Bullish on Bitcoin

[swiftque]

I think the Bitcoin ETFs are pushing a bull market. I purchased my first bitcoins on mtg0x. I then accumulated a lot more on localbitcoin when you could arrange to buy in person or through money order. This was before KYC exchanges were a thing. I have enough to live very comfortably, but I still hold. I’ve held through some serious ups and downs.

I also allocated a small portion of my tax advantaged portfolio to a Bitcoin ETF because why the hell not. I’ll take the tax free gains when I’m an old man.

Whenever I buy something with bitcoin, I always buy new coins at the current price so I don’t lower my current stack. I can’t part with my current pile.

Anyone invested in Bitcoin or are you all just using this to buy things?

 

[vaIdosta]

Just using it to buy things. Prefer to make money by having a "job" instead of buying virtual fiat with some perceived value

 

[swiftque]

Just using it to buy things. Prefer to make money by having a "job" instead of buying virtual fiat with some perceived value

Oh?

I used my 6 figure making jobs to invest in stocks, real estate, and crypto.

The goal was to become a multimillionaire and become financially independent. For someone who came from nothing, I’ll take it.

But ok wise guy. Enjoy your “job”. And I’ll play with things with some perceived value.

SEC and 11 bitcoin spot ETF seem to have value. Interesting. You were saying?

 

[vaIdosta]

So you wkrked up hundreds of thousands of dollars and thought, let me put this into something with 0 real value? sounds like a solid game plan

 

[swiftque]

So you wkrked up hundreds of thousands of dollars and thought, let me put this into something with 0 real value? sounds like a solid game plan

Bitcoin ETFs Break Volume Record Led by BlackRock Amid Wild Crypto Price Action

You’re clearly not very informed. $7.7 in trading volume in one day on Wall Street. That’s just ETF volume.

That’s not actual Bitcoin trading volume.

I don’t think I’ll reply to you anymore. You are simple minded. Stay a worker bee.

I worked up hundreds of thousands of what!?!? Um I reached my goal- Financially independent multimillionaire. I intend to keep growing my wealth.

Not much to really prove on an anonymous forum, but I wanted to share Bitcoin price action.

You just keep chipping away at your job buddy. There’s no value in Wall Street.

 

[vaIdosta]

Enjoy your tulips

 

[ZealSeeker]

Be careful. BTC is going up again, and then it will crash again.

A wise man one said those who are successful in the stock market tend lose it trying to start a business, and those who are successful in a business tend to lose it when trying to play the market.

 

[swiftque]

Be careful. BTC is going up again, and then it will crash again.

A wise man one said those who are successful in the stock market tend lose it trying to start a business, and those who are successful in a business tend to lose it when trying to play the market.

I appreciate it. I’m not a trader though. I buy and hold for a medium to long term outlook, both stocks and crypto. Honestly, VTI is one of my largest holdings so it’s not like I’m playing roulette with my money.

I have no intention of offloading any Bitcoin this cycle. It’s a long term play. My cost basis for my coins are well below the $1000s. I’m not an emotional investor, or I would have sold a long time ago.

 

[Meatgazer]

When Bitcoin goes up, it reminds me of the story of the guy that spent Bitcoin on pizza that would be worth millions today. It makes me wonder how much I actually paid for a vial testosterone.

 

[RaddishPork]

When Bitcoin goes up, it reminds me of the story of the guy that spent Bitcoin on pizza that would be worth millions today. It makes me wonder how much I actually paid for a vial testosterone.

$270 million for 2 pizzas. What’s funny is papa John’s probably kept that shit and are still swimming in it.

Crypto is awesome until it’s not. The only people “safe” from it are the ones with inside knowledge or a bit of luck.

For every person who becomes a millionaire there are probably 2-3 people who lose hundreds - thousands of dollars on it. I just watched a guy lose 6 figures in crypto in January. One day he was prepared to quit his 6 figure job, then a week later he was filing for bankruptcy.

 

[Eddie.]

$270 million for 2 pizzas. What’s funny is papa John’s probably kept that shit and are still swimming in it.

Crypto is awesome until it’s not. The only people “safe” from it are the ones with inside knowledge or a bit of luck.

For every person who becomes a millionaire there are probably 2-3 people who lose hundreds - thousands of dollars on it. I just watched a guy lose 6 figures in crypto in January. One day he was prepared to quit his 6 figure job, then a week later he was filing for bankruptcy.

He payed 10,000 BTC for 2 pizzas. BTC today is 65K so $650 million. This is a legit reason for seppuku lol

 

[cthruit99]

Bitcoin ETFs Break Volume Record Led by BlackRock Amid Wild Crypto Price Action

You’re clearly not very informed. $7.7 in trading volume in one day on Wall Street. That’s just ETF volume.

