The issue with crypto has and will always be the 'crypto' part, once you have 'sent it' it is much like putting cash in an envelope and sending it in the mail, it's gone and all you can do is hope you addressed it right and the guy you are sending it to is telling you the truth, the irony is the part that gets shouted out as a feature, that you can send a million or a billion dollars across the world in a second without paying any fees is actually it's weakness, the speed and the lack of fees means no control, no insurance, and no way to get it back if you screw up or the guy is lying to you, possibly useful to third world grocery stores sending money back to the Philippines and shady merchants that look on rapid gains and losses in valuation as just the cost of laundering the money but utterly useless to me as I'm trying to get 30 or 40 grand back to the UK to help my dad buy out his freehold
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Well yeah, it's ripe for scamming, but think of the massive gains you could have made.
Any money you put into a TSX index this time last year would have made you a measly 33%.
You put that money into bitcoin and you could be down 2%.
If you want to beat those kinds of returns you'd have to, I don't know...put your money into a chequing account or something.
This rocket is never gonna stop!
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Well yeah, it's ripe for scamming, but think of the massive gains you could have made.
Any money you put into a TSX index this time last year would have made you a measly 33%.
You put that money into bitcoin and you could be down 2%.
If you want to beat those kinds of returns you'd have to, I don't know...put your money into a chequing account or something.
This rocket is never gonna stop!
Zoom out...BTC is up 21,845% over 10 years and nearly 400% on the 5 year.
BTC had MASSIVE gains in 2023 and 2024...one flat year doesn't erase that, its just math.
The issue with crypto has and will always be the 'crypto' part, once you have 'sent it' it is much like putting cash in an envelope and sending it in the mail, it's gone and all you can do is hope you addressed it right and the guy you are sending it to is telling you the truth, the irony is the part that gets shouted out as a feature, that you can send a million or a billion dollars across the world in a second without paying any fees is actually it's weakness, the speed and the lack of fees means no control, no insurance, and no way to get it back if you screw up or the guy is lying to you, possibly useful to third world grocery stores sending money back to the Philippines and shady merchants that look on rapid gains and losses in valuation as just the cost of laundering the money but utterly useless to me as I'm trying to get 30 or 40 grand back to the UK to help my dad buy out his freehold
Sounds like someone who has never actually moved large volumes of crypto. Stupid people wire their life savings to Nigerian princes everyday...there will always be stupid people. Like who would use a Bitcoin ATM...for anything? Crypto used properly is incredibly safe and secure I have made hundreds of transactions and never had one issue.
Sounds like someone who has never actually moved large volumes of crypto. Stupid people wire their life savings to Nigerian princes everyday...there will always be stupid people. Like who would use a Bitcoin ATM...for anything? Crypto used properly is incredibly safe and secure I have made hundreds of transactions and never had one issue.
Genuine question, what does it cost to insure the transactions?
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Quote:
Originally Posted by dino7c
Zoom out...BTC is up 21,845% over 10 years and nearly 400% on the 5 year.
BTC had MASSIVE gains in 2023 and 2024...one flat year doesn't erase that, its just math.
Yeah, but it means anyone who listened to you over the last year has lost money.
Yeah, a lot of people made a lot of money, but that literally can't go on forever.
It's been flat for a year.
Has it gone mainstream?
What makes you think it'll become a rocket ship again?
Isn't this exactly what you should want? That it becomes stable and usable?
Because if all you want is for it to always be shooting up forever with no utility other than it keeps going up as more people put money in, then it really is a ponzi scheme.
You either should want it to be a stable usable thing, or you have to admit the only way to get paid is for the new people to put in money to pay out the old people.....
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He doesn't care about fundamentals, reality, facts, anything like that. He's made a lot of money and wants to keep making more money. Whatever helps that is all that matters. I wish he'd just come out and say it, because at least I can respect that.
Yeah, but it means anyone who listened to you over the last year has lost money.
Yeah, a lot of people made a lot of money, but that literally can't go on forever.
It's been flat for a year.
Has it gone mainstream?
What makes you think it'll become a rocket ship again?
Isn't this exactly what you should want? That it becomes stable and usable?
Because if all you want is for it to always be shooting up forever with no utility other than it keeps going up as more people put money in, then it really is a ponzi scheme.
You either should want it to be a stable usable thing, or you have to admit the only way to get paid is for the new people to put in money to pay out the old people.....
First of all I would never tell anyone to invest in any asset for one calendar year that is just stupid. Also, while you guys were high fiving BTC is up nearly 10% since Jan 1st. Hold for 5-10 years and you will be wealthy...you won't ever sell even you will just leverage.
Like do you honestly think we are going to bump this thread in 3 or 5 years and you guys are going to be mocking me for when BTC is $2? No it might be 5 hundred K and you will be mocking me its not 1M lol. Look who is currently buying large sums and who currently owns the bulk of BTC, its not going away.
Think of "Bitcoin" as both the currency itself and the denomination.
1 Bitcoin is made up of 100,000,000 satoshis, 1 satoshi = 0.00000001 BTC (one hundred-millionth of a BTC).
So when you do a transaction you can specify any amount down to 0.00000001 to transfer.
It's like giving someone 1 cent or 10 cents or 100 cents or a million cents.
No I get that, what I was unsure of was once coins and notes have been minted they go out into 'the wild' as whole units, a dollar or a nickel
BTC is mined as one thing, now there presumably has to be some form of exchange where the 'owner' of the whole coin goes to sell off part of his coin or are they 'releasing' minor denominations of Satoshi's?
No I get that, what I was unsure of was once coins and notes have been minted they go out into 'the wild' as whole units, a dollar or a nickel
BTC is mined as one thing, now there presumably has to be some form of exchange where the 'owner' of the whole coin goes to sell off part of his coin or are they 'releasing' minor denominations of Satoshi's?
I think you are stuck on the concept of the "whole coin" being a thing. It's just a unit of measurement. Anyone can buy decimals of a btc to add up to 1 btc, but it doesn't have any special meaning. When miners are paid, they are not paid in whole coins, they are paid in whatever the algorithm is calculating the reward is. Currently it's 3.1308941
I think you are stuck on the concept of the "whole coin" being a thing. It's just a unit of measurement. Anyone can buy decimals of a btc to add up to 1 btc, but it doesn't have any special meaning. When miners are paid, they are not paid in whole coins, they are paid in whatever the algorithm is calculating the reward is. Currently it's 3.1308941
Thanks that makes sense and clears it up for me, I am trying to get my head around whether btc or some form of crypto does become a common method of exchange
Whatever becomes common, it's going to be regulated and probably controlled by Big Finance. It's not going to be Bitcoin. Hell, looking at that page the current transaction fee is ~$530 USD. That'd make for a very expensive pizza order.
Other concerns are the very real threat of a 51% attack, as miners consolidate. Also, with quantum computers ramping up, the fear that they will break the encryption
algorithm bitcoin uses is real, and rapidly approaching.
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