patrick.net

Dbr6 says

I am kinda torn on bitcoins, but the graph here seems to be created by bitcoin fans for bitcoin fans. How come gold is centralized? And how come its supply is moderate? Also, at this point saying that bitcoins are "easily transactable" is wrong - I can't pay with them at my grocery store.

G36 says

Yes, its much better than gold. Bitcoin is gold 2.0. / Digital Gold. You know how divisible it is, how scarce, how decentralized. Probably the reason why you started investing in it. And, its smart money! programmable! Try connecting your silver coin or 100 dollar bill to a laptop. Lol.

gold is moderate in "predictable supply". You think you found it all until you discover more. Cant happen with Bitcoin.
Thats not the meaning of easily transactable. You can send crypto/Bitcoin within seconds on an app. You cant just send someone gold within seconds. What you pay for with Bitcoin is a totally different criteria. Bitcoin is seen as a store of value, not as a day-to-day currency.
Think about it this way, why should I have paid with a few bitcoins for a cup of coffee a few years ago? Now, I can buy a car with it.
I would never want to spend my precious Bitcoins because a year later they are worth multiple times more. Its an excellent inflation hedge.

G36 says

Incredible. Leaked Citibank report reveals Citibank analysts estimate Bitcoin will rocket to 300k by end of 2021! Imagine what that will do to the haters who hope it will go to zero. Lol

Why do people assume that they found something that was "leaked" instead of concluding that they may be reading propaganda in which, supposedly, data was "leaked"? The only time you MIGHT be reading data that was leaked is when it shows the company in a bad light or shows criminal intent.

You know how simple it is to destroy a cryptocurrency? There's just a few major exchanges, all you need to do is turn those servers off, and the blockchain ends. Destroy those servers and that the data is unrecoverable.

My bet is that much of the information for these exchanges are actually on virtual machines. Consider the possibility that are stored on AWS - Amazon WebServer.

You don't know who created these, you don't understand the math, you've never moved any "currency" from one wallet to another. This is clearly a Ponzi scheme, however, people got rich off from Ponzi schemes too.

sleek Litecoin credit card.
buy anything with crypto. Mass adoption is happening rapidly.

https://litecoin.getblockcard.com/

https://cointelegraph.com/news/first-litecoin-native-visa-debit-card-is-being-launched

richwicks says

There's just a few major exchanges, all you need to do is turn those servers off, and the blockchain ends. Destroy those servers and that the data is unrecoverable.

My bet is that much of the information for these exchanges are actually on virtual machines. Consider the possibility that are stored on AWS - Amazon WebServer.

You don't know who created these, you don't understand the math, you've never moved any "currency" from one wallet to another.

Yes, I have moved Bitcoin from wallet to wallet. Easy.
Shut exchanges down? Sure, go for it. Wake us up when it happens.
The US government has a clear interest in another crypto boom. Higher tax revenues. More jobs. Either we do it in the US or let China run the show. Your comments were not well thought-out.

G36 says

Higher tax revenues.

More contradiction with each post. How is it "highly decentralized" if it can be taxed? Lol. Our government can take your home if you don't pay taxes on gains. Crypto or otherwise That's not decentralized by any means. Unless you're trading flash drives and pieces of paper and passwords with BTC on it, the government knows what you're doing using exchanges. Anything that touches a computer or server is trackable and traceable. Unless it's deleted, which in BTC hardware wallet means you lost all your money.

G36 says

Shut exchanges down? Sure, go for it. Wake us up when it happens.

It will. And it will happen when you least expect it. You likely won't be awake actually. Stop losses won't prevent massive losses because they'll get blown through. You'll be sleeping and at 3pm in China the rug will get pulled out from under you.

Your confidence is cracking. With each comment that is valid against Crypto, you get even more defensive. Dbr6 pointed out flaws and you jumped on him right away. "Your comments were not well thought-out." Who does that? You can post charts from other websites until you're fingers go numb, but you've yet to explain how and why BTC will go to $300k. Links to coin desk and the like are pure propaganda as other users have mentioned. Why do YOU think it will go to $300k? No links. No copy paste. YOU explain it.

G36 says

Yes, I have moved Bitcoin from wallet to wallet. Easy.

Sure it's easy. What did it cost you to do it? What was the transaction fee, and how long did it take?

In the early days it was free, today, it's not. It's always been time consuming.

It's not workable as a currency simply because of the transaction time. You can reduce transaction time by offering to increase the fee for the transaction. If many people try to make transactions, the fees are untenable. Blockchains are nothing more than distributed databases, and in order to access them in a timely manner, there is a cost and the faster you want to do a transaction, the more expensive it is to do.

