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Bitcoin-Explain to me how to buy these things (1 Viewer)

psychobillies said:
BLOCKED_PUNT said:
you just wait until we go full weimar republic and that 56k bitcoin buys a loaf of bread.
Click to expand...
That can happen to our cash too. If BTC goes to 0 it won't change my life very much, but if it goes to 100k, I might get a pool. Probably not, because I don't think I'd cash any out there, but maybe.
Click to expand...
IMO
More likely with cash since the government can simply issue more. Germany & Argentina for example are cautionary tales. Too many dollars chasing too few goods (one of the few things I remember from my economics classes).
BTC has a finite amount that will ever be produced and most of it is already out there, or lost forever. While there are other ways the btc value can go boom or bust. The "weimar republic and that 56k bitcoin buys a loaf of bread", or 10k for 2 pizzas is unlikely.
 
My BTC from blockfi has officially hit my coin base wallet. Now how do I make back what I lost???? :oldunsure:

Still waiting on some ETH to hit, but boy is this a relief to at least have something back.

But for real, what are we buying now? :pickle:
 
jb1020 said:
My BTC from blockfi has officially hit my coin base wallet. Now how do I make back what I lost???? :oldunsure:

Still waiting on some ETH to hit, but boy is this a relief to at least have something back.

But for real, what are we buying now? :pickle:
Click to expand...
Was it from your interest account? I only got 25% of the value that was there. And I had been accruing chainlink for my interest and those greedy ****s kept all of it. Not happy with the way this whole thing played out. Oh well.
 
urbanhack said:
jb1020 said:
My BTC from blockfi has officially hit my coin base wallet. Now how do I make back what I lost???? :oldunsure:

Still waiting on some ETH to hit, but boy is this a relief to at least have something back.

But for real, what are we buying now? :pickle:
Click to expand...
Was it from your interest account? I only got 25% of the value that was there. And I had been accruing chainlink for my interest and those greedy ****s kept all of it. Not happy with the way this whole thing played out. Oh well.
Click to expand...
Yeah, it was all in the interest account. I didn't get any of my Link back. I didn't have much of that at all.

Oh I'm still pissed, but I'm moving on. The timing of it all just seems sus. They sell off our coins when they're at the lowest they had been in years. Then we get just a fraction of it back.

I feel like I took some real risk (like all of us), but I had made some real headway in accruing BTC. I knew the risks of losing it in a dumb way and I felt like I took most all those precautions and did pretty well. Then in a blink of an eye it was just gone. Hate it.

Just trying to pick up and make it back now. I've been sitting on a few bags that are enough to get me back in the game. I really haven't even looked at this stuff since Nov 2022. If Matic, XLM, Link(I left on another site) and XRP can do well and hit their ATHs again I'll be sitting just fine for this next cycle.
 
I gotta quit hijacking the stock thread...

Bitcoin is about to pop to 80k prehalvening.

Lot of resistance at $69k and it went up fast enough today we probably get a hard snap down by a couple k that will recover just as fast.

We are about 1/3 way through this bull run and havent hit the fun part.
 
The average joe would be better off long term owning one of the bitcoin etfs over your own account at coinbase. Too many security risks.
 
Best way to predict current short term price trends is to monitor the flows from the etfs...

Done real time here:

Bitcoin ETF Flow (US$m) – Farside Investors

farside.co.uk farside.co.uk

From today's price movement i think we will see net inflows $350m+. Blackrock is always last to report around 11pm central.

If gbtc bled less then $100 million for the third straight day we may see 80k before market close on Friday.
 
hooter311 said:
Best way to predict current short term price trends is to monitor the flows from the etfs...

Done real time here:

Bitcoin ETF Flow (US$m) – Farside Investors

farside.co.uk farside.co.uk

From today's price movement i think we will see net inflows $350m+. Blackrock is always last to report around 11pm central.

If gbtc bled less then $100 million for the third straight day we may see 80k before market close on Friday.
Click to expand...
can you flesh that out a little more? The negative (red) numbers mean they're having to sell BTCs back into the market, right?
 
Nathan R. Jessep said:
hooter311 said:
Best way to predict current short term price trends is to monitor the flows from the etfs...

Done real time here:

Bitcoin ETF Flow (US$m) – Farside Investors

farside.co.uk farside.co.uk

From today's price movement i think we will see net inflows $350m+. Blackrock is always last to report around 11pm central.

If gbtc bled less then $100 million for the third straight day we may see 80k before market close on Friday.
Click to expand...
can you flesh that out a little more? The negative (red) numbers mean they're having to sell BTCs back into the market, right?
Click to expand...
Correct. These new ETFs allows the brokerages to create new shares by buying bitcoin or cash in shares. Almost all of them are required to do so through coinbase.

Gbtc was a closed fund before the conversion and remains a 1.3% expense fee while the rest average under .3%. This has resulted in big chunk of gbtc being converted to other funds or cashed in to lock a profit. Feds also seized 22 million shares from FTX and those were being cashed in to pay creditors as well.

These cash outs have kept the bitcoin inventory up on exchanges. The real action will start with a supply squeeze once the gbtc bleeding starts. At these rates I'm expecting within 60-90 days.

Eta: Gbtc currently holds about 320,000 btc.
 
Last edited:
hooter311 said:
Kind of like when pron adopted vhs over beta in the 80s
Click to expand...

It's kind of amazing how much technology that industry has pioneered. From posting pictures on the nascent internet to streaming videos to processing credit card payments securely - most of the things that became the backbone of the internet of commerce and content as we know it today.

