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Bitcoin-Explain to me how to buy these things (2 Viewers)
- Thread starter Sheriff Bart
- Start date
Captain Cranks
Footballguy
2Squirrels1Nut
Footballguy
JoeSteeler
Footballguy
JoeSteeler
Footballguy
Dedfin
Footballguy
Hi folks,
Just stopping by to give you my opinion - get the hell out of this now. You are on the wrong side of this slide and this is going to keep going down for as long as rates will increase. There are a million indicators that we are seeing a slowdown. Crypto is not a place people keep their money as an inflation hedge. It is not gold. It's a flight of fancy speculation people spent their money on like small cap biotechs. This is going to get slaughtered. Get out now. If you still believe in the idea, you can always buy in lower at the end of this recession.
Good luck
Just stopping by to give you my opinion - get the hell out of this now. You are on the wrong side of this slide and this is going to keep going down for as long as rates will increase. There are a million indicators that we are seeing a slowdown. Crypto is not a place people keep their money as an inflation hedge. It is not gold. It's a flight of fancy speculation people spent their money on like small cap biotechs. This is going to get slaughtered. Get out now. If you still believe in the idea, you can always buy in lower at the end of this recession.
Good luck
KGB
Footballguy
Good chance a #### storm is coming in the worldHi folks,
Just stopping by to give you my opinion - get the hell out of this now. You are on the wrong side of this slide and this is going to keep going down for as long as rates will increase. There are a million indicators that we are seeing a slowdown. Crypto is not a place people keep their money as an inflation hedge. It is not gold. It's a flight of fancy speculation people spent their money on like small cap biotechs. This is going to get slaughtered. Get out now. If you still believe in the idea, you can always buy in lower at the end of this recession.
Good luck
Nick Vermeil
Footballguy
So you’re saying there’s a chance…Hi folks,
Just stopping by to give you my opinion - get the hell out of this now. You are on the wrong side of this slide and this is going to keep going down for as long as rates will increase. There are a million indicators that we are seeing a slowdown. Crypto is not a place people keep their money as an inflation hedge. It is not gold. It's a flight of fancy speculation people spent their money on like small cap biotechs. This is going to get slaughtered. Get out now. If you still believe in the idea, you can always buy in lower at the end of this recession.
Good luck
Nathan R. Jessep
Footballguy
https://threadreaderapp.com/thread/1527027583254241280.html
tl;dr: Coinbase has launched a web3 browser in its mobile app and eliminated the need for users to manage their own keys. The wallet uses a semi-custodial system that splits users' keys between their devices and Coinbase so that funds remain safe even if one party is hacked. It uses multi-party computation (MPC) to enable multiple parties to sign things without anyone having the full key at any time. MPC wallets can support everything that a normal self-custody wallet can. Coinbase plans to enhance all of its products with MPC technology.
tl;dr: Coinbase has launched a web3 browser in its mobile app and eliminated the need for users to manage their own keys. The wallet uses a semi-custodial system that splits users' keys between their devices and Coinbase so that funds remain safe even if one party is hacked. It uses multi-party computation (MPC) to enable multiple parties to sign things without anyone having the full key at any time. MPC wallets can support everything that a normal self-custody wallet can. Coinbase plans to enhance all of its products with MPC technology.
BigGDan
Footballguy
If you're talking about 'crypto' (anything NOT bitcoin) then I agree because all crypto currencies that aren't bitcoin are just poopcoins. Bitcoin, however, is the most pristine asset the world has ever known. It's actually a perfect monetary network. And right NOW, this is a BUYER'S market! Now is the time to stack Sats. If you want to be financially free in the future, you should be buying as much btc as possible right now because once bitcoin starts a new bull run, $30k bitcoin will never be achievable again. My personal opinion is that bitcoin will still move lower over the coming weeks/months but that doesn't mean current prices aren't bargain deals because they are. I see the absolute bottom potentially around $15k but that would be a quick move that would quickly retrace upwards. In other words, if you don't have a working order to buy below $20k, you will miss buying at those prices. Either way, the long-term thesis on bitcoin is very bullish. We are witnessing in real-time the collapse of the fiat money system. And when this system collapses (it 100% will and is) only those holding bitcoin will have freedom. Those of you still stuck in the world of fiat will be tied to a digital grid that tracks, traces, monitors and punishes your behaviors. If you don't comply with whatever rules and restrictions put forth, your funds will be frozen.Hi folks,
Just stopping by to give you my opinion - get the hell out of this now. You are on the wrong side of this slide and this is going to keep going down for as long as rates will increase. There are a million indicators that we are seeing a slowdown. Crypto is not a place people keep their money as an inflation hedge. It is not gold. It's a flight of fancy speculation people spent their money on like small cap biotechs. This is going to get slaughtered. Get out now. If you still believe in the idea, you can always buy in lower at the end of this recession.
