Bitcoin / Cryptocurrency Discussion (And Predictions)

[Timmy C]

*1. Bitcoin is a Non- Productive Asset*


Buffett invests in stocks issued by corporations that produce something of value. In the process, they produce earnings and dividends for shareholders.


Buffett believes bitcoin is valuable only because the person buying it thinks they'll be able to sell it for even more than what they paid at some point.


*2. Bitcoin is a speculation, not an Investment*


Bitcoin isn't exactly a buy-and-hold investment. Its price is highly volatile.


Ultimately, Buffett is fine with it if you want to buy yourself some bitcoin. Just don't call it investing.


*3. Bitcoin is not a Currency*


Just because you call something a currency doesn't mean it is one.


It has to be a stable store of value that people actually use to buy things with. Bitcoin falls on this account. So, it's not a digital currency which we say usually to Bitcoin.

With all due respect, it doesn't appear you are educated on this topic at all.

Maybe do some research and come back.

 

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[Sethamus]

Buffett believes bitcoin is valuable only because the person buying it thinks they'll be able to sell it for even more than what they paid at some point.

Unless it is a dividend stock, and even then, the only reason someone buys into the stock market is because they think the future value will be worth more when they want to sell it. Do you think your 1/73627883 share in apple or Tesla gives you any control or benefits besides hoping the stock continues to grow?

 

[Frinys]

Tesla bought $1.5 billion in Bitcoin

 

[Timmy C]

Tesla is ALL IN.

Is everybody paying attention now?

 

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[Timmy C]

Sleep is for bear markets people.

 

[csalvato]

Tesla bought $1.5 billion in Bitcoin

The argument that you can’t buy anything goes out the window now.

Now you can buy a Tesla with it. Shrug.

As someone who bought a Tesla in the past, I can say that buying with BTC would have been much easier vs. buying with cash.

 

[AceVentures]

*1. Bitcoin is a Non- Productive Asset*


Buffett invests in stocks issued by corporations that produce something of value. In the process, they produce earnings and dividends for shareholders.


Buffett believes bitcoin is valuable only because the person buying it thinks they'll be able to sell it for even more than what they paid at some point.


*2. Bitcoin is a speculation, not an Investment*


Bitcoin isn't exactly a buy-and-hold investment. Its price is highly volatile.


Ultimately, Buffett is fine with it if you want to buy yourself some bitcoin. Just don't call it investing.


*3. Bitcoin is not a Currency*


Just because you call something a currency doesn't mean it is one.


It has to be a stable store of value that people actually use to buy things with. Bitcoin falls on this account. So, it's not a digital currency which we say usually to Bitcoin.

Don't wait for Buffet to think it for you. Make up your own mind.

BTW I just wanted to say: I'm stoked about Elon and DOGE. It's one of the best things to happen this year, and I like to think that this is not simply a trendy twitter joke, but a genius attempt at converting people to crypto.

The average person is afraid and uneducated on the topic of crypto. What's lovely about DOGE is that it is enabling those on the verge to experiment with it - if for anything for F*cks sake. For the lulz. For the gram. Wtv.

That's lovely - because what happens next after somebody makes their entrance into crypto with $10 in DOGE? They connect to the global network that surrounds crypto via the internet.

Many savvy crypto investors and enthusiasts are only a couple of clicks away through the spiral.

Once you start down the rabbit hole, it doesn't take long for the mind to regress on an educated perspective.

 

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[Timmy C]

Don't wait for Buffet to think it for you. Make up your own mind.

BTW I just wanted to say: I'm stoked about Elon and DOGE. It's one of the best things to happen this year, and I like to think that this is not simply a trendy twitter joke, but a genius attempt at converting people to crypto.

The average person is afraid and uneducated on the topic of crypto. What's lovely about DOGE is that it is enabling those on the verge to experiment with it - if for anything for f*cks sake. For the lulz. For the gram. Wtv.

That's lovely - because what happens next after somebody makes their entrance into crypto with $10 in DOGE? They connect to the global network that surrounds crypto via the internet.

Many savvy crypto investors and enthusiasts are only a couple of clicks away through the spiral.

Once you start down the rabbit hole, it doesn't take long for the mind to regress on an educated perspective.

Elon musk is a dick for promoting a worthless shitcoin to 44 million followers while front running them and buying the superior asset.

 

[AceVentures]

Elon musk is a dick for promoting a worthless shitcoin to 44 million followers while front running them and buying the superior asset.

I understand your point. I saw it that way at first.

Now I think about it differently: do you speak to children the same way you speak to a full grown adult?

You might wish the best for the kid - so you tell him go on billy, dream of becoming the best dinosaur drawer ever! You wouldn't give that same advice to your grown brother that's living in your mom's basement.

I don't think he's lying to anybody. Some people just don't speak crypto well - they speak meme. I'd rather them buy meme coin, and hope they mature to something better, than to have them just meme without the crypto.

Also, if I wanted to start a revolution against the central banks - I'd rather be under the radar. "Hey this is all fun and games, it's just cute doggo memes. "

 

[Timmy C]

I understand your point. I saw it that way at first.

