OT- Bitcoin

[itseasyas1-2-3]

Congrats on those early purchases. I wasnt that fortunate.

Honestly, I didn't know **** about BTC but my son said its the wave of the future, and he's been right so far. I bought a bunch at .08 each and just played the "wait and see" game. It kept proving itself and I arrived at the point where, regardless of what happened/happens to BTC I could never be hurt by it.

My "baby" is being debt free with a pretty fair amount of physical gold and silver and they have been hard money for 6,000 years.

Bitcoin for my kids and grandkids is for their benefit. Hopefully, one day all of us in here will have made enough smart decisions that you have the freedom to do as you desire.

 

[itseasyas1-2-3]

If I can be nosey, are you DCAing into other things too? Is crypto a big percentage of your net worth? Ignore this if its too personal. I am just curious.

Guys, these are really good conversations. Some pro, some anti, that's what makes the world go 'round.

 

[Streamer15]

Honestly, I didn't know **** about BTC but my son said its the wave of the future, and he's been right so far. I bought a bunch at .08 each and just played the "wait and see" game. It kept proving itself and I arrived at the point where, regardless of what happened/happens to BTC I could never be hurt by it.

My "baby" is being debt free with a pretty fair amount of physical gold and silver and they have been hard money for 6,000 years.

Bitcoin for my kids and grandkids is for their benefit. Hopefully, one day all of us in here will have made enough smart decisions that you have the freedom to do as you desire.

0.08 BTC is unreal. You only get a handful off opportunities like that in a life time...if you are lucky.

 

[itseasyas1-2-3]

Good deal. I wish I had a pension.

By reading some of your comments, I think you have a very good handle of how things are and could become. My only suggestion, and I'm not offering any advise, but should you own some BTC and the price starts to really rise, its not a terrible thing to convert a small portion into physical gold and silver.

You may not get the short term full gain that you might have, but you are protecting yourself for the long haul. Gold and silver have no counter party risk and has been recognized as real money for 6,000 years.

Even when the markets collapse, and they will, the price of gold and silver will drop 30% to 40% for about 3 weeks, that will be a great buying opportunity to buy because "historically" it will go to new heights. Even though I hold gold, that will be the next time I purchase more during that price drop.

FWIW

 

[itseasyas1-2-3]

0.08 BTC is unreal. You only get a handful off opportunities like that in a life time...if you are lucky.

My BTC purchase was luck in that my son is a techie and my initial investment was peanuts.

As I look back at my last purchase of 1,200, that was a gift.

But, I've always told my kids "I don't want to be the richest guy in the cemetery", I'd rather give it to my kids and grandkids.

 

[Huskers123456]

My BTC purchase was luck in that my son is a techie and my initial investment was peanuts.

As I look back at my last purchase of 1,200, that was a gift.

But, I've always told my kids "I don't want to be the richest guy in the cemetery", I'd rather give it to my kids and grandkids.

Still takes guts to spend money on a risky proposition. I've had a couple chances to pull the trigger on stocks but didn't because I figured I was just throwing my money away.

 

[GoGophers_NoBigRed]

The super wealthy and political elite will do whatever it takes to protect their interest and stay in power. Crypto works against that so it will gradually be regulated into oblivion in a way where it wont cause a mass exodus out of their respective political parties, IMHO.

Well these stupid lawsuits from the SEC against Coinbase back up that argument! What gets me is that if I receive crypto, I have to pay a tax on it unless I can show it was for the sale of something??? Sh*t, people transfer "after tax" money all the time - who hasn't had a friend/relative need a little something once in a while? That's not taxed, but transferring them Bitcoin is?

That's BS.

 

[GoGophers_NoBigRed]

I always tell people, "they're not making any more land."

They don't need to make more of something in order to saturate the market with it and collapse prices.

For instance, after the recession of 2001, people said the same quote you just did. Everyone was buying land/homes, because "unlike stocks, they can't make any more of this". Well how did they get around that? Just trick people into a mortgage they can't afford, then all that land becomes "available" again.

 

[Streamer15]

By reading some of your comments, I think you have a very good handle of how things are and could become. My only suggestion, and I'm not offering any advise, but should you own some BTC and the price starts to really rise, its not a terrible thing to convert a small portion into physical gold and silver.

You may not get the short term full gain that you might have, but you are protecting yourself for the long haul. Gold and silver have no counter party risk and has been recognized as real money for 6,000 years.

Even when the markets collapse, and they will, the price of gold and silver will drop 30% to 40% for about 3 weeks, that will be a great buying opportunity to buy because "historically" it will go to new heights. Even though I hold gold, that will be the next time I purchase more during that price drop.

FWIW

I have thought about putting one BTC on a cold drive. However, my uneducated guess is that crypto will be smashed by the govt before the markets completely fail. I hope it doesnt and you can set up your family for life with that pile of bitcoin. Also, if you are not posting from a villa in an exotic location, you are doing this wrong.

