patrick.net

ponzi scheme? lol. Sry, i disagree but its funny
okay....so you guys invest in gold or what. Why is it so hard for you Onvacation to tell us what he invests in?

Besides Stocks and RE, I am in Bitcoin, just bought recently. Lets see how I do a year from now. I am not too concerned about midterm swings. It could go back to 12k anyday or be at 18k in a few days.
These runs are kind of exciting for me.

G36 says

ponzi scheme? lol. Sry, i disagree but its funny

It has no utility at all.

Look, if the government wants to destroy bitcoin, they can simply make it illegal. That would crush it.

But what they are more likely to do is to take over the majority of wallets for validating a transaction. All you need to have is the majority of the network, and that could be done with a virus, it could be done with a single data center as well.

Why should I trade goods and services for a hashed number that is exorbitantly expensive to transfer to a 2nd party? I trade paper for goods and services, simply because that is what is required by law. People only accepted this because it was once convertible to gold and silver.

Fiat systems tend to last only a few decades, we've been on this one for 5. It's one of the oldest purely fiat systems ever and it has no scarcity.

The US dollar is not a ponzi scheme, it's the reverse of one. The earlier you get into it, the more wealth you lose. People just simply don't look at past results of such schemes.

G36 says

Why is it so hard for you Onvacation to tell us what he invests in?

I told you, food and entertainment. What else would a person on vacation invest in? I also invest in exercise. I believe it is critical to maintain an active lifestyle. My sailboat is definitely not an investment. Service; my job makes the world a better place.

I don't dox me.

For some reason a lot of software engineers congregate here on Patnet. We know about hashes and understand how bitcoin works. The Ponzi is set up for artificial scarcity and a lifetime estimated to last until 2040 before the last bitcoin is "mined". Your digital "Gold" is only a store of value as long as the network keeps working.

What if a brilliant engineer devises a software or hardware hack that trivializes the "mining" process? They will have a monopoly on new "coins" until the rubes realize nobody wants what is in their digital "wallet". They call it "currency" but it is not widely accepted and circulated from person to person.

See how all the terms fool the gullible?

You can only make money in crypto if someone else buys it from you for more than you bought it including transaction fees.

richwicks says

If you make $10 million in bitcoin, go buy a plot of land in the middle of nowhere and build a vacation home, or a shack.

Or if you're the government, seize ~$10 million of Bitcoin from Silk Road, hold 7 years and -- Voila, you've got $1 billion of BTC. What's in your wallet?

EBGuy says

Or if you're the government, seize ~$10 million of Bitcoin from Silk Road, hold 7 years and -- Voila, you've got $1 billion of BTC. What's in your wallet?

It's good to be king.

Onvacation, for how long have you been on vacation and does that mean you are retired or you still have a job?

EBGuy says

Or if you're the government, seize ~$10 million of Bitcoin from Silk Road, hold 7 years and -- Voila, you've got $1 billion of BTC. What's in your wallet?

B B But, Buttcoin will protect us from the coming wave of Tyranny.

Also, good luck getting past customs on either side of your flight with lots of gold coins. They totally won't confiscate all or most of it on the way in or out.

NoCoupForYou says

Also, good luck getting past customs on either side of your flight with lots of gold coins. They totally won't confiscate all or most of it on the way in or out.

I'm pretty sure so many people have my 'buy a sailboat and a shovel idea' that if I were to try to bury in the Caribbean in a few years as soon as I started digging I'd hit someone else's stash.

personally, I dont know anyone who invests in gold. I held it for a while but it doesnt do much....I understand this is anecdotal but there are many articles about it too.

https://www.ccn.com/generation-bitcoin-90-of-millennials-prefer-crypto-to-gold-etf-expert/

https://news.bitcoin.com/jp-morgan-sees-millennials-bitcoin-preference-over-gold-as-foundation-for-its-long-term-success/

https://markets.businessinsider.com/currencies/news/gold-bitcoin-jpmorgan-older-investors-buy-gold-millennials-prefer-bitcoin-2020-8-1029471716

https://www.gramercygold.com/millennials-choosing-bitcoin-gold/

NoCoupForYou says

B B But, Buttcoin will protect us from the coming wave of Tyranny.

Also, good luck getting past customs on either side of your flight with lots of gold coins

There's nowhere to go. This isn't 1939 - we are a global world, and the reserve currency is fiat, and all Western currencies are based off from it. When it comes down, Europe goes down as well - so does South America, Canada, Mexico, Central America, Australia, New Zealand, and India. Europe is likely to go first actually.

