patrick.net

Bitcoin is more fiat than the fiat that you need to buy it with and the fiat you get when you sell it.

It's not even a good gamble.

DemocratsAreTotallyFucked says

Onvacation says

Bitcoin is more fiat than the fiat that you need to buy it with and the fiat you get when you sell it.

It's not even a good gamble.

do ya think it's going to the moon and replacing the dollar?

Hey Bitcoin Fluffers!

How's the butthurt going?

Bitcoin is an invention to siphon off excess cash/liquidity caused by 2 decades of ZIRP and the collapse of the US industrial economy. I half expect a Harris/Waltz executive order to convert SS contributions to bitcoins.

The chief advantage of gold over bitcoin is that I can eat my gold, shit it out in the toilet, and recollect it unscathed. Let's try that with a bit wallet.

Butthurt why? Because of the volatility? That's how I've made a ton of money from it.

stereotomy says

The chief advantage of gold over bitcoin is that I can eat my gold, shit it out in the toilet, and recollect it unscathed. Let's try that with a bit wallet.

You can do the same with a lot more value simply etching your seed phrase on some non-reactive metal. Or your key. All you really need to store bitcorn is your brain or a pencil and paper. So there is really no need to eat shit if your goal is to sneak out of the country.

SoTex says

That's how I've made a ton of money from it.

DemocratsAreTotallyFucked says

SoTex says

That's how I've made a ton of money from it.

SoTex says

DemocratsAreTotallyFucked says

SoTex says

That's how I've made a ton of money from it.

Yes, it does.

DemocratsAreTotallyFucked says

It goes through an extended period (more than 3 to 5 years) of moving sideways.

The fact that Larry Fink of Blackrock endorsed Bitcoin and that it is readily available to institutional and retail investors through Bitcoin ETFs is enough to realize its here to stay.

As a fiat currency hedge, invest no more than 3% of assets or equivalent to one-half of a Bitcoin, whichever is greater.

Invest 8% of assets in silver and gold, and 8% in an oil and gas ETF; so 19% of assets are hedged.

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AD says

The fact that Larry Fink of Blackrock endorsed Bitcoin and that it is readily available to institutional and retail investors through Bitcoin ETFs is enough to realize its here to stay.

DemocratsAreTotallyFucked says

AD says

The fact that Larry Fink of Blackrock endorsed Bitcoin and that it is readily available to institutional and retail investors through Bitcoin ETFs is enough to realize its here to stay.

Read what Larry Fink of Blackrock has publicly stated recently about Bitcoin, specifically after Bitcoin ETFs were made available to retail investors.

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AD says

Read what Larry Fink of Blackrock has publicly stated recently about Bitcoin, specifically after Bitcoin ETFs were made available to retail investors.

So Fucking What?

AD says

Read what Larry Fink of Blackrock has publicly stated recently about Bitcoin, specifically after Bitcoin ETFs were made available to retail investors.

That's because they own a lot. I don't care the fiat price tagged to it. It's a penny stock trading wise. One person can own a bunch and move it and we have no clue. It's marketing. It's not a hedge. And it's not here to stay. You're better off buying a Cyber Truck and holding onto it for 40 years. Once they stop production it will go through the roof value wise. Literally the reason people are buying them. Buy it and toss it in a garage for 40 years under a cover and you have a $400-600k car.

Hoping to make it another 40 years, but you could always pass it down to your kids. I wish I never got rid of my Pontiac Aztek. People would spend big money on it now. Not 6 figures, but worth more than what it was purchased for.

AD says

As a fiat currency hedge, invest no more than 3% of assets or equivalent to one-half of a Bitcoin, whichever is greater.

Bitcoin is the most fiat of fiats. You buy it with fiat. It’s valued in fiat. You sell it for fiat. What it's not is an investment.

Play with it like you would a slot machine. Put your money in in the hopes of a payout, but don't be surprised if you lose it.

AD says

Larry Fink of Blackrock

Had to look him up


Not a fan.

Onvacation says

Not a fan.

Don't bet against Larry Fink, which means don't bet against or count out Bitcoin.

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Thing about gold is that if the price drops 70%, you still got the gold.

If Bitcoin drops 70%, it's probable that all the Bitcoin miners go bust because of the continuing expense of mining it. Then Bitcoin goes to ZERO because it requires the miners to have any value at all.

