Bitcoin not for Warren Buffet

98SVTContour98

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Exactly this. It originated due to websites like silkroad and the internet black market, and people wanting to pay for illegal services and drugs without being tracked. It's not something to invest in unless you're doing it very short term, and flipping for quick profits. I would never hold this shit long term. it's so ****ing volatile.

bitcoin is something people have been working on for almost 50 years...it has way more to do than people buying drugs online, that's terribly shortsighted.

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quad

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I can send currency to anyone around the world instantly and free using any number of apps, including my bank's app. I do it all the time for business.

Let's be honest here, crypto's only real use is as a worldwide ponzi scheme. It's not a currency anyone actually transacts with.
Our company's bank charges us high fees to send funds to another country in a different currency. Yes you can send money within the same bank but try to transfer to another currency in a foreign bank. You're saying you can do that without paying substantial fees?

One of the large accounting firms appears to be positive about Ethereum. I would not write it off as a pyramid scheme. Our whole economy can be seen as a pyramid scheme if you want to take that approach. All banks will fail if everyone tried to withdraw their funds on the same day.

Ernst & Young Doubles Down On Its Bet With Ethereum
 

quad

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bitcoin is something people have been working on for almost 50 years...it has way more to do than people buying drugs online, that's terribly shortsighted.

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How many people have died in the name of the dollar? Think of all the bank robberies over hundreds of years, drug money, laundering, murder for money etc. All these people saying Bitcoin or other cryptos are used for illegal purposes by crooks conveniently forget how long crooks have used the dollar and other fiat currencies.

My brother once used that argument with me and after I pointed the hypocrisy out to him he said:"Ok that was a bad example, but....."
 

quad

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it's for drug dealers lol. Think about it.
And so is the dollar. Drug dealers have used it for a very long time.

In Zimbabwe, on their way to go buy a loaf of bread! Paper money is on its way out. And with Covid-19 expect the process to be fast tracked. It can spread germs and virii easily! I always feel like I have to wash my hands after using cash. When I was younger I never thought twice about it. I suspect many governments will rollout digital currencies eventually. The dollar is already digital in the sense that you can do a lot with it electronically without ever touching cash.

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Blown 89

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Our company's bank charges us high fees to send funds to another country in a different currency. Yes you can send money within the same bank but try to transfer to another currency in a foreign bank. You're saying you can do that without paying substantial fees?
Chase Private Client does not charge incoming or outgoing international transfers. There are other options available as well. Additionally, if you want to exchange payment domestically there are a bevy of free ways to do it.
 

98SVTContour98

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Chase Private Client does not charge incoming or outgoing international transfers. There are other options available as well. Additionally, if you want to exchange payment domestically there are a bevy of free ways to do it.

There are some barriers to entry: To qualify as a Chase Private Client, you need to have a daily average of $250,000 in Chase investments and accounts.
 

Kevins89notch

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And so is the dollar. Drug dealers have used it for a very long time.

In Zimbabwe, on their way to go buy a loaf of bread! Paper money is on its way out. And with Covid-19 expect the process to be fast tracked. It can spread germs and virii easily! I always feel like I have to wash my hands after using cash. When I was younger I never thought twice about it. I suspect many governments will rollout digital currencies eventually. The dollar is already digital in the sense that you can do a lot with it electronically without ever touching cash.

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I was reading about some African country where cell phone minutes were used as a currency. Everyone has flip phones, and you buy minutes which are then in your account. I guess you can basically text minutes to a friend. So outside of cities where there is no ATMs, the people just began using minutes as currency. You're buying a goat, ok, text me 500 minutes. Quick text, and done deal.
 

Blown 89

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I was reading about some African country where cell phone minutes were used as a currency. Everyone has flip phones, and you buy minutes which are then in your account. I guess you can basically text minutes to a friend. So outside of cities where there is no ATMs, the people just began using minutes as currency. You're buying a goat, ok, text me 500 minutes. Quick text, and done deal.
That's wild but I suppose currency can be anything you want it to be as long as it has a consistent and universally desired value.
 

98SVTContour98

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That's wild but I suppose currency can be anything you want it to be as long as it has a consistent and universally desired value.

Money can be anything....it used to be Shells (bc of it's scarcity/portability/Recognizability)...Bitcoin has the characteristics of money as well (durability, portability, fungibility, scarcity, divisibility, and recognizability)...but it is based on the properties of mathematics rather than relying on physical properties (like gold and silver) or trust in a central government (like fiat currencies). Bitcoin also seems like the next logical step to currency based on the digitization of our world.

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wowsers

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I have done no research so take this for what it is...but what makes people so sure that bitcoin is that next thing? While I agree some form of cryptocurrency will be the norm in the future I’m not sold on bitcoin being the one.


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musclefan21

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Have you guys noticed the yearly lows for Bitcoin is actually higher than the previous years low? So basically rock bottom keeps getting higher and higher
 

98SVTContour98

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Have you guys noticed the yearly lows for Bitcoin is actually higher than the previous years low? So basically rock bottom keeps getting higher and higher

Heck yeah I noticed lol...My plan is to keep stacking and not sell anything until at least $50kBTC (even then it will only be a small portion that i'm selling).

I have done no research so take this for what it is...but what makes people so sure that bitcoin is that next thing? While I agree some form of cryptocurrency will be the norm in the future I’m not sold on bitcoin being the one.

It's a major risk...which is why traditional big names are only putting in 2% of their portfolio (Paul Tudor Jones)...I'm not sure I'm the guy to convince you to buy Bitcoin (maybe look up some of the free documentaries on Prime Videos)...but what I've told my family/friends/people...is to invest what you can afford to lose. If you can afford to lose $1000, throw $1k at bitcoin...my estimate is that $1k will be worth $5k at some point between now and 2024. You can also get exposure to bitcoin (without all the realities of storing bitcoin yourself) from you retirement accounts using the GBTC ticker from Grayscale Investments.
 

musclefan21

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How many BTC do you hold? I used to hold 1 BTC when it was 3k even. I sold it and been holding ADA but that thing is on a huge rollercoaster
 

VRYALT3R3D

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Bitcoin is a terrible currency and investment due to its large price fluctuations. The fact there is no credible price anchor makes it difficult to accept as a currency. This isn't unique to just Bitcoin.
 

Blown 89

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But for an individual that’s giving up 5 to 10% interest on that $250k.
For international business it makes sense.
What else are people making international wire transfers for if not for business?

And to clarify, it doesn't cost anything to be a private client. It's a free service for business clients or individuals with a certain amount of assets or investments.
 

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