What kind of asset is Bitcoin / Crypto?

eaglesfan371 · 02-25-20, 10:17 PM

To be clear, I own no crypto at the moment. However, I am wiring later this week to buy some. Not for speculative purposes though

milwaukee mike · 02-25-20, 10:52 PM

bitcoin (like gold) often acts as a safe haven/store of wealth... but when people are selling stocks/real estate/etc they often take gold down too (like today).

there is close to a 0% chance that bitcoin outperforms gold over the next 50 years so why hold it as a "store of wealth"?

my theory on this week's move is that crypto investors are realizing that when governments create and/or react to pandemics, the ability to do anything with a series of numbers on a screen is less important than being able to access food/water/etc.

pilebuck13 · 02-25-20, 11:30 PM

Bitcoin is used for nothing but the majority of dirty money it’s a joke the fees that are charged are ridiculous no sane person would pay 250 dollars to sell 9500 dollars it’s all dirty money

BeatTheJerk · 02-25-20, 11:36 PM

Originally posted by pilebuck13

Bitcoin is used for nothing but the majority of dirty money it’s a joke the fees that are charged are ridiculous no sane person would pay 250 dollars to sell 9500 dollars it’s all dirty money

Touché

KVB · 02-25-20, 11:36 PM

Originally posted by pilebuck13

Bitcoin is used for nothing but the majority of dirty money it’s a joke the fees that are charged are ridiculous no sane person would pay 250 dollars to sell 9500 dollars it’s all dirty money

I'm guessing you tried to move 5 figures and now know it wasn't cheap.

Been there.

ChocMilk23 · 02-25-20, 11:39 PM

well the point of bitcoin was never to cash it out into a fiat currency... so you are missing the point....

pilebuck13 · 02-25-20, 11:48 PM

Originally posted by ChocMilk23

well the point of bitcoin was never to cash it out into a fiat currency... so you are missing the point....

And? What really can you buy with it? Gift cards? shit offline? Gold? Silver? Where you are priced about 10 percent over spot as it is look it will never be used cash will always be king even if you can use it for a larger percent your paying a tax so what’s the difference it’s shut down for anything meaningful

themike78 · 02-25-20, 11:59 PM

Only thing it's good for is getting money in or out of books. Other than that it is useless to me. 99 percent of Americans don't use it and most don't even know what it is. It has absolutely no use unless you are doing illegal bussiness.

milwaukee mike · 02-26-20, 07:22 AM

Originally posted by themike78

Only thing it's good for is getting money in or out of books. Other than that it is useless to me. 99 percent of Americans don't use it and most don't even know what it is. It has absolutely no use unless you are doing illegal bussiness.

you mean people don't want to wait in a checkout line for 1/2 hour for 6 confirmations?

there's no way it could be used as a widespread currency, handling that many transactions would be impossible

eaglesfan371 · 02-26-20, 07:32 AM

Lot of good points made.

milwaukee mike · 02-26-20, 08:43 AM

Originally posted by eaglesfan371

Lot of good points made.

the ones that really got clobbered are the alt-coins... stuff like xrp down over 90% from the highs... at least bitcoin has "some" value, whether it's $9 or $90,000 is hard to say, but i think almost all of these other cryptos will just drift down to 0

pologq · 02-26-20, 08:45 AM

Originally posted by themike78

Only thing it's good for is getting money in or out of books. Other than that it is useless to me. 99 percent of Americans don't use it and most don't even know what it is. It has absolutely no use unless you are doing illegal bussiness.

well said

raiders72001 · 02-26-20, 11:25 AM

I'm in the minority. I use bitcoin for almost all of what I do except to buy gas. Bitpay puts a hold on the card to buy gas.

combination lock · 02-26-20, 11:56 AM

I have to admit I was wrong about bitcoin 7 years ago. I didn't think it had much of a future but it has stuck around and been the best investment on earth the past 10 years.

I could be wrong again this time but for some weird reason there seems to be a big novelty value to it among rich people. I suspect its because the supply is so limited and you can use it to purchase some things.

