01-14-2024, 01:59 PM
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#2881
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Franchise Player
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If you guys are so sure it’s a bubble / going to zero why don’t you short the market and retire ?
Lots of easy ways to short Bitcoin or Crypto in general . And if it going to zero you will be very very rich
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01-14-2024, 02:27 PM
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#2882
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Franchise Player
Join Date: Feb 2010
Location: Hyperbole Chamber
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Quote:
Originally Posted by Jason14h
If you guys are so sure it’s a bubble / going to zero why don’t you short the market and retire ?
Lots of easy ways to short Bitcoin or Crypto in general . And if it going to zero you will be very very rich
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Who says we aren't?
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01-14-2024, 02:27 PM
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#2883
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First Line Centre
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Quote:
Originally Posted by Jason14h
If you guys are so sure it’s a bubble / going to zero why don’t you short the market and retire ?
Lots of easy ways to short Bitcoin or Crypto in general . And if it going to zero you will be very very rich
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Crypto market can stay irrational longer than one can stay solvent.
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The Following User Says Thank You to Izzle For This Useful Post:
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01-14-2024, 02:53 PM
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#2884
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Franchise Player
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Quote:
Originally Posted by Jason14h
If you guys are so sure it’s a bubble / going to zero why don’t you short the market and retire ?
Lots of easy ways to short Bitcoin or Crypto in general . And if it going to zero you will be very very rich
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Because, as pointed out, it's price is based entirely on human perception of it's value. I don't bet real money on the behaviour of other people and where they think something has value. People are dumb, particular when it comes to gambling. I'm not going to pretend to gamble on the psychology of that.
And I don't think it will go to zero, I think it has little to no value for society, and I've yet to see any evidence otherwise, despite the obvious reality that yes, you can get rich off of it. Also, poor.
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01-14-2024, 03:10 PM
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#2885
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Franchise Player
Join Date: Jan 2010
Location: east van
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Quote:
Originally Posted by Jason14h
If you guys are so sure it’s a bubble / going to zero why don’t you short the market and retire ?
Lots of easy ways to short Bitcoin or Crypto in general . And if it going to zero you will be very very rich
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Trying to treat bitcoin like any other investment is difficult as you have to use unregulated offshore crypto exchanges to short them, that's like shorting heroin sales via Tony Soprano's Asian cousin, not only are you taking the normal investment risk of being wrong but even if you're right there is no way to be sure you'll get paid.
The trouble with crypto isnt just that it has no appreciable function and it's price is solely generated by the greed of the market, it's also that it is wholly unregulated and there's a significant chance your money just disappears
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01-14-2024, 03:15 PM
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#2886
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Franchise Player
Join Date: Jan 2010
Location: east van
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And I will bet dollars to doughnuts these crypto etf's have fine print saying the exchange does not ensure that in the case of the whole funds wallet being stolen or it all disappearing in a puff of smoke that they are responsible, somehow this will all end up in some shsty grifters pocket
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01-14-2024, 04:23 PM
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#2887
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Franchise Player
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Quote:
Originally Posted by afc wimbledon
Trying to treat bitcoin like any other investment is difficult as you have to use unregulated offshore crypto exchanges to short them, that's like shorting heroin sales via Tony Soprano's Asian cousin, not only are you taking the normal investment risk of being wrong but even if you're right there is no way to be sure you'll get paid.
The trouble with crypto isnt just that it has no appreciable function and it's price is solely generated by the greed of the market, it's also that it is wholly unregulated and there's a significant chance your money just disappears
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Short coinbase or any of the other US regulated securities .
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01-14-2024, 04:39 PM
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#2888
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Franchise Player
Join Date: Jan 2010
Location: east van
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Quote:
Originally Posted by Jason14h
Short coinbase or any of the other US regulated securities .
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yes but if all the bitcoin has gone, as regularly happens, it doesn't make any difference, your money is gone and your only satisfaction is their is a warrant for the arrest of Mssr's Ehrsam and Armstrong who are living in a non extraditable beach front jurisdiction
The problem is the bitcoin itself, it is a grifters dream, untraceble and impossible to stop moving
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01-14-2024, 04:48 PM
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#2889
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Franchise Player
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You shouldn't be keeping your bitcoin (or any other crypto) on an exchange where "grifters" can steal it from you. It should kept in a hardware wallet.
