Jump to content
Fantasy Football - Footballguys Forums

Bitcoin-Explain to me how to buy these things


Recommended Posts

1 hour ago, ren hoek said:

It certainly could have influenced my thinking on it.  I think I've been pretty open about my regret with selling when I did.  It was regret that drove me to figure out why the fork happened and general lack of understanding in the first place.  I wish I'd listened to your post about how they'd settled disagreement over the fork and were moving forward with it before I sold that night.  

That being said, I didn't really understand at the time how Blockstream/Core have essentially crippled bitcoin out of scaling and adoption.  Look at Steam's withdrawal from acceptance of bitcoin as payment.  The opposite of adoption is happening.  That is a terrible longterm trend.  And given AXA's funding of Blockstream, there are serious banking industry titans behind the decision to keep the blocksize small and put this lightning network vaporware on the roadmap.  It's like holding MySpace or Blockbuster stock with Facebook and Netflix around the corner.  

Look at one of the Core developers explaining how a small business like a restaurant might actually make use of Bitcoin as a currency: https://www.youtube.com/watch?v=BGfPEZRkn6o

These people don't have a clue.  I don't believe in btc anymore and I'm looking forward to when the market inevitably moves to better alternatives.  

I agree with a lot of what you said regarding the crippling of BTC for transactions.  I also sold some back around $4,400 to get out my initial money "invested" but kept the rest to free roll with.  So i understand having sellers remorse.

The truth is i'm kind of indifferent on how it's going to work out.  I was very close to selling my remaining coins when it hit 10k, but thankfully got cold feet.

No matter how it works out the whole thing has been exciting.

Link to comment
Share on other sites

10 minutes ago, Politician Spock said:

From another article but I thought people in here said this couldn't happen?

Quote

Zane Tackett, Director of Community & Product Development for Bitfinex, told Reuters on Wednesday that 119,756 bitcoin had been stolen from users' accounts and that the exchange had not yet decided how to address customer losses.

"The bitcoin was stolen from users' segregated wallets," he said.

Edited by Capella
Link to comment
Share on other sites

9 minutes ago, Nathan R. Jessep said:

which reminds me I asked this yesterday.... anyone?

I use Ledger, but I've read good things about Trezor.  I can't speak to Trezor's software but the Ledger bitcoin/ethereum clients are very nice and clean on pc.  Might consider looking at which alts are supported on each wallet too.  

https://www.ledgerwallet.com/products/ledger-nano-s

  • Like 1
Link to comment
Share on other sites

3 minutes ago, ren hoek said:

I use Ledger, but I've read good things about Trezor.  I can't speak to Trezor's software but the Ledger bitcoin/ethereum clients are very nice and clean on pc.  Might consider looking at which alts are supported on each wallet too.  

https://www.ledgerwallet.com/products/ledger-nano-s

Ledger supports more coins than Trezor.  If someone carries a bunch of different coins it's probably the better option.

The Trezor T (2nd generation) is coming out early next year and that is supposed to support more coins than version 1.

Link to comment
Share on other sites

1 minute ago, Politician Spock said:

This Bitcoin craze reminds me of the Pokemon craze last year. Thousands of people chasing after Vaporeans in Central Park that were just an augmented reality. 

People love to do the latest craziest things with their smartphones, but then move on weeks later. 

Capella is selling some of his crypto kitties if you're more into the Pokemon thing.

  • Like 2
Link to comment
Share on other sites

5 hours ago, fantasycurse42 said:

If you're directing this at me, sorry to break it to you, but I have a pretty healthy understanding if that hasn't come across. The technology that underpins Bitcoin is here to stay, however, Bitcoin is being priced like they've already won the race, hint; they haven't.

Good read for you; Memoirs of Extraordinary Popular Delusions and the Madness of Crowds - I read this one a little while back, I'd give it a go. Bitcoin investors are in a euphoric state right now. 

