Community Stories

Are members invested in Bitcoin/crypto?

Walrus
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Dsloan Dsloan
I haven't been able to allow myself to buy a watch, or anything nice really, in the last year. Every spare dime I have gets invested somewhere.
I’d actually like to buy a watch with ethereum but I don’t know if with it’s current fees the gas prices will make it unreasonable. I just feel like using crypto as it was meant to be but there is always that fear if I were to do it in ten years it’ll be like I could have bought 4 Daytona’s with the same percentage of eth. I just don’t get to worked up about it it was just dumb luck I picked it up when I did and held on to it. I wish I could say it was a well planned move.
 
Observer
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Walrus Walrus
I’d actually like to buy a watch with ethereum but I don’t know if with it’s current fees the gas prices will make it unreasonable. I just feel like using crypto as it was meant to be but there is always that fear if I were to do it in ten years it’ll be like I could have bought 4 Daytona’s with the same percentage of eth. I just don’t get to worked up about it it was just dumb luck I picked it up when I did and held on to it. I wish I could say it was a well planned move.
You jumped through some hurdles to get ahold of some ETH. I wouldn’t call it dumb luck when it took some effort to put yourself in a position to win. You created your own luck. Well done.
 
Walrus
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Observer Observer
You jumped through some hurdles to get ahold of some ETH. I wouldn’t call it dumb luck when it took some effort to put yourself in a position to win. You created your own luck. Well done.
Well I just mean when I got it I just liked the idea and possibilities of it. I really wasn’t thinking money. Had I been thinking money and expected this I would have got a lot more (how often do we say that about things that go well) I just read about it and was thinking damn this is really radical I want to be part of it. It was the anti fed thing I wasn’t thinking money and I hope I’m not sounding like I hit it real big as that is not the case just something I maintained an interest in. As we speak they are working on a theoretical algorithm for eth 2.0 that will eventually go live, it’s really cutting edge tech that impresses the hec out of me and I’m not even a tech guy.
 
kippyk
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I have had some Bitcoin for awhile. I thought after the big crash from 20K to 3K a few years ago that the fad was over. I sold most of my holdings on the way down. Once Paypal started to provide crypto options I feel everything has changed. Square started using it, Tesla bought it as well as many others. Paypal is likely to overtake Visa corporation in market cap this year. Think about that for a moment.

Bitcoin is the new gold.

I sold all of my gold ETF holdings last week. Any financial institution that does not dabble in Bitcoin in the coming months will be punished in the stock market. Any company that announces that they are getting involved in Bitcoin will get an immediate stock price bump guaranteed. I am sure CEOs are looking at their comp plan and scheming right now. If they accept Bitcoin they can get a monster bonus.

Bitcoin is like digital gold except that they cannot create more of it (generally speaking). The Greyscale Bitcoin Trust holds Bitcoin, and you can invest in it on the stock market. The Greyscale Bitcoin Trust bought more Bitcoin in the 4Q of 2020 than were mined by all of the Bitcoin miners in the world. This one company vacuumed up every new Bitcoin. All of the weak hands are giving up their Bitcoins to organizations that are going to be HODLers.

Bitcoin is a store of value and not a currency. The fact that you can transfer it from person-to-person without government or banking approval is a beautiful thing. One big reason that it is going up is that it is sucking out some of the value in gold. The upside to gold now sucks.

Millennials like Bitcoin...they do not care about Gold

I feel Bitcoin has reached critical mass, and there is no turning back. $100K/coin next up. Cash is Trash. Hard assets + stocks + Bitcoin is the way to go.
 
Observer
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The gold/bitcoin comparison is interesting. Someone told me that gold has intrinsic value whereas bitcoin does not, but he wasn’t able to describe that intrinsic value when I asked. Silver has intrinsic value as an industrial metal, but gold just sits there being shiny. Hot chicks don’t even dig it anymore. Bitcoin has its limitations too, of course. I sensed a few months ago that bitcoin was taking the wind out of the sails of the gold price. I still believe in silver and silver miners, but gold is losing its luster. Interesting times, and fortunes are made when markets get disrupted by something new.
 
Walrus
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I’m trying to find the talk yellen gave when she was the head of the fed and stated she had no plans on doing anything with bitcoin unless it’s market cap became such where it posed a threat to the economy at large. Let’s face it 1 trillion is impressive but I don’t think it’s even close to impacting the economy at this time. I still view regulation as it’s biggest threat but who knows. I just can’t see the government want the people running around with their own currency/slash economy.
 
MaiLollo
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Walrus Walrus
Well he bought it with Tesla’s money not his own and yes buffet recently hid his chevron purchase so he can complete it without moving the price, that stuff is done all the time on dark pools anyway this one particular guy has been a Tesla cheerleader since day one, made billions on it, he just didn’t think it was in the best interest of the shareholders. And was musk pumping dogecoin to distract from bitcoin? I don’t know. Anyway I was just relating the hedge fund guys opinion so far musk has made 700 million on btc so thus far it looks like a good move, see how it plays out, isn’t helping Tesla stock at the moment anyway but seems everything is red lately
I think Musk may a business genius, but he has always been of the shady type. The thing that had shocked me the most was when he had Tesla buy Solar City, another of his companies, that was basically going bankrupt and was still sold for multiple billions to Tesla. If I recall correctly, it was a company started by his cousins, and a couple of years after having been sold they announced that they would shut down a strong % of plants due to profitability issues. I never got how he didn’t go to jail for that...
 
kippyk
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smoothsecondscom Grant046
Damn. Should have bought some bitcoin when this thread was created. Oh well

In three months, you wlll say "I wish I bought it when I posted my comment. Oh Well."
 
