patrick.net

"Bitcoin is a new asset class and we need people like you to disbelief it.."

Hey, I gave you 100% opportunity to explain how bitcoin is a real asset, and isn't just a way to sell to a greater fool. your answer was.. i made money by selling it to someone else...

with a tesla, you have a car to drive around, the company produces those cars and generates revenue.. so here is your second chance... what does bitcoin do to generate revenue for those holding it OTHER than selling it to a greater fool?????

For bonus points, if you DO identify this revenue source, a simple comparison to a similar revenue source and why this one is better, and even a compare/contrast would actually lend some creedence to your theory... for instance, with gold, it can be a medium of exchange, but you can also sell it for use in electronic connections, or jewelry... go ahead... I'm waiting for why bitcoin has revenue potential


FYI, I actually do know a bit about bitcoin, and am aware of 1 very very small use case for it to generate revenue, that is almost useless to the majority of the population, and has several better alternatives.. Kind of like how tulip bulbs had a very small utility use during their bubble days. Lets see if you can at least get that one..

Does anyone really believe this?
Nvidia said during its investor call that cryptocurrency-related sales accounted for a small slice of its total revenue — just $300 million of $5 billion, suggesting that miners didn’t play a major role in the GPU shortage.

Zak says

use case for it to generate revenue

Bitcoin is up over 300%

Tesla just bought 1.5B USD worth of BTC
Today Square announced it poured another 170M in Bitcoin
to be continued....

Hope you understand what a store of value is?

Onvacation says

G36 says

Tesla stock sale: only if you find a greater fool, can you sell your stock.
Your car sale: Only if you find a greater fool, can you sell your car.
etc.

I see your confusion now.

Some things are real, they have substance.

Ah, i understand your confusion now @onvacation.
You think if something is digital it cant be real.

so, digital money, digital gold, digital music.....all not real to you. BTW., do you still have the landline?

I'm telling you @G36 .. I have some dirty socks I will sell you for $75 dollars. I promise, I have limited capacity to make more. I can only make about 1 pair that stinky per day. They will stay stinky for a long long time, and retain their stink value. In a show of good faith on my part, you can send the $75/pair to patrick to fund the site.. what is your address? I have up to 25 pairs I can sell you, but that's all for now.. the supply is extremely limited.

Crypto is new digital tulips.

Just for some fun, I've decided to run a weekly price bar chart, with Fibonaccis on the whole thing ...



Here's the scoop, now that bigger institutes, along with the retail traders are into this speculation, there are actually trading zones for this thing because there are lots of players, not just the penny stock speculators.

So since last week's bearish candle engulfs the prior week's bullish one, we're on a retest of the price near the 0.618% Fibonacci retracement level. If that level holds, we have a bounce in place ... ready to go.

If it falls through that region w/ no intraweek support, then it falls to the next trading zone, and so on.

For this to be a bust, it needs to get back to the baseline.

I suspect that the big fish will issue a huge buyback in the 23K range, if not earlier (29K-35K). Sure, this thing may evaporate in the future if the concept of digital gold doesn't hold but between now and then, this is a trader's entity.

Gabash gabish mooskaka bearkaka bullkaka...

There, now everyone has my equally useful prognostication about a speculative bubble trading vehicle

@Zak,
sry, looks like Bitcoin is going back up. Must piss you off, no? :)

@g36.. lol.. nope.. not at all! I don't get mad at people who win gambling in vegas.. why should I get mad at people gambling in bitcoin? I DO get mad at people trying to sucker others into speculation under the guise of investment in an actual performing asset.

So rejoice over your bitcoin speculation all you want. But quit lying and saying its an investment. If it's an investment, you should be happy to quietly accept your returns instead of pumping a neverending stream of bullshit onto patrick.net. The main reason I even reply is your bloviation crowds the topic list on an ongoing basis, and actually negatively impacts the experience of getting useful information that makes Patrick.net a useful and dare I say fun resource.

Even the housing bubble shills have a more sound "product" than you, and that's saying something...