Good luck
Bitcoin will be the foundational base layer for whatever new financial system the elite psychopaths will usher in, which will undoubtedly be central bank digital currencies that offer citizens zero privacy. You will have zero ability to conduct financial matters without being tracked and traced. Bitcoin is freedom. Bitcoin is the future of humanity. Everything else is b.s. If you're not buying bitcoin right now, your future self and family will suffer immensely. Tune out the noise, stop listening to the talking heads who are spreading FUD about bitcoin. If you truly put in the 100s of hours required to fully understand bitcoin, you will come to the same conclusions I have. Bitcoin is financial freedom for humanity and is a perfect monetary network that can't be manipulated, inflated or hacked. Bitcoin isn't gold, it's much MUCH better than gold as money. In fact, it's perfect and proof-of-work is what makes it perfect.
BigGDan
Footballguy
Desert_Power
Footballguy
BigGDan
Footballguy
massraider
Footballguy
I'm not a bitcoin hater, I'm a bitcoin not-fully-understander.
Why can't bitcoin be everything you said above, but at $15k valuation? Or $3k?
What I'm wondering is, what tells us that it's current valuation is low?
BigGDan
Footballguy
Well there is about $300 Trillion US dollars which are invested in various stores of value around the globe. Gold, real estate, equities, bonds/debt etc... Bitcoin's current market cap is only about half trillion. Since bitcoin is the most perfect financial asset ever created, it's naturally going to continue to absorb that $300 Trillion over time. Bitcoin is a decentralized (no owner) perfect monetary system that is ethically sound, techincally sound, economically sound and follows rules of math. That's the fundamental take.
From a charting perspective (I'm a technical analyst), bitcoin has entered the fair value logarithmic regression band which historically has been the absolute best times to buy and accumulate bitcoin. Also, bitcoin has already dropped 63% from it's ATH of $69k. Previous bear markets have seen 80% declines from prior market tops. There are some who argue that bitcoin is more mature and is unlikely to see 80% corrections. I disagree with and I still think it could drop some more. I have buy orders starting at $22.5K all the way down to $14k. The 200 WEEK moving average has been the bottom of every bear market in bitcoin's history and that currently sits at $22k. Those bottoms can wick through the 200 week MA which is why I think $14k could be touched (possible not necessarily likely).
![[icon]](/data/avatars/m/5/5167.jpg?1660313464){kind=avatar}
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Insoxicated
Ahhh the old "If we only capture 2% of this gobjillion dollar market, we'll be rich!" angle.
The guys on Shark Tank LOVE this approach.
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Insoxicated
Your assumption is that BTC never faces legislative or technical challenges. That's a leap.
What % chance to you factor in that BTC is overtaxed/banned/etc in the US, and/or the US releases their own digital currency, a far superior platform is created, or any other number of headwinds emerge?
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BigGDan
Footballguy
A response like this doesn't encourage honest discussion. It's provocative and clearly you don't understand bitcoin thoroughly enough to have an honest discussion.
massraider
Footballguy
BigGDan
Footballguy
I made no such assumptions. I'm well aware of the obstacles that face bitcoin but they will all be short term. Bitcoin is here to stay, it's not going anywhere. Let me guess... you think bitcoin is going to zero? If so, why? The main thing to keep in mind is that bitcoin being priced in fiat is only short term as well because the fiat system is collapsing. We've all been tricked into believing this fiat system that is inflationary which means you lose purchasing power over time. Bitcoin is essentially deflationary which encourages savings and also means your savings will gain in purchasing power over time. A debt-based monetary system only enriches the few at the top. Bitcoin is a monetary network for the people but you need to be accumulating as much as possible NOW before you get priced out.