China and Russia will be standing fine. The rest of the world will try to force us onto some other BS standard like SDRs - which is just a basket of currencies, but since they all depend on the dollar anyhow, it won't last long.

You're not fleeing anywhere. There's nowhere to go.

EBGuy says

richwicks says

If you make $10 million in bitcoin, go buy a plot of land in the middle of nowhere and build a vacation home, or a shack.

Or if you're the government, seize ~$10 million of Bitcoin from Silk Road, hold 7 years and -- Voila, you've got $1 billion of BTC. What's in your wallet?

The US government can print money at will. They don't care about money - they only care that the US dollar is considered to have "worth".

G36 says

https://www.ccn.com/generation-bitcoin-90-of-millennials-prefer-crypto-to-gold-etf-expert/

https://news.bitcoin.com/jp-morgan-sees-millennials-bitcoin-preference-over-gold-as-foundation-for-its-long-term-success/

https://markets.businessinsider.com/currencies/news/gold-bitcoin-jpmorgan-older-investors-buy-gold-millennials-prefer-bitcoin-2020-8-1029471716

https://www.gramer...

More proof of the idiocy of millennials.

G36 says

personally, I dont know anyone who invests in gold

Gold is more defined as a hedge to inflation and/or a store of value as are the experts defining in part BC ;). BTW BC is holding that $15250 I mentioned yesterday so I have reasonable expectation it bumps into $16800+/- the $ I mentioned 11/3 when price was at $13800+/-. I will likely unload my BC position in that area 16.8 it will be sizzling hot (rsi) if and when it reaches that tgt. DX is likely to continue to dump 89/87+/- and since it is weighted as the quote currency in BTC/USD that should provide fuel to reach my tgts. I will also be looking to dump my gold plays if/when DX hits the 88 area as well as it may be time to short hard the stock market, have to wait and see what the crystal ball says.

I don't understand the upset from BTC and crypto people. If you have faith in it, why are you trying to convert people? The value is going up, right? Myself, Onvacation and others aren't buying and don't care to. We have an opinion, much of it fact, on what it is, but you guys get so defensive about it.

Makes one think you're scared of your investment in it. Take this as you want, but I've been on penny stock boards in the past trying to get rich quick admittedly. You sound absolutely the same as those guys here. It's not logical and I think you're scared. Just my final take on how all these threads go and you guys get all butthurt over something you believe to be golden. It's weird. Just admit you could lose money and that it 100% could be valueless in the future. These are facts, so stop getting so upset about it.

WookieMan says

I don't understand the upset from BTC and crypto people

Its irritating to have all the "garbage presumptions littering a space" that guys like you use that blabber on irrelevancy instead of using that energy for some real DD so you can add something real and of value. You are 1 of the worst in presuming you know so much about how others approach the market and trade and yet you know nothing just like your knowledge of blockchain null and void.

Cash says

I will likely unload my BC position

to a greater fool assuming I get out in time.

Onvacation says

to a greater fool assuming I get out in time.

No worries I have several positions 1 at 13634 and another at 14872 and a SL just below 14800...

Cash says

WookieMan says

I don't understand the upset from BTC and crypto people

Its irritating to have all the "garbage presumptions littering a space" that guys like you use that blabber on irrelevancy instead of using that energy for some real DD so you can add something real and of value. You are 1 of the worst in presuming you know so much about how others approach the market and trade and yet you know nothing just like your knowledge of blockchain null and void.

Again. More upset. Thanks for proving the point. Invest and be a billionaire. I've said trade it and make money. Never said you couldn't. BTC has a lifespan. You don't guys don't have a counter argument, just upset and tell someone to go research it. I haven't seen one valid point why BTC will last another 50 years. None. I've researched it too.

Ride the pumps and be very afraid of the dumps. I cannot predict when, but BTC will be done at some point and you'll just tell me to go research it instead of explaining why, because you don't know what it is. You were conned. Which happens to everyone, so don't take that as an insult. I'm just being real and I think what you perceive as opposition here is frankly just a warning. Be careful.

I don't wish ill will on any fellow human unless I'm physically attacked. Otherwise be safe with your money. My former boss went BK by the hype to $20k with BTC. Destroyed his family. Just want to give you some perspective on where I'm coming from. You only hear about the BTC billionaires that you have zero backing data if it's true. Question everything, especially when there are no law or regulations with what you're investing in. People made a lot of money in the wild west, the vast majority didn't.