@Zak Its investing in Bitcoin (I dont like gambling but i like investing in precious digital gold coins). Bitcoin is a new asset class. You can view Bitcoin as digital gold, gold 2.0. Bitcoin is actually much better than gold. In my humble opinion gold is wannabe Bitcoin.

Sry, that Bitcoin keeps slapping you in the face.

@g36 you've had the opportunity several times to explain what the value bitcoin generates is... why are you so scared to admit you are speculating? Should you really be doing something you are so scared to explain? It's easy for anyone reading this thread to see how scared you are to talk about value.. Reply again with no explanation to show how you need to keep false bravado to mask your terror, and try to suck greater fools in...

@Zak,

digital gold.

crypto is durable? I don't think so.. It can be backed up, but if you lose your single copy of a bitcoin... voosh gone... hard drive crashes.... have wiped out millions for several people... let alone all those who you don't hear about...

scarce? didn't like 5 clones of bitcoin pop up? can't you effectively just create another bitcoin type (ethereum, dogecoin, how many are there now?) out of thin air.. yeah I guess you can.

decentralized??? you MUST be in the network or connected to it to use bitcoin.. all the eggs are in the one network basket.. How can I have a bitcoin transaction NOT connected to the network? What is the fallback to network failure? The network is subject to a 50% takeover hack.

Easily transactable??? Can I go down to my local grocery store and pay in bitcoin? Nope.. have to have a computer set up with a wallet. Can I get my employer to pay me in bitcoin? Nope? How many transactions per second can the bitcoin network handle? (About 7 I think). Is there a fee for making a transaction? Yep.

Ok, so there is all that lying out of the way.

You're on the VERGE of identifying the very very very small value in bitcoin (distributed transaction log) , but given all the above drawbacks, it seems unlikely you will admit that you are paniced, knowing this, and won't admit any of it out loud...

Sorry... Hope others don't get into a terrible position like you

I also find it hilarious that you call gold moderately secure, moderately divisible, moderately scarce, low on decentralization, and low on sovereign... The portability score is downright laugh out loud funny.

Well, one thing is for sure ... prices for video cards are pretty high! Maybe should buy some NVidia or AMD stock. Sort of like supplying the picks and shovels to prospectors.

Yea, I did the AMD buy a while ago, but I thought it was topped out in the 40s...

Zak says

decentralized?

yep. I know. Pretty cool.
No PR department, no marketing. not even a number to call. 100% decentralized. No wonder so many top tier companies invest in Bitcoin and smart money (me).

G36 says

and smart money (me).

"yep. I know. Pretty cool."

Lol... 50% of what you posted is just plain dust, and rather than address the issue, you say "pretty cool" !?!?

dude, is bank of america decentralized because they have branches across the united states?

Are you even going to acknowledge that your "infographic chart of fantasy" was demolished?

EBGuy says

Does anyone really believe this?
Nvidia said during its investor call that cryptocurrency-related sales accounted for a small slice of its total revenue — just $300 million of $5 billion, suggesting that miners didn’t play a major role in the GPU shortage.

What if amd / nvidia are the ones hyping bitcoin to generate sales. Buy a large chunk to pump it, get 3x return from sales, haha

noobster says

What if amd / nvidia are the ones hyping bitcoin to generate sales. Buy a large chunk to pump it, get 3x return from sales, haha

Ahhhhh, smartest BTC comment I've seen on these threads I think (there are other great ones too).

This is what is happening. The wealthy are just extracting money from BTC buyers. Trade it, but people holding will get burned. TSLA pumping is a bad sign. They can make hundreds of millions in days and be out just as quick.

People, I'm telling you, do whatever you can to meet some truly wealthy people. If you meet some honest ones you'll learn a lot. Become the casino, don't play in it.

G36 says

No PR department, no marketing. not even a number to call. 100% decentralized.

You are the PR department. And there are lot of you out there running around. You have no, or such a low stake in it that it's laughable. Yet you run around and pump it. You pump what will ultimately be your demise. I kind of feel bad for you, but not really.

