patrick.net

FuckCCP89 says

Cash says

FuckCCP89 says

Because you, fanbois, never post screenshots of your spectacular winnings.

What a idiot reason for lacking valid knowledge of the facts....

Fact-shmacts, knowledge-shnowledge: SHOW ME THE FUCKING MONEY!

Money talks, bullshit walks.

Screenshots or GTFO!

Is that all you got? LMAO
Yeah, show it all right here on the internet perfect evidence of your great knowledge of IOT

Cash says

WookieMan says

What has been denied?

That you and the rest of your gang need to get a little education so you can compare apples to apples and not the turds of ignorance you all throw...

You didn't answer the question. Someone saying BTC is worthless doesn't mean you can't make money off it. Has anyone said that? I'm not sure what anyone is denying. You're getting feedback that people think it's a bad way to "invest" money. Sorry you're upset. I guess we'll tell you investing in it makes sense to pad your ego? Sorry, you've lost most of us here in your rabbit hole.

Cash says

That you and the rest of your gang need to get a little education so you can compare apples to apples and not the turds of ignorance you all throw...

Gettin' a bit defensive there.

Spend your money however you want.

40 million people in the crypto market today buying 1000s of products and now all the big banks can play the game being custodians and investors for any and everyone of their clients that want a piece of the action. Yeah the great bank ponzi scheme, JP, Wells, Citi and etc....

Did you know Bitcoin runs on an energy-intensive network?
Ever since its inception Bitcoin’s trust-minimizing consensus has been enabled by its proof-of-work algorithm. The machines performing the “work” are consuming huge amounts of energy while doing so. Moreover, the energy used is primarily sourced from fossil fuels. The Bitcoin Energy Consumption Index was created to provide insight into these amounts, and raise awareness on the unsustainability of the proof-of-work algorithm.

https://digiconomist.net/bitcoin-energy-consumption

Onvacation apparently doesnt invest money in assets (other than food/entertainment) and he says people who put money in crypto are greater fools.....
Why Do even keep posting this on a bitcoin & gold discussion? And somehow I think you just dont want to say what you invest in.....

Unsustainable Ponzi scheme!

WookieMan says

Sorry, you've lost most of us here in your rabbit hole.

Only because of your own lack of knowledge and education on the subject....

WookieMan says

Someone saying BTC is worthless doesn't mean you can't make money off it.

What a statement. Can you see the problem, you can't show the blind anything they don't want to see.

Cash says

Can you see the problem you can't show the blind anything they don't want to see.

Exactly. You're catching on. I just don't think you realize you're the blind one. Thanks for the wisdom.

See you at $24,000, then share some more of your great wisdom..

Bitcoin Facts

One bitcoin transaction requires enough electricity to power the average US home for 25.83 days!

The entire network of bitcoin miners uses the same amount of electricity as the country of Chile!

Most miners (around half) are located in China.

If you want to gamble with bitcoin, know what you are getting into.

Onvacation, For someone that only invests in food and entertainment you seem to spend a lot of time researching Bitcoin. Are you sure you dont invest money in assets like stocks, gold or silver?

Onvacation says

One bitcoin transaction requires enough electricity to power the average US home for 25.83 days!

I don't know if this is true, but I do know that doing a bitcoin transaction is either very expensive, or excessively slow.

Bitcoin may go to insane valuations, but it will never, EVER, be something you use to buy a pizza or fill your car up with gas. The cost in time, or money, to do a transaction is enormous. I would say ZERO people who "invest" in bitcoin have ever done a bitcoin transaction and by that, I mean moving a bitcoin from one wallet, to another wallet.

It's clearly a ponzi scheme and entirely unworkable as a currency - that doesn't mean it won't go to $100,000 or something.

Richwicks,

I agree, I wouldnt want to use my bitcoin for buying a pizza. I see it more like as a store of value/inflation hedge. Buy/Hold is my thing.

Also, Its still relatively new tech and transactions will likely get cheaper. There are also conflicting articles. Here is one that states that this 1.1B USD transaction in Bitcoin cost less than $4.

https://cointelegraph.com/news/whale-alert-crypto-user-moves-1-1b-in-bitcoin

G36 says

I agree, I wouldnt want to use my bitcoin for buying a pizza. I see it more like as a store of value/inflation hedge. Buy/Hold is my thing.

