patrick.net

And what is the end game?

They call it "currency" but it's not.

They call it "digital gold" but it stores no value.

The pumpers say it is a store of value and get in now, "or be priced out forever".

And it uses more electricity than Ireland.

At this stage its mainly smart money and institutional money and some retail. More retail will follow and more institutional money. Later on, Onvacation and WookieMan will buy towards the end. At least thats my prediction.

Onvacation says

And what is the end game?



They call it "digital gold"

Yeah, well, Bitcoin as digital gold / store of value helps people understand what Bitcoin is. But its of course much better than gold. So, in reality gold is wanna-be Bitcoin. But store of value/digital gold works pretty good as a description.

Why would Big Tech invest in Bitcoin infrastructure or hold it on their balance sheet? Because they are smarter than those that doubt Bitcoin. They get in early before it moons and becomes mainstream.

G36 says

Bitcoin as digital gold / store of value helps people understand what Bitcoin is.

One huge difference between gold and bitcoin is that with gold once you have mined and refined it you have a shiny lump of metal that can be used over and over again for many different purposes. Whereas if you stopped "mining" bitcoin, "POOF" all your "coins" are gone.

It's pretty obvious all of the marketing words: "coin", "wallet", "mine", "currency", "gold 2.0", "store of value", were designed to fool the gullible.

G36 says

Yeah, well, Bitcoin as digital gold / store of value helps people understand what Bitcoin is.

No it doesn't. Seriously? Do you really think TSLA is holding any BTC right now? Making $40k in 3 months is one thing. That's what the average wealthy person does in a month. Go get a side gig I guess if you need it.

$300M in 3 days on a $1.5B pump and getting out quickly is another thing. Musk just printed more money than your entire extended family will make for 10 generations. Keep dreaming though. You don't get the game. You don't even fill the water bottles the players drink out of. You're the toll booth attendant on the way to the game.

Do something. Stop chasing and trying to hang onto coattails. Crypto is, has and will be your demise. Mark my words. You've been conned when a billionaire fucks around with $1.5B of OPM and you think that's a good thing.

WookieMan says

G36 says

Yeah, well, Bitcoin as digital gold / store of value helps people understand what Bitcoin is.

Do you really think TSLA is holding any BTC right now?

@WookieMan,
Huh? of course Tesla is buying Bitcoin to hold. HODL I should say.

G36 says

Huh? of course Tesla is buying Bitcoin to hold. HODL I should say.

TSLA sold. You didn't hear?

Good day at work? Must be nice to be home, petting the dog and looking at your bike ;)

WookieMan says

G36 says

Huh? of course Tesla is buying Bitcoin to hold. HODL I should say.

You didn't hear?

Tell us more about those imaginary voices. :)

Had a nice day today.....did 15miles climbing (mountain biking) and walked the doggy at nightfall. I am tired :) So grateful to live in Socal.
Stay warm Bro!

G36 says

did 15miles climbing (mountain biking) and walked the doggy at nightfall. I am tired

15 miles?? On a bike? Wowzer. And you're tired too? Ok. Call me unimpressed... because, well, it's not impressive at all.

I like how you keep the theme going though. Mundane investments, activities, etc. Good for you if it makes you happy.

G36 says

WookieMan says

G36 says

Huh? of course Tesla is buying Bitcoin to hold. HODL I should say.

You didn't hear?

Tell us more about those imaginary voices. :)

Had a nice day today.....did 15miles climbing (mountain biking) and walked the doggy at nightfall. I am tired :) So grateful to live in Socal.
Stay warm Bro!

Yeah, love the intense rides up the hills. Get your heart rate up and practice for the long rides on the weekends.
Hope you stay warm Bro

G36 says

Hope you stay warm Bro

I'm not gay. But I know it's prevalent in CA, so I won't judge too much. I'm accepting of what you're going through.

G36 says

Yeah, love the intense rides up the hills. Get your heart rate up and practice for the long rides on the weekends.

Great?? Congrats on getting the heart rate up?.... I ran a hidden survey here and nobody else on patnet gets their heart rate up at all. All day. Where can I mail the trophy for bike riding? I can overnight it. I have a heart plaque too you can mount. Heck, I'll package my dog and you can then walk my dog. Maybe you are useful?

seems a little chilly in IL these days. Cant imagine not getting outside daily and riding MTB with the boys. When does the snow melt/is it shitty weather all year round in IL?
Sry bro, stay warm and dry!