Cash says

WookieMan says

I don't understand the upset from BTC and crypto people

Out of context as always being that no one said anything near or about BC and 50 yrs you are such a joke... G36 and I are just sharing our current approach and you and yours assume you know so much beyond what is being said it is sicking.

Cash says

G36 and I are just sharing our current approach

Share the evidence of your spectacular winnings and you'll gain some credibility.

Not holding my breath.

FuckCCP89 says

Share the evidence of your spectacular winnings and you'll gain some credibility

You are a nobody and I can care less about what you or anyone like you thinks. I put it on the table take it or leave it.

WookieMan says

Again. More upset. Thanks for proving the point. Invest and be a billionaire

Talk about a red flag.

www.youtube.com/embed/Qoj__Sd66pE

Cash says

You are a nobody and I can care less about what you or anyone like you thinks. I put it on the table take it or leave it.

Then why keep quoting and responding directly to us? You clearly do care. You also have put nothing on the table. You're upset about our statements without explaining why BTC is a good investment. If I came on here and said public stock of Ford is going to the moon, wouldn't you question that? At least with Ford you have financials and required reporting of who owns what that you can somewhat trust. Do you not understand that is part of our rational? It's an indisputable issue with crypto.

FuckCCP89 says

Cash says

G36 and I are just sharing our current approach

Share the evidence of your spectacular winnings and you'll gain some credibility.

Not holding my breath.

FuckCCP,
I shared my screenshot, I havent claimed big wins.....I just starting putting money into BTC.

G36 says

I shared my screenshot, I havent claimed big wins.....I just starting putting money into BTC.

Just ignore them ;) They are so blinded they will be repeating and throwing the same monkey feces no matter how high the price of crypto might go. They have no concept of topic.

G36 says

Onvacation, for how long have you been on vacation and does that mean you are retired or you still have a job?

Cash says

G36 says

I shared my screenshot, I havent claimed big wins.....I just starting putting money into BTC.

Just ignore them ;) They are so blinded they will be repeating and trowing the same monkey feces no matter how high the price of crypto might go. They have no concept of topic.

Its too bad....i dont get why this has to be a hostile discussion. If someone doesnt like Bitcoin/Crypto for whatever reason, thats totally cool. I would never try to attack/convince that person. I am just looking for stuff that you post for instance. I want to learn and invest in Crypto, mainly Bitcoin. The fact that it has been around for so long and the fact that many Nasdaq listed companies are getting involved are valid reasons for me to believe there is a lot of upside for Bitcoin's price. The market cap of Bitcoin compared to Gold is also very bullish to me. I want to make more money and think that the chances of bitcoin going much higher in price are far greater than the risk of it losing value.

G36 says

FuckCCP,
I shared my screenshot, I havent claimed big wins.....I just starting putting money into BTC

Calm down. Most of the issue anyone here has is with the pumping and the long term value of it. People pump a position out of fear that it will go down. That's much of what the crypto people on this forum (and others) have done. It's an annoying tendency, isn't a conversation, and frankly is worthless. Crypto guys never give the why, just it's going to the moon.

And I'll repeat it again. You can make money on crypto. We're simply pointing out that it's not similar to gold or anything. It will go away. You guys just get upset and tell us we're uneducated on something that we may or may not know more than you about it. Just because you've invested doesn't mean you know a thing man. If I'm holding 2 million BTC (not dollars) I can yo-yo the market and take your money all day. You have zero clue if someone has that much. Zero. And it could be a group of people. Everything in life is to part you from your money. Crypto is no different.

G36 says

i dont get why this has to be a hostile discussion

Me neither, they must have some kind of marvel hero syndrome wanting to save us. lmao Take a moment and search Bitcoin and read some old post you will
see they have already made fools of themselves. They don't understand that the banks lost to crypto and thus the reason they now have the authority to be custodians and investors in crypto for their clients. If you can't beat them join them thats what the banks have done, lots of companies are preparing as well Paypal, MasterCard etc. My belief which I actually have some skin in the game is there could be massive gains for those willing to educate and speculate..

