What are you thoughts on Bitcoin? do you own any crypto or alt coin projects?
Bitcoin
What are you thoughts on Bitcoin? do you own any crypto or alt coin projects?
I buy bitcoin as an investment, I generally dont hold investments more than 6 months hence I also dont btc for that long, I generally trade them in shorter span of time. I can even buy and sell in the same day if it is btc. I can hold some and trade some etc.
It fluctuates a lot, hence you can win or lose big in comparison to other investments tools, thats what I like about it. I dont care about news about crypto and btc when I make trading, I just use analysis, technical indicators, look at patterns.
I traded some other popular coins like eth and ada but rarely (not more than five-ten times).
I have like 150 bucks in bitcoin rn. I recently sold my investment in SHIB because I needed the money. I had bought it back when it had 5 zeros. Now it has 4 zeros so I made a bit of profit. I also sold my Tesla stock because I needed the money. I had bought like 12 shares of tesla when it was like 400 dollars. I will invest back into more of bitcoin when I start to work and have a roommate. My goal is to have at least 1 whole bitcoin.
I follow a few good traders on youtube I find technical analysis really interesting. With bitcoin if you always buy at 70% drawdown you will make a lot.I have sone eth and solana as well.Originally Posted by myresearch
Those dog coins i just don't trust them haha
Bitcoin has all the problems with fiat money, and none of the security. This paradoxically raises it's value per gain, as investments are priced by their risk. Be aware, that this is not very smart policy to have, it's just the way the world works.
Personally, I'm investing in the stock market right now. I've made about 15% return this year after the crash that happened in January, which wiped out a lot of my extra savings. It's nothing terrible, it's just the money I made from working a year of minimum wage.
I did invest in bitcoin for a time, because I figured the risk was worth it, and I did make a lot of money until the economy tanked in January. I made a large amount of profit, just cause I bought when it spiked downward, but that was before January. In a bit, I might throw some cash into it again, just because I have some cash that I need to redistribute, and it's probably pretty low right now.
Moral of the story, don't invest in things that you're not comfortable with losing, which I was fine with.
https://en.wikipedia.org/wiki/Phrenology
An optimist - does not get discouraged under any circumstances. Life upheavals and stressful events only toughen him and make more confident. He likes to laugh and entertain people. Enters contact with someone by involving him with a humorous remark. His humor is often sly and contain hints and double meanings. Easily enters into arguments and bets, especially if he is challenged. When arguing his points is often ironic, ridicules the views of his opponent. His irritability and hot temper may be unpleasant to others. However, he himself is not perceptive of this and believes that he is simply exchanging opinions.
http://www.wikisocion.net/en/index.php?title=LIE_Profile_by_Gulenko
No it's the exact opposite of fiat, fiat is printed daily and is already highly inflated. Bitcoin was created to have a set amount, 21 million which is mined in a decentralized way. Banks are a highly centralized institution that can print money whenever they want.
Bitcoin has nothing backing it up, lol. It's literally imaginary money, just like fiat, except it doesn't have government backing it up. They claim to have a reserve of several billion in stable coins which can be redeemed for money immediately, and they don't. I'll find the evidence on this, hold my beer.
https://www.coindesk.com/learn/what-...cked-reserves/
I'm specifically talking about tether. It's not realistic, and frankly obvious that it's not backed.
https://currency.com/tether-reserves
https://www.theverge.com/22620464/te...ncy-stablecoin
The problem is that bitcoin and tether are linked. Crypto traders mostly trade bitcoin to tether. There's a 60 billion dollar tether market cap, btw.
https://marathon-mission.com/site/ar...r-and-bitcoin/
Problem is, there's most definitely more tether than there is money in tether. In other words, from what I understand, they're manipulating the stable coin so there's more stable coin than 1 dollar. This obviously would inflate the price of bitcoin, and make the value of tether to be not backed by 1:1 like they say.
It's like if a bank decided to buy bitcoin with all the money it was supposed to hold by law, which is some number I forget.
I'm estimating that the amount of imaginary tether that exists is like 30% extra, but I really don't know. This means that every purchase made with tether is .3 percent made up.