It's not a currency at all. It's just a scam, but you can make lots of money off from a scam I admit. It will never replace the current system because of the length of time to do transactions. It's a curse to realize a problem well before anybody else does. I know the system cannot work, but most people do not realize it won't work, so there is opportunity there, but I consider it immoral to take advantage of ignorance so I do not engage. Morality + knowledge = poverty. That's the world I live in. Ethics is severely punished.

richwicks says

It's not a currency at all. It's just a scam, but you can make lots of money off from a scam I admit.

Which is what everyone has been telling this guy, yet he gets so defensive and starts bashing people on their first interaction. It's a sign of being weak and scared. Worried.

There's also the fact it/he keeps mentioning that "we" don't have BTC. How do they know? Every link is to a site that has the word coin, crypto, etc. included in the URL. Biased much? Convinced he's a spammer at this point. This happened last time and it came crashing down shortly after. I predicted the same happens this round with maybe a slightly higher high. But maybe a bigger low as there's no confidence in BTC. A 2nd round of getting burned will put it in the shitter for a while.

I would call it gold 2.0. / Digital Gold. Much better as physical gold as the "traits of money" show.

Wookie, you dont know what you are saying. Nothing ties together.




and more BS "every URL has coin in it"

https://www.forbes.com/sites/billybambrough/2020/12/02/blackrock-ceo-reveals-surprise-real-impact-of-bitcoin-on-the-us-dollar/?sh=43660e6047f1

https://www.forbes.com/sites/jonathanponciano/2020/11/30/bitcoin-hits-all-time-high/?sh=7876a1317ee5

https://www.forbes.com/sites/billybambrough/2020/11/30/bitcoin-and-crypto-price-braces-for-a-shock-500-million-earthquake/?sh=5e66c61ad39e

https://www.cnbc.com/2020/11/30/btig-says-cryptocurrency-comes-of-age-puts-50000-target-on-bitcoin-for-2021.html

literally everything you say is false, made up or a troll attempt.

WookieMan says

Why do YOU think it will go to $300k? No links. No copy paste. YOU explain it.

I'll wait. LOL.

WookieMan says

WookieMan says

Why do YOU think it will go to $300k? No links. No copy paste. YOU explain it.

https://www.nasdaq.com/articles/citibank-analyst-says-bitcoin-could-pass-%24300k-by-december-2021-2020-11-16

why should I make a price prediction? I threw some money in it and hold for the long run (12month or so). Trading would be stupid. Why should i pay short term capital gain TAXES on every trade. It just keeps pushing higher without me doing anything. aka "institutional fomo".

Sorry you missed the boat, big shot. Mr. "would have sold everything at 18k"

G36 says

why should I make a price prediction?

You did... lol. $300k. Why? No links. Come up with your own thoughts for once.

WookieMan says

G36 says

why should I make a price prediction?

You did... lol. $300k. Why? No links. Come up with your own thoughts for once.

Citibank estimates it will go to 300k by 2021.

it could go to 100, 200, 300k. By 2026 it could be a million. Come up with your own thoughts??? Are you special or something?
More bidders than sellers on a scarce asset? Hope I simplified that enough for you. All the news about institutions investing in Bitcoin has gone right by you, right? I bet you havent read one article about Bitcoin ever in your life.

I am pretty sure that you have never heard about Paypal either, right? So Paypal, square etc investing in Bitcoin obviously doesnt mean anything to you.

https://www.cnbc.com/2020/11/24/square-and-paypal-emerge-as-whales-in-the-crypto-market-.html

You don't read. That's fine. Enjoy crypto. lol.

rofl. now I don't read? You havent read a single article!

Whenever you are at a loss of words, you say "enjoy" or "have fun".
Why would you think it hasnt been fun?

My holdings go up in value, outperforming any other asset and haters like you post laughable comments:

"Artificial scarcity" .....no shit
"not backed by anything" ....no shit
"would have sold everything at 18k".....you dont even own half a BTC
"I am fine with 9%".....cute
"I only care about 6 figure gains".....rofl....afford 1BTC, then talk

WookieMan says

richwicks says

It's not a currency at all. It's just a scam, but you can make lots of money off from a scam I admit.

Which is what everyone has been telling this guy, yet he gets so defensive and starts bashing people on their first interaction. It's a sign of being weak and scared. Worried.

There's also the fact it/he keeps mentioning that "we" don't have BTC. How do they know? Every link is to a site that has the word coin, crypto, etc. included in the URL. Biased much?

