patrick.net
An Antidote to Corporate Media
1,250,137 comments by 14,908 users - DhammaStep, HeadSet, mell online now
invite response« First « Previous Comments 459 - 498 of 512 Next » Last » Search these comments
459
Misc
2023 Mar 24, 6:09am
So the SEC gave a warning that there is a significant risk of loss on Crypto.
https://seekingalpha.com/news/3950596-sec-warns-of-significant-risk-of-loss-for-crypto-investors
I think it would be funnier than shit if Coinbase gave a warning that there is a significant risk of loss by investing in Bank stocks.
https://seekingalpha.com/news/3950596-sec-warns-of-significant-risk-of-loss-for-crypto-investors
I think it would be funnier than shit if Coinbase gave a warning that there is a significant risk of loss by investing in Bank stocks.
461
AmericanKulak
2023 Mar 27, 9:31am
AmericanKulak
2023 Mar 27, 9:31am
Bitcoin says
You haven't heard from us Buttcoin fluffers because we're so busy spending our 30% losses YoY!
SUPERIOR! STORE! OF! VALUE!
whenever Bitcoin corrects the haters put their cheerleader gear on. They only care and hate on Bitcoin investors when Bitcoin offers a buying opportunity (correction). When bitcoin is up....they are suuuuuper quiet. Because then, they "dont care" all of a sudden
ROFL
You haven't heard from us Buttcoin fluffers because we're so busy spending our 30% losses YoY!
SUPERIOR! STORE! OF! VALUE!
462
1337irr
2023 Apr 7, 9:34am
1337irr
2023 Apr 7, 9:34am
Misc says
How come it would be funny?
So the SEC gave a warning that there is a significant risk of loss on Crypto.
https://seekingalpha.com/news/3950596-sec-warns-of-significant-risk-of-loss-for-crypto-investors
I think it would be funnier than shit if Coinbase gave a warning that there is a significant risk of loss by investing in Bank stocks.
How come it would be funny?
463
RWSGFY
2023 Apr 7, 9:39am
RWSGFY
2023 Apr 7, 9:39am
Misc says
Stocks are stocks. Currency is currency. When your currency becomes as risky as stocks there's something wrong with it.
So the SEC gave a warning that there is a significant risk of loss on Crypto.
https://seekingalpha.com/news/3950596-sec-warns-of-significant-risk-of-loss-for-crypto-investors
I think it would be funnier than shit if Coinbase gave a warning that there is a significant risk of loss by investing in Bank stocks.
Stocks are stocks. Currency is currency. When your currency becomes as risky as stocks there's something wrong with it.
464
1337irr
2023 Apr 7, 9:46am
1337irr
2023 Apr 7, 9:46am
Yeah, I don’t know if the dollar is a good bet these days given the deficit spending. Not sure at all on bitcoin, it seems risky.
465
AD
2023 May 4, 2:30pm
AD
2023 May 4, 2:30pm
Just in, Biden proposes a 30% tax for crypto mining
https://www.investopedia.com/biden-wants-30-percent-crypto-mining-tax-but-can-it-work-7488297
https://www.investopedia.com/biden-wants-30-percent-crypto-mining-tax-but-can-it-work-7488297
466
AD
2024 Feb 6, 7:08pm
AD
2024 Feb 6, 7:08pm
.
1) https://bitcoinmagazine.com/business/microstrategy-buys-850-more-bitcoin-for-37-million
2) MicroStrategy owns 189,150 bitcoins as of December 27, 2023. The MicroStrategy announcement states the average purchase price as $31,168.00 USD per bitcoin with a total cost of $5.90 billion USD.
source: https://buybitcoinworldwide.com/microstrategy-statistics/#:~:text=MicroStrategy%20owns%20189%2C150%20bitcoins%20as,cost%20of%20%245.90%20billion%20USD.
3) Is it a software services company or a bitcoin investor ? or both ?
.
1) https://bitcoinmagazine.com/business/microstrategy-buys-850-more-bitcoin-for-37-million
2) MicroStrategy owns 189,150 bitcoins as of December 27, 2023. The MicroStrategy announcement states the average purchase price as $31,168.00 USD per bitcoin with a total cost of $5.90 billion USD.
source: https://buybitcoinworldwide.com/microstrategy-statistics/#:~:text=MicroStrategy%20owns%20189%2C150%20bitcoins%20as,cost%20of%20%245.90%20billion%20USD.
