Are members invested in Bitcoin/crypto?

Observer · Dec 15, 2021

If you don’t hold it, you don’t own it. Do you hold your dollars, or does someone else hold them for you? If it’s the bank, they own your dollars and all you have is an iou. Do you hold your stock certificates, or does an online brokerage? Most people don’t even seem to hold the title to their own home or car.

What’s the intrinsic value of fiat currency? The full faith and credit of the people who just raised their debt limit by another $2,500,000,000,000.00 that they’ll never be able to repay. But there’s comfort in our normalcy biases. Best of luck to us all! 😀

Daru · Dec 15, 2021

Observer
If you don’t hold it, you don’t own it. Do you hold your dollars, or does someone else hold them for you? If it’s the bank, they own your dollars and all you have is an iou. Do you hold your stock certificates, or does an online brokerage? Most people don’t even seem to hold the title to their own home or car.

What’s the intrinsic value of fiat currency? The full faith and credit of the people who just raised their debt limit by another $2,500,000,000,000.00 that they’ll never be able to repay. But there’s comfort in our normalcy biases. Best of luck to us all! 😀

If you own shares in a company, you have a claim against its assets, physical and otherwise. It is a tangible, operating entity that creates value through production of goods and/or the delivery of services. You most certainly own something real and tangible.

As for comparing Bitcoin to dollars or other currencies…I never claimed to view those to be investments, and, in fact, have a strong aversion to holding any meaningful balance in currency of any sort because - consistent with the point made above - it represents nothing of intrinsic value and is simply a tokenized barter mechanism that has value in the moment…just like bitcoin.

Walrus · Dec 15, 2021

Hmmm

Toishome · Dec 15, 2021

Lots of companies offer debit or credit cards that allow you to spend your cryptos such as Uphold.com or Crypto.com. You can use these cards anywhere that accepts cards. Most merchants won't even know what the card is.
I have had several people in the past couple of years use these cards in my business and I always get excited to see them and it becomes a whole conversation about crypto. It's just like seeing a Speedmaster on someone's wrist 😀

I have also sold a few watches for crypto. One of them I sold here about 2 and half years ago. I agree crypto is volatile but there is not much risk in the 30 seconds is gonna take for you to get the coins. I am also assuming most people that accept crypto for a watch are planning to keep it and not exchange it for cash right away.

Archer
Not really. I can't go into most places here and use Bitcoin (or any other crypto) to purchase something. That was the thing it was intended to do, replace money, but in that regard it has a very long way to go from what I see. It's just another investment, not a real currency, at least at this stage.

I've seen watch deals using bitcoin falling through because of the sheer volatility, and the need to agree on a value that can change drastically before the transaction is completed. Volatility of Bitcoin makes using it as a currency day to day very difficult.

This is a bit like saying the only people hurt in the 2008/2009 crash were those who had made the bad investments. As the value of Bitcoin and other currencies grows, central banks and governments cannot ignore it, or the implications of it imploding, because there will be knock on effects.

ApolloXVII · Dec 15, 2021

Any thoughts about Helium currency? Peoples Network? "Mining" with a router..

Larry S · Dec 16, 2021

I will impart a very very expensive lesson learned in the tech bubble. When cab, limo, Uber or Lyft drivers, or total strangers, start offering investment advice, in this case their excitement over crypto, it’s time to stay out or get out.

Walrus · Dec 16, 2021

Larry S
I will impart a very very expensive lesson learned in the tech bubble. When cab, limo, Uber or Lyft drivers, or total strangers, start offering investment advice, in this case their excitement over crypto, it’s time to stay out or get out.

That was actually what everyone was saying during the Bitcoin bullrun of 2017 when It ran up to 20k then crashed. Now it’s more than double that. I still don’t recommend it to people just need proper perspective.

