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re: It’s time to revisit Bitcoin potential. Where do you think it’s going?
Posted on 2/19/21 at 11:06 am to CidCock
Posted on 2/19/21 at 11:06 am to CidCock
quote:well you can't take it out of Robinhood because you don't actually own it.
So, is there an advantage to say, Coinbase, as compared to Robinhood.
0
Posted on 2/19/21 at 11:09 am to CidCock
quote:Yes, you can move your coins off of Coinbase if the need arose. You can't do that on RH, you can only sell them there.
So, is there an advantage to say, Coinbase, as compared to Robinhood.
Posted on 2/19/21 at 1:47 pm to TigerTatorTots
quote:
Yes, you can move your coins off of Coinbase if the need arose. You can't do that on RH, you can only sell them there.
Makes sense. I'm going to open a Coinbase account and begin purchasing on there and draw down my RH.
Posted on 2/19/21 at 3:27 pm to lsu777
quote:
love how its proven itself over the last decade yet we have idiots saying...well its not being used like yall said it would. How in the frick is that the argument now against BTC???
its laughable.
I have a hard time believing people are using/keeping BTC for any real transactions, but I’ve been wrong before
. Is there any way to verify what is trading/investing and what’s an actual purchase for a good? I’d legitimately be interested in reading more about it. 
Posted on 2/19/21 at 3:31 pm to slackster
A huge portion is basically being locked away. Hasn’t been moved around in a Year plus. Something around half of the mined quantity or so (subtracting out the amount assumed to have been lost)
This post was edited on 2/19/21 at 3:32 pm
Posted on 2/19/21 at 3:46 pm to jimbeam
Thanks for the info. 
Posted on 2/19/21 at 3:48 pm to slackster
do you realize by holding bitcoin you're using it?
do you realize that I can earn interest by holding bitcoin?
do you realize I can take out fiat loans against my btc collateral?
I think you have a lot of reading to do... it might even help out your clients ...
do you realize that I can earn interest by holding bitcoin?
do you realize I can take out fiat loans against my btc collateral?
I think you have a lot of reading to do... it might even help out your clients ...
Posted on 2/19/21 at 4:34 pm to rocket31
quote:
do you realize by holding bitcoin you're using it?
do you realize that I can earn interest by holding bitcoin?
do you realize I can take out fiat loans against my btc collateral?
Words matter imo. A few shares of ANZN can do the same, but that doesn’t make it a currency. I could imagine a world now where BTC is used to buy and sell items en made, but the volatility has to come down, obviously. It doesn’t currently do any of the things it’s supposed to eventually do. It’s value is derived from a future where it may actually perform well as a store of value, inflation hedge, and/or a currency.
I was around and went back and forth with Wiki back in the day a little too. I never saw it getting to $10k, much less $50k. I don’t run away from that miss. I simply take issue with this idea that earning 250%/yr = it’s a good store of value or a currency.
I’ve tried to have this conversation in this thread but it’s typically shite on. I wouldn’t even consider myself a crypto bear by any stretch. I just don’t believe BTC being an incredible investment means it has actually delivered on its promise. I would say the same thing about TSLA, fwiw.
Nothing I’ve said above means it can’t deliver on those things down the road, but I struggle to see how it’s already there.
Posted on 2/19/21 at 4:37 pm to slackster
(no message)
This post was edited on 12/21/21 at 1:23 pm
Posted on 2/19/21 at 4:40 pm to slackster
quote:
I have a hard time believing people are using/keeping BTC for any real transactions, but I’ve been wrong before
Last I knew, the darknet markets were still operating.
Posted on 2/19/21 at 4:50 pm to XanderCrews
I dont expect bitcoin to ever be a small transaction currency. I expect it to be a final settlement layer that is immune from government frickery, and that is the story for me. If the government doesn't aggressively debase their own currency, bitcoin never goes to 50k, just doesn't make sense. These companies wouldn't be putting their cash stacks into btc if it were safe to sit in cash right now.
I can't think of another asset/commodity that is absolutely finite and decentralized and so damn convenient to move around, it makes too much sense to me, but only because of Central banks and their actions and the corner they are backed into.
I can't think of another asset/commodity that is absolutely finite and decentralized and so damn convenient to move around, it makes too much sense to me, but only because of Central banks and their actions and the corner they are backed into.
This post was edited on 2/19/21 at 4:52 pm
Posted on 2/19/21 at 4:53 pm to EarlyCuyler3
quote:
Last I knew, the darknet markets were still operating.
Valid point, but I’d imagine that is a minor amount of transactions, to say the least.