It is possible, but perhaps not true, that he's paid to promote this. He may be paid to market cryptocurrencies. If this is the case, don't hate him, simply understand what is. He also may genuinely believe this is a good investment. We cannot know.

I know bitcoin is not another currency, but it's value may go to unimaginable values. It might be good to get in now so long as you sell before it crashes. I do not think this is an appropriate way to make money, even if I knew the scam and this is a scam. It's not usable as a currency.

It's a game of investing in Tulips. If you get in and out at the right time, you're rich, but if you wait too long, you're destroyed. I just see a tulip though. Imagine, once a tulip could buy a house - incredible wealth inequality back then. Even today, nothing compares.

richwicks says

. I do not think this is an appropriate way to make money, even if I knew the scam and this is a scam. It's not usable as a currency.

A very power hungry scam that has no practical use. It is dependent on the greater fool to get money out of the system as the money going in is consumed on hardware, electricity, wages, hookers and blow.

There is no there there.

Richwicks,

"If you get in and out at the right time, you're rich, but if you wait too long, you're destroyed"

You could have gotten into Bitcoin at any time for the last 11 years and would be in profit or break even since we basically hit new all time highs on some exchanges the other day.

Two questions for you (which you wont answer):
1) Do you know what decentralized means? I'll dumb it down. There is no marketing department for Bitcoin, there is no CEO, no CFO. So who would be paying me to promote to buy Bitcoin? Honest question, I would love to reach out to that person/entity/department.

2) Are tulips smart, decentralized, scarce? When you try plugging in your tulip to a laptop, could you please video it and post here?

G36 says

You could have gotten into Bitcoin at any time for the last 11 years and would be in profit or break even since we basically hit new all time highs on some exchanges the other day.

Look, I don't need to get involved with a scam even if it makes me wealthier. It's immoral to steal money from the ignorant. It's immoral to be involved with a Ponzi scheme. I'm not entirely immoral. It's the same reason I wouldn't purchase Facebook.

G36 says

Two questions for you (which you wont answer):
1) Do you know what decentralized means? I'll dumb it down. There is no marketing department for Bitcoin, there is no CEO, no CFO. So who would be paying me to promote to buy Bitcoin? Honest question, I would love to reach out to that person/entity/department.

I'm not saying somebody is paying you to promote bitcoin, but if you were being paid, you'd be working for a bank that had a shitload of bitcoin and you'd be PR directed to drive up the price. You won't be on this little forum though.

G36 says

2) Are tulips smart, decentralized, scarce? When you try plugging in your tulip to a laptop, could you please video it and post here?

No, it's just a mania.

G36 says

Just because you have a graphic doesn't make it true. Bitcoin is NOT fungible. If a million people tried to move 1 bitcoin from one wallet to another, it would take months to complete the transactions, regardless of cost. A million is a TRIVIAL amount of transactions. More credit card transactions than that will be done today.

Richwicks,

immoral? steal money from people??? What? You trade BTC on exchanges. there is smart money and dumb money. How do you think people make money in trading NIO or Pot stocks? Some people buy low and sell high. Others buy high and panic sell when it dips 3% or 70%. Thats not stealing, thats called trading.

Have you ever sold a stock and realized a gain? You ponzi sheme/con guy! You money thief!

G36 says

You ponzi sheme/con guy!

I've heard of he-she but never "sheme". Is that one of the 32 genders?

G36 says

Richwicks,

immoral? steal money from people??? What? You trade BTC on exchanges. there is smart money and dumb money. How do you think people make money in trading NIO or Pot stocks? Some people buy low and sell high. Others buy high and panic sell when it dips 3% or 70%. Thats not stealing, thats called trading.

Have you ever sold a stock and realized a gain? You ponzi sheme/con guy! You money thief!

Look, I'm tired of having to talk about this.

I hope you do well in bitcoin, but it isn't workable as a currency. I keep pointing that out and you never respond to it. It cannot be used as a currency. It takes MINUTES to do a transaction. This means you can never use it to buy gas, groceries, beer, cigarettes or anything. You might be able to buy a pizza with it, possibly, as long as you're the only one buying a pizza. If 10 people buy a pizza, that will take 60 minutes to clear those transactions.

I KNOW this can't be a currency because of this one limitation alone. Even if the transaction fee was 0.

The price of bitcoin might go to lunatic levels, but it's not ever going to be usable as an actual currency, ever, so it has no utility, it's purely a speculative investment and its value is entirely based on people's misconception of its utility, which is has none. This is what I don't just consider it a big scam, it is a scam. This will never be able to be used as a currency, ever, for day to day transactions.

