Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
BCM
Member Login

Bitcoin cratering again (Page 2 of 4)
Page / 4
Link Posted: 2/23/2021 12:26:18 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By piciphant:
still waiting for my beanie babies to peak to reinvest!
View Quote


I've been seeing people waste money on Pokemon, MTG, and trading cards.

Wondering how that will turn out.
Link Posted: 2/23/2021 12:34:57 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Bale2011:
Buy!
View Quote

Link Posted: 2/23/2021 12:36:26 AM EST
how do they track millions of micro bits after millions of transactions?, eventually the cost of storing the data will exceed  the value of the data?
Link Posted: 2/23/2021 12:36:33 AM EST
[Last Edit: 2/23/2021 12:37:27 AM EST by Jagrmaister]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By t75fnaco3pwzhd:

View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By t75fnaco3pwzhd:
Originally Posted By Bale2011:
Buy!



Just did...Opened a position for my little guys....Albeit...very...very small.  Wife said invest for them...I think 10% should be allocated to BTC.  Hope it goes back to $40k to invest the remainder.
Link Posted: 2/23/2021 12:37:06 AM EST
[Last Edit: 2/23/2021 12:37:50 AM EST by RyanEsstac]
I made $500 on BTC earlier today buying the dipski

Eta... I could have bought a lot more at 47k this morning
Link Posted: 2/23/2021 12:44:04 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Jagrmaister:

Faster?  Sure, but what difference does that make other than buying a cup of coffee?  There's also the Lightning network that comes into play and nullifies all that.  Cheaper?  Sure, maybe...but ETH just had retarded transaction fee spikes all the same courtesy of their Mempool just a couple weeks ago, and again, get used to Lightning in the long run.  It is somewhat akin to withdrawing cash money from your bank account, keeping it in your wallet for expenses for xyz timeframe, separate from your safer, long-term savings account holdings.

View Quote


The "faster" part could be a real problem if anybody actually wanted to buy things in Bitcoin instead of hold it forever. It's not just slow, it's rate-limited to the point that there isn't even close to the capacity for everyone in the US to use it, let alone everyone on earth.

It does about 400k transactions per day, on a good day. That's 146 million a year. That's enough for 2% of the world's population to each make ONE Bitcoin transaction per year.

The explanation I always hear in response is "Lightning network can do millions of transactions per second". Sure, if you open a lightning network channel you can do infinite transactions back and forth through that channel at high speed and very low cost.

But 1. that takes at least one transaction to get BTC in the first place and another to open the channel, and 2. one channel is not gonna come close to cutting it for anybody's usage. As I understand it, each channel I open divvies up a fixed amount of BTC between me and the rest of the world -- I can open it and start sending money out, and once I've sent some out, some can flow back into me, but never more than I initially put in, in total. So nobody is going to be getting e.g. their paycheck over LN because their channel will fill up and won't be able to handle them having a "balance" in the channel larger than the amount it was created with.

So how does LN solve scaling if to use it, you still need a wallet to begin with and at least a few on-chain transactions a year receiving Bitcoin beyond your inbound capacity and opening new channels, and Bitcoin doesn't have the capacity to handle 4 transactions a year for everybody in Ukraine, much less the whole world?
Link Posted: 2/23/2021 12:47:17 AM EST
Link Posted: 2/23/2021 12:50:30 AM EST
Link Posted: 2/23/2021 12:50:59 AM EST
Discussion ForumsJump to Quoted PostQuote History
View Quote

good to see you back.
Link Posted: 2/23/2021 12:54:59 AM EST
[Last Edit: 2/23/2021 12:55:48 AM EST by Jagrmaister]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By RSP:


The "faster" part could be a real problem if anybody actually wanted to buy things in Bitcoin instead of hold it forever. It's not just slow, it's rate-limited to the point that there isn't even close to the capacity for everyone in the US to use it, let alone everyone on earth.

It does about 400k transactions per day, on a good day. That's 146 million a year. That's enough for 2% of the world's population to each make ONE Bitcoin transaction per year.

The explanation I always hear in response is "Lightning network can do millions of transactions per second". Sure, if you open a lightning network channel you can do infinite transactions back and forth through that channel at high speed and very low cost.

