Official Bitcoin Thread

[tay1]

nah

 

[Chopper]

Please tell us how owning crypto for reasons outside of digital currency/store of value is a smart move... we'll wait. "You get access to the tech if you own the coins", which is what 99.9 of these ****coins tell you is the reason to own their coin. Why can't I just pay for the service/tech with USD, BTC, or other digital currency? Why do I need your ****coin to get access to the service/tech. Not to mention, this aint like stocks. We don't actually own part of these companies as a result of holding their coins.

This is a straight up speculative play that we're making, based on not much more than a gamble for digital currency to be adopted by the masses.

 

[50inchvert]

Is letting your funds sit in USD on Binance an effective strategy?

It holds steady for the most part and isn't affected by dips. Done it a couple of times and was able double up on a a few positions. Just have a feeling it could backfire in worst way if not careful.

 

[polosanddunks]

Please tell us how owning crypto for reasons outside of digital currency/store of value is a smart move... we'll wait. "You get access to the tech if you own the coins", which is what 99.9 of these ****coins tell you is the reason to own their coin. Why can't I just pay for the service/tech with USD, BTC, or other digital currency? Why do I need your ****coin to get access to the service/tech. Not to mention, this aint like stocks. We don't actually own part of these companies as a result of holding their coins.

This is a straight up speculative play that we're making, based on not much more than a gamble for digital currency to be adopted by the masses.

Lower lows and lower highs over the long term.

You have to ask yourself, where is the demand going to come from?

The thesis of cryptos being a currency is long dead (too much energy and not stable enough)

As an investment? It never was

Just speculation left, and each time it makes a new low, it’s going to be that much harder to recover as selling pressure will increase as the price recovers.

If you haven’t by now I would suggest you reduce your crypto exposure to less than 2 or 3% of your portfolio.
It’s okay to take big risk for big gain, but don’t try to catch a dropping knife guys.

Let the guys who wanna play big and speculative with their funds who dont mind losing it if it doesnt work out do it.

You dont understand thats fine and your opinion, just go back to stocks then and play it safe.

 

[dblplay1212]

I've always felt like there has to be mass real life use of crypto for it to have real value. Yes there's a place here and there that you can use it but I can't walk into my local bar and buy a beer with it. Almost everyone that buys it now does so as an investment, not to use it. It's a stock, not a currency. That has to change for it to have real value. The other thing is it just has to get easier and more secure. Let's be honest, the average person doesn't even know what a secure wallet even is, much less how to use one. There really needs to be a secure online wallet that has a debit card like function that starts being accepted at everyday places. I'm not overly versed in crypto so maybe that does exist and I don't know about it, but that in itself would speak to the average person not being aware of it. Long term I can see a more mainstream usage of crypto but we're a ways off from that imo. Currently I think a lot of people are blinded by the investment side of it, hoping it will moon, and dont stop to look at the big picture.

 

[fapmasterjr]

^^one of the main issues is that as a whole, people are DUMB and dependent on others to have control of their $$$. That is a fact. Why is it that people as a whole can not secure their own valuables and have to rely on a 3rd party? We need a change of consciousness and get out of the mindset where its OK for a centralized business to hold our funds.

it's just like The Internet. slowly but surely, i'm hoping people see how IMPORTANT it is to secure your connection and privacy.

"It's not that I have something to hide, it's that I have nothing I want you to see."

 

[BIG LEEMELONE]

It's still really inconvenient to transfer and purchase items with crypto. They need to simplify it because aint nobody tryna keep up with a passphrase or 30 character address just to pay for lunch

 

[dblplay1212]

Why is it that people as a whole can not secure their own valuables and have to rely on a 3rd party?

If we still lived in a paper currency society, hiding your money under your mattress would be an option. We dont though. Banks provide a service that allows you to access your money at any time via a debit card. I assume you use one just like everyone else. It's not about them securing my money, it's about them giving me access to to 24/7 without walking around with tons of cash on me. I'm ok with paying them for tha service. Someone really needs to step up and fill that void in the crypto market. People need access to their money when they aren't at home in front of their cpu.