Let me explain. A year ago bitcoin was around 3k and Jack Dorsey goes on Rogan and talks bullish about buying bitcoin himself and it shot up double/triple/quadruple(at some point) over spring and summer after that podcast. He has a big stake in the cash app and has bragged about buying 10k bitcoin a week on the app.

Where I am going with this is, this fuckin guy started twitter!! He has a shit ton of cash flowing to him and he wants to spend some on bitcoin?!?!...... why even bother if you re him?? Hes loaded with money. He's also a tech guy too. I think rich people could really drive this price up more to insane levels......

Sam Odom · 02-26-20, 12:07 PM

Use BTC type debit cards almost every day

asiagambler · 02-26-20, 12:27 PM

Bitcoin is a gamble plain and simple. It is why we check the price every 5 minutes

Smoke · 02-26-20, 02:27 PM

I use it on the deep web to buy things I can't buy elsewhere legally

Also for gambling

Very useful

RudyRuetigger · 02-26-20, 02:29 PM

Originally posted by milwaukee mike

bitcoin (like gold) often acts as a safe haven/store of wealth... but when people are selling stocks/real estate/etc they often take gold down too (like today).

there is close to a 0% chance that bitcoin outperforms gold over the next 50 years so why hold it as a "store of wealth"?

my theory on this week's move is that crypto investors are realizing that when governments create and/or react to pandemics, the ability to do anything with a series of numbers on a screen is less important than being able to access food/water/etc.

buy land and seeds

oh yea...and fukkin guns/ammo

eaglesfan371 · 02-26-20, 02:43 PM

Originally posted by Sam Odom

Use BTC type debit cards almost every day

2-10% cash back on everything though using CC. For example, earn 5% on gas, 10% on groceries, 3% on travel and dining, 2% everything else. 5% on PayPal, which I max, two quarters a year.

That cash back adds up to several hundred each year.

USCPHILLYGUY · 02-26-20, 03:07 PM

Originally posted by eaglesfan371

2-10% cash back on everything though using CC. For example, earn 5% on gas, 10% on groceries, 3% on travel and dining, 2% everything else. 5% on PayPal, which I max, two quarters a year.

That cash back adds up to several hundred each year.

Eags hows the Career coming along. You in Virginia? DC?

RudyRuetigger · 02-26-20, 03:15 PM

10% on groceries?

no way

what card gives you that?

Ive never seen above 5%

im over here now · 02-26-20, 04:53 PM

Originally posted by pilebuck13

And? What really can you buy with it? Gift cards? shit offline? Gold? Silver? Where you are priced about 10 percent over spot as it is look it will never be used cash will always be king even if you can use it for a larger percent your paying a tax so what’s the difference it’s shut down for anything meaningful

poster named Crusher claims his cost to move and sell is 1%.. no shit he said it.. Optional backed him up..

eaglesfan371 · 02-26-20, 05:27 PM

Originally posted by RudyRuetigger

10% on groceries?

no way

what card gives you that?

Ive never seen above 5%

Discoverit 5% grocery category, 1st year double all cash back.

Trick to this also - buy $1500 grocery gift cards beginning of the quarter (5% limit is $1500), maximize the cash back.

eaglesfan371 · 02-26-20, 05:30 PM

Originally posted by USCPHILLYGUY

Eags hows the Career coming along. You in Virginia? DC?

Life is going great honestly, thanks for asking. Read you had a heart attack, I’m sorry to hear and hope your health is getting better.

Doing well at the new job, made a lot of great discoveries and brought forward ways to improve efficiencies. Received raise and bonus despite only working there 6 months when given. Side sports memorabilia business is going well too, on pace for 75k sales, 30% margins.

Volunteering and staying active, in great shape, put on more muscle mass as desired. Ready to hit the beaches of Barcelona and mingle with some European women this summer.

In terms of gambling, took under on several props and full game for Super Bowl, did quite well. However upon redeeming the tickets in AC couple weeks ago, lost half of it lol.

BeatTheJerk · 02-26-20, 06:09 PM

Originally posted by eaglesfan371

Life is going great honestly, thanks for asking. Read you had a heart attack, I’m sorry to hear and hope your health is getting better.

