Bitcoins - about to hit $5,000 per coin today!

[friedchickendinner]

Week 1 of a 12+ week crisis and you are signaling it's time to buy, wtf?

He's another Getbig millionaire, you should listen to him if you want to get rich!

[polychronopolous]

Week 1 of a 12+ week crisis and you are signaling it's time to buy, wtf?

It got down to $4100, I pretty much had to.

Let me know when we have truly hit rock bottom and I'll buy some more.

Love buying assets when blood is in the streets.

[gib]

I know I know... .gib sold at the high tick

No, I as I have said before this time I plan to hold long term. I see no point "trading" BTC. Rather for me its a hedge that I can afford, for future (unlikely scenarios) that would provide massive upside if they did occur.

[gib]

When he posted that in November 2017, it was basically peak delusion time.Everyone involved in cryptocurrency believed bitcoin was the 2nd coming of christ, that the government's of the world would adopt it, it would be widely used as a currency, would take over gold etc.

What happened was everyone and their mother tried to buy some, the network slowed to a crawl , with transactions taking days at some points, and the price of these transactions were ludicrous to get the miners to process them, upwards of 1kusd at times.Companies like Microsoft, Steam etc saw this and dropped it as a payment option, and basically everyone else followed.The market then crashed in Jan 2018, half the altcoin founders ran with the money and deserted their projects.

Over the next 2 years pretty much every government of the world called bitcoin out, many outright banned it.It soon became near impossible to cash out without paying hefty taxes.It was clear nobody was adopting it, and it had failed as a usable currency.So the store of Value meme was jumped on by the Twitter/reddit crowd, "digital gold".This however is collapsing right in front of our eyes.

Partially correct. Yes, alts were always a scam. I never touched. Only BTC for me.

As for taxes - wrong. Very easy to cash out and pay zero tax. Simply sell BTC to someone, receive cash, and don't declare (or do this in a country where no taxes are charged on capital gains).

[gib]

We are already declaring this emerging asset class dead after one of the freakiest weeks and overall biggest sell offs of our lives?

Boy, I don't get that rationale at all.

I had to buy a little more today at these rock bottom prices.

Not to say you have to go all YOLO and mortgage the house but as a small hedge in a portfolio, Bitcoin has it's place.

This is the sentiment of a rational (and likely successful) investor.

[friedchickendinner]

I've got money already I see no reason to ever invest in anything.

What an utter meaningless thing to do.

[gib]

I've got money already I see no reason to ever invest in anything.

What an utter meaningless thing to do.

... unless you realize that your money could quickly become devalued significantly over time... in which case you will very much see that investing is anything but meaningless in terms of preserving your wealth (let alone increasing it).

[friedchickendinner]

... unless you realize that your money could quickly become devalued significantly over time... in which case you will very much see that investing is anything but meaningless in terms of preserving your wealth (let alone increasing it).

Who cares.

What a boring life to be obsessed about money and wealth.

I rather shoot myself.

[polychronopolous]

I've got money already I see no reason to ever invest in anything.

What an utter meaningless thing to do.

Haha hell yeah man fuck em

[Teutonic Knight 1]

The keywords being lost is correct I agree. People also lose paper money and gold coins or other items of value. Happens all the time. This is a function of how the asset is stored by the owner and not a fault of the asset itself.

BTC and a long term store of wealth means you will not be transacting too often. More efficient then the costs a persons on foreign currency margins at a typical bank. Much lower than physical gold margins.

Invest in Somali Shillings & triple your money.

[a_pupil]

I can see gib walking into the WHO office with printouts of his corona predictions like

[gib]

Who cares.

What a boring life to be obsessed about money and wealth.

I rather shoot myself.

You would unfortunately need money, to go buy the gun and the ammo, to shoot yourself with ...

[Teutonic Knight 1]

You would unfortunately need money, to go buy the gun and the ammo, to shoot yourself with ...

Typical Somalian thinking, he can get M16 for free !.

Hey Abdulah, it's 2020 & Africa is still dependent on WHO and other white man organizations 

[Mayday]

Bump as this thread should now be active again.

It appears our current predicament could be likened to a war scenario.

Post war involves mountains and mountains of QE. We are looking at a possible hyperinflation scenario to erode debt. Germany went 83x devaluation to gold post war still functioning. After that they knew it was fucked so they went to a trillion to burnout their debt and start fresh.

Cryptos are a hedge for post corona QE.

[a_pupil]

Bump as this thread should now be active again.

It appears our current predicament could be likened to a war scenario.

Post war involves mountains and mountains of QE. We are looking at a possible hyperinflation scenario to erode debt. Germany went 83x devaluation to gold post war still functioning. After that they knew it was fucked so they went to a trillion to burnout their debt and start fresh.

Cryptos are a hedge for post corona QE.

[TheGrinch]

Bump as this thread should now be active again.

It appears our current predicament could be likened to a war scenario.

Post war involves mountains and mountains of QE. We are looking at a possible hyperinflation scenario to erode debt. Germany went 83x devaluation to gold post war still functioning. After that they knew it was fucked so they went to a trillion to burnout their debt and start fresh.

Cryptos are a hedge for post corona QE.

and bonus... the US gets to pay back China with worthless dollars..lol

[obsidian]

Typical Somalian thinking, he can get M16 for free !.

Hey Abdulah, it's 2020 & Africa is still dependent on WHO and other white man organizations 

gib is a white guy...

[harmankardon1]

and bonus... the US gets to pay back China with worthless dollars..lol

 

They give the virus then USA gives them worthless money, all good brah!

[obsidian]

I've got money already I see no reason to ever invest in anything.

What an utter meaningless thing to do.

Put a million dollars in a bank account and leave it there for 50 years. You think it is going to be worth the same?!

[polychronopolous]

Bump as this thread should now be active again.

It appears our current predicament could be likened to a war scenario.

Post war involves mountains and mountains of QE. We are looking at a possible hyperinflation scenario to erode debt. Germany went 83x devaluation to gold post war still functioning. After that they knew it was fucked so they went to a trillion to burnout their debt and start fresh.

Cryptos are a hedge for post corona QE.

I'm not really down with this whole doomsday scenario but do I feel better about Bitcoin as a hedge knowing that the United States is about to print a bunch of money and in a few weeks(May 13th tentatively) the Bitcoin mining production will be cut in half?

Absolutely.

[Griffith]

I'm not really down with this whole doomsday scenario but do I feel better about Bitcoin as a hedge knowing that the United States is about to print a bunch of money and in a few weeks(May 13th tentatively) the Bitcoin mining production will be cut in half?

Absolutely.

Have you seen how much the US dollar has strengthened recently?

[friedchickendinner]

So how much is a bitcoin these days?

[SOMEPARTS]

I'm not really down with this whole doomsday scenario but do I feel better about Bitcoin as a hedge knowing that the United States is about to print a bunch of money and in a few weeks(May 13th tentatively) the Bitcoin mining production will be cut in half?

Absolutely.

Both are currency manipulation. The gambling gene erases logic once again.

[deadz]

Virtual money,lol, cash is KING!

[Theoak*]

Given current financial climate I am even more bullish than previous years on btc.  Unlimited QE will propel btc to greater Highs.

A good read for those of you interesting in hedging into something innovative and potentially life changing.

Stock to flow

https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25