patrick.net

If you want to gamble and trade. Try to time the "market" to sell the spikes and buy the dips. Look at future charts as if there was anything beyond speculation keeping it going. You might make some money if you get lucky. Just remember that each bitcoin costs a couple thousand dollars for the miners to produce and the money put in is consumed by the process. The only way your gamble can be successful is if a greater fool is willing to pay more.

If you think it is "Gold 2.0" that gets "mined" so you can put it in your "wallet" as it is the "currency of the future"; If you are going to HODL and build your "position" and never sell; you ARE the greater fool that the gamblers, speculators, and manipulators depend on to pay their bills.

Anyone "investing" in bitcoin because they plan on holding it for long term are, in my educated opinion, stupid.

Onvacation says

I now realize it is a satirical article. I thought it was from G36. .

Your names both end in 6.

Nope dummy. Rb6d and G36 dont end in 6. This thread is hilarious!

G36 says

Rb6d and G36 dont end in 6.

You are correct. But I didn't realize it was satire because it sounded so much like you.

Sorry for assuming you were stupid. Not all people who buy bitcoin are stupid. Some are ignorant. Others are just gambling and hope to get out with more money than they put in.

@G36 Which kind of bitcoin buyer are you? Stupid, ignorant, or a gambler?

Onvacation says

G36 says

Rb6d and G36 dont end in 6.

You are correct.


I know :)

lol

Onvacation says

Sorry for assuming you were stupid.

lol. When one doesn't have a car and uses a mountain bike to get everywhere, invests in one "asset" class they don't understand, thinking they'll get rich, can't answer questions, doesn't travel, you may have assumed correctly.

DF!

Looks like the night shift is over!

"I like to play the bigger number" "I bought 100 shares of LUV" >>>>Thats really cute
"Basic index funds have outperformed BTC"
>>>>REALLY? missed the fact that its up by 9,000,000%? Not a surprise, DF.
"an unregulated market"
"roulette"
"Nuclear EMP goes off"
"Would have sold everything at 18k"
"I am good with 9%"
"Bitcoin is not backed by anything"
"artificial scarcity"
"I only care about 6 figure gains"
"wake up at 6am and your money is all gone"
>>>>REALLY? missed the fact that its up by 9,000,000%? Not a surprise, DF.

WookieMan says
uses a mountain bike

I figured you dont exercise.
Tired after the night shift?

G36 says

Looks like the night shift is over!

Huh? It's 5:48pm where I'm at. I've doxed myself with the state I live in. Are you an idiot? You clearly don't even understand time zones or what night shift means. Jesus Christ.

Anyone that stumbles across this thread, this is why you don't listen to investment advice and why I fight this so hard.

https://www.reuters.com/article/us-tesla-cryptocurrency/teslas-elon-musk-asks-about-converting-large-transactions-to-bitcoin-idUSKBN28U0XM

Watch Tesla to buy Bitcoin in the near future!!!!

"Michael Saylor, chief executive officer of MicroStrategy Inc, in a tweet to Musk, suggested that the billionaire Tesla founder and head, make the move.

“If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to #BTC,” Saylor wrote in his tweet. “Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.”

“Are such large transactions even possible?” Musk replied to Saylor.

“Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline....,” Saylor tweeted."

personal

Have you seen what Paypal charges for transactions with BTC?



It's a fucking highway robbery.

Eric Holder says

Have you seen what Paypal charges for transactions with BTC?

.

Thats adorable, Eric Non-holder.

so lets see, I bought roughly 2 Bitcoins at the beginning of Nov. Lets say avg. cost was 15k. So I paid 30k ish.
The price as of now is over 22k per BTC. So my portfolio is worth ~44k, up 14k, or >45%.

If someone asks you to pay him less than 500 dollars fees and gives you 14k back within less than 2 months I take that deal. Any day!

G36 says

“Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.”

Why?

What currency would that $1 trillion be valued in?

Would Musk sell his stake in bitcoin to realize that $1 trillion favor?

G36 says

“Are such large transactions even possible?” Musk replied to Saylor.

“Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline....,” Saylor tweeted."

So Saylor is pumping the rubes.

Did ya buy any?