But 1. that takes at least one transaction to get BTC in the first place and another to open the channel, and 2. one channel is not gonna come close to cutting it for anybody's usage. As I understand it, each channel I open divvies up a fixed amount of BTC between me and the rest of the world -- I can open it and start sending money out, and once I've sent some out, some can flow back into me, but never more than I initially put in, in total. So nobody is going to be getting e.g. their paycheck over LN because their channel will fill up and won't be able to handle them having a "balance" in the channel larger than the amount it was created with.

So how does LN solve scaling if to use it, you still need a wallet to begin with and at least a few on-chain transactions a year receiving Bitcoin beyond your inbound capacity and opening new channels, and Bitcoin doesn't have the capacity to handle 4 transactions a year for everybody in Ukraine, much less the whole world?
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By RSP:
Originally Posted By Jagrmaister:

Faster?  Sure, but what difference does that make other than buying a cup of coffee?  There's also the Lightning network that comes into play and nullifies all that.  Cheaper?  Sure, maybe...but ETH just had retarded transaction fee spikes all the same courtesy of their Mempool just a couple weeks ago, and again, get used to Lightning in the long run.  It is somewhat akin to withdrawing cash money from your bank account, keeping it in your wallet for expenses for xyz timeframe, separate from your safer, long-term savings account holdings.



The "faster" part could be a real problem if anybody actually wanted to buy things in Bitcoin instead of hold it forever. It's not just slow, it's rate-limited to the point that there isn't even close to the capacity for everyone in the US to use it, let alone everyone on earth.

It does about 400k transactions per day, on a good day. That's 146 million a year. That's enough for 2% of the world's population to each make ONE Bitcoin transaction per year.

The explanation I always hear in response is "Lightning network can do millions of transactions per second". Sure, if you open a lightning network channel you can do infinite transactions back and forth through that channel at high speed and very low cost.

But 1. that takes at least one transaction to get BTC in the first place and another to open the channel, and 2. one channel is not gonna come close to cutting it for anybody's usage. As I understand it, each channel I open divvies up a fixed amount of BTC between me and the rest of the world -- I can open it and start sending money out, and once I've sent some out, some can flow back into me, but never more than I initially put in, in total. So nobody is going to be getting e.g. their paycheck over LN because their channel will fill up and won't be able to handle them having a "balance" in the channel larger than the amount it was created with.

So how does LN solve scaling if to use it, you still need a wallet to begin with and at least a few on-chain transactions a year receiving Bitcoin beyond your inbound capacity and opening new channels, and Bitcoin doesn't have the capacity to handle 4 transactions a year for everybody in Ukraine, much less the whole world?


I just think of it as a pillar more than anything.  I still hate shit crypto scamcoins, but think a LITERAL handful will have a utility moving forward OR nations themselves will develop crypto to suit that role.  BTC becoming the GOLD standard and the rest offering jump off points for daily transactions.  I don't have all the answers.  Wish I did, but I still think given all its pitfalls BTC is still THE BEST option in the crypto space to secure wealth.  Maybe in the future, that can change, but with all the alts on a perpetual decline against BTC in value, well, it's hard to bet against it even with some shortcomings.  Could a player emerge?  Sure...But they're going to have to eclipse a helluva headstart.  No institutional investor is looking for BTC 2.0...They're looking at BTC as it's secured its place in the market.  That's my gamble, and there's enough other positives relative to BTC's protocol that I will take the leap of faith as an allocation of my assets.
Link Posted: 2/23/2021 12:57:33 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Idahoskunk:
Fools game
View Quote


All currency is faith. Even gold.

Gold is nothing more than a desire or a result of social programming. It has no practical value. It’s bling.

Crypto is the replacement. It represents labor and intellect and is a more transparent display of value.

As long as there is tech there will be crypto. This is infancy.  

If It is lost (tech) than neither it or gold will matter. A new normal will be at hand.
Link Posted: 2/23/2021 1:03:47 AM EST
The kWh is the only relevant  medium of exchange, it is readily made, used, and it's value does not change, it can also be shorted, ie fractional reserve banking.
Link Posted: 2/23/2021 1:06:50 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By M4ger:

good to see you back.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By M4ger:

good to see you back.


thanks, I actually had to dip into my crypto accounts to pay for hospital bills. thank dog I got into bitcoin when it was only $600

Originally Posted By zazou:
Gold is nothing more than a desire or a result of social programming. It has no practical value. It’s bling.


nope, gold doesn't corrode and is invaluable in electronics. there's around $1 worth of gold in every cellphone.
Link Posted: 2/23/2021 1:07:10 AM EST
[Last Edit: 2/23/2021 1:07:44 AM EST by Jagrmaister]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By zazou:


All currency is faith. Even gold.

