Bitcoin not for Warren Buffet

[ON D BIT]

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.

I lived overseas for a year. It cost me $40 bucks every month to transfer earnings to the us to pay my bills. The cheapest bank was to go through Mega International Commercial Bank. Citi to Citi bank cost $60 bucks each transfer.

If the individual with $250k plus, I’m sure they would rather pay the fees and earn interest in the $250k through investments rather than the banks .03% interest and no fees.

 

[Blown 89]

I lived overseas for a year. It cost me $40 bucks every month to transfer earnings to the us to pay my bills. The cheapiest bank was to go through Mega International Commercial Bank. Citi to Citi bank cost $60 bucks each transfer.

If the individual with $250k plus, I’m sure they would rather pay the fees and earn interest in the $250k through investments rather than the banks .03% interest and no fees.

You're not understanding what I'm saying about the 250k. Go back and reread it or google how it works. Most banks have some sort of investment client service.

There are peer to peer services and currency transfer providers to avoid wire transfer fees. They're still not free but it's not $40 per month. Banking fees are deductable if you use a business account so that essentially free.

What were you doing overseas for a year?

 

[ON D BIT]

It was not $40 a month it was $40 to exchange funds and the wire transfer fees for every transfer.

I was told by Citi US they could exchange currency and transfer the funds for free with Citi Taiwan. I worked in Taipei for a year.
Turned out Citi Taiwan would send the NT to a third party bank for $40 and the Citi US charged $20 for the wire transfer fee.

Mega Bank only charged $20 and Citi US charged $20 so $40 total for taking NT and changing it into USD with the wire fee.

Again I’m stating I would rather keep $250k in investments, making far more in interest on the $250k, than saving $500 in wire transfer fees for the year.

I also understand for a business chase private client could save a bunch of money especially if they are transferring international funds multiple times a day...

 

[Blown 89]

If you run those 250k in investments through Chase that counts. You don't have to have 250k sitting in a bank account not doing anything.

 

[quad]

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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Cool post! I'll be checking out all the characteristics you pointed out. Interesting way to look at it.

 

[quad]

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.

Yes it is a gamble and the price fluctuations makes it tough to use as a currency. I am not sure Bitcoin will really end up useful as a currency. It's more a store of value like gold. It has the advantage of being the first cryptocurrency which gave it momentum against all the other alt coins. As stupid as this may sound it is also easier to pronounce compared to say Ethereum which is a bit of a mouthful. I guess you could just refer to Ethereum as "E" or "EEE" when talking about it.

I would advise caution getting involved in cryptocurrencies. I got into it in 2017 and as it stand have not made any money with it. But that's a gamble I took and if I lose it all so be it.

I do mine Ethereum with 41 relatively high end 8GB and 11 GB GPU cards and my peak payout was 1 ETH per week. The Ethereum is paid into a wallet I have on Coinbase. You can mine to any wallet you choose. I used the graphics cards to heat the house so there was a little benefit in it. Our gas furnace barely came on the entire winter - except when it was really cold out (below 20 F). So our gas bill was very low but the electrical bill paid in USD was high enough to eat up any Ethereum payouts if converted to USD at that point. However the house was heated in the process so in that sense it was a gamble that seemed worth it. We'll see how it pans out. In hindsight I would not have gotten into it the way I did. I do like building computers though so building the rigs satisfied that craving lol!

I will be shutting the rigs off in the next few weeks as it gets warmer. I can also use the graphics cards for 3D rendering, games etc. Or sell them at a discounted price. They held up pretty good. Two Nvidia 1070 TI cards failed and were replaced under RMA. None of the AMD RX580 cards failed.

I think if Ethereum can successfully transition to Proof of Stake that the price could go up because people will have an incentive not to sell Ethereum in order to get interest on their stake. Time will tell though.

 

[98SVTContour98]

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.

