I bought some IBIT. I hope you are happy. It's a hedge against the devolving of US world influence and an attempt to hedge some US dollar risk. I expect several of you to reimburse me if I lose my shorts. Thank you in advance.
OT: bitcoin bros
- Thread starter horshack.sixpack
- Start date
Back in 09 when I was laughing at it, I should have been buying.
Admittedly, I still don't understand how it has any value at all.
It is amazing to me. There is nothing backing it. You can't hold, you can see it, it's just a bunch of 1110000111111001001001001.
I gave up arguing against it and trying to figure it out....been buying it since 2019....working out so far....
currently holding onto XRP, AAVE, CRV and LINK...bought all of them in November.....LINK only one in the red right now....
currently holding onto XRP, AAVE, CRV and LINK...bought all of them in November.....LINK only one in the red right now....
i hear you....about the only thing with a dollar is that you can hold it....since the early 70s, only thing backing it is "just trust me bro"
It's *almost* like gambling at casinos, where I hear all about the big winners, and... less about those who lose money.
Sure, but there's a pretty big/visible apparatus around that "just trust me bro" and (until very recently) a commitment from our leadership to keep it that way.
I can certainly empathize with anyone who's trust in the US government & institutions is less than it was before.
That's probably a little unfair to Biden. We basically started with the "somebody will do something in the future to address it" at least during Bush II, which I would argue is not really a commitment to maintain the value of the dollar. It got worse under Obama even with sequestration and lower than projected interest costs. Got worse under Trump I and granted it did go into hyper drive under Biden and he didn't have at least the fig leaf of an excuse for Covid, but there were a lot of steps to get to "17 it; let's print a trillion dollars to hand out".
I'm not going to take your bait other than to say the commitment to Full Faith and Credit seems more tenuous by the day.
Others may have more reservations*
There is plenty more backing it than that -
$30 Million of GDP per year that can be taxed.
2 + billion acres of land that can be taxed / sold.
Trillions of dollars of other assets that can be taxed.
5,000 plus nuclear warheads
11 aircraft carriers - Several acres of US soil that can show up anywhere at anytime.
I was just highlighting where you used “recently” as bait. The government has shown they can’t be trusted for a long time.
No one has lost money dollar cost averaging into bitcoin for 5+ years without selling. Everyone who lost money was doing something other than long-term accumulation without selling: short time frame (sub 5 years), trading, trying to time the market, selling at the wrong time, using leverage, etc.
I welcome anyone to do the research and try to prove me wrong. Find me a 5-year period in which someone who DCA'd into bitcoin lost money. You could do daily, weekly, or monthly buys.
Not only has no one lost money doing this, but they have outperformed your financial advisor over most periods.
The casino you're looking for is crypto (not bitcoin). It's a mistake to conflate the two. But it's a mistake that crypto insiders want you to make.
Not sure the nukes are really backing anything. Can't be used unless you want to end civilization.
BRICS Nations have proposed a blockchain currency backed by gold that will rival the US dollar, so digital currency is likely a bigger player pretty soon.
There isn't a Steak 'n Shake near me. But I will buy a sixpacker's meal with bitcoin. Just take a photo of the QR code and post it here. I will pay with bitcoin.
You just have to make sure I'm online before posting.
You gonna go broke, dude.
This doesn't make sense. Gold cannot be secured by a blockchain. The best you could achieve with a blockchain is a really complicated, inefficient database that secures nothing more than a digital receipt. You still have to store and secure the gold in the real world.
Blockchain is just a buzzword.
Example A of why I left this board for years and probably will again. Can we just talk about stuff without morons constantly interjecting their idiotic political takes? Who cares what a random moron thinks about politics? I know I don't.
It's Goat, he's never seen an electric fence he didn't feel the urge to piss on it.
thanks for chiming in. I now have a mental note of which obscure anon will owe me big when this thing craters into the bit bucket.***
Rest a assured all those BRICS countries will be sh!tt!n' bricks if they 17 with Trump's bitcoin and our American Gold!
Blockchain my assparatus.
Blockchain my assparatus.
This
......Been DCA'ing for several years....I am just short of .25 BTC.....not much.....but im not selling it unless I have to....I think my average price point is around $55K, but that may have gone up since ive been buying more here lately...
"You only lose if you sell"
Wow! People lost money in the crash of October 1929 only because they sold, not because the underlying assets were ******* worthless.
I am still generally unconvinced on any argument for or against crypto after studying it for ~12 years and owning various coins in modest amounts. I think it's a viable investment, but not necessarily for me and not unique enough to stand out from others.
Around 2012, I ventured into BTC for reasons that most regular people did at that time by necessity. I bought some BTC to complete a single transaction, and I had a fractional interest left over in a pretty byzantine wallet. The wallets were pretty inaccessible then. I then promptly lost my pass phrase a few months later and forgot about it after a pretty weak attempt to recover.
