BITCOIN
- Thread starter Weather Man
- Start date
Well no, I never said it would replace the Dollar. Maybe some people think that but that's not why bitcoin was created. That's why your linking of bitcoin to the Dollar doesn't make sense. If the Dollar goes to zero, that does not mean people will value Bitcoin the same. As a matter of fact - the more worthless the Dollar is - the better for bitcoin as an alternate store of value.
Just to emphasize - bitcoin is NOT a currency. It was created as alternate store of value that is easily portable and transferred (to other btc wallets).
The value of bitcoin is the current market value - just like anything. Value of something (anything) is what people place upon it, will pay for it or barter for.
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Not quite the same.
Let’s agree that a GT500 is worth 100k. I’d give 100k for one.
Is BTC still at 19,200? Doesn’t matter, because no chance in hell would I give you 19,200 for it.
Edit to add, this is dumbest commodity ever. It’s not a physical item, it’s digital, fine I get it. Yet I can be wiped off a computer and it’s not insured at all. What a horrible idea.
The only good thing about this was the profit. Well it’s bankrupted more than it’s made wealthy at this point I’m sure.
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Well BTC is absolutely the worst store of value ever. You’d literally be better putting cash under your mattress.
It’s tanked by what, 70%?
And it’s not guaranteed. All those brokers are gonna pull the plug and I doubt there’s much anybody can do about it.
Let’s be honest. Y’all only liked it when it was up xxxx%.
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Worst store of value ever? From zero to $19,000. Sounds pretty good. Similar to stocks, late comers loose out. Sure down 70% from peak is bad. Have you checked the stock market lately? EVERYTHING is down. So what. It will come back, like everything else.
What's this about a guarantee? Crypto wallets can be safely stored on a usb stick, computer ect. Who needs a guarantee from an exchange. (I assume that's what you meant by broker since it has no meaning in the crypto world)
I liked it at zero and I still like it at $19K. Especially since my cost average is $500.
One more thing about store of value:
Ok well whatever you want to call the exchange/broker/wallet people that are not allowing people to sell or trade BTC (they don’t have the cash).
You were nuts not to sell it all at 58k or whatever.
I think you’re nuts not to liquidate a substantial portion now, that is if you can of course.
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Lmao at many of you guys. Damn, I am old but some of you must be centennials. Will Bitcoin be a long term winner? Who knows, but blockchain technology is very promising though not yet developed.
I mean baseball cards, action figures, shorty ass artwork…. Many seemingly strange things have a market.
I mean baseball cards, action figures, shorty ass artwork…. Many seemingly strange things have a market.
This is the price, not the value. Value and price are two different things.
BTC has no intrinsic value.
^^^^ya what he said.
One minute it’s money.
Then today it’s a commodity.
No wait, it’s a store of value.
So you’re paying $X to “store” your money?
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One minute it’s money.
Then today it’s a commodity.
No wait, it’s a store of value.
So you’re paying $X to “store” your money?
Sent from my iPhone using svtperformance.com
i was VERY pro BTC until recently. my main positives were it being a tool of the small guy and not controlled by "the man"...
well, it's 80% institution owned now...and seems to follow SPY also. so why not just invest in familiar stocks with less risk? (yes i realize they tanked heavily also)
when trudeau went after it and they tried to ban russian transactions, it was the end for me. it took everything it stood for and crushed it it my eyes.
now coinbase is giving up tracking info?? wtf man
if anyone can make sense of this i'm all ears, not trying to argue, just lost confidence in what i saw in it for the future
well, it's 80% institution owned now...and seems to follow SPY also. so why not just invest in familiar stocks with less risk? (yes i realize they tanked heavily also)
when trudeau went after it and they tried to ban russian transactions, it was the end for me. it took everything it stood for and crushed it it my eyes.
now coinbase is giving up tracking info?? wtf man
if anyone can make sense of this i'm all ears, not trying to argue, just lost confidence in what i saw in it for the future
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Maybe you should look at the chart again.
I will have no issue redeeming whatever and whenever I want. Be it a reputable exchange or through direct purchases.
Your lack of knowledge about BTC and crypto is obvious.
One more time - look at the chart.
Again show me and I do mean show me what backs it, besides a bunch of people that says so. Then I'll gladly jump in feet first knowing I can trade it in and exchange it for the tangible stuff. So is it gold, silver, platinum???? Give me something or is it like my one cousin that works lower management at Goldman Sachs says just a Ponzi scheme by another name.
BTC has been following SPY for a very short time. You shouldn't draw conclusions on short term thought. For the THIRD TIME look at the chart.
Your institutional owned figure is wrong. Its 8 percent.
Coinbase is crap. Use another exchange. It's really that simple.
I think you lost confidence because it isnt defying gravity and going straight up. An investor knows this never happens.
My car is worth $30k, what backs it? Nothing. Why do people value precious metals? As I explained previously - re-read my post above above.
And my Uncle works for Fidelity and they have opened institutional and 401k btc investing.
The clueless keep screaming ponzi yet point to sp500 correlation. So I guess investment by nature is a ponzi.
Brilliant
To be fair, that article was written 10 months ago. But yeah our numbers are very far off, next time i see this stated I’ll try and find the source and see where the actual number is. It was from unusual whales I believe, and huge change between retail to institution in the last couple years.
I have these apps on my phone…
coinbase
celsuis
kucoin
uphold
…3 out of 4 have been sketch as shit lately lol. What do you recommend?
I lost confidence because of the reasons i stated…those reasons do not allow me to understand it’s purpose any longer.
that said, if the chart tells me to buy, and there’s an exchange i can trust, I’ll buy…just no more holding for this guy(I’m the same way with 95% of my stocks)
Your issues seem more exchange related than actual issues with crypto. I agree and exchanges are a big issue. Also stablecoins not being run properly with backing assets hurt crypto a lot. Stablecoins and exchanges are still a bit of "wild west" scenario until gov't figures it out with regulation. NOTE - I did not specify rules on anything else. The EU just did this exact thing and crypto will be better with it. I expect the US to eventually implement similar legislation.
Ive used Bittrex in the past. They have a nice phone app. The volume is low so watch your trades to make sure there are enough offers in the price range that you want to buy/sell.
Personally, I invested a relatively small chuck of change to hand build servers and mine years ago. Lets just say it was what turned out to be very profitable hobby.
I believe some crypto has a place, BTC for its deflationary nature and Ethereum for proof of stake, blockchain development. There are a lot of garbage altcoins out there, Similar to stocks you have to sort through them to find the good ones.
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Your car is not "worth" $30k. You may be able to sell it for $30k but it is not "worth" $30k.
A stock or a bond has actual value. Why? Because it generates cash flow and you have a claim on that cash flow. The multiple you pay for this cash flow changes but this is what derives value in stocks, bonds, or any other cash flowing asset. This is the intrinsic value of these assets.
BTC has no intrinsic value. Despite all of the hand waving of the bitcoin cult the only value it has is emotional value. This combined with the AMAZING ignorance of this crowd has created the phenomena. Most are young, lack experience, and are arrogant AF. This is the perfect recipe to lose money in markets.
LOL
"The beauty of crypto is that it is outside govt control."
also
"It is the wild west now but will be better as soon as the govt regulates where and how you can trade."
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