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01-14-2024, 05:59 PM
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#2890
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Franchise Player
Join Date: Feb 2010
Location: Hyperbole Chamber
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Quote:
Originally Posted by Roof-Daddy
You shouldn't be keeping your bitcoin (or any other crypto) on an exchange where "grifters" can steal it from you. It should kept in a hardware wallet.
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He’s talking about a BTC ETF. You don’t get anything to be “kept” in a hardware wallet. You get an email that says thanks for your money.
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01-14-2024, 07:14 PM
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#2891
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Franchise Player
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Quote:
Originally Posted by afc wimbledon
yes but if all the bitcoin has gone, as regularly happens, it doesn't make any difference, your money is gone and your only satisfaction is their is a warrant for the arrest of Mssr's Ehrsam and Armstrong who are living in a non extraditable beach front jurisdiction
The problem is the bitcoin itself, it is a grifters dream, untraceble and impossible to stop moving
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Sorry What are you talking about ? If you short Coinbase and Coinbase loses all their Bitcoin and goes bankrupt and their stock goes to zero you get rich shorting it.
Also Bitcoin is very traceable . You can tell exactly where it has gone . Now identifying to owner of that wallet can be impossible - I’ll give you that
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01-14-2024, 07:56 PM
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#2892
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I believe in the Jays.
Join Date: Mar 2006
Location: Kitsilano
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Crypto experts: do you guys diversify your crypto holdings? Or do you simply just buy bitcoin? If one goes up do all the big ones go up ? Would it make more sense to buy Bitcoin or get the ETF for some broader exposure ? I’m definitely someone who has been cynical to cryptocurrency in the past but it’s a trillion dollar industry that isn’t going away, with opportunities to make money, I feel like it would be foolish to continue to dismiss it’s legitimacy. One caveat, I see it more as an asset class than an actual alternative to fiat.
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01-14-2024, 08:11 PM
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#2893
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Franchise Player
Join Date: Mar 2005
Location: Van City - Main St.
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Quote:
Originally Posted by flames_fan_down_under
Crypto experts: do you guys diversify your crypto holdings? Or do you simply just buy bitcoin? If one goes up do all the big ones go up ? Would it make more sense to buy Bitcoin or get the ETF for some broader exposure ? I’m definitely someone who has been cynical to cryptocurrency in the past but it’s a trillion dollar industry that isn’t going away, with opportunities to make money, I feel like it would be foolish to continue to dismiss it’s legitimacy. One caveat, I see it more as an asset class than an actual alternative to fiat.
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I am far from a crypto expert but this was my experience.
Bought into about 10 different coins roughly 2.5 years ago. All fairly mainstream ones but some thar I hoped could maybe really take off like Solana.
After a while I realized they all moved together and the alt could had more risk of going to zero so I moved all of my crypto money to bitcoin only.
Sure, you could get lucky on the next dogecoin if you play the random alt coins but generally everything is moving tied to Bitcoin or Etherium.
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01-14-2024, 09:24 PM
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#2894
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Franchise Player
Join Date: Feb 2010
Location: Hyperbole Chamber
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Quote:
Originally Posted by flames_fan_down_under
Crypto experts: do you guys diversify your crypto holdings? Or do you simply just buy bitcoin? If one goes up do all the big ones go up ? Would it make more sense to buy Bitcoin or get the ETF for some broader exposure ? I’m definitely someone who has been cynical to cryptocurrency in the past but it’s a trillion dollar industry that isn’t going away, with opportunities to make money, I feel like it would be foolish to continue to dismiss it’s legitimacy. One caveat, I see it more as an asset class than an actual alternative to fiat.
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There’s only one expert here and that’s dino. Dino bought 10.0000000 BTC at $1100 CAD and has now 52Xed his money. So do that. Buy BTC at $1100 CAD and you too will 50X your money. It’s also going to a million, so hold so you 900X your money.
