patrick.net

WookieMan says

Zak says

Similarly, my poop has limited supply. But it's not valuable.

Thats exactly the difference between your poop and Bitcoin. Nobody wants your poop but a single Bitcoin is trading at 58k at the moment (even though people who think they are smart predicted a price of 1.2k for Bitcoin).

Even Tesla bought Bitcoin. Currently they are holding 1.3B worth of Bitcoin on their books :)

Thanks Tesla!

seesaw says

BitCoin:
Before I Start... I've started following this in 2012... and mined in 2014... been in I.T. for 30 years... ok... done

A Peer 2 peer network of Decentralized people... no one single owner.
It's a Global programming environment for the secure exchange / transfer of information .
It's not a piece of digital currency... it's a tiny part of it.
It's a protocol for information synchronization. It can precicely and chronologically Time order any data ( Blockchain) and have a built in check for Validity without any central authority.
This Blockchain is the database that is a giant Accounting Ledger, that stores the transmission and receiving of financial information.
This is a public record of Ownership, with ownership rights secured by Cryptography.

The blockchain is combined with encryption functons and database rules to provide people with ownership rights to a certain balance of numbers... DUBBED ... COINS

... One of the challenges......

@Zak

if your poop can do any of these things that Bitcoin can do....maybe your poop will be worth something one day. Highly doubt it though....hopefully, thats not a personal attack ROFL.

seesaw says

In Bitcoin you really can't have your "Coins" stolen.

But if you want to sell your "coins" you need to find a bigger fool than the one that bought your coins.

Tell me if I am wrong?

Onvacation says

seesaw says

In Bitcoin you really can't have your "Coins" stolen.

But if you want to sell your "coins" you need to find a bigger fool than the one that bought your coins.

Tell me if I am wrong?

yeah, you are wrong. Bitcoin buyers are smart. Bitcoin sellers are fools. Why hold cash during inflation? I rather hold Bitcoin and get wealthier.
You just got it mixed up. :) From my own experience: I bought 1.9BTC at 15k each. Now each of them is worth 58k! Thank god i didnt hold cash instead!!!!!!

Onvacation says

But if you want to sell your "coins" you need to find a bigger fool than the one that bought your coins.

Sounds like the current state of housing market in SFBA

B.A.C.A.H. says

Onvacation says

But if you want to sell your "coins" you need to find a bigger fool than the one that bought your coins.

Sounds like the current state of housing market in SFBA

Whenever you sell an asset you can say a greater fool bought it. That works until that greater fool makes money off of it. Than you say, the buyer the greater fool sold to becomes the greater fool and the previous greater fool is suddenly a smart investor? Onvacation is full of s***. He doesnt even know when the last Bitcoin will be mined. He seems to have no clue about Bitcoin and just trolls us. Typical behavior for people who missed out and are sour grapes.

Bitcoin says

That works until that greater fool makes money off of it.

Thing is, with Bitcoin, the greater fool makes money only by finding a yet greater fool, no?

With stock, on the other hand, you actually own shares in a real company that should be producing profits. You can lose there too, but at least there is a real business behind each share of stock.

Patrick says

but at least there is a real business behind each share of stock.

that's right. Behind Bitcoin is a much greater value than just a company. The entire gold market is for grabs. Dont believe me.....just wait :)

seesaw says

It's a protocol for information synchronization. It can precicely and chronologically Time order any data ( Blockchain) and have a built in check for Validity without any central authority.

Winner.. This is the "fundamental value" of bitcoin.. but what is that value "worth". Do any governments recognize this bitcoin register as they do for instance a county recorder's office? No. Is a document legally binding in any way because it is authenticated in bitcoin? No more than a simple notary public down the street that doesn't require a globally connected network "mining" energy inefficient blockchain keys. The scope of bitcoin's use is SO narrowly limited and unable to fulfill most legal functions that it is nearly useless. The first blockchain to come along supported by a governmental legal framework will devalue this weak substitute for actual legal protection almost immediately. Already blockchains with lower energy consumption per transaction are eating into this limited value effectiveness of bitcoin. And as far as "scarcity", bitcoin does not have a suitable lack of substitutability that anything we would want to behave as a "currency" should have. You can simply start another blockchain network. There is a value in the network effect of bitcoin in particular, but i would imagine the "next Satoshi" is actively thinking about how to break the network effect as a requirement. BTW, if someone figures this out, facebook , twitter, and linked in will quickly fall as well.

seesaw says

Finally.. Mining is global... not just China... so the China arguement does not hold major water with me...

Sounds like something an ostrich would say. "Here is a big glaring issue, a majority of mining is going to China, and powered by coal, but i did something different one time, and i heard some other stuff, so i'll bury my head in the sand and pretend that huge issue doesn't exist.."