G36 says

When does the snow melt/is it shitty weather all year round in IL?

You should travel more. Illinois has some beautiful weather. Summer in Chicago is like a big outdoor party.

San Diego is beautiful. Spent a couple of days on Ocean Beach for X-mas. Beautiful Sunsets almost every night. Nice place to visit.

I know you like bicycling with your boys in SoCal but there is a whole world of culture, climate, and history out there. It's worth seeing.

Onvacation says

G36 says

When does the snow melt/is it shitty weather all year round in IL?

San Diego is beautiful. It's worth seeing.

Yep :) Socal is beautiful. The place to be...I'll never leave other than the vacations. I want to retire here.
Sorry, it so shitty in IL all year round. I dont know how you do it. Sry Bro. Stay warm/dry.

lol, i just noticed this wasnt from Wookie Rofl. I barely read his posts in detail (usually i just pick 1-2 words to quote) and just assumed he responded as he always does when it comes to weather or Bitcoin. Thats pretty funny. The best thing about it, it doesnt even matter that i assumed it was him but it was OV. The response still works. haha

G36 says

Cant imagine not getting outside daily and riding MTB with the boys.

You don't mountain bike in the snow? Snowboarding is about my only dangerous sport. Rode the bikes when I was a young lad. Not worth it, especially after breaking my heel late last year.

I'm entering the risk/reward years and have no interest in being immobile again. A friend of ours was just in the ICU for a week mountain biking in Wisconsin. He's 42. Couldn't wipe his own ass.

Onvacation is right though. People bitch about the humidity, but the lakefront is amazing in Chicago. I know he boats, not sure if he's done it on the Great Lakes, but supposedly it's amazing.

Socal for sure has its positives. You just have to deal with the people, traffic, fires, water shortages and politicians. Well water shortages have been better if I'm being honest.

I like the Caribbean though. Blows away Socal and IL. Just don't want to live there. Hurricanes are a thing down there I guess. I'll just enjoy visiting for now. Might purchase a place, but we'll see. No rush.

G36 says

Socal is beautiful.

I said San Diego, specifically the beach, Mission Bay, Balboa Park. The rest of SoCal kind of sucks.

Back in the mid-nineties I did some contract tech support for a construction company's different sites. Mostly printer, plotter, and modem problems along with the pebkac and id10t issues.

The company was transitioning into in-house support and I was based at the La Jolla Embassy Suites and covered all the fires in my huge territory of everything between San Diego, Los Angeles, and Phoenix. One time it took me 4 hours to drive from La Jolla to El Segundo. FUCK those "free" ways.

I got to see a lot of SoCal and the only redeeming quality of the whole area is San Diego, and even then I would want to get away from the awesome beaches, year round good weather, and laid back atmosphere.

Speaking of which I need a life. Going to go check on the yacht.

Onvacation says

Balboa Park.

Sucks. Had or has potential. We spent a morning thru early afternoon there before a flight out. We were unloading our leftovers and booze (can't take it with) to bums. Weren't aggressive or anything. Was just awkward for our kids to see. We've encountered it in other places, it's just everywhere in CA. Can't really avoid it.

We got lucky with traffic on that trip. I know it's a nightmare though. And the roads suck dick too. This is in my wheelhouse too. They're awful. I haven't seen highways in worse condition. Considering no freeze/thaw cycle, it's frankly embarrassing.

Onvacation says

Speaking of which I need a life. Going to go check on the yacht.

And that's what life is about. Enjoying it. Could mean work, could mean relaxing or anything. My uncle is 66 and could piss on anyone on this site (including me) financially. He loves wrenching on muscle cars even though he could pay someone to do it for him. Passion for something shouldn't be monetary. You should enjoy it and not care. Want a boat bad, but not really worth it where I'm at currently.

Onvacation says

G36 says

Socal is beautiful.

rest of SoCal

I wont mention all the nice places in Socal....first of all dox dox dox and most importantly....maybe more and more people will show up at these places.

I dont want more crowds. I love when people think the way you do. And what I love even more is when jealous people try to tell me its not the place to be. Lol

sry about the shitty weather in IL all year round. Stay warm/dry

G36 says

I dont want more crowds.

Official. You don't live in Socal. 100%. Given the landscape you're kind of out of room. It's not some secret area. I've been inland to Escondido and seen $600k homes that are the size of my shed. There's no land. The crowds already exist. More crowds isn't a worry at this point, it's reality.

