patrick.net

And bitcoin is a scam.

great. And when you say funds, you mean 401k or mutual funds besides your 401k?

Eric Holder says

Onvacation says

I meant gambled. If you had speculated $20,000 in bitcoin 3 years ago you would only be down $2,000.

Which is the situation most of the current enthusiastic pumpers are in.

people wish they would have bought at 20k soon. It will just be a blip on the log scale...
The next bull cycle has started.

G36 says

It will just be a blip on the log scale...
The next bull cycle has started.

Moonshot?

Onvacation says

G36 says

It will just be a blip on the log scale...
The next bull cycle has started.

Moonshot?

The next months/year should be a fun, profitable, enjoyable ride

BREAKING NEWS!

Bankers are pouring huge amounts of cash into bitcoin in an attempt to get it out of the country before the Kraken is released!

Onvacation says

BREAKING NEWS!

Bankers are pouring huge amounts of cash into bitcoin in an attempt to get it out of the country before the Kraken is released!

close!

Bankers {+ hedge funds and Nasdaq listed companies} are pouring huge amounts of cash into bitcoin since its the best performing asset available due to its traits (scarcity, decentralization and security). Retail will follow later.

Exciting times!!

G36 says

Retail will follow later.

"Here's your latte, that will be 12 satoshis plus a 10 satoshi transaction fee, 20 if you want it on the next block 10 minutes from now otherwise you will have to wait a couple of hours for a miner to accept your lower fee and verify your transaction. "

Onvacation says

G36 says

Retail will follow later.

"Here's your latte, that will be 12 satoshis plus a 10 satoshi transaction fee, 20 if you want it on the next block 10 minutes from now otherwise you will have to wait a couple of hours for a miner to accept your lower fee and verify your transaction. "

I don't know enough about any of this to weigh-in but PayPal is now offering to facilitate Bitcoin transactions. This would seem to be a huge step toward making retail inroads.

Robert Sproul says

PayPal is now offering to facilitate Bitcoin transactions.

Does that mean they will access your "wallet" (flash drive) like they do your credit card account? What will determine bitcoin's value during the transaction? The current price? The end of day price? As we know these two values can be hundreds of dollars apart.

Does anyone buy coffee with bitcoin? Or is it just the "currency of the future"?

Robert Sproul says

Onvacation says

G36 says

Retail will follow later.

"Here's your latte, that will be 12 satoshis plus a 10 satoshi transaction fee, 20 if you want it on the next block 10 minutes from now otherwise you will have to wait a couple of hours for a miner to accept your lower fee and verify your transaction. "

I don't know enough about any of this to weigh-in but PayPal is now offering to facilitate Bitcoin transactions. This would seem to be a huge step toward making retail inroads.

Robert, yes, and Square also invested 50M in Bitcoin.
https://www.cnbc.com/2020/10/08/square-buys-50-million-in-bitcoin-says-cryptocurrency-aligns-with-companys-purpose.html

Mass adoption has started. Bitcoin is seen as a store of value/digital gold. Institutional money is pouring in. Retail investors will follow once Bitcoin is all over the news due to all time highs.

G36 says

Bitcoin is seen as a store of value/digital gold.

Onvacation says

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G36 says

Nice pic!! see Bitcoin has intrinsic value! All you need is a hardware wallet painted in gold color and it becomes "shiny" (shiny=intrinsic value). On the wallet you can store millions of dollars in BTC. I gotta save this pic. thanks!

G36 says

. I gotta save this pic

You'll just have bits on your hard drive.

Or you could buy a real gold colored hard drive.

G36 says

Bitcoin is seen as a store of value/digital gold

Hopefully their servers aren't managed by Dominion.

Onvacation says

G36 says

. I gotta save this pic

You'll just have bits on your hard drive.

Or you could buy a real gold colored hard drive.

exactly! Extremely valuable bits!
Bitcoin is currently trading above 17k! It's programmable money: Its scarce (only a certain amount of Bitcoin can be mined) and its decentralized!

"or you could buy a real gold colored hard drive"
Thats funny. I dont want "real" gold. I want digital gold. I dont care about shininess but I care about increasing my net worth.

NoCoupForYou says

G36 says

Bitcoin is seen as a store of value/digital gold

Hopefully their servers aren't managed by Dominion.

luckily, one of the key traits of Bitcoin is that its decentralized. You cant call someone and order them to shut down the network. In fact you are not able to shut down the network at all. You can - as a government - shut down exchanges and issue a tax frame for Bitcoin but you cant shut down the network.

Try calling the bitcoin CEO or their investors relations department.....doesnt exist :)

G36 says

Try calling the bitcoin CEO or their investors relations department.....doesnt exist :)

How do you recover your lost password?

Onvacation says

G36 says

Try calling the bitcoin CEO or their investors relations department.....doesnt exist :)

How do you recover your lost password?

with the recovery key of course. I am seriously concerned about your alleged Bitcoin research. You are missing the basics.
You thought the last Bitcoin will be mined in 2040. Its actually 2140.
On your comparison to Gold and FIAT you missed key traits like scarcity and decentralization.
And now you dont know how to recover a lost password? May I ask what kind of software engineer you are?

