patrick.net

komputodo says

Its been around several years already.

It was 2009, more than several years.

@Patrick, @Cash and other crypto holders

what do you guys think where we are in the cycle for Bitcoin and why?



My impression the last few weeks was we are in the belief stage. I gauged it by looking at google trend charts, at # of viewers/likes that some of the big names in the crypto space get. I also looked a new addresses created for Bitcoin and if the majority of money is sitting in wallets or on exchanges. There are other charts that break it up in smart money>institutions>retail>dumb money=cycle top. And obviously I assumed we are in the institutions phase because PayPal, Microstrategies, Grayscale are buying BTC like there is no tomorrow.

But the last 24h changed my view. Tesla bought 1.5B USD of Bitcoin. 10% of Tesla's cash is now in Bitcoin. That would support my view we are in somewhat in the middle between institutions/retail or belief stage.

However, two things here made me question my view:
The avg. Joe doesnt really understand how big this news is. Many haven't even heard/recognized the news. Said differently, the herd doesnt know that this will start a new trend of more and more institutions / companies purchasing Bitcoin to hold for the long term on their balance sheet. Secondly, many companies came out and were surprised about it or questioned Tesla's decision. These companies haven't even started the evaluation process. Many will follow Tesla's move.

This shows me we are not in the belief stage yet. We are in the disbelief stage. We are very, freaking early.
If that is true, than this bull run will be astronomical. It could easily go much higher than I imagined a few weeks ago.

This is what I am talking about!

https://cointelegraph.com/news/tesla-s-1-5b-bitcoin-purchase-leaves-treasury-experts-scratching-heads?fbclid=IwAR1TtvSNwFEJ3lRikGIfv48nM_TLFqQ-NUVuWkOrhNtWnHgJp1kCQFZ5o2g

"Some treasury experts are finding it difficult to understand why Tesla recently bought $1.5 billion worth of Bitcoin — the best performing asset of the last decade."

I think what Tesla did here is causing a paradigm shift.

G36 says

I think what Tesla did here is causing a paradigm shift.

Isn't this basically, taking assets from one bubble, the non-stop rise of Tesla's price, and putting it into another, just to give that collective bubble, two legs instead of one?

Wasn't the purpose of bitcoin, to facilitate point of sales? How is that possible when the price of goods goes from let's say $100/per fractional bitcoin to $50/per fractional bitcoin, within a day? In other words, the price doubling, making the price of that good 1/2.

That's not a currency. That's a wannabe digital gold but w/o the centuries of price action which gold has experienced.

WookieMan says

G36 says

I think thats all of them. Bitcoin, Cardano and Ethereum are def. the biggest holdings.

So no travel?

What's the obsession with travel? A wise man once said that people who take lots of vacations are just trying to escape their shitty life. Joking aside, I love where I live and my daily life. I'm truly happy so why try to escape it?

I know many people really like traveling, but I'm not that big on it and don't see the allure unless it's to be with people I like.

porkchopexpress says

I'm truly happy so why try to escape it?

Because it's easier to fuck hoes in Thailand while living the good life.

porkchopexpress says

WookieMan says

G36 says

I think thats all of them. Bitcoin, Cardano and Ethereum are def. the biggest holdings.

So no travel?

What's the obsession with travel? A wise man once said that people who take lots of vacations are just trying to escape their shitty life. Joking aside, I love where I live and my daily life.

Agree 100%. I usually ignore 90% of what he posts and just pick 1-2 words to quote.

Rin says

G36 says

I think what Tesla did here is causing a paradigm shift.

Wasn't the purpose of bitcoin, to facilitate point of sales?

No, Bitcoin is seen as digital gold. A store of value. Its better than holding cash because its the best performing asset.

Think about it....why would I want to spend my Bitcoin? Next month they are worth 2x more. In a year, they might be 10x more. So why waste them? Hold and generate generational wealth.

porkchopexpress says

Joking aside, I love where I live and my daily life. I'm truly happy so why try to escape it?

I love where I live too. I also love the Caribbean. I love Florida. Love California, Montana, Washington, Mexico, etc. I love all these places. Does the same scenery not get old? I think it does. It for sure does. Doing the same thing over and over is the definition of...... you know.