Walrus
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Observer Observer
The gold/bitcoin comparison is interesting. Someone told me that gold has intrinsic value whereas bitcoin does not, but he wasn’t able to describe that intrinsic value when I asked. Silver has intrinsic value as an industrial metal, but gold just sits there being shiny. Hot chicks don’t even dig it anymore. Bitcoin has its limitations too, of course. I sensed a few months ago that bitcoin was taking the wind out of the sails of the gold price. I still believe in silver and silver miners, but gold is losing its luster. Interesting times, and fortunes are made when markets get disrupted by something new.
Well every cellphone made has about 50 cents worth of gold in it and it is used in many other electronics, satellites etc. one of nasas favorite metals . Still 50% of it is used in jewelry so I guess it main feature is looking pretty. Most of that gold used in cellphones is not recycled. I never really bought the “bitcoin is the new gold thing” but I did see some charts showing outflow from gold etfs flowing into bitcoin. I always thought it’s 6,000 years of history as a currency, hedge and what have you separate it from bitcoin. Perhaps that’s a narrow view on my part I’ve had a few debates that the two should be looked at separately but there certainly are a number of people who think differently. I guess it’s another “I just don’t know” thing. Let’s see if bitcoin can equal or surpass gold market cap. It took Microsoft like 40 years to reach a trillion dollar market cap, what did it take bitcoin? A little over a decade? It certainly is an interesting thought, I know apmex that major gold dealer has been accepting bitcoin for gold for a few years now, they even used to give a discount if you used bitcoin.
 
Heavy Cav
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smoothsecondscom Grant046
Damn. Should have bought some bitcoin when this thread was created. Oh well
You could have said this same thing a million times over the last 10 years. Best time to buy was then, the second best time is now.

My recommendation to anyone interested is not to worry about trading or times tops/bottoms/dips/etc. Instead, set up a daily or weekly auto-purchase through Swan Bitcoin or a similar reputation Dollar Cost Averaging service. By doing it this way you slowly start stacking up a position and can smooth out a lot of the volatility that can be worrisome to new folks to the space.
 
Walrus
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Heavy Cav Heavy Cav
You could have said this same thing a million times over the last 10 years. Best time to buy was then, the second best time is now.

My recommendation to anyone interested is not to worry about trading or times tops/bottoms/dips/etc. Instead, set up a daily or weekly auto-purchase through Swan Bitcoin or a similar reputation Dollar Cost Averaging service. By doing it this way you slowly start stacking up a position and can smooth out a lot of the volatility that can be worrisome to new folks to the space.
After you give investment advice always end it with “but who knows for sure” just in case you ruin someone’s life
 
smoothsecondscom
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kippyk kippyk
In three months, you wlll say "I wish I bought it when I posted my comment. Oh Well."
Highly doubt it to be honest. I'll buy it when it's under 10K again, sometime in the next 2 years I expect.
 
Gamma11
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To all of the members who have made investments in bitcoin / intend to invest in the same, just have a few questions for you'll - Why would the governments around the world approve of such a deregulated currency which no one knows who has created / controls the same. Why would they risk their sovereign (& stable in most cases) currencies for a new and unknown means of payment which is out of their control and would mostly lead to high disparity of wealth between their citizens (initial investors vs the people yet to invest). Lastly if they want to create a blockchain based currency they can easily do so with the resources available to them hence replacing all current crypto currencies. To me this surge in bitcoin appears a lot like the Gamestop saga (Going against the established practices)
Just my biased thoughts welcoming rebuttals/explanations.
 
Dash1
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Gamma11 Gamma11
Why would the governments around the world approve of such a deregulated currency which no one knows who has created / controls the same
When I first started to look into Btc my main concern over its future was government regulation, but now so many major investment banks and companies hold billions of dollars, that must surely make its position more secure. I don’t know for sure, but would guess these companies have a high degree of influence with the government. Anyway, government doesn’t have much regulation over holders of gold, and they don’t see that as a threat to their fiat currencies. Btc case use no longer looks likely to replace fiat, rather to run alongside it as an easily transferable store of wealth and inflation hedge.
As for governmental concern over disparity of wealth, I don’t think there’s ever been a wider gap between rich and poor, so not sure it’s been high on their agenda.
People are often scared by what they don’t understand and Btc is still new and confusing to most. It’s going to be very interesting to see where the story goes.
 
321Only
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Regarding Bitcoins price action, what people refer to as bubbles it is worth spending some time understanding the halving events and the stock to flow model. It provides some context.

Stock to flow medium article:
https://link.medium.com/X1yj12vA3db

Stock to Flow live chart:
https://digitalik.net/btc/#


Feel free to reach out if anyone is looking for reliable info, I have a ton of links to share
 
MaiLollo
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321Only 321Only
Regarding Bitcoins price action, what people refer to as bubbles it is worth spending some time understanding the halving events and the stock to flow model. It provides some context.

Stock to flow medium article:
https://link.medium.com/X1yj12vA3db

Stock to Flow live chart:
https://digitalik.net/btc/#


Feel free to reach out if anyone is looking for reliable info, I have a ton of links to share
Hey, I would love to get PMmed some interesting links !
Thanks 👍👍
 
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