G36 says

Onvacation says

G36 says

Try calling the bitcoin CEO or their investors relations department.....doesnt exist :)

How do you recover your lost password?

with the recovery key of course

How do you recover your recovery key when you lose it?

G36 says

On your comparison to Gold and FIAT you missed key traits like scarcity and decentralization.

What is bitcoin valued in?

Onvacation says

What is bitcoin valued in?

Cowrie seashells, Venezuelan Petromoneda, Rai stones, wampum?

Onvacation says

G36 says

Onvacation says

G36 says

Try calling the bitcoin CEO or their investors relations department.....doesnt exist :)

How do you recover your lost password?

with the recovery key of course

How do you recover your recovery key when you lose it?

When you lose your password and recovery key and your gold watch, and your car key, and the second and third car key and the 3 house keys, then maybe its time to ask yourself if someone else should run your life. Senior living, maybe?

OV,
how come you never knew about a recovery key when researching Bitcoin? Because you never really researched it? I am actually not surprised that you dont like BITcoin as a silver coin collector that also makes a living by being a software engineer. :)

Dbr6 says

Onvacation says

What is bitcoin valued in?

Cowrie seashells, Venezuelan Petromoneda, Rai stones, wampum?

Bitcoin is highly divisible.
1 Bitcoin is 100 00 000 Satoshis. Satoshis can be exchanged for many FIAT currencies or other crypto currencies.

I like that you ask questions OV. You told us you researched Bitcoin. No offense, but your research skills really suck. :D

G36 says

OV,
how come you never knew about a recovery key when researching Bitcoin?

How many of those 18 and a half odd million bitcoins "mined" so far are lost forever?

Onvacation says

G36 says

OV,
how come you never knew about a recovery key when researching Bitcoin?

How many of those 18 and a half odd million bitcoins "mined" so far are lost forever?

Bud, you cant just answer a question with a question. Answer one, I may answer one and so it goes :)

Gold, silver, copper and pretty shells have been money forever. They are intrinsically valuable.

Dollars, and other world currencies, used to be valued in silver and gold but are now valuable only because governments say so (by fiat).

Bitcoin and other crypto "currencies" are valued in fiat.

Nobody knows how many bitcoins have been lost forever.

OV, how come you never knew about a recovery key when researching Bitcoin?

Money is a believe system. Gold and Fiat dont have intrinsic value. "Shiny" doesnt really count for Gold, many people would say that isnt intrinsic value at all.
A 100 dollar bill has a cost to produce of 14 cents. I dont call this intrinsic value either.
Amazon stock has intrinsic value of maybe 500 dollars but trades for over 3k.
If you only look at intrinsic value in order to make investment decisions you might as well collect silver coins and invest in food and entertainment. Wait, you do! :)

Bitcoin actually has a lot of value. Sure, it trades for roughly 19k at the moment but I mean the traits (in comparison to gold and fiat). Take a look at this chart. Bet you missed this in your Bitcoin research, didnt you :)

G36 says

invest in food and entertainment.

And tools! I was a mechanic in a former life and love to have tools No matter how many tools you collect their is always the one you need that you don't have. When all that you have is a hammer, everything looks like a nail. Last time I counted I had 22 hammers. Sometimes you need a ballpeen other times a claw.

I love tinkering. I do all my own maintenance on my sailboat, motorcycle, and sports car. I want to buy a little hydraulic lift for my shop; I tell the wife it will pay for itself in 2000 oil changes, but she won't go for it.

Alas, there is no scarcity of tools. If we run short some new company will make more, probably in China.

physical gold is heavily overvalued. 9 trillion market cap. Bitcoin is a baby in comparison. Lots, lots and lots of upside ahead of us!

www.youtube.com/embed/nJeddv1QbeQ

G36 says

Money is a believe system.

Jesus is a believe system! Bitcoin is a scam.

G36 says

Gold and Fiat dont have intrinsic value.

If you don't think gold has intrinsic value, what do you think does?

Onvacation says

G36 says

Gold and Fiat dont have intrinsic value.

If you don't think gold has intrinsic value, what do you think does?

lots of things, stocks, my real estate, food, entertainment, medicine, tools, love, marriage, a great relationship with your neighbor.

G36 says

Onvacation says

G36 says

Gold and Fiat dont have intrinsic value.

If you don't think gold has intrinsic value, what do you think does?

lots of things, stocks, my real estate, food, entertainment, medicine, tools, love, marriage, a great relationship with your neighbor.

But not bitcoin?

Bitcoin has great value.



right now, its trading above 18k. Citibank believes it will go to 318k a coin next year.

This thread is to counter all of the misinformation about bitcoin. If you have FOMO about crypto, go to one of the other threads.

Bitcoin is a scam.

Onvacation says

This thread is to counter all of the misinformation about bitcoin. .

exactly. remember when you spread misinformation about Bitcoin and I corrected you?

"last bitcoin will be mined in 2040". No, its actually 100 years later. 2140.

Gold is valued in fiat. Fiat used to be valued in gold and they called it money. US paper used to be valued in silver and gold but no more.

Not only does bitcoin have no intrinsic value it costs money to maintain. It requires new money just to pay the power bill.

I will be really surprised if bitcoin, in it's current programming, lasts until 2030.