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Bitcoin-Explain to me how to buy these things

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On 5/12/2020 at 4:46 PM, Rhythmdoctor said:

I can only speak for myself but the majority of the Bitcoin community, meaning people who actually believe in Bitcoin as a decentralized currency, view Bitcoin as the future Reserve currency of the world. If the SHTF I imagine a world where you don’t need to trade bitcoin for fiat, you would simply transact using Bitcoin. Right now you can live purely on bitcoin if you choose. There is nothing you can’t buy with Bitcoin at the moment. Sure it’s not mainstream but you can essentially buy anything you need with bitcoin directly. 
 

There is a demand and need for a decentralized currency and Bitcoin serves that purpose beautifully. The S is HTF as we speak and fiat currency is getting more exposed every single day. 

Don’t disagree about fiat, but bitcoin is worthless as an everyday currency now.  I believe it can handle what, 3, 4 tx per second with segwit?  It appears blockstream’s only intention is to cripple it so they can offload transactions onto their own side chains and LN.  Lightning Network, for its part, seems to create as many problems as it solves.  And people simply can’t enter/exit bitcoin without dealing with its brutal layer 1 issues.  

Brave and Ethereum founders both experimented with bitcoin as the payment/protocol for their platforms, and both gave up because the functionality just isn’t there.  That’s the choice the core design team made.  

It couldn’t handle the transaction volume of a single city let alone the entire world.  The fees are just too astronomical.  I think crypto has a future, but not with btc.  Bitcoin is just a speculative gambling instrument to be sold at a higher price later on, there is very little utility anymore.  People are going to figure this out eventually.  

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On 6/22/2020 at 9:38 PM, Charlie Harper said:

Does BTC have a solution to this problem? If not I'm out sometime soon.

-------------------------------

Quantum Computers getting close to cracking BTC


"In the future, Honeywell aims to increase the quantum volume of its machine by a factor of 10 every year, reaching a score of 640,000 by 2025, Uttley added.

Can quantum computers crack Bitcoin?

According to a June 2017 paper, a quantum computer would need to have around 2,500 qubits of processing power in order to break the 256-bit encryption used by Bitcoin. If that were to happen, it would theoretically be possible for the owner of the quantum computer to take control of the Bitcoin blockchain; in that event, it’s likely that the price of Bitcoin would plummet.

As Decrypt reported previously, when Google achieved a breakthrough in quantum computing last November, blockchain experts claimed that it will take at least ten years before this becomes a problem for the industry. Others predict that quantum computers could be powerful enough to threaten Bitcoin as soon as 2022.

In the wake of Honeywell’s latest announcement, that timeline might need to be reviewed."

 

 

Once the word "quantum" is involved, we are just pretending to know anything we might think we know.

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"profitable mining" has never been a reality with blockchain.  Miners are accumulating future expected values, not current ones.  Even 8 years ago (2 halvings), when I was involved, it cost roughly 3x the current market value at the time to mine in the U.S.  at the time btc was worth about $60.

 

The fact that there is a finite supply of btc is the motivation behind mining.  It has to be created so one day it will be worth more.

One huge aspect of btc that never gets talked about is that it takes counterfeiting out of the equation when it comes to transactions.  If had something of considerable value, btc is the only currency in the world I would feel comfortable exchanging it for.

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On 6/23/2020 at 1:37 PM, ren hoek said:

Don’t disagree about fiat, but bitcoin is worthless as an everyday currency now.  I believe it can handle what, 3, 4 tx per second with segwit?  It appears blockstream’s only intention is to cripple it so they can offload transactions onto their own side chains and LN.  Lightning Network, for its part, seems to create as many problems as it solves.  And people simply can’t enter/exit bitcoin without dealing with its brutal layer 1 issues.  

Brave and Ethereum founders both experimented with bitcoin as the payment/protocol for their platforms, and both gave up because the functionality just isn’t there.  That’s the choice the core design team made.  

It couldn’t handle the transaction volume of a single city let alone the entire world.  The fees are just too astronomical.  I think crypto has a future, but not with btc.  Bitcoin is just a speculative gambling instrument to be sold at a higher price later on, there is very little utility anymore.  People are going to figure this out eventually.  

