Let's talk about Cryptocurrencies

[Canadianman]

Man, a whole lot of FOMO rearing its head in this thread lately. I understand being butt-hurt about missing the first part of the crypto explosion, but I don't think it's dino7c's fault that you lost out.



if you aren't here to discuss crypto, leave.

[dobbles]

dino, I can understand where you are at on this thread. years back I would try and defend the Wings in FOI and just get drowned out by trolls. So I think I know what you are feeling that people are just trying to be dismissive of you and you feel you have a solid argument.

I follow this thread as the topic interests me. I've piped in once or twice trying to get better understandings of things. And what I think I still fail to grasp is WHY bitcoin is a strong investment.

I think what people take issue with in your approach is that when questioned about the topic the responses are pretty much 'buy low, sell high' and there is no ceiling to the price.

When I hear things like that, it doesn't sound so much like a strong investment decision based on research or a tea reading of where the markets are going, but honestly more like a pyramid scheme. (please note, I very much hate using that term. I don't want you to be dismissive of this because of it, but there really is no better way to describe it from my perspective)

I've asked before about what indicators there are that show you or anyone else when a good or bad time to buy/sell bitcoin is. All I ever see in this thread from anyone supporting bitcoin is just 'watch for the dips and buy more' but even that is not understanding when or why a dip will occur. It is just accepting the fact that the currency really does seem to be built on hype and that at times people get spooked and a sell off happens.

I am super stoked for you that you have made out like a bandit. Heck, I'm jealous I didn't take it seriously years back. But from the perspective of someone that doesn't invest on his own and just throws money into my standard retirement accounts, I just fail to understand the actual fundamentals here.

The blockchain is a cool concept; places like Venezuela have currency problems; We could replace gold as the main place to store wealth; those are all valid concerns but seem pretty disconnected from the hype that drives price up for no other reason than "the price is going to go up" why? "because it is"

[Raekwon]

There is just something really suspect about this IMO. People that got in early should be eager for the price to go up its natural but the amount of push right now from people and youtubers etc is over the top trying to use FOMO to get people in but someone that got in at $1500 has little to lose besides potential gains where as the one jumping on now have an entry fee that is so insanely high they will never see the profits fanaticized by these people making videos or constantly pushing bitcoin on forums.

Then the big players jump in like Elon and other billionaires and I don't think hey its about time they finally came around I think they found an angle to take more money from people. I mean even gold has only gone from $15 in 1950 to $1731 today what would motivate a digital currency to skyrocket 5000% in a matter of years?

Once again I back crypto as a concept but don't see how bitcoin can work as a currency since so much was distributed before it had value, I'm skeptical and don't like losing money.

tldr; crypto is too scary for me to invest money into but I'm not mad at people making money as long as its not on the backs of others.

ps: Dino I would have cashed out at $250 and infact thats how I lost the .6 bitcoin I mined trying to cash it out and screwing up and overwriting my wallet without knowing the security phrase or whatever 5 or so years ago. I still see it sitting there and makes me sad every day, lol

[Winsor_Pilates]

Originally Posted by dino7c

The limited supply coin held by millionaires and billionaires will be the store of wealth coin not the every day use coin. The vast majority of BTC being bought right now is being bought by the ultra rich. The more diamond hands are holding it the more stable it will become. Bitcoin does what it needs to do very well.

Alt coins will fight over the daily use stuff and retail investors

IMO

There is truth to this. I see how the more powerful people that take Bitcoin as a gold like use case, the more it will become so.
I agree it becomes more stable as more "diamond hands" get in on it.
At some point it becomes so because enough powers believe it so.

But I think there's far more millionaires, billionaires who aren't in on it and they will have a role to play in it's direction. As well governments, regulators and major financial institutions.
They all have too much power and too much to lose by not getting the biggest pieces of the pie.

The European Central Bank is working on a digital European for example and wants to regulate Bitcoin.
As we see things like that occur, there will be major impacts to Bitcoin value.

