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03-23-2023, 11:48 AM | #155 |
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I want to make a quick few million. Maybe do a rug pull lol.
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03-23-2023, 12:05 PM | #156 |
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I didn't say bitcoin. Crypto aka shitcoins.
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03-23-2023, 12:14 PM | #157 | |
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01-05-2024, 12:47 AM | #159 |
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- Bitcoin -
Greetings folks, I'm new to these Off-Topic forums but noticed there isn't a Bitcoin thread. Thought I would take the opportunity to introduce myself and simultaneously recommend that ya'll grab some while they are relatively cheap.
I'm not an investment advisor and I'm also not selling anything. Just sharing information in an asset I really believe in. - I don't recommend you invest more than you can afford to lose. - I don't recommend not having any. There are two levers that are about to be pulled that should send the price of Bitcoin parabolic. 1) The halving in April of 2024. This is when the amount of newly minted Bitcoins gets cut in half. It happens every 4 years and historically has sent the price of Bitcoin 10x within 12 months of each halving. 2) The SEC is getting ready to approve a SPOT ETF for Bitcoin which means, institutional wealth managers will now have access to purchase Bitcoin on behalf of their clients (pension funds, corporate treasuries, sovereign wealth, etc.) An entirely new segment of investors are coming into the space. This could literally happen any day now, maybe even tomorrow. It is expected that billions of new dollars will be entering the Bitcoin space over the next 6-18 months. Some facts to know about Bitcoin: - There will only ever be 21 million Bitcoins. - 19.5 million Bitcoins have already been mined - Approximately 3 million Bitcoins are assumed lost forever - Every 4 years the amount of new Bitcoins that can be mined gets cut in half effectively doubling the cost to mine new Bitcoins. - Bitcoin is the best performing asset over the last 10 years showing approximately 144% annual returns - Bitcoin is extremely volatile but has also gained institutional and Wall St. acceptance. The application of a Spot ETF for Bitcoin by companies like Blackrock, Fidelity and Vanguard illustrate that companies who manage $30 Trillion of institutional wealth want to direct clients into Bitcoin. - Bitcoin has seen over 137% gains this year alone. - A Bitcoin cycle is 4 years. No one who has bought Bitcoin and held it for more than 4 years is in the red. - It is approximated the 92% of all Bitcoin wallets are in the green. Bitcoin Price Jan 4th, 2024 - $43,737 Lets see where this goes |
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01-05-2024, 03:42 PM | #160 |
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I’ll be all in as soon as my tulip bulb investments recover.
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01-05-2024, 04:08 PM | #161 |
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Give it time. It hasn't even been 4 centuries yet. Patience.
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01-05-2024, 04:23 PM | #162 |
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I’m in the same situation, except it was cattle. Something about all their teeth falling out. Now, OP, if you tell me the Swiss are going to build a watch, then I’m in.
But bitcoin, you might try over at the Tesla forums with that one. |
01-05-2024, 04:56 PM | #163 |
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Beanstalks to follow ...
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CamasM3e933224.00 vreihen1615631.00 |
01-05-2024, 05:09 PM | #164 |
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Back in my younger (racing) days, I blew my fortune on rubber commodities and trophy futures.....
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01-05-2024, 08:18 PM | #166 |
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I live and die by my S&P500 index funds and tech stocks/ETFs, own very little BTC. Honestly thinking of buying some and holding it long-term. Will just be a small part of my portfolio.
Missed the boat back in October
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01-05-2024, 10:34 PM | #167 |
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To be honest, I thought similarly in 2017. BTC wasn’t mature yet and it was really anyone’s guess which way it was gonna go. Fast forward to 2023 and Blackrock, Fidelity, Vanguard even J.P. Morgan is getting in on the action.
The SEC is approving it for a Spot ETF which basically all translates to mean, Bitcoin is here to stay. And there are a lot of reasons why it’s important and it solves a lot of problems. 10 years ago did we ever think a Bitcoin could or would be worth $44,000? We are in the beginning of Web 3 and it’s gonna be a great ride. |
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01-05-2024, 10:42 PM | #168 |
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Still a great time to buy. Bearish predictions show a potential BTC price of $250,000 in the next cycle (12-48 months) bullish charts show a potential of $500k to a $1M Bitcoin.
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01-05-2024, 10:53 PM | #169 |
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My son lost EVERYTHING in crypto and had to move back home at 41! He tried to talk me into it years ago and I, wisely, declined.
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01-05-2024, 11:51 PM | #170 |
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01-06-2024, 02:41 AM | #171 |
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I'm one of the few that originally mined coins back in 2016 before this thing really blew up so my view will be skewed to some degree as I always found the backstory of the blockchain fascinating as a software engineer.