Now I think about it differently: do you speak to children the same way you speak to a full grown adult?

You might wish the best for the kid - so you tell him go on billy, dream of becoming the best dinosaur drawer ever! You wouldn't give that same advice to your grown brother that's living in your mom's basement.

I don't think he's lying to anybody. Some people just don't speak crypto well - they speak meme. I'd rather them buy meme coin, and hope they mature to something better, than to have them just meme without the crypto.

Also, if I wanted to start a revolution against the central banks - I'd rather be under the radar. "Hey this is all fun and games, it's just cute doggo memes. "

Nah, he's a dick.

 

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[Timmy C]

This is so true, it's hard to watch Peter schiff tweet.

It's actually sad.

 

[csalvato]

View attachment 36692
This is so true, it's hard to watch Peter schiff tweet.

It's actually sad.

IMO it's unfortunate.

He correctly predicted how things would go down with respect to the economy.

Then made the wrong call and remained very closed minded against BTC, while being extremely long on Gold, which has been a dud.

IMO this is what happens when you have a very firm belief that's formed through open mindedness, then your mind closes. You are unable to see and process new information because of confirmation bias.

There is no reason Schiff shouldn't have diversified into BTC and promoted it. He knew about it very early on, is a libertarian, is not dumb, etc.

The only explanation is radical closed mindedness.

Let that be a lesson to us all.

 

[maverick]

Eth has good potential, but it can't scale for shit right now.

Gas fees are absurd.

EIP 1559 release is very, very close. This will fix some of the gas fee issues until ETH 2.0 launches.

More network activity = more ETH burnt = less ETH available to be sold on the market.
TX fees will become predictable as well which will further spurn the growth of DeFi.

 

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[theag]

The crypto bubble definitely has the best memes:

https://twitter.com/i/web/status/1347195037659123712

View: https://twitter.com/fluffypony/status/1347195037659123712

 

[Timmy C]

Every bitcoiner

View attachment Screenrecorder-2021-02-09-01-40-56-746(0).mp4

 

[Timmy C]

Breaking news!

Elon Musk sells all of his bitcoin due to tether FUD!

 

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[mguerra]

Hey @James Fake ,

I remember seeing one of your posts talking about a imminent correction due to chinese new year, but then I stumbled on this article today saying this year might be different (I'm not sure of this):

Why a Chinese New Year Sell-Off May Not Happen This Year

It's the year of the ox, and many traders and investors are holding their bitcoin in anticipation of a bullish market trend.

www.coindesk.com

Do you still belive we're facing a pullback on the next days?

 

[Timmy C]

Bingo.

While I disagree about inherent nefariousness in crypto, I do agree that there are no real shortcuts. It isn’t some walk in the park to make millions of dollars. The people that think they can just buy a Bitcoin and get rich, are just trying to will something to happen more than they are looking at reality. They may end up right, but they may end up very wrong.

The reality is there are a LOT of headwinds for crypto that many in the crypto community willfully ignore, dismiss or even laugh at. The government is absolutely the single biggest headwind right now. The government hates competition. They have a well documented history of doing everything in their power to destroy competition in all forms.

Let me be clear, I’m not a crypto bear. I would actually describe myself on the bullish side of the median. I think it is cool as can be. I think it belongs in the portfolios of people seeking certain objectives, but the crypto community is, without question, a confirmation bias echo chamber.

I know this post won’t get much love, and that is ok. Just know if this very objective post pisses someone in this thread off, they prefer comforting lies to uncomfortable truth.

I appreciate this level-headedness, especially in a bull market.

Nothing is a guarantee that's for sure.

 

[Thinh]

I appreciate this level-headedness, especially in a bull market.

Nothing is a guarantee that's for sure.

Talking about that (along with @Kak's post), I just had two wire transfers cancelled by my bank.
Reason?
"We do not condone any activity related to cryptocurrencies. If you continue attempting such transfers we'll have to end our commercial partnership."

I'll let people draw their own conclusions.

 

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[AceVentures]

Talking about that (along with @Kak's post), I just had two wire transfers cancelled by my bank.
Reason?
"We do not condone any activity related to cryptocurrencies. If you continue attempting such transfers we'll have to end our commercial partnership."

I'll let people draw their own conclusions.

That's a bummer. Seems like you're in bed with a bank that owns your funds instead of the other way around.

You know who doesn't tell you how you can spend your money?

 

[csalvato]

Where are we?

 

[GPM]

Somewhere in optimism? I am still waiting to see some parabolic moves once plumber joe and his cousins all mortgage their houses for bitcoin. I still want to sell once I read all that tom foolery again. Buy back in during some anger/depression

 

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[Sethamus]

Somewhere in optimism? I am still waiting to see some parabolic moves once plumber joe and his cousins all mortgage their houses for bitcoin. I still want to sell once I read all that tom foolery again. Buy back in during some anger/depression

Where everyone hopes we currently are that is pro crypto....but are we? Elon's tweet helped out in suggesting we actually are between Opt and belief. It seems more young people(15-40) are talking alt coins in a discord I am in more than BTC and ETH, although I am not sure if this has to do with the low cost of alts or thinking BTC/ETH has missed the entry point.