3) Is it a software services company or a bitcoin investor ? or both ?
.
467
WookieMan
2024 Feb 6, 9:45pm
WookieMan
2024 Feb 6, 9:45pm
AD says
In US dollar... It's not a currency. Fine you can trade it and make money. Not different than Walmart that actually provides a service. Tread lightly with anything Bitcoin. I don't have a time horizon on it, but it will go to $100 or less at some point.
The MicroStrategy announcement states the average purchase price as $31,168.00 USD per bitcoin with a total cost of $5.90 billion USD.
In US dollar... It's not a currency. Fine you can trade it and make money. Not different than Walmart that actually provides a service. Tread lightly with anything Bitcoin. I don't have a time horizon on it, but it will go to $100 or less at some point.
468
AD
2024 Feb 6, 10:03pm
AD
2024 Feb 6, 10:03pm
WookieMan says
Why will bitcoin go to $100 or less ? People lose faith in it and why would they lose faith in it ?
Since the SEC has approved ETFs for Bitcoin I don't see much of the government trying to depress its value.
.
I don't have a time horizon on it, but it will go to $100 or less at some point.
Why will bitcoin go to $100 or less ? People lose faith in it and why would they lose faith in it ?
Since the SEC has approved ETFs for Bitcoin I don't see much of the government trying to depress its value.
.
469
WookieMan
2024 Feb 6, 10:10pm
WookieMan
2024 Feb 6, 10:10pm
AD says
Not about government. It's the $$$$. The value is capped and people will lose interest in holding it because the dollar to bitcoin price will go to shit. No time frame, but it's coming.
Why will bitcoin go to $100 or less ? People lose faith in it and why would they lose faith in it ?
Since the SEC has approved ETFs for Bitcoin I don't see much of the government trying to depress its value.
Not about government. It's the $$$$. The value is capped and people will lose interest in holding it because the dollar to bitcoin price will go to shit. No time frame, but it's coming.
470
AD
2024 Feb 6, 11:16pm
AD
2024 Feb 6, 11:16pm
WookieMan says
yep, Bitcoin "halving" ..
As of Dec. 18, 2023, 19.57 million bitcoins have been mined, leaving about 1.45 million bitcoins to release. The total bitcoin supply is capped at 21 million around the year 2140.
So there won't be an more mining of bitcoin when there are 21 million bitcoins in circulation. But what does that really mean as far as bitcoin's value ?
.
AD says
Why will bitcoin go to $100 or less ? People lose faith in it and why would they lose faith in it ?
Since the SEC has approved ETFs for Bitcoin I don't see much of the government trying to depress its value.
Not about government. It's the $$$$. The value is capped and people will lose interest in holding it because the dollar to bitcoin price will go to shit. No time frame, but it's coming.
yep, Bitcoin "halving" ..
As of Dec. 18, 2023, 19.57 million bitcoins have been mined, leaving about 1.45 million bitcoins to release. The total bitcoin supply is capped at 21 million around the year 2140.
So there won't be an more mining of bitcoin when there are 21 million bitcoins in circulation. But what does that really mean as far as bitcoin's value ?
.
471
Misc
2024 Feb 14, 1:59am
Just because something is intrinsically worthless does not mean it cannot go up in value.
I ain't gonna put any of my money into it, but I will watch it go up and giggle.
I ain't gonna put any of my money into it, but I will watch it go up and giggle.
472
richwicks
2024 Feb 14, 3:49am
richwicks
2024 Feb 14, 3:49am
AD says
It has zero utility. You can't buy anything with it. To buy or sell it, in any quantity takes days or weeks.
Transactions are either incredibly slow or horrifically expensive because it's just a distributed, SLOW database.
People buying it completely don't understand it.
It's a stock of a company that makes no product and has no revenue.
Why will bitcoin go to $100 or less ? People lose faith in it and why would they lose faith in it ?
It has zero utility. You can't buy anything with it. To buy or sell it, in any quantity takes days or weeks.
Transactions are either incredibly slow or horrifically expensive because it's just a distributed, SLOW database.
People buying it completely don't understand it.
It's a stock of a company that makes no product and has no revenue.