I see Bitcoin more as digital gold where it will back another digital asset that is quicker and more fluid. Bitcoin is secure and doesn’t need to be fast or handle numerous transactions. 

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Posted (edited)
1 hour ago, Rhythmdoctor said:

 

On 6/23/2020 at 1:37 PM, ren hoek said:

Don’t disagree about fiat, but bitcoin is worthless as an everyday currency now.  I believe it can handle what, 3, 4 tx per second with segwit?  It appears blockstream’s only intention is to cripple it so they can offload transactions onto their own side chains and LN.  Lightning Network, for its part, seems to create as many problems as it solves.  And people simply can’t enter/exit bitcoin without dealing with its brutal layer 1 issues.  

Brave and Ethereum founders both experimented with bitcoin as the payment/protocol for their platforms, and both gave up because the functionality just isn’t there.  That’s the choice the core design team made.  

It couldn’t handle the transaction volume of a single city let alone the entire world.  The fees are just too astronomical.  I think crypto has a future, but not with btc.  Bitcoin is just a speculative gambling instrument to be sold at a higher price later on, there is very little utility anymore.  People are going to figure this out eventually.  

back another digital asset that is quicker and more fluid. Bitcoin is secure and doesn’t need to be fast or handle numerous transactions. 

Sent BTC

June 16 2020 @ 8:05 AM

To: 

XXXXXXXXXXXXXXxFKXbfKTXXXXXXX

From: 

My Bitcoin Wallet

$2,968.36

0.32070195 BTC

Description

Add a description

Value When Sent

$3,070.49

Sent From

XXXXXXTEs6Q8J4TKCice6XXXX

Received By

XXXXXXWtFKXbfKTmfXXXXXXXX

Status

Transaction Confirmed

Transaction Fee

0.00004011 BTC

($0.37)

 

37 cents to transfer $3070.49 hardly seems astronomical to me....and I always increase the network fee to ensure faster confirmation. 

 

As far as not having utility, I would argue that the two fastest growing industries in this country are marijuana and sports betting.  Bookmakers prefer bitcoin to card deposits because they can't be reversed.  Dispensaries can't really risk keeping large sums of cash in banks when weed isn't federally legalized.  And If I wanted to sell valuable item to someone I might not see again, the only currency I would accept would be btc.  Everything else would hold too much risk of being counterfeit or reversed.  I don't think people have any idea how much counterfeit money and materials there are in circulation

Edited by hooter311
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There may be a way I'm missing but the big hole for me is there's no quick way to buy.  I used to be able to purchase with a credit card if I wanted btc quickly but that is gone(blocked by all the cards I have).  I now have to buy using my bank account which is roughly 5 days, that's way too long.  Needs to be quicker.

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2 hours ago, lumpy19 said:

There may be a way I'm missing but the big hole for me is there's no quick way to buy.  I used to be able to purchase with a credit card if I wanted btc quickly but that is gone(blocked by all the cards I have).  I now have to buy using my bank account which is roughly 5 days, that's way too long.  Needs to be quicker.

how expensive are the fees on the cash app?

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11 hours ago, culdeus said:

how expensive are the fees on the cash app?

It's pretty expensive when extrapolated to a whole btc.  I will make $50 purchases on occasion and when I buy $50 of btc, they keep about $1.15 for themselves.  So I get a shade under $49 of bitcoin. That $1.15 ends up about $208+ per full bitcoin in fees.  Still, for convenience, you can't beat it and it is free to then transfer that bitcoin to another wallet, so at least they're not dinging you twice. I use Coinbase to make larger purchases and they're not cheap either.  That said, it is VERY easy to purchase bitcoin.  Like you mention, it doesn't get much easier than the Cash app.  I can buy bitcoin, have it verified and transfer it to my offline wallet all within a matter of minutes using the cash app.

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13 hours ago, lumpy19 said:

There may be a way I'm missing but the big hole for me is there's no quick way to buy.  I used to be able to purchase with a credit card if I wanted btc quickly but that is gone(blocked by all the cards I have).  I now have to buy using my bank account which is roughly 5 days, that's way too long.  Needs to be quicker.

