patrick.net

I like looking at nice pictures. The good thing.... digital gold (bitcoin) is - you guessed it - digital! But that doesnt mean you cant look at a nice BitCOIN picture.

Many children today have never lived in a world where silver and gold were backing our dollar. They have lived so long in a fiat money system that they think bits on a flashdrive are MORE valuable than gold.

they dont just think that....they KNOW that.

I like Ike. But most were clad tokens. They did make some collectors versions in coin silver.

I disagree with it being labeled as a scam. It is a legit store of value with limited availability. The problems richwicks pointed out are real and will likely restrict it to stay a smaller part of the money mix. That being said the high energy costs come with many strengths as well. So it should swing mildly around its true value which should be somewhat fixed, but the speculation around it is insane. It's here to stay but it won't be trading at 100k or zero IMO. More funds and more merchants entering it will boost it as it already has, at some point it will become a more boring slower moving and more predictable asset unless a whale makes a transaction. I'm invested in it via a HF which started buying a while ago during the rout as part of adding crypto as a new asset class to its portfolio. Pretty happy with it thus far but no need to buy any myself.

G36 says

"Some" yeah, Wookie, because I keep calling him out on his BS and he doesnt know what to do about it other than hoping I get banned. A sign of defeat.

wookie tells us he only cares about six figure gains.....then he tells us he bought 100 shares of LUV. How adorable. If the expects 6 figure gains from that he may wait a few decades. Cute!

hobbies....sure.....enjoy the outsides. MTB and taking the dog on long hikes for instance. Lately, I have also enjoyed seeing you (OV/wookie) get so upset over Bitcoin hitting new all time highs. pretty entertaining!

I forgot, + going to the beach. Now that I think about it, I like sleeping too!

My first complete series was Franklin halves.

mell says

I disagree with it being labeled as a scam. It is a legit store of value with limited availability. The problems richwicks pointed out are real and will likely restrict it to stay a smaller part of the money mix. That being said the high energy costs come with many strengths as well. So it should swing mildly around its true value which should be somewhat fixed, but the speculation around it is insane. It's here to stay but it won't be trading at 100k or zero IMO. More funds and more merchants entering it will boost it as it already has, at some point it will become a more boring slower moving and more predictable asset unless a whale makes a transaction. I'm invested in it via a HF which started buying a while ago during the rout as part of adding crypto as a new asset class to its portfolio. Pretty happy with it thus far but no need to buy any myself.

I agree with a lot here. There will be diminishing returns in each cycle and the cycles might lengthen. Its a new asset class and moving away from being a pure speculative asset at the beginning to a store of value/digital gold. You can talk about regression bands and potential price targets all day long, nobody knows for sure. Its exciting! And its kinda fun to see so many haters get so upset about the price gains. 2021 should be even more fun.

mell says

I disagree with it being labeled as a scam. It is a legit store of value with limited availability

All incoming money is consumed by the miners. How can you call it a store of value when the only way to get your money out is for someone else to put more money in?

I AM expecting a cogent answer, but I can't see any way to make money with bitcoin other than selling it to someone someday for more than you paid for it.

There is just no there there unless you're laundering money.

OV, thats true for any market.....you cant get your money for your silver coins if nobody wants to pay for them or is interested in them.....

now that there is more interest in digital gold, there is less interest in physical gold.

Things can change/evolve.

Some still use a landline. Some still collect physical CD or books. Even though its all digitalized. Some even collect silver coins.

the savvy, rich and smart money invest in Bitcoin (digital gold).

G36 says

"Some" yeah, Wookie, because I keep calling him out on his BS and he doesnt know what to do about it other than hoping I get banned. A sign of defeat.

When have I been wrong? Saying it's worthless isn't wrong if it is eventually worthless. You understand that right? Saying I have 100 shares of LUV isn't wrong, when I do. When did I ever say I'd make six figures on LUV? lol, I didn't. You're the only one that's been wrong on your assumptions. It's why you'll fail with BTC at the end of the day even though I've personally wished you luck with it and all you do is ad hom.

I invest in things I can see, touch, experience and know the financials. That's sound investing and it has done me well. Very well. That's not wrong. Let me know when you stop working. A $20k gain is an absolute nothing burger for people like me and other here. Especially since you haven't sold, so it's not a realized gain.

I'll ask this question again, since you seem in the answering mode today. Where did you last travel?

WookieMan says

G36 says

"Some" yeah, Wookie, because I keep calling him out on his BS and he doesnt know what to do about it other than hoping I get banned. A sign of defeat.

When have I been wrong?

pretty much every time.

G36 says

OV, thats true for any market.....you cant get your money for your silver coins if nobody wants to pay for them or is interested in them.....

now that there is more interest in digital gold, there is less interest in physical gold.