Walrus · Dec 24, 2021

Toishome
Lots of companies offer debit or credit cards that allow you to spend your cryptos such as Uphold.com or Crypto.com. You can use these cards anywhere that accepts cards. Most merchants won't even know what the card is.
I have had several people in the past couple of years use these cards in my business and I always get excited to see them and it becomes a whole conversation about crypto. It's just like seeing a Speedmaster on someone's wrist 😀

I have also sold a few watches for crypto. One of them I sold here about 2 and half years ago. I agree crypto is volatile but there is not much risk in the 30 seconds is gonna take for you to get the coins. I am also assuming most people that accept crypto for a watch are planning to keep it and not exchange it for cash right away.

@Toishome if you don’t mind me asking what crypto to you find most people using? I was recently ready to make a deal using either eth or btc fortunately both sellers paused at the last minute and now btc gas gained 3k. The stuff I sell for my wife I always accept crypto but probably less than 10% of our sales have been in crypto but I’m finding people want to use XLM due to speed and low cost. My problem is most of my “disposable” crypto in in eth and the fees can really stop you in your tracks. I picked up a modest amount of Solana, staked most of it but left some out. Last night I saw it pumping a bit so I decided to stake more I transferred it in maybe a second and the network fee was .00005 Solana. Staking apy is 7.2% so it doesn’t take long to make that up.
So sorry long ramble to ask a simple question I’d really like to use eth but currently the fees make that prohibitive although I still find it to be the best project with the most utility

Toishome · Dec 24, 2021

Walrus
@Toishome if you don’t mind me asking what crypto to you find most people using? I was recently ready to make a deal using either eth or btc fortunately both sellers paused at the last minute and now btc gas gained 3k. The stuff I sell for my wife I always accept crypto but probably less than 10% of our sales have been in crypto but I’m finding people want to use XLM due to speed and low cost. My problem is most of my “disposable” crypto in in eth and the fees can really stop you in your tracks. I picked up a modest amount of Solana, staked most of it but left some out. Last night I saw it pumping a bit so I decided to stake more I transferred it in maybe a second and the network fee was .00005 Solana. Staking apy is 7.2% so it doesn’t take long to make that up.
So sorry long ramble to ask a simple question I’d really like to use eth but currently, the fees make that prohibitive although I still find it to be the best project with the most utility

I would say the most popular for people is still ETH. I personally use XRP for all my transactions. It's fast and very cheap. XLM is a decent option as well. The two are very similar and in fact, the cofounder of XLM was a cofounder of XRP. You can always use Stable coins as well such as USDT or BNB. It really depends on how much crypto you are accepting and what are your plans for them. If you need to transfer them to fiat quickly then stable coins are the best bet. Almost no risk of volatility in price.
ETH like you mentioned is becoming so expensive that is no longer a viable option for transfers and is slowing becoming another Bitcoin as it's moving towards becoming a store of value. They are trying to roll out the 2nd version of ETH to address that issue and many other ones but for now, it's a waiting game. I think ETH was a good project a few years ago but not any longer since this space is moving so fast. Endless amount of competition coming out daily.
I don't have much knowledge of Solana so I can't comment much but I do hear is a good project. In terms of putting your crypto to work for you, I can say there are many options but you really need to know what you are doing. This website should help https://thedefiant.io/

Walrus · Dec 24, 2021

Toishome
I would say the most popular for people is still ETH. I personally use XRP for all my transactions. It's fast and very cheap. XLM is a decent option as well. The two are very similar and in fact, the cofounder of XLM was a cofounder of XRP. You can always use Stable coins as well such as USDT or BNB. It really depends on how much crypto you are accepting and what are your plans for them. If you need to transfer them to fiat quickly then stable coins are the best bet. Almost no risk of volatility in price.
ETH like you mentioned is becoming so expensive that is no longer a viable option for transfers and is slowing becoming another Bitcoin as it's moving towards becoming a store of value. They are trying to roll out the 2nd version of ETH to address that issue and many other ones but for now, it's a waiting game. I think ETH was a good project a few years ago but not any longer since this space is moving so fast. Endless amount of competition coming out daily.
I don't have much knowledge of Solana so I can't comment much but I do hear is a good project. In terms of putting your crypto to work for you, I can say there are many options but you really need to know what you are doing. This website should help https://thedefiant.io/

