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Bitcoin-Explain to me how to buy these things (7 Viewers)

brun said:
Because I couldn't resist.
Just bought some Spot Bitcoin ETF shares in my Schwab Roth IRA, divided berween;
ARKB
BITB
IBIT
Click to expand...
I am swamped with work. Can you give me a heads up on how this works

basically, theres an etf, and you buy it like stock?

then the ETF buys the bitcoin and makes the price go up.... is it just BTC?
 
Nathan R. Jessep said:
and a couple notes on BTC (copied and pasted):

Bitcoin​

Bitcoin Halving is now less than 100 days away.

From a fundamental point of view, The Bitcoin Halving is not really a big deal.

However, it’s certainly an important event as it creates a lot of hype around crypto, and historically, BTC performed the best post-halving.

On top of this, the newly launched spot BTC ETFs are already seeing a huge trading volume, which shows that there’s indeed a strong demand for them.

Over $1BB of trading volume for BTC ETF assets in the first hour of listing

These ETFs will likely bring major capital inflows into BTC over the next months.
Click to expand...
Click to expand...
Ive been hearing about the halving for awhile. is it like a stock splt?
 
KGB said:
Nathan R. Jessep said:
and a couple notes on BTC (copied and pasted):

Bitcoin​

Bitcoin Halving is now less than 100 days away.

From a fundamental point of view, The Bitcoin Halving is not really a big deal.

However, it’s certainly an important event as it creates a lot of hype around crypto, and historically, BTC performed the best post-halving.

On top of this, the newly launched spot BTC ETFs are already seeing a huge trading volume, which shows that there’s indeed a strong demand for them.

Over $1BB of trading volume for BTC ETF assets in the first hour of listing

These ETFs will likely bring major capital inflows into BTC over the next months.
Click to expand...
Click to expand...
Ive been hearing about the halving for awhile. is it like a stock splt?
Click to expand...
No, the halving is the code written into BTC's "DNA" that cuts in half the amount of reward that miners get for validating mining transactions, which reduces the rate at which new BTC are produced, which cuts the supply and increases demand (price of BTC increases) since there are (will be) a finite amount of BTC ever produced, which is 21,000,000. Halving events occur every certain number of blockchain blocks, which roughly work out to pretty much every 4 years. The last one is estimated to be in 2040. Every time there has been a halving thus far, price of BTC has gone up significantly in the following months. This time we happen to have the ETF approval plus a halving about to happen. This is a no-brainer, IMO.

Here's a post explaining some of the details on halving https://www.investopedia.com/bitcoin-halving-4843769
 
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Reactions: KGB
Nathan R. Jessep said:
KGB said:
Nathan R. Jessep said:
and a couple notes on BTC (copied and pasted):

Bitcoin​

Bitcoin Halving is now less than 100 days away.

From a fundamental point of view, The Bitcoin Halving is not really a big deal.

However, it’s certainly an important event as it creates a lot of hype around crypto, and historically, BTC performed the best post-halving.

On top of this, the newly launched spot BTC ETFs are already seeing a huge trading volume, which shows that there’s indeed a strong demand for them.

Over $1BB of trading volume for BTC ETF assets in the first hour of listing

These ETFs will likely bring major capital inflows into BTC over the next months.
Click to expand...
Click to expand...
Ive been hearing about the halving for awhile. is it like a stock splt?
Click to expand...
No, the halving is the code written into BTC's "DNA" that cuts in half the amount of reward that miners get for validating mining transactions, which reduces the rate at which new BTC are produced, which cuts the supply and increases demand (price of BTC increases) since there are (will be) a finite amount of BTC ever produced, which is 21,000,000. Halving events occur every certain number of blockchain blocks, which roughly work out to pretty much every 4 years. The last one is estimated to be in 2040. Every time there has been a halving thus far, price of BTC has gone up significantly in the following months. This time we happen to have the ETF approval plus a halving about to happen. This is a no-brainer, IMO.

Here's a post explaining some of the details on halving https://www.investopedia.com/bitcoin-halving-4843769
Click to expand...
ty homie
 
KGB said:
brun said:
Because I couldn't resist.
Just bought some Spot Bitcoin ETF shares in my Schwab Roth IRA, divided berween;
ARKB
BITB
IBIT
Click to expand...
I am swamped with work. Can you give me a heads up on how this works

basically, theres an etf, and you buy it like stock?

then the ETF buys the bitcoin and makes the price go up.... is it just BTC?
Click to expand...
Sorry for the late reply. Yeah, that's pretty much it in a nutshell.
FWIW - since buying my ETFs on Jan 11, my ETFs are down a little less than 2%.
 
Last edited:
I really need BlockFi to start allowing withdraws out of Interest accounts. If I can get my assets out of there without any issues I'm going to be in good shape through all of this. Will end up making just a little bit of money over the past 4 years after being down over 60% at one point.
 
urbanhack said:
I really need BlockFi to start allowing withdraws out of Interest accounts. If I can get my assets out of there without any issues I'm going to be in good shape through all of this. Will end up making just a little bit of money over the past 4 years after being down over 60% at one point.
Click to expand...