Cash app is super easy to buy.  See my post directly above this.

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9 hours ago, Rhythmdoctor said:

Cash app is super easy to buy.  See my post directly above this.

Right but I have to have cash in my cash app and loading from bank account takes 1-3 days, I'm looking for instant purchase from money in my bank account.

I can store money in Gemini and buy with lower fees than cash app.

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5 hours ago, lumpy19 said:

Right but I have to have cash in my cash app and loading from bank account takes 1-3 days, I'm looking for instant purchase from money in my bank account.

I can store money in Gemini and buy with lower fees than cash app.

I don't think that option exists.  They are regulating the transfers as savings account transfers so they will rate limit you.

Loading cash app from debit card is very fast.  I use cash app to clear transaction requirements for bank bonuses all the time.

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On 6/24/2020 at 6:01 PM, hooter311 said:

37 cents to transfer $3070.49 hardly seems astronomical to me....and I always increase the network fee to ensure faster confirmation. 

I’m sure you were around in December 17, when the btc mempool was crammed.  People would wait weeks for their transaction to confirm.  Users were paying outrageous amounts just to get their tx through.  If BTC ever gets volume like that again it will run into the same problems.  I don’t see people using LN or sidechains in the future either.  Why bother?  Just use better cryptos.  

On 1/8/2018 at 8:33 PM, lumpy19 said:

these btc fees are bananas, $18 to send 1k, $36 for priority, crazy

DBC here I come!!

 

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Are people still using bitcoin to deposit and withdraw from offshore books? Can you not get bitcoin using a credit card now? I have a wallet on Blockchain. Is bitcoin for betting purposes still doable?

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36 minutes ago, Nipsey said:

Are people still using bitcoin to deposit and withdraw from offshore books? Can you not get bitcoin using a credit card now? I have a wallet on Blockchain. Is bitcoin for betting purposes still doable?

You can use BTC to fund offshore accounts. You can buy BTC with a credit card. 

I haven't used Blockchain wallet for many years. There are many many more options these days. I like Cash App right now. Link it to a credit card or bank account.

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On 5/7/2020 at 2:16 PM, Rhythmdoctor said:

If Bitcoin can get to and stay above $10,500 then we will see new all time highs in the next 2-3 years. It hit $9,911 today. 

It hit $10,450 today on Coinbase.  Seeing what ETH is doing as well as some of the alt coins, it certainly seems that a new bull cycle has begun.  Still need to establish 10.5k as support though (currently resistence).

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8 minutes ago, JerseyToughGuys said:

10,500 breached

:popcorn:

This is going to be a fun ride.

Once it becomes support, I will rest easier.

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bullish

https://finance.yahoo.com/news/microstrategy-buys-250m-bitcoin-calling-123255815.html

Quote

Publicly traded business intelligence firm MicroStrategy purchased 21,454 bitcoin on Tuesday, effectively pouring all $250 million of its planned inflation-hedging funds into the digital currency.

Disclosing its bitcoin buy alongside an equivalent stock buyback in a Tuesday Securities and Exchange Commission filing, MicroStrategy, a Nasdaq-listed software firm worth over $1.2 billion, said the cryptocurrency provided a “reasonable hedge against inflation” in a press statement shared with CoinDesk.

“This investment reflects our belief that bitcoin, as the world’s most widely adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash,” said CEO Michael J. Saylor.

Saylor cited forces working to weaken fiat currencies – COVID-19, global quantitative easing measures, political and economic uncertainty – but also the technical and qualitative aspects that he said give the bitcoin blockchain strength.

“We find the global acceptance, brand recognition, ecosystem vitality, network dominance, architectural resilience, technical utility and community ethos of bitcoin to be persuasive evidence of its superiority as an asset class for those seeking a long-term store of value,” Saylor said.

The capital allocation quickly fulfills Saylor’s late July promise to shareholders that MicroStrategy would buy back $250 million in stock and invest an additional $250 million in gold and bitcoin over the next 12 months.

The belief was that these and other “alternative investments” would protect MicroStrategy’s dollar-heavy balance sheet.