G36 says

about the shitty weather in IL all year round.

I do just fine. Weather here doesn't bother me. Not sure how many times I can say it and you keep bringing up the weather and I don't. Clearly there might be some jealously in that I don't overpay for my housing. 8 hours a day are spent sleeping (4 for me). 8 spent working (2 for me). You have 2-4 hours of commuting and making dinner or eating out at minimum. If you have kids, the rest is gone. Have fun enjoying overpriced housing (rent or own) and 13% income tax if you can make enough. You can't sell me on Socal. I've been and I've researched it thoroughly. It's an awful place to live financially.

Sometimes you just have to see ones misery in order to be more grateful for what you have!

I realize now that some parts of the country have shitty weather all year round. Gosh, I would pay double to stay in sunny California (socal).
I cant imagine missing out on outdoor activities because the weather in places like IL sucks so much.

I am really sorry for Wookie who has to experience this. It makes sense that people in places with shitty weather are depressed and angry.

Going out with the doggy now :) beautiful weather here in SoCal. Stay warm bro

G36 says

Gosh, I would pay double to stay in sunny California (socal).

No you wouldn't and don't. Not a chance you're in Socal for less than 3-4x's what I pay PITI. For the same house I own it's probably 5x. Appreciation comes at the expense of cash flow. So that negates that argument. Plus there's potential cap gains when (well if, you don't own) you sell at the end, above $250k because we know you're not married.

I will pay less and walk with more living in IL. I'm a numbers guy. I've done the math. I assume you still didn't get my joke, right? Enjoy dodging human shit and needles as you walk your doggy....lol.

Beautiful weather in SoCal, Cant get enough of it....

Feel so sorry for people in IL that have to live in misery.

And Bitcoin at 48k! I cant take all this winning! :) Looking forward to a looong bike ride tomorrow.

They call it a sunshine tax here. I would pay more to have this beautiful weather! Knowing Wookie's story made me more grateful for where i live.
Thanks Bro and stay warm!

G36 says

They call it a sunshine tax here. I would pay more to have this beautiful weather!

Worst ROI ever. Hence why everyone should ignore what you say.

WookieMan says

G36 says

They call it a sunshine tax here. I would pay more to have this beautiful weather!

Best
ROI ever.

Agreed, I'd pay triple to keep living here.
And 10x more to not live in IL.
Sry bro, stay warm

Onvacation says

Speaking of which I need a life. Going to go check on the yacht.

Ask your butler to do it

porkchopexpress says

Onvacation says

Speaking of which I need a life. Going to go check on the yacht.

Ask your butler to do it

@Onvacation
First you had a match box car worth 10k and you were hoping to get 100's of K some day, then a lego space ship. Then you said, you actually dont have a match box car and no lego space ship either. now you have a yacht instead.

let me guess, its a made up, really rare, wooden yacht and you believe it will be worth 100,000 USD in the near future?

G36 says

let me guess, its a made up, really rare, wooden yacht and you believe it will be worth 100,000 USD in the near future?

Nah. I think onvacation really does have a boat. He's mentioned it in the past unsolicited. I'm sure you saw it under another one of your old usernames. Unlike a few users here, I think most are pretty honest with their life and don't make stuff up. What would be the point? Ego?

WookieMan says

G36 says

let me guess, its a made up, really rare, wooden yacht and you believe it will be worth 100,000 USD in the near future?

He's mentioned it in the past.

Yes, this is a know strategy by people who suffer from BSDS. Repeat lies often enough and hope people will believe you.

Mark Cuban on blockchain: ‘It’s like the early days of the internet’ when ‘a lot of people thought we were crazy’

https://www.cnbc.com/2021/02/12/mark-cuban-compares-blockchain-crypto-to-early-days-of-the-internet.html

WookieMan says

I think onvacation really does have a boat.

Onvacation does have a boat, and it's a nice one. I've been on it. He invited me.

G36 says

let me guess, its a made up, really rare, wooden yacht and you believe it will be worth 100,000 USD in the near future?

I paid $4,000 for my yacht fifteen years ago. It was dirty but probably worth around $8k or $9k at the time. Over the last decade and a half I have invested over $25k and plan on putting another $10k into it in the near future.

I love sailing and working on my boat. It's not a hobby, it's a lifestyle.