I got an email this week that I can withdraw some of this money, about 35% of what I had in there. Of course I tried to submit that yesterday on their bankruptcy portal and it's asking for a Payee ID that I have never received, so looks like I'll be on hold for some time today trying to sort that out.
 
Oh cool, just got some of my money back from Celsius. Maybe like 30% so not great, but I had expected that to be zero. I've made so much money on crypto this year I barely care, but a cool surprise for money I had written off as dead and gone.

Self-custody for me from now on (actually started way back when this first happened). WTF was I thinking putting it into essentially an unregulated bank when the whole point of crypto is that you don't need to use banks.
 
FreeBaGeL said:
Oh cool, just got some of my money back from Celsius. Maybe like 30% so not great, but I had expected that to be zero. I've made so much money on crypto this year I barely care, but a cool surprise for money I had written off as dead and gone.

Self-custody for me from now on (actually started way back when this first happened). WTF was I thinking putting it into essentially an unregulated bank when the whole point of crypto is that you don't need to use banks.
Click to expand...

Not your keys, not your coin.

I use Coinkite coldcard for my private wallet.
 
BlockFi peeps - in case you missed it (some of the emails ended up in my Junk folder), I think today is a deadline to get (some) of your money back that's been stuck at BlockFi.
 
SFBayDuck said:
BlockFi peeps - in case you missed it (some of the emails ended up in my Junk folder), I think today is a deadline to get (some) of your money back that's been stuck at BlockFi.
Click to expand...
I think that was for anything in a wallet.

I'm waiting on what is going to happen with assets in the interest accounts. :oldunsure:
 
urbanhack said:
SFBayDuck said:
BlockFi peeps - in case you missed it (some of the emails ended up in my Junk folder), I think today is a deadline to get (some) of your money back that's been stuck at BlockFi.
Click to expand...
I think that was for anything in a wallet.

I'm waiting on what is going to happen with assets in the interest accounts. :oldunsure:
Click to expand...

No I already got back what was in my wallet, transferred as BTC to another wallet a couple months back. This is for the couple grand worth of ETH I had in an interest account, I'm getting about 1/3 of it back.

Here is the email I got on 2/1:

​
Dear Sean,

On January 22, 2024, BlockFi completed returning crypto from its Wallet Product, sending back all requested client assets in full in kind to nearly 130,000 clients, totaling over $500MM worth of crypto.1 Today, BlockFi is announcing the start of its next wave of distributions.

Additionally, on January 17, 2024, the United States Bankruptcy Court for the District of New Jersey (the “Court”) granted relief necessary for BlockFi to commence interim distributions. Beginning in February, clients in BlockFi’s remaining products including BlockFi Interest Account (BIA), loans clients and private clients, may be able to initiate withdrawal requests.2 TO BE ELIGIBLE FOR A DISTRIBUTION, CLAIMANTS MUST HAVE AN ALLOWED CLAIM. CLAIMANTS WHO HAVE FILED A CLAIM THAT HAS NOT BEEN RECONCILED AND ALLOWED WILL BE ELIGIBLE FOLLOWING THE RECONCILIATION OF THEIR CLAIM.

This is the first wave of distributions for these products and BlockFi anticipates returning 20 - 40% of eligible clients’ allowed claims. BlockFi continues to expect further recoveries from the FTX estate that will be the source of further distributions to clients when received.

Making estate distributions as quickly, efficiently, accurately, and safely as possible is our top priority. Estate withdrawals will be conducted in batches and clients will receive an email with further instructions when they are eligible to initiate withdrawal requests.

In the interim, please review the information below to help facilitate withdrawal requests:​
  • If you have digital assets on the platform, you will receive your distribution in digital assets. Please create an external wallet. BlockFi will only support withdrawal of digital assets to external digital asset wallets. You will be able to make withdrawals to the third-party provider of your choice. BlockFi cannot recommend that you use a specific platform and we encourage you to perform your own due diligence to ensure that your assets are transferred safely and securely.
  • If you opted into the convenience class and selected to receive cash or had digital assets automatically converted into cash, you will receive your distribution in fiat currency, and you may have the option to withdraw your funds to your banking institution.
  • All clients will need to complete an Identity Verification Process for your withdrawal to be effectuated. The information necessary to complete this process will be emailed to you once you have submitted a withdrawal request. You can find additional information about completing the Identity Verification Process here: https://blockfi.com/identity-verification-and-account-security/
  • Clients who missed the Wallet withdrawal window for receiving crypto from the BlockFi Wallet Product will be receiving instructions in the coming weeks for accessing their cash distribution.

Please keep in mind that client communications will only be sent via official email channels, on social media @BlockFi, our claims distribution partner (Digital Distributions), or via our claims agent, Kroll (blockfiinfo@ra.kroll.com).​
Click to expand...
 
@SFBayDuck I haven't gotten my email from Blockfi yet. I hope I went thru all the steps correctly.

This is making me sick all over again. Knowing they firesold all the coins off when they were at their lowest value and seeing it shoot back up...ugh. Over the course of 2 years I think I accumulated just over .5 BTC with an avg buy in of about $30k. Had over 4 full ETH coins at around $1500 or so each.

