patrick.net

So why is one bitcoin worth $50k?

Not expecting a cogent answer.

Or any answers.

Onvacation says

So why is one bitcoin worth $50k?

Its highly undervalued! Its worth at least 300k.

You like to invest in legos and matchox cars but there is no demand by Tesla to put legos on their Balance Sheet. They want Bitcoin. Just like everyone else.

Sry you missed the boat but I could have told you that when you said you still use a landline.

excuse me....you didnt miss the boat....you missed the spaceship :)

G36 says

excuse me....you didnt miss the boat....you missed the spaceship :)

He actually didn't miss the boat... he just has a boat.

You've said yourself you haven't sold. You have unrealized gain on paper. Sell them and you can start to brag, otherwise you sound extremely foolish bragging about an unrealized gain and unrealistic values. You have gained $0 USD at this point in time per your own comments.

Another cold day in IL, Sry Bro

No Bitcoin, shitty weather....life must suck for ya?

Beautiful weather here....taking the doggy for a walk :)

Stay warm and dry, Bro

G36 says

No Bitcoin, shitty weather....life must suck for ya?

Quite the opposite. Two happy and healthy kids. A hot and happy wife. Leaving for Phoenix Tuesday to golf with some buddies for 4 days. I can give you the hotel info and dates if you want for 2 of the nights. Got some new business over the last week on top of an already good winter season. Spring break in FL. USVI almost booked for October. Thinking about Tahoe with the family this summer, but can't trust CA deadbeat politicians to have the state open. So we might do the Carolinas. Huge camping trip with neighbors this summer up in WI.

Working on a surprise trip for my wife in 2022. Costs more than your supposed BTC investment per week to rent and/or charter. In a way, way better place than CA. But hey, enjoy doing the task women usually do, walking the dog. Have to say, my kids do love riding their bikes in the snow too. Honest question given you're from CA, are you gay?

G36 says

They want Bitcoin.

Why? Beside FOMO.

Onvacation says

G36 says

They want Bitcoin.

Why?

Tesla, Paypal, Square.....they all know Bitcoin is digital gold!

WookieMan says

G36 says

No Bitcoin, shitty weather....life must suck for ya?

"Yes"

Sorry, Man, hey, you can always save money and move to CA at some point!
Stay warm and dry Bro...beautiful sunshine here

WookieMan says

Honest question given you're from CA, are you gay?

G36 says

"Yes"

that was wrong

not that there is anything wrong with that

Usually, when the Bitcoin haters have nothing left (and Bitcoin reaches new all time highs) their comments get personal :)

Right? @Onvacation
@WookieMan

sry guys, I know the weather is bad in IL and you missed the spaceship.

G36 says

their comments get personal :)

Nothing personal about selective quoting.

You never did apologize for changing my quote.

G36 says

Usually, when the Bitcoin haters have nothing left (and Bitcoin reaches new all time highs) their comments get personal :)

Mark my comment personal if it is. I simply asked a question based on a state having cities with large populations of gays. No different than asking if the south side of Chicago has a bunch of blacks. It's a question. Didn't know you were so PC.

I'll have to assume at this point though because you haven't answered. As usual.

Agreed, usually when the haters cant take the celebration of Bitcoin's success anymore they get personal.

Sad but on the other hand, without @WookieMan, I would not appreciate living in Socal as much. I'd take the beautiful beaches and daily sunshine for granted.

I cant imagine not having Bitcoin and Bitcoin hitting 50k. And he lives in IL!! poor dude.

We are all here to celebrate 50K Bitcoin! Congrats to all Crypto investors/Hodl'ers!

https://www.chicagotribune.com/business/ct-biz-bitcoin-50k-cryptocurrency-20210216-k3743ddl2nd3reergkm7syc4je-story.html

G36 says

I'd take the beautiful beaches

This is a solid no and sign you haven't traveled if Socal beaches are beautiful. Maybe for surfing. But no, you haven't seen a real beach in your life. Socal is adequate at best. The whole West coast really doesn't have great beaches. Cliffs, crappy sand and water don't make a good beach.

