patrick.net

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!

@G36
Please stop spamming my inbox.

As usual G has no intelligent response. Par for the course. The golf course I'll be on starting next Tuesday through Saturday. I'll send photos of me having a good time and spending some of the money I've earned. I deserve it.

Onvacation says

The losers are ill-informed buyers caught up in the spiral of greed.

G36 says

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!

I am glad you like this news! @Onvacation
You have mentioned green energy in the past and finally have a way to invest in it! (Digital Gold)

@G36

Please stop spamming my inbox.

Onvacation says

Please stop spamming my inbox.

I wouldn't have a clue, but being gay in CA is pretty common I've heard. Maybe sensitive and wants another mans attention? Not that being gay is bad or a personal insult, they just tend to have a personality trait. Sensitive. No different than me being tall and wealthy for my age.

@Onvacation,
If you or @WookieMan need help to purchase your first Satoshi, let me know.

@Patrick
Is there any way to stop @G36 s abuse short of ignoring him? He occasionally has something interesting to say but his bitcoin fanboidom incursions into my inbox has become annoying.

Onvacation says

@Patrick
Is there any way to stop @G36 s abuse short of ignoring him? He occasionally has something interesting to say but his bitcoin fanboidom incursions into my inbox has become annoying.

@onvacation, can you not disable notifications? @Patrick
I thought we are discussing the success of Bitcoin here, why dont you just use the ignore function?

@Wookieman and onvacation are such sissy's....always run to daddy for help instead of stopping the trolling or utilizing the ignore functions.

Its a sign of weakness that certain people (wont mention them) always ask for special rules just for them to make their trolling work.

Right @onvacation and @wookieman ?

WookieMan says

need help to purchase your first Satoshi, let me know.

What if nobody bought another bitcoin? What if everybody but the HODL'ers realized that it was a Ponzi scheme? Would the price be maintained? Would all the HODL'ers keep buying as the price approached zero? Or would there come a balance between what the HODL'ers would pay and what the HODL'ers would sell?

Bitcoin is so expensive right now because very little is for sale. If Musk's $1,500,000,000 were divided into all 22,000,000 "coins" that will eventually be "mined" that would be an extra $68 dollars per "coin" But Musk's money is not adding a little price to all of the coins but just bidding up the value of the coins available for sale. At the current price of bitcoin Musk has bought up about a months supply from the miners. These miners spend ALL of the money on electricity, hardware, rent, food, hookers, blow, cars, and paying off the local corrupt government.

Your moon shot is going to run out of rocket fuel.

Onvacation says

WookieMan says

need help to purchase your first Satoshi, let me know.

I would buy soon. Bitcoin approaching 52k right now :)
@Wookieman...be a man!

Onvacation says

Patrick
Is there any way to stop G36 s abuse short of ignoring him? He occasionally has something interesting to say but his bitcoin fanboidom incursions into my inbox has become annoying.

@Onvacation

Each email should have a link at the bottom to stop getting that kind of email. Let me know if that's not true, or does not actually work.

Nice! thanks Pat. that would actually mean, he has to do something by himself. Sissy's are not used to that....they are used to getting bailed out.

G36 says

Nice! thanks Pat. that would actually mean, he has to do something by himself. Sissy's are not used to that....they are used to getting bailed out.

Some people need to get a life.

Onvacation says

G36 says

Nice! thanks Pat. that would actually mean, he has to do something by himself. Sissy's are not used to that....they are used to getting bailed out.

Some people need to get a life.

Working from home @onvacation. Beautiful weather here in Socal...and lunch time....gonna walk the doggy in a bit.....did it work out with buying some satoshis?

Bitcoin is over 52k now! going up quickly!

Patrick says

Each email should have a link at the bottom to stop getting that kind of email. Let me know if that's not true, or does not actually work.

Thanks Patrick.

I don't want to block all emails. Maybe Mr. G will behave and stop @ing me.

bawahahahah

@onvacation

WookieMan says

Onvacation says

Please stop

being gay

Mhm, seems like @onvacation doesnt like gay's? And it seems like @WookieMan is trying to come out of the closet.

