patrick.net

@Zak
great buying opportunity. Bitcoin gives you chance after chance! Use it :)
And thank me later!

Zak says

that's the point.. bitcoin burns more fossil fuel than entire countries, for a speculative mania with no underlying value. My dirty socks make a nice parallel.

I know.

I have been trying a lot of analogies to try to help some people understand that bitcoin is not "gold 2.0".

And who says your smelly socks have no value?

Gold 2.0 / Bitcoin and energy consumption....for those that want to be educated :)

https://www.coindesk.com/the-last-word-on-bitcoins-energy-consumption

51 K is a great price for Bitcoin! With so much institutional demand and the scarcity of Bitcoin nobody should be surprised to see a 150K Bitcoin this year.

@Zak so quiet today?

G36 says

so much institutional demand

You do know that "institutional" demand is really just retail demand from wackadoodles that think crypto is the new gold mined by miners so they can HODL it in their wallets for when it becomes the new currency that will be worth millions in fiat per coin?

Don'tcha?

one of the institutions some of you know is Tesla!

https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html

Tesla buys $1.5 billion in bitcoin, plans to accept it as payment

G36 says

one of the institutions some you know is Tesla!

and some you don't

Microstrategies is another great tech company that understands the value in investing in digital gold

https://news.bitcoin.com/microstrategy-acquires-another-10-million-in-bitcoin-company-balance-sheet-nears-100k-btc/

another great company that HODL's Bitcoin is square. Some of you must have heard of Square.

https://squareup.com/us/en/press/2020-bitcoin-investment

@Zak

remember this quote? "I just saw bitcoin silence today and wondered wtf, where was all the cheering?"

is it because of this?

@g36 .. nope.. I can consistently say Bicoin is a scam no matter if the price is up OR down. I can also respond to your statements or questions with logic and reason as opposed to your silence and avoidance for any debateable point I bring up. Guess we can keep this bitcoin is garbage thread alive a bit longer. BTW, I may be silent for stretches of time as I am currently repairing drywall in a water damaged bathroom. I can do that because I just look at the logical next steps to complete that task, and use references and information where I have a gap in knowledge. And I'm not afraid of making a few mistakes..

But I'm also not buying 6000 lbs of drywall mud. Do you know why? Drywall mud has a very specific and limited use. I need a tiny amount of it for a very specific purpose. Even though the price of it has risen, and it costs me more today to buy it that it did 6 months ago, I still only buy 20lbs at a time. That ends up lasting me for several projects.. What's the purpose of bitcoin again?

Zak says

What's the purpose of bitcoin again?

to HODL. Tesla for instance bought 1.5B USD worth of Bitcoin to hodl.

I bought 1.9 Bitcoin for 28K total as a 1year investment. Now its worth over 100k :) In less than 6 month! not only can you buy a bathroom with this but for some people this profit might be a down payment for a house. And the great news is we are early in the Bitcoin bull cycle!! I am not selling anytime soon.

G36 says

I bought 1.9 Bitcoin for 28K total as a 1year investment. Now its worth over 100k

It's worthless until you sell it. Making $72k on paper in 6 months is rather trivial, but good for you. That's a quarterly thing in my world.

I remember when bears and bitcoin haters cheered back in 2018 when Bitcoin entered a bear market. These people really thought, Bitcoin will never go back to 20k.
Some crazy ones even called for Bitcoin at 1.2k. LOL

Here we are, Bitcoin sits at 50k :) Don't you love the times we live in?

G36 says

is it because of this?

G36 says

Here we are, Bitcoin sits at 50k :) Don't you love the times we live in?

See a pattern?

absolutely! The pattern goes up, up and up

G36 says

absolutely! The pattern goes up, up and up

Nope. Doesn't pay dividends. It's been worthless most of the time it's been around unless you got absolutely lucky and bought before 2 big peaks. All other times it was dead money and you could have made much more in other investments. By definition it's a bad investment.

There's also this thing called owning a business where the chart looks a lot better if you put some time in, instead of chasing get rich quick schemes. My chart outperforms this one and it keeps paying me while I don't invest any money into it that comes out of my pocket. Other people pay for it. You'll eventually learn. BTC is not an investment and you're going to get burned. Your choice though, but I'll continue to bash it because you're the guy that promotes smoking because it's the cool thing to do. It's not.

very bullish that Tesla and other institutions pour billions of USD into Bitcoin. Luckily I was early (bought in November)
My investment was around 28k for Bitcoin and another 25k or so in other precious cryptos.

My Bitcoin holding is already at a 100k ish. Thanks Tesla!

G36 says

very bullish that Tesla and other institutions pour billions of USD into Bitcoin. Luckily I was early (bought in November)
My investment was around 28k for Bitcoin and another 25k or so in other precious cryptos.

My Bitcoin holding is already at a 100k ish. Thanks Tesla!

Who are you even talking to? This is spam.

I should say, thanks Tesla and all the other institutions that buy Bitcoin like there is no tomorrow.

G36 says

I should say, thanks Tesla and all the other institutions that buy Bitcoin like there is no tomorrow.

Tesla is not a member on Patnet, and no decision maker from Tesla is on this site. Who are you talking to? This is pure spam.

@WookieMan,
pls stop spamming our Bitcoin threads. We are here to discuss the success of digital gold (Bitcoin)

G36 says

We are here to discuss the success of digital gold (Bitcoin)

I'll bite.

How can an owner of bitcoin sell without finding a bigger fool to buy?

If the "miners" who produce "coins" consume all of the input money for expenses how can bitcoin be a store of value?