Gold is nothing more than a desire or a result of social programming. It has no practical value. It’s bling.

Crypto is the replacement. It represents labor and intellect and is a more transparent display of value.

As long as there is tech there will be crypto. This is infancy.  


If It is lost (tech) than neither it or gold will matter. A new normal will be at hand.
View Quote


Gold is fine due to its relative scarcity but still has inflationary measures at play (when price spikes, people work extra hard to extract more from the earth).  Silver is the original shitcoin regardless all that.    Your money is arguably "DEAD" in either precious metal.
Link Posted: 2/23/2021 1:07:17 AM EST
I sold at 55k & will buy back in again on the upswing.
Link Posted: 2/23/2021 1:13:54 AM EST
"Crater"
Link Posted: 2/23/2021 1:14:43 AM EST
[Last Edit: 2/23/2021 1:16:53 AM EST by zazou]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By jackthom8:
nope, gold doesn't corrode and is invaluable in electronics. there's around $1 worth of gold in every cellphone.
View Quote


Not saying it is without use. But your examples are modern sensibilities.

But is no longer a good candidate as a representative currency base.

Despite modern use it is historically valuable due to rarity and difficulty of acquisition. Best held by those in power and indicator of the same.

It is a deep and very h  as debatable topic. My main observation is that crypto as a medium is not really something that can be denied much longer.
Link Posted: 2/23/2021 1:20:02 AM EST
saved cash for an economic crash; still in at ~4.5k covid tier, or whatever it was then. bounce around 50k all you want, Bitcoin.
Link Posted: 2/23/2021 2:10:45 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Jagrmaister:


Without electricity, everything we've come to understand will be useless, bro.  Grid will be the first thing we get powered back on...Lest everything we know also become useless.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Jagrmaister:
Originally Posted By HogJaws:
Originally Posted By noFoTeeneR:
Originally Posted By Idahoskunk:
Fools game




Tv will never catch on.
The internet is just a fad.
Nobody is gonna pay for water.
Nobody will pay $5 for coffee.

Without electricity it's useless, bro.


Without electricity, everything we've come to understand will be useless, bro.  Grid will be the first thing we get powered back on...Lest everything we know also become useless.

I know, I was making reference to a super-boomer who was making this argument in another thread. I just kinda sat there like ...
Link Posted: 2/23/2021 2:30:33 AM EST
[Last Edit: 2/23/2021 2:34:36 AM EST by Spartikis]
This happens literally every very couple years, I would not be surprised to see it go down to 20-30k before it works back up to 100k then down again to 50k, etc... until it prob 0.5-1.0 mil in the next decade.

My biggest regret is trying to take profits and not holding. I have at times held an entire Bitcoin, selling on two occasions to take profits and prevent “losses” I have a silencerco suppressor that cost me $50k, someday I’ll look at it and think FUCK that could have been a million dollar beach house or my early Retirement if I would have not sold back then.

Honestly I don’t know how anyone can watch a asset go up 1000%, see it crashing and not cash out. The people who bought bitcoins a decade ago and held strong through all the ups and downs deserve every single penny. That shit was earned through sleepless nights and bloody stress bitten finger nails as they watch the market daily for years, seeing themselves go from broke to millionaire, again and again and still holding strong.
Link Posted: 2/23/2021 2:59:46 AM EST
I’m no crypto guru but what I’ve read and observed this dip is most likely due to whales like Elon running his mouth saying BTH and ETH “seems high”.

I promise you the big fish,  sharks and whales are buying a shit ton on this dip.

BTH just exceeded a 1 Trillion $ market cap, that and the fact the US gov have printed 30% of all US currency in existence since ever, in the last 18 months.

BTH will continue to rise, projections are it will exceed 100k per coin since BTH has a limited supply to mine and the USD just keeps going down due to infinite printing of paper.