Another interesting theory someone I know brought up to me a few days ago that I'm starting to think holds water:

Wall Street is running it up right now, when leveraged with futures, they'll dump their coins, crash it, and bank. Bitcoin investors are playing games with the people who eat their breakfasts. Furthermore, they're kinda incentivized to kill it. Interesting theory.

it was directed more at a group than at you.  there are plenty of people who share your sentiments, I don't mean to single you out.  understanding the tech is about 1/10th of understanding the true value of crypto.

that sounds like a really interesting book to read, but it won't help you make good investments or spot bubbles.  when people think about bubbles, they always talk in broad generalities: "oh, look at that price chart.  it's increased so much over such a short time period," "my mom called me asking about this today, surely a decline is on the horizon," "we've reached the mania phase according to this internet jpg image I found"

of course that's all nonsense.  every weekend warrior investor thinks they can identify broad financial trends based on vague platitudes and rules of thumb.  take The Big Short, since so much of the 'bubble identification handbook' seems to be taken from that scene where Michael Burry talks about the markers of bubbles (mania, increasing rates of fraud, greed).  those are all necessary themes in any bubble, but their presence doesn't necessitate a bubble.  recall that there is also a scene in which he pours over the prospectuses of every mortgage bond he can get his hands on, intricately understanding the financials of the underlying assets, quantitatively discerning what they're actually worth.  that is how you identify the worth of an asset and that is how you identify a bubble.  the rest is largely nonsense that you can read in any Gladwell book.

  • Like 1
Link to comment
Share on other sites

5 minutes ago, Peyton Marino said:

it was directed more at a group than at you.  there are plenty of people who share your sentiments, I don't mean to single you out.  understanding the tech is about 1/10th of understanding the true value of crypto.

that sounds like a really interesting book to read, but it won't help you make good investments or spot bubbles.  when people think about bubbles, they always talk in broad generalities: "oh, look at that price chart.  it's increased so much over such a short time period," "my mom called me asking about this today, surely a decline is on the horizon," "we've reached the mania phase according to this internet jpg image I found"

of course that's all nonsense.  every weekend warrior investor thinks they can identify broad financial trends based on vague platitudes and rules of thumb.  take The Big Short, since so much of the 'bubble identification handbook' seems to be taken from that scene where Michael Burry talks about the markers of bubbles (mania, increasing rates of fraud, greed).  those are all necessary themes in any bubble, but their presence doesn't necessitate a bubble.  recall that there is also a scene in which he pours over the prospectuses of every mortgage bond he can get his hands on, intricately understanding the financials of the underlying assets, quantitatively discerning what they're actually worth.  that is how you identify the worth of an asset and that is how you identify a bubble.  the rest is largely nonsense that you can read in any Gladwell book.

Bitcoin is very unique compared to other assets. That much is true. But that uniqueness is also a major reason for the unsustainable hype. Take for example my 15 year old son. He wants to buy in. He has $100. That would get him 0.006032 of one bitcoin. So he decides to do it. But when he goes to buy it, he can only get 0.006001 of a one bitcoin. Is a  a 15 year old going to know that between the time he decided to buy and the time he went to buy the price went up 0.5%? Even if he did, would he care? What about your 60 year old mom? Would she know? Would she care? No. They just know they're spending $100 to get some bitcoin. They really don't comprehend how much they're getting. Thus people are spending 2%, 3%, 5%, even 10% more for the bitcoin by the time they buy than when they decided to buy. When investors don't care about those extreme price changes when they are purchasing, and simple just purchase anyway, you get what Bitcoin is doing. The only way this is sustainable is for that behavior to continue. Which it will for a while... but then eventually it won't. 

Link to comment
Share on other sites

1 hour ago, Politician Spock said:

Bitcoin is very unique compared to other assets. That much is true. But that uniqueness is also a major reason for the unsustainable hype. Take for example my 15 year old son. He wants to buy in. He has $100. That would get him 0.006032 of one bitcoin. So he decides to do it. But when he goes to buy it, he can only get 0.006001 of a one bitcoin. Is a  a 15 year old going to know that between the time he decided to buy and the time he went to buy the price went up 0.5%? Even if he did, would he care? What about your 60 year old mom? Would she know? Would she care? No. They just know they're spending $100 to get some bitcoin. They really don't comprehend how much they're getting. Thus people are spending 2%, 3%, 5%, even 10% more for the bitcoin by the time they buy than when they decided to buy. When investors don't care about those extreme price changes when they are purchasing, and simple just purchase anyway, you get what Bitcoin is doing. The only way this is sustainable is for that behavior to continue. Which it will for a while... but then eventually it won't. 

we are in the infancy of adoption here.  dumb and smart money alike has barely begun to dip their respective toes into the water.

on top of that, your hypothesis presupposes bitcoin has no intrinsic value, and that its price is merely propped up by buyers.  that is false.

the volatility will naturally decrease over time as market cap, liquidity and adoption increase.