Posted on 2/19/21 at 4:56 pm to Pendulum
quote:
These companies wouldn't be putting their cash stacks into btc if it were safe to sit in cash right now.
To be fair, the majority of their “cash” is in USD still. I’m not sure we’re at that point yet.
Elon knows what he’s doing though. He’s like a modern Warren Buffet- just the announcement he’s made a move validates the move.
Posted on 2/19/21 at 5:02 pm to slackster
Yea I meant a % of their cash obviously, if cash was stable, it wouldn't make as much sense. I think we will begin hearing more and more companies bought btc and the news will come after the fact.
It's like, the US wants you to build a house, and they give you a ruler that is constantly getting shorter and changing in scale. But there's another option, bitcoin puts out a ruler that stays constant. What ruler would you have in your toolbox?
Stupid probably terrible analogy, and with the current volatility, maybe not fully accurate yet; but at this point, save for a security breach, inevitable in my opinion
It's like, the US wants you to build a house, and they give you a ruler that is constantly getting shorter and changing in scale. But there's another option, bitcoin puts out a ruler that stays constant. What ruler would you have in your toolbox?
Stupid probably terrible analogy, and with the current volatility, maybe not fully accurate yet; but at this point, save for a security breach, inevitable in my opinion
This post was edited on 2/19/21 at 5:03 pm
Posted on 2/19/21 at 5:08 pm to slackster
I own about 1.5 bitcoin so I really really want it to do well. However, if the major institutional investors decide not to put in (and the smaller institutional investors that have put in now decide to pull out), I think that is the end of btc to the moon.
What are your thoughts?
What are your thoughts?
Posted on 2/19/21 at 5:19 pm to AndyJ
It doesn't seem this is the trajectory we are seeing. Even Blackrock is getting in the crypto game. As market cap increases, volatility will inevitably go down.
But like I said, the narrative for me personally has to include an m2 increasing at 15-25% like it did last year . If the fed came out and said no Mas, I would sell some of my btc. But let's be honest, they will only play right into what my thesis on bitcoin is. It's only going to get worse as we go through biden and Janet yellen years.
I think the one thing I stumbled across that turned me into a mega bull was when I learned last summer that the entirety of wealth held by billionaires in the US is like 5 trillion. You could tax billionaires at 100% and it's going to get you what? Like 8 stimulus checks and then we are broke? Yet all these plans to spend money? What is going to give?
But like I said, the narrative for me personally has to include an m2 increasing at 15-25% like it did last year . If the fed came out and said no Mas, I would sell some of my btc. But let's be honest, they will only play right into what my thesis on bitcoin is. It's only going to get worse as we go through biden and Janet yellen years.
I think the one thing I stumbled across that turned me into a mega bull was when I learned last summer that the entirety of wealth held by billionaires in the US is like 5 trillion. You could tax billionaires at 100% and it's going to get you what? Like 8 stimulus checks and then we are broke? Yet all these plans to spend money? What is going to give?
Posted on 2/19/21 at 5:19 pm to slackster
quote:
I have a hard time believing people are using/keeping BTC for any real transactions
Current Average Transaction Fee for BTC
apparently the average transaction fee is around $20 right now
why would anyone use a currency that carries such a high fee? people are equating it to gold at this point, magical internet gold coins
Posted on 2/19/21 at 5:23 pm to DVinBR
Fee's are relative. I move my mining BTC payouts, around $200 at a time anywhere from $0.10 to $.50. I just wait for activity to go down. Do you think banks dont have a wire-transfer fee? 
Large fees are generally large transactions. Far cheaper than a bank and it keeps the network going.
Its also much much faster.
Large fees are generally large transactions. Far cheaper than a bank and it keeps the network going.
Its also much much faster.
This post was edited on 2/19/21 at 5:28 pm
Posted on 2/19/21 at 5:28 pm to DVinBR
Again, if we want to talk about it being a currency, btc would just be a settlement layer. Example: apple buys 5 billion in btc (rumor is they are buying btc). They create a wallet that is ontop of btc's blockchain, so they consolidate all transactions into massive single transactions on the btc blockchain. There are many many working on this type of thing...like the lightning network.
You realize when you swipe your cc, it's not like that's free, it's a % like 2.5%, and the actual movement of money is not instant.
You realize when you swipe your cc, it's not like that's free, it's a % like 2.5%, and the actual movement of money is not instant.
This post was edited on 2/19/21 at 5:37 pm
Posted on 2/19/21 at 5:30 pm to DVinBR
quote:that doesn't tell you anything. What's the average transaction amount?
apparently the average transaction fee is around $20 right now why would anyone use a currency that carries such a high fee?
people are equating it to gold at this point, magical internet gold coins
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