And that's the responsible "investment analysis" you think people should hang their security on?

Zak says

seesaw says

Finally.. Mining is global... not just China... so the China arguement does not hold major water with me...

After Musks recent tweet I have the following theory:

Musk is an entrepreneur....what do they do? They solve problems.
He just bought 1.5B USD worth of Bitcoin and now tweets that the energy consumption is a problem? Who is he kidding....of course he knew this when he bought....So what is he up to?
Tesla miner coming soon.....what better company to manufacture Bitcoin miner devices and take over the mining business? They already are invested in Bitcoin and have the perfect set up for mining the green way. Let's just not mention that EV's use electricity too.....

Is it time to ping this thread again? What would bitcoin do? Elon Musk says sell... it's bad for the environment! LOL!

Bitcoin says

He just bought 1.5B USD worth of Bitcoin and now tweets that the energy consumption is a problem? Who is he kidding....of course he knew this when he bought....So what is he up to?

We've told you. It was a pump and dump by Musk. Pretty much indisputable at this point.

The guy wants to literally live on Mars. It's not a dream. It's not a joke. To get there he needs $$$$$. Who knows the entry/selling points, but he's likely walking with $500M+ in USD of OPM, which is what will help get him where he wants to go. Mars. Mark Cuban is fucking around in the game as well, because he knows the game.

Meet some legit multimillionaires. You don't know the game you're playing. You're in a boxing ring with a 23 year old Mike Tyson. You will get knocked out. Until you can throw $5-10M+ at an investment and lose it all, you can't beat the other players. At some point you run out of money after they took all yours.

I guess some people who bought bitcoin for $64,863 are a little upset today ($43,705).
48.4% down isn’t too bad, is it?
Maybe not? Some will hold it through thick and thin.

People, just buy WFC, it’s a good deal, you can’t lose (after it hits $54, I’m OUT)

WookieMan says

Until you can throw $5-10M+ at an investment and lose it all, you can't beat the other players. At some point you run out of money after they took all yours.

When I was a wee gambler, I wondered why there were upper limits on some casino games, like roulette. Wouldn't the house always want you to bet as much as you can?

The answer is that with sufficient money, and without an upper limit, you could just keep doubling your bet on red or black on the roulette wheel every time you lost, and soon you'd recover what you lost. But if they cap your bet, then when you lose at that level, you have to win twice in a row to get back to where you were.

So I'm agreeing with the premise: people with more money to bet have a big advantage in the game. They will survive the random fluctuations better than someone without as much money.

Who is more likely to win a coin flip?

1. A baby
2. An M.I.T. Phd. in statistics
3. A rich gazillionaire

Any of the above.

WookieMan says

Bitcoin says

He just bought 1.5B USD worth of Bitcoin and now tweets that the energy consumption is a problem? Who is he kidding....of course he knew this when he bought....So what is he up to?

We've told you.

"We"
You told us Musk sold.....According to Tesla's financials in Q1 they have the vast majority of BTC on their books.

He did troll however with his dogecoin shit. Typical musk. You never know with this guy. Bitcoin doesnt need him....he provided a nice pump to BTC which he is now reversing. Doesnt mean BTC wont go to 100k this year....

whenever BTC dips the haters come out and cheer. Just until it recovers and reaches new all time highs. Every. time. the. same. spiel.

I think 48% is not a “dip” but something else.

I don’t care, Apple just gave me 11 more free shares of a real company, real equity.

I’m not a hater, but it’s ridiculous to brag about owning something which “dips” 48% at any time.

clambo says

I’m not a hater, but it’s ridiculous to brag about owning something which “dips” 48% at any time.

Its even more laughable to cheer about a 48% dip on an asset that is up 500% in a year. I bought BTC at 15k last November....its now over 40k!
I made 18X on Cardano (another crypto). I have apple shares too but you can go home with those gains compared to crypto :D

Your buy timing doesn’t change the fact that someone else paid $64,863 for the stuff and is deep underwater.

He has no choice except except wait for a bigger sucker to come along.

Anything that can fall 48% for no apparent reason is worthless to me.

clambo says

Anything that can fall 48% for no apparent reason is worthless to me.

ROFL!
First of all, you cant even do math, so I imagine a lot of things seem worthless to you (who knows what you calculate to justify your decisions). Show us your math on the alleged 48% dip in Bitcoin.
Second, Do you think you matter in the crypto market? Tesla invested 1.5B USD. Microstrategies invested 2.17B USD in Bitcoin.
Third, people like you will always cheer when an asset dips they havent invested it. And when it goes to new all time highs....silence.

Musk was the richest man in the world...then he bought Bitcoin.

Bitcoin says

an asset that is up 500% in a year

That's the scary part to me, things that are too good to be true usually aren't. The 20's were fun while they lasted.

