Bitcoin-Explain to me how to buy these things

[Alex P Keaton]

11 hours ago, FreeBaGeL said:

The much more obvious reason is that he doesn't care personally but faced Tesla as a company faced pressure in the face of their sustainability claims.  I doubt there was anything nefarious about it.  If Musk wanted to make a fortune while ticking everyone else off he would just sell a bunch of TSLA shares.

Bad sustainability optics for a sustainability company.  I doubt they foresaw people caring as much about the sustainability issues of BTC when they bought it.

Hmm.  Maybe.

IMO an equally likely explanation is that Tesla needs to stop accepting payment in Bitcoin because it essentially would expose them to massive “currency risk.”   It really isn’t rational for Tesla to be forced to hedge the risk of Bitcoin dropping in value.  If I was on the Tesla board, THAT would be my reason to push Elon on this issue.

[FreeBaGeL]

19 minutes ago, Alex P Keaton said:

Hmm.  Maybe.

IMO an equally likely explanation is that Tesla needs to stop accepting payment in Bitcoin because it essentially would expose them to massive “currency risk.”   It really isn’t rational for Tesla to be forced to hedge the risk of Bitcoin dropping in value.  If I was on the Tesla board, THAT would be my reason to push Elon on this issue.

Can't they just sell it as soon as they receive it?

ETA: Like everyone else in the world is right now, apparently.

Edited May 19 by FreeBaGeL

[Alex P Keaton]

6 hours ago, FreeBaGeL said:

Can't they just sell it as soon as they receive it?

ETA: Like everyone else in the world is right now, apparently.

Sure.  But I don’t really know the cash flow / timing of Tesla payments.   It still adds complexity and extra work into their business model.  And some risk.   Again, it wouldn’t shock me if the board had concerns about this.  Could easily be wrong though.

[CR69]

7 hours ago, FreeBaGeL said:

Can't they just sell it as soon as they receive it?

ETA: Like everyone else in the world is right now, apparently.

Yes, most merchants that accept bitcoin have it immediately converted to dollars or whatever currency by the processing service they use. 

[CR69]

I didn't think we'd see bitcoin back under $40k though. This is going to be interesting...

[jb1020]

Most of the guys I get my news from are remaining calm, and act like they expected this.  I'm remaining calm.  But holy hell, half of my portfolio has disappeared in the last 3 hours.  

Might do some real work this morning.  

[Captain Cranks]

I can't stop buying.  ADA, ETH, SOL, BNB, ATOM, VET.  What a sale.  

[guru_007]

this is crazy, all selling.  ETH under 2200 and no bottom in sight for it or BTC.  Not sure if this is a great buying opportunity or the end is nigh, tbh.

[Capella]

Yea I’m buying here #### this. 

[beef]

5 minutes ago, Captain Cranks said:

I can't stop buying.  ADA, ETH, SOL, BNB, ATOM, VET.  What a sale.  

Do you use Robinhood?  

Again, I stalled on linking my bank to it and sitting here ready to buy but no funds in RH to play with.

[Captain Cranks]

4 minutes ago, guru_007 said:

this is crazy, all selling.  ETH under 2200 and no bottom in sight for it or BTC.  Not sure if this is a great buying opportunity or the end is nigh, tbh.

Short term?  Who knows.  Long term, absolutely a great opportunity to buy for a diversified portfolio.  

[beef]

Hey Paypal, add more cryptos!

[Captain Cranks]

Just now, beef said:

Do you use Robinhood?  

Again, I stalled on linking my bank to it and sitting here ready to buy but no funds in RH to play with.

Nah.  Binance.US, Kraken, and Kucoin.

[guru_007]

BTC showing some support at $30K, but ffs, this thing is going to broach it and hit mid20's

[amnesiac]

Coinbase down?

[eoMMan]

Crazy sales going on right now....

Time to take on a second mortgage or sell some kids, imo.

[Captain Cranks]

Just now, guru_007 said:

BTC showing some support at $30K, but ffs, this thing is going to broach it and hit mid20's

It should have decent support here.  I'd be surprised if it breaks right into the 20s.  

[Capella]

Coinbase is down 

 

“don’t worry your money is secure”

 

uhhhh...I didn’t ask  

[guru_007]

Yeah, I think I'm going to dip my toes in ETH 2K and BTC 30K or thereabouts.  Don't tell my wife

[amnesiac]

Just now, Capella said:

Coinbase is down 

 

“don’t worry your money is secure”

 

uhhhh...I didn’t ask  

hey, there's a big sale going on, but we're gonna go ahead and lock our doors.

