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Bitcoin-Explain to me how to buy these things

Sheriff Bart

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yak651

yak651 1,038

Posted
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4 hours ago, Rhythmdoctor said:

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 millionaires in the world.  If each millionaire wanted to obtain 1 full bitcoin, they cannot.  It is mathematically impossible.

Thanks for the info - I find it hard to believe Bitcoin would replace USD but I guess people probably thought precious metal coins would never be replaced.  I'm assuming you meant billionaires instead of millionaires?

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JerseyToughGuys

JerseyToughGuys 3,149

Posted
Posted
2 hours ago, yak651 said:

Thanks for the info - I find it hard to believe Bitcoin would replace USD but I guess people probably thought precious metal coins would never be replaced.  I'm assuming you meant billionaires instead of millionaires?

46 million millionaires 

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Rhythmdoctor

Rhythmdoctor 1,463

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Posted (edited)
3 hours ago, yak651 said:

Thanks for the info - I find it hard to believe Bitcoin would replace USD but I guess people probably thought precious metal coins would never be replaced.  I'm assuming you meant billionaires instead of millionaires?

I fixed my post. As JerseyToughGuys said, I meant 46 million, millionaires in the world. Only 21 million Bitcoin. Not even half of them could own a full one. 

Edited by Rhythmdoctor
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dipandglide

dipandglide 372

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On 11/17/2020 at 2:23 PM, yak651 said:

Thanks for the info - I find it hard to believe Bitcoin would replace USD but I guess people probably thought precious metal coins would never be replaced.  I'm assuming you meant billionaires instead of millionaires?

Every single fiat currency has gone to 0 since the beginning of time. 

The reality is inflation is coming and people are searching for assets that aren’t inflated. BTC market cap is 2% of golds. There is a lot of sky above as BTC continues to grow trust as a store of value.

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culdeus

culdeus 7,218

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On 11/16/2020 at 8:17 PM, 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 gotta admit I'm blown away with the moves up.    This on the surface makes no sense, crypto has completely fallen off the radar of the average bro, has long worn out it's use case as a currency, so what the hell is moving this?  

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JerseyToughGuys

JerseyToughGuys 3,149

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6 hours ago, culdeus said:

I gotta admit I'm blown away with the moves up.    This on the surface makes no sense, crypto has completely fallen off the radar of the average bro, has long worn out it's use case as a currency, so what the hell is moving this?  

Quiet groundswell and a confluence of issues.

Supply dropped (halving), demand is rising.

You have "institutions" like Grayscale Trust, Square, and Microstrategies buying a billion+ of dollars of BTC.

You have guys like Paul Tudor Jones and Stan Druckenmiller saying they are now allocating to BTC, even if it's just 1%, analysts at Citibank throwing out 300,000 price targets.

 Mania won't hit for awhile. 

Edited by JerseyToughGuys
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JerseyToughGuys

JerseyToughGuys 3,149

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I get a kick out of this Twitter follow:

https://twitter.com/MStratBTCValue/status/1329481979658645504?s=20

Quote

MicroStrategy's $425,000,000 (38,250BTC) #Bitcoin fund is now worth $687,008,250 +61.65% | Current BTC price: $17,961 Share price was $118.22, now $215.33 which is +82.14% since Bitcoin capital allocation strategy announcement on 08-Jul-20

dats a spicy meatballa!

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JerseyToughGuys

JerseyToughGuys 3,149

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On 8/11/2020 at 5:05 PM, 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. 

Seems to have worked.

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stbugs

stbugs 2,955

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1 hour ago, JerseyToughGuys said:

Seems to have worked.

It did, but my point was still about Microstrategy the company. If you want to buy Bitcoin and you are buying Microstrategy you are doing it wrong.

Also, there were a lot of companies calling themselves blockchain companies and their shares got bid up in the mania. Where are they now? Microstrategy bought Bitcoin at the right time but that doesn’t make them a good stock to buy.

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JerseyToughGuys

JerseyToughGuys 3,149

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5 minutes ago, stbugs said:

It did, but my point was still about Microstrategy the company. If you want to buy Bitcoin and you are buying Microstrategy you are doing it wrong.

Also, there were a lot of companies calling themselves blockchain companies and their shares got bid up in the mania. Where are they now? Microstrategy bought Bitcoin at the right time but that doesn’t make them a good stock to buy.

No argument there. 

 

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Rhythmdoctor

Rhythmdoctor 1,463

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3 hours ago, JerseyToughGuys said:

I get a kick out of this Twitter follow:

https://twitter.com/MStratBTCValue/status/1329481979658645504?s=20

dats a spicy meatballa!

I like this Twitter account too. Calculates the stimulus check value in BITCOIN. Basically the premise is a bunch of folks used their stimulus checks to but bitcoin (me!!). 
https://twitter.com/bitcoinstimulus/status/1328710848290951174?s=21

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Rhythmdoctor

Rhythmdoctor 1,463

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2 hours ago, stbugs said:

It did, but my point was still about Microstrategy the company. If you want to buy Bitcoin and you are buying Microstrategy you are doing it wrong.