 

[Chopper]

Let the guys who wanna play big and speculative with their funds who dont mind losing it if it doesnt work out do it.
You dont understand thats fine and your opinion, just go back to stocks then and play it safe.

Ah yes cause stating my opinion limits your ability to speculate. I'm here speculating too buddy, and I didn't have to leave stocks to do so

It's a stock, not a currency.

You're right with the bulk of your post, but it's not like a stock at all. There's no need for these companies to report earnings, answer to the public, have a business that generates revenue, or give up any of their ownership to coin holders.

 

[dblplay1212]

This may be a dumb analogy and this may already exist, but I'll ask anyways.

Any of you use Plex, or something similar? I have tons of movies and music stores on my home hard drive. That hard drive is connected to Plex. I can access that hard drive anywhere using my cell or cpu using Plex. Plex only has access to the folders I give it access to. Does something like that exist to access your wallet at home? I guess then its connected to the internet and not secure huh? Idk just thinking out loud here.

 

[dblplay1212]

Ah yes cause stating my opinion limits your ability to speculate. I'm here speculating too buddy, and I didn't have to leave stocks to do so


You're right with the bulk of your post, but it's not like a stock at all. There's no need for these companies to report earnings, answer to the public, have a business that generates revenue, or give up any of their ownership to coin holders.

I'm just saying most people are investing in it like a stock, not exchanging their usd for a different currency. Agree its different than a stock though.

 

[americangenius]

^^one of the main issues is that as a whole, people are DUMB and dependent on others to have control of their $$$. That is a fact. Why is it that people as a whole can not secure their own valuables and have to rely on a 3rd party? We need a change of consciousness and get out of the mindset where its OK for a centralized business to hold our funds.

it's just like The Internet. slowly but surely, i'm hoping people see how IMPORTANT it is to secure your connection and privacy.

"It's not that I have something to hide, it's that I have nothing I want you to see."

Volatilty is a major reason, otherwise adoption would be more widespread. Decentralized stablecoins will be the standard cryptocurrency in the near future, and will have mainstream adoption.

 

[oidreez]

^^one of the main issues is that as a whole, people are DUMB and dependent on others to have control of their $$$. That is a fact. Why is it that people as a whole can not secure their own valuables and have to rely on a 3rd party? We need a change of consciousness and get out of the mindset where its OK for a centralized business to hold our funds.

it's just like The Internet. slowly but surely, i'm hoping people see how IMPORTANT it is to secure your connection and privacy.

"It's not that I have something to hide, it's that I have nothing I want you to see."

Because there are benefits to having a third party hold our money. Interest (no matter how negligible the rates are these days), being able to take out loans, being able to use a card that has my funds on it, being federally insured up to a certain amount etc

I laugh at the idea that bitcoin is going to "overthrow the banking system" like some of these redditors want to happen

 

[polosanddunks]

Ah yes cause stating my opinion limits your ability to speculate. I'm here speculating too buddy, and I didn't have to leave stocks to do so

Thats cool either way but yall keep bringing up stocks in here like dudes care. We dont

Let us get these gains, find out some new money to be made and cook.

Nobody knows what the future holds.

 

[dblplay1212]

Thats cool either way but yall keep bringing up stocks in here like dudes care. We dont

Let us get these gains, find out some new money to be made and cook.

Nobody knows what the future holds.

Your post is a perfect example of what I said earlier. You view crypto as an investment, not as a currency. For crypto to ever have real value, that has to change. At some point it has to crossover from an investment to a currency or it's all going to eventually be worthless.

 

[polosanddunks]

Your post is a perfect example of what I said earlier. You view crypto as an investment, not as a currency. For crypto to ever have real value, that has to change. At some point it has to crossover from an investment to a currency or it's all going to eventually be worthless.

I never even said what I view it as. AI/IoT/Identity/Supply Chain are all the future on Blockchain. im invested in those and the stepping stones are all there as well as the fundamentals.