[Captain Cranks]

Just now, Capella said:

Coinbase is down 

 

“don’t worry your money is secure”

 

uhhhh...I didn’t ask  

Kraken crapped the bed on me.  Binance and Kucoin have been stable though.

[stbugs]

1 minute ago, jb1020 said:

Most of the guys I get my news from are remaining calm, and act like they expected this.  I'm remaining calm.  But holy hell, half of my portfolio has disappeared in the last 3 hours.  

Might do some real work this morning.  

I had a feeling it would end (recent run up) badly when every other post was “what’s the next one to double” or “oh, it will be double or triple by the end of the year guaranteed.” That’s when you know you are in danger territory. I think so many people have jumped into GME, AMC and crypto over the past year plus assuming it’s all easy money and not having much experience pre-2020 crash.

[beef]

Paypal on the ball and stable as always.  Boring you only have 4 options though... 

[stbugs]

3 minutes ago, guru_007 said:

Yeah, I think I'm going to dip my toes in ETH 2K and BTC 30K or thereabouts.  Don't tell my wife

ETH was at this level only a month ago. It may feel on sale, but based on “growth” stocks getting hammered, be careful assuming it’s so cheap because of the high. ETH is still triple what it was at the start of 2021.

[brun]

13 minutes ago, amnesiac said:

Coinbase down?

Just noticed that Coinbase seems to be the most commonly suggested platform for those starting to dabble in crypto and the most likely to crash when there are huge events.

[PinkydaPimp]

Ive been taking profit along the way.  going to push that right back in. im in long term though so im not concerned about going lower. 

[PinkydaPimp]

1 minute ago, brun said:

Just noticed that Coinbase seems to be the most commonly suggested platform for those starting to dabble in crypto and the most likely to crash when there are huge events.

correct.  they are like robinhood they shut down when things like this happen.

[amnesiac]

1 minute ago, brun said:

Just noticed that Coinbase seems to be the most commonly suggested platform for those starting to dabble in crypto and the most likely to crash when there are huge events.

seems that way.  i wasn't too worried about how fancy the platform is because i'm planning on holding long term, but buying the dips seems more difficult on Coinbase.

[ericttspikes]

Does this mean crypto isn't a hedge for inflation, or inflation worries overstated, or something else? I find it all super interesting. Even if it's just people cashing out on a massive run, I have to think that money goes somewhere, right?

[fruity pebbles]

Coin base down

[brun]

If I had the $$ to spare I could lower my basis if I bought btc right now. Unfortunately I don't, so I'm not liking this.

[amnesiac]

so, i guess i'm going to be moving.  

 

binance?

[Chaos Commish]

24 minutes ago, jb1020 said:

Most of the guys I get my news from are remaining calm, and act like they expected this.  I'm remaining calm.  But holy hell, half of my portfolio has disappeared in the last 3 hours.  

Might do some real work this morning.  

When i bought ada at 1.94 it was usdt/ada. When btc went under 50, i went 50% stable. When it cracked 45, 90%. just held eth, congestion and stupid gas. use your stable coins people. every vlogger dude i watch emphasizes this. crypto is friggin volatile.

what a bloodbath, and how sweet the stable coins.

[Captain Cranks]

11 minutes ago, stbugs said:

ETH was at this level only a month ago. It may feel on sale, but based on “growth” stocks getting hammered, be careful assuming it’s so cheap because of the high. ETH is still triple what it was at the start of 2021.

In the short term, that's a prudent way to look at it.  If you have a longer term view, and have conviction in what these things could be, then buying at 50% from highs vs. 70% from highs becomes less important.

[Captain Cranks]

3 minutes ago, amnesiac said:

so, i guess i'm going to be moving.  

 

binance?

Binance.US would be my vote.  As I mentioned in this thread, setup is easy, funding is easy, trading fees are super low.  My only complaint is it doesn't have DOT.  

[The Ref]

I think we just about at the “never again” point.   
 

32K is a major support point for BTC.  It’s scary but if you bought into BTC becuase you think it’s here to stay no would make an excellent entry point.