 

[Streamer15]

They don't need to make more of something in order to saturate the market with it and collapse prices.

For instance, after the recession of 2001, people said the same quote you just did. Everyone was buying land/homes, because "unlike stocks, they can't make any more of this". Well how did they get around that? Just trick people into a mortgage they can't afford, then all that land becomes "available" again.

Kind of... Owning it outright is a different story. Also, people will always need somewhere to live. You can monetize it by renting and dont have to sell. I know I glossed over a lot of fine details there.

 

[itseasyas1-2-3]

I have thought about putting one BTC on a cold drive. However, my uneducated guess is that crypto will be smashed by the govt before the markets completely fail. I hope it doesnt and you can set up your family for life with that pile of bitcoin. Also, if you are not posting from a villa in an exotic location, you are doing this wrong.

In 1984 I had the home built that I wanted and in the city I planned to live in permanently. That was long before bitcoin was even conceived.

I've been to any place in the world that I wanted to visit or think about living, and where I'm at is where I want to be. Not every one has the same idea of where they would live if they had the wherewithall.

When I was in the military, I flew free all over the US and Hawaii just by getting on a manifest list. After 39 months of seeing the entire country, I knew where I wanted to live. LOL

To the contrary, when my son was 9 years old he told me he wasnt going to live in Nebraska. He was going to live in either Miami or LA. He's been in LA since a week after he graduated college 21 years ago. He doesn't like the cold, I don't mind it.

I'm in a constant 74 degree environment. I never have to leave my house if I don't want to. I'm old. LOL

 

[big red23]

Well these stupid lawsuits from the SEC against Coinbase back up that argument! What gets me is that if I receive crypto, I have to pay a tax on it unless I can show it was for the sale of something??? Sh*t, people transfer "after tax" money all the time - who hasn't had a friend/relative need a little something once in a while? That's not taxed, but transferring them Bitcoin is?

That's BS.

For someone who own Currency wallets and use their ecosystems. I can tell you right now with a 100% certainty that the SEC's claim that Cardano, Polygon, Algo etc... being securities while Ethereum isn't is going to make it all be negated.

Polygon is a Layer 2 product built ON the Ethereum ecosystem. Cardano is a better version of what Ethereum is. None the less they are all doing the same things. So the SEC can't call some a security and others not. It is laughable

 

[itseasyas1-2-3]

Kind of... Owning it outright is a different story. Also, people will always need somewhere to live. You can monetize it by renting and dont have to sell. I know I glossed over a lot of fine details there.

I hate to burst you bubble, but I've owned my home for many years, yet, I will never really own my home.

Every home is actually owned by the Cede Corporation by the City of London. If you do the research, you'll find I'm right.

Even on a simpler way of looking at things, if you don't pay your property taxes for 2 years, you think you'll own your home?

Did you know that yours/mine/everyone's SSAN makes them what is considered "chattel" to who actually owns everything?

Things are not as simple as they seem.

 

[itseasyas1-2-3]

For someone who own Currency wallets and use their ecosystems. I can tell you right now with a 100% certainty that the SEC's claim that Cardano, Polygon, Algo etc... being securities while Ethereum isn't is going to make it all be negated.

Polygon is a Layer 2 product built ON the Ethereum ecosystem. Cardano is a better version of what Ethereum is. None the less they are all doing the same things. So the SEC can't call some a security and others not. It is laughable

The only crypto thats a commodity is Bitcoin. Until the SEC changes their mind.

 

[big red23]

The only crypto thats a commodity is Bitcoin. Until the SEC changes their mind.

Correct, but what I am trying to say is this

Bitcoin has NFT's, and Smart Contracts just like Ethereum, Cardano, Algorand, Solana. So the fact that they all have products on their ecosystem, one (including bitcoin) cannot be different from another in the eyes of the SEC unless the government is trying to Cash in on the 208k bitcoin they own

Look up Bitcoin Ordinals (Bitcoin NFT's). Things sold on their ecosystem that would negate it is just a Commodity

 

[SuperBigFan]

Sometimes I read posts and I am like "****, there are a lot of doomsdayer's out there"

Haha

 

[big red23]

I have thought about putting one BTC on a cold drive. However, my uneducated guess is that crypto will be smashed by the govt before the markets completely fail. I hope it doesnt and you can set up your family for life with that pile of bitcoin. Also, if you are not posting from a villa in an exotic location, you are doing this wrong.

Type "How much bitcoin does the US government own?" in a Google search. I would not worry too much about the government creating a Giant bitcoin Crater unless they want to screw themselves.

 

[itseasyas1-2-3]

Sometimes I read posts and I am like "****, there are a lot of doomsdayer's out there"

Haha

I read a post like yours, and decide I agree with 50% of what you wrote. LOL

 

[GoGophers_NoBigRed]

The only crypto thats a commodity is Bitcoin. Until the SEC changes their mind.