The effect is that tether and bitcoin becomes vulnerable to the great old American past time of runs on banks, where their accounts are cleared out as value suddenly crashes because some guy figured out that they don't have any money. Is this likely? No, but uh, we'll see. All I'm saying is that it's possible, and that risk should not be present in something meant to be stable. I think the SEC should get involved, but they're still taking their sweet time.
Legally, if tether is considered a security, which is the current opinion of the main guy in the SEC, then yeah, they can be legally required to have an account worth 60 billion, which they obviously don't have. IDK what the punishment for this will be, but uh. Yeah.
This is alongside the fact that bitcoin doesn't have any utility besides a faster transaction rate, and alleged privacy. Risking all your money for some limited amount of privacy is silly. What's driving the entire bitcoin frenzy is the fact that you can make large amounts of money in seconds. It's like the beanie baby rush in the 90s, where people did the same thing with beanie babies. It might stabilize, but we'll see.
https://en.wikipedia.org/wiki/Phrenology
An optimist - does not get discouraged under any circumstances. Life upheavals and stressful events only toughen him and make more confident. He likes to laugh and entertain people. Enters contact with someone by involving him with a humorous remark. His humor is often sly and contain hints and double meanings. Easily enters into arguments and bets, especially if he is challenged. When arguing his points is often ironic, ridicules the views of his opponent. His irritability and hot temper may be unpleasant to others. However, he himself is not perceptive of this and believes that he is simply exchanging opinions.
http://www.wikisocion.net/en/index.php?title=LIE_Profile_by_Gulenko
Bitcoin is backed by it's own utility, the network effect and it's scarcity. Like I said there is 21 million bitcoin and only 21 million bitcoin can be mined. This means bitcoin is technically more scarce than gold. Stop parroting mainstream media garbage the U.S dollar isn't back up by anything other than military power. The u.s dollar gets printed by the trillions causing inflation and massive amounts of debt. The only real competitor to bitcoin is gold but bitcoin has more advantages than gold. In that it can be easily transferred and infinitely divisible. The fed realizes how bad the u.s dollar is and are going to come up with their own digital currency called CBDCs which will most likely be backed by bitcoin. So even the fed doesn't have faith in their paper money. Tether is just a stable coin that allows users to trade bitcoin for the u.s dollar easily without turning into cash. Tether is just a tool for trading. Tether isn't the only stable coin that exists there is USDC TUSD etc. A collapse of tether would drop the price of btc but not destroy btc.
Last edited by Amoeba; 04-21-2023 at 01:23 AM.
"Precision beats power and timing beats speed"
Except that new crypto coin systems can be made easily. This comes with own deflating burden when people buy alt coins us in case.
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They can be made yes but they are all backed by bitcoin. Alt coins exist due to the fact that btc needs be mined. If btc crashed every single altcoin would crash also
"Precision beats power and timing beats speed"
I use tradingview and you can also wrote some codes in that and out of that for some analysis if you are interested.
If so, then how does Bitcoin or any other cryptocurrency act as a store of value?
If an infinite number of cryptocurrencies can be created, then there's no guarantee that past cryptocurrencies will hold their value.
At the moment, it just seems that cryptocurrencies are used by criminals to launder money and make black market transactions, the Salvadoran government, pump and dump schemes, and some people who think some memes are cool.
What a rubbish speech, he compares it to spaces. If someone were to possess all the gold in the world or all the usd in the world, the outcome would be similar to have all btc, land,apt etc are ofcourse different.
Hype
Gold has an intrinsic value: it has actual practical use.
Buffett doesn't like buying real estate from what I understand as he thinks it's unlikely to be ever be significantly under-priced (although he likes buying farms, so that seems inconsistent to me at the moment).
so not a store of value, but of greed or social conformity.
I think Bitcoin is a terrible investment, but all the Bitcoin in the world is still certainly worth more than $25 and would be even if it were all given to one person. I just think it's a bad investment considering the prices you have to pay for it and the fact its value is fairly consistently falling, but it's still objectively worth much more than $25 and will be as long as there's some hype for it. This is why I don't watch MSNBC (or much any news in general, it's basically all fake.)
Gold's value isnt determined by its practical use alone but lets override that.
I also said all the usd. Money itself is just paper.