Yes, but why would I trade a commodity or a service for your bitcoin? I would only do that if I could immediately sell it, and I wouldn't do that, I would insist you convert it to more typical commodity or currency.

G36 says

Also, Its still relatively new tech and transactions will likely get cheaper. There are also conflicting articles. Here is one that states that this 1.1B USD transaction in Bitcoin cost less than $4.

Do you even have your own wallet? Move $1 worth of bitcoin from one, to a new wallet.

I'm just pointing out that although it's value may go up to enormous values, it is neither a currency, nor is it a store of value. The blockchain is nothing more than a really slow, decentralized database. There may be greater fools out there willing to purchase hashed values - but it CAN'T ever trickle down to a restaurant owner, a gas station owner, or a grocery store owner. They can't use it to trade for goods and services.

It's a classic mania and bitcoin doesn't do what it was created to do. It's worthless to me. In order for me to make use of it, you'd first need a 3rd party to convert it into a current or a commodity I want. I would never accept it in trade for goods or work, and neither would 99% of the world. It's basically a stock of a company that makes no product, and has no earnings. What drives its value up is what people are willing to pay for a stock that the vast majority of people will never accept as payment.

Hi Richwicks, thanks for the perspective. I dont think we are too far away from each other. I dont see Bitcoin as a day-to-day currency.
I dont intent to sell/trade my Bitcoin until the gains are insane. I wont ask you to give me Fiat for it ;)
Obviously, that's what all these exchange's are for and they allow you to trade 24/7.

yeah, I got one of those Trezor wallets but I realized that not all Apps allow you to move your BTC. From Robinhood I cant transfer the crypto. Also, I am able to buy through Paypal now. Not sure if you can transfer the crypto from there. I guess the advantage on Robinhood is that here are no fees.
I had to buy Bitcoin through Coinbase in order to move it to Trezor.

I disagree with your last point. I see it as a store of value and excellent inflation hedge....just think about the gains you would have made by buying it at 3,4k (that wasnt that long ago)......but we will probably say the same about buying BTC at 15k when the price reaches 25k.

I am trying to learn more about it and accumulate. I think it will be very profitable but I totally get that Bitcoin its not for everyone....although, its easy for anyone to buy it in an easy way (PayPal etc).

G36 says

you seem to spend a lot of time researching Bitcoin.

If you don't realize it is a Ponzi scheme dependent on the greater fool maybe you should research it more.

richwicks says

It's clearly a ponzi scheme and entirely unworkable as a currency - that doesn't mean it won't go to $100,000 or something.

Exactly. And the HODL'ers will still be holding their wallets when the last bitcoin has been mined and the hash will be so hard at that point that the blockchain will no longer be updated or only at exorbitant fees.

Current Bitcoin Transaction Fees
Satoshis/Byte USD/tx
Next Block Fee: fee to have your transaction mined on the next block (10 minutes). 362 13.75
3 Blocks Fee: fee to have your transaction mined within three blocks (30 minutes). 358 13.60
6 Blocks Fee: fee to have your transaction mined within six blocks (1 hour). 358 13.60

G36 says

I disagree with your last point. I see it as a store of value and excellent inflation hedge....just think about the gains you would have made by buying it at 3,4k (that wasnt that long ago)......but we will probably say the same about buying BTC at 15k when the price reaches 25k.

I don't engage in ponzi schemes. I just watch them.

Here, let's see if I can post this..



That's a plot of national debt expressed in units of silver. See any pattern? A similar pattern exists with gold, although it was at a fixed rate until 1971. When this blows, and it will, you'll be able to buy a nice house for 10 ounces of gold, or less. You may not be interested in buying a house then though.

ponzi scheme? lol. Sry, i disagree but its funny
okay....so you guys invest in gold or what. Why is it so hard for you Onvacation to tell us what he invests in?

Besides Stocks and RE, I am in Bitcoin, just bought recently. Lets see how I do a year from now. I am not too concerned about midterm swings. It could go back to 12k anyday or be at 18k in a few days.
These runs are kind of exciting for me.

G36 says

ponzi scheme? lol. Sry, i disagree but its funny

It has no utility at all.

Look, if the government wants to destroy bitcoin, they can simply make it illegal. That would crush it.

But what they are more likely to do is to take over the majority of wallets for validating a transaction. All you need to have is the majority of the network, and that could be done with a virus, it could be done with a single data center as well.