So what's the difference in terms of taxes, if you don't mind me asking.

I've been buying Bitcoin at random points in time (and it appears coinbase didn't track all of my purchases because they show me as being up thousands when I'm actually down a few grand on it - might have to do with some purchases were made on coinbase pro, I dunno).

But if I sold some Bitcoin now, is it like selling a stock?

 

[TampaBaySkers]

I was an early adopter of BTC based on my son's recommendation in 2009. I didn't buy any more until it reached 300.00 each, then bought more at 600.00 each. The last whole BTC purchases I made was purchasing 6 each at 1,200.00 for my two oldest grandsons.

Since then the only BTC purchases I make are a few hundred dollars a month that I buy portions of BTC for my 2 youngest grandsons. Even at 400.00 a month, regardless of BTC price, over an 8 year period they have done well even though they have no idea they own BTC. I transferred 1/4 of the total grandsons BTC to my 2 little guys to get them more even with the older two.

As far as the Federal Reserve Note, it won't even exist in 10 years. It's being rejecting world wide and the USA great scheme of a CBDC will fail. Anyone locked into the CBDC will be screwed if they don't have an alternative way of protecting their money. Once the Universal Basic Income comes into play, so will the worldwide tax of at least 15% will milk those folks dry.

I've always looked at Bitcoin as a speculative investment with an enormous upside. Back when BTC approached 60K, I sold one and bought more physical gold. There is no way I can lose on BItcoin, regardless of its price point, even down to zero.

I was buyiong physical gold at 300.00 an ounce and silver at 4.85. Have only sold 5 ounces of gold in that period of time and that was when I arbitraged it into silver which was trading at 90/1 versus gold. My reasoning being IF, and its a big IF, the price of slver ever reverts anywhere near the traditional 16/1 ratio, I would then arbitrage those same 450 ounces of silver back into 28 oz. of physical gold. Other than that, I stand pat.

The only stock I own is in a small gold mining company that I purchased 3,000 shares (750 each) for my son, wife and 2 youngest grandsons. So far its doing well but if it goes to zero, it won't affect me. I bought those shares for my son to do the transaction.

Kudos to those who play the market. I'm just not a market guy with the High Frequency Trading platform in place. I hope everyone does well regardless of the route they choose.

You seem to think the WEF will get their way. I pray you’re wrong.

 

[itseasyas1-2-3]

You seem to think the WEF will get their way. I pray you’re wrong.

Not at all, but this country is full of gutless cowards that let unelected people think they make the rules.

My plan is for myself and my family since I have no control over these evil entities.

 

[SuperBigFan]

Not at all, but this country is full of gutless cowards that let unelected people think they make the rules.

My plan is for myself and my family since I have no control over these evil entities.

No joke, I want to like follow you around for a month! Ha! I feel like it would be amazing!

 

[NikkiSixx_rivals269993]

I'm a skeptic but am open to changing my opinion here.

Where is the arbitrage?

The underlying tech, blockchain, has a lot of potential. That doesn't mean that BTC will live on.

The govt let this get away from them. Once the current admin figured out the severity of their problem, it was too late to make one big move to kill it. Now they have to kill it off slowly or risk pissing off a lot of voters.

I owned a lot of eth but exited my position as I couldn't see a future for it. It's safer for me to speculate with land.

The arbitrage is the volatility (priced in fiat) since it's inception. But that volatility is decreasing. In 2030, we won't be seeing big swings in bitcoin's price, it will become very boring, and you won't be able to make anything from buying and selling.

Today, you can still make money from the cycles bitcoin goes through, due to it's mining and then halvening process. In the future, those mechanics will have less of an effect on it's price.

I think you will see btc become the base asset that things will be backed by. I don't know which other chains or technologies will win out, but other countries are moving forward with crypto.

As to the US govt, they are not being smart about this.

As an American, more and more we find ourselves not being able to participate in the new financial system. More and more exchanges won't let you on their platform if you're from or reside in the US. If you flip that thinking upside down, it looks more like the rest of the world is actually free, and the US is the restrictive country.

Personally, I don't care what the US govt does.. because it is losing control over the new financial system.

I have a theory that the US Dollar will remain the reserve currency for now, however the federal reserve and the US will lose control over it's issuance.

Right now, only the US has the control to issue USD Fiat.. that won't change.

But USD based stable coins can be minted and backed by btc, or other baskets of assets, which is what is happening on other chains.

So the US govt can try to ban or classify x, y or z token (i.e. Tron, BSC, etc) as a security, but the reality is, in the new financial world, others can and will mint USD stable coins and the free market will determine if they succeed or fail.. in effect, the US Govt is losing control over the currency's issuance.