If Buffett had all the Bitcoin in the world, how would he try to sell it to people? Someone could just create another coin at a lower price.
I know, but I agree with you. I and Buffett wouldn't invest in the dollar as an asset of value either, but as @Adam Strange points out, it is at least backed by an army.
With stocks, which Buffett mostly invests in, their price isn't determined by it's practical use alone (it includes hype too), but people like Buffett try to assess what they think the real value (rather than the price) of something is. I think Munger (Buffett's colleague, so Buffett may agree) think gold is overpriced for example, or at least, not overly cheap, and he sees silver as much better value at the moment.
Anything you buy and sell it to higher price is good investment if it passes inflation etc ofcourse. Noone has to have at least 1 btc and everyone can invest according to their wallet.
If you think it will fall, you can short it lol But it is not consistently falling, if it did then everyone would short and gain money. I cannot say it will definitely reach to X up or down though after certain amount of time. So it can fall greatly indeed after some long time. I see these stuff as just trading investment tools that one can trade one thing over the other.
Bitcoin is unstable, in the future, it would likely not be used, plus, it is failing now. Plus, the global economy is likely going to be in a recession, so it's better to invest in rations and important commodities.
Library because this site has become sort of an idiocracy
“A cynic is a man who knows the price of everything, and the value of nothing.” ― Oscar Wilde
I mean, the reason everyone doesn't short it is mostly because of the criminals and people who literally can't.
This is getting meaningless. You obviously didnt short it yourself, you said price was too high which must suggest to you that if there wasnt any demand price would be at zero. Hence I dont understand this statement, thats not the reason.
It's not meaningless. I don't own any Bitcoin and I didn't buy any. I think the price is generally just decreasing quickly. If I'm going to day-trade I'm going to day-trade something where the value could increase by 10x, 100x, or more, not something that's maybe occasionally slightly increasing but generally trending downward. Bitcoin has value, but it has value because of all the ransoms hackers want and the like, not because it's a great investment, even if maybe you can hypothetically do OK with it.
Bring back the Silk Road marketplace and then I’ll buy some bitcoin
I didnt think otherwise.
Everyone is free to invest in whatever they want. General trend is not downward though, you can say it has been like that from X time to Y time, or atm it is like that and if you really think so, you can short it with leverage also, noone is stopping you. But I wouldnt advise anyone to long or short to something that they dont know.
Is bitcoin a better investment than dogecoin?
“Markets can remain irrational longer than you can remain solvent.” ― John Maynard Keynes
I may think that the intrinsic value of cryptocurrencies is zero, but I have no idea how long criminals etc. will continue to use a particular one.
I see.
I may think that the intrinsic value of money is zero, but I have no idea how long npcs etc. will continue to use a particular one.
Ask ChatGpt for investment advices ! I know almost nothing about those virtual money. I don't feel the need to know more about it (maybe I should (?)), it's not sexy to me. With that said, since we are all about to get locked in the Matrix it might be smart to collect/earn as much bitcoins (or whatever portion of it) as possible ! Let's get metarich in the metaverse!
I agree, I certainly wouldn't use it as a store of value.
I'd be wary of doing that. I'd be wary generally of accepting most people's advice on something so important. Apart from it not being sentient (probably), it has no "skin in the game" (If they're not following the advice they give you, why should anybody else?)Ask ChatGpt for investment advices ! I know almost nothing about those virtual money. I don't feel the need to know more about it (maybe I should (?)), it's not sexy to me. With that said, since we are all about to get locked in the Matrix it might be smart to collect/earn as much bitcoins (or whatever portion of it) as possible ! Let's get metarich in the metaverse
I was kinda joking, like I said I know nothing about those stuff but I find it kinda funny to involve AI in any subjects
Did you even read my post or did you just cherry pick what you want to hear?. Bitcoin cannot be created out of no where it needs to be mined. There are only 21 million bitcoin that can be mined.Bitcoin uses electricity and compute to mine. This solve the double spend issue.
"Precision beats power and timing beats speed"
yes way better
"Precision beats power and timing beats speed"
Impossible to have all the bitcoin in the world all the bitcoin aren't even mined yet. What you would need to do is buy more than half of all the miners
"Precision beats power and timing beats speed"
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