So, with Bitcoin there is an event horizon where it gets sucked into nothingness.

AD says

Don't bet against Larry Fink, which means don't bet against or count out Bitcoin.

BUY NOW OR BE PRICED OUT FOREVER!!!

SoTex says

Because of the volatility? That's how I've made a ton of money from it.

Market timing?

Misc says

Thing about gold is that if the price drops 70%, you still got the gold.

If Bitcoin drops 70%, it's probable that all the Bitcoin miners go bust because of the continuing expense of mining it. Then Bitcoin goes to ZERO because it requires the miners to have any value at all.

So, with Bitcoin there is an event horizon where it gets sucked into nothingness.

This guy gets it. Trade it in the meantime if you like risk. 95% likely don't have the appetite for it. So you have 5% of crypto buyers on the planet and it's likely that 90% is owned by 10 people and the others lost their key and don't even know they own any.

1) "J.P. Morgan Chase CEO Jamie Dimon have called it a "bubble"[130] and a "fraud",[131] respectively. However, Dimon said later he regrets calling Bitcoin a fraud"

https://en.wikipedia.org/wiki/Cryptocurrency_bubble#Characterization_as_'bubble'

2) https://en.wikipedia.org/wiki/Economics_of_bitcoin#Obituaries

AD says

Dimon said later he regrets calling Bitcoin a fraud

He meant "gamble". It still has as much real value as a lottery ticket until you cash out.

I suspect it will soon go over $100k. If you had bought 1 "coin" a year ago it would be worth 264% more now.

Misc says

So, with Bitcoin there is an event horizon where it gets sucked into nothingness.

My philosophy ... trade it, don't save it.

Also, it's tied with the Nasdaq flows. If the QQQ starts to go south, sell the cryptos.

Fiat in, fiat out, valued in fiat, crypto has no intrinsic value and never will.

It will probably continue to rise in price, until it doesn't. It's dependent on the greater fool.

Onvacation says

Fiat in, fiat out, valued in fiat, crypto has no intrinsic value and never will.

It will probably continue to rise in price, until it doesn't. It's dependent on the greater fool.

I'm gonna toss $100 of the kids money into BTC. So $300 total. I won't put any of my money in it, but I'm interested how it goes. I've been a top 3 hater here along with you, but a small gamble and a long timeline it will be interesting to see what happens. It's more fun than thinking they'll make bank.

I don't trust governments is the biggie, so I'd never invest in it myself. Kind of an experiment. My oldest is 14 so by 34 it "technically" should be over $1M value or higher if all these crypto guys are right. If wrong, it's not going out to dinner for a night when he'll likely be a millionaire which probably won't mean much in 2044 as well.

WookieMan says

"technically" should be over $1M value or higher if all these crypto guys are right.

I occasionally buy a lotto ticket when the jackpot is huge. I don't check the ticket immediately pretending I'm a billionaire for a while.
Crypto is like that, but with smaller returns and less electricity used

Onvacation says

WookieMan says

"technically" should be over $1M value or higher if all these crypto guys are right.

I occasionally buy a lotto ticket when the jackpot is huge. I don't check the ticket immediately pretending I'm a billionaire for a while.
Crypto is like that, but with smaller returns and less electricity used

We're in agreement. I just want to toss a Chinese balloon out there and see what happens with 3 dinners worth of money over 20 years for the kids. I'm not going to tell them. They won't know it exists unless I die.

Like I said, will never put my earned money into crypto. I don't have the risk profile for what I've already been getting good returns on. I invest in stuff that never freaks me out even if it goes down 10% or so. I know it will come back. I don't ever expect 15-20% YOY returns though either. Slow and steady and keep investing. 3% on a million is enough for me to live off solo. On target for $300-400k of interest at 59-1/2 without worrying about draining our accounts.

No point in gambling on crypto for myself. If my boys by some miracle it turns into a $100k awesome, or if it goes to $0 they have a lifetime to make $100 income in a day even in high school. Kind of like Muskie fishing in Wisconsin or Canada. Hard to catch, but sometimes you get one.

Bitcoin quantity may not be capped

https://www.forbes.com/sites/digital-assets/2024/12/19/blackrock-just-quietly-confirmed-a-devastating-bitcoin-price-bombshell/