Perhaps a terrible currency "at the moment"...but we are still far down on the curve...bad investment? I mean, I guess if you bought the peak in December 2017 then it would be okay to say it's a bad midterm investment...but if your time horizon is 5+ years, it will turn out to be a great investment...IMHO

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

I wouldn't tell anyone your bitcoin balance....and wouldn't sell your bitcoin for altcoins (i've made this mistake before!)...at most just add more altcoins to your portfolio, but be very picky one "when" you buy an Alt and "which" Alt you buy. The goal is to be a Whole-Coiner...meaning you hold 1 BTC (100 million Satoshis!)...if you can hold 100 Million Satoshis by the time we reach the end of the curve above, then you will be set.

 

[musclefan21]

Perhaps a terrible currency "at the moment"...but we are still far down on the curve...bad investment? I mean, I guess if you bought the peak in December 2017 then it would be okay to say it's a bad midterm investment...but if your time horizon is 5+ years, it will turn out to be a great investment...IMHO

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I wouldn't tell anyone your bitcoin balance....and wouldn't sell your bitcoin for altcoins (i've made this mistake before!)...at most just add more altcoins to your portfolio, but be very picky one "when" you buy an Alt and "which" Alt you buy. The goal is to be a Whole-Coiner...meaning you hold 1 BTC (100 million Satoshis!)...if you can hold 100 Million Satoshis by the time we reach the end of the curve above, then you will be set.

All I have is some Cardano (ADA) and it’s been sitting there for like 2 years.. huge roller coaster. I have been up thousands and down thousands

 

[quad]

Perhaps a terrible currency "at the moment"...but we are still far down on the curve...bad investment? I mean, I guess if you bought the peak in December 2017 then it would be okay to say it's a bad midterm investment...but if your time horizon is 5+ years, it will turn out to be a great investment...IMHO

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I wouldn't tell anyone your bitcoin balance....and wouldn't sell your bitcoin for altcoins (i've made this mistake before!)...at most just add more altcoins to your portfolio, but be very picky one "when" you buy an Alt and "which" Alt you buy. The goal is to be a Whole-Coiner...meaning you hold 1 BTC (100 million Satoshis!)...if you can hold 100 Million Satoshis by the time we reach the end of the curve above, then you will be set.

Sometime in 2018 you could get around 292 XRP for 1 ETH. Now you can get 1000 XRP for 1 ETH! So Ripple has really come apart even more so than Ethereum.

At Ethereum's peak price of close to $1400 you could buy around 14 ETH for 1 BTC. Now 1 BTC gets you over 45 ETH! I will trade ETH for BTC if the ratio between the two improves in the favor of Ethereum. A ratio of 15:1 would make me consider it. I can't justify it at the current rate knowing where it has been before.

 

[98SVTContour98]

All I have is some Cardano (ADA) and it’s been sitting there for like 2 years.. huge roller coaster. I have been up thousands and down thousands

Oh no doubt...the last 2 years were a rough bear market, especially for Alts...they are waaaay down from their peaks. But, I think a lot of them will pop off over the next 24 months.

Sometime in 2018 you could get around 292 XRP for 1 ETH. Now you can get 1000 XRP for 1 ETH! So Ripple has really come apart even more so than Ethereum.

At Ethereum's peak price of close to $1400 you could buy around 14 ETH for 1 BTC. Now 1 BTC gets you over 45 ETH! I will trade ETH for BTC if the ratio between the two improves in the favor of Ethereum. A ratio of 15:1 would make me consider it. I can't justify it at the current rate knowing where it has been before.

A lot of people expect ETH to be one of the bigger runners over the next 24 months....It's not a bad idea to hold some of each of the Top 10 coins over the next few years...especially at these prices.

 

[musclefan21]

I feel good about ADA. Charles Hoskinson seems to be a smart guy and is working hard to bring Cardano into the world. He is also the co-founder of ethereum

 

[98SVTContour98]

why is Bitcoin revolutionary