at the top of the pyramid have run a great con, though.

 

[evil wasabi]

The US dollar is a few thousand times more efficient than Bitcoin, though. It costs like $10 to process a transaction in Bitcoin. It's exceptionally bad at doing what the US dollar does.

Fundamentally, Bitcoin is just gambling. It doesn't create any value and it doesn't solve any problems. The guys at the top of the pyramid have run a great con, though.

Take away consumer faith and it's the same thing. National currencies and gods are only as strong as the suckers who believe in them.

 

[LoneSage]

Take away consumer faith and it's the same thing. National currencies and gods are only as strong as the suckers who believe in them.

Bro, it's Christmastime. Don't make us feel any more suicidal than we need to.

 

[TonK]

Ask yourself.

Who needs bitcoin? What's it do? Why would you store money on a highly volatile "asset" that is intangible?

It's not scarce. We'll be dead when the last one is mined in 200 years.

Litecoin is faster and safer.

Your "asset" runs on electricity, a lot of it.

It's useless as fuck.

But I own a ton of it and I'm happy.

 

[basic]

Ask yourself.

Who needs bitcoin? What's it do? Why would you store money on a highly volatile "asset" that is intangible?

It's not scarce. We'll be dead when the last one is mined in 200 years.

Litecoin is faster and safer.

Your "asset" runs on electricity, a lot of it.

It's useless as fuck.

But I own a ton of it and I'm happy.

useless now, but who knows in the future. if people choose to assign it value then it will have value until they stop. some communities in venezuela started creating their own paper currency and they decided to give it value and they use it in place of the official currency. i consider that to be an analog equivalent.

 

[NeoSneth]

i mined a bit more about a year ago, and then the next wave of asics hit as I lost my access to free power.

 

[TonK]

useless now, but who knows in the future. if people choose to assign it value then it will have value until they stop. some communities in venezuela started creating their own paper currency and they decided to give it value and they use it in place of the official currency. i consider that to be an analog equivalent.

I'm taking anything over clunky shit bitcoin.

Yay! It's a blockchain! Now what?

PayPal is digital. Been since forever.

Apple Pay is easier to use than bitcoin.

Oh, you sent it to the wrong address? Fuck you.

How is nothing valuable? I sold air for $27000.

 

[Burning Fight!!]

Seems like something propped up by Chinese millionaires evading the CCP. There's a reason why people always mention the current DOLLAR value when talking about Bitcoin, and I really suggest anyone with significant 'coin to cash out at least partially. There's really no telling what the future of bitcoin will look like.

The fact that the days where acquiring bitcoin was easy is long gone but people are still enthusiastically trying to have people jump in screams pyramid scheme to me. Ok maybe Bitcoin isn't but a lot of other spinoff digital coins pretty much are.

 

[basic]

I'm taking anything over clunky shit bitcoin.

Yay! It's a blockchain! Now what?

PayPal is digital. Been since forever.

Apple Pay is easier to use than bitcoin.

Oh, you sent it to the wrong address? Fuck you.

How is nothing valuable? I sold air for $27000.

it's not for everyone for sure. the supposed value proposition is more than just that it's digital.