Are members invested in Bitcoin/crypto?

Observer · Dec 28, 2020

Foo2rama
Tesla, Bitcoin, and Tulips. All things that will continue to rise!!!!

Only one of those has a limited supply.

Shay · Dec 28, 2020

Bad experience! I am from the UK I put some money in Bitcoins via a website and I think it was Coinbase. When I invested the money I paid via my UK bank card. After a few months I sold the coins and wanted to retrieve my money, but the broker said they cannot send money to a UK bank account. What was surprising is that when I paid it was from a UK bank account. I started to research and look at potential options and there was none. In the end I had to buy bitcoins again and offer it to a charity.

The moral of the story is that bitcoin is an unregulated product and the intermediaries are free to do what they want and their is no protection for the buyer.

321Only
Out of curiosity, what is the forums view on BTC?
As a long term holder, the past weeks were quite exciting.
I noticed that the acceptance of BTC in watch trades is still very low, basically 0 and people tend to have negative associations. What is your experience?[/QUOTE

redzer007 · Dec 28, 2020

S Shay
Bad experience! I am from the UK I put some money in Bitcoins via a website and I think it was Coinbase. When I invested the money I paid via my UK bank card. After a few months I sold the coins and wanted to retrieve my money, but the broker said they cannot send money to a UK bank account. What was surprising is that when I paid it was from a UK bank account. I started to research and look at potential options and there was none. In the end I had to buy bitcoins again and offer it to a charity.

The moral of the story is that bitcoin is an unregulated product and the intermediaries are free to do what they want and their is no protection for the buyer.

Why not just move your coin from coinbase to another exchange that.would allow uk bank accounts. Coin is mobile across exchanges.

My guess is within 6 months one or more of the major WW banks will allow BTC transactions. (Note I'm not including the likes of Revolut as that is not traded on exchanges and cannot be moved out of Revolut)

Walrus · Dec 28, 2020

S Shay
Bad experience! I am from the UK I put some money in Bitcoins via a website and I think it was Coinbase. When I invested the money I paid via my UK bank card. After a few months I sold the coins and wanted to retrieve my money, but the broker said they cannot send money to a UK bank account. What was surprising is that when I paid it was from a UK bank account. I started to research and look at potential options and there was none. In the end I had to buy bitcoins again and offer it to a charity.

The moral of the story is that bitcoin is an unregulated product and the intermediaries are free to do what they want and their is no protection for the buyer.

Ya had you taken your bitcoin off the exchange you would have had more options. There certainly are issues with exchanges, not just the one you ran into. The exchanges “centralize” bitcoin in a way, which is the complete opposite of what it was supposed to be. So the exchange takes your UK based funds but won’t pay out because your in the UK. That is brutal

YY77 · Dec 28, 2020

So here's the problem I have with bitcoin, how long are you going to sit on it. When do you decide it's time to sell given the fact it could be half the value in 6 months time or doubled in 3 months time.

Is it really money you have if you're afraid to cash in 30k and keep sitting on it expecting it will go to 50k.

321Only · Dec 28, 2020

YY77
So here's the problem I have with bitcoin, how long are you going to sit on it. When do you decide it's time to sell given the fact it could be half the value in 6 months time or doubled in 3 months time.

Is it really money you have if you're afraid to cash in 30k and keep sitting on it expecting it will go to 50k.

I guess finding an exit point is required for every investment and not specific to Bitcoin.
But I understand that it’s not easy to predict where the price is going especially with all the nonsense spread across the internet and media.

The stock to flow model is widely supported within the community of Bitcoin adopters (aka. Holders). There is a live chart available here:
https://digitalik.net/btc/#
The original article on medium is worth reading as well:
https://link.medium.com/so5wjkC3Acb

Observer · Dec 29, 2020

YY77
So here's the problem I have with bitcoin, how long are you going to sit on it. When do you decide it's time to sell given the fact it could be half the value in 6 months time or doubled in 3 months time.

Is it really money you have if you're afraid to cash in 30k and keep sitting on it expecting it will go to 50k.

My answer to your first question is the same thing I'd say for gold and the best dividend-paying blue chips. But it and forget it.