Hi WookieMan,
I am calm I just shared my screenshot (again) because FuckCCP asked for it (again). I thought that would be a good thing. I am not trying to pump anything. I dont care what people invest in. I am looking to discuss the topic. I think Cash shared same valuable info and perspective, thats the kind of thing i am looking for. I am not interested in calling people idiots or greater fools because they invest in something. I dont think there is any reason to attack or get upset or hostile over Bitcoin :). To me Bitcoin is a store of value/Digital gold. Thats why I invest in it. I dont feel offended if you think its trash. Totally fine by me.
I also dont predict a certain price. I would hope it goes up tremendously but i am prepared for it to swing heavily one side or the other. As i said, my long term strategy is to buy and hold. I might change my strategy and start trading it...thats why i am interested in hearing what others do (like cash).

I saw other posts from you. We share the same views on a lot of things. Crypto apparently not. Totally fine. All good man!

Cash says

you are such a joke..

When you can't refute their logic attack their person.

In every con there are the ones who make money and the rubes who lose it. If you don't know who the rube is, it might be you.

Onvacation says

When you can't refute their logic attack their person.

That is exactly what you rubes have been doing from the start.... Project often do you? LMAO

G36 says

I saw other posts from you. We share the same views on a lot of things. Crypto apparently not. Totally fine. All good man!

I like your style. I'm not here to shit on anyone. I simply don't trust crypto. I want people to make money. Everyone should. I'm purely saying be cautious. Thank you for your candor. My misconceptions of crypto people being jags 100% of the time has shifted now. Seriously.

WookieMan says

G36 says

I saw other posts from you. We share the same views on a lot of things. Crypto apparently not. Totally fine. All good man!

I like your style. I'm not here to shit on anyone. I simply don't trust crypto. I want people to make money. Everyone should. I'm purely saying be cautious. Thank you for your candor. My misconceptions of crypto people being jags 100% of the time has shifted now. Seriously.

Thats awesome! Thanks man

Cash says

there could be massive gains for those willing to educate and speculate..

Educate the people that have yet to buy?
Speculate that those you educate will buy?

Bitcoin takes massive amounts of electricity to maintain and ultimately all you own is a string of 0s and 1s on a flash drive. Why does anyone think there is value in this?

Huge Bitcoin seizure:
https://arstechnica.com/tech-policy/2020/11/feds-seize-1-billion-in-bitcoin-from-silk-road-drug-marketplace/

rocketjoe79 says

Huge Bitcoin seizure:

Just a continuation of a case started in 2013

Onvacation says

Bitcoin takes massive amounts of electricity to maintain and ultimately all you own is a string of 0s and 1s on a flash drive. Why does anyone think there is value in this"

Is that all you got lmaol
Banks do lmao https://cointelegraph.com/news/jpmorgan-turns-bullish-on-bitcoin-citing-potential-long-term-upside now they can become custodians and investors for their clients.
https://www.occ.gov/topics/charters-and-licensing/interpretations-and-actions/2020/int1170.pdf

Millennial do as G36 shared
https://www.ccn.com/generation-bitcoin-90-of-millennials-prefer-crypto-to-gold-etf-expert/
https://markets.businessinsider.com/currencies/news/gold-bitcoin-jpmorgan-older-investors-buy-gold-millennials-prefer-bitcoin-2020-8-1029471716

There have been some awesome arguments made for crypto legitimacy as a decent speculation/investmet take it or leave it no 1 cares.

Cash says

There have been some awesome arguments made for crypto legitimacy as a decent speculation/investmet

OK, I'll bite.

What is the intrinsic value of bitcoin that makes it a good investment?

Just a reminder from Webster's

in·​trin·​sic | \ in-ˈtrin-zik , -ˈtrin(t)-sik \
Definition of intrinsic
1a: belonging to the essential nature or constitution of a thing
the intrinsic worth of a gem
the intrinsic brightness of a star

For example:
Gold is intrinsically valuable because it is shiny, doesn't corrode, and conducts electricity very well.
Silver is intrinsically valuable because it is super reflective and is used in many industrial processes.
Real estate is intrinsically valuable because it can be used to live on, farm, or build a business.
Stocks are intrinsically valuable because they represent a share of an ongoing business.

Please finish the sentence:

Bitcoin is intrinsically valuable because...

Not expecting a cogent answer.

Cash says

Onvacation says

Bitcoin takes massive amounts of electricity to maintain and ultimately all you own is a string of 0s and 1s on a flash drive. Why does anyone think there is value in this"

Is that all you got lmaol

Am I wrong?