I was 100% BTC in 2012. 12 years later I’m now maybe holding 1% BTC just for the sake of not moving the entirety of it. I have shifted the rest to other areas, taking advantage of higher staking returns and providing significant diversification.
Last edited by topfiverecords; 01-14-2024 at 09:26 PM.
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01-14-2024, 09:27 PM
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#2895
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Franchise Player
Join Date: Jan 2010
Location: east van
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Quote:
Originally Posted by Jason14h
Sorry What are you talking about ? If you short Coinbase and Coinbase loses all their Bitcoin and goes bankrupt and their stock goes to zero you get rich shorting it.
Also Bitcoin is very traceable . You can tell exactly where it has gone . Now identifying to owner of that wallet can be impossible - I’ll give you that
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I see two weaknesses of B/C, the part you point out and the fact that the whole field seems to be full of nothing but thieves, it's like time shares, the field is already full of grifters and so therefore it will attract more grifters, in the end it becomes a self fulfilling prophesy, legitimate traders are put off and stay away.
You have a market of grifters that are selling a product you cannot repossess once they have pulled off their grift, it's pretty much the perfect scam
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01-15-2024, 10:06 AM
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#2896
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Franchise Player
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Quote:
Originally Posted by dino7c
Anyway back to business, don't call out someone who has lapped you and not expect a response. I come here to give my advice, it has been quality thus far but people are free to do whatever they like. Follow guys who thought $3000 was the ceiling or take my advice. Who is butt hurt? the guy who made the money or the guys who were wrong 10 times or more about it being done. This time for sure though.
Top holders of BTC (it's not going to zero guys)
United States Government 205,515 BTC $5,566,414,878 Government
Block.one 164,000 BTC $4,445,941,600 Private Company
Microstrategy 140,000 BTC $3,795,316,000 Public Company
Winklevoss Twins 70,000 BTC $1,897,658,000 Individual
Tether Holdings 52,673 BTC $1,427,933,426 Private Company
Ukraine 46,351 BTC $1,256,547,799 Government
Tim Draper 29,656 BTC $803,956,366 Individual
The Tezos Foundation 24,808 BTC $672,529,995 Private Company
If only they read CP! save these billionaires please!
they have no clue what they are doing
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Just to re-visit this one...Now why would the US government be gambling on Bitcoin? Oh, right, they aren't. These are seized coins form criminals. So the largest collection of bitcoin is from the proceeds of crime. Good start.
Then you have Block.one, who sounds like a pretty sleazy operation that ripped off investors in it's own coin, which they seem to have bought BTC with. https://www.wired.co.uk/article/eos-...one-blockchain
Microstrategy is a BI company that seems to be making a big bet, so there's your first actual legitimate company, followed closely by the super astute and intelligent WV twins, well known for their ability to make smart business decisions in the tech world...
Then Tether, who own it for backing their stable coin.
So most of these aren't people betting on BTC being awesome. But even if they were, you'd still be listing a bunch of people/companies who have gambled. None of this is evidence Bitcoin actually has value.
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01-15-2024, 01:00 PM
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#2897
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Franchise Player
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BTC has been around 15 years and done over 1,200,000 X's from low to high and is currently worth almost $60,000 CAD for just one of them
"It doesn't have real value"
OK, go and see if someone will give you one for free then...
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01-15-2024, 01:01 PM
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#2898
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Franchise Player
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Intrinsic value. Reason for existing. Not perceived value.
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01-15-2024, 01:10 PM
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#2899
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Franchise Player
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Quote:
Originally Posted by Fuzz
Intrinsic value. Reason for existing. Not perceived value.
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I get that, but I just don't care at all personally.
It has enough intrinsic value to last 15 years and force it's perceived value to outperform pretty much every other asset on the planet in that time.
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01-15-2024, 01:20 PM
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#2900
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Franchise Player
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Quote:
Originally Posted by Roof-Daddy
I get that, but I just don't care at all personally.
It has enough intrinsic value to last 15 years and force it's perceived value to outperform pretty much every other asset on the planet in that time.
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It doesn't, though. It's intrinsic value is basically zero. If you disagree, please explain.
And it's fine if you don't care, but that doesn't mean it doesn't matter.
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