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Not sure that was ever the intended use of BTC. Always viewed it more as a replacement for a bank account instead of an everyday cash replacement. Great at sending money anywhere around the world in an hour or 2 , without any middlemen in between. Not useful for going to the store to buy coffee.
Guess the hope was by now, some quick payment layer would have been built on top of bitcoin, that allowed it to used for instant transactions. Thought that was the whole point of the lightning network. Doesn't seem like that has caught on yet, though.Comment -
I don't think Bitcoin can or will ever replace the current monetary policy we use today. Store of value sure but not the Fiat system. There may be a coin that hasn't been created yet that could handle such a task if usdc isn't up for it in the next 5 years or soComment -
crypto = poker chips.
Does everyone here not realize the value of a poker chip? How would you like to pay for your coffee and everything else with poker chips?
The trouble right now is most of the poker chips have a built-in tracking device. How would you like someone else controlling what you can and cannot buy with your poker chips? That's the way some people want it....Comment -
My TA, which apparently I’ve been told by the long in the tooth crypto OGs here is worthless in crypto has a nice rally going to 24-29k, will look to buy another sell off but just for a quick long, you can also leverage BTC miners or QQQ, but expect a substantial bear market relief rally within week or twoComment -
You're right about Youtuber's and no one knowing the bottom, I said $40k. But we do know that BTC will be well over $100k near the next halving.I said it before and I will say it again. There is no reason BTC should be worth thousands of $. But it is what it is. BTC should be trading at around $80 like Paypal.
There are so many crypto experts but let's face it, there is no such thing. There are countless YouTube "experts" who have shared their "expertise" over the years. They gets lots of "likes" when the price rises. Not so much when it goes the other way.
Its similar to sports betting in many ways. Especially when it comes to those "experts" who charge for their picks. I used to work for one of them for a few days many years ago. It was amazing how he was able to convince sports bettors to send him thousands of $ for his picks. He was no guru. No expert. He would literally throw a dart for his pick of the week selection. He raked in the cash. It was hilarious seeing it firsthand.
Anyways, back to BTC. No one knows what will happen next. It could climb up to 69K or fall to a few hundred. I sold some at 40,000 and some at 50,000 as I mentioned before. I went
when I didn't sell my remaining BTC when it pushed 70,000. The "experts" [my friends mostly] told me I was crazy to sell because 6 BTC machines were being installed in the USA every single day. Maybe in the long run, I made the wrong call. Who cares. I made out like a bandit on something most people didn't understand. Including me. I don't pretend to either. Although I do find it somewhat interesting.
I am getting ready to launch a NFT site for the same reason. Blockchain technology is excellent.
At least with the Stock Market, you have a good history showing it will always go up. Actual companies who produce goods and services people use. That make total sense. The older you are, the less you should have in the market because we all know there will be dips. If you are younger, you don't care because you have time on your side. Apple will continue making over priced phones and people will continue buying them. People will always drive cars.
BTC was supposed to allow you to by a coffee in seconds at Starbucks as well as send money to someone in a flash. Now its something different. Maybe its the FOMO that made the price go nuts. Maybe the most rich and powerful know something most of us don't, which is making the price drop.
Good luck to those that are in the crypto game. I still have skin in BTC so its still interesting to see what happens. Unlike sports betting, I won't pretend to know what the outcome will be.
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Whales will manipulate the price and FOMO will set in. Right now the only way to make money is swing trade. Long term DCA works.Comment -
Razzer:
I thought of an idea on how we can continue this discussion of what I'll call FINANCIAL EDUCATION.
I won't lead the witness. Name me 3 CONTEMPORARY authors/speakers who talk fluently about Financial Education. And in 2 or 3 OLDER authors who spoke about Financial Education.
Let's set the criteria as:
1) No frills zone. No bullshit. Just calling out the truth.
2) As soon as it feels like someone is selling you something (for more than a very nominal fee), he invalidates himself.Where's the fuckin power box, Carol?Comment -
Chucky I liked the responses. Still marinating on them.Comment -
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Chucky it would appear those old dimes are quite valuable if one were to have scooped out the raw materials. The ones today basically worthless and hold no value as you have so elegantly illustrated. It would seem you have done quite a service to me in sharing your thoughts honestly on this topic. I fear I have responded a bit hastily at first glance but now that I've had time to reflect I can say we are on the same page now.
I also do agree with your sentiments regarding reputation and a showing of good faith in discussions with one another. I do, however, tend to enjoy sarcasm a bit much and can find myself wasting time on trivial matters now and again. I appreciate the refocus efforts.
