Let's talk about Cryptocurrencies

[Jason14h]

Originally Posted by afc wimbledon

I can see it now

'how much is a large pepperoni and mushroom?'

'how are you paying sir?'

'I thought I would avail myself of your new bitcoin option'

'well let me check, the price is 1/2000th of a coin, no wait sorry that's 3/100th's no wait its gone back up again now its 1/3000th, hold on its dropping again'

I know that's what I look for in a currency, wild massive swings of 10 to 25% for no appreciable reason and one unit of currency potentially worth tens of thousands of dollars that have to be divided up to buy a pizza

Agreed it would be terrible to try to pay for a pizza using Bolívar fuerte which has seen inflation of 4000% YoY and whos value swings more dramatically......

[Table 5]

When's the last time you bought a pizza with gold? Or bought anything with gold? It's just as terrible for day to day use...perhaps even more so.

Both gold and bitcoin are cumbersome for day to day transactions...but what they ARE good at is wealth preservation and as a hedge against fiat currency depreciation. If you're the type of person who is suspicious of our governments and the non-stop printing happening around the world, I don't see why you wouldn't have a bit of both.

I do see the risk with Bitcoin, but I am also seeing way too many smart people, and more importantly corporations, getting on board the Bitcoin train these days. If PayPal, Square, Fidelity etc are seeing it as part of their future, to me that's a sign that its risks are decreasing, and it's becoming entrenched in our financial system.

[Raekwon]

Originally Posted by Table 5

When's the last time you bought a pizza with gold? Or bought anything with gold? It's just as terrible for day to day use...perhaps even more so.

Both gold and bitcoin are cumbersome for day to day transactions...but what they ARE good at is wealth preservation and as a hedge against fiat currency depreciation. If you're the type of person who is suspicious of our governments and the non-stop printing happening around the world, I don't see why you wouldn't have a bit of both.

I do see the risk with Bitcoin, but I am also seeing way too many smart people, and more importantly corporations, getting on board the Bitcoin train these days. If PayPal, Square, Fidelity etc are seeing it as part of their future, to me that's a sign that its risks are decreasing, and it's becoming entrenched in our financial system.

Of course they are getting on board, who wouldn't want to fleece people out of their money in exchange for a digital currency with no physical backing and the ability to swing the value to suit their agenda.

No one could ever have guessed the value would skyrocket after the US Government seized 1B worth of bitcoin I mean how can I sell something for 1B without inflating it before selling it to make it look like a steal.

[1_Flames_Fan]

Originally Posted by afc wimbledon

I can see it now

'how much is a large pepperoni and mushroom?'

'how are you paying sir?'

'I thought I would avail myself of your new bitcoin option'

'well let me check, the price is 1/2000th of a coin, no wait sorry that's 3/100th's no wait its gone back up again now its 1/3000th, hold on its dropping again'

I know that's what I look for in a currency, wild massive swings of 10 to 25% for no appreciable reason and one unit of currency potentially worth tens of thousands of dollars that have to be divided up to buy a pizza

Or you could spend 10,000 bitcoin on a pizza like the first ever bitcoin purchase

https://www.coindesk.com/bitcoin-piz...laszlo-hanyecz



Sent from my IN2025 using Tapatalk

[CroFlames]

Besides buying GBTC, I don't even know how I would go about "buying a bitcoin".

Or do you even buy them? Why do some of my friends "mine" them?

I'm so lost.

[afc wimbledon]

Originally Posted by Jason14h

Agreed it would be terrible to try to pay for a pizza using Bolívar fuerte which has seen inflation of 4000% YoY and whos value swings more dramatically......

yes, that's why you wouldnt use Bolivar fuerte, you use the US dollar, more than half the transactions in Venezuala are in dollars and it is approaching 90% in some places wildly swinging value makes any currency unusable as a currency, that was kind of my point.

[Table 5]

Originally Posted by Raekwon

Of course they are getting on board, who wouldn't want to fleece people out of their money in exchange for a digital currency with no physical backing and the ability to swing the value to suit their agenda.

Your concerns are exactly what's wrong with fiat currency. There's nothing to back it up anymore, and it's all controlled by central bankers doing whatever the hell they feel like. There is no finite amount, so they just print print print.

Btw, outside of typical supply/demand, how exactly does someone swing the value of bitcoin to suit their agenda? You do realize it's not controlled by any central party, and every transaction is public?

Personally, I think there is value to having a bit of everything...fiat, gold, crypto, real estate. When you're a little guy, the macro trends are out of your control and you're floating in the same ocean as everyone else, waiting to see where the current will take you. All crypto is is a hedge against the current going in another direction.