Right now there are many corporations, hedge funds, ETFs, and family offices, each with billions of dollars of assets under management, piling into bitcoin. Retail buyers are just a drop in the bucket now. Even some central banks are buying bitcoin to diversify their reserves. There is a maximum supply of 21 million bitcoin, and several million of those are already gone forever. It's supply and demand, and the nature of the blockchain makes it easy to see that most bitcoin changing hands is being removed from exchanges to be held long term. If you owned a single bitcoin, that would put you in a fairly exclusive financial group.

Shay · Dec 29, 2020

At the time I was not aware I could transfer the Bitcoin. Maybe a bit naive from me!

QUOTE="Shay, post: 1679882, member: 46609"][/QUOTE]

redzer007
Why not just move your coin from coinbase to another exchange that.would allow uk bank accounts. Coin is mobile across exchanges.

My guess is within 6 months one or more of the major WW banks will allow BTC transactions. (Note I'm not including the likes of Revolut as that is not traded on exchanges and cannot be moved out of Revolut)

Observer · Jan 5, 2021

Up about 25% since this thread last saw action.

Dsloan · Jan 5, 2021

Observer
Up about 25% since this thread last saw action.

Probably up another 5% in the time it took to write that post, lol. I just keep adding tiny bits more on every dip, but at this rate, I'll need to rebalance the portfolio soon.

321Only · Jan 5, 2021

Let’s see where the bull runs finds a peak. Expect some heavy volatility and buy the dips!

Walrus · Jan 5, 2021

Could go down just as quickly. I was pleased to see etherium get some traction again. Back in the day I thought that was going to be “the thing” I was very impressed with the tech and capability behind it. Granted everything is being carried by bitcoin at the moment but I will take it. It is funny to watch.

connieseamaster · Jan 5, 2021

I think the recent movement is related to the FTC clarifying it's regulations regarding US banks using blockchain based transactions. Of course, I don't think that will mean big banks looking to hold more crypto (though many do have at least a bit in their portfolio), but you will see more investment into the blockchain technology space.

The Father · Jan 5, 2021

This is damn bullshit.

Like TELSA, I have not invested in BITCOIN because when I do the thing will crash.

I should just go out and buy TESLA and BITCOIN and watch it tank, but I do not want to put a Voodoo hex on all that have bought it.

Dsloan · Jan 5, 2021

The Father
This is damn bullshit.

Like TELSA, I have not invested in BITCOIN because when I do the thing will crash.

I should just go out and buy TESLA and BITCOIN and watch it tank, but I do not want to put a Voodoo hex on all that have bought it.

Please let us know first so I can buy puts!

worldwidewes · Jan 5, 2021

People that "invest" in Bitcoin aren't investors...they're speculators. You can't invest in something that doesn't produce anything of value. You can invest in a company or a farm, but not something like Bitcoin.

321Only · Jan 6, 2021

Crypto is a high risk asset. Will there be 30% gains and drops? yes! will it crash? probably, history of 2017, 2013 and 2011 will likely repeat. But zoom out and look at the ten year performance before judging. I personally believe that the economic environment could not be any better.

Bitcoin = Code, deflationary behavior

Bildschirmfoto 2021-01-06 um 08.25.50.png

USD = Paper, inflationary behavior

Bildschirmfoto 2021-01-06 um 08.25.58.png

It sounds provocative but 2020 could bring one to the conclusion that USD might be the bubble.

NGO1 · Jan 6, 2021

sanjit
People that "invest" in Bitcoin aren't investors...they're speculators. You can't invest in something that doesn't produce anything of value. You can invest in a company or a farm, but not something like Bitcoin.

Every sentence of your post is a fallacy.
Your definition of “invest” and “value” are vastly outdated.
2021 is officially a digital world, whether we like it or not.
Ignoring digital and crypto currency will quickly leave you behind.

Look at the data.

Observer · Jan 6, 2021

sanjit
People that "invest" in Bitcoin aren't investors...they're speculators. You can't invest in something that doesn't produce anything of value. You can invest in a company or a farm, but not something like Bitcoin.

If you do a little research you'll find that it earns interest. A heck of a lot more interest than my USD does, and unlike the interest earned by my USD, the interest earned by BTC is via overcollateralized loans that automatically liquidate if the collateral drops below 150% of the loan value. Try getting that deal with your fiat.

On the other hand, I really am speculating, and the returns are amazing.

Wryfox · Jan 6, 2021

The ultimate Fiat money, and for that matter, so is gold. Nearly 90% goes to jewelry. Humans like pretty shiny things.

I invest in things that have total utility worth. Like toilet paper.....