 

 

[amnesiac]

3 minutes ago, Captain Cranks said:

Binance.US would be my vote.  As I mentioned in this thread, setup is easy, funding is easy, trading fees are super low.  My only complaint is it doesn't have DOT.  

any advice on how to transfer?

also, if i'm holding, do i need a wallet or is it ok just to leave everything in the account?

thanks.

[Chaos Commish]

1 hour ago, Captain Cranks said:

In the short term, that's a prudent way to look at it.  If you have a longer term view, and have conviction in what these things could be, then buying at 50% from highs vs. 70% from highs becomes less important.

I am all in. I agree a new digital economy is having birth pains, but long term this is world changing disruptive technology. hodl hodl hodl. 

1 hour ago, Captain Cranks said:

Binance.US would be my vote.  As I mentioned in this thread, setup is easy, funding is easy, trading fees are super low.  My only complaint is it doesn't have DOT.  

@DA RAIDERSI hope you waited, bro.

I liked that recommendation. Connect their trust wallet and maybe atomic wallet, and i think all is good to go. I also use math wallet and free wallet, and the exchange itself not so much. but for that initial fiat to crypto purchase, Binance.US seems to have the best entry.

Edited May 19 by Chaos Commish

[jb1020]

3 minutes ago, Chaos Commish said:

When i bought ada at 1.94 it was usdt/ada. When btc went under 50, i went 50% stable. When it cracked 45, 90%. just held eth, congestion and stupid gas. use your stable coins people. every vlogger dude i watch emphasizes this. crypto is friggin volatile.

what a bloodbath, and how sweet the stable coins.

But what if BTC went from 50k to 75k?  Hindsight is great and all, but no one has a crystal ball here.  If they do please share.  

This will recover and hopefully prolong this bull run.  

[stbugs]

10 minutes ago, ericttspikes said:

Does this mean crypto isn't a hedge for inflation, or inflation worries overstated, or something else? I find it all super interesting. Even if it's just people cashing out on a massive run, I have to think that money goes somewhere, right?

It’s not. The money depends, someone in here posted how much leverage was going on at some exchanges so might not be as much money to go elsewhere. Those market caps just exploded, it wasn’t like they started with that much cash.

[Chaos Commish]

Just now, jb1020 said:

But what if BTC went from 50k to 75k?  Hindsight is great and all, but no one has a crystal ball here.  If they do please share.  

This will recover and hopefully prolong this bull run.  

it seemed the fud had momentum.  no crystal ball here. i never hit a high or low in my life, but hitting it part way down and part way up when we're seeing candlesticks is pretty common transaction strategy. network fees are an issue, but not worth risking. i make very few transactions compared to day traders, but i follow a several TA guys and their chart watching.

[Captain Cranks]

2 minutes ago, amnesiac said:

any advice on how to transfer?

also, if i'm holding, do i need a wallet or is it ok just to leave everything in the account?

thanks.

I personally leave my holdings on the exchange.  I think it's safe and don't trust myself with the custody.  I know others feel differently, so it's really what you feel comfortable with.  

Once your account is set up, you can transfer your current holdings into your binance wallet, or quickly do an ACH transfer of USD from your bank account.  

[stbugs]

1 minute ago, Chaos Commish said:

I am all in. I agree a new digital economy is having birth pains, but long term this is world changing disruptive technology. hodl hodl hodl. 

I’ll be honest with you. I’m good on the tech but if Facebook can relatively easily build their own coin and blockchain (as can anyone, look at all the new ones), why are the coins worth much? Why is the heart of Visa’s network not an investable coin? That’s always been one of the weird things for me. I get the transactions and the fees for transactions to cover the exchange costs and miners needed to handle the transaction but that in between “coin” always felt weird as an investment. China is building it’s own digital currency, probably on blockchain tech (I think we are too) so having them outlaw crypto for all financial institutions doesn’t seem like a veiled threat. Maybe ETH and/or BTC survive or maybe something else entirely, Google wasn’t close to the first search engine.

Interesting times.

[ericttspikes]

1 minute ago, stbugs said:

It’s not. The money depends, someone in here posted how much leverage was going on at some exchanges so might not be as much money to go elsewhere. Those market caps just exploded, it wasn’t like they started with that much cash.

So, I'm learning here. Are you saying those crypto market caps aren't based on inflows or that the market caps represent a high percentage of borrowed money? I assume in either case those cashing out have a pile of money to do something with; whether to pay a percentage back on borrowed money and/or invest in something else. If it's invest in something else the "where" is the million dollar question. Still not seeing yields all that compelling, but suppose if you have a ton of money that works for some. My sense is crypto people like the rush and wouldn't be content to sit on cash or low yields.

