patrick.net

@Zak Its investing in Bitcoin (I dont like gambling but i like investing in precious digital gold coins). Bitcoin is a new asset class. You can view Bitcoin as digital gold, gold 2.0. Bitcoin is actually much better than gold. In my humble opinion gold is wannabe Bitcoin.

Sry, that Bitcoin keeps slapping you in the face.

@g36 you've had the opportunity several times to explain what the value bitcoin generates is... why are you so scared to admit you are speculating? Should you really be doing something you are so scared to explain? It's easy for anyone reading this thread to see how scared you are to talk about value.. Reply again with no explanation to show how you need to keep false bravado to mask your terror, and try to suck greater fools in...

@Zak,

digital gold.

crypto is durable? I don't think so.. It can be backed up, but if you lose your single copy of a bitcoin... voosh gone... hard drive crashes.... have wiped out millions for several people... let alone all those who you don't hear about...

scarce? didn't like 5 clones of bitcoin pop up? can't you effectively just create another bitcoin type (ethereum, dogecoin, how many are there now?) out of thin air.. yeah I guess you can.

decentralized??? you MUST be in the network or connected to it to use bitcoin.. all the eggs are in the one network basket.. How can I have a bitcoin transaction NOT connected to the network? What is the fallback to network failure? The network is subject to a 50% takeover hack.

Easily transactable??? Can I go down to my local grocery store and pay in bitcoin? Nope.. have to have a computer set up with a wallet. Can I get my employer to pay me in bitcoin? Nope? How many transactions per second can the bitcoin network handle? (About 7 I think). Is there a fee for making a transaction? Yep.

Ok, so there is all that lying out of the way.

You're on the VERGE of identifying the very very very small value in bitcoin (distributed transaction log) , but given all the above drawbacks, it seems unlikely you will admit that you are paniced, knowing this, and won't admit any of it out loud...

Sorry... Hope others don't get into a terrible position like you

I also find it hilarious that you call gold moderately secure, moderately divisible, moderately scarce, low on decentralization, and low on sovereign... The portability score is downright laugh out loud funny.

Well, one thing is for sure ... prices for video cards are pretty high! Maybe should buy some NVidia or AMD stock. Sort of like supplying the picks and shovels to prospectors.

Yea, I did the AMD buy a while ago, but I thought it was topped out in the 40s...

Zak says

decentralized?

yep. I know. Pretty cool.
No PR department, no marketing. not even a number to call. 100% decentralized. No wonder so many top tier companies invest in Bitcoin and smart money (me).

G36 says

and smart money (me).

"yep. I know. Pretty cool."

Lol... 50% of what you posted is just plain dust, and rather than address the issue, you say "pretty cool" !?!?

dude, is bank of america decentralized because they have branches across the united states?

Are you even going to acknowledge that your "infographic chart of fantasy" was demolished?

EBGuy says

Does anyone really believe this?
Nvidia said during its investor call that cryptocurrency-related sales accounted for a small slice of its total revenue — just $300 million of $5 billion, suggesting that miners didn’t play a major role in the GPU shortage.

What if amd / nvidia are the ones hyping bitcoin to generate sales. Buy a large chunk to pump it, get 3x return from sales, haha

noobster says

What if amd / nvidia are the ones hyping bitcoin to generate sales. Buy a large chunk to pump it, get 3x return from sales, haha

Ahhhhh, smartest BTC comment I've seen on these threads I think (there are other great ones too).

This is what is happening. The wealthy are just extracting money from BTC buyers. Trade it, but people holding will get burned. TSLA pumping is a bad sign. They can make hundreds of millions in days and be out just as quick.

People, I'm telling you, do whatever you can to meet some truly wealthy people. If you meet some honest ones you'll learn a lot. Become the casino, don't play in it.

G36 says

No PR department, no marketing. not even a number to call. 100% decentralized.

You are the PR department. And there are lot of you out there running around. You have no, or such a low stake in it that it's laughable. Yet you run around and pump it. You pump what will ultimately be your demise. I kind of feel bad for you, but not really.