You don't have to answer, but if you have kids it's not at all good for them to sit in one place. They don't think the scenery is beautiful. It's just what they know and haven't seen anything else. I hype it because I think it's good for everyone to do. Trust me, I could be pumping it here and using my referral links to have others get me points. I don't because that's spam.

Then there's the question of why multi-millionaires/billionaires are fleeing CA. If it's so great and the cost of living for them is less than a penny on the dollar, why are they leaving? It's clearly not that great. People matter and I think that's the biggest problem with CA. I'm assuming that's where you are, as most users are here. CA has a people problem. IL does too admittedly, but it's the place I can live my best life right now. And it's awesome.

But I still love sitting on a beach having an Imperial in Costa. Having a Red Hook in the Caribbean. Snorkeling. Snowboarding at the biggest skiing in the country in Montana. National parks in Utah this past summer. I don't know what's not to like. Sure you can do some of that in CA, but to get the best you have to go elsewhere.

I'm more or less just pointing this out.......

G36 says

Hold and generate generational wealth.

Staying in one place is like holding. There will be no generational wealth. There will be nothing. And life will have been pissed away missing out on experiences, people and places. Do the same thing over and over. That sounds like pure misery to me.

And Bitcoin goes mainstream:

https://www.cnbc.com/2021/02/11/bny-mellon-to-offer-bitcoin-services-a-validation-of-crypto-from-a-key-bank-in-the-financial-system.html

BNY Mellon to offer bitcoin services, a validation of crypto from a key bank in the financial system

Bank of New York Mellon, the nation’s oldest bank, said Thursday that it will begin financing bitcoin and other digital currencies.

https://markets.businessinsider.com/currencies/news/mastercard-allow-cryptocurrencies-use-payments-network-2021-2-1030071595

Mastercard will allow merchants to accept select cryptocurrencies on its network later this year

lets make some guesses

"Mastercard said it will offer support for customers to transact in some select cryptocurrencies this year."

I am expecting BTC and ETH. Hoping for Cardano as well. Cardano is one of my biggest holdings.

No new ignores. I think I struck a nerve. Did I just spell out G's life? No half assed response yet?

WookieMan says

Staying in one place is like holding. There will be no generational wealth. There will be nothing. And life will have been pissed away missing out on experiences, people and places. Do the same thing over and over. That sounds like pure misery to me.

G36 says

lets make some guesses

"Mastercard said it will offer support for customers to transact in some select cryptocurrencies this year."

I am expecting BTC and ETH. Hoping for Cardano as well. Cardano is one of my biggest holdings.

Also hoping they will add chainlink! I can't take all this winning!

https://www.forbes.com/sites/billybambrough/2021/02/11/2-trillion-investment-giant-bny-mellon-reveals-bitcoin-and-crypto-plans-digital-assets-are-the-future/?sh=190276b676e4

The oldest US bank says, crypto is the future. BAWAHAHAHAHAHAHAHHAHA

"$2 Trillion Banking Giant BNY Mellon Reveals Bitcoin And Crypto Plans—‘Digital Assets Are The Future’"

G36 says

The oldest US bank says, crypto is the future. BAWAHAHAHAHAHAHAHHAHA

"$2 Trillion Banking Giant BNY Mellon Reveals Bitcoin And Crypto Plans—‘Digital Assets Are The Future’"

You really don't understand do you. They'll digitize the thing you use to buy crypto $$$$. Crypto is dead when they want it to be. Could be tomorrow.

Is there a reason that almost every country and person has a keyboard that has Shift+4? The oil your car is filled with is Shift+4. You don't have gains, but if you did with crypto, you're gonna have to come up with Shift+4. You'll learn.

WookieMan says

G36 says

The oldest US bank says, crypto is the future. BAWAHAHAHAHAHAHAHHAHA

"$2 Trillion Banking Giant BNY Mellon Reveals Bitcoin And Crypto Plans—‘Digital Assets Are The Future’"

Could be tomorrow.

.