Get out. See other beaches. You'd be surprised how bad it is. Lake Michigan has better beaches than CA. Better sand, better water. Once you get some money, maybe check out some of the beaches in this hemisphere and not just the average CA beaches. I know you're out $20k, so it will be a while since you don't sell and don't have liquid cash. But travel. You'll be surprised how bad CA is having never left it.

And bitcoin is a speculative investment whose sole purpose is for criminals to transfer money and for miners to buy hookers and blow.

Tell me why I am wrong?

Would be surprised if I got a cogent answer

G36 says

Agreed, usually when the haters cant take the celebration of Bitcoin's success anymore they get personal.

Sad but on the other hand, without @WookieMan, I would not appreciate living in Socal as much. I'd take the beautiful beaches and daily sunshine for granted.

I cant imagine not having Bitcoin and Bitcoin hitting 50k. And he lives in IL!! poor dude.

We are all here to celebrate 50K Bitcoin! Congrats to all Crypto investors/Hodl'ers!

https://www.chicagotribune.com/business/ct-biz-bitcoin-50k-cryptocurrency-20210216-k3743ddl2nd3reergkm7syc4je-story.html

Thanks guys! I knew we would get back to the topic of discussing the success of Bitcoin! Such a beautiful milestone! 50K !

Stay warm and dry, Bro.....Its looks cold over there in IL. Beautiful weather here in Socal

G36 says

Its looks cold over there in IL. Beautiful weather here in Socal

Can't handle the cold. Can't answer my previous question. Enjoy walked the dog.... lol. Hopefully that's just brown sand on your..... oh never mind.

G36 says

I cant imagine

That's why I try to be real clear.

WookieMan says

G36 says

Its looks cold over there in IL. Beautiful weather here in Socal

Can't handle the cold.

I know! That's what BSDS is.



So sorry dude, try to stay warm!

I don't care if it's valued in dollars. I expect a dollar collapse, but not to zero. Worst case scenario, it becomes like the peso. I've positioned myself accordingly for currency crisis. Bitcoin is just another piece of the puzzle, and it's really stole the thunder that gold should have had the past 5 years. It's definitely volatile and I don't know if it goes to $5000 or to $200000. Either way, I'm buying $250 a week to smooth out the volatility. At this point, with subsidy kings like Musk and government whores like Jack Dorsey buying in, they'll grease enough politicians to ensure regulation is favorable.

Besides, the US government and federal reserve is too arrogant with their actions to even consider bitcoin or inflation a threat. They aren't going to do anything.

theoakman says

I don't care if it's valued in dollars. I expect a dollar collapse, but not to zero. Worst case scenario, it becomes like the peso. I've positioned myself accordingly for currency crisis. Bitcoin is just another piece of the puzzle, and it's really stole the thunder that gold should have had the past 5 years. It's definitely volatile and I don't know if it goes to $5000 or to $200000. Either way, I'm buying $250 a week to smooth out the volatility. At this point, with subsidy kings like Musk and government whores like Jack Dorsey buying in, they'll grease enough politicians to ensure regulation is favorable.

Besides, the US government and federal reserve is too arrogantly with their actions to even consider bitcoin or inflation a threat. They aren't going to do anything.

Perfect post! Good have said it better!

G36 says

Perfect post! Good have said it better!

Lol....

theoakman says

I'm buying $250 a week to smooth out the volatility. At this point, with subsidy kings like Musk and government whores like Jack Dorsey buying in, they'll grease enough politicians to ensure regulation is favorable.

To what end? Expecting "dumb money" to buy you out someday? As a replacement for central bank currencies?