That same year I started listening to podcasts about BTC and the blockchain more generally. These were mostly trying to describe the nature of the blockchain to regular people and tended to focus on the value of BTC being- 1) that it was decentralized (so NOT pegged to any specific currency, commodity, etc.), and 2) it was very secure due to the recording of every trade on the chain. The other discussion was whether it was inherently useful as a currency or simply as a store of value (in direct competition with gold, as I recall).
In early 2016, I downloaded a banking app that rewarded you for depositing $ into a checking/savings account by awarding small USD or ETH deposits. Over about a year, I think I had "won" about $17 USD and about ~30 ETH through the games. I closed the savings account a year or so later because I forgot about it and ETH because it was worth just enough to cash out.
Obviously, we all know what happened over the next decade.
What has changed and kept me dubious since I started trying to understand it has been a few things-
1) proliferation of sh*tcoins (basically fraud and gambling) and the Solana meltdown (actual fraud);
2) BTC and legacy coins conforming more to regular currency and equity markets (so, not very decentralized), and
3) Increased crypto theft from platforms and wallets like Coinbase and Kuco (so, not particularly secure)
Today my stance is that, without enhanced security and detachment from other more common markets, crypto (and I mean BTC and legacy coins) is not unique enough to invest in versus other traditional vehicles. As for whether it's more volatile than equities, I think it's fair to say that the market's recent total separation from traditional P/E and other valuation tools for pricing equities has made it nearly as volatile as to be a wash.
I would have loved to find my old bitcoin wallet and not cashed out that ETH when I did, but I don't see myself investing more today. If I want a "hedge", I'll buy gold or diversify in real estate. I should mention that I'm in late 40's, so that might be different if I was younger and had more risk tolerance.
Around 2012, I ventured into BTC for reasons that most regular people did at that time by necessity. I bought some BTC to complete a single transaction, and I had a fractional interest left over in a pretty byzantine wallet. The wallets were pretty inaccessible then. I then promptly lost my pass phrase a few months later and forgot about it after a pretty weak attempt to recover.
That same year I started listening to podcasts about BTC and the blockchain more generally. These were mostly trying to describe the nature of the blockchain to regular people and tended to focus on the value of BTC being- 1) that it was decentralized (so NOT pegged to any specific currency, commodity, etc.), and 2) it was very secure due to the recording of every trade on the chain. The other discussion was whether it was inherently useful as a currency or simply as a store of value (in direct competition with gold, as I recall).
In early 2016, I downloaded a banking app that rewarded you for depositing $ into a checking/savings account by awarding small USD or ETH deposits. Over about a year, I think I had "won" about $17 USD and about ~30 ETH through the games. I closed the savings account a year or so later because I forgot about it and ETH because it was worth just enough to cash out.
Obviously, we all know what happened over the next decade.
What has changed and kept me dubious since I started trying to understand it has been a few things-
1) proliferation of sh*tcoins (basically fraud and gambling) and the Solana meltdown (actual fraud);
2) BTC and legacy coins conforming more to regular currency and equity markets (so, not very decentralized), and
3) Increased crypto theft from platforms and wallets like Coinbase and Kuco (so, not particularly secure)
Today my stance is that, without enhanced security and detachment from other more common markets, crypto (and I mean BTC and legacy coins) is not unique enough to invest in versus other traditional vehicles. As for whether it's more volatile than equities, I think it's fair to say that the market's recent total separation from traditional P/E and other valuation tools for pricing equities has made it nearly as volatile as to be a wash.
I would have loved to find my old bitcoin wallet and not cashed out that ETH when I did, but I don't see myself investing more today. If I want a "hedge", I'll buy gold or diversify in real estate. I should mention that I'm in late 40's, so that might be different if I was younger and had more risk tolerance.
I was replying to a post referencing "those who lose money" with facts: No one has lost money simply DCAing into bitcoin and holding for 5+ years. You can cherry-pick any 5-year period and try to prove me wrong. I ran the numbers in January (see attached). Actually, DCAing and holding for any 41-month period produced no nominal losses (data going back to October 2014). I'm just being conservative and rounding up to 5 years.
More Americans own BTC than Gold. You picked a good time to get in. The next few months should be fun.
I hear his bitcoin is backed by gold shoes and he still has tesla's on the white house sales floor if he runs out of shoes.***
It's just a risk hedge for me. I typically don't buy anything that doesn't make any sense. I'm fully prepared to pay dearly for departing from that wisdom. I'm also getting capital ready to move to an international bank, to make it easier to have access to my money without depending on a US bank and having easier conversion to Euros. On a more sensible note, I also bought a lot of FDL for relatively certain dividends.
Keep an eye on quantum computing advances. Sufficient advances could mean that private keys could be derived from public addresses. China and North Korea would have a field day with this.
There of course is a post quantum crypto algorithm being developed but that could mean an entirely new crypto currency and hash mechanism, rendering bitcoin sort of like confederate money.
There of course is a post quantum crypto algorithm being developed but that could mean an entirely new crypto currency and hash mechanism, rendering bitcoin sort of like confederate money.
My general assumption is that, like most things, advances in tech will apply to both the good guys and bad guys. So, comparing today's encryption vs some future state of much more powerful computing doesn't resonate with me.