Also, there were a lot of companies calling themselves blockchain companies and their shares got bid up in the mania. Where are they now? Microstrategy bought Bitcoin at the right time but that doesn’t make them a good stock to buy.

Agreed. You want bitcoin exposure? Buy actual bitcoin not a stock that bought btc!!

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Rhythmdoctor

Rhythmdoctor 1,463

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SO.... Is Bitcoin going to tap $20k this weekend or before Thanksgiving?  We shall see.  Exciting times!!  If not, I'm prepared to purchase a big chunk when it drops to $13k.  Hopefully it goes that low.  We may never see $12k Bitcoin again and I'm pretty darn confident we'll never see $10k Bitcoin again.  That train has SAILED, imo.  In summation, a drop to $12k would be a GIFT.  A drop to $13k is what I'm expecting and won't get greedy waiting for anything lower than $13k.

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JerseyToughGuys

JerseyToughGuys 3,149

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23 minutes ago, Rhythmdoctor said:

SO.... Is Bitcoin going to tap $20k this weekend or before Thanksgiving?  We shall see.  Exciting times!!  If not, I'm prepared to purchase a big chunk when it drops to $13k.  Hopefully it goes that low.  We may never see $12k Bitcoin again and I'm pretty darn confident we'll never see $10k Bitcoin again.  That train has SAILED, imo.  In summation, a drop to $12k would be a GIFT.  A drop to $13k is what I'm expecting and won't get greedy waiting for anything lower than $13k.

I think you are right about that drop, if history echoes. But I think it may come from a higher point and result in a higher low. In other words, 24 to 18. Something like that. I say this, because we've had, what, one day where it ripped 1K? The rest has been slow and steady. I am betting on a few face melting up days before that eventual back fill. 

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JerseyToughGuys

JerseyToughGuys 3,149

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Posted (edited)

in any event, two big things for the inevitable new comers:

1. You don't have to buy a whole BTC. You can buy 10 bucks worth if you are so inclined. You can also dollar cost average very easily these days.

2. Even though BTC has been kicking around for 10+ years now, many many people believe we are still "early." It's quantifiably early in the next 4 year cycle. 

Edited by JerseyToughGuys
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Rhythmdoctor

Rhythmdoctor 1,463

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51 minutes ago, JerseyToughGuys said:

I think you are right about that drop, if history echoes. But I think it may come from a higher point and result in a higher low. In other words, 24 to 18. Something like that. I say this, because we've had, what, one day where it ripped 1K? The rest has been slow and steady. I am betting on a few face melting up days before that eventual back fill. 

Did I really say “that TRAIN has sailed”?  🤦‍♂️

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JerseyToughGuys

JerseyToughGuys 3,149

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someone recently asked "why is it going up now"? This is part of the answer:

https://twitter.com/dan_pantera/status/1323345484833050635

Others buying up supply: Grayscale Bitcoin Trust and, you would assume, Paypal (since it's going to have to buy up a treasury to roll out its BTC plan). 

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Rhythmdoctor

Rhythmdoctor 1,463

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20 minutes ago, JerseyToughGuys said:

someone recently asked "why is it going up now"? This is part of the answer:

https://twitter.com/dan_pantera/status/1323345484833050635

Others buying up supply: Grayscale Bitcoin Trust and, you would assume, Paypal (since it's going to have to buy up a treasury to roll out its BTC plan). 

Grayscale alone is buying 10x the amount that is being mined per day.  Just wait until there are 10 companies like Grayscale. 

I wonder if @Capella will ever apologize for all his ridicule and shaming once Bitcoin is trading definitively over $20k?  Because when I look back at all his posts, it's nothing but laugh emojis, ridicule and acting like a know-it-all about Bitcoin being a garbage investment yet his view on Bitcoin is proving to be wrong.  Why can't we all be happy for each other instead of hoping for failure? Be excellent.

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JerseyToughGuys

JerseyToughGuys 3,149

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11 minutes ago, Rhythmdoctor said:

Grayscale alone is buying 10x the amount that is being mined per day.  Just wait until there are 10 companies like Grayscale. 

I wonder if @Capella will ever apologize for all his ridicule and shaming once Bitcoin is trading definitively over $20k?  Because when I look back at all his posts, it's nothing but laugh emojis, ridicule and acting like a know-it-all about Bitcoin being a garbage investment yet his view on Bitcoin is proving to be wrong.  Why can't we all be happy for each other instead of hoping for failure? Be excellent.

Let go of the past imo. Plenty of people did this. A few will continue to do so. Such is life.

The world needs Peter Schiffs too. 

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Capella

Capella 29,442

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Posted (edited)
17 minutes ago, Rhythmdoctor said:

Grayscale alone is buying 10x the amount that is being mined per day.  Just wait until there are 10 companies like Grayscale. 