Gold is beautiful and useful and is a store of wealth because it takes a lot of energy, labor, and capital to mine and refine. A bitcoin is bits on a stick, how is that anything like gold?

Not expecting any cogent answers. HODL on. Just don't try to convince smart people to become "dumb money".

Remember, If you don't know who the fool in a GAME is, it might be you.

Onvacation says

How can an owner of bitcoin sell without finding a bigger fool to buy?

He can buy a bunch of Tesla cars and then trade them in to Carvana or CarMax.

@onvacation
an owner of Bitcoin most likely will not sell. Bitcoin holders are smart and HODL.

Dumb money is of course part of any market. Dumb money panic sells. You can trade Bitcoin 24/7. Nobody has to find a buyer since there is so much institutional demand for digital gold (Bitcoin)

G36 says

Nobody has to find a buyer since there is so much institutional demand for digital gold (Bitcoin)

Dude, we're asking questions. Show us a link where you can verify institutions are actually invested in it and not just saying it? AKA pumping. Crypto is secure and government can't get at it, so you somehow know TSLA actually invested in it? Laughable.

There's nothing illegal about TSLA saying they "set aside" $1.5B to buy crypto and not buy any. They can accept it, but that means dick if they just sell it off. It's amazing that you don't understand what you are even doing while getting fooled by the people taking your money.

And this is why crypto will die.

yep, Bitcoin is now at the upper trend band! Very exciting times we live in! Go Bitcoin

https://finance.yahoo.com/news/bitcoin-around-51k-nears-upper-173718632.html

Upward price channel from 2017’s high shows possible resistance for BTC around $60,000, which could cap upside.

WookieMan says

Show us a link where you can verify institutions are actually invested in it and not just saying it?

interesting news

https://news.bitcoin.com/goldman-sachs-huge-institutional-demand-bitcoin-btc-price-100k/

Goldman Sachs Sees Huge Institutional Demand for Bitcoin — 76% of Clients Say BTC Price Could Reach $100K This Year

I think Goldman has a point but I think 100k is very conservative. I could see 150-200k Bitcoin by end of this year with this insane institutional demand.

G36 says

I think Goldman has a point but I think 100k is very conservative. I could see 150-200k Bitcoin by end of this year with this insane institutional demand.

Why do YOU think that? This is a forum, not a link dumping site. Have a flipping discussion and not post the same graphic 50 times. BTC literally has no fundamentals because it's nothing. Explain otherwise.

WookieMan says

G36 says

I think Goldman has a point but I think 100k is very conservative. I could see 150-200k Bitcoin by end of this year with this insane institutional demand.

Why do YOU think that?

Well, the institutional demand for Crypto (especially Bitcoin) is going nuts. Maybe you heard of Tesla. They bought 1.5B USD worth of Bitcoin. Other tech companies did the same.
Square, Paypal, Microstrategies....

They all understand Bitcoin is digital gold. I usually explain it with this chart why Bitcoin is sooooo valuable and innovative:

@Zak, @onvacation

got a little quiet around here?

What happened with all the cheering by the bitcoin haters?

is it quiet because of this?

Keep pumping! At least your fingers are getting exercise!

I assume we wont hear from Zak until Bitcoin dips again :)

... yawn.. i'm bored .. guess I'll bump the greatest fool thread so people remember how terrible bitcoin is.. your turn to bring the bitcoin is bad headline to the top of the fold @g36

Zak says

i'm bored

@Zak
I think i just have the right remedy for your boredom. Take a look at the Bitcoin price:

@Zak, i cant help but laugh when i read your posts description:

"I just saw bitcoin silence today and wondered wtf, where was all the cheering?I know it's still up at like 40k"

That was Feb 23rd.......40k!! Man, you had such a great chance to buy the dip!!!!! You could have made 16k in just a few weeks per coin! Imagine you buy 10 coins. 160k in 3 weeks? Whats your annual salary?

G36 says

That was Feb 23rd.......40k!! Man, you had such a great chance to buy the dip!!!!! You could have made 16k in just a few weeks per coin! Imagine you buy 10 coins. 160k in 3 weeks? Whats your annual salary?

I know this was addressed to Zak, but you do understand people own businesses, right? Or are IC's. I'd guess about 80% of "salaried" workers either have a government pension, or their salary is not enough to invest in scams. So not sure why you'd ask this question?

This is why I know you're not invested in crypto and you're likely side gigging and spamming sites to try and pump. Either way, if he makes a salary, owns a business, etc., what does that have to do with the topic? He's saying BTC is speculative (it is) and you've never given any rebuttal. You just spam and troll.

WookieMan says

G36 says

That was Feb 23rd.......40k!! Man, you had such a great chance to buy the dip!!!!! You could have made 16k in just a few weeks per coin! Imagine you buy 10 coins. 160k in 3 weeks? Whats your annual salary?

I know this was addressed to Zak

Thats okay! you may chime in. I am happy to help educate you as well! My guidance is to buy BTC. We are still early in the cycle. No matter if you live in IL, or in Socal, or if you are Tesla. Bitcoin benefits all who convert FIAT into Bitcoin. 5-10% of your net worth would be a good start!

G36 says

Thats okay! you may chime in. I am happy to help educate you as well! My guidance is to buy BTC. We are still early in the cycle. No matter if you live in IL, or in Socal, or if you are Tesla. Bitcoin benefits all who convert FIAT into Bitcoin. 5-10% of your net worth would be a good start!

Count me out chief. Not investing $200k into a scam. One you cannot ever explain because you have no clue what it is.