And I'll clarify my position again before anymore gets butthurt.
I'm not anti crypto or anti Bitcoin and will be buying some crypto at some point.
I'm just calculating if and when to buy in and if we're in a bubble right now.
I also wonder if we're betting on Alta Vista right now and should be looking out for the Google.

[Tiger]

Originally Posted by Hockeyguy15

You've made $0 until you have the cash in hand.

I agree, I'v had a couple investments go from 6 figures to worthless (well not worthless but sure felt like that) because I get greedy. You never go broke taking profits. I would likely not sell to be honest (greedy) but I would like to think I would at least sell half.

question though, Where is the best place to find more on ADA, the cardano block tech?

[topfiverecords]

Originally Posted by Tiger

I agree, I'v had a couple investments go from 6 figures to worthless (well not worthless but sure felt like that) because I get greedy. You never go broke taking profits. I would likely not sell to be honest (greedy) but I would like to think I would at least sell half.

question though, Where is the best place to find more on ADA, the cardano block tech?

The benefit of Bitcoin is you don't really have to "cash" out per se. You can send it to an anonymous person on the dark web in exchange for goods like pizza and beer. It's still taking profit and then wasting it on low value things.

[dino7c]

Originally Posted by topfiverecords

The benefit of Bitcoin is you don't really have to "cash" out per se. You can send it to an anonymous person on the dark web in exchange for goods like pizza and beer. It's still taking profit and then wasting it on low value things.

Sounds like something a guy with 300 bitcoins would post lol

[dino7c]

Originally Posted by Hockeyguy15

You've made $0 until you have the cash in hand.

I suppose you could say that about any investment...market could crash, real estate bubble? Cash goes down in value over time.

I can live a comfortable life without this BTC profits. Have other investments, own a home ect. It's not like I'm gonna be broke if BTC is worth zero tomorrow.

I am taking a shot at life changing wealth, would rather fail than regret not taking the shot.

I do follow the markets closely though, if I think BTC is gonna take a massive dip I will probably sell some but I think it's a bull market until at least fall.

I also have taken BTC profits in the past and take profits on alt coins all the time. This is just my cold storage HODL stash.

[Hockeyguy15]

Originally Posted by dino7c

I suppose you could say that about any investment...market could crash, real estate bubble? Cash goes down in value over time.

I can live a comfortable life without this BTC profits. Have other investments, own a home ect. It's not like I'm gonna be broke if BTC is worth zero tomorrow.

I am taking a shot at life changing wealth, would rather fail than regret not taking the shot.

I do follow the markets closely though, if I think BTC is gonna take a massive dip I will probably sell some but I think it's a bull market until at least fall.

I also have taken BTC profits in the past and take profits on alt coins all the time. This is just my cold storage HODL stash.

I do say that about any investment. My retirement plan looks fine on paper, but until I cash out none of the profit I made is real.

My point is don't rub people's noses in money that isn't real yet. Be humble, not the smartest guy in the room.

[karl262]

Originally Posted by Tiger

I agree, I'v had a couple investments go from 6 figures to worthless (well not worthless but sure felt like that) because I get greedy. You never go broke taking profits. I would likely not sell to be honest (greedy) but I would like to think I would at least sell half.



question though, Where is the best place to find more on ADA, the cardano block tech?

The ADA subreddit is good. Here's a link to the getting started pin:

https://www.reddit.com/r/cardano/com...ide_to_cardano

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[afc wimbledon]

Originally Posted by dino7c

I suppose you could say that about any investment...market could crash, real estate bubble? Cash goes down in value over time.

I can live a comfortable life without this BTC profits. Have other investments, own a home ect. It's not like I'm gonna be broke if BTC is worth zero tomorrow.

I am taking a shot at life changing wealth, would rather fail than regret not taking the shot.

I do follow the markets closely though, if I think BTC is gonna take a massive dip I will probably sell some but I think it's a bull market until at least fall.