End of the day nobody knows what the future holds so lets get this money regardless.

 

[dblplay1212]

I never even said what I view it as. AI/IoT/Identity/Supply Chain are all the future on Blockchain. im invested in those and the stepping stones are all there as well as the fundamentals.

End of the day nobody knows what the future holds so lets get this money regardless.

Your post below made it clear how you view it. And there's nothing wrong with that at all. I hope you do well with it. I'm just saying that for it to ever have real value, people will need to exchange their usd/gbp/euros for crypto with the intent of using crypto in place of those currencies, not to sit on it and wait for it to moon. If I go to the UK, I'll exchange some USD for gbp to buy a beer. I'm not buying gbp to sit on them and wait for gbp to moon. That's why the term stock has been used, bc right now the vast majority of people "buy" crypto to sit on it, not "exchange" their money for it to use it in place of their money. It's more investment than currency right now. These coins can have the tech and fundamentals they want but until people use is as a currency there's no real value to it, just hope and speculation.

Let us get these gains, find out some new money to be made and cook.

 

[finessesosa]

you cant tell someone how to spend their money, invest etc lol

dont listen to anyone in here and do your own research.

 

[jordans01]

you cant tell someone how to spend their money, invest etc lol

dont listen to anyone in here and do your own research.

This

 

[dblplay1212]

you cant tell someone how to spend their money, invest etc lol

dont listen to anyone in here and do your own research.

If you or anyone else took my posts as me telling someone else what to do, apologies. I just gave my 2 cents on the state of crypto.

 

[fapmasterjr]

Because there are benefits to having a third party hold our money. Interest (no matter how negligible the rates are these days), being able to take out loans, being able to use a card that has my funds on it, being federally insured up to a certain amount etc

I laugh at the idea that bitcoin is going to "overthrow the banking system" like some of these redditors want to happen

how do those countries where their fiat is dying feel about "banks holding their money, interests, loans"??

 

[fapmasterjr]

Just like ya'll say nobody is using BITCOIN/CRYPTO as currency.....who is using this?!?! Is this better??

 

[fapmasterjr]

Ah yes cause stating my opinion limits your ability to speculate. I'm here speculating too buddy, and I didn't have to leave stocks to do so


You're right with the bulk of your post, but it's not like a stock at all. There's no need for these companies to report earnings, answer to the public, have a business that generates revenue, or give up any of their ownership to coin holders.

So if cryptocurrency gets traded on NASDAQ or has a GOLDMAN desk ...will that make it more official for you? Coinbase as an SEC regulated exchange? How about Poloniex, which is owned by GSachs and Circle....which is already SEC backed?

 

[dblplay1212]

Just like ya'll say nobody is using BITCOIN/CRYPTO as currency.....who is using this?!?! Is this better??

People are using debit cards that give them access to that cash 24/7 anywhere they want to buy something. I dont know the tech behind it or if it's even possible, but an apple pay type service that links to your bitcoin wallet would be massive. Maybe it exists, I just dont know of it. Something like that being accepted at mass retailers would be the game changer imo.

That and the markets really stabilizing. I understand why there are massive swings now but it really needs to stabilize long term. There will always be fluctuations with any currency but crypto swings are scary if you're sitting on $2k worth of crypto for a mortgage payment and wake up with $1500.

Or maybe it'll just always be part investment and part currency. If you think it's going down, spend some of your portfolio on whatever. If you think it's going up, sit on it. I just think people would be more willing to use it as currency if the swings weren't so big.

 

[Chopper]

So if cryptocurrency gets traded on NASDAQ or has a GOLDMAN desk ...will that make it more official for you? Coinbase as an SEC regulated exchange? How about Poloniex, which is owned by GSachs and Circle....which is already SEC backed?

There is a fundamental difference between owning Nikes and owning NKE. I don't care if your Nikes are grey market or official Nikes. The point I made is basic and clearly flew well over your head.