BITCOIN

Adyinvestment

This thread shows how strongly people hate/love Bitcoin.

As someone who has recently changed from a non-believer to a believer, I would say that I 100% believe that digital currency will be normal in the not too distant future. Whether that is Bitcoin or Britcoin or any of the many existing or not yet existing coins there will be digital currency.

Which or how many will be dominating in 10yrs time nobody know for sure but Bitcoin is leading the way at this time.

I think there is a long way to go before the everyday person on the street will accept this, but I have chosen (10 years later than I wish I had ) to dip my toe in while there are still potential big gains to be made.

Atlas234

Adyinvestment said:

This thread shows how strongly people hate/love Bitcoin.

As someone who has recently changed from a non-believer to a believer, I would say that I 100% believe that digital currency will be normal in the not too distant future. Whether that is Bitcoin or Britcoin or any of the many existing or not yet existing coins there will be digital currency.

Which or how many will be dominating in 10yrs time nobody know for sure but Bitcoin is leading the way at this time.

I think there is a long way to go before the everyday person on the street will accept this, but I have chosen (10 years later than I wish I had ) to dip my toe in while there are still potential big gains to be made.

I’m the same, have been very sceptical of crypto for years, have only been investing in it for about a year after a lot of research. Currently around 1000% up so far this year, wish I had started a lot earlier! Certainly wouldn’t put all my money into crypto but over the last decade even investing say 1-5% of your portfolio in crypto would likely have out performed the other 99-95% of investments

Thrugelmir

Adyinvestment said:

This thread shows how strongly people hate/love Bitcoin.

More a reflection of those who who've seen it all before and the newbies who think that bubbles are something consigned to history books. Nothing like greed to drive speculation. The fact that it's regarded as investing says a lot. 

thegentleway

Thrugelmir said:

Adyinvestment said:

This thread shows how strongly people hate/love Bitcoin.

More a reflection of those who who've seen it all before and the newbies who think that bubbles are something consigned to history books. Nothing like greed to drive speculation. The fact that it's regarded as investing says a lot. 

Agreed. It’s not just the people who have seen it all before. I’ve not been investing for long but I remember reading once: “beware of the red ribbon deal”. Basically if something is too good to be true then it probably is. I’ll invest in Crypto when Buffet, the investing GOAT does!

Scottex99

underground99 said:

Scottex99 said:

I’ll probably buy a villa with my gains tbh

Pretty good going, I see that A. Villa are currently 11th in the Premier League. Good luck with your bid.

Haha, v good. J Grealish alone worth about 2500 BTC

User232002

lardellion said:

You were responding to somebody who pointed out, correctly, that Bitcoin isn't a good store of value right now. A lot of people are calling it a store of value today.

What is a 'store of value'? Conventional wisdom would say gold is, but as I pointed out, its been nominally flat since late 2011 - so your money has lost 20%+ of purchasing power in gold due to inflation. I don't think people have any idea what they mean when they say 'store of value.'

lardellion said:

You are making big assumptions, talking about $400k+ Bitcoin as if that is sure thing.

I don't think in terms of absolutes, I think in terms of probabilities. Such analysis tends to fly over the head of people on a forum such as this though where people are still throwing around the ponzi word.

I believe that Bitcoin will eventually get to $400k with a high probability at this point which is why a majority of my networth is in digital assets, but its not 100%. Solving for the probability gives ~75% chance that I think it gets to $400k (eventually, as in within 10 years). I also think its far more likely that it gets to $400k in its present state with the amount of institutional adoption compared to when I first started buying it in 2014. Elon may have stopped accepting Bitcoin for Tesla's, but he didn't sell his Bitcoin.

In before, "If you think its going to $400k, why don't you have 100% in!?!?"

lardellion said:

Even if crypto keeps growing larger, Bitcoin could get beaten by Ethereum, or a dogged contender like Dogecoin

I have more Ethereum than I do Bitcoin. Its TAM is far higher than Bitcoin, although it has more competitors and a lower probability of winning that race. They aren't the same though, and I imagine both will co-exist.

If you genuinely think Dogecoin can 'win' (in whatever way you mean) then I think you're deluded, but it wouldn't matter anyway. If, in some bizarro world, Doge fixes all its fundamental problems and memes its way to being the worlds store of value then i'll almost certainly recognise it a decade or so before people like Hans or w/e, so I'll still be rich.

lardellion said:

There is also no reason to believe the volatility will disappear, even if it reduces after the price shoots to the moon.

Incorrect. There is no reason to think it will not disappear. There are reasons to believe it will disappear; the evidence is that the trend is currently decreasing and volatility vs asset size tends to be negatively correlated. 

Its probably worth pointing out that by 'disappear' I assume you mean 'reduce,' because volatility is never zero. And its also worth pointing out that when people mention 'volatility,' what they usually mean is not 'volatility' but 'downward risk.' Nobody hates upward volatility.

lardellion said:

The price of Bitcoin has moved based on inane things Elon Musk has been tweeting recently.

Nobody in crypto will tell you that the market is efficient right now. Whales and miners dump the market all the damn time for personal gain. Its obviously not desirable, but it doesn't affect the long term expected value and as the market grows the ability for large participants to affect it will reduce.

lardellion said:

Also, just to add, the point about marketing ploys at your pizza place is that they are ultimately funded by the punters paying big transaction fees at the crypto exchanges

Every market takes advantage of new (clueless) entrants. Robinhood is no different. Fairly certain they will actually be paying significantly more than 3.5% too given the likely spreads on a small(ish) exchange. It takes 5 minutes to do some research and find out that Binance and Coinbase Pro have considerably lower fees.

lardellion said:

It's also funny/sad how backwards it is - you are supposed to pay for the pizza with crypto and cut out the centralized financial entity - but here we are.

Bitcoin is not a currency.

deejaybee

Scottex99 said:

underground99 said:

Scottex99 said:

I’ll probably buy a villa with my gains tbh

Pretty good going, I see that A. Villa are currently 11th in the Premier League. Good luck with your bid.

Haha, v good. J Grealish alone worth about 2500 BTC

As a Villa fan that made me laugh !!

Luckily, our current owners are comfortably amongst the Top 10 richest in world football.

Shame they cant spend more on players cos of FPP ( which ensures that the current cartel who spent big before FPP, chelski, citeh etc) are hard to catch.

deejaybee

Back to Crypto:

Musk is bigging up environmentally friendly currencies - Amongst the lowest KwH per coin are XRP (  0.007 ) Doge ( 0.12 ) and Cardano ( 0.54 ) - compared to Eth (  62.56 ) and BTC ( 707 ).

He has obviously been pushing Doge ( apart from calling it a hustle ) but that could be a smokescreen for his real target ???

**** Coinbase adding Doge in next few weeks ****

User232002

[Deleted User] said:

What are you doing with the remaining 25% of your assets or whatever?

Not sure this is relevant. Nothing particularly special.

deejaybee said:

Back to Crypto:

Musk is bigging up environmentally friendly currencies - Amongst the lowest KwH per coin are XRP (  0.007 ) Doge ( 0.12 ) and Cardano ( 0.54 ) - compared to Eth (  62.56 ) and BTC ( 707 ).

Mainly because nobody bloody uses those first 3 compared to the last 2, and the value per coin of the first 3 is miniscule compared to the last 2. 

deejaybee

Whats the criteria for going from Coinbase ====> Coinbase Pro ?  Amount invested ?

Is it a seamless transfer as they already have your id etc ?