It is now clear that half of the $500 million bet turns entirely on bitcoin. MicroStrategy “accordingly has made bitcoin the principal holding in its treasury reserve strategy,” Saylor said.

 

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Posted (edited)
2 hours ago, JerseyToughGuys said:

Lol. Do you know anything about Microstrategy? I had a buddy who worked there before they started the dot com bubble pop. They ran up a ton and then reported some accounting irregularities and pop. Stock was worth 10x what it is now 20 years ago. Not on the level of Enron and Worldcom but one of the first signals that a lot of inflated accounting. Pretty sure it’s still the same CEO. They have real products but nothing special. Buying bitcoin for them is most likely an attempt to jump start the stock price which is down about 30% over the last 5 years.

By the way, this has nothing to do with my opinion on Bitcoin, more an opinion on Microstrategy’s attempt at making news. 

Edited by stbugs

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8 hours ago, stbugs said:

Lol. Do you know anything about Microstrategy? I had a buddy who worked there before they started the dot com bubble pop. They ran up a ton and then reported some accounting irregularities and pop. Stock was worth 10x what it is now 20 years ago. Not on the level of Enron and Worldcom but one of the first signals that a lot of inflated accounting. Pretty sure it’s still the same CEO. They have real products but nothing special. Buying bitcoin for them is most likely an attempt to jump start the stock price which is down about 30% over the last 5 years.

By the way, this has nothing to do with my opinion on Bitcoin, more an opinion on Microstrategy’s attempt at making news. 

Lol. Do you know why it’s bullish? It could literally be Enron or Worldcom and it would be just as bullish.

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Posted (edited)
5 hours ago, JerseyToughGuys said:

Lol. Do you know why it’s bullish? It could literally be Enron or Worldcom and it would be just as bullish.

I know that he’s doing it to get press and potentially get people like you to buy his stock. I find it funny because I know the company and know that they are doing it for marketing more so than anything else. Heck, I have no idea who they bought bitcoin through and don’t know if they got a bit of a sweetheart deal. The quotes reek of reading a press release written for him.

My LOL was directed at Microstrategy not bitcoin. I think it’s a move to try and get their name out there and that’s it. They’ve been limping along for years. I was shocked that they were still around given how “hot” they got way back in 2000.

Edited by stbugs

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Posted (edited)
10 minutes ago, stbugs said:

I know that he’s doing it to get press and potentially get people like you to buy his stock. I find it funny because I know the company and know that they are doing it for marketing more so than anything else. Heck, I have no idea who they bought bitcoin through and don’t know if they got a bit of a sweetheart deal. The quotes reek of reading a press release written for him.

My LOL was directed at Microstrategy not bitcoin. I think it’s a move to try and get their name out there and that’s it. They’ve been limping along for years. I was shocked that they were still around given how “hot” they got way back in 2000.

I have zero interest in the stock. No own who owns BTC would have any interest in the stock. And the headline isn’t going to make new people suddenly chase BTC via the stock.

On top of that, I doubt the news travels much outside the BTC community (google reveals must press is coming from crypto outlets).

So I think your premise is flawed. Or if that was their goal (I don’t, your anecdotes notwithstanding), I expect they will fail horribly. 

Edited by JerseyToughGuys

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Posted (edited)

How would getting a “sweet heart deal” on BTC work?

Edited by JerseyToughGuys

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I guess the stock is up 9%, so there’s that.

if this works, how many CEOs are going to wonder “hey, can I do the same thing here?”

bullish

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7 minutes ago, JerseyToughGuys said:

I guess the stock is up 9%, so there’s that.

if this works, how many CEOs are going to wonder “hey, can I do the same thing here?”

bullish

That was my premise. When your stock is down 30% over 5 years and the market is up 70%, you get desperate. There probably will be, but something tells me this pop will wear off because they have been treading water for years and people who bought the stock thinking bitcoin will realize that if you want to invest in bitcoin you just invest in bitcoin.

Their marketing is working. I’m not in the bitcoin community and people (you) in the bitcoin community have spread their name. I would have bet even money that they didn’t even exist anymore. 