As a tesla shareholder and Bitcoin (digital gold) long term holder I welcome the idea of Tesla adding Bitcoin to its balance sheet.

What a great idea Michael Saylor!

https://www.forbes.com/sites/billybambrough/2020/12/20/elon-musk-sparks-speculation-tesla-could-add-bitcoin-to-its-balance-sheet/?sh=241b145b6c1a

It makes perfect sense to add such a high performing asset to your balance sheet. Why hold cash that loses value if you could hedge against inflation by holding Bitcoin instead?

"Meanwhile, the bitcoin price has added around 235% this year, climbing to never-before-seen highs and ending a three-year bear market."

G36 says

looks like someone worked all night and is angry again....get some sleep, DF!

Bot Ba Bot Bot Bot. lol.

Name your last vacation outside the US? Was it in a different time zone? #NO

Eric Holder says

It's a fucking highway robbery.

Yup! But the "big dogs" are getting in because they see it going to the moon.... lol. Nah, they see a way to take millions and maybe billions from morons that think that. Nice commission though for a decentralized "currency." lol. We won't get a cogent response. And if we do it's that they trade it on some "coin.com" or 3 letter acronym that translates to useless and they pay no fees, and it's secure, even though you trade it in a centralized location.

Wookie, they must not pay you very well for the night shift if the trading fees prevent you from buying Bitcoin. BTW, there are ways to pay less or no fees but I doubt that is enough for you to afford Bitcoin. You told us you are a big shot that only cares about 6 figure gains. In reality, you own 100 shares of LUV. Did you lie to us? It seems you are a tiny, cute investor. I think you are so angry because you realize you will never own a single Bitcoin. Am I right?

I used to collect coins too. Still have some.

The thing that would worry me most about bitcoin if I put money into it is that it's theoretically possible to all implode instantly. The whole thing relies on finding out which bits to add to a string to make the SHA-256 hash of that string to come out with a certain number of 0's at the end.

Do you really understand the SHA-256 hash algorithm? I don't. Is it possible that some genius will figure out how to instantly tell which bits they need to put in to get the desired output? I think it is possible. Maybe not quite yet, or maybe someone already knows and is siphoning value off.

Or maybe quantum computing will have a breakthrough that allows the owner of that computer to do the SHA-256 calculation a trillion times faster than anyone else. Then that person can take all the value.

It would be as if someone figured out how to turn lead into gold. If the process were cheap enough, gold value would plummet. Gold actually can be made from lead in nuclear reactors today, I think, but it's just too expensive to be wothwhile, as is filtering gold out of seawater.

Regarding trading fees.

Paypal is free until year end. Exchanges often run promotions/offer reduced fees.
Coinbase Pro is for a bit more advanced users/traders. Coinbase is for beginners and the fees are higher.

Here are the fees I am happy to pay. Just put in a few buy orders in case we see a dip.



and here is the PayPal promotion

WookieMan says

Nice commission though for a decentralized "currency." .

Lol, another one for the list.

Just because Bitcoin is decentralized doesn't mean exchanges (who facilitate the trading tools) run a charity and hire volunteers. It really shows the level of intelligence we are dealing with here. Thanks for another dumb comment.

G36 says

It really shows the level of intelligence we are dealing with here. Thanks for another dumb comment.

You have to admit a $100 fee to buy a bitcoin and a $100 fee to sell a bitcoin add up.

What was the fee for your last buy?

Patrick says

Is it possible that some genius will figure out how to instantly tell which bits they need to put in to get the desired output? I think it is possible. Maybe not quite yet, or maybe someone already knows and is siphoning value off.

There's that and the fact one person could be holding 1/2 of all coins and playing with a yo yo. Doesn't even have to be technical with the hash and someone figure it out, though that is a possible risk. No one has a clue about any of it.

That's the hilarious part. People telling other people they don't know what they're talking about, when they don't even know what they're talking about. Insecure to the max.

Onvacation says

G36 says

It really shows the level of intelligence we are dealing with here. Thanks for another dumb comment.

You have to admit

What was the fee for your last buy?

What is there to admit?

Several of my buy orders for ETH filled today. On one purchase the fee was $3.04 US Dollars.