NDrLoR says

Bitcoin says

an asset that is up 500% in a year

That's the scary part to me

Then pls dont look at dogecoin. If 500% increase scares you, how about 12,000% for doge? My Cardano went from 0.03 to over $2. My avg cost is 10 cents :) :) :) hopefully you are not terrified now.....some people feel more comfortable with the performance of a checking account.

Misc says

Musk was the richest man in the world...then he bought Bitcoin.

reality check:

https://www.yahoo.com/now/tesla-makes-more-money-bitcoin-163841265.html#:~:text=Find%3A%20Musk's%20Tesla%20Now%20Sits%20on%20%242.5%20Billion%20Worth%20of%20Bitcoin&text=The%20company%20reached%20a%20quarterly,its%20Q1%202021%20earnings%20update.

"Tesla Makes More Money From Bitcoin Than It Does From Cars"

The Bitcoin high 64,863 was 48% above 43,705
The decrease from the high was 32.6% of the high.
Whichever way you look at the drop, it’s too big.

I’m not investing in Bitcoin because it’s not an investment.

I’m comfortable with my real investment performance.

Why do you get so snippy? I’m not keeping my money in a checking account.

I’m not afraid to roll the dice but I’m not interested in a game of musical chairs.

clambo says

The Bitcoin high 64,863 was 48% above 43,705
The decrease from the high was 32.6% of the high.
Whichever way you look at the drop, it’s too big.

I’m not investing in Bitcoin because it’s not an investment.

I’m comfortable with my real investment performance.

Why do you get so snippy? I’m not keeping my money in a checking account.

I’m not afraid to roll the dice but I’m not interested in a game of musical chairs.

Aapl has had 30% drops as well more than once or twice. I don't think it's fair to say bitcoin is not an investment. Those who bought at 5k are sitting pretty. Call it a trade if you want to make the point that it doesn't pay dividends or have earnings. I agree that it's def more speculative but aapl hasn't crossed its previous high in a long time as well, and look at tsla. Nothing is without risk, so diversify and keep emergency cash has never been wrong, no matter what you invest in.

Millions of people have found out that trading Alt-coins is better than working for a living. --- What could go wrong???????????

clambo says

The decrease from the high was 32.6% of the high.

That's better! And 30-40% drops happen during Bitcoin bull cycles. Not everyone can stomach it.....weak hands trade to long term investors. Of course Bitcoin is an investment. Why do you think companies buy and hold it on their balance sheet. Why do you think there is a Bitcoin ETF in canada?

Its not an investment for YOU. Which is totally fine :) The difference between you and me is I dont cheer if your investments goes down. I want people to make money. I invest heavily in stocks, RE and Crypto. You on the other hand hope for Bitcoin to crash and you come out with the cheerleader gear every time it dips.....and remain silent when it reaches new ATH's. The reason is simple, you arent on the Bitcoin train and if people pull a 500% you get jealous and hope for it to crash. At least thats my theory :)

I heard Marc Chandler share his view on crypto currencies on a podcast over the weekend.

He described them as a "relief valve", mopping up some of the excess currency printed recently. I suppose another way of saying that is those are a place for money to go to die.

Hipsters keep saying it's different this time. We shall find out.

Buy the dips!

I'd buy goldbacks before crypto. But hey if you were early and on top of pyramid hats off to you.

mell says

Aapl has had 30% drops as well more than once or twice. I don't think it's fair to say bitcoin is not an investment. Those who bought at 5k are sitting pretty. Call it a trade if you want to make the point that it doesn't pay dividends or have earnings. I agree that it's def more speculative but aapl hasn't crossed its previous high in a long time as well, and look at tsla. Nothing is without risk, so diversify and keep emergency cash has never been wrong, no matter what you invest in.

Exactly right. I just treat it as a form of asset diversification. Anyone who goes all in on crypto is stupid, but it's prudent if someone has it as at least 5-10% of their portfolio.

hope you guys bought the dip! My Ada went to 1.09 and skyrocketed back to 1.75!
Bitcoin! low was around 30k....now back at 40k.....some people sold their paper hands and some made money today!

RC2006 says

I'd buy goldbacks before crypto

funniest line today!

I think Trump just bought 555 California Street in SF. The bank of america building. I wonder if he used bitcorn proceeds lolz.

just_passing_through says

I think Trump just bought 555 California Street in SF. The bank of america building. I wonder if he used bitcorn proceeds lolz.

I wonder if he's planning on cleaning up SF somehow to make his new asset appreciate?

Maybe a family member for mayor, running on a campaign of annihilating the homeless, their faeces, and the laws that let them steal w/o going to jail?

just_passing_through says

I think Trump just bought 555 California Street in SF. The bank of america building. I wonder if he used bitcorn proceeds lolz.

He already owned at least part of it for years. Maybe he bought the rest.