patrick.net

ElYorsh says

this non asset has made rich people richer.

So has the lottery.

Is a lotto ticket an asset?

AD says

Is it that the whales and retail / small investors are diversifying and not going all in with Bitcoin ?

No idea I mostly just buy bitcorn (and dabble in some alt coins as a gamble) but what some pals in the bay area do are invest in alt coins instead because they say when bitcorn runs they outperform.

AD says

I read that Dogecoin is correlated to Bitcoin.

BTW, I think you've got balls buying Dogecoin. I hope you make out like a bandit.

I recently bought 500 shares of Fidelity Bitcoin ETF at around $58 when Bitcoin was around $63,000. How will Bitcoin do as well ? I've seen a chart it will reach $1 million within 4 years, so I was hoping the 500 shares would go to around $430,000 (that is ($1,000,000/$63,000) x (500 shares x $58) )

just_passing_through says

BTW, I think you've got balls buying Dogecoin. I hope you make out like a bandit.

Thank you Just_Passing_Through, as I bought $500 of Dogecoin around 3 cents. I cashed out $500 after it went up a lot and I have around 8330 Dogecoin left. I plan to sell all the Dogecoin either if it his around $100 or $0.01.

I recently bought 500 shares of Fidelity Bitcoin ETF at around $58 when Bitcoin was around $63,000. How will Bitcoin do as well ?

I've seen a chart it will reach $1 million within 4 years, so I was hoping the 500 shares would go to around $430,000 (that is ($1,000,000/$63,000) x (500 shares x $58) )

The only concern is what would be actual inflation from now and when Bitcoin reaches $1 million.

It could be like 100% so the $430,000 is only $215,000 in today's dollars.

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AD says

The only concern is what would be actual inflation from now and when Bitcoin reaches $1 million.

It could be like 100% so the $430,000 is only $215,000 in today's dollars.

I've made some comments (not on here) as to where I think it'll be in 20 years (18 now) to friends and family and yeah, I think it'll be like that. A nominal value vs. a highly inflated dollar.

What I'm wondering, is where that Ripple fraud guy went lol... It's done NOTHING!

No no no, wait, it's gone DOWN!

While virtually every other common alt-coin has risen with bitcorn...

I don't mean the bitcoin covid jabbed guy, this was someone trying to pump ripple on here for a week or so...

just_passing_through says

I don't mean the bitcoin covid jabbed guy, this was someone trying to pump ripple on here for a week or so...

so he left cause he could not gain any traction here ?

I hope Eman posts again on Patnet, and I encouraged him to write a book such self publish an electronic book on Amazon to cover all of what he said here as far as how he got rich

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Bitcoin at $500,000 by 2025

AD says

Bitcoin at $500,000 by 2025

Why?

Onvacation says

AD says

Bitcoin at $500,000 by 2025

Why?

Because it is following a pattern that shows it will hit $500,000 by 2025. It has to do with the scarcity of Bitcoin because of the halving of Bitcoin, and also it is an alternative way to store value in a fiat currency system.

But I would not "bet the farm" on it. Put no more than 4% of your total investment assets in Bitcoin.

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AD says

Because it is following a pattern that shows it will hit $500,000 by 2025. It has to do with the scarcity of Bitcoin because of the halving of Bitcoin, and also it is an alternative way to store value in a fiat currency system.

The general pattern in lots of the models is based on user uptake. Like how fast people transitioned from buggies to cars, regular phones to cell phones etc.,.

There are a LOT of uses for it but one I heard of recently Michael Saylor is working on is orange checkmarks. You can send immutable messages over the bitcorn network that are protected with the same power as the coin itself. So the lame crap on docusign will get replaced eventually for example.

If you want to send a digital message that nobody will be able to eff with for the next 100 years that's provably from you that's the way to do it.

Bitcorn is the most heavily protected data on the planet and nothing else comes close. (caveat: so long as we still live in a digital world)

After Bitcoin reaches the max limit of 21 million, the miners will not receive new Bitcoin as a reward for verifying transactions. They will then get paid based charging fees for Bitcoin transactions. Those buyers and sellers who are willing to pay more for those fees will get more priority from the Bitcoin miners.

AD says

After Bitcoin reaches the max limit of 21 million, the miners will not receive new Bitcoin as a reward for verifying transactions. They will then get paid based charging fees for Bitcoin transactions. Those buyers and sellers who are willing to pay more for those fees will get more priority from the Bitcoin miners.

So people have to pay to use their money? And the more you pay the faster you can use your money? Did I get that right?

Onvacation says

So people have to pay to use their money? And the more you pay the faster you can use your money? Did I get that right?

yes, as that will be the fees as far as trading Bitcoin....there will be transaction fees... so you'll have competition among the Bitcoin miners to attract as many Bitcoin sellers or buyers by lowering their fees that they charge

From China Banished Cryptocurrencies. Now, ‘Mining’ Is Even Dirtier.
It should be noted that the former coal plant now uses natural gas.

Been a while since the Bitcoin Fluffers have been triggered here, so...

Only triggering for people who still think it's use is as a currency which nobody who understands it does.

Yeah George has been traveling across South America and reporting this but it's more anecdotal than anything and damn look at that 50% cut in the gold price! Some in Central America do use it as a currency via a Chivo Wallet but I've heard rumors people are getting ripped off that use it.

2011 wants their talking points back.

AD says

yes, as that will be the fees as far as trading Bitcoin....there will be transaction fees... so you'll have competition among the Bitcoin miners to attract as many Bitcoin sellers or buyers by lowering their fees that they charge

Fees have skyrocketed! Four years ago I could buy $35K worth for about $1.25. I checked what $65K would cost me this week in fees and it was $625. Less and less American exchanges/competition, up goes the price!

It's as if exchanges like coinbase would like investors to start using ETFs or something...

https://www.readtrung.com/p/microstrategys-37b-bitcoin-bet

Repeat from another post:
Entertaining rant from four years ago by McAfee about Bitcoin Tulip Bulb. Doesn't seem predictive up to the present, but I suppose it could blow up anytime. Seems like a lot of frothy fiat value pumped by speculation. When will the musical chairs end?

https://youtu.be/FnKrMKo_WlU?si=9CyxzEnY82cGXzEd

Surely they will end eventually, but it's a good reminder not to ridicule people's investment choices. For those who bought early there has been plenty of time to get out and many multi millionaires were made on the spot. Bitcoin surely has defied its critics time and time again

DOGEWontAmountToShit says