Bitcoin can never truly be banned unless they shutdown the internet forever. The Federal Reserve and all other central banks will issue a digital currency but it will be CENTRALIZED which means it will be controlled and manipulated just like fiat currency. It will far INFERRIOR to bitcoin in every way. I suggest you put in several hundred hours of studying and interacting with bitcoin before you write it off. Your future self and family will be eternally grateful. This decade is going to be the most challenging decade any of us have witnessed and it's those of us stacking bitcoin and fighting against tyrants who will benefit in the future. Anyone still tied to the legacy system will become more enslaved to that system and the authoritarian governments around the world. Become ungovernable and accumulate as much bitcoin as possible otherwise you're in for a very tough existence moving forward. Best of luck.
BigGDan
Footballguy
Then you were listening to the wrong people. The challenge is that 99.9% of the population has no idea what money is. They have no idea how our current financial system steals money from hard working taxpayers daily. Nobody knows. They don't teach any of this in school. Spend the time to get educated and you will be rewarded.
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Insoxicated
I never said BTC was going to zero.
I'm merely saying that anyone dismissing risk as much as you are, in this asset class, is not going to be taken seriously.
Out of curiosity, are you a investment analyst by trade... is that your paid profession? If so how long have you been doing it? Sincerely just curious.
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Insoxicated
No, you just think that because it's pointing out a massive rookie-move hole in your line of thinking.
It's damn near codified as a cardinal sin in valuation of companies/assets like this for a reason.
BigGDan
Footballguy
You’re overlooking a lot of what I said and picking on one aspect. You’re missing the part where bitcoin is the most pristine asset ever created. It’s a perfect monetary network. You’re watering my comments down to one factor and ignoring the rest.
massraider
Footballguy
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Insoxicated
So there's NO room for someone to come in and improve upon Bitcoin with an improved form of digital currency?
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Captain Cranks
Footballguy
ngl, this guy has his Michael Saylor shtick down pretty well. This is 2021 Saylor though. 2022 Saylor has moved on to talking about Bitcoin as digital energy that will allow us to move billions in property at the speed of light. Also, all other cryptos are securities about to feel the wrath of the SEC.
jvdesigns2002
Footballguy
Honestly—I was like you—didn’t fully understand the Bitcoin love. Full disclosure—I’m own very little crypto and the very little I own is only bitcoin and a tiny bit of ether. This podcast is fascinating and explains why Bitcoin makes sense. I know that if you see that its a several hour long podcast that you might not even want to try to give it a watch. I’d ask you to do this—just prepare yourself to watch the first 15-20 minutes of it. If you find it interesting/intriguing—just keep listening.
https://m.youtube.com/watch?v=gp4U5aH_T6A&t=2575s
Sand
Footballguy
Actually, no, there isn't. Any change to the bitcoin chain now would cause a hard fork (like bitcoin cash is now) and be notbitcoin. In this sense it is immutable.
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Insoxicated
No, my point is there is zero chance any other form of digital currency (not just BTC) could prove superior to BTC? BTC is perfect?
I don't subscribe to that theory. Therefore I reject the premise that BTC is infallible due to being the most perfect financial vehicle ever created.
dickey moe
Fingerpicker
How would one get priced out? You don't have to buy a full bitcoin at $30k. You can purchase fractional amounts of bitcoin.
Sand
Footballguy
SFBayDuck
Footballguy
And yet every time I try to use it to buy an NFT I give up because the gas fees are 10%+ of the transaction value.
These “perfect monetary networks” still don’t have any real world utility other than as highly speculative assets. I do believe there’s something to all of this, and believe that blockchain technology does have incredible potential. But as someone who started working in tech in ‘99, I know that the first to market aren’t necessarily the winners. What keeps BTC and ETH from being the new Ask Jeeves and pets.com?
Wait till your QSI hits it big and people are able to brute force crack crypto keys in matters of seconds. That’ll be fun but thank goodness everything is decentralized so that flaw will get fixed immediately. That could be fun to watch.
Sand
Footballguy
BigGDan
Footballguy
You will only realize it IF you put in hundreds/thousands of hours studying and engaging with it. Those who put in the time to understand it all come to the same conclusion.