In other news Gemini doesn't have percentage stop loss. So I find myself moving up my stop price every day...not a bad problem to have.

 

[Deleted70138]

@csalvato you seem like a right person to ask this:

Is it possible to have blockchain based cryptocurrency without it rewarding first-to-get-in people?

 

[csalvato]

@csalvato you seem like a right person to ask this:

Is it possible to have blockchain based cryptocurrency without it rewarding first-to-get-in people?

Yes, of course. But then what's the incentive to take part?

There needs to be some incentive to get people on board, which is why virtually all crypto projects do this (including Bitcoin, which paid heavy mining fees to early comers).

The technology doesn't need to have that built in, though.

 

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[theag]

But then what's the incentive to take part?

No bullshit medium of exchange without getting the F*cking government and con artists involved?

 

[Deleted70138]

which paid heavy mining fees to early comers

No, mining fees I understand.
What i'm curious about is existence of a cryptocurrency which does not reward just because you bought it earlier than others, but instead rewards for what you can do with it.

Not that I envy those who bought bitcoin in early days, but it seems unfair (in economic, not in moral way) for them to get more "freedom points".
Probably that kind of cryptocurrency won't get much hype, as it won't make you fortune just by sitting on it.

Let's say if there was a cryptocurrency called "FairCoin", which will reward for someone using, instead of just sitting on it, but also not being inflated by issuing new coins. I have almost no technical knowledge in this field, but that's an offspring of my daydreaming.

 

[csalvato]

No bullshit medium of exchange without getting the f*cking government and con artists involved?

In 2021, projects already exist that have that value prop, so to get people on your new technology/token, you need to do better than just that.

In 2009, the technology was totally new and you need to do something to attract innovators.

Come on, you know better than that

 

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[csalvato]

No, mining fees I understand.
What i'm curious about is existence of a cryptocurrency which does not reward just because you bought it earlier than others, but instead rewards for what you can do with it.

Not that I envy those who bought bitcoin in early days, but it seems unfair (in economic, not in moral way) for them to get more "freedom points".
Probably that kind of cryptocurrency won't get much hype, as it won't make you fortune just by sitting on it.

Let's say if there was a cryptocurrency called "FairCoin", which will reward for someone using, instead of just sitting on it, but also not being inflated by issuing new coins. I have almost no technical knowledge in this field, but that's an offspring of my daydreaming.

Maybe I misunderstood your question.

When you say "rewarding first-to-get-in", do you mean in the form of better appreciation for those early comers?

If so, then, no...? That's just standard market dynamics. When something is new and unproven, the risk is high, but so is the reward. As something becomes more obvious, the risk is low but the reward is, too.

This isn't a bad thing - it drives markets. Without higher reward, there would be no reason to take the risk of adopting a new technology or investing early.

 

[Bekit]

No, mining fees I understand.
What i'm curious about is existence of a cryptocurrency which does not reward just because you bought it earlier than others, but instead rewards for what you can do with it.

Not that I envy those who bought bitcoin in early days, but it seems unfair (in economic, not in moral way) for them to get more "freedom points".
Probably that kind of cryptocurrency won't get much hype, as it won't make you fortune just by sitting on it.

Let's say if there was a cryptocurrency called "FairCoin", which will reward for someone using, instead of just sitting on it, but also not being inflated by issuing new coins. I have almost no technical knowledge in this field, but that's an offspring of my daydreaming.

The thing is, it certainly didn't FEEL very rewarding to those who bought it at the early stages.

Years ago (around 2011), my little brother used to mow our neighbor's grass, and the neighbor (a forward-thinking fellow) would pay my brother in bitcoin.

So my brother had all this bitcoin at a really young age. I don't know how much. I'd guess 100-200 BTC.

I talked to him just recently before BTC broke its ATH and he told me that he had completely exited his position in BTC a few months back. He was kicking himself, big time. You could feel the pain through the phone.

Then there's the story of the first-ever bitcoin transaction. According to Wikipedia, "On 22 May 2010, Laszlo Hanyecz made the first real-world transaction by buying two pizzas in Jacksonville, Florida, for 10,000 BTC."

That guy had 10,000 BTC in 2010, and he traded it... for two pizzas.

Sure, it's AMAZING if you're one of the early adopters who has the patience to HODL through alllll the downs and then FINALLY reap BIG TIME in 2021.

But nobody knew what was going to happen.

Maybe you could pat yourself on the back for being one of those "early adopters" who bought in at 40,000 before the price exploded to 240,000.

Or maybe you couldn't.

I don't really think it solves anything to look back from the perspective of what we know now, and then say to ourselves, "I wish I'd gotten on board way back then," and then translate that into, "I wish they'd come up with a coin where it makes no difference if you get on board early or late."

~ ~ ~

By the way, someone recently invited me to mine Pi. Something about mining crypto with your phone?

Anyone know about this? Does it seem like a solid project?