Zak says

bank of america

correct. BoA is centralized, Bitcoin is decentralized (no marketing department, no PR department, no sales, etc). Now that you understood this, we can help with any further questions. Let us know....we are here to educate.

It's hard when you have a real discussion, and the points you put up are destroyed thoroughly and with nominal effort, and yet somehow your blind faith remains. It's the story of the housing bubble as well, so at least while sad, it's not unexpected.

@G36, let's suppose you are not wrong. Let's suppose there is a real asset value to bitcoin and other crypto tokens. How would you identify if there was an overvaluation of the asset class? If there WAS a speculative bubble, what steps would you take (or what steps are you taking) to mitigate your risk? Would you care about other people being exposed to that risk based on your promotion of the asset?

If you're here to educate, why didn't you update your chart to correct all the mislabeled trait levels?

Also, can you add my dirty socks alongside crypto so we can see that it is a better performing money? Then the chart will be consistent.

Zak says

awaiting moderation

Not sure who flagged this comment. Pretty sensitive I guess. Looked good to me, but I don't want to appear biased.

Zak says

awaiting moderation

Usually what happens....the haters turn personal because they cant prevent Bitcoin from climbing higher and higher.

Its sad that the Bitcoin haters wish for Bitcoin to fail instead of just investing in digital gold. Its an incredible exciting time we live in!

WookieMan says

Zak says

awaiting moderation

Not sure .

Of course not. Wookieman doesnt know the rules of this forum either. We had to flag many of his comments in the past. He just cant handle the success of Bitcoin investors and makes personal comments. Thank goodness we have moderators who catch and flag him.

G36 says

Usually what happens....the haters turn personal because they cant prevent Bitcoin from climbing higher and higher.

What was personal about Zak's comment (55)???? FYI I didn't approve it as I state above. It was a good question though. Engage. Stop pumping.

WookieMan says

G36 says

Usually what happens....the haters turn personal because they cant prevent Bitcoin from climbing higher and higher.

What was personal about Zak's

IDK, never saw the comment. But its good we have moderators who catch you and ZAK on making personal comments. Thats what the moderators are here for. Haters usually dont obey the rules and need to be flagged :)
Sry bud.....must be the shitty weather in IL where you live and your portfolio of 100 shares of LUV that makes you hate on Bitcoin's success?

G36 says

But its good we have moderators

Thanks. I appreciate that I'm good.

G36 says

IDK, never saw the comment.

Lol....

thats funny that you think you are a moderator....we have had to flag countless of your personal comments! Bawahahah

G36 says

Its an incredible exciting time we live in!

What do you like best? The masks or the lockdowns?

G36 says

thats funny that you think you are a moderator.

Almost as funny as thinking one is an investor.

Onvacation says

G36 says

thats funny that you think you are a moderator.

Almost as funny as thinking one is an investor.

So true!

G36 says

we have had to flag countless of your personal comments! Bawahahah

Who is we? So you do have more than one account. Thanks for clarifying.

And yes, I can nuke 100% of your personal comments towards me. I don't. And I don't run from conversation. I'm also more subtle. Did you ever figure out my math problem?

Onvacation says

G36 says

Its an incredible exciting time we live in!

What do you like best?

Bitcoin! Crypto! CARDANO (ADA)!

Cardano is probably the most exciting one...bought at 10 cents per coin (precious coin).....its trading over 1.2 USD right now....will probably cash out when it hits $3-5 :) :)

WookieMan says

we

Who do you mean by "we" @WookieMan, is it the voices again that told you that TESLA sold Bitcoin? You know it was just voices and there is no proof right?

Or do you have a mouse in your pocket? Just wondering who you mean by "we".

WookieMan says

G36 says

we have had to flag countless of your personal comments! Bawahahah

Who is we?

G36 says

Who do you mean by "we"

Man up. I asked the question first. You won't answer. I'll laugh at your response.

Sorry BSDS is so strong today. Beautiful weather in SoCal and shitty in IL.
I get it :)

Sry bud!