I wonder if @Capella will ever apologize for all his ridicule and shaming once Bitcoin is trading definitively over $20k?  Because when I look back at all his posts, it's nothing but laugh emojis, ridicule and acting like a know-it-all about Bitcoin being a garbage investment yet his view on Bitcoin is proving to be wrong.  Why can't we all be happy for each other instead of hoping for failure? Be excellent.

Apologize? Lol no bro I don’t owe anybody an apology for my opinion. I hope it makes money for you long-term, and yes, I still extremely doubt it’s worth. 
 

Also, you pumped it for years with no success. Don’t take a victory lap for something that happened literally years after you said it would. That’s not how it works. 

Edited by Capella
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Brunell4MVP

Brunell4MVP 835

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Posted (edited)
On 11/23/2020 at 2:52 PM, Capella said:

Also, you pumped it for years with no success. Don’t take a victory lap for something that happened literally years after you said it would. That’s not how it works. 

This.  Look I own little BTC and quite a bit of ETH.   But the backers of crypto say 'it's gonna go up' and it sits flat, then almost by default it goes up over time.  Suddenly they claim they were right.  Um no, like anything if you hold it long enough it's likely to go up.  Hey, BTC is gonna be worth $50k.  Well yes, that very likely unless it implodes. 

I'm still not sold on the usefullness of crypto as anything but an inflation hedge.  At some point is needs to become usable.  But less (not more) companies are willing to accept BTC as a payment method a year later.  BTC can process almost no transactions per minute compared to VISA.  The system is too slow.  And while they are trying to make it faster, it will still be slow.  ETH has the same issue, even when 2.0 finally comes around.    It' can't sit there like precious metals.  It needs to actually be a payment method.  In no way, shape or form is it ... YET.

 

 

Edited by Brunell4MVP
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hooter311

hooter311 2,622

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Buy the dip.

With billions riding in the crypto futures markets this time around, these sort of pullbacks are healthly and help clear out leveraged money.  Also squeezed out a lot of stop losses.

The bitcoin supply crisis is looming.  The force of paypal and square alone are selling more coins on a daily basis then what are being mined. 

Expecting the price to consolidate between 17k-19k for maybe 10-14 days before making a run at the all time high.  Once we bust 20k this thing is going to take off with FOMO.

 

We have a good 5 months+ of this bull market run.

 

Target price by april- 63k

Still think we could hit it by end of the year.

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Rhythmdoctor

Rhythmdoctor 1,463

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3 hours ago, hooter311 said:

Buy the dip.

With billions riding in the crypto futures markets this time around, these sort of pullbacks are healthly and help clear out leveraged money.  Also squeezed out a lot of stop losses.

The bitcoin supply crisis is looming.  The force of paypal and square alone are selling more coins on a daily basis then what are being mined. 

Expecting the price to consolidate between 17k-19k for maybe 10-14 days before making a run at the all time high.  Once we bust 20k this thing is going to take off with FOMO.

 

We have a good 5 months+ of this bull market run.

 

Target price by april- 63k

Still think we could hit it by end of the year.

I agree with most of what you said although I think the pull back will be a little deeper. We should touch the 20 week moving average during this dip which, depending on time, I project will hit around 13 K. But aside from the price range we consolidate within, I pretty much agree with everything else you said. Thanks for your input.

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hooter311

hooter311 2,622

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1 hour ago, leftcoastguy7 said:

Can anyone recommend an e-wallet provider?

Somewhere where I can easily deposit/withdraw? I want to start giving some of my money to online sportsbooks. 

I wouldnt make a habit of sending from an exchange to a sportsbook.  The exchange will be looking to shut you down.

 

I use a third party anonymous wallet as a go between.

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leftcoastguy7

leftcoastguy7 406

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1 hour ago, hooter311 said:

I wouldnt make a habit of sending from an exchange to a sportsbook.  The exchange will be looking to shut you down.

 

I use a third party anonymous wallet as a go between.

Could you help with some advice as to the steps I should take? I don't know #### about BitCoin. I don't want to invest or harvest or anything. I just want to buy bitcoin to fund my degenerate gambling activities. Can you buy Bitcoin with a credit card? Or checking account draw?

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Dan Lambskin

Dan Lambskin 13,612

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Posted
1 hour ago, leftcoastguy7 said:

Could you help with some advice as to the steps I should take? I don't know #### about BitCoin. I don't want to invest or harvest or anything. I just want to buy bitcoin to fund my degenerate gambling activities. Can you buy Bitcoin with a credit card? Or checking account draw?

Buy from an exchange (Coinbase, for example), then transfer to a wallet (blockchain, for example). Then transfer to sportsbook 

those are the ones I use, there may be better options for each 

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hooter311

hooter311 2,622

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15 hours ago, Dan Lambskin said:

Buy from an exchange (Coinbase, for example), then transfer to a wallet (blockchain, for example). Then transfer to sportsbook 

those are the ones I use, there may be better options for each 

This is exactly the path I've seen work in the past.

 

Buy at coinbase and then transferred to an anonymous wallet from blockchain.info and then to and from sportsbooks from there.

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