It will never replace credit cards cash and barter for every day transactions. It has no store of value and does not pay dividends. The only way to get your money out is for someone to pay you for your claim on existing "coins". You put fiat in and you get fiat out. Fiat in pays for the miners expenses. Fiat out comes from people buying your claim. Ultimately you have bits on a flash drive that are valuable in fiat only because people say (by fiat) it is valuable in fiat.

Dollar cost averaging a thousand bucks a month on a speculative asset that depends on a greater fool is a bit too rich for me. Especially when it is so unsustainable.

WookieMan says

G36 says

Perfect post! Good have said it better!

.

"Yes"

Right? This guy gets it

Onvacation says

theoakman says

I'm buying $250 a week to smooth out the volatility. At this point, with subsidy kings like Musk and government whores like Jack Dorsey buying in, they'll grease enough politicians to ensure regulation is favorable.

valuable

Agreed. What theoakman is doing is extremely valuable. He will make some big money during this parabolic run!
Microstrategies just announced they are pouring in many more millions of USD into Bitcoin! Smart money!

theoakman says

I don't care if it's valued in dollars. I expect a dollar collapse, but not to zero. Worst case scenario, it becomes like the peso. I've positioned myself accordingly for currency crisis. Bitcoin is just another piece of the puzzle, and it's really stole the thunder that gold should have had the past 5 years. It's definitely volatile and I don't know if it goes to $5000 or to $200000. Either way, I'm buying $250 a week to smooth out the volatility. At this point, with subsidy kings like Musk and government whores like Jack Dorsey buying in, they'll grease enough politicians to ensure regulation is favorable.

Besides, the US government and federal reserve is too arrogant with their actions to even consider bitcoin or inflation a threat. They aren't going to do anything.

our Bitcoin haters @onvacation and @Wookieman absolutely hate this. hahaha

Onvacation says

theoakman says

I'm buying $250 a week to smooth out the volatility. At this point, with subsidy kings like Musk and government whores like Jack Dorsey buying in, they'll grease enough politicians to ensure regulation is favorable.

To what end? Expecting "dumb money" to buy you out someday? As a replacement for central bank currencies?

It will never replace credit cards cash and barter for every day transactions. It has no store of value and does not pay dividends. The only way to get your money out is for someone to pay you for your claim on existing "coins". You put fiat in and you get fiat out. Fiat in pays for the miners expenses. Fiat out comes from people buying your claim. Ultimately you have bits on a flash drive that are valuable in fiat only because people say (by fiat) it is valuable in fiat.

Dollar cost averaging a thousand bucks a month on a speculative asset that dep...

There's almost no investments right now in the market that aren't highly speculative. We are in an "everything bubble" and it's also highly speculative to hold a bank account in cash at this point. There's no clear winning bet. I have gold/silver and now crypto to hedge currency crisis. I have dividend stocks domestic and abroad as my safe haven still poised for growth. And if nothing bad happens, I have my income and my job and I'm good to go.

I don't think $1000 a month is all that speculative. Its a small portion of my net worth. I'm not going to try to convince you that it is a store of value either. You and I don't get to make that determination, the market does. In 2017, I considered it a highly speculative play. Today, given the situation, I consider is much less speculative despite the higher price.

G36 says

@ onvacation

@G36
Please stop spamming my inbox. Especially if you're not answering any questions about your scam.

theoakman says

In 2017, I considered it a highly speculative play. Today, given the situation, I consider is much less speculative despite the higher price.

Why?
All the incoming money is spent by the miners.

Onvacation says

theoakman says

In 2017, I considered it a highly speculative play. Today, given the situation, I consider is much less speculative despite the higher price.

Why?
All the incoming money is spent by the miners.

Because you have a bunch of companies that are now adding it to their balance sheets. 1% of their balance sheet off of low interest bonds? Why not? This thing is going higher IMO. Whether you consider that rational behavior or not, it has a lot more room to run.

theoakman says

Whether you consider that rational behavior or not, it has a lot more room to run.