Hold what you have gentlemen. The same for ETH, hold it will peak again.
Link Posted: 2/23/2021 3:25:36 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By gaspain:
Followed the market today, that's why. Stock market crash coming. Bull market since 2009, cant keep up.
View Quote


I'm not sure about that.
Seems like the stimuluses and fake money will keep it propped up for awhile.
Link Posted: 2/23/2021 3:31:23 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Jagrmaister:


Without electricity, everything we've come to understand will be useless, bro.  Grid will be the first thing we get powered back on...Lest everything we know also become useless.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Jagrmaister:
Originally Posted By HogJaws:
Originally Posted By noFoTeeneR:
Originally Posted By Idahoskunk:
Fools game




Tv will never catch on.
The internet is just a fad.
Nobody is gonna pay for water.
Nobody will pay $5 for coffee.

Without electricity it's useless, bro.


Without electricity, everything we've come to understand will be useless, bro.  Grid will be the first thing we get powered back on...Lest everything we know also become useless.

so... if it's useless without electricity, how is that different than the dollar?

or is all your money in paper cash?
Link Posted: 2/23/2021 4:28:19 AM EST
Well its definitely cratering now. Wonder what will happen tomorrow.
Link Posted: 2/23/2021 7:06:08 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By piciphant:
how do they track millions of micro bits after millions of transactions?, eventually the cost of storing the data will exceed  the value of the data?
View Quote

Deep thoughts
Link Posted: 2/23/2021 7:16:11 AM EST
There is a great podcast, "The Future of Bitcoin, interview with Michael Saylor" on The Nomad Capitalist Show that was released a few days ago.

Michael Saylor co-founded and leads MicroStrategy.

Basically, bitcoin is the modern gold, and does all the things that gold wishes it could do. And the mobility...
Link Posted: 2/23/2021 7:29:43 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By JarheadPatriot:
Dude.... it's been a $10k roller coaster the last 7 days
View Quote


If people are day trading it, volatility is your friend.
Link Posted: 2/23/2021 7:33:40 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By dog-meat:

Deep thoughts
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By dog-meat:
Originally Posted By piciphant:
how do they track millions of micro bits after millions of transactions?, eventually the cost of storing the data will exceed  the value of the data?

Deep thoughts


Link Posted: 2/23/2021 7:43:40 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By wyomingnick:
Well its definitely cratering now. Wonder what will happen tomorrow.
View Quote


The 2017 bubble had multiple 30% corrections on the way the final top.  This current bubble had one back in early January.  For this current correction to hit 30% we'd have to keep going to about 40k before reversing.

Could be better, could be worse but this is anything but atypical.

Link Posted: 2/23/2021 7:45:51 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Idahoskunk:
Fools game
View Quote


I've read people make this same post every time BTC hits a new all time high then drops a bit before hitting a new all time high...be sure to tell the Arfcommer that's a multi millionaire now because of Bitcoin he was a fool for playing.
Link Posted: 2/23/2021 7:49:26 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By woodsie:


The 2017 bubble had multiple 30% corrections on the way the final top.  This current bubble had one back in early January.  For this current correction to hit 30% we'd have to keep going to about 40k before reversing.

Could be better, could be worse but this is anything but atypical.

View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By woodsie:
Originally Posted By wyomingnick:
Well its definitely cratering now. Wonder what will happen tomorrow.


The 2017 bubble had multiple 30% corrections on the way the final top.  This current bubble had one back in early January.  For this current correction to hit 30% we'd have to keep going to about 40k before reversing.

Could be better, could be worse but this is anything but atypical.



I've got a buy order in at $40987...She always comes up a little shy of the target

Also, if my BTC looks bad today, I can't wait to see what the stock market does to me.

Link Posted: 2/23/2021 7:56:01 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By noFoTeeneR:




Tv will never catch on.
The internet is just a fad.
Nobody is gonna pay for water.
Nobody will pay $5 for coffee.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By noFoTeeneR:
Originally Posted By Idahoskunk:
Fools game




Tv will never catch on.
The internet is just a fad.
Nobody is gonna pay for water.
Nobody will pay $5 for coffee.

Those things actually have value and service.  Who is going to pay $50,000 for a digital Chuck-E-Cheese token when there are 20,000 other digital tokens to choose from?


Link Posted: 2/23/2021 8:03:08 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By SWIRE:

Those things actually have value and service.  Who is going to pay $50,000 for a digital Chuck-E-Cheese token when there are 20,000 other digital tokens to choose from?
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By SWIRE:
Originally Posted By noFoTeeneR:
Originally Posted By Idahoskunk:
Fools game


Tv will never catch on.
The internet is just a fad.
Nobody is gonna pay for water.
Nobody will pay $5 for coffee.