I agree to an extent but eth is expensive for a reason. It is the most used blockchain by far. I have some locked up validating until ETH 2.0 comes out. We don’t know the date that will happen of course but I’m earning interest. The positive thing with ETH vs BTC is improvements are always being made so I certainly won’t write it off. As a matter of fact it held pretty well during the recent downturn and usually has good bust outs after consolidation if I can figure out some L2 options it may help reduce the fees. Anyway converting to stable coins would probably ease sellers concerns as for me I don’t really mind as I entered the space so long ago I expect volatility but I can see XRP being a good move I just can’t take the CEO of XRP in the numerous interviews I’ve seen him give

Toishome · Dec 24, 2021

Walrus
I agree to an extent but eth is expensive for a reason. It is the most used blockchain by far. I have some locked up validating until ETH 2.0 comes out. We don’t know the date that will happen of course but I’m earning interest. The positive thing with ETH vs BTC is improvements are always being made so I certainly won’t write it off. As a matter of fact it held pretty well during the recent downturn and usually has good bust outs after consolidation if I can figure out some L2 options it may help reduce the fees. Anyway converting to stable coins would probably ease sellers concerns as for me I don’t really mind as I entered the space so long ago I expect volatility but I can see XRP being a good move I just can’t take the CEO of XRP in the numerous interviews I’ve seen him give

I agree. ETH has the most usage of all networks at the moment and with that comes the congestion but I don't think it can be easily scaled up otherwise it would have been done by now. Like I mentioned before, In my opinion, ETH will move to a store of value in the near future. That said I don't know how that will affect its value. Maybe up or maybe down 😕 Bitcoin doesn't have many usages now and we see where it stands in terms of value.
Yes, Brad might seem a bit pompous at times but then again you need to be if you aspire to take over the world's fiat remittances. At least he is professional, well-spoken, and to the point. How you feel about Brad is how I feel about the de facto CEO of ETH. Lubin makes my blood boil.

Walrus · Dec 24, 2021

Toishome
I agree. ETH has the most usage of all networks at the moment and with that comes the congestion but I don't think it can be easily scaled up otherwise it would have been done by now. Like I mentioned before, In my opinion, ETH will move to a store of value in the near future. That said I don't know how that will affect its value. Maybe up or maybe down 😕 Bitcoin doesn't have many usages now and we see where it stands in terms of value.
Yes, Brad might seem a bit pompous at times but then again you need to be if you aspire to take over the world's fiat remittances. At least he is professional, well-spoken, and to the point. How you feel about Brad is how I feel about the de facto CEO of ETH. Lubin makes my blood boil.

Ha ha I got you. It’s all good whenever I think I actually “know” anything about crypto and it’s future something always comes along to remind me how little I actually know so I just roll with it everybody else can be the experts.

Toishome · Dec 24, 2021

Walrus
Ha ha I got you. It’s all good whenever I think I actually “know” anything about crypto and it’s future something always comes along to remind me how little I actually know so I just roll with it everybody else can be the experts.

Everything we know today will be obsolete tomorrow 😁 That's how fast this space is moving 🤦

Twocats · Dec 24, 2021

A large portion of my portfolio is Cardano and I really like Charles Hoskinson so will go long on ADA. I am also holding smaller bags of ETH, DOT, SOL, ALGO and MATIC.

Walrus · Dec 24, 2021

Twocats
A large portion of my portfolio is Cardano and I really like Charles Hoskinson so will go long on ADA. I am also holding smaller bags of ETH, DOT, SOL, ALGO and MATIC.