Zak says

bank of america

correct. BoA is centralized, Bitcoin is decentralized (no marketing department, no PR department, no sales, etc). Now that you understood this, we can help with any further questions. Let us know....we are here to educate.

It's hard when you have a real discussion, and the points you put up are destroyed thoroughly and with nominal effort, and yet somehow your blind faith remains. It's the story of the housing bubble as well, so at least while sad, it's not unexpected.

@G36, let's suppose you are not wrong. Let's suppose there is a real asset value to bitcoin and other crypto tokens. How would you identify if there was an overvaluation of the asset class? If there WAS a speculative bubble, what steps would you take (or what steps are you taking) to mitigate your risk? Would you care about other people being exposed to that risk based on your promotion of the asset?

If you're here to educate, why didn't you update your chart to correct all the mislabeled trait levels?

Also, can you add my dirty socks alongside crypto so we can see that it is a better performing money? Then the chart will be consistent.

Zak says

awaiting moderation

Not sure who flagged this comment. Pretty sensitive I guess. Looked good to me, but I don't want to appear biased.

Zak says

awaiting moderation

Usually what happens....the haters turn personal because they cant prevent Bitcoin from climbing higher and higher.

Its sad that the Bitcoin haters wish for Bitcoin to fail instead of just investing in digital gold. Its an incredible exciting time we live in!

WookieMan says

Zak says

awaiting moderation

Not sure .

Of course not. Wookieman doesnt know the rules of this forum either. We had to flag many of his comments in the past. He just cant handle the success of Bitcoin investors and makes personal comments. Thank goodness we have moderators who catch and flag him.

G36 says

Usually what happens....the haters turn personal because they cant prevent Bitcoin from climbing higher and higher.

What was personal about Zak's comment (55)???? FYI I didn't approve it as I state above. It was a good question though. Engage. Stop pumping.

WookieMan says

G36 says

Usually what happens....the haters turn personal because they cant prevent Bitcoin from climbing higher and higher.

What was personal about Zak's

IDK, never saw the comment. But its good we have moderators who catch you and ZAK on making personal comments. Thats what the moderators are here for. Haters usually dont obey the rules and need to be flagged :)
Sry bud.....must be the shitty weather in IL where you live and your portfolio of 100 shares of LUV that makes you hate on Bitcoin's success?

G36 says

But its good we have moderators

Thanks. I appreciate that I'm good.

G36 says

IDK, never saw the comment.

Lol....

thats funny that you think you are a moderator....we have had to flag countless of your personal comments! Bawahahah

G36 says

Its an incredible exciting time we live in!

What do you like best? The masks or the lockdowns?

G36 says

thats funny that you think you are a moderator.

Almost as funny as thinking one is an investor.

Onvacation says

G36 says

thats funny that you think you are a moderator.

Almost as funny as thinking one is an investor.

So true!

G36 says

we have had to flag countless of your personal comments! Bawahahah

Who is we? So you do have more than one account. Thanks for clarifying.

And yes, I can nuke 100% of your personal comments towards me. I don't. And I don't run from conversation. I'm also more subtle. Did you ever figure out my math problem?

Onvacation says

G36 says

Its an incredible exciting time we live in!

What do you like best?

Bitcoin! Crypto! CARDANO (ADA)!

Cardano is probably the most exciting one...bought at 10 cents per coin (precious coin).....its trading over 1.2 USD right now....will probably cash out when it hits $3-5 :) :)

WookieMan says

we

Who do you mean by "we" @WookieMan, is it the voices again that told you that TESLA sold Bitcoin? You know it was just voices and there is no proof right?

Or do you have a mouse in your pocket? Just wondering who you mean by "we".

WookieMan says

G36 says

we have had to flag countless of your personal comments! Bawahahah

Who is we?

G36 says

Who do you mean by "we"

Man up. I asked the question first. You won't answer. I'll laugh at your response.

Sorry BSDS is so strong today. Beautiful weather in SoCal and shitty in IL.
I get it :)

Sry bud!

WookieMan says

I'll laugh at your response.

