Up 17% this week and back over 30K, after a nice healthy correction.
Up 17% this week and back over 30K, after a nice healthy correction.
Gonna make a run to new highs? I hope it does for all the bitcoin believers. Years later, and I'm still not convinced it has any value.
Thanos was the hero
Same hereOriginally Posted by boneil
It doesn’t have to have value to make you money
Bitcoin Cash is what's moving higher, check it out.
Went from $91 to $266 in 3 weeks.
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Not to conjure up an old thread; just a topic I find interesting.
Always be cautious of any coins/tokens that have a ceo/marketing team/development team………those folks running the show are capable of a rug pull.
After reading quite a few actual books on Bitcoin; true decentralization really seems to make the most sense.
As for the prior comments about Bitcoin not having any value; I totally get that stance, cause it is tricky to value. Kinda like artwork has little to no value to me, but the rare pieces are worth a fortune.
I personally see the mathematical scarcity of Bitcoin and the utility as a network. Gotta think international store of value or a monetary tool. Anyone with a smart phone and internet connection (Starlink offers internet to the most remote parts of the world) has access to a global currency. It’s interesting to see people around the world, especially in third world countries having smartphones; but live in poverty and are unbankable.
Im not a programmer or computer scientist and I find it difficult to explain the technical details. But, many good books out there have done a great job simplifying the different facets of Bitcoin in layman’s terms……….it’s a shame people won’t pick up a book anymore on topics they’re not familiar.
Last edited by motomania; 08-21-2023 at 08:11 PM.
I don’t see the government allowing other crypto currencies to compete when they roll out their digital currencies. They will crush them at some point.
Bitcoin is not going to be crushed, by the US government rolling out their own. IDK why anyone would prefer a US government controlled digital currency, over a decentralized one.
Bitcoin is on another climb up in anticipation of a spot ETF coming up for approval in January. This will make it easy for the average Joe to invest in Bitcoin. Being able to buy a spot Bitcoin ETF within a Roth IRA for tax exempt earnings will be welcome. The next halving which cuts additional supply is in April. It will be an interesting year to see where it goes. There's a lot of upside potential.
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This guy gets it.
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As I mentioned less eloquently in a prior post; re: books for anyone truly interested; here's my recommendations in order I found of difficulty to read. (and yes; I had to google lots of stuff along the way in each one)
-Magic Internet Money: a book about Bitcoin
-Bitcoin and Blockchain for Baby Boomers
-Unapologetic Freedom
-Layered Money: From Gold and dollars to Bitcoin and CBDC's
-The Bitcoin Standard
-The Fiat Standard (follow up to Bitcoin Standard)
-The Internet of Money (volumes 1,2 & 3)
-Softwar - by Air Force Major Jason Lowery -- its his doctoral thesis at MIT (which was strangely pulled from circulation and MIT's library.).............but you can download the pdf
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I find it perplexing how so many people on these boards and social media talk so much about freedom and liberty; but have no problem at all with the government messing around with their hard earned dollars.
I capitulate. It doesn't matter what I think. Bitcoin is still here after all the scandals and on the verge of getting a spot ETF. If Bitcoin truely is supply limited, and spot ETFs hit the market, there will be a steady flow of buyers for the foreseeable future. NO telling how high it can go. Maybe we'll get lucky and us late comers will get a sell the news event for a bit while we wait for the ETFs to start trading. Most are going to diversify their retirements and put a portion into a bitcoin ETF, even if it's only a few bucks a week, millions of people doing it will add up quickly. And I think Gold will be the biggest loser. A 20 year old kid isn't gonna start buying gold for his or her retirement.
Thanos was the hero
Sounds like the ETFs might start trading tomorrow. I can't believe I'm saying this but I'm gonna set up the retirement account to start buying a bitcoin etf.
Thanos was the hero
Fidelity is offering a crypto etf, is this what you a talking about? ( FDIG) Looks like this one has been active for a good while.
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You hit the nail on the head about the 20 year old kids not buying gold; my thoughts exactly.
This will certainly be an interesting ride. If I’m not mistaken, I believe when gold spot etf’s were approved it took like 8 months or so for things to really start climbing?
FDIG is an etf of crypto stocks like COIN , MARA, RIOT.
Thanos was the hero
Thanos was the hero
All of the scandals have had nothing to do with Bitcoin itself, but instead the people that have been holding your Bitcoin for you. Bitcoin itself has never been compromised. There have been way more scandals where money was stolen, but it doesn't make people scared to hold money. Andreas Antonopoulos had preached for years "Not your keys, not your Bitcoin", and to not leave your bitcoin on an exchange in someone else's hands.
The downside of Bitcoin is the complexity, security, understanding, and managing it, and here in the US every Bitcoin transaction being a taxable event. Bitcoin ETFs should make it easier to have exposure to Bitcoin without understanding it. I'd expect most financial advisors would suggest having 1-5% of Bitcoin in your portfolio. This alone could push the demand and price of Bitcoin into the hundreds of thousands. The next Bitcoin halving is in 3 months, which is a bullish event, decreasing the rate of newly mined Bitcoin. This looks to be a very bullish year for Bitcoin.
I wonder how this is gonna work with options. Option markets have a history of causing dramatic moves in stocks. Think of the move in TSLA, GME, and AMC, and those stocks have really good liquidity. Bitcoin doesn't have the liquidity. We could get some really big crazy moves in both directions.
Thanos was the hero
If someone believes in Bitcoin as a currency, they won't invest in an ETF. That's taking your money and putting it right back into the financial system Bitcoin is getting away from. Any money going into a crypto ETF is foolish money in my opinion. I don't own any Bitcoin, but that is because I haven't seen a great way to store it where it can't be compromised. I had some in Coinbase, but closed out the position after things were looking shaky about a year or so ago....
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Bitcoins base layer as a currency is too slow for most. But, the Lightning Network built on top of it is quick with super low fees. (cool vids you can google on it) Amazing way for people from third world countries to send money back home to relatives, without getting gouged by Western Union or other wire transfer companies..........but i digress.
Bitcoin is more being seen as a store of value by many. Mathematical scarcity backed by Proof of Work. And just because Bitcoin was originally developed as a peer-to-peer currency, and now may not quite be that...........many inventions are the same way. Like black powder was originally developed as medicine. Coca-Cola originally developed to counter morphine addiction, etc, etc.
But, as mentioned; never keep your money on exchanges; thats where people have been 'hacked', 'scammed', 'ripped off' or whatever. Self custody in a cold wallet is the best way to store your keys. (but its a pain in the a$$, unfortunately) As apenland01 mentioned.........the Bitcoin network has never been hacked and has been around since 2009 and countless attempts. I think there was an insane bounty out for years to anyone who could hack the network and it was never paid. Because there's not a single point of failure; but millions of points would need compromised. And I'll never say never; but its pretty solid stuff.
I think of storing Bitcoin on exchanges like going to a pawn shop; buying gold and just leaving it there so they can store it for you...............no bueno.(no clue why my post dropped in like this
Last edited by motomania; 01-12-2024 at 05:39 PM.
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