Doing well at the new job, made a lot of great discoveries and brought forward ways to improve efficiencies. Received raise and bonus despite only working there 6 months when given. Side sports memorabilia business is going well too, on pace for 75k sales, 30% margins.

Volunteering and staying active, in great shape, put on more muscle mass as desired. Ready to hit the beaches of Barcelona and mingle with some European women this summer.

In terms of gambling, took under on several props and full game for Super Bowl, did quite well. However upon redeeming the tickets in AC couple weeks ago, lost half of it lol.

Everything sounds so fuckin' "peachy" for you doesn't even seem real.

bitcoinLuke · 02-26-20, 06:10 PM

Originally posted by pilebuck13

Bitcoin is used for nothing but the majority of dirty money it’s a joke the fees that are charged are ridiculous no sane person would pay 250 dollars to sell 9500 dollars it’s all dirty money

You're only paying $250 in fees if you don't know what you're doing. Costs .2% fees to cash out on Coinbase pro, which is $19 on a $9500 sell. People love to blame other things for their own ignorance.

PharaohUB · 02-26-20, 06:11 PM

Originally posted by bitcoinLuke

You're only paying $250 in fees if you don't know what you're doing. Costs .2% fees to cash out on Coinbase pro, which is $19 on a $9500 sell. People love to blame other things for their own ignorance.

Yeah if you want IRS knocking on your door.

bitcoinLuke · 02-26-20, 06:13 PM

Originally posted by PharaohUB

Yeah if you want IRS knocking on your door.

Weird. I've been doing it since 2016 and no one has knocked on my door. Another clueless post

Mac4Lyfe · 02-26-20, 06:23 PM

A lot of negativity here over Bitcoin. It is an option, a viable option for many people. I like options. If I was in a country like Argentina, where inflation has skyrocketed, why would I keep cash? I'd move immediately to something else like BTC. If I'm buying things across the world, why wouldn't I look to an electronic currency? The blockchain technology is proven. There's hundreds of real life applications. Crypto to me can give you freedom over governments. Especially, not having to show the government all your cards. That's the real advantage.

im over here now · 02-26-20, 06:34 PM

Originally posted by bitcoinLuke

Weird. I've been doing it since 2016 and no one has knocked on my door. Another clueless post

Call someone clueless. yet this person signed up using official form of ID, his home address and banking information.. Yet doesn’t think Uncle Sam can get his transactions from Coinbase!! but we’re the clueless ones right..

BeatTheJerk · 02-26-20, 07:09 PM

Originally posted by im over here now

Call someone clueless. yet this person signed up using official form of ID, his home address and banking information.. Yet doesn’t think Uncle Sam can get his transactions from Coinbase!! but we’re the clueless ones right..

& SS #

USCPHILLYGUY · 02-26-20, 07:33 PM

Originally posted by eaglesfan371

Life is going great honestly, thanks for asking. Read you had a heart attack, I’m sorry to hear and hope your health is getting better.

Doing well at the new job, made a lot of great discoveries and brought forward ways to improve efficiencies. Received raise and bonus despite only working there 6 months when given. Side sports memorabilia business is going well too, on pace for 75k sales, 30% margins.

Volunteering and staying active, in great shape, put on more muscle mass as desired. Ready to hit the beaches of Barcelona and mingle with some European women this summer.

In terms of gambling, took under on several props and full game for Super Bowl, did quite well. However upon redeeming the tickets in AC couple weeks ago, lost half of it lol.

Mild stroke Eags. Thank you for the kind wishes

eaglesfan371 · 02-26-20, 07:37 PM

Originally posted by BeatTheJerk

Everything sounds so fuckin' "peachy" for you doesn't even seem real.

Still single but have been going out to bars and on a couple dates recently.

bitcoinLuke · 02-26-20, 08:43 PM

Originally posted by im over here now

Call someone clueless. yet this person signed up using official form of ID, his home address and banking information.. Yet doesn’t think Uncle Sam can get his transactions from Coinbase!! but we’re the clueless ones right..

You seem triggered. But, yes,you're clueless again. Coinbase only reports accounts that have over $20,000 AND 200 transactions per year, not one or the other. So move along little, angry, man.