Yep, mass adoption is here.

personal

WookieMan says

awaiting moderation

Struck a nerve. lol.

WookieMan says

personal

Dammit. Oh well. Not my call. Must of struck a personal nerve though to get it flagged. I'm sorry. I won't hurt feelings anymore. I'll just keep telling the truth. Feels good being honest.

WookieMan says

WookieMan says

personal

Dammit. Oh well. Not my call.

Yep :) good thing we have moderators here otherwise it gets out of hand and we get away from discussing mass adoption of Crypto. please stay on topic :)

It's sickening the dude says he is here to save everyone and he can not point to 1 legitimate supportive reply he has made in his story telling
that is anywhere near the ++++++++++++++++++++++++++++++++++++++++ BTC story lmao... Notice he comes to shit mutt running ;)

I usually ignore his posts. His posts dont contribute to the topic but are personal. Not sure why Bitcoin and Tesla buying Bitcoin is such a pain point for him. He cant stop innovation and mass adoption. If you cant beat them, join them!

Cash says

It's sickening the dude says he is here to save everyone and he can not point to 1 legitimate supportive reply

Power goes out tomorrow, how do you get goods? This isn't fantasy with Biden giving up our power grid. How do you trade crypto? What if your power comes on later and the melt down already happened. You need cash to feed your family. It won't recover after that. It was dead for 3 years after a normal market swing. All faith will have been lost in the very few that trade it. It's a fantasy guys. You don't answer questions about what you want people to invest in. It's worse than a time share sell.

G36 says

I usually ignore his posts.

You don't answer questions. Personal? Lol. I'm not sissy anymore? Oh that's right, grown men don't call each other that, they man up. I'll give you the flight information and not my name. Find me. Put me in my place. You won't. You don't have the fucking money to get to me. That's the best part in these threads.

The adoption by Mastercard and BNY caused a 7% surge in Bitcoin's price :)

https://markets.businessinsider.com/currencies/news/bitcoin-price-surges-to-record-high-cryptocurrency-mastercard-2021-2-1030073794

https://www.nasdaq.com/articles/amazon-preparing-to-launch-a-digital-currency-project-in-mexico-2021-02-10

the ultra bullish news for crypto just wont end. Get this:

"Amazon Preparing to Launch a ‘Digital Currency’ Project in Mexico"

"“This product will enable customers to convert their cash in to digital currency using which customers can enjoy online services including shopping for goods and/or services like Prime Video,” one job post said of Amazon’s “new payment product.”"

Soon, we can rename Cancun to Can-Moon!

This seems nutty to me.
Musk at least is entertaining.

clambo says

This seems nutty to me.
Musk at least is entertaining.

Its just mass adoption of crypto. Moon-time!

clambo says

This seems nutty to me.
Musk at least is entertaining.

1,000% guarantee he's out now. He printed himself $300M in a couple days. Might be playing with house money if he's holding anything still in crypto. Move the market and get out. Musk is smart. He also just has more money he can lose. He can lose it all and be wealthy again in a couple weeks. He's playing the crypto folks. They just don't see it and "think" it's "bullish".... oh well.

WookieMan says

clambo says

This seems nutty to me.
Musk at least is entertaining.

Might be playing with house money if he's holding anything still in crypto. Move the market and get out. .

@WookieMan,
HUH? you think he's not planning on holding Bitcoin for the long, long run? Why would he invest 1.5B USD in Bitcoin? for a short term trade?

G36 says

HUH? you think he's not planning on holding Bitcoin for the long, long run? Why would he invest 1.5B USD in Bitcoin? for a short term trade?

Lol. To print $300M. You do understand how he can leverage that money right? Musk sold, get over it.

He took OPM from TSLA and the took your money. Brilliant fleecing.

Thank you Elon! (And Tesla shareholders). Buying $1.5B of Bitcoin to hold on their balance sheet long term was the greatest gift. A gift that keeps on giving.

1) It sent a big F.U. to Bitcoin haters
2) It is extremely bullish for the BTC price (50k Bitcoin incoming) &
3) It started a trend (more and more companies will follow).