Granted I started instead buying pieces of coins when they were $2,500 (I thought it was expensive then to be buying whole coins lol). I knew strongly at the time when I saw it rising to 50k a coin that it was going to normalize and fall and that it did. My investing style has always been an odd one where I toss in lump sums at a time on the downhill (I give no financial advise, this style has worked out for me very well). With that context out of the way, I am aware of the halving to come and did start putting some more in at the 42k price point as I remember when I sold a bit when it was 58k ish and bought a home (always told my parents one day I'd buy something worthwhile with crypto). It being a volatile asset I try to only expend about $2k max monthly as a (fuck around and forget) type thing typically using it in the market but given whats to come, I've been looking into diverting it into BTC again to see how it fares. Totally acknowledge I'm an outlier in some ways as I've been in this game for some time and even if I were to toss away 2k every month and the coin kept plumetting, when I traced back the other day on when I did buy coin(s), historically I've made off well as when it topped 50k was when I turned off my buying hat. The spot ETF stuff is really going to make things interesting though, def will be paying attention to see where it goes. The irony I'd be talking about this on the same forums I talk about my car on lol, gotta love the forums. |
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01-06-2024, 09:54 AM | #173 |
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Imagine for a second that someone said, I’m going to do a comprehensive study of everything that’s wrong with FIAT money (government currency not backed by gold or silver like the US dollar).
And then that person designed a new type of money using cryptography that solved most or all of the problems that existed with government backed transactional money but also solves a lot of the problem that exists with wealth storage like gold, silver, real estate, art and other scarce items traditionally used to hold and transfer wealth. That is Bitcoin. It’s not so much a magic bean. It’s more like Viagra. It solves a problem. And even if you don’t have ED, it still makes sex better. Why was Uber invented? Cause taxis suck. Why was Airbnb invented? Cause hotels are expensive and suck. Why was Amazon invented? So you don’t have to go to the store. Why was Spotify invented? So all the music in the world could live on a cloud and you could instantly access all of it, anywhere. Why was Bitcoin invented? Because it’s the first rules based, global currency, not controlled by a treasury or bank that is equally as scarce as gold that’s more divisible and more portable. It’s unhackable, It’s an idea whose time has come. Bitcoin keeps becoming more valuable because government treasuries all over the world keep printing more money. It’s not so much inflation as currency debasement. You keep losing your purchasing power as there is more and more money that has less and less value. Well, Bitcoin works the opposite way, it becomes more and more scarce in its design. And what happens to highly desirable scarce items? The value goes up. Bitcoin isn’t a magic bean. It’s a very real, very smart solution to very real problems. |
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01-06-2024, 12:11 PM | #174 |
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I get your enthusiasm for bitcoin (or perhaps other cryptocurrencies). However, while the concept of global based currency, hedge against inflation, etc. is novel, in reality, it has proven to be a very poor form of currency; it's not universally accepted, it's value changes dramatically based on emotional swings of the market (often times falling to half its value in a matter of weeks... I'd rather take inflation risk than losing 1/2 my money in a few weeks), it's actually more traceable than once thought (which btw, what exactly are you doing that you need THAT amount of anonymity), it has no intrinsic value - meaning, if bitcoin fad dies down and ppl stop accepting it as a monetary exchange medium, it becomes instantly worthless (it doesn't provide water, food, shelter, or clothing) - just look at the amount of coins that have failed.
The other aspect of this that bothers me is that it's advertised to others. Why? If this is such a magical cure-all for financial woes and it's making EVERYONE who holds bitcoin rich, then why wouldn't those holding bitcoin just buy all of it for themselves? Here's why, because it works on the 'greater fool theory'. Bitcoin is only worth what the next 'fool' will pay for it. In effect, it runs like a Ponzi scheme. If I buy bitcoin for $40k today, it's only worth $40k as long as new, eager ppl are willing to invest in it. The moment you run out of the next 'fool' willing to pay $40k... well then what is it worth? Thus, all the advertising to recruit new 'fools' |
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01-06-2024, 12:19 PM | #175 | |
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Go out and buy a box of condoms with it. Bitcoin is not money (or currency). When you can buy real everyday products with it at any place 'money' is accepted then it will have entered the realm of being a currency. Bitcoin is an investment. The same as gold, silver, stocks, land, cattle, crops, etc. You can not walk into the grocery store and buy food with any of those. Understand the difference. |
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01-06-2024, 12:51 PM | #176 | |
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Following. However I agree with you that it’s likely never going to be its best use. There will be other cryptocurrencies that work faster and are less expensive that will gain adoption but no one knows who that winner will be yet. |
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