Why should I trade goods and services for a hashed number that is exorbitantly expensive to transfer to a 2nd party? I trade paper for goods and services, simply because that is what is required by law. People only accepted this because it was once convertible to gold and silver.

Fiat systems tend to last only a few decades, we've been on this one for 5. It's one of the oldest purely fiat systems ever and it has no scarcity.

The US dollar is not a ponzi scheme, it's the reverse of one. The earlier you get into it, the more wealth you lose. People just simply don't look at past results of such schemes.

G36 says

Why is it so hard for you Onvacation to tell us what he invests in?

I told you, food and entertainment. What else would a person on vacation invest in? I also invest in exercise. I believe it is critical to maintain an active lifestyle. My sailboat is definitely not an investment. Service; my job makes the world a better place.

I don't dox me.

For some reason a lot of software engineers congregate here on Patnet. We know about hashes and understand how bitcoin works. The Ponzi is set up for artificial scarcity and a lifetime estimated to last until 2040 before the last bitcoin is "mined". Your digital "Gold" is only a store of value as long as the network keeps working.

What if a brilliant engineer devises a software or hardware hack that trivializes the "mining" process? They will have a monopoly on new "coins" until the rubes realize nobody wants what is in their digital "wallet". They call it "currency" but it is not widely accepted and circulated from person to person.

See how all the terms fool the gullible?

You can only make money in crypto if someone else buys it from you for more than you bought it including transaction fees.

richwicks says

If you make $10 million in bitcoin, go buy a plot of land in the middle of nowhere and build a vacation home, or a shack.

Or if you're the government, seize ~$10 million of Bitcoin from Silk Road, hold 7 years and -- Voila, you've got $1 billion of BTC. What's in your wallet?

EBGuy says

Or if you're the government, seize ~$10 million of Bitcoin from Silk Road, hold 7 years and -- Voila, you've got $1 billion of BTC. What's in your wallet?

It's good to be king.

Onvacation, for how long have you been on vacation and does that mean you are retired or you still have a job?

EBGuy says

Or if you're the government, seize ~$10 million of Bitcoin from Silk Road, hold 7 years and -- Voila, you've got $1 billion of BTC. What's in your wallet?

B B But, Buttcoin will protect us from the coming wave of Tyranny.

Also, good luck getting past customs on either side of your flight with lots of gold coins. They totally won't confiscate all or most of it on the way in or out.

NoCoupForYou says

Also, good luck getting past customs on either side of your flight with lots of gold coins. They totally won't confiscate all or most of it on the way in or out.

I'm pretty sure so many people have my 'buy a sailboat and a shovel idea' that if I were to try to bury in the Caribbean in a few years as soon as I started digging I'd hit someone else's stash.

personally, I dont know anyone who invests in gold. I held it for a while but it doesnt do much....I understand this is anecdotal but there are many articles about it too.

https://www.ccn.com/generation-bitcoin-90-of-millennials-prefer-crypto-to-gold-etf-expert/

https://news.bitcoin.com/jp-morgan-sees-millennials-bitcoin-preference-over-gold-as-foundation-for-its-long-term-success/

https://markets.businessinsider.com/currencies/news/gold-bitcoin-jpmorgan-older-investors-buy-gold-millennials-prefer-bitcoin-2020-8-1029471716

https://www.gramercygold.com/millennials-choosing-bitcoin-gold/

NoCoupForYou says

B B But, Buttcoin will protect us from the coming wave of Tyranny.

Also, good luck getting past customs on either side of your flight with lots of gold coins

There's nowhere to go. This isn't 1939 - we are a global world, and the reserve currency is fiat, and all Western currencies are based off from it. When it comes down, Europe goes down as well - so does South America, Canada, Mexico, Central America, Australia, New Zealand, and India. Europe is likely to go first actually.

China and Russia will be standing fine. The rest of the world will try to force us onto some other BS standard like SDRs - which is just a basket of currencies, but since they all depend on the dollar anyhow, it won't last long.

You're not fleeing anywhere. There's nowhere to go.

EBGuy says

richwicks says

If you make $10 million in bitcoin, go buy a plot of land in the middle of nowhere and build a vacation home, or a shack.

Or if you're the government, seize ~$10 million of Bitcoin from Silk Road, hold 7 years and -- Voila, you've got $1 billion of BTC. What's in your wallet?

The US government can print money at will. They don't care about money - they only care that the US dollar is considered to have "worth".

