patrick.net

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.

If you want to gamble and trade. Try to time the "market" to sell the spikes and buy the dips. Look at future charts as if there was anything beyond speculation keeping it going. You might make some money if you get lucky. Just remember that each bitcoin costs a couple thousand dollars for the miners to produce and the money put in is consumed by the process. The only way your gamble can be successful is if a greater fool is willing to pay more.

If you think it is "Gold 2.0" that gets "mined" so you can put it in your "wallet" as it is the "currency of the future"; If you are going to HODL and build your "position" and never sell; you ARE the greater fool that the gamblers, speculators, and manipulators depend on to pay their bills.

Anyone "investing" in bitcoin because they plan on holding it for long term are, in my educated opinion, stupid.

Onvacation says

I now realize it is a satirical article. I thought it was from G36. .

Your names both end in 6.

Nope dummy. Rb6d and G36 dont end in 6. This thread is hilarious!

G36 says

Rb6d and G36 dont end in 6.

You are correct. But I didn't realize it was satire because it sounded so much like you.

Sorry for assuming you were stupid. Not all people who buy bitcoin are stupid. Some are ignorant. Others are just gambling and hope to get out with more money than they put in.

@G36 Which kind of bitcoin buyer are you? Stupid, ignorant, or a gambler?

Onvacation says

G36 says

Rb6d and G36 dont end in 6.

You are correct.


I know :)

lol

Onvacation says

Sorry for assuming you were stupid.

lol. When one doesn't have a car and uses a mountain bike to get everywhere, invests in one "asset" class they don't understand, thinking they'll get rich, can't answer questions, doesn't travel, you may have assumed correctly.

DF!

Looks like the night shift is over!

"I like to play the bigger number" "I bought 100 shares of LUV" >>>>Thats really cute
"Basic index funds have outperformed BTC"
>>>>REALLY? missed the fact that its up by 9,000,000%? Not a surprise, DF.
"an unregulated market"
"roulette"
"Nuclear EMP goes off"
"Would have sold everything at 18k"
"I am good with 9%"
"Bitcoin is not backed by anything"
"artificial scarcity"
"I only care about 6 figure gains"
"wake up at 6am and your money is all gone"
>>>>REALLY? missed the fact that its up by 9,000,000%? Not a surprise, DF.

WookieMan says
uses a mountain bike

I figured you dont exercise.
Tired after the night shift?

G36 says

Looks like the night shift is over!

Huh? It's 5:48pm where I'm at. I've doxed myself with the state I live in. Are you an idiot? You clearly don't even understand time zones or what night shift means. Jesus Christ.

Anyone that stumbles across this thread, this is why you don't listen to investment advice and why I fight this so hard.

https://www.reuters.com/article/us-tesla-cryptocurrency/teslas-elon-musk-asks-about-converting-large-transactions-to-bitcoin-idUSKBN28U0XM

Watch Tesla to buy Bitcoin in the near future!!!!

"Michael Saylor, chief executive officer of MicroStrategy Inc, in a tweet to Musk, suggested that the billionaire Tesla founder and head, make the move.

“If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to #BTC,” Saylor wrote in his tweet. “Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.”

“Are such large transactions even possible?” Musk replied to Saylor.

“Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline....,” Saylor tweeted."

personal

Have you seen what Paypal charges for transactions with BTC?



It's a fucking highway robbery.

Eric Holder says

Have you seen what Paypal charges for transactions with BTC?

.

Thats adorable, Eric Non-holder.

so lets see, I bought roughly 2 Bitcoins at the beginning of Nov. Lets say avg. cost was 15k. So I paid 30k ish.
The price as of now is over 22k per BTC. So my portfolio is worth ~44k, up 14k, or >45%.

If someone asks you to pay him less than 500 dollars fees and gives you 14k back within less than 2 months I take that deal. Any day!

G36 says

“Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.”

Why?

What currency would that $1 trillion be valued in?

Would Musk sell his stake in bitcoin to realize that $1 trillion favor?