So do beanie babies.

theoakman says

Today, given the situation, I consider is much less speculative despite the higher price.

I appreciate thoughtful answers. Better than we get from some others on these crypto threads.

What do you think is different today from 2017 with regards to crypto? Nothing has changed outside of new whales coming in like Musk. Because crypto is tied to fiat (buying and selling it), how is it a hedge against a currency crisis in USD? Same for gold and metals, although there's still the physical value to that no matter what. It will have some value.

Turds hit the fan, why is crypto worth anything? It was purchased based on the dollar value and if the dollar goes to shit by default crypto is worthless, no? No one would buy say BTC with anything because the fiat is worth nothing. Transactional and usefulness of crypto is negligible even in current times besides trading it.

Anyone can create a crypto currency as well. So there is no "scarcity" as is always thrown around. I look at crypto as video game currency amongst like minded people. Right now crypto is like when Fortnite blew up or some other video game you can buy tokens to advance faster than others. The problem is the game gets old for everyone after a while and eventually will turn into a nostalgic game you play occasionally. Basically buying the tokens/coins is worthless because at some point no one is playing anymore.

I prefer investing in business and real estate, at least when the time is right for real estate, and yes, I know, you can't time the market. But, these are two things EVERYONE needs. A roof over their head and someone to provide something they themselves cannot produce. You cannot eat or drink BTC. There are no underlying assets besides numbers.

No one NEEDS or USES crypto to live life. There are uses for metals, but if you can't exchange it or make a good out of it, it as well is worth little to nothing outside of the person that can make a good out of it. I don't need Facebook, but they still have physical assets and IP that has value to another company or person that can make money off it as a business if they were to buy it.

I don't know. Sell me. These other guys just spam links from fly by night sites, call you names and never answer questions. I know we've communicated in other threads, but I'm just seeing no value in crypto outside of trading safely until it ultimately becomes no longer popular because of volatility and the next best thing comes along. As a business owner I'd NEVER accept crypto. By the time I clear it into USD, the profit margins could have been wiped out.

I ultimately don't care what others spend their money on. My upset is when they push it on others and won't have a conversation. Why? If it's so good you should keep the secret to yourself, right? Just like I don't want people going to my favorite vacation spots. Sorry for the novel, but you're the only one that seems willing to have a logical discussion on the topic in the last couple months. The others won't read this.

theoakman says

Onvacation says

theoakman says

There's almost no investments right now in the market that aren't highly speculative. We are in an "everything bubble" and it's also highly speculative to hold a bank account in cash at this point. There's no clear winning bet. I have gold/silver and now crypto to hedge currency crisis. I have dividend stocks domestic and abroad as my safe haven still poised for growth. And if nothing bad happens, I have my income and my job and I'm good to go.

I don't think $1000 a month is all that speculative. Its a small portion of my net worth. I'm not going to try to convince you that it is a store of value either. You and I don't get to make that determination, the market does. In 2017, I considered it a highly speculative play. Today, given the situation, I consider is much less speculative despite the higher price.

Perfection! GReat post. The haters must hate on this @WookieMan @Onvacation

the BSDS must be strong with @WOokieMan today

51k Bitcoin and more people dollar cost averaging in. And shitty weather in IL....triple whammy.

@G36 Please stop spamming my inbox.

I don't want to ignore you just in case you actually offer a cogent answer to questions addressed to you.

breaking news for the Bitcoin haters @onvacation @Wookieman

the vast majority of energy used by the digital gold network comes from renewable energy!

https://cointelegraph.com/news/report-76-crypto-miners-use-renewables-as-part-of-their-energy-mix#:~:text=The%20study%20found%20that%20over,comes%20from%20renewable%20energy%20sources.&text=According%20to%20the%20latest%20study,source%20of%20energy%20for%20miners.

Report: 76% crypto miners use renewables as part of their energy mix

Digital Gold mined with green energy!