G36 says

Have you ever sold a stock and realized a gain? You ponzi sheme/con guy! You money thief!

Stocks are a way for a business to capitalize on an idea that could make money. The investors put money in in the hope that the business will offer a product or service that will make them more money. Sometimes they win, sometimes they lose, sometimes they get scammed.

A Ponzi scheme takes money from new players and gives it to the earlier players. The scheme can go on as long as new players are putting in new money. In the bitcoin scam the incoming money is consumed to maintain a distributed ledger.

See the difference?

I cannot support an energy wasting scheme that takes advantage of the ignorant.

HODL on.

Richwicks,

"coin, but it isn't workable as a currency. I keep pointing that out and you never respond to it. "

I said at least 75 times, don't think of Bitcoin as a day-to-day currency. Think of it as digital gold. Gold 2.0.

Why isnt that arriving somewhere in your head? Do you use gold to buy a cup of coffee? Is that simplified enough?

" sometimes they get scammed." "A Ponzi scheme takes money " Nope. still called trading.


-There is smart money and dumb money.
-How do you think people make money in trading NIO or Pot stocks?
-Some people buy low and sell high. Others buy high and panic sell when it dips 3% or 70%.
-Thats not stealing, thats called trading.
-No conspiracy here, you are able to trade if you have a phone and have done your KYC. Win or lose.

I understand that a guy who collects silver coins would love to have Bitcoin labeled a certain way but hedge funds, square, PayPal, Guggenheimer, billionaires and myself know its gold 2.0 / Digital Gold.

G36 says

I said at least 75 times, don't think of Bitcoin as a day-to-day currency. Think of it as digital gold. Gold 2.0.

Yes, of course, this time is different. As I've said, I'm tired of talking about this.

I think of gold as gold. This is a graph of the national debt of the United States in terms of units of silver.



We always return to a commodity standard, always. Everything is a bubble except commodities at this point. If we returned to the 1980 peak of silver, guess what silver would be valued at today? Over $2,000 an ounce. This will destroy the entire banking system. I do not look forward to this event, but it will happen. It always does.

When I was a kid I used to talk to my grandparents and my great aunts and uncles about the Great Depression because they were adults when it hit and they lived through it. "If only I didn't have any debt when it happened, I would have been fine.." was a common thing I heard. When hyperinflation hit the Wiemar Republic, you could buy a house with a single ounce of gold. That's the insanity we're headed toward.

G36 says

I understand that a guy who collects silver coins would love to have Bitcoin labeled a certain way but hedge funds, square, PayPal, Guggenheimer, billionaires and myself know its gold 2.0 / Digital Gold.

lol

Richwicks,

-we have immaterialized books. We have immaterialized music. In order words, music and books are digital now.
-Why should money or gold not be digitalized?
-I dont think you have been outside of the US in the last couple of years? Some countries are way ahead of the digitalization of money (in some asian cities you pay by phone, almost nobody carries cash anymore)
-Gold will be digital. Physical gold may still play a small role.
-That doesnt mean you have to get on the train. Also, it doesnt mean you can change it.
-It happens as we speak.
-There was pushback by some elder people when we got cell phones. Some older folks will never have a cell and will keep their landline until their last breath.

G36 says

-Why should money or gold not be digitalized?

Because government will inflate it to pay for budget deficits. With physical gold, it is impossible. Imagine how much more efficient Rudy Havenstein would have been if he could inflate DM by a keystroke and would not have to print it?

Onvacation says

G36 says

I understand that a guy who collects silver coins would love to have Bitcoin labeled a certain way but hedge funds, square, PayPal, Guggenheimer, billionaires and myself know its gold 2.0 / Digital Gold.

lol

Pretty good line I think, thats a keeper.

"Because government will inflate it to pay for budget deficits."

I would love an inflated Bitcoin price.
The first boom was by retail,
the second boom (right now) is driven by institutions (Square/Paypal/Hedge Funds/banks).
The third boom might be by governments.


by governments?????? Bitcoin price at $1M incoming.....?

G36 says

-we have immaterialized books. We have immaterialized music. In order words, music and books are digital now.

Gee whiz, someday we'll have immaterialized food, and immaterialized shelter, and immaterialized clothing, and immaterialized air and water...

G36 says

-I dont think you have been outside of the US in the last couple of years? Some countries are way ahead of the digitalization of money (in some asian cities you pay by phone, almost nobody carries cash anymore)

Yeah, people are stupid.

richwicks says

G36 says

-I dont think you have been outside of the US in the last couple of years? Some countries are way ahead of the digitalization of money (in some asian cities you pay by phone, almost nobody carries cash anymore)

Yeah, people are stupid.