I haven't heard anyone talk about this theory yet, it's just something I have been thinking about.. but I have zero concerns about crypto and the US govt.. it has indeed gotten away from them, and they aren't putting it back in any bottle.

 

[itseasyas1-2-3]

No joke, I want to like follow you around for a month! Ha! I feel like it would be amazing!

Which one of my personalities would you like to follow Super? LOL

 

[redwine65]

I think the gensler and sbf team gave the bottom, and we are now on the foothills of the next bull run till march...
I wonder if alot of them alt's combine lawyers fees to battle the sec? like if It was dot, eth and ada...or binance and coinbase

 

[Scat_Back]

That FTX corruption felt like the big event to get all the retail traders out of crypto. Perfect opportunity for the whales to buy in which I believe they did. I sold my Etherium about 6 weeks ago in my IRA and bought Bitcoin the same day. I went through a few down days but not much. I am sitting pretty and holding this for much longer. I am a believer that there is a good chance of a big future for Bitcoin. I also bought Coinbase at around $52 the other day. At $61 currently. The chart just looked great and I believe it goes higher.

I haven’t done much research on the recent spike but BlackRock applied for a Bitcoin ETF which seemed to really kick it off.

 

[GBRforLife1]

This is exactly why I can't understand this ****. People keep trying to explain to me why it's the greatest thing ever but 90% of what they say can be simply refuted. And then I'm back to wondering how any of this is any different then a José Canseco rookie card, it's worth what someone will pay me.

Everything is worth what someone will pay you.

You have to factor in supply and demand and the total market. Then take into account what the market will look like in 5, 10, 15, 20 years.

 

[61bigredfan]

Everything is worth what someone will pay you.

You have to factor in supply and demand and the total market. Then take into account what the market will look like in 5, 10, 15, 20 years.

Sounds fair. Blockchain technology seems like it will be valuable. But you don’t own a piece of that technology if you own btc. So you could be owning the next decade’s must have currency, or something equivalent to a 1923 Deutsche Mark. I’m too old to get involved in something that unpredictable, no matter how much it might make. Reminds me of roulette.

 

[big red23]

XRP beats the SEC in court... look out

 

[Scat_Back]

I also bought Coinbase at around $52 the other day. At $61 currently. The chart just looked great and I believe it goes higher.

Hopefully some of you got into COIN as well Down goes the SEC!!!

 

[king_kong_]

Hopefully some of you got into COIN as well Down goes the SEC!!!

450%+ gainer today for me on calls

will explode tomorrow morning

 

[Scat_Back]

450%+ gainer today for me on calls

will explode tomorrow morning

Phuqqq yea! Gainers for days!!!

 

[Stormking]

Its junk=Bail AI stocks are so legit like Nividia right now why fight the establishment with a BS currency!

 

[SuperBigFan]

Its junk=Bail AI stocks are so legit like Nividia right now why fight the establishment with a BS currency!

NVDA is my dawg right now!

 

[Stormking]

My milk cow. I just am pissed I keep bailing out taking profits thinking the cow is dry then there she goes again!

 

[Sinomatic]

TSLA, SOL

Bad hits this year. Bought them both in the dregs.

I'm loving it today.

I want to thank you anti Elon chuckleheads for my TSLA jack pot from early this year, and thank you SEC for taking it like a champ.

 

[SuperBigFan]

My milk cow. I just am pissed I keep bailing out taking profits thinking the cow is dry then there she goes again!

Well, it will go down after earnings come out in August because they predicted a crazy number and will get a crazy number but not as high as predicted.

Eventually it will get to 700

 

[Suhrreal]

If you think that was the bottom, just let us know when you sell in the coming months. I'm looking for a local top here between current price and ~25k, and if not there, it will be a major test at ~32k. If it clears 32k I'll be more inclined to believe you were right.

Bitcoin continues to respect the levels fleshed out earlier this year. Still no sign of selling from the posters here, so we must assume they are holding yet again.

Must say it was a tremendous rally both in the crypto space and in the stock market. Both hitting the upper limits of what I had mapped out, which I did not expect at all.

Now we must contemplate whether pain is ahead or more chop. I am guessing pain. A lot of pain. When the 25% weekly drops start pounding the crypto space, it is over for the short term. It is over for the medium term. The long term? Only the most stalwart of believers will be able to hold meaningful positions. It is going to hurt unbelievably bad.

 

[Suhrreal]

https://www.zerohedge.com/markets/b...2000-amid-stale-reports-spacex-sold-its-stake

which saw bitcoin slump from above $29,000 on Wednesday evening to around $27,500 by Thursday afternoon - amid soaring nominal and real rates became a bloodbath when in the span of minutes, bitcoin tumbled another $2,000 to as low as $25,314 on a massive order dump which quickly took out all stops.

25K level respected again. Anyone know if this Elon selling news is legit?

 

[redwine65]