473
SoTex
2024 Mar 2, 11:31am
SoTex
2024 Mar 2, 11:31am
AD says
No. The number is capped, there is no cap at all on the value people may perceive it has. It's the very 1st asset class that has this feature.
Not about government. It's the $$$$. The value is capped and people will lose interest in holding it because the dollar to bitcoin price will go to shit. No time frame, but it's coming.
yep, Bitcoin "halving" ..
No. The number is capped, there is no cap at all on the value people may perceive it has. It's the very 1st asset class that has this feature.
474
SoTex
2024 Mar 2, 11:34am
SoTex
2024 Mar 2, 11:34am
AD says
There are lots of videos the CEO made that describes the history of the company. Mainly how he ignored what the academics from the school he came from kept telling him about what technology to use for x-problem over the past 4 decades and how he always made out like a bandit vs. the academic strategy. The bitcorn thing is just a very recent move he made and there are lots of videos of him explaining that logic as well.
Is it a software services company or a bitcoin investor ? or both ?
There are lots of videos the CEO made that describes the history of the company. Mainly how he ignored what the academics from the school he came from kept telling him about what technology to use for x-problem over the past 4 decades and how he always made out like a bandit vs. the academic strategy. The bitcorn thing is just a very recent move he made and there are lots of videos of him explaining that logic as well.
477
AD
2024 Apr 21, 12:56pm
AD
2024 Apr 21, 12:56pm
The Bitcoin miners will make money after it reaches its limit of 21 million by charging for transaction fees as part of verifying on the blockchain. There will be competition among the miners so that will determine the transaction fees.
One theory is that the NSA and CIA created Bitcoin and maybe employed a contractor to assist with this. Perhaps the CIA uses Bitcoin to fund its black ops and also to make payments to people like in the Islamic Revolutionary Guard.
Its easier for an Obama or Biden to make a payment with Bitcoin (and safer as far as leaving a paper trail to follow) then it is to send pallets of cash, etc.
.
One theory is that the NSA and CIA created Bitcoin and maybe employed a contractor to assist with this. Perhaps the CIA uses Bitcoin to fund its black ops and also to make payments to people like in the Islamic Revolutionary Guard.
Its easier for an Obama or Biden to make a payment with Bitcoin (and safer as far as leaving a paper trail to follow) then it is to send pallets of cash, etc.
.
478
AD
2024 Apr 21, 1:07pm
AD
2024 Apr 21, 1:07pm
richwicks says
Look at how many Bitcoins it took to buy the median house in the USA. The number is going down each year, Mister Rich.
I know I made a forecast here about the 30 year mortgage rate reaching and/or steadying at 5.5% in 2024.
I'm going to forecast that it will take no more than 1 Bitcoin to buy a US median house within the next 5 years.
.
People buying it completely don't understand it.
Look at how many Bitcoins it took to buy the median house in the USA. The number is going down each year, Mister Rich.
I know I made a forecast here about the 30 year mortgage rate reaching and/or steadying at 5.5% in 2024.
I'm going to forecast that it will take no more than 1 Bitcoin to buy a US median house within the next 5 years.
.
479
ElYorsh
2024 Apr 21, 2:53pm
AD says
All Ponzi schemes initially look like the best investment ever. Just saying
richwicks says
People buying it completely don't understand it.
Look at how many Bitcoins it took to buy the median house in the USA. The number is going down each year, Mister Rich.
I know I made a forecast here about the 30 year mortgage rate reaching and/or steadying at 5.5% in 2024.
I'm going to forecast that it will take no more than 1 Bitcoin to buy a US median house within the next 5 years.
.
All Ponzi schemes initially look like the best investment ever. Just saying
480
ElYorsh
2024 Apr 21, 2:58pm
UkraineIsTotallyFucked says
Bitcoin is really nothing until you convert it into a usable currency. Currently, It is being used as a tool to store wealth because more and more people mistrust governments' currency. Basically they are all waiting for the dust to settle and at that point convert their Bitcoin into whatever currency takes the lead. Whoever takes the lead will just tax or fee the hell out of people's "stored" wealth.
Bitcoin is really nothing until you convert it into a usable currency. Currently, It is being used as a tool to store wealth because more and more people mistrust governments' currency. Basically they are all waiting for the dust to settle and at that point convert their Bitcoin into whatever currency takes the lead. Whoever takes the lead will just tax or fee the hell out of people's "stored" wealth.