Those things actually have value and service.  Who is going to pay $50,000 for a digital Chuck-E-Cheese token when there are 20,000 other digital tokens to choose from?

This is why I think one of the smart contract platforms will replace BTC at the top of the crypto world eventually. Eth at least offers some useful functionality on chain. ADA, XTZ, and others offer even more - but are far from the spotlight. Eventually one of the smart contract platforms will host an app with major real world utilization - and its price will jump due to actual usage. This will get the attention of all the speculators, who will put it out front. No idea when this will happen, or which coin will be the lucky rockstar.
Link Posted: 2/23/2021 8:03:23 AM EST
[Last Edit: 2/23/2021 8:04:02 AM EST by woodsie]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By SWIRE:

Those things actually have value and service.  Who is going to pay $50,000 for a digital Chuck-E-Cheese token when there are 20,000 other digital tokens to choose from?


View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By SWIRE:
Originally Posted By noFoTeeneR:
Originally Posted By Idahoskunk:
Fools game




Tv will never catch on.
The internet is just a fad.
Nobody is gonna pay for water.
Nobody will pay $5 for coffee.

Those things actually have value and service.  Who is going to pay $50,000 for a digital Chuck-E-Cheese token when there are 20,000 other digital tokens to choose from?




I know I repeat myself but I've been hearing that argument for 8 years yet here we are.

Bring something new to the table that hasn't been consistently wrong for almost a decade.

People pay $50,000 for Bitcoin because it has the most extensive network.  Same reason it's been dominant from the beginning.

That could change but it remains fact today.

Link Posted: 2/23/2021 8:08:25 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By SWIRE:

Those things actually have value and service.  Who is going to pay $50,000 for a digital Chuck-E-Cheese token when there are 20,000 other digital tokens to choose from?


View Quote


If you want to be able to get wealth across borders, with no limits, with no government interference, without having Big Gov freeze bank accounts, etc., how would you do it?

How would you transfer $10 million or more (legitimately) without paying large fees?

Bitcoin is today's modern gold.
Link Posted: 2/23/2021 8:11:07 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By woodsie:


I know I repeat myself but I've been hearing that argument for 8 years yet here we are.

Bring something new to the table that hasn't been consistently wrong for almost a decade.

People pay $50,000 for Bitcoin because it has the most extensive network.  Same reason it's been dominant from the beginning.

That could change but it remains fact today.

View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By woodsie:
Originally Posted By SWIRE:
Originally Posted By noFoTeeneR:
Originally Posted By Idahoskunk:
Fools game




Tv will never catch on.
The internet is just a fad.
Nobody is gonna pay for water.
Nobody will pay $5 for coffee.

Those things actually have value and service.  Who is going to pay $50,000 for a digital Chuck-E-Cheese token when there are 20,000 other digital tokens to choose from?




I know I repeat myself but I've been hearing that argument for 8 years yet here we are.

Bring something new to the table that hasn't been consistently wrong for almost a decade.

People pay $50,000 for Bitcoin because it has the most extensive network.  Same reason it's been dominant from the beginning.

That could change but it remains fact today.


For now.  Which is my point.  BitCoin became the default coin because of those things.  Like all technology it will be replaced by something newer, faster, and cheaper.  BitCoin transactions are slow, expensive, and apparently environmentally terrible using an excessive amount of energy according to the liberals.  Litecoin and Ethereum are accepted most places taking BitCoin.  Their transaction fees are much cheaper and confirmed faster.  Ethereum does a lot more than just hold a currency, dozens of news coins use Ethereum's blockchain, thousands of new apps new Ethereum's smart contracts, Ethereum 2.0 will use 98% less energy than 1.0.  The idea that Bitcoin will keep going up and up when it has nothing unique to offer is not one I would bet on.  




Link Posted: 2/23/2021 8:13:00 AM EST
great

can't wait to get a 3080 at a decent price
Link Posted: 2/23/2021 8:17:00 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By DDiggler:


If you want to be able to get wealth across borders, with no limits, with no government interference, without having Big Gov freeze bank accounts, etc., how would you do it?

How would you transfer $10 million or more (legitimately) without paying large fees?