But words alone are not enough. As a thank you, I will buy a Tesla with Bitcoin logos once I cash out :)

WookieMan says

1,000% guarantee he's out now.

This is interesting.

The Bitcoin ledger is public, so even if the transactions are all from anonymous public keys, it should possible to see which public keys bought $1.5 billion worth recently. And then to see if those same public keys sold.

Anyone know Tesla's Bitcoin public key? Maybe there are many, but still.

Its fake news by the Bitcoin hater WookieMan. Not a single source....just "the voices".

Of course Tesla bought Bitcoin to hold for the long term. Bitcoin haters seem to have a hard time dealing with the fact that Tesla bought Bitcoin in an unprecedented way. ($1.5B worth in Bitcoin)

and this is not fake news: Bitcoin's big moment: Mastercard jumps on the bandwagon

https://www.cnn.com/2021/02/11/investing/mastercard-bitcoin-bny-mellon/index.html?utm_content=2021-02-11T17%3A01%3A10&utm_term=link&utm_source=fbbusiness&utm_medium=social&fbclid=IwAR3xFsCDb8_Ed3d8hlemQe7a91ek87XYNrVp-JVXL4CVIrz59eLGZJyi9jA

Patrick says

Maybe there are many, but still.

This.

There's no way to track it even by volume to an individual. Could be some other whale at current prices and volume, it's not just one purchase. Anyone thinking he came in to hold $1.5B in BTC with TLSA money is nuts. It's a public company, the board would toss him if he lost significant money on this. He couldn't do this with other stock either, it's the wild west in crypto world. He can fuck you and there's no consequence.

He's trolling the crypto people. 100%. He has the money and is smarter than them. The guy has automated landing rockets for fucks sake. He's launched more rockets then almost all countries. If one doesn't think he's capable of a pump and dump with $1.5B, you've gotta start paying attention.

Either way I can be proven wrong because TSLA has to report earnings and financials. And maybe Musk is not as bright as I thought. But do the math on ~38k to almost 50k when investing 1.5B. In and out people. He printed $200M+ and knew his buy would pump it. You can move markets big time with $1B.

People also need to get off the percentage gain. It's not about that at all if you have a lot of money. You don't chase 10 baggers on $10k. You make a small cruise ship out of thin air by scamming people into thinking you're interested in a financial product at a measly 10-15% gain and then sail the boat.

He's just playing people. It's kind of funny. People follow Musk and he's literally said he thinks the human race is fucked. One of the wealthiest guys smoked pot on a meatheads podcast. Do some of you even understand what he is?

HunterTits says

G36 says

Thank you Elon! (And Tesla shareholders). Buying $1.5B of Bitcoin to hold on their balance sheet long term was the greatest gift. A gift that keeps on giving.

1) It sent a big F.U. to Bitcoin haters
2) It is extremely bullish for the BTC price (50k Bitcoin incoming) &
3) It started a trend (more and more companies will follow).

But words alone are not enough. As a thank you, I will buy a Tesla with Bitcoin logos once I cash out :)

Better to be a Tesla & Bitcoin hater than a fluffer fir either of them.

I disagree. Being a Tesla and Bitcoin holder is very profitable :)

G36 says

Better to be a Tesla & Bitcoin hater than a fluffer fir either of them.

I disagree. Being a Tesla and Bitcoin holder is very profitable :)

You missed the point as usual.

G36 says

HunterTits says

G36 says

Thank you Elon! (And Tesla shareholders). Buying $1.5B of Bitcoin to hold on their balance sheet long term was the greatest gift. A gift that keeps on giving.

1) It sent a big F.U. to Bitcoin haters
2) It is extremely bullish for the BTC price (50k Bitcoin incoming) &
3) It started a trend (more and more companies will follow).

But words alone are not enough. As a thank you, I will buy a Tesla with Bitcoin logos once I cash out :)

Better to be a Tesla & Bitcoin hater than a fluffer fir either of them.

I disagree. Being a Tesla and Bitcoin holder is very profitable :)

The question is, which major company will be next to invest billions of USD into Bitcoin and hold long term on their balance sheet?
Apple? Its huge bullish news for Bitcoin/crypto holders!