On that note - is there an OnlyFansCoin or BrazzersBucks or something that we can speculate in? If anyone is going to figure out and mainstream crypto use cases.......
 
Unless we are still getting -$200m+ out of GBTC still today, I'm really unimpressed by the retail demand. Hopefully I am just a couple days ahead of myself which admittedly happens a lot.
 
-303.3 million from GBTC today. More than any day last week. Next level of pricing can't come until this bleeding stops.

Good thing is that it's just a matter of time.
 
Posted in the stock thread yesterday in talking about MSTR, but probably belongs here.

BTC halvening behind us....ETF inflows have stalled, and in fact there are now outflows. What's the catalyst to push back up through the ATHs? My thesis has been focused around the ETFs driving demand (and price), which it did for a while. But price still couldn't push through overhead supply.

Is this bull cycle over, and we're headed back toward $20K? Or are we still just consolidating and absorbing that overhead supply before another push upward?
 
I wanted to play some online poker so I thought I would try one of the new crypto ATMs.

I deposited $500 cash into the machine hoping to buy some Litecoin. It worked and loaded my wallet.

$400 :bag:
 
Last edited:
GenX fan said:
I wanted to play some online poker so I thought I would try one of the new crypto ATMs.

I deposited $500 cash into the machine hoping to buy some Litecoin. It worked and loaded my wallet.

$400 :bag:
Click to expand...
wtf, I guess dont do that.

buy ETH
 
massraider said:
Fed says 57 firms set to use 'FedNow' instant payments after late July launch
Click to expand...

Just had my first experience using two banks who have adopted Fednow - US Bank and Wells Fargo. I churned a bank account bonus with USBank and wanted to move it to my everyday account at Wells. When I initiated the transfer, it gave me the “new” option for the transfer to go through instantly (free) so I picked that. It’s Saturday at 5:25am and the transfer was instantaneous. I hope every bank gets on board.
 
McBokonon said:
massraider said:
Fed says 57 firms set to use 'FedNow' instant payments after late July launch
Click to expand...

Just had my first experience using two banks who have adopted Fednow - US Bank and Wells Fargo. I churned a bank account bonus with USBank and wanted to move it to my everyday account at Wells. When I initiated the transfer, it gave me the “new” option for the transfer to go through instantly (free) so I picked that. It’s Saturday at 5:25am and the transfer was instantaneous. I hope every bank gets on board.
Click to expand...

Will the limits on this be controlled by the fed or the sending/receiving institutions? Or both?

I just want to know ahead of time who is going to tell me this time that they won't let me move my own money because I've violated their arbitrary limits on number of transactions or amount moved in the last 48 hours or whatever they feel like.
 
jb1020 said:
urbanhack said:
jb1020 said:
My BTC from blockfi has officially hit my coin base wallet. Now how do I make back what I lost???? :oldunsure:

Still waiting on some ETH to hit, but boy is this a relief to at least have something back.

But for real, what are we buying now? :pickle:
Click to expand...
Was it from your interest account? I only got 25% of the value that was there. And I had been accruing chainlink for my interest and those greedy ****s kept all of it. Not happy with the way this whole thing played out. Oh well.
Click to expand...
Yeah, it was all in the interest account. I didn't get any of my Link back. I didn't have much of that at all.

Oh I'm still pissed, but I'm moving on. The timing of it all just seems sus. They sell off our coins when they're at the lowest they had been in years. Then we get just a fraction of it back.

I feel like I took some real risk (like all of us), but I had made some real headway in accruing BTC. I knew the risks of losing it in a dumb way and I felt like I took most all those precautions and did pretty well. Then in a blink of an eye it was just gone. Hate it.

Just trying to pick up and make it back now. I've been sitting on a few bags that are enough to get me back in the game. I really haven't even looked at this stuff since Nov 2022. If Matic, XLM, Link(I left on another site) and XRP can do well and hit their ATHs again I'll be sitting just fine for this next cycle.
Click to expand...

I've been accumulating XRP, HBAR and DOT.
 
FreeBaGeL said:
McBokonon said:
massraider said:
Fed says 57 firms set to use 'FedNow' instant payments after late July launch
Click to expand...

Just had my first experience using two banks who have adopted Fednow - US Bank and Wells Fargo. I churned a bank account bonus with USBank and wanted to move it to my everyday account at Wells. When I initiated the transfer, it gave me the “new” option for the transfer to go through instantly (free) so I picked that. It’s Saturday at 5:25am and the transfer was instantaneous. I hope every bank gets on board.
Click to expand...

Will the limits on this be controlled by the fed or the sending/receiving institutions? Or both?

I just want to know ahead of time who is going to tell me this time that they won't let me move my own money because I've violated their arbitrary limits on number of transactions or amount moved in the last 48 hours or whatever they feel like.
Click to expand...

Google tells me the default limit is $100,000 but banks can increase it to $500,000. I didn’t explore the criteria and I’m not a FedNow shill - just sharing some progress I encountered, as meaningless as it might be to some. :shrug:
 
SFBayDuck said:
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...
Just got notice that I'm getting a sizeable reimbursement from the latest tranche. Whew!
Click to expand...

It's legit? I got a spam email last week on this, looked pretty official but the email address was "ceo.dilemmaesports.com@dilemm90427812.clients.bmesend.com"
Click to expand...
Yes. They had asked for me case number and desired deposit method which was all 2FA'd by text.
 
When the power and water is off you know what gas station and grocery stores don't accept for gas, food, and water to live on? Yup...bitcoin. they wanted those greenbacks.
 
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