Not only are they stupid, but apparently no one pays by phone in the USA. Nobody. Only Asian countries. Lol. Once a troll, always a troll. I'd move on from this thread Rich. I thought there was some reasoning and intelligence there, but it clearly didn't work out.

WookieMan says

Not only are they stupid, but apparently no one pays by phone in the USA. Nobody. Only Asian countries. Lol. Once a troll, always a troll. I'd move on from this thread Rich. I thought there was some reasoning and intelligence there, but it clearly didn't work out.

The point I'm making with cash versus, a phone QR code or even a credit card, is that cash is a lot faster. Whenever I go to store to buy something, nearly every time as I'm waiting to check out, some stupid twat is fumbling around with a fucking credit card. First they have to pull out their wallet or purse, then they have to go through their 30 different cards, then they finally find the damned card, then they insert it, maybe enter a pin number. Transactions being validated.... OK - it's validated, finally.

I'm there, hand them a $20 or a $100, they give me change, I'm done.

I'm always amazed that people are too fucking stupid just to have the credit card out when they hit the cashier. They're just assholes. People do the same goddamned thing with their phone too. "Oh yeah, I didn't realize I had to pay, forgot about that DUH, here let me pull out my wallet/phone/purse whatever because I'm so fucking stupid I didn't realize I had to pay at this store to buy stuff".

And you know what I do when I go out to eat? I never tip with a credit card. I cross out the tip on the bill, leave at least 15% in cash, and if the waiter is around I tell them specifically - I left a gift for you, gifts aren't taxable like tips are. Even when I'm with a group, I try to allow them to leave a tip in cash.

richwicks says

And you know what I do when I go out to eat? I never tip with a credit card. I cross out the tip on the bill, leave at least 15% in cash, and if the waiter is around I tell them specifically - I left a gift for you, gifts aren't taxable like tips are. Even when I'm with a group, I try to allow them to leave a tip in cash.

I agree from the severs standpoint that cash is king. I'm a CC points guy though, so that tip is a free kickback whereas cash gets me nothing. There are jackasses out there for sure, but my card is always ready at a restaurant, gas station, grocery store, etc. It does piss me off too when you're in line and someone is fumbling around with a wallet or purse as they just sat there until it came to crunch time. I usually have my card in the machine before the groceries are even scanned. Ready before the server brings the check. Vast majority of people give zero shits, hence why it's so easy to brainwash them.

wow, I am amazed.

Wookie,
Another stupid response. We are used to that. Who said nobody pays with a phone in the US??? Who said that? And you didnt even get Richwicks point. Yes, please do us all a favor and stop talking/writing.

Richwick,
you are telling us it takes longer to pay with a credit card or phone than with cash? you got to be kidding me.
With the credit card you dont even have to slide it anymore. Just tap it.

https://globalnews.ca/news/2295763/tap-and-pay-cards-its-fast-and-convenient-but-is-it-more-secure/

I dont think I have ever heard that paying cash is actually faster than a CC or paying via phone, but i guess nothing should shock me anymore.
You probably pay for gas in cash instead of using your card at the machine?

When i think about cash, i think about dirty coins/paper that has gone through dirty hands. I dont even want to touch it and i havent had a traditional wallet in 10-15 years now. (i do have several crypto wallets :) )
Easy to lose some cash in your wallet/pockets too. If you lose a credit card you just cancel it.

personal

G36 says

Another stupid response. We are used to that.

G36 says

-I dont think you have been outside of the US in the last couple of years? Some countries are way ahead of the digitalization of money (in some asian cities you pay by phone, almost nobody carries cash anymore)

G36 says

Who said nobody pays with a phone in the US??? Who said that?

G36 says

Pls wookie, you said several times you are not commenting anymore.

Reading. Quote it. Should be easy enough.

Your inner troll is coming out from past crypto posts/comments. Good for you.

Now you are even confirming your own stupidity by reposting it. What kind of a troll are you? And I said asian cities not countries. fuck are you special. ROFL

G36 says
-I dont think you have been outside of the US in the last couple of years? Some countries are way ahead of the digitalization of money (in some asian cities you pay by phone, almost nobody carries cash anymore)

WookieMan says
Not only are they stupid, but apparently no one pays by phone in the USA. Nobody. Only Asian countries. Lol.

so again, who said nobody pays by phone in the USA?
Maybe you are even dumber than I thought and you dont understand the sentence:
"in some asian cities you pay by phone, almost nobody carries cash anymore"