481
DOGEWontAmountToShit
2024 Apr 21, 3:15pm
DOGEWontAmountToShit
2024 Apr 21, 3:15pm
ElYorsh says
True. Butttt....
UkraineIsTotallyFucked says
Bitcoin is really nothing
True. Butttt....
UkraineIsTotallyFucked says
Really? But the Bitcoin fluffers told us this shit is going to replace fiat currencies!
Currency, fiat or otherwise, need to have transaction utility in order to be...em, currency.
482
clambo
2024 Apr 21, 3:19pm
A friend of mine is a retired professor of economics at UC.
He said crypto is a scam, virtual gold, gambling but better odds than Vegas or the lottery.
He recommended I buy crypto with 1/2 of 1% of my net worth.
I'm still chicken.
He said crypto is a scam, virtual gold, gambling but better odds than Vegas or the lottery.
He recommended I buy crypto with 1/2 of 1% of my net worth.
I'm still chicken.
483
DOGEWontAmountToShit
2024 Apr 21, 3:22pm
DOGEWontAmountToShit
2024 Apr 21, 3:22pm
clambo says
Ask him how Tulip Mania worked out for everyone.
A friend of mine is a retired professor of economics at UC.
He said crypto is a scam, virtual gold, gambling but better odds than Vegas or the lottery.
He recommended I buy crypto with 1/2 of 1% of my net worth.
I'm still chicken.
Ask him how Tulip Mania worked out for everyone.
484
HeadSet
2024 Apr 21, 5:07pm
HeadSet
2024 Apr 21, 5:07pm
UkraineIsTotallyFucked says
Fine, if you were not the last investor. If you buy into the Ponzi, just get out early enough to leave a little profit for the next guy.
Ask him how Tulip Mania worked out for everyone.
Fine, if you were not the last investor. If you buy into the Ponzi, just get out early enough to leave a little profit for the next guy.
485
DOGEWontAmountToShit
2024 Apr 21, 5:25pm
DOGEWontAmountToShit
2024 Apr 21, 5:25pm
HeadSet says
No. Not fine.
Capital that otherwise would have been invested into far more productive pursuits - factories, training, infrastructure, R&D, etc. - was wasted on fucking tulips and crypto.
And that impacts all of us.
Economists have a term for it, even: malinvestment
Ask your economics prof buddy. Unless his last name is Krugman.
UkraineIsTotallyFucked says
Ask him how Tulip Mania worked out for everyone.
Fine, if you were not the last investor. If you buy into the Ponzi, just get out early enough to leave a little profit for the next guy.
No. Not fine.
Capital that otherwise would have been invested into far more productive pursuits - factories, training, infrastructure, R&D, etc. - was wasted on fucking tulips and crypto.
And that impacts all of us.
Economists have a term for it, even: malinvestment
Ask your economics prof buddy. Unless his last name is Krugman.
486
clambo
2024 Apr 21, 5:50pm
I think my friend agrees with everyone who thinks it's nonsense and malinvestment; he said it's gambling but the odds are acceptable.
I'm just too cheap to gamble more than a buck or two with lottery tickets
I'm just too cheap to gamble more than a buck or two with lottery tickets
487
HeadSet
2024 Apr 21, 6:59pm
HeadSet
2024 Apr 21, 6:59pm
UkraineIsTotallyFucked says
I was flippantly talking about the individual who buys in to a Ponzi scheme. That "leave a little profit for the next guy" is a play on that famous Rothchild axiom. Yes, any speculative investment, be it bitcoin, tulips, casino games or lottery tickets, are macroeconomic malinvestments.
No. Not fine.
I was flippantly talking about the individual who buys in to a Ponzi scheme. That "leave a little profit for the next guy" is a play on that famous Rothchild axiom. Yes, any speculative investment, be it bitcoin, tulips, casino games or lottery tickets, are macroeconomic malinvestments.
488
AD
2024 Apr 22, 9:22pm
AD
2024 Apr 22, 9:22pm
.
https://www.mypanhandle.com/news/rfk-jr-im-gonna-put-the-entire-us-budget-on-blockchain
RFK Jr.: ‘I’m gonna put the entire US budget on blockchain’
.
https://www.mypanhandle.com/news/rfk-jr-im-gonna-put-the-entire-us-budget-on-blockchain
RFK Jr.: ‘I’m gonna put the entire US budget on blockchain’
.