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Posted (edited)
32 minutes ago, stbugs said:

That was my premise. When your stock is down 30% over 5 years and the market is up 70%, you get desperate. There probably will be, but something tells me this pop will wear off because they have been treading water for years and people who bought the stock thinking bitcoin will realize that if you want to invest in bitcoin you just invest in bitcoin.

Their marketing is working. I’m not in the bitcoin community and people (you) in the bitcoin community have spread their name. I would have bet even money that they didn’t even exist anymore. 

I hear you, but they just placed a quarter billion dollar bet on BTC. The short term “marketing” pop becomes irrelevant when BTC doubles in price.

their fate, and the fate of their shareholders, is now tied to BTC. That does tie back to your earlier point of some more cautious folks potentially looking at this as a way to hack door some BTC exposure. Worked for OSTK.

 

 

Edited by JerseyToughGuys

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15 minutes ago, JerseyToughGuys said:

I hear you, but they just placed a quarter billion dollar bet on BTC. The short term “marketing” pop becomes irrelevant when BTC doubles in price.

their fate, and the fate of their shareholders, is now tied to BTC. That does tie back to your earlier point of some more cautious folks potentially looking at this as a way to hack door some BTC exposure. Worked for OSTK.

 

 

I think they are making a bet because they aren’t growing. Their revenue has been slowly leaking for years. It’s very similar to Overstock’s bet which worked for a short time during the run up and fell apart until Covid. If not for COVID, Overstock would be treading water as well. Their revenue double last quarter. I do think their stock is overvalued (getting hit today) because unlike some of the other work from home/cloud stocks, I think they’ll lose a lot of what they gained, which is why they are selling more stock while their price is up. I do think Microstrategy is in worse shape because they aren’t benefiting so unless bitcoin goes through the roof they will continue to lose revenue and share price.

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1 hour ago, stbugs said:

I think they are making a bet because they aren’t growing. Their revenue has been slowly leaking for years. It’s very similar to Overstock’s bet which worked for a short time during the run up and fell apart until Covid. If not for COVID, Overstock would be treading water as well. Their revenue double last quarter. I do think their stock is overvalued (getting hit today) because unlike some of the other work from home/cloud stocks, I think they’ll lose a lot of what they gained, which is why they are selling more stock while their price is up. I do think Microstrategy is in worse shape because they aren’t benefiting so unless bitcoin goes through the roof they will continue to lose revenue and share price.

Well, there's all that and the fact there isn't anywhere else for them to park their money. treasuries? bonds? cash? 

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8 minutes ago, JerseyToughGuys said:

Well, there's all that and the fact there isn't anywhere else for them to park their money. treasuries? bonds? cash? 

If you read the press release, the CEO promised to invest a quarter billion in stock repurchases and a quarter billion in gold or bitcoin. He chose bitcoin. Parking in cash has effectively 0 ROI. He’s taking a shot because at this point shareholders are antsy, especially sitting on a pile of cash while the stock continues to drop. What honestly would have been best is if they could have invested that in something to create some revenue growth. It’s not good that that wasn’t an option. They may or may not make money on the investment but it’s not a stock I would buy for the bitcoin investment or for future share price appreciation. The bitcoin investment would be better served getting 100% return on any gains instead of it being muted because the company’s revenues continue to decline. Even OSTK at least had a chance to benefit from all the folks who needed to find an outlet to spend some bitcoin. There’s no real benefit for the company. They could have bought $250M of Apple stock as well. 

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Posted (edited)
7 minutes ago, stbugs said:

If you read the press release, the CEO promised to invest a quarter billion in stock repurchases and a quarter billion in gold or bitcoin. He chose bitcoin. Parking in cash has effectively 0 ROI. He’s taking a shot because at this point shareholders are antsy, especially sitting on a pile of cash while the stock continues to drop. What honestly would have been best is if they could have invested that in something to create some revenue growth. It’s not good that that wasn’t an option. They may or may not make money on the investment but it’s not a stock I would buy for the bitcoin investment or for future share price appreciation. The bitcoin investment would be better served getting 100% return on any gains instead of it being muted because the company’s revenues continue to decline. Even OSTK at least had a chance to benefit from all the folks who needed to find an outlet to spend some bitcoin. There’s no real benefit for the company. They could have bought $250M of Apple stock as well. 