That’s not actual Bitcoin trading volume.

I don’t think I’ll reply to you anymore. You are simple minded. Stay a worker bee.

I worked up hundreds of thousands of what!?!? Um I reached my goal- Financially independent multimillionaire. I intend to keep growing my wealth.

Not much to really prove on an anonymous forum, but I wanted to share Bitcoin price action.

You just keep chipping away at your job buddy. There’s no value in Wall Street.

I think what @valdosta was trying to say is that BTC is not tangible and has no value whatsoever unless other people also believe that it has value. Gold, at least, is a shiny metal that for millennia has been used for adornment. It also conducts electricity very well and thus has industrial uses. Coffee beans make a delicious, invigorating beverage. Oil runs machinery and keeps buildings warm in the winter. Land has many uses, the most basic of which is that it can sustain life by using it to grow food. All of these things I've listed also have scarcity. They either exist only in finite amounts or there is a natural limit to how much can be grown/produced. Cryptocurrency proponents like to say that only a finite amount of a specific cryptocurrency can be "mined" , but obviously there is no limit to the number of different cryptocurrencies that might be created. Who's to know if Carl'sCryptoCoin won't suddenly become popular and cause all other cryptocurrencies to plummet in value at some point in the future? Nobody knows. One could also say all these same negatives about the US dollar: no scarcity; only has value if other people also believe it does. But, one big difference between the USD and BTC is that the dollar is backed by the US government. The ultimate significance of that is that they have a lot of guns that they can point at your head to ensure your cooperation. You can't say that about any cryptocurrency. Another thing is that new government regulations could originate in any of the world's major economies that would place restrictions on cryptocurrency usage that might make it much less attractive to own. In light of all of the above, placing the majority of your life's savings in any cryptocurrency is a wild, speculative gamble. You might look like a genius at some point in the future, but there is at least equal chance of looking like a fool.

 

[swiftque]

I think what @valdosta was trying to say is that BTC is not tangible and has no value whatsoever unless other people also believe that it has value. Gold, at least, is a shiny metal that for millennia has been used for adornment. It also conducts electricity very well and thus has industrial uses. Coffee beans make a delicious, invigorating beverage. Oil runs machinery and keeps buildings warm in the winter. Land has many uses, the most basic of which is that it can sustain life by using it to grow food. All of these things I've listed also have scarcity. They either exist only in finite amounts or there is a natural limit to how much can be grown/produced. Cryptocurrency proponents like to say that only a finite amount of a specific cryptocurrency can be "mined" , but obviously there is no limit to the number of different cryptocurrencies that might be created. Who's to know if Carl'sCryptoCoin won't suddenly become popular and cause all other cryptocurrencies to plummet in value at some point in the future? Nobody knows. One could also say all these same negatives about the US dollar: no scarcity; only has value if other people also believe it does. But, one big difference between the USD and BTC is that the dollar is backed by the US government. The ultimate significance of that is that they have a lot of guns that they can point at your head to ensure your cooperation. You can't say that about any cryptocurrency. Another thing is that new government regulations could originate in any of the world's major economies that would place restrictions on cryptocurrency usage that might make it much less attractive to own. In light of all of the above, placing the majority of your life's savings in any cryptocurrency is a wild, speculative gamble. You might look like a genius at some point in the future, but there is at least equal chance of looking like a fool.

My house is paid off. I live debt free. I have other investments. I’ll be just fine. If Bitcoin goes to zero, I don’t think I’ll look back at my life and think my investment decisions were foolish. Other choices absolutely! Again, my cost basis for my coins are below the 1000s each.

11 Bitcoin ETFs are recognized by Securities and Exchange Commission, so I think it has a bit more relevancy than other cryptocurrencies out there. If the biggest governing body in the US government that is out there to PROTECT investors has given it credibility, then there is movement in a positive direction for it.

I’ve been holding for a decade and it does have an intrinsic value to me. And to many others that believe in it. If it doesn’t to you, great. Don’t invest in its future. We read the White Paper and it resonated with us.

Many cryptocurrencies have come after Bitcoin, but what is number one still?

Bitcoin is illegal to be mined or traded in China but what is one of the biggest countries that currently mine and trade Bitcoin?

Even our largest vendor on this website accepts it for payment and that vendor is in China where it is illegal to be used. Their citizens kept buying and using it. The government couldn’t stop it and had to ease up on enforcement of their own policies.

It seems like laws can’t shut down its usage. It’s the internet. The government can do whatever they want. Bitcoin is independent of government even though some governments are trying to get themselves involved.