489
SoTex
2024 Apr 23, 8:08am
SoTex
2024 Apr 23, 8:08am
UkraineIsTotallyFucked says
Comment deleter! I used to screw with a devops guy, get him all riled up on slack then delete my comments lol.. This is still a strawman. Nobody uses it for currency or has really discussed that much in about a decade - until George took his trip.
He discussed yesterday and the IMF and the power grid certainly do not think it's worthless:
https://www.youtube.com/watch?v=JUbREYMh21s
Comment deleter! I used to screw with a devops guy, get him all riled up on slack then delete my comments lol.. This is still a strawman. Nobody uses it for currency or has really discussed that much in about a decade - until George took his trip.
He discussed yesterday and the IMF and the power grid certainly do not think it's worthless:
https://www.youtube.com/watch?v=JUbREYMh21s
490
DOGEWontAmountToShit
2024 Apr 23, 8:33am
DOGEWontAmountToShit
2024 Apr 23, 8:33am
just_passing_through says
Sorry pal. They still do whenever they pitch that it will replace the USD, blah, blah, blah.
This is still a strawman. Nobody uses it for currency or has really discussed that much in about a decade - until
Sorry pal. They still do whenever they pitch that it will replace the USD, blah, blah, blah.
491
SoTex
2024 Apr 23, 8:34am
SoTex
2024 Apr 23, 8:34am
UkraineIsTotallyFucked says
Who is 'they'?
They still do whenever they pitch that it will replace the USD, blah, blah, blah.
Who is 'they'?
492
SoTex
2024 Apr 23, 8:36am
SoTex
2024 Apr 23, 8:36am
Okay, I do see some google hits but mostly poo pooing that idea.
Will replace gold maybe in certain scenarios... In fact, I suspect to the ire of gold bugs I suspect gold would be much higher right now if it didn't exist.
Will replace gold maybe in certain scenarios... In fact, I suspect to the ire of gold bugs I suspect gold would be much higher right now if it didn't exist.
493
DOGEWontAmountToShit
2024 Apr 23, 8:42am
DOGEWontAmountToShit
2024 Apr 23, 8:42am
just_passing_through says
Central banks are buying gold right now, not BC.
Will replace gold maybe in certain scenarios... In fact, I suspect to the ire of gold bugs I suspect gold would be much higher right now if it didn't exist.
Central banks are buying gold right now, not BC.
494
SoTex
2024 Apr 23, 8:45am
SoTex
2024 Apr 23, 8:45am
UkraineIsTotallyFucked says
True but rumor is we'll hear that at least one is by the end of this year.
Central banks are buying gold right now, not BC.
True but rumor is we'll hear that at least one is by the end of this year.
495
DOGEWontAmountToShit
2024 Apr 23, 8:45am
DOGEWontAmountToShit
2024 Apr 23, 8:45am
just_passing_through says
Rumor = bullshit, like bicoin itself.
True but rumor is we'll hear that at least one is by the end of this year.
Rumor = bullshit, like bicoin itself.
496
SoTex
2024 Apr 23, 8:46am
SoTex
2024 Apr 23, 8:46am
UkraineIsTotallyFucked says
We shall see but would you rather that or the CBDCs they are planning to shove down our throats?
Rumor = bullshit, like bicoin itself.
We shall see but would you rather that or the CBDCs they are planning to shove down our throats?
497
DOGEWontAmountToShit
2024 Apr 23, 8:54am
DOGEWontAmountToShit
2024 Apr 23, 8:54am
just_passing_through says
We shall see but would you rather that or the CBDCs they are planning to shove down our throats?
« First « Previous Comments 459 - 498 of 512 Next » Last » Search these comments
Hi guys,
I'd like to start a conversation on crypto-currency, particularly Bitcoin.
What do you all think about it from an investment point of view today? I have some buddies in the finance world who are quite bullish on it and claim we are just scratching the surface. Judging by the recent performance, they may be right.
For people who are investing in Bitcoin, what are you using to invest and what recommendations do you have for a new investor?
Also, how are gains taxed compared to typical stock market gains?
I read this week that over 100,000 merchants in the USA are accepting Bitcoin today.
At the same time, digital currency does scare me a bit as it seems so abstract. Curious what PatNet thinks.
Thanks guys!