Link to comment
Share on other sites

1 hour ago, Politician Spock said:

Bitcoin is very unique compared to other assets. That much is true. But that uniqueness is also a major reason for the unsustainable hype. Take for example my 15 year old son. He wants to buy in. He has $100. That would get him 0.006032 of one bitcoin. So he decides to do it. But when he goes to buy it, he can only get 0.006001 of a one bitcoin. Is a  a 15 year old going to know that between the time he decided to buy and the time he went to buy the price went up 0.5%? Even if he did, would he care? What about your 60 year old mom? Would she know? Would she care? No. They just know they're spending $100 to get some bitcoin. They really don't comprehend how much they're getting. Thus people are spending 2%, 3%, 5%, even 10% more for the bitcoin by the time they buy than when they decided to buy. When investors don't care about those extreme price changes when they are purchasing, and simple just purchase anyway, you get what Bitcoin is doing. The only way this is sustainable is for that behavior to continue. Which it will for a while... but then eventually it won't. 

This isnt unique to bitcoin.  

Link to comment
Share on other sites

31 minutes ago, Peyton Marino said:

we are in the infancy of adoption here.  dumb and smart money alike has barely begun to dip their respective toes into the water.

on top of that, your hypothesis presupposes bitcoin has no intrinsic value, and that its price is merely propped up by buyers.  that is false.

the volatility will naturally decrease over time as market cap, liquidity and adoption increase.

It doesn't.

No fiat currency does. That's what makes them fiat currencies. 

Link to comment
Share on other sites

52 minutes ago, onionsack said:

This video is two and half years old, but still very interesting and informative. "The most important invention at least since the internet." Time's Person of the Year should have been ‎Satoshi Nakamoto.

You want Time to give the award to an alias?

Link to comment
Share on other sites

16 hours ago, eoMMan said:

You want Time to give the award to an alias?

"a person, a group, an idea, or an object that "for better or for worse... has done the most to influence the events of the year". Satoshi Nakamoto, whoever he/she/it/they is, is a no-brainer, and the failure to select "him" is going to look ever more ludicrous as time goes by.

Link to comment
Share on other sites

Just now, onionsack said:

"a person, a group, an idea, or an object that "for better or for worse... has done the most to influence the events of the year". Satoshi Nakamoto, whoever he/she/it/they is, is a no-brainer, and the failure to select "him" is going to look ever more ludicrous as time goes by.

:coffee:

Link to comment
Share on other sites

31 minutes ago, onionsack said:

"a person, a group, an idea, or an object that "for better or for worse... has done the most to influence the events of the year". Satoshi Nakamoto, whoever he/she/it/they is, is a no-brainer, and the failure to select "him" is going to look ever more ludicrous as time goes by.

Meh. I could see a case for him when it was started but why now? Because more people are getting on board?

Honestly, by the description above, I would say Trump...for better or worse...should have been the pick.

Back on topic...

Link to comment
Share on other sites

5 minutes ago, chet said:

I've lightened up a little--sold a BTC (wish I had more :doh: ) and bought some ETH.  ETH is less than 2.5% of BTC now and was over 10% in the summer.

probably a good swap, but with all the attention on BTC i think it has more legs short term.  eventually money will probably swap back into ETH soon though.

One thing i've read about ETH is that they don't have a cap on how many coins they can issue.  Hopefully they don't inflate the hell out of it.

  • Like 1
Link to comment
Share on other sites

Looking at my Coinbase history, I bought a little over 20 bitcoins last August to September when the price was between $577 and $716. I got out after a modest profit. Most normal people would be suicidal right now if they knew they'd be sitting on over $300,000 if they simply did nothing at all, but the truth is I would have bailed completely as soon as the initial investment doubled, so there's no use crying about it. Also, I would have lost the whole $300K betting on football anyway.

  • Like 12
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    No registered users viewing this page.

×
  • Create New...