And yes nobody knows the future. I remember buying the first iPhone from AT&T and got an unlimited data plan. I knew In my mind this phone was a game changer. When I got back from deployment in 08, I sunk all the money I saved in Apple stock. I guess I’m a speculator.

Google the “Adoption Curve”. Pick where you want to be. There we many naysayers about the internet. I have no delusions that Bitcoin is going to replace fiat but we’re still early for this asset class.

Thank you though.

 

[Benf15harp]

Some of you are going be in a lot of trouble with this digital currency when the electric grid is toast on account of too many mini refrigerators running to keep peptides g2g.

 

[jJjburton]

Bitcoin is only backed by the amount of people who invest in the pot. When the pot fills and all of the people take out it goes down. When all the people fill it up it goes up. This is EXACTLY why elon was able to do the too the moon trading with reddit. They pick a coin everyone puts money into pot, then whoever was first couple, got lucky and take out when high. And people who were late lost money.

Something has value only when a collective group shows and gives it value. As many people in other parts of the world dont even have wifi, so the value of google is nothing to them, they value shelter and food, and will trade others accordingly.

 

[swiftque]

Bitcoin is only backed by the amount of people who invest in the pot. When the pot fills and all of the people take out it goes down. When all the people fill it up it goes up. This is EXACTLY why elon was able to do the too the moon trading with reddit. They pick a coin everyone puts money into pot, then whoever was first couple, got lucky and take out when high. And people who were late lost money.

Something has value only when a collective group shows and gives it value. As many people in other parts of the world dont even have wifi, so the value of google is nothing to them, they value shelter and food, and will trade others accordingly.

First, thanks for your reply.

What you are describing happens to every stock. That is how the market in general works. This is not some rule specific to Bitcoin or crypto in general. Because of Elon Musk’s influence, he is able to sway a lot of people with his words. Like his Tesla brand has been marketed like some forward moving technology AI company, but is a simple car company with terrible quality control. On a personal note, the road noise in them is unacceptable for the “higher” end models if you are in that market.

You can find throughout the history of the stock market of “bag holders” who were left holding empty bags when everyone cashed in when people cashed in when things were high.

What you describe in the last paragraph has a term. People who lack accounting knowledge (no insult) use this argument like it holds merit. It has a place on a balance sheet.

In accounting we call it “Goodwill”. In a company like Apple for example, it is like the largest asset the company holds.

Goodwill is the value of the business that exceeds its assets minus the liabilities. It is the “intangible” value that you speak of given to a company or product by a collective group. It’s a pretty valuable thing and recognized globally by accounting standards.

I’ll give you a classic non-technology companies recent goodwill value. On Coca Cola’s last 10-K filing they reported $18.358 Billion in goodwill. That’s value that’s people have given Coca Cola.

George Lucas sold Star Wars to Disney for $4 Billion. Imagine the goodwill transferred onto Disney’s balance sheet for that transaction.

I think your argument has some flaws. Because collectively many of us are giving Bitcoin a lot of value. You don’t have to though.

 

[jJjburton]

First, thanks for your reply.

What you are describing happens to every stock. That is how the market in general works. This is not some rule specific to Bitcoin or crypto in general. Because of Elon Musk’s influence, he is able to sway a lot of people with his words. Like his Tesla brand has been marketed like some forward moving technology AI company, but is a simple car company with terrible quality control. On a personal note, the road noise in them is unacceptable for the “higher” end models if you are in that market.

You can find throughout the history of the stock market of “bag holders” who were left holding empty bags when everyone cashed in when people cashed in when things were high.

What you describe in the last paragraph has a term. People who lack accounting knowledge (no insult) use this argument like it holds merit. It has a place on a balance sheet.

In accounting we call it “Goodwill”. In a company like Apple for example, it is like the largest asset the company holds.

Goodwill is the value of the business that exceeds its assets minus the liabilities. It is the “intangible” value that you speak of given to a company or product by a collective group. It’s a pretty valuable thing and recognized globally by accounting standards.

I’ll give you a classic non-technology companies recent goodwill value. On Coca Cola’s last 10-K filing they reported $18.358 Billion in goodwill. That’s value that’s people have given Coca Cola.

George Lucas sold Star Wars to Disney for $4 Billion. Imagine the goodwill transferred onto Disney’s balance sheet for that transaction.

I think your argument has some flaws. Because collectively many of us are giving Bitcoin a lot of value. You don’t have to though.

Yes exactly, i agree with you. Bitcoin does have value indeed, since it is a way to trade funds other that currency. But when people say Etherum has its value because it is a XYZ feature on blockchain. That is false. Or Stellar has value because it has XYZ feature. I forgot the terminology. Where the real value is held in the people putting money into the pot. Its not because its behind the seen features. Or an EFT token. I feel thats just a marketing ploy.

