patrick.net

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?

G36 says

“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."

So Saylor is pumping the rubes.

Did ya buy any?

As a tesla shareholder and Bitcoin (digital gold) long term holder I welcome the idea of Tesla adding Bitcoin to its balance sheet.

What a great idea Michael Saylor!

https://www.forbes.com/sites/billybambrough/2020/12/20/elon-musk-sparks-speculation-tesla-could-add-bitcoin-to-its-balance-sheet/?sh=241b145b6c1a

It makes perfect sense to add such a high performing asset to your balance sheet. Why hold cash that loses value if you could hedge against inflation by holding Bitcoin instead?

"Meanwhile, the bitcoin price has added around 235% this year, climbing to never-before-seen highs and ending a three-year bear market."

G36 says

looks like someone worked all night and is angry again....get some sleep, DF!

Bot Ba Bot Bot Bot. lol.

Name your last vacation outside the US? Was it in a different time zone? #NO

Eric Holder says

It's a fucking highway robbery.

Yup! But the "big dogs" are getting in because they see it going to the moon.... lol. Nah, they see a way to take millions and maybe billions from morons that think that. Nice commission though for a decentralized "currency." lol. We won't get a cogent response. And if we do it's that they trade it on some "coin.com" or 3 letter acronym that translates to useless and they pay no fees, and it's secure, even though you trade it in a centralized location.

Wookie, they must not pay you very well for the night shift if the trading fees prevent you from buying Bitcoin. BTW, there are ways to pay less or no fees but I doubt that is enough for you to afford Bitcoin. You told us you are a big shot that only cares about 6 figure gains. In reality, you own 100 shares of LUV. Did you lie to us? It seems you are a tiny, cute investor. I think you are so angry because you realize you will never own a single Bitcoin. Am I right?

I used to collect coins too. Still have some.

The thing that would worry me most about bitcoin if I put money into it is that it's theoretically possible to all implode instantly. The whole thing relies on finding out which bits to add to a string to make the SHA-256 hash of that string to come out with a certain number of 0's at the end.

Do you really understand the SHA-256 hash algorithm? I don't. Is it possible that some genius will figure out how to instantly tell which bits they need to put in to get the desired output? I think it is possible. Maybe not quite yet, or maybe someone already knows and is siphoning value off.

Or maybe quantum computing will have a breakthrough that allows the owner of that computer to do the SHA-256 calculation a trillion times faster than anyone else. Then that person can take all the value.

It would be as if someone figured out how to turn lead into gold. If the process were cheap enough, gold value would plummet. Gold actually can be made from lead in nuclear reactors today, I think, but it's just too expensive to be wothwhile, as is filtering gold out of seawater.

Regarding trading fees.

Paypal is free until year end. Exchanges often run promotions/offer reduced fees.
Coinbase Pro is for a bit more advanced users/traders. Coinbase is for beginners and the fees are higher.

Here are the fees I am happy to pay. Just put in a few buy orders in case we see a dip.



and here is the PayPal promotion

WookieMan says

Nice commission though for a decentralized "currency." .

Lol, another one for the list.

Just because Bitcoin is decentralized doesn't mean exchanges (who facilitate the trading tools) run a charity and hire volunteers. It really shows the level of intelligence we are dealing with here. Thanks for another dumb comment.

G36 says

It really shows the level of intelligence we are dealing with here. Thanks for another dumb comment.

You have to admit a $100 fee to buy a bitcoin and a $100 fee to sell a bitcoin add up.

What was the fee for your last buy?

Patrick says

Is it possible that some genius will figure out how to instantly tell which bits they need to put in to get the desired output? I think it is possible. Maybe not quite yet, or maybe someone already knows and is siphoning value off.

There's that and the fact one person could be holding 1/2 of all coins and playing with a yo yo. Doesn't even have to be technical with the hash and someone figure it out, though that is a possible risk. No one has a clue about any of it.

That's the hilarious part. People telling other people they don't know what they're talking about, when they don't even know what they're talking about. Insecure to the max.

Onvacation says

G36 says

It really shows the level of intelligence we are dealing with here. Thanks for another dumb comment.

You have to admit

What was the fee for your last buy?

What is there to admit?

Several of my buy orders for ETH filled today. On one purchase the fee was $3.04 US Dollars.

WookieMan says

Patrick says

Is it possible that some genius will figure out how to instantly tell which bits they need to put in to get the desired output? I think it is possible. Maybe not quite yet, or maybe someone already knows and is siphoning value off.

they don't even know what they're talking about.

Wookie, lets do a test. Do you acknowledge by now that Bitcoin is decentralized and scarce?

Patrick says

Do you really understand the SHA-256 hash algorithm? I don't. Is it possible that some genius will figure out how to instantly tell which bits they need to put in to get the desired output? I think it is possible. Maybe not quite yet, or maybe someone already knows and is siphoning value off.

Or maybe quantum computing will have a breakthrough that allows the owner of that computer to do the SHA-256 calculation a trillion times faster than anyone else. Then that person can take all the value.

A couple of the many flaws of bitcoin, but I think the biggest issue is the energy consumption. It's just not sustainable.

G36 says

Bitcoin is decentralized and scarce?

So are beautiful Russian hookers, that doesn't mean he wants any... At least I don't.

Wookie, your not into beautiful, yet scarce and decentralized, Russian hookers, are you?