G36 says

Keep up with the lame graphics my 10 year old could make. Again, thanks for the laugh. Keep it coming.

I know it stings. Sorry @WookieMan

For the Bitcoin derangement syndrome I suggest you buy Bitcoin. You are not as early as I am ( I bought last November) but at least you get some satoshis before you are priced out.
For the sunshine derangement syndrome I am not sure I can help. SoCal is a nice place with the best weather but we know you cant afford it. Maybe watch some shows that were made from here or save for a vacation in SoCal.
Good luck!

@g36 ahahahahahahahahahaahahahahahahaha.

fyi, my comment was moderated because I posted it from a temporary laptop I'm using that wasn't logged in.

I like how you refuse to answer any serious question though... just shove your fingers in your ears and shout louder. It's fun to know that every time you post on this thread, you bump my bitcoin is garbage title back into the top of the discussion. That was the point!

G36 says

SoCal is a nice place

Not to live. Fine to visit. It's a shit hole compared to where I live if you're talking people and homelessness, which is what it actually is. Working people work, sleep, take their kids to activities and travel. We don't ride bikes over needles and shit.

Zak says

fyi, my comment was moderated because I posted it from a temporary laptop I'm using that wasn't logged in.

That's true. If you comment while not logged in, it goes into moderation because I don't know it was really you who posted. (no password)

WookieMan says

to live

correct. SoCal is the best place to live.

Zak says

@g36

I never saw your comment. Usually, when Bitcoin haters make personal comments, our moderators catch and flag. Its awesome.....that way we keep it civil.
Let us know what other questions you have regarding precious digital gold coins.

https://fortune.com/2021/03/01/bitcoin-bubble-michael-burry-big-short-investing-btc/

There are plenty of Bitcoin bulls evangelizing the digital currency these days, but Michael Burry, the focus of the film and book The Big Short, is not one of them.

Burry, in a now-deleted tweet, warned that Bitcoin’s current levels are unsustainable—and current investors could suffer significant losses.

"$BTC is a speculative bubble that poses more risk than opportunity despite most of the proponents being correct in their arguments for why it is relevant at this point in history," he wrote. "If you do not know how much leverage is involved in the run-up, you may not know enough to own it.”

Burry knows about bubbles, having made a fortune off the housing market’s collapse in 2007. And he warned that Bitcoin’s recent ascension seemed reminiscent of that time.

Patrick says

"If you do not know how much leverage is involved in the run-up, you may not know enough to own it.”

Can't remember which user here has been posting the volume of margin borrowing. Super high increases Nov. to Jan. Haven't seen an update from him lately though, unless I missed it.

I'd bet that a lot of that was retail investors. Why not? If the stock market keeps defying logic, it's a low interest credit card to gamble in the crypto casino or keep yourself afloat after losing a job. If the margins start getting called on a dip in the stock market, retail is going to want to keep their stocks and bail on crypto.

BTC is barely older than my kid, has no assets, no physical value and no one actually uses it as a "currency" compared to fiat. The value is based on the USD or other fiat. How else do you buy crypto? With other crypto? lol. All bought with USD to gain "entry" to the game. It's as obvious as can be to see the house of cards.

Patrick says

https://fortune.com/2021/03/01/bitcoin-bubble-michael-burry-big-short-investing-btc/

There are plenty of Bitcoin bulls evangelizing the digital currency these days, but Michael Burry, the focus of the film and book The Big Short, is not one of them.

Burry, in a now-deleted tweet, warned that Bitcoin’s current levels are unsustainable—and current investors could suffer significant losses.

"$BTC is a speculative bubble that poses more risk than opportunity despite most of the proponents being correct in their arguments for why it is relevant at this point in history," he wrote. "If you do not know how much leverage is involved in the run-up, you may not know enough to own it.”

Burry knows about bubbles, having made a fortune off the housing market’s collapse in 2007. And he warned that Bitcoin’s recent ascension seemed ...

During a Bull Market there is always someone seeking 15min of fame. How often have we read article saying "expert who called the last housing bubble predicts crash in 2016, 2017, 2018, 2019, 2020, 2021, 20xx?