Things can change/evolve.

Some still use a landline. Some still collect physical CD or books. Even though its all digitalized. Some even collect silver coins.

the savvy, rich and smart money invest in Bitcoin (digital gold).

and FIAT money is also being digitalized.

G36 says

Explain what is wrong about this? It's not the end of the year and I said "wouldn't be shocked." You've got to read dude. That's not a prediction. lol. I actually said that. Reading. Funny. Not wrong. Try again.

WookieMan says

I'll ask this question again, since you seem in the answering mode today. Where did you last travel?

He went to the beach, on his mountain bike.

Onvacation says

mell says

I disagree with it being labeled as a scam. It is a legit store of value with limited availability

All incoming money is consumed by the miners. How can you call it a store of value when the only way to get your money out is for someone else to put more money in?

I AM expecting a cogent answer, but I can't see any way to make money with bitcoin other than selling it to someone someday for more than you paid for it.

There is just no there there unless you're laundering money.

The amount of effort depends on ever changing energy costs but if the opposite were true it could easily be duplicated which would make it less worth like fiat. It's value is in its ability to store and transact it outside of the influence of the current fiat market dominators, banks and the governments. If you think that way then yes for you only gold or silver should have value and even that fluctuates based on supply and demand. Why bother with fiat It's just worthless paper or digitals backed by a promise ;)

mell says

Why bother with fiat It's just worthless paper or digitals backed by a promise ;)

To buy food.

Blockchain has to be open source. Anyone can create a new crypto. Why is one crypto worth something and another is not?

Bitcoin is a speculative investment. It depends on the greater fool to keep it going. Most of the money coming into the system is consumed by the massive amounts of energy (to mine each bitcoin it takes 2 1/2 times the monthly energy used by the average home). The system doesn't own the equipment, individual miners do. Bitcoin has no assets. It is only worth what the next greatest fool will pay for it.

I imagine the HODL'ers will start a fee system to keep it going after nobody wants to buy.

Onvacation says

He went to the beach, on his mountain bike.

Sounds lame.

WookieMan says

Onvacation says

He went to the beach, on his mountain bike.

Sounds lame.

Depends on the beach!

nope, MTB in the hills....mainly technical stuff and lots of climbing. Beach is more for fam time and the dog loooooves the dog beach.
"vacation" Kinda true though, I live where others do their vacation......funny enough those having vacation here usually bitch about California all year. (jealousy?)

Onvacation says

mell says

Why bother with fiat It's just worthless paper or digitals backed by a promise ;)

To buy food.

Blockchain has to be open source. Anyone can create a new crypto. Why is one crypto worth something and another is not?

Bitcoin is a speculative investment. It depends on the greater fool to keep it going. Most of the money coming into the system is consumed by the massive amounts of energy (to mine each bitcoin it takes 2 1/2 times the monthly energy used by the average home). The system doesn't own the equipment, individual miners do. Bitcoin has no assets. It is only worth what the next greatest fool will pay for it.

I imagine the HODL'ers will start a fee system to keep it going after nobody wants to buy.

Sure but it's backed more and more by the same promise the more govts and merchants embrace it. Plus you can exchange it for fiat. Of course the fluctuations can be large and you may be left holding the bag if you buy high to invest. But that's the same for currencies and currency traders, just not that extreme. That's why they play with millions at once since currencies don't fluctuate that much usually though you can clearly see the greenback has taken an extended dive for a while now even against similarly crippled currencies such as the Euro. You can't deficit spend forever.

see, with Mell you can actually have a conversation.

Not like our angry mob.

mell says

Sure but it's backed more and more by the same promise

The greater fool?

It's a gamble or a way for criminals to move money across borders.

G36 says

our angry mob

I'm not angry. Are you?

Mell,
His bias probably wont allow him to have a discussion. I can just see him throwing silver coins at the TV when Bitcoin hits the news (Breaking new all time highs). You are talking to someone who doesnt even understand the basics (Bitcoins decentralization & scarcity). For the longest time OV thought the last Bitcoin will be mined in 2040. Since he doesnt read the article we post, it took a little bit longer until he understood the last Bitcoin will be mined in 2140. Dont expect much from a discussion with him.

G36 says

the last Bitcoin will be mined in 2040

2030 maybe. I actually doubt if it lasts that long if you don't count the HODLers that will probably have to pay huge fees to keep the blockchain current.

Just a matter of time before everyone realizes that there is nothing there but a code to a spreadsheet on a flashdrive.

Take a long ride on your bicycle and think about it.

Onvacation says

G36 says

Take a long ride on your bicycle and think about it.

Thinking of buying more Bitcoin!

