[ARCHIVED THREAD] - Buying the Bitcoin knife. (Page 1 of 2)
Posted: 1/29/2019 11:15:21 AM EDT
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Back in 2017/2018 I sold out of bitcoin for a pretty good profit. After sitting on the sidelines for a year watching the bubble deflate, I'm slowly moving back in.
IMO, bitcoin is likely to bubble back up sometime in the next 3 to 7 years. For now I'll be putting $200/mo into bitcoin. Nothing crazy, only an amount I can afford. IF bitcoin ever goes back up to its previous high, it would be a 500% gain from todays level. If you feel like gambling and have the stomach to sit through major lows and highs, you may want to give it a try. |
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Aren't the bitcoin transaction times getting long?
As in you'd never use it in place of cash in a Craigslist transaction because it would take too long to settle. I've never owned any, but get the impression that something else will come along that has a better/faster model. |
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Aren't the bitcoin transaction times getting long? As in you'd never use it in place of cash in a Craigslist transaction because it would take too long to settle. I've never owned any, but get the impression that something else will come along that has a better/faster model. Lightning network amongst other upgrades will increase speed. Bitcoin has the longest ledger with the most hash power, this makes it the most secure and dominant. The community will not rush changes just to be the fastest crypto. Now is a fantastic time to buy. Between $2500 and $3800 for a long term hold. Also if you like to gamble. Toss some money in low market cap alts. IOTX XYO LSK |
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Aren't the bitcoin transaction times getting long? As in you'd never use it in place of cash in a Craigslist transaction because it would take too long to settle. I've never owned any, but get the impression that something else will come along that has a better/faster model. Bitcoin may not be the biggest crypto in 20 years, but in the near term, I don't see it going anywhere. |
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Aren't the bitcoin transaction times getting long? As in you'd never use it in place of cash in a Craigslist transaction because it would take too long to settle. I've never owned any, but get the impression that something else will come along that has a better/faster model. sub $1000 BTC is possible....but I think unlikely. If it drops below $2500 I'll be a bit surprised. That being said....If you can get into an altcoin before it becomes the next Ethereum. You'll make ridiculous gains. People are making ridiculous money shorting bitcoin right now. If some entity decides they're gonna make money the other way things could turn around pretty quickly. |
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They were getting pretty long. That seems to be quite a bit less of an issue right now. In the future, I expect Lightning Network to alleviate the issue. Bitcoin may not be the biggest crypto in 20 years, but in the near term, I don't see it going anywhere. |
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https://www.blockchain.com/charts/avg-confirmation-time Lightning network amongst other upgrades will increase speed. Bitcoin has the longest ledger with the most hash power, this makes it the most secure and dominant. The community will not rush changes just to be the fastest crypto. Now is a fantastic time to buy. Between $2500 and $3800 for a long term hold. Also if you like to gamble. Toss some money in low market cap alts. IOTX XYO LSK Quoted:
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Aren't the bitcoin transaction times getting long? As in you'd never use it in place of cash in a Craigslist transaction because it would take too long to settle. I've never owned any, but get the impression that something else will come along that has a better/faster model. Lightning network amongst other upgrades will increase speed. Bitcoin has the longest ledger with the most hash power, this makes it the most secure and dominant. The community will not rush changes just to be the fastest crypto. Now is a fantastic time to buy. Between $2500 and $3800 for a long term hold. Also if you like to gamble. Toss some money in low market cap alts. IOTX XYO LSK I've thought about picking up a couple hundred as a "investment" to give my kid to cash in after a couple decades. (If only my parents had bought Apple back in the '80s. etc. etc.) |
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I got out in 2017 as well at about a 2000% profit but my criteria are a little tighter for getting back in. I know it's trash but I also know human nature and that Bitcoin is the perfect vehicle for the human nature that is attracted to bubbles. That mindset is what got me into Bitcoin before the 2013 bubble as well as before the 2017 bubble.