This topic to continue is a bit open ended. A poster that I've always respected, recommended a Robert Kiyosaki book. Which I read. I dunno if this is the kind of financial author that you are intending here but that comes to mind. I've read some stock books(Cramer, Graham), the motivational guy Tony Robbins book, some economists stuff as well. Point is I'm not entirely clear how we wish to approach this next discussion. Financial education is a broad topic that could go several directions. I certainly think it is a topic that is largely neglected in children, college students, young adults etc. Very important.
Finally, I heard a saying that I do my best to abide by and that is to never knock another man's hustle. While I may have crossed out of bounds a time or two, I simply enjoy understanding, rather than be some sort of arbiter. Last I checked I wasn't handed a gavel and a robe so far be it from me to judge another in these matters. My curiosity sometimes gets the best of me.Last edited by Ra77er; 06-21-22, 12:41 AM.Comment -
Chucky we can say one thing regarding financial issues. Those that have the long term in mind tend to do well. Patience. I am amazed at this forum sometimes. I remember this crypto being discussed when it was much lower on here. I believe around 20 or so per coin. Those that had the means and the vision back then have been rewarded or at least I hope. Great job.Comment -
Hard to say. If one get the timing right, can be profitable. I think it's human nature to buy at the peak and sell at the trough.
Re: historical readings, this one is on the top of my list. "The Creature from Jekyll Island" by Griffin:
...You can find at least a partial (free) audiobook on Youtube.
...Fellow posters have referenced this book. Well worth diving into.Where's the fuckin power box, Carol?Comment -
Video from 11/2021. Props to Schiff.
Schiff has caught a lot of junk. He wins here. Listen to Mashinsky at 4:28, "not much leverage in the system."
What an asshole. Schiff wins here. He was spot-on re: how BTC can take a hit:
Where's the fuckin power box, Carol?Comment -
I fear we may begin a circular conversation here Chucky but I agree with the other guy about crypto being a store of value. Also the Schiff guy is very late to the party as I alluded to in my previous posts. Bitcoin (at least on sbr) was being discussed over a decade ago and I bought a few for a couple hundred bucks a piece. If I had the firepower back then to invest a monster roll into it, yeesh.
He argues that gold is a true store of value but gold is only valuable depending on what we agree that it is worth. I left examples in earlier posts that I have certain item that I wouldn't take anything for. People ascribe value to different things.
What I feel like is you are in the camp that currency or whatever is valuable must be backed by something physical. Anything else is just a scam or whatever. Nothing wrong with that but understand that some people value things differently.
And by late to the party I mean trying to navigate the price when its at these levels. Good luck with that boys.Comment -
No wonder he cops it.
Just an arrogant A hole no one would listen to for more than 60 seconds without some pre-existing interest in his world view..Comment -
Schiff is annoying but more I listen to and see Alex, the more I get grifter vibes.
The whole concept of Celsius is headscratching to me. "We know you hate traditional banks...so come put your crypto in our unregulated not a bank but really a bank. But hey, we are better because we give you some of the interest we earn gambling on defi!"
Also, Im sure like everybody else who has created a token, Alex probably gave himself a ton of Cel token and has been cashing out over time. Probably still pays himself a normal salary too.Last edited by bigtymer56; 06-22-22, 08:21 AM.Comment -
Schiff is a gold bug so he should be a fan of bitcoin. His weakness is his overconfidence in gold and his lack of understanding in how the monetary system actually works. But he is good at assessing valuation. The fact that even a guy like Schiff sees bitcoin as a scam is a problem for bitcoin. He should be backing it because gold and bitcoin are the same concept.Comment -
Yep. True crypto. I got a Monero stash. Glad to see it is holding up fairly well during this downturn.
Pirate Chain (ARRR) is supposed to be even better - harder to crack, more anonymous. Got some of that, too. But like BTC, Monero has the OG advantage.
Some of the people I follow say it is only a matter of time before privacy coins take off. I'm not so sure about that. Governments hate that these coins can't be tracked and discourage their use. Some exchanges have dropped Monero.
Countries with over-bearing governments always have black markets. Good people in these countries can't get by without their black markets....Comment -
https://www.cnbc.com/2022/06/30/gray...-into-etf.htmlGrayscale sues SEC after rejection of bid to turn the largest bitcoin fund into an ETF
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fuk lawsuits
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~~~
♫Something is happening
but you don't know what it is...
Do you, Mr. Jones?♫~
Bitcoin (BTC) is down -6.28% to $19,001.40 in the last 12 hours.
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HodlComment -
Its buy time guys. Twice a week like clockwork.Comment -
9,999 here we comeComment