Great points. Since they didn't buy Apple stock (or keep/stick that money elsewhere) they must have thought 1). buying BTC would make a bigger splash and get attention (like you said); 2). outperform most of the other asset classes on a risk/return basis; or 3) Both. 

Now if this bet pays off, aren't other CEOs in similar circumstances going to at least consider making a similar bet? If not, why not? If so ... bullish. 

 

 

 

As an aside, I don't think you understand OSTK's investment in BTC/crypto. It is vastly different. They have built an entire basket of subsidiary companies that are blockchain focused (Medici Ventures). 

Edited by JerseyToughGuys

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Wonder how much Square's 50MM in BTC is worth now. I don't believe SQ revealed its basis. 

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I'm surprised how quiet this thread is. A lot of people are going to be sorry they didn't allocate funds into BTC. Just seeing the stock thread continually pumped and crickets in here tells you all you need to know. 

Edited by dipandglide
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9 hours ago, dipandglide said:

Check out the Michael Saylor interview on Real Vision. RV released the interview on their youtube channel for free today. 

Yep, good stuff. He has definitely been "orange pilled." He's a good twitter follow now too.

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23 hours ago, dipandglide said:

I'm surprised how quiet this thread is. A lot of people are going to be sorry they didn't allocate funds into BTC. Just seeing the stock thread continually pumped and crickets in here tells you all you need to know. 

I'm with you.  I've beaten the drum for btc and eth for a few years now.  I've literally been telling all my buddies to buy and anything under $10k is a gift.  A few got in around 10k.  The others are now asking me how to get in again.  I tell them to wait until btc touches the 21 week MA to buy.  Otherwise you're buying the top of the current move.  BTC is such a no brainer purchase.  If you have cash sitting in your house or bank accounts, you are literally losing money by the day.  Putting it into btc is the best thing one can do to preserve and grow wealth.

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I like what Saylor said about buying and holding. If you believe in BTC, buy, hold, and forget the noise these next 5-10 years. It’s a simple bet to make if you want to put your money where your mouth is. Tom Lee had a stat about missing the “big day” moves trying to trade/swing trade this stuff. It’s dangerous. 

Big money is continuing to come. You have to be living under a rock if you don’t see how BTC/crypto play a part in the future of currency/finance.

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Bitcoin hit just shy of $16k today.  Establishing a nice support level at $11k now.  The bull market is just getting started.  Don't be the guy/gal who buys in at $100k.

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20 hours ago, Dan Lambskin said:

:drive:

It's been a fun week. BTC/ETH are my largest holdings but I also have a decent amount of XRP/XMR/LTC/NEO/DASH. 

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2 hours ago, CR69 said:

It's been a fun week. BTC/ETH are my largest holdings but I also have a decent amount of XRP/XMR/LTC/NEO/DASH. 

Just think how exciting it will be a year from now!! 

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It's crazy how bitcoin is slowly and steadily approaching its All Time High (ATH) of ~ $20k yet there is no euphoria yet.  I mean NOBODY is hyping bitcoin in this thread other than me and like 2 other dudes. I think Bitcoin still has some room to run before a healthy and needed pullback.  I'm expecting this current move to climax REALLY soon, however,(within the next 1-2 weeks) with a blowoff top to the $20k price area (previous ATH).  Then I'd expect a drop of anywhere between 25%-45%.  If this is truly a new bull market for Bitcoin (which I firmly believe it is), the drop should hold support on the 20 week moving average which at this moment is around $11,900.  I'm not giving investment advice but if any of you have been waiting for a good buying opportunity for bitcoin, waiting for a pullback to the 20 week moving average is a good time to add some bitcoin to your portfolio!!

Here is a basic chart I setup for you to view.  The top horizontal green line is the previous ATH.  The green curve is the 20 week moving average.  Each candlestick is 1 week of price action.

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So 2 years ago or so I seen some excitement around Bitcoin, and had a couple friends showing how fast it was exploding.  Rarely see anything now.  I'm 48, keep up on tech a little but don't need the latest phone or anything and I see almost nothing about Bitcoin.  I can't imagine anyone older than me is seeing anything about Bitcoin.  I guess I'm missing something but why would this be a thing in the future?  What's the benefit?