From the sounds of it I'll be lucky to get about $7k back.

:x

Good luck to you guys! It used to drive me crazy when people would say "not your keys not your coins." I even bought one of those cold storage wallets early on, but backed out because I felt like the packaging had been tampered with. Something was up so I sent it back. I got sucked into drawing that $250 a month interest and there goes that early retirement home in Costa Rica I promised the wife.
 
>59k as of a couple hours ago
Amazing to watch
My prediction of 45k by halving seems pretty lame now
 
got longs open on BTC and ETH. 12x and 9x profits already locked in. Profit targets removed for now. Riding the wave. L. F. G. (oh and still holding my spot BTC and ETH). Waiting for alt season on my spot alts.
 
Mr. Pickles said:
How is there no crypto talk in the FFA? It’s pure degen ****. Perfect for this place. Otis must’ve lost millions already.
Click to expand...

There are a bunch of threads about crypto, but they're mainly aborted or neglected. They tend to trail off . . . like that.

I don't understand crypto myself, so I have no comment nor am I posting that with any agenda.
 
I think the key for crypto is minimal marketing to the plebs. You put the commercials out there and everyone who knows nothing about it starts freaking out and it spooks the market. Got back in btc in the low 20's last year and back into eth when it was 1600. Wish I bought more.
 
And on cue, Coinbase is down. Balances show zero.

Site Degraded Performance
We are aware that some users may see a zero balance and may experience errors in buying or selling. Our team is investigating this issue and will provide an update shortly. Your assets are safe.
Click to expand...
 
Willie Neslon said:
I think the key for crypto is minimal marketing to the plebs. You put the commercials out there and everyone who knows nothing about it starts freaking out and it spooks the market. Got back in btc in the low 20's last year and back into eth when it was 1600. Wish I bought more.
Click to expand...
Except the difference now, as opposed to the market until now, is that you just had a multi-billion dollar injection of institutional interest, which was going to be the plan all along. That's just BTC. ETH is coming very soon. And then legit altcoins will start trickling in also.
 
Willie Neslon said:
I think the key for crypto is minimal marketing to the plebs. You put the commercials out there and everyone who knows nothing about it starts freaking out and it spooks the market. Got back in btc in the low 20's last year and back into eth when it was 1600. Wish I bought more.
Click to expand...
I'm not a fan of ETH and do not buy the narrative that an ETF is imminent.
 
SFBayDuck said:
And on cue, Coinbase is down. Balances show zero.

Site Degraded Performance
We are aware that some users may see a zero balance and may experience errors in buying or selling. Our team is investigating this issue and will provide an update shortly. Your assets are safe.
Click to expand...
Click to expand...

Everybody and their grandma trying to sign up on Coinbase and/or people checking their accounts. Welcome to the bull run, boys and girls.
 
Captain Cranks said:
Willie Neslon said:
I think the key for crypto is minimal marketing to the plebs. You put the commercials out there and everyone who knows nothing about it starts freaking out and it spooks the market. Got back in btc in the low 20's last year and back into eth when it was 1600. Wish I bought more.
Click to expand...
I'm not a fan of ETH and do not buy the narrative that an ETF is imminent.
Click to expand...
Why would they not at this point? It's a slam dunk.
 
Captain Cranks said:
Nathan R. Jessep said:
Fair point. Have you seen any sources indicating it might get rejected though? I have not.
Click to expand...
No although in fairness I haven't kept up with it much. I do know from experience that network hasn't made any strides in cost efficiency in the last three years despite moving to PoS.
Click to expand...

It looks like the new plan is to focus on L2's of which there are a bunch that have launched. I don't love it, as it adds an extra layer of complexity and it's still more expensive than networks like Solana (gas fees are $1 instead of $20 but still not $.01 like on SOL etc).

I guess that's the price of decentralization though.
 
www.thedefinvestor.com

🔎What caused the latest pump?

weekly valuable insights
www.thedefinvestor.com www.thedefinvestor.com

  • #1 Institutions started adding a crypto allocation across several of their funds - Fidelity, for instance, is now recommending a 1-3% Crypto Allocation. 1-3% might not seem a huge amount. But given that Fidelity has a few trillion dollars in assets under administration, 1-3% of this amount is quite a lot. Even Fidelity’s all-in-one conservative fund now has 1% exposure to crypto.
  • In less than 60 days, the spot Bitcoin ETFs have acquired 1.5% of the total BTC supply. What’s more, yesterday BlackRock's spot Bitcoin ETF alone took in a record $612 million in inflows.
  • The highly anticipated Bitcoin Halving is now only ~50 days away
  • Despite the insane market rally we’ve seen recently, many long-term holders are actually still buying more coins instead of selling
 
Talking to a guy at work yesterday. He bought btc at 65k and has held on. I asked if he might sell when the price rises to where he is made whole again. He said no, that he will hang in there for the foreseeable future. I'm hoping most who are still holding btc at ATH are feeling the same.
😎
 
As ETH and BTC are almost at all-time highs, I’m wondering if Doge will ever make it back. Long ways away right now.
 
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