I have a bit of those myself I’m a little surprised Algo has been running flat. Solana was just luck for me I was reading about its transactions per second so jumped in around 10 bucks. It’s weird when I first got in it’s was like Btc, Eth and Ltc were the only choices then the crazy ico days stopped in. I was really just doing my part to support what what kinda like anti federal reserve and it’s money pump. It’s definitely changed now all the major banks have jumped in and I know adoption is low but look at the changes since 2015. Adoption continues to grow. Maybe the government will stomp it out, maybe an EMP attack will wipe out everything that that has to do electricity like our banking systems maybe maybe maybe. I think it’s worth being in see what happens.

Twocats · Dec 25, 2021

Walrus
I have a bit of those myself I’m a little surprised Algo has been running flat. Solana was just luck for me I was reading about its transactions per second so jumped in around 10 bucks. It’s weird when I first got in it’s was like Btc, Eth and Ltc were the only choices then the crazy ico days stopped in. I was really just doing my part to support what what kinda like anti federal reserve and it’s money pump. It’s definitely changed now all the major banks have jumped in and I know adoption is low but look at the changes since 2015. Adoption continues to grow. Maybe the government will stomp it out, maybe an EMP attack will wipe out everything that that has to do electricity like our banking systems maybe maybe maybe. I think it’s worth being in see what happens.

Do you believe in Mid Jan when the SEC Vs XRP ruling is revealed things will change in the industry ? I am not tech savvy enough with this to see what’s going to happen but when XRP wins or settles the case that will be a first step in true acceptance and crossover especially if XRP starts to make inroads to the Expensive SWIFT system.

Walrus · Dec 25, 2021

Twocats
Do you believe in Mid Jan when the SEC Vs XRP ruling is revealed things will change in the industry ? I am not tech savvy enough with this to see what’s going to happen but when XRP wins or settles the case that will be a first step in true acceptance and crossover especially if XRP starts to make inroads to the Expensive SWIFT system.

Good question but XRP may just be the beginning when you listen to Elizabeth Warren and others they seem more focused on stable coins and audits are showing many of them aren’t backed 1:1 as they claim. I see hints of the ICO days that shook out a bunch of junk but took the good stuff down with it. The good stuff recovered but it took quite a while. I was holding ETH under 100 bucks thinking of dumping it figuring it just wasn’t coming back. I still don’t know why I didn’t. So IMO I don’t think we are done with this but perhaps these days the big boys are involved enough where they have special interest to tamper congressional intervention, that seems to be how it works these days.

Walrus · Dec 26, 2021

I found this cool thing where you can give people crypto on these cards that they can scan and put in a wallet or just use the little metallic card as cold storage. I put together a few cards as gifts for people. I’m not making anyone rich I just know they have interest so I figured they might like it. During the process I noticed ETH fees have come down quite a bit. I’m talking 20-50%. Got me digging around a bit apparently it’s due to both an upgrade and the NFT stuff cooling down. Probably a also the L2 and people using other networks. Solana is making a move into NFT’s along with Algo I hope that continues. I can tell Solana is getting more popular when I first started staking I was getting 10% and up I just staked some more this is what I’m getting now. I could hunt around for a better validator but even 6% beats the bank

Walrus · Dec 31, 2021

So this just came. When I see certain interesting projects I try to get in early see what happens. Heard about CRO a while back, read about its plans to open a US exchange and the heavy marketing push buying the naming rights to that LA stadium. If you hold a certain amount you can get refunded for Spotify and Netflix and then they have this VISA debit card. Various levels of the card are available. It is pretty popular took a couple months to get. I’m not sure I am going to activate it but since I was eligible I figured I’d get it since it’s part of the staking process. It’s just interesting to see various ways some crypto is utilized. On a side note the VISA card is metal which is cool. This is not a recommendation or endorsement (well the ad is I guess) just a little info on how crypto is being used.

Observer · Jan 3, 2022

I saw this image today and it reminded me of parts of this discussion. 😀