Bitcoin is today's modern gold.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By DDiggler:
Originally Posted By SWIRE:

Those things actually have value and service.  Who is going to pay $50,000 for a digital Chuck-E-Cheese token when there are 20,000 other digital tokens to choose from?




If you want to be able to get wealth across borders, with no limits, with no government interference, without having Big Gov freeze bank accounts, etc., how would you do it?

How would you transfer $10 million or more (legitimately) without paying large fees?

Bitcoin is today's modern gold.

LOL, that idea died in 2014 when exchanges willingly allowed themselves to be regulated by many governments.  Bitcoin is not private or anonymous, they are able to track the transactions now.  Even most of the "privacy coins" have had to admit they aren't a private or anonymous as they had hoped.  Crypto is being used because of its utility/function not because it is great for illegally moving money.  Paypal takes Bitcoin, charges a fee, and promptly turns it back into USD.  They make money off of it, that is the utility reason they take it.  

The IRS now asks people to detail all their crypto activity and the major exchanges are required to report your activity to them.  Everyone that has mined, purchased, gave, sold, or received crypto in the US is required by law to report the transactions to the IRS.  They have no good way of tracking it yet but it is still required.
Link Posted: 2/23/2021 8:17:33 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By SWIRE:

Those things actually have value and service.  Who is going to pay $50,000 for a digital Chuck-E-Cheese token when there are 20,000 other digital tokens to choose from?


View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By SWIRE:
Originally Posted By noFoTeeneR:
Originally Posted By Idahoskunk:
Fools game




Tv will never catch on.
The internet is just a fad.
Nobody is gonna pay for water.
Nobody will pay $5 for coffee.

Those things actually have value and service.  Who is going to pay $50,000 for a digital Chuck-E-Cheese token when there are 20,000 other digital tokens to choose from?




Well. Several billionaires did exactly that. Along with millions of other people.
and BTC is first to market. First to market in new space always wins until a better idea rises to the top.
Crypto is still in its infancy. Significant room for movement in ways not thought of yet.
Maybe we end up with BTC as the Gold of Crypto to hold larger chunks of value and .?? Something else for day to day transactions ? Maybe something completely different ?
But right now BTC is the winner established within the crypto space.
Link Posted: 2/23/2021 8:21:18 AM EST
Sorry, my fault, I bought my first $200 the other day.

I knew it would crater as soon as I started playing
Link Posted: 2/23/2021 8:23:30 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Willz:
I promise you the big fish,  sharks and whales are buying a shit ton on this dip.
View Quote


It was probably an engineered dump to create a cascading stop loss run so the big fish can buy it up as cheap as they can. Watching that dip get bought up in real time was crazy. That’s one big ass wick on the hourly.

https://imgur.com/gallery/cunJguT
Link Posted: 2/23/2021 8:25:46 AM EST
I was putting 100 or 200 bucks into Bitcoin every month up until a few months ago and stopped when the price started skyrocketing but at the peak I was up $8000 bucks.

Should of sold a few days ago and solidified the earnings, oh well, guess I'm holding till the next run up.
Link Posted: 2/23/2021 8:25:52 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By SWIRE:
 Even most of the "privacy coins" have had to admit they aren't a private or anonymous as they had hoped.  
View Quote


I think this is mostly Monero that is flawed and traceable with enough resources.

ZkSnarks is secure - if the transactions opt to use it. Most of the chains that support it have it as optional and turned off by default. (used by Zcash and a few others, my personal favorite (Tezos) is close to enabling it).
Link Posted: 2/23/2021 8:34:45 AM EST
What is the deal with the forum members who get in crypto currency threads to naysay?

"BITCOIN GO DOWN, IS BAD! NO FUTURE BITCOIN! HOLD BITCOIN IN HAND? NO! MEAN NO GOOD. YOU NO SHOUD HAVE BITCOIN."

Are they upset because they are not participating and deep in their psyche, wish they were? Throw in some pocket change and enjoy the ride.
Link Posted: 2/23/2021 8:37:03 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Gone_are_the_days:
What is the deal with the forum members who get in crypto currency threads to naysay?

"BITCOIN GO DOWN, IS BAD! NO FUTURE BITCOIN! HOLD BITCOIN IN HAND? NO! MEAN NO GOOD. YOU NO SHOUD HAVE BITCOIN."