 

[swiftque]

Yes exactly, i agree with you. Bitcoin does have value indeed, since it is a way to trade funds other that currency. But when people say Etherum has its value because it is a XYZ feature on blockchain. That is false. Or Stellar has value because it has XYZ feature. I forgot the terminology. Where the real value is held in the people putting money into the pot. Its not because its behind the seen features. Or an EFT token. I feel thats just a marketing ploy.

I actually bought into Ethereum when it was about $75. I held for many years and eventually sold and reallocated those funds elsewhere. I do not dabble in many cryptocurrencies because I don’t feel any conviction towards them. And I don’t consider myself a trader or someone looking to time the market.

Most of the cryptocurrency market is junk. And the participants are looking for a way to make a quick buck. Honestly, you can say the same about the stock market. But the difference is the stock market is highly regulated. People are getting straight up fleeced messing around with crypto because there is no protection in place for many of them. Fools are being parted with their money.

 

[alteredcarbon83]

if your making money, that's all that matters. just congratulate a man for doing it. We are all trying to find a way to get shit done, we all do different shit to make the bread. Fuck people just be happy for others and keep shitty opinions to yourself, you don't have to like what someone else does. So stay out of it and don't waste your breath, it won't stop someone from doing it anyways especially if there doing good.. I own 3 companies and make good living, i also buy btc, shib, zymeworks, forex, stocks and make good money, real estate, buying assets to get tax free money from the banks etc... the difference between successful people is we know the more we do, it absolutely comes with losses, just minimize the losses. Nobody can tell another man what they do is wrong or bullshit, in my opinion especially if they are making money. The only ones saying that bull shit are the ones that cannot do it. so cut the bullshit out, congratulate a man for making, and then find your own way to make yours.

Enough negativity and people thinking they know all, the point is just make the fucking money, NO matter how its done. Fucking support people.

So for everyone on here getting that paper and making there life better, keep it up keep doing what your doing and DO MORE OF IT, DO AS MANY MOTHERFUCKING THINGS YOU CAN DO, TAKE THE LOSSES LIKE A MAN AND MAKE THE WINS HUGE. YOU ONLY GET SHIT IN THIS WORLD BY BUSTING YOUR ASS AND TAKING RISK!!

I LOVE FUCKING MONEY AND WILL NEVER LISTEN TO THE PATHETIC SHEEP TRY TO TELL ME IT DOESN'T WORK lol, KEEP A NETWORK OF WINNERS AROUND YOU AND NOT LAME AS PEOPLE WHO CANT DO SHIT AND NEGATIVE..

CHEERS TO THE MONEY MAKERS, and now let the sheep come at me HAHA

I'm LONG BTC got a 60,000 and loving the moment that's coming when it takes off from the having and then by the end of the year when it hits 100,000. I'll take profits all day long. i dont care if btc is real or from clown college monopoly money. When it puts real dollars in my account that's what matters to me. beats working 9-5 all week and having no life that everyone bitches about.

 

[swiftque]

I'm LONG BTC got a 60,000 and loving the moment that's coming when it takes off from the having and then by the end of the year when it hits 100,000. I'll take profits all day long. i dont care if btc is real or from clown college monopoly money. When it puts real dollars in my account that's what matters to me. beats working 9-5 all week and having no life that everyone bitches about.

You’re quite passionate. I wish you success with your investments and business ventures. Taking on risk can be stressful. Concentrated risks can pay off.

I’m not sure if we’ll hit that $100k mark by years end, but I think eventually it will if you are willing to hold indefinitely. At that valuation there is going to be a major sell off because it hit the magic number, that I do know.

But truly I know very little.

The investment banks are predicting a stock market downturn coming on the horizon after it’s been blazing for so long. I believe if this happens, Bitcoin’s price will come down as well.

Historically it’s been a highly volatile asset to invest in and its ups and downs have largely correlated with the stock market, just much larger swings due to its volatility. When people are panicking, the first thing they sell seems to be crypto.

I also don’t believe it is an inflation hedge. It has outperformed inflation easily, but it is not a hedge against it.

With the addition of Bitcoin ETFs I believe it will reduce some volatility in its movement as more traditional investors get involved. While the volatility on the upswing has been great for growth, I believe it is bad for Bitcoin’s long term health.

I am honestly considering if I may take some chips off the table. Are you familiar with the “Utility of a Dollar Curve?” I think I’m fairly content with where I’m at and depending on its appreciation, my portfolio will not be balanced to my liking.

Again, good luck with your ventures.