Took the dog for a looong hike in this beautiful socal weather. My hiking buddies and I talked about Bitcoin as well! We used to talk about stocks and real estate but some of the guys have bought Bitcoin too! Awesome. good for them!

just checked my private bank. I am up over 64% now.....less than 2 month!!! Bitcoin rocks!




sry OV!

@G36

If you want to gamble you might get lucky and time your entries and exits. You won't make any money by holding for the long run. I'm pretty sure that one day it will take a trillion dollar bill to buy just one Satoshi. Will you sell at that price?

Good luck.

Onvacation says

@G36

holding for the long run.

I agree 100%.
I will continue to dollar cost average into digital gold (Bitcoin) and hold for the long run!
To answer your question, I will start dollar cost averaging out of my position sometime next year. Maybe Q4 2021. My goal is to hold at least a year before is start selling some of my precious Bitcoins.

https://hard-money.net/heres-how-much-you-would-have-made-if-you-invested-in-bitcoin-instead-of-feeding-yourself/

With Bitcoin soaring to new all-time highs this week, it’s time to reflect on just how stupid you are for not skipping meals in 2011 to buy Bitcoin.

What if you hadn’t spent $11.57 at Taco Bell on Saturday, May 7th, 2011 at 2am while you were totally hammered? You could’ve bought 3.56 Bitcoin, which would be worth $84,026.68 today. Was the Taco Party Box really worth it? You threw it up the next morning anyway. Idiot.

Instead of spending $69.11 at Kroger on April 5th, 2012 to buy the mega pack of Ramen, toilet paper, condoms, and nine frozen pizzas, you could have bought .68 Bitcoin and cashed in $16,050.04 today. Feel bad about yourself yet? You definitely should that’s a missed opportunity of a life time.

You’re a horrible investor and you should just put all your money in an index fund and call it a day.

According to studies, the average American household spends about $550 per month on groceries. What if you had put that money into Bitcoin instead? Even Litecoin would have been better. Bet you feel dumb.

Well give your sorry self the benefit of the doubt and say you didn’t hear about Bitcoin until 2015. Given that, if you had invested all your grocery money into Bitcoin each month (starting from January 2015) instead of buying Oreos and Mountain Dew, your $39,600 spent on groceries would now be worth $1,004,930.38.

Instead, you have $217 in a shitty altcoin and high blood pressure from all the fatty foods you gorged yourself with over the years. Let this be a lesson to your future self to stop eating and start speculating.

DBR6,
totally agree, diversify and build positions in crypto and stocks for the long run. Originally, Bitcoin was a speculative asset that is now seen as digital gold. Dont get hung up on the bottom and the peaks. You can always regret for not getting into Apple, AMZN when it was priced at x. As long as you dollar cost avg and hold you are fine/make money.

Smart money is getting into Bitcoin now. Retail will follow.

G36 says

Bitcoin was a speculative asset that is now seen as digital gold.

Why?
G36 says

Smart money is getting into Bitcoin now. Retail will follow.

If you have to pay exorbitant fees and wait for the next blockchain to be processed, How?

Not expecting cogent answers from someone who thinks the bits on their flashdrive is "just like gold ".

Onvacation says

G36 says

Bitcoin was a speculative asset that is now seen as digital gold.

Why?
G36 says

Smart money is getting into Bitcoin now. Retail will follow.

bits on their flashdrive is "just like gold ".

Bitcoin is better than gold. Thats why its called gold 2.0 or digital gold.

G36 says

Bitcoin is better than gold.

why?

Onvacation says

G36 says

Bitcoin is better than gold.

why?

Because!

for many reason. First and foremost....its digital!

Dbr6 says

Onvacation says

Do you have any idea how ridiculous you look?

please read a few articles on that website and then come back with an educated judgment if it is satire or not

Haha, I was wondering how you would react to his stupid comment. Pretty funny.

OV and wookie get too riled up about Bitcoin....and they bite every time there is anything said about Bitcoin. They cant help themselves. You kinda understand their emotional reactions when you realize they have been posting on Bitcoin threads for years and had to watch it blast through to new all time highs recently. lol

Dbr6 says

Onvacation says

Do you have any idea how ridiculous you look?

@Onvacation, please read a few articles on that website and then come back with an educated judgment if it is satire or not

Sorry @Dbr6

I now realize it is a satirical article. I thought it was from G36. It sounds llike what it believes.

Your names both end in 6. I missed the link to the article. I thought it was more spew from G.

I know you, Dbr6, are not stupid.

Onvacation says

I now realize it is a satirical article. I thought it was from G36. It sounds llike what it believes.

Your names both end in 6. I missed the link to the article.

no problem whatsoever.
take a look at @ParikPatelCFA - I found it this morning and it is funny as hell.