I also have taken BTC profits in the past and take profits on alt coins all the time. This is just my cold storage HODL stash.

The thing that seperates bubbles from crashes is pretty simple, any stock or investment generally has a level of intrinsic value, what pushes it up or down are events that effect that level of intrinsic value, Boeing is a great example right now, they have been a great stock in the past, gone up as they have announced orders, gone down as planes crash or pandemics kill the travel industry, I have put money into them this year as I think they are undervalued at the moment and there is no way in hell the US Government will let them go bankrupt, as long as they are making planes their stock has value.

Bitcoin has no intrinsic value, no currency does in truth but you can count on a currencys backer, the Government of the issuing nation, riding in to support the dollar or the pound if there is a run on it, they will buy the currency using their reserves to keep the price up, if bitcoin falls no one will rescue it, you may find your self in the classic bubble crash where you are trying to sell and you cant, you are stuck with all your coins and no one in the world will buy them, you literally could lose everything, that is your danger.

What ever you do do not assume that in the event of a crash you can get off the ride and save your investment, if something as ephemeral as bitcoin goes down there may be no way off the ride.

[karl262]

The intrinsic value of a cryptocurrency is the belief in a better way to do lots of things through blockchain technology.

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[afc wimbledon]

Originally Posted by karl262

The intrinsic value of a cryptocurrency is the belief in a better way to do lots of things through blockchain technology.

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that doesnt add any value to bitcoin or any other specific crypto, a belief that cars are a good way of getting around doesn't make any particular car company valuable, and that is ignoring the fact that there isnt a particular reason to think blockchain will end up being most useful in crypto currency.

Right now a belief in the intrinsic value of blockchain technology would add specific value to NVIDIA

[1_Flames_Fan]

Win or lose the Flames need to be sellers and change up the core. Of this, I am certain.

[1_Flames_Fan]

Wtf... Vali!

[topfiverecords]

Originally Posted by 1_Flames_Fan

Wtf... Vali!

Did Vali sell all his Bitcoin?

[1_Flames_Fan]

Originally Posted by topfiverecords

Did Vali sell all his Bitcoin?

Haha, pissed watching Flames again. Sorry wrong thread.

[karl262]

Originally Posted by afc wimbledon

that doesnt add any value to bitcoin or any other specific crypto, a belief that cars are a good way of getting around doesn't make any particular car company valuable, and that is ignoring the fact that there isnt a particular reason to think blockchain will end up being most useful in crypto currency.



Right now a belief in the intrinsic value of blockchain technology would add specific value to NVIDIA

You said intrinsic value.

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[afc wimbledon]

Originally Posted by karl262

You said intrinsic value.

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Yes, in Bitcoin specifically, how does a belief in blockchain make Bitcoin better or worse than any other crypto or regular currency, and for that matter how does any 'belief' as opposed to a fact/event based observation make anything more valuable?

I can believe brown horses are better than black, but until I can prove it statistically that belief doesnt add value

[Yoho]

Honest question what will it take for people to finally say yes Bitcoin and crypto is for real and will play a major role in the future financial world we live in?

When it takes over the market cap of Apple? Gold? the US dollar?

I’m looking forward to this thread when every second post isn’t dedicated to trying to find the endless flaws of Bitcoin or Crypto. And we can focus on what the amazing future and trends of crypto look like

Remember it’s not Dino7c’s job to convince you about Bitcoin or anything else, it gets tiring page after page constantly defending something that needs no defence.

If you don’t want to get into it that’s fine but I’m looking forward to when it’s not “well what about if this happens then your screwed”

Or if someone posts something positive about Bitcoin in the (Let’s talk about Crypto thread) the snap “fanboy” responses come out.

We could be talking about so many awesome projects in the crypto space like Vechain for example instead, we are constantly mired in the most basic tribal debates over Bitcoins eventual failure or success.