I'm looking for either: 1) 6 months of bottom (we are at like 1.5 months). I was waiting for 6 months at the 6,000 level but that bottom fell out before that time came up which makes me glad that was my criteria. 2) 90% loss from previous high, which is roughly $2,000 Whichever comes first. That strategy would have been successful in any prior bubble so I'm sticking with it. If I miss out, that's OK. There's always another opportunity down the road somewhere. FOMO doesn't make for a good investment strategy. |
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Quoted: Bitcoin probably will be king for a long time. I'm in right now and will continue to buy with what I can afford to lose. sub $1000 BTC is possible....but I think unlikely. If it drops below $2500 I'll be a bit surprised. That being said....If you can get into an altcoin before it becomes the next Ethereum. You'll make ridiculous gains. People are making ridiculous money shorting bitcoin right now. If some entity decides they're gonna make money the other way things could turn around pretty quickly. |
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Quoted:
I got out in 2017 as well at about a 2000% profit but my criteria are a little tighter for getting back in. I know it's trash but I also know human nature and that Bitcoin is the perfect vehicle for the human nature that is attracted to bubbles. That mindset is what got me into Bitcoin before the 2013 bubble as well as before the 2017 bubble. I'm looking for either: 1) 6 months of bottom (we are at like 1.5 months). I was waiting for 6 months at the 6,000 level but that bottom fell out before that time came up which makes me glad that was my criteria. 2) 90% loss from previous high, which is roughly $2,000 Whichever comes first. That strategy would have been successful in any prior bubble so I'm sticking with it. If I miss out, that's OK. There's always another opportunity down the road somewhere. FOMO doesn't make for a good investment strategy. |
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John McAfee is going to eat his wee wee if it doesnt hit $1mil by end of 2020
https://fnordprefekt.de |
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Sounds like something someone high on bath salts would say...  Quoted:
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It’s not investing till you commit to eating your own dick. John McAfee, founder of McAfee Associates a well-known software company has always been Bullish on Bitcoin, in fact, he has even been confrontational on the fact. In July, with a lot of fear and uncertainty surrounding Bitcoin ahead of its Aug. 1 chain split, McAfee came forward and stated boldly that he was willing to stake his name and up to $10 mln on a bet that the Bitcoin price will move above $500,000 within three years or he would "eat my d**k on national television." |
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I agree sub $1,000 is a possibility. I'm dollar cost averaging in as I want some exposure and a perfect bottom isn't needed for great profitability. |
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Quoted: You may be onto something there... John McAfee, founder of McAfee Associates a well-known software company has always been Bullish on Bitcoin, in fact, he has even been confrontational on the fact. In July, with a lot of fear and uncertainty surrounding Bitcoin ahead of its Aug. 1 chain split, McAfee came forward and stated boldly that he was willing to stake his name and up to $10 mln on a bet that the Bitcoin price will move above $500,000 within three years or he would "eat my d**k on national television." |
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I almost paged you. I agree that bitcoin is a bubble making machine. $2k doesn't seem like a bad target. We might see it in a couple more months. Bitcoin block reward halves in April 2020 and people usually start accumulating in anticipation of that about 1 year out (+/-), which puts us squarely in that window. I'd say we're in bottom territory right now. If the current correction reverses before BTC $3100 and ETH $80, then we will have solidly established a "higher low". Beyond that we'll need to push past BTC $4100-ish and ETH $160. If that happens, then the bear could be over. Regardless, it's probably pretty close to being over anyway, as we're on the verge of this being the longest correction/bear in crypto history. Also, Ethereum's block reward will be dropping by 1/3 in a couple of weeks. Events like that and the Bitcoin block reward halving every 4 years ultimately apply pretty substantial upward price pressure. It usually takes a few months for the after-effects to be seen, but they are undeniable. Bottom line -- now is a pretty good time to be DCA-ing IMO. |
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Doubt it. Bitcoin block reward halves in April 2020 and people usually start accumulating in anticipation of that about 1 year out (+/-), which puts us squarely in that window. I'd say we're in bottom territory right now. If the current correction reverses before BTC $3100 and ETH $80, then we will have solidly established a "higher low". Beyond that we'll need to push past BTC $4100-ish and ETH $160. If that happens, then the bear could be over. Regardless, it's probably pretty close to being over anyway, as we're on the verge of this being the longest correction/bear in crypto history. Also, Ethereum's block reward will be dropping by 1/3 in a couple of weeks. Events like that and the Bitcoin block reward halving every 4 years ultimately apply pretty substantial upward price pressure. It usually takes a few months for the after-effects to be seen, but they are undeniable. Bottom line -- now is a pretty good time to be DCA-ing IMO. Quoted:
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I almost paged you. I agree that bitcoin is a bubble making machine. $2k doesn't seem like a bad target. We might see it in a couple more months. Bitcoin block reward halves in April 2020 and people usually start accumulating in anticipation of that about 1 year out (+/-), which puts us squarely in that window. I'd say we're in bottom territory right now. If the current correction reverses before BTC $3100 and ETH $80, then we will have solidly established a "higher low". Beyond that we'll need to push past BTC $4100-ish and ETH $160. If that happens, then the bear could be over. Regardless, it's probably pretty close to being over anyway, as we're on the verge of this being the longest correction/bear in crypto history. Also, Ethereum's block reward will be dropping by 1/3 in a couple of weeks. Events like that and the Bitcoin block reward halving every 4 years ultimately apply pretty substantial upward price pressure. It usually takes a few months for the after-effects to be seen, but they are undeniable. Bottom line -- now is a pretty good time to be DCA-ing IMO. Does the scam just go on forever with no huge smoking crater in the market? Cause unless it does I don't see how tethers exit the crypto sphere without a tremendous drop across the board. And that to me sounds like the real bottom. I picture that looking something like $1500 BTC. At least for the short term. |
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When people say this is the bottom it makes me wonder so does all that scam tether money never come out of the market? I mean we all know there's no money backing any of them up in that one room credit union in the polish countryside. Does the scam just go on forever with no huge smoking crater in the market? Cause unless it does I don't see how tethers exit the crypto sphere without a tremendous drop across the board. And that to me sounds like the real bottom. I picture that looking something like $1500 BTC. At least for the short term. |
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So July/August of 2017? Quoted:
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between $3000-$3500 If you don't know that, then you really are just gambling, not even "speculating" as you're calling it. Which is fine. But everyone around here (not so much you OP, but others) wants to have an opinion of this crap and they haven't even bothered to do an ounce of homework. It's kind of embarrassing (for them) really. Anyway... |
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This year within the past couple months is when I threw in the bulk of the money. I bought some BTC to get into ETN ICO last year but mostly just traded alts and some options trading on Bitmex. I played the mining game back in early 2014. Sat out the downtime, hedged my bets around Jul 2017, still turned a 300% profit by the end of the year. It would have been about 1,000% profit if I hadn't hedged. I would have been far better off if I would have just bought bitcoin and held for three to four years. Would have been over 2,000% if I had bought at the peak of 2014 and skipped out on mining. |
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BTC hit $3100 on Dec. 15 - 17, 2018 along with ETH at $80. If you don't know that, then you really are just gambling, not even "speculating" as you're calling it. Which is fine. But everyone around here (not so much you OP, but others) wants to have an opinion of this crap and they haven't even bothered to do an ounce of homework. It's kind of embarrassing (for them) really. Anyway... |
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I have left bitcoin alone for almost a year now. I'm making good money just trading one single conventional stock, DGAZ. This is a good reminder to get some money back into bitcoin. I like seeing it be so stable like this. I think that will entice more fair weather investors to join in. |
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@M855Bukkake - are you buying back into BTC now, or just playing alts? Understand that I never "invested" in BTC. It was just an interest that turned into a hobby that turned into "Holy shit, just how high can this go?" I only got out because it was just getting absurd and had turned into real money, and I didn't view BTC as a long-term investment. My main interest in cryptocurrency is in regard to actual transactions for goods/services, as I believe it is the long term future of currency. I'm not much of an investor. I lack the time to be a day-trader and the luck to be a mid-term investor. Long term, BTC has scaling issues that I believe will limit its use. Though as a first-real-attempt, it has been amazingly capable. For those intending to invest in BTC, I won't say don't. There are fortunes yet to be made in crypto. But as I said, investment has not been my focus, so I won't offer baseless advice. |
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I have left bitcoin alone for almost a year now. I'm making good money just trading one single conventional stock, DGAZ. This is a good reminder to get some money back into bitcoin. I like seeing it be so stable like this. I think that will entice more fair weather investors to join in. |
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Personally, I am buying a bridge in New York City. It is a much safer investment. There are real-life millionaires (and multi-millionaries) in their 20's and 30's that made it all in Cryptocurrency. I can give you some names if you want. Comparing high-risk, high-reward investment to scams is incorrect. You could compare it to winning the lottery perhaps, and it would be more accurate. The outcome of playing the lottery, however, cannot be influenced by competency and intelligence. Cryptocurrency investment definitely favors the highly intelligent. |
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Better price stability also makes it easier to use in goods/services transactions. More use of BTC for goods/services also promotes price stability. It can, in theory, self regulate in this way. We aren't there yet, but someday a cryptocurrency will reach that stage of use. |