Are they upset because they are not participating and deep in their psyche, wish they were? Throw in some pocket change and enjoy the ride.
View Quote


Either boomers that don’t understand that this is just a cycle and will tell you to buy gold, or FUDers that missed their chances multiple times and are mad they didn’t make any money out of it.
Link Posted: 2/23/2021 8:42:03 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By RX-78-2:


Either boomers that don’t understand that this is just a cycle and will tell you to buy gold, or FUDers that missed their chances multiple times and are mad they didn’t make any money out of it.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By RX-78-2:
Originally Posted By Gone_are_the_days:
What is the deal with the forum members who get in crypto currency threads to naysay?

"BITCOIN GO DOWN, IS BAD! NO FUTURE BITCOIN! HOLD BITCOIN IN HAND? NO! MEAN NO GOOD. YOU NO SHOUD HAVE BITCOIN."

Are they upset because they are not participating and deep in their psyche, wish they were? Throw in some pocket change and enjoy the ride.


Either boomers that don’t understand that this is just a cycle and will tell you to buy gold, or FUDers that missed their chances multiple times and are mad they didn’t make any money out of it.


And then doom and gloom until a retracement occurs only to continue sitting on the sidelines. Some people prefer a pessimistic outlook on life that transfers to everything around them and are surprised when not much in their life ever changes.
Link Posted: 2/23/2021 8:57:15 AM EST
[Last Edit: 2/23/2021 8:58:14 AM EST by Tallahasseezz]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By SWIRE:

For now.  Which is my point.  BitCoin became the default coin because of those things.  Like all technology it will be replaced by something newer, faster, and cheaper.  BitCoin transactions are slow, expensive, and apparently environmentally terrible using an excessive amount of energy according to the liberals.  Litecoin and Ethereum are accepted most places taking BitCoin.  Their transaction fees are much cheaper and confirmed faster.  Ethereum does a lot more than just hold a currency, dozens of news coins use Ethereum's blockchain, thousands of new apps new Ethereum's smart contracts, Ethereum 2.0 will use 98% less energy than 1.0.  The idea that Bitcoin will keep going up and up when it has nothing unique to offer is not one I would bet on.  

View Quote


You're using way too much logic for these people. They freely admit Bitcoin isn't used for anything besides this vague "store of value" crap they throw out now.  I saw the same hodl crap applied over at wallstreetbets in regards to GME stock.   Now 1/3 of the threads over there are people who lost their asses.  Still some of them hodl GME

This current run is due to Elon hyping it up.  Without that never ending hype train bitcoin will crater.  They need all that influx to pump up the price so they can jump out at the top and every one else can take the ride down.
Link Posted: 2/23/2021 9:33:03 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By wyomingnick:
Well its definitely cratering now. Wonder what will happen tomorrow.
View Quote

Not sure. I don’t have a ton of money in the game. Few hundred. But I will buy more if it drops more. Average out my higher-priced buys if it goes that low.

For me it’s a simple matter of diversification. I have a lot of money in my 401k. I have faith it will grow long term. Now I’m adding money into crypto with the same expectation, but also believing it will grow fully independent of other pressures- it will likely resist downturns in the stock market so long as the powers that be don’t try to fuck with it.
Link Posted: 2/23/2021 9:36:57 AM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Gone_are_the_days:
What is the deal with the forum members who get in crypto currency threads to naysay?

"BITCOIN GO DOWN, IS BAD! NO FUTURE BITCOIN! HOLD BITCOIN IN HAND? NO! MEAN NO GOOD. YOU NO SHOUD HAVE BITCOIN."

Are they upset because they are not participating and deep in their psyche, wish they were? Throw in some pocket change and enjoy the ride.
View Quote

What is the point of investing pocket change?  If it isn’t significant then you will feel you missed out anyway.
Link Posted: 2/23/2021 9:42:49 AM EST
I really hope the “it’s a fools game”, “Monopoly money”, “not backed by anything” comments coming from the people who don’t understand crypto aren’t driving people away for investing that extra $100 they have in their pocket.

Do your own research, take advice from certain people on this board who know what they are talking about, and do it. I took the advice of a close friend and bought BTC when it was 7900. Even sold a SCAR 17 and a few AK’s I never shot to do it.

I only buy with money that I’m not dependent to live on and I don’t regret it at all.
Page / 4
Bitcoin cratering again (Page 2 of 4)
Top Top