[Table 5]

Originally Posted by CroFlames

Besides buying GBTC, I don't even know how I would go about "buying a bitcoin".

Or do you even buy them? Why do some of my friends "mine" them?

I'm so lost.

GBTC or QBTC (on the TSE) if you want to buy it like a traditional stock (but they have a premium).

Otherwise it's pretty easy to sign up for an exchange like Bitbuy or Coinberry, and just buy bitcoins directly through Etransfer or Wire etc.

Mining seems like a more complex operation and at this stage probably not worth it for an individual.

[Fuzz]

The problem with exchanges is you run the risk of them just stealing it all, and "dying" in India.

[Table 5]

Originally Posted by Fuzz

The problem with exchanges is you run the risk of them just stealing it all, and "dying" in India.

Both Bitbuy and Coinberry look to be insured now against those kinds of things. They are Canadian exchanges, and seem to follow the trend of being a bit more conservative. But I think if you have a significant amount, a wallet like a Trezor is never a bad idea.

[topfiverecords]

Originally Posted by Fuzz

The problem with exchanges is you run the risk of them just stealing it all, and "dying" in India.

If you keep it in your exchange account and don’t handle your own storage.

[Fuzz]

Then there is the risk of system failures and passwords. Yes, you can then store it in the cloud, but that has it's own risks. I'd be nervous having any significant amount of money in any of the methods.

[Jason14h]

If you just want to buy for investment and not complex active trading companies like Coinbase or even Wealthsimple now allow you to buy all the main currencies

Can use you CC or bank and purchase in seconds

[topfiverecords]

Originally Posted by Fuzz

Then there is the risk of system failures and passwords. Yes, you can then store it in the cloud, but that has it's own risks. I'd be nervous having any significant amount of money in any of the methods.

You can store in on USB keys, or on paper. Some guys engrave it on steel and put it in a safe.

[Fuzz]

Originally Posted by topfiverecords

You can store in on USB keys, or on paper. Some guys engrave it on steel and put it in a safe.

This all sounds incredibly secure. I know I've never lost a piece of paper, or had a USB key go bad before. Engraving on steel and a safe deposit box? So much for skipping bank fees! They get you every time in the end!

[dino7c]

Originally Posted by Fuzz

This all sounds incredibly secure. I know I've never lost a piece of paper, or had a USB key go bad before. Engraving on steel and a safe deposit box? So much for skipping bank fees! They get you every time in the end!

Yeah, imagine currency being printed on paper! crazy town

[Fuzz]

Originally Posted by dino7c

Yeah, imagine currency being printed on paper! crazy town

Is that where you keep your bank account login? Written on a bank note? Brave.

[topfiverecords]

Originally Posted by Fuzz

Is that where you keep your bank account login? Written on a bank note? Brave.

Oh crap, I just used the $20 bill I was saving my bitcoin on to buy Kraft Singles!

If putting it on paper and in a fireproof safe isn’t safe enough you could always tattoo it on your body. You wouldn’t likely lose it that way. Easier for someone to steal though, if they knew about it. Could come in handy though for paying an escort if that QR code is tattooed in the right spot.

You could put the engraved steel in your wallet and carry it around with you like you do with your other money if a safety deposit box isn’t your thing. It’s generally advised you don’t keep your public key and your private key in the same spot so you’d need a second wallet.

The simplest thing to do is sell all your bitcoin too early and not need to store it anymore like I did.

[dino7c]

Originally Posted by afc wimbledon

i notice the pro bitcoin members are very quiet now, perhaps i should bump my posts about the inherent valueless nature of bitcoin and troll them a bit!!

lol

Really all I tried to do is make you guys money...Turns out buying $1500 Bitcoin worked out

Pro tip! Bitcoin will reach 35K within a year...want free money?

[GGG]

Originally Posted by dino7c

Current Bitcoin Price
25,446.76 CAD

Remember when I told you all to buy because it would be over 20k by the end of the year and was mocked by many...something about Pepperidge farm. Page 29 is an especially good read

countin' these rocks bitch!

I looked back through the articles and I the February 2020 you were advocating buying at 8 cause it was going to 20 so 200% return if you choose to sell.

If you cashed out of the Index at the start of Covid and bought the bottom you could have made over 50%. That one was easy to catch part of the wave.

Amazon is up 80% and Facebook are up 50% this year.

And if you had invested in Etsy you could have made 234%

So yes if you pick well as you did a single item and put a large portion of your portfolio in a single item you can have crazy returns. You just accept a large amount of volatility in exchange for the potential return. You just have to pick correctly. I don’t think you ever mentioned how much of your portfolio you put in Bitcoin.

Congrats on being correct though. Do you cash out now?