BigGDan
Footballguy
It's highly unlikely. First off, bitcoin is the ONLY decentralized monetary network in existence. Bitcoin has established itself as THE ONE. Bitcoin has no competitors and with 13 years of a proven track record the odds of another decentralized digital asset taking over is very slim. It's like inventing a second internet. The internet itself was the innovation and bitcoin is no different. Bitcoin is its own technology it's not a company that has competitors. People love to use the dot.com companies as a correlation to bitcoin and there couldn't be a worse analogy. Again, bitcoin is the innovation. Bitcoin solved the Byzantine Generals problem because it is the innovation, it is the creation. Bitcoin is the internet. You can't invent another internet just like you can't invent another Bitcoin. You can invent companies that use the internet and those dot.com companies will compete and some will thrive while others dive. All other crypto currencies (ETH, LINK, VET, ADA.....) are the dot.com companies that can go extinct tomorrow. They are CENTRALIZED companies that can be regulated out of existence or simply beat out by a better crypto.
BigGDan
Footballguy
I'll take that as a compliment considering I was into bitcoin about 5 years before Saylor. I was a bitcoin maxi long before Saylor got on board.
BigGDan
Footballguy
You get priced out because if 1 bitcoin cost $1MM USD then whatever amount you have to invest buys you a lot less bitcoin when it's $1MM vs $30k. Since there is a hard cap of 21MM bitcoin, accumulating bitcoin means that the percentage of the whole you own can will always INCREASE as you buy more. With every other asset on the planet (other than land) you can accumulate more but that doesn't mean you own a bigger % of the pie. In fact, because companies do stock splits and fiat money gets fractionalized and printed, most people decrease their % of the pie even while accumulating more of said asset.
For instance, when bitcoin was $10k, $100 bought you 1 million Satoshis (Sats). Today you need to spend $300 to buy the same 1MM Sats. When 1 bitcoin eventually costs $1MM, you will need to spend $10k to buy those same 100 Sats. Said another way, $10k today allows you to own 0.33 bitcoin. $10k in the future (when 1 btc costs $1MM) will only buy you 0.01 bitcoin.
Here's another interesting fact. Today there are about 40 million millionaires (in USD terms) in the world. With a hard cap of 21 million - and knowing that approximately 4 million bitcoin are already lost forever - there can never be more than 21 million people who own a full bitcoin. Today, you can buy a full bitcoin for $30k. So once you realize bitcoin isn't going away. And once you realize bitcoin is the only deflationary asset on the planet. And once you realize bitcoin is computer code protected by math and the network of computers (millions). And once you realize bitcoin is the best monetary system ever invented. And once you realize you can store your entire wealth in your brain and transport that wealth anywhere in the world within minutes for pennies..... Well, once you realize all of that and more, you will wish you transferred all of your crappy fiat money for bitcoin. Every single cent. Because fiat ALWAYS goes to zero and bitcoin is going the exact opposite direction.
massraider
Footballguy
We just need everyone to put in hundreds/thousands of hours of study to get on board. Copy that.
BigGDan
Footballguy
Bitcoin is an entirely new invention. Bitcoin is its own unique creation that has no competitors and has a 13 year perfect track record of security and only grows stronger by the second, every second forever. ETH is a poop coin just like all the others. Also, ETH is changing from proof-of-work to proof-of-stake which will make it less secure and more prone to manipulation and attacks. Bitcoin is as close to perfect the world has ever seen. ETH is no different than a centralized corporation. These two are not even in the same category. So while your point stand with ETH possibly the next askjeeves, that will never happen with Bitcoin.
BigGDan
Footballguy
I mean plenty of people have put in those hours and more and more people continue doing so. Not doing so is only hurting yourself and your family.
massraider
Footballguy
Anyone who isn't buying bitcoin hurts their family? That's nonsense, and it's sure not changing minds.
I'm ready to believe in a new currency, and ready to hear how blockchain can improve things, but what I hear is people getting scammed in a myriad of ways, guys buying silly cartoons, people laundering money, and mainly: people buying not because they think it's going to revolutionize anything, but because they expect the prices to skyrocket.
I dip into the blockchain discussions, I don't read testimonials about making lives better, I read complainIng or celebrating about current prices.