WookieMan says

Patrick says

Is it possible that some genius will figure out how to instantly tell which bits they need to put in to get the desired output? I think it is possible. Maybe not quite yet, or maybe someone already knows and is siphoning value off.

they don't even know what they're talking about.

Wookie, lets do a test. Do you acknowledge by now that Bitcoin is decentralized and scarce?

Patrick says

Do you really understand the SHA-256 hash algorithm? I don't. Is it possible that some genius will figure out how to instantly tell which bits they need to put in to get the desired output? I think it is possible. Maybe not quite yet, or maybe someone already knows and is siphoning value off.

Or maybe quantum computing will have a breakthrough that allows the owner of that computer to do the SHA-256 calculation a trillion times faster than anyone else. Then that person can take all the value.

A couple of the many flaws of bitcoin, but I think the biggest issue is the energy consumption. It's just not sustainable.

G36 says

Bitcoin is decentralized and scarce?

So are beautiful Russian hookers, that doesn't mean he wants any... At least I don't.

Wookie, your not into beautiful, yet scarce and decentralized, Russian hookers, are you?

Onvacation says

G36 says

Bitcoin is decentralized and scarce?

So are beautiful Russian hookers

You mention hookers quite often....Maybe think of getting your first girlfriend? Not sure, but it might even be cheaper than getting hookers! If it is, you will have available funds to buy more Satoshis!

G36 says

You mention hookers quite often

Russian Hookers. I hear it's one of the main reasons bitcoin exists. That and money laundering.

Onvacation says

G36 says

You mention hookers quite often

Russian Hookers. I hear it's one of the main reasons bitcoin exists. That and money laundering.

One would have to travel to understand and meet people that want to exchange bitcoin. The world is very different outside of mom's basement behind a screen and playing with spreadsheets.

Onvacation says

G36 says

You mention hookers quite often

Russian Hookers. I hear it's one of the main reasons bitcoin exists. That and money laundering.

Apparently, the prostitutes didn't accept your silver coins? I'd keep Bitcoin as digital gold but you are in a different situation.

Onvacation says

G36 says

Bitcoin is decentralized and scarce?

So are beautiful Russian hookers, that doesn't mean he wants any... At least I don't.

Wookie, your not into beautiful, yet scarce and decentralized, Russian hookers, are you?

See, Wookie, G36 says

WookieMan says

Patrick says

Is it possible that some genius will figure out how to instantly tell which bits they need to put in to get the desired output? I think it is possible. Maybe not quite yet, or maybe someone already knows and is siphoning value off.

they don't even know what they're talking about.

Wookie, lets do a test. Do you acknowledge by now that Bitcoin is decentralized and scarce?

See, wookie never answers any questions. He posts since years on Bitcoin threads without any intend to have a discussion. One could ask, why does Bitcoin make him feel so insecure?

G36 says

wookie never answers any questions.

So why do YOU think bitcoin is better than gold?

Not expecting a cogent answer.

G36 says

why does Bitcoin make him feel so insecure?

Yeah @WookieMan

Why does bitcoin make you SO insecure?

Onvacation says

G36 says

wookie never answers any questions.

So why do YOU think bitcoin is better than gold?

You kinda answered your own question. Apparently, the prostitutes you are seeing rather want Bitcoin instead of your silver coins.
They didnt ask for physical gold either, did they?

Onvacation says

G36 says

why does Bitcoin make him feel so insecure?

Yeah @WookieMan

Why does bitcoin make you SO insecure?

I know why. He posts since years on Bitcoin threads and didnt manage to accumulate a single Bitcoin. yeah, but he got 100 shares of LUV. Rofl

G36 says

You kinda answered your own question

How so?
Onvacation says

G36 says

wookie never answers any questions.

So why do YOU think bitcoin is better than gold?

Not expecting a cogent answer.

It's projection.

It's not Wookie that doesn't answer questions.

Wookie,
since you live in a cold shithole I understand you want to go on vacation during winter. I am outside daily here....nice and sunny, low 70's....perfect for December. HAHA
Your problem is that the 100 shares of LUV dont get you very far. Consider doing some overtime besides the night shift. poor guy

Ov,
You kinda answered your own question. Apparently, the prostitutes you are seeing rather want Bitcoin instead of your silver coins.
They didnt ask for physical gold either, did they?