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13 hours ago, Rhythmdoctor said:

It's crazy how bitcoin is slowly and steadily approaching its All Time High (ATH) of ~ $20k yet there is no euphoria yet.  I mean NOBODY is hyping bitcoin in this thread other than me and like 2 other dudes. I think Bitcoin still has some room to run before a healthy and needed pullback.  I'm expecting this current move to climax REALLY soon, however,(within the next 1-2 weeks) with a blowoff top to the $20k price area (previous ATH).  Then I'd expect a drop of anywhere between 25%-45%.  If this is truly a new bull market for Bitcoin (which I firmly believe it is), the drop should hold support on the 20 week moving average which at this moment is around $11,900.  I'm not giving investment advice but if any of you have been waiting for a good buying opportunity for bitcoin, waiting for a pullback to the 20 week moving average is a good time to add some bitcoin to your portfolio!!

Here is a basic chart I setup for you to view.  The top horizontal green line is the previous ATH.  The green curve is the 20 week moving average.  Each candlestick is 1 week of price action.

I enjoy reading these posts and I have been buying small amounts at a time for the past year.  I have doubled my (small) investment in that time.  I appreciate your comments here.  I would contribute more, but I don't have much to offer other than I love owning BTC.  I will jump on it if it falls back another 40% at 20k.

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10 hours ago, yak651 said:

So 2 years ago or so I seen some excitement around Bitcoin, and had a couple friends showing how fast it was exploding.  Rarely see anything now.  I'm 48, keep up on tech a little but don't need the latest phone or anything and I see almost nothing about Bitcoin.  I can't imagine anyone older than me is seeing anything about Bitcoin.  I guess I'm missing something but why would this be a thing in the future?  What's the benefit?

I have numerous posts on the previous page (Page 34 of this thread) that explain why I'm bullish on Bitcoin.  Also, this post of mine is worth a read and the article I linked within it should be read by anyone interested in Bitcoin.

In short, Bitcoin is a hedge against fiat currency, Central Banks constant money printing and the impending global financial collapse/reset.  Unlike fiat which has no cap (can be printed endlessly), Bitcoin has a hard cap that is included in the code that only allows a total of 21 million Bitcoin.  So in a way, Bitcoin is a deflationary asset which only gains value over time whereas your fiat is inflationary and only loses value over time.  Prices of goods go up over time not because they cost more to make and manufacture but because your dollar today is worth LESS than last month/year/decade.

I see a future world where Bitcoin and NOT the USD is the global reserve currency.  With only 21 million available and a global population of over 7 billion, you can see why there is currently a mad rush to obtain Bitcoin. The whole world is starting to see the advantage of holding some.  Here's an interesting statistic, there are approximately 46 million, millionaires in the world.  If each millionaire wanted to obtain 1 full bitcoin, they cannot.  It is mathematically impossible.

Edited by Rhythmdoctor
Clarify 46 MILLION millionaires
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Made my first, small purchase. Will average in some more. Like it as a Alt. 

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4 hours ago, yak651 said:

So 2 years ago or so I seen some excitement around Bitcoin, and had a couple friends showing how fast it was exploding.  Rarely see anything now.  I'm 48, keep up on tech a little but don't need the latest phone or anything and I see almost nothing about Bitcoin.  I can't imagine anyone older than me is seeing anything about Bitcoin.  I guess I'm missing something but why would this be a thing in the future?  What's the benefit?

On the most simple level:

It's a software-based store of value with programmatic stock-to-flow scarcity. 

In other words, it's kinda like digital gold.

(there are other benefits such as it is a bearer asset, it's easy to transmit across borders, it takes rent seeking middle men out of financial transactions, etc. etc. etc.)

Edited by JerseyToughGuys
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There a good Twitter account that tracks these

Microstrategy’s BTC bet is up > 50%

+$200,000,000 on its $640MM investment

Square is up about > 55% on its bet

+$30,000,000  on its $79MM investment 

 

Not too shabby. I would bet their peers are watching and weighing the decision where to stash their case reserves. 
 

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