My boat is probably worth about $10K now, but it has paid massive dividends in fun and making a happy marriage over the years. And if the S really HTF I can load up some food, water, fuel and sail to anywhere in the world.

Of course I'll probably get eaten by cannibals if I try.

.G36 says

Repeat lies often enough and hope people will believe you.

I really don't care about your ongoing love affair with crypto. I am also not into dick wagging contests. I live in a world where hard work, frugality, and steady investing lead to what my grandparents called a "comfortable" life of leisure, travel, and playing with toys. I would like to add that it is important to make a difference in the world by having a job that makes the world a better place.

Just my opinion.

Bitcoin is a scam where all incoming money is consumed by the miners. In order to get money out of the system somebody else has to put money in. It is unsustainable as it uses more energy than many small countries to maintain a ledger of who owns how much bitcoin.

Bitcoin wouldn't still be here if the HODLer's weren't still waiting for the moonshot

It's a solution looking for a problem, to unstable to be a currency replacement. Maybe some of the large banks and companies are getting into it to have something to blame for next crash or milk all the little fish.

RC2006 says

Maybe some of the large banks and companies are getting into it to have something to blame for next crash or milk all the little fish.

Or moving cash?

Patrick says

Onvacation does have a boat, and it's a nice one. I've been on it. He invited me.

That's awesome. I watch anything sailing. Same with flying. Close to pulling the trigger on getting my pilots license. We'll see. I now have a plane I can use, so that's motivating (friends).

Haven't actually sailed on a private mono or cat, but I think we're close. Might pull the trigger and charter a cat in the Caribbean for my wife's 40th with some friends 2022. Covid better fucking be done by then. The BVI's are beautiful (so are USVI) but in a week you can see them all. I'd love to bareboat down there, but my wife wouldn't be on board to learn and I still need to learn to sail as well. Maybe a birthday gift for her, but really for me ;).

I've been extremely skeptical of crypto from the beginning, but that being said, I firmly believe we have an inflationary nightmare on our hands. I've believed this since 2006 and stacked gold/silver from 2006 to 2010. With the money supply exploding and us normalizing mailing out free money to everyone, I think we are rounding the corner of the endgame for the dollar here.

I've constructed a portfolio of metals, dividend stocks, and foreign dividend stocks (Singapore & Taiwan) expecting this for the better part of 10 years. Basically, the reason bitcoin is at 45k IMO is because the central banks are so irresponsible. From what I see, adoption of crypto keeps increasing and has yet to even become mainstream. It's still considered fringe. 20k was viewed as ridiculous 3 years ago, now we've doubled that. I understand it's volatile, but I don't think it would be the end of the world if I make it 2 to 5% of my portfolio at this point. For the past two months, I've been slowly buying at avoid buying too much at potentially elevated prices. Basically, $250 a week. I figure I'll stop if I achieve that 5% of my net worth in it.

Basically, what sealed the deal on this decision was Joe Biden getting into office. I don't even think people are going to be regularly using blockchain to do transactions. I think all these companies like Paypal, Mastercard, and what not will take them off the market, stor ethem, and use their own existing infrastructure to do transactions.

WookieMan says

Close to pulling the trigger on getting my pilots license. We'll see.

I was looking into flight school a couple decades ago. I wanted a small plane. After crashing a few RC planes from unexpected gusts and crosswinds I decided to stick with the big commercial jets.

theoakman says

I firmly believe we have an inflationary nightmare on our hands.

The problem of trying to store your fiat money in bitcoin is that bitcoin is valued in fiat money.

That and the "miners" will use your money to buy hookers and blow.

Onvacation says

theoakman says

I firmly believe we have an inflationary nightmare on our hands.

The problem of trying to store your fiat money in bitcoin is that bitcoin is valued in fiat money.

Yup. You buy it with fiat and to use it you get fiat back. It's silly. I don't do metals, but at least you can always hand someone a physical piece of gold or silver that could be used in something productive. Crypto ain't that. Never will be that either. It's a spreadsheet. Everyone has Excel or a similar program. Companies like google give the program away for free. Crypto itself is literally worthless.

Maybe not the tech #blockchain. But that means nothing about the value of BTC or any other coin. It's a marketing scam/scheme to part you from your money. As always, you can trade it, but there's no "store of value" that keeps being tossed around. It is actually, figuratively and literally worthless. I guess the Chinese flash drive might be worth $19.99... That's about all it's worth.