@Wookieman, whats your boyfriends name and does he own Bitcoin?

G36 says

bawahahahah

Plenty of users here have disagreements. You've had to change your past usernames. No one has to wonder why now. Keep it up. You're losing, but keep it up.

If you're a fool buying bitcoin sell before you become the last greatest fool. Even the traders are trying to time the market. Even HODL'ers plan on selling to a greater fool someday. Don't be the last greatest fool.

If you don't know who the bitcoin fool is, it might be you.

G36 says

WookieMan says

Onvacation says

Please stop

being gay

Mhm, seems like @onvacation doesnt like gay's? And it seems like @WookieMan is trying to come out of the closet.

@Wookieman, whats your boyfriends name and does he own Bitcoin?

It would be nice if @WookieMan at leasts answers questions once in a while.

G36 says

@Wookieman, whats your boyfriends name and does he own Bitcoin?

Keep up with the comedy. You might have an actual career at some point. There's a mirror and that question was meant for you... I love how self deprecating you are. I didn't think gays were like that. Thought they were pompous, boisterous pumpers ;)

WookieMan says

G36 says

@Wookieman, whats your boyfriends name and does he own Bitcoin?

pompous

Pompous? Interesting name. And what's his nickname? Pomp?

And how many Satoshis does he own? Are you the female in the relationship @Wookieman?

If you buy stock you, theoretically, buy a "share" of the profits and losses of the company which uses your investment to buy tools and materials to pursue their business model.

What is bitcoins business model?

If you buy a Satoshi you are paying for "miners" expenses and an updated decentralized ledger that indicates you now own one Satoshi.

Agreed, its digital gold and a great wealth generator. I made over 3x since November. Wow!

Crypto Hedge Funds Defraud $100 Million From Investors, Founder Faces 20 Years in Prison

he U.S. Department of Justice (DOJ) announced Thursday that Stefan He Qin, a 24-year-old Australian national and founder of two crypto hedge funds, has been charged with securities fraud and has pleaded guilty in Manhattan federal court.

Qin “owned and controlled two cryptocurrency investment funds” called Virgil Sigma and VQR Multistrategy Fund between 2017 through 2020, the Justice Department described. Both funds were based in New York. According to the DOJ, the two funds had “over $100 million in investments.”

HSI (Homeland Security Investigations) Special Agent Peter Fitzhugh commented that “Qin mastered the art of trickery by representing these firms as profitable investment strategies so more victims fell to his tactics and were defrauded of nearly $100 million.”

U.S. Attorney Audrey Strauss said Qin “drained almost all of the assets from the $90 million cryptocurrency fund he owned [the Virgil Sigma fund], stealing investors’ money, spending it on indulgences and speculative personal investments, and lying to investors about the performance of the fund and what he had done with their money.”

https://news.bitcoin.com/cryptocurrency-hedge-funds-defraud-100-million-investors-founder-20-years-prison/

G36 says

Pompous? Interesting name. And what's his nickname? Pomp?

You fit the name. Spot on. https://www.merriam-webster.com/dictionary/pompous

Yet you have no standing. You have no value. It's kind of funny, but also sad.

Onvacation says

Crypto Hedge Funds Defraud $100 Million From Investors

This about sums it up. Can't stop a retard from being retarded though... I just dislike the pump and spam. Not answering a single fucking question. G.... Where did you last travel?

G36 says

WookieMan says

G36 says

@Wookieman, whats your boyfriends name and does he own Bitcoin?

pompous

Pompous? Interesting name. And what's his nickname? Pomp?

And how many Satoshis does he own? Are you the female in the relationship @Wookieman?

Not surprised that @WookieMan doesnt answer any questions.

In what rational universe could someone simply issue electronic scrip — or just announce that they intend to — and create, out of the blue, billions of dollars of value? It makes no sense.

All of this would be a comic sideshow if innocent people weren’t at risk. But ordinary people are investing some of their life savings in cryptocurrency. One stock brokerage is encouraging its customers to purchase bitcoin for their retirement accounts!

If you don't know who the fool is...

@onvacation

i told you, you can lead a donkey (named sissy) to the water but cant make her drink.