[urbanhack]

Blockfi down as well.

https://twitter.com/APompliano/status/1395013488590921729?s=20

[stbugs]

1 minute ago, ericttspikes said:

So, I'm learning here. Are you saying those crypto market caps aren't based on inflows or that the market caps represent a high percentage of borrowed money? I assume in either case those cashing out have a pile of money to do something with; whether to pay a percentage back on borrowed money and/or invest in something else. If it's invest in something else the "where" is the million dollar question. Still not seeing yields all that compelling, but suppose if you have a ton of money that works for some. My sense is crypto people like the rush and wouldn't be content to sit on cash or low yields.

I’m just parroting what some folks mentioned about Binance, I think, where you had people almost like in a 3x ETF where if things go well, it pops even more but things go south and people have to sell. Kind of like the short squeeze stocks we hear about a lot. That said, I’m not crypto expert, just felt like stock market crashes where they say when your taxi driver is giving you stock tips, that’s a bad sign. Same here, everyone and their mother is telling you which crypto will double next. Feels like things went too high too fast.

[Charlie Harper]

27 minutes ago, stbugs said:

I’ll be honest with you. I’m good on the tech but if Facebook can relatively easily build their own coin and blockchain (as can anyone, look at all the new ones), why are the coins worth much? Why is the heart of Visa’s network not an investable coin? That’s always been one of the weird things for me. I get the transactions and the fees for transactions to cover the exchange costs and miners needed to handle the transaction but that in between “coin” always felt weird as an investment. China is building it’s own digital currency, probably on blockchain tech (I think we are too) so having them outlaw crypto for all financial institutions doesn’t seem like a veiled threat. Maybe ETH and/or BTC survive or maybe something else entirely, Google wasn’t close to the first search engine.

Interesting times.

Anyone can build blockchain, but the trick is getting people to commit their hardware, electricity, and time to the blockchain.

If China builds it's own blockchain and it runs all on government computers it really is no different than Visas network. 

BTC, ETH, and the other coins run on millions of people's computers. The decentralization is what is the true secret sauce of crypto. Everything else piggybacks from there.

[FBG26]

10 minutes ago, Charlie Harper said:

Anyone can build blockchain, but the trick is getting people to commit their hardware, electricity, and time to the blockchain.

If China builds it's own blockchain and it runs all on government computers it really is no different than Visas network. 

BTC, ETH, and the other coins run on millions of people's computers. The decentralization is what is the true secret sauce of crypto. Everything else piggybacks from there.

In theory, the blockchains are decentralized. In practice, a relatively small number of massive sever farms do most of the mining. Link

Quote

But recent work by Sirer and colleagues shows that neither Bitcoin nor Ethereum is as decentralized as you might think. They found that the top four bitcoin-mining operations had more than 53 percent of the system’s average mining capacity per week. By the same measure, three Ethereum miners accounted for 61 percent.

 

[jb1020]

Bepro at a massive discount right now.  .0045 now.  This one was my moon shot.  Lots of good info and backing for when it goes live.  

It had hit .046 not too long ago.  

[stbugs]

7 minutes ago, Charlie Harper said:

Anyone can build blockchain, but the trick is getting people to commit their hardware, electricity, and time to the blockchain.

If China builds it's own blockchain and it runs all on government computers it really is no different than Visas network. 

BTC, ETH, and the other coins run on millions of people's computers. The decentralization is what is the true secret sauce of crypto. Everything else piggybacks from there.

Let’s be honest, NFTs are the first thing that’s really been used on any network outside of pure speculative investing. China runs China. If they say boo, that’s what happens over there. That’s a big risk  India has talked about the same types of bans.

I’ve always liked the tech, but I always was and still am skeptical about the coins being investments.

The while hardware thing isn’t that big of a deal IMHO. I’m not sure why having stuff running on people’s computers is meaningful. FB serves how many people? Amazon as well. I also don’t think it’s much of a stretch to say that there are some huge competitors. In cases without huge moats (like Apple owning the iPhone or FB) first mover advantage sometimes doesn’t matter. Just because BTC was first doesn’t mean they’ll win.

Anyway, don’t want to sound negative because I think the tech is very interesting but I’ve always felt weird about investing in the coin that could just be useful in the transactions.