G36 says

https://www.ccn.com/generation-bitcoin-90-of-millennials-prefer-crypto-to-gold-etf-expert/

https://news.bitcoin.com/jp-morgan-sees-millennials-bitcoin-preference-over-gold-as-foundation-for-its-long-term-success/

https://markets.businessinsider.com/currencies/news/gold-bitcoin-jpmorgan-older-investors-buy-gold-millennials-prefer-bitcoin-2020-8-1029471716

https://www.gramer...

More proof of the idiocy of millennials.

G36 says

personally, I dont know anyone who invests in gold

Gold is more defined as a hedge to inflation and/or a store of value as are the experts defining in part BC ;). BTW BC is holding that $15250 I mentioned yesterday so I have reasonable expectation it bumps into $16800+/- the $ I mentioned 11/3 when price was at $13800+/-. I will likely unload my BC position in that area 16.8 it will be sizzling hot (rsi) if and when it reaches that tgt. DX is likely to continue to dump 89/87+/- and since it is weighted as the quote currency in BTC/USD that should provide fuel to reach my tgts. I will also be looking to dump my gold plays if/when DX hits the 88 area as well as it may be time to short hard the stock market, have to wait and see what the crystal ball says.

I don't understand the upset from BTC and crypto people. If you have faith in it, why are you trying to convert people? The value is going up, right? Myself, Onvacation and others aren't buying and don't care to. We have an opinion, much of it fact, on what it is, but you guys get so defensive about it.

Makes one think you're scared of your investment in it. Take this as you want, but I've been on penny stock boards in the past trying to get rich quick admittedly. You sound absolutely the same as those guys here. It's not logical and I think you're scared. Just my final take on how all these threads go and you guys get all butthurt over something you believe to be golden. It's weird. Just admit you could lose money and that it 100% could be valueless in the future. These are facts, so stop getting so upset about it.

WookieMan says

I don't understand the upset from BTC and crypto people

Its irritating to have all the "garbage presumptions littering a space" that guys like you use that blabber on irrelevancy instead of using that energy for some real DD so you can add something real and of value. You are 1 of the worst in presuming you know so much about how others approach the market and trade and yet you know nothing just like your knowledge of blockchain null and void.

Cash says

I will likely unload my BC position

to a greater fool assuming I get out in time.

Onvacation says

to a greater fool assuming I get out in time.

No worries I have several positions 1 at 13634 and another at 14872 and a SL just below 14800...

Cash says

WookieMan says

I don't understand the upset from BTC and crypto people

Its irritating to have all the "garbage presumptions littering a space" that guys like you use that blabber on irrelevancy instead of using that energy for some real DD so you can add something real and of value. You are 1 of the worst in presuming you know so much about how others approach the market and trade and yet you know nothing just like your knowledge of blockchain null and void.

Again. More upset. Thanks for proving the point. Invest and be a billionaire. I've said trade it and make money. Never said you couldn't. BTC has a lifespan. You don't guys don't have a counter argument, just upset and tell someone to go research it. I haven't seen one valid point why BTC will last another 50 years. None. I've researched it too.

Ride the pumps and be very afraid of the dumps. I cannot predict when, but BTC will be done at some point and you'll just tell me to go research it instead of explaining why, because you don't know what it is. You were conned. Which happens to everyone, so don't take that as an insult. I'm just being real and I think what you perceive as opposition here is frankly just a warning. Be careful.

I don't wish ill will on any fellow human unless I'm physically attacked. Otherwise be safe with your money. My former boss went BK by the hype to $20k with BTC. Destroyed his family. Just want to give you some perspective on where I'm coming from. You only hear about the BTC billionaires that you have zero backing data if it's true. Question everything, especially when there are no law or regulations with what you're investing in. People made a lot of money in the wild west, the vast majority didn't.

Cash says

WookieMan says

I don't understand the upset from BTC and crypto people

Out of context as always being that no one said anything near or about BC and 50 yrs you are such a joke... G36 and I are just sharing our current approach and you and yours assume you know so much beyond what is being said it is sicking.

Cash says

G36 and I are just sharing our current approach

Share the evidence of your spectacular winnings and you'll gain some credibility.

Not holding my breath.

FuckCCP89 says

Share the evidence of your spectacular winnings and you'll gain some credibility

You are a nobody and I can care less about what you or anyone like you thinks. I put it on the table take it or leave it.