Are y'all buying BTC?

[Old No. 7]

I consider my bitcoin "investments" to be like gambling money. When I first bought some, it was more of a let's see how this goes kind of thing.
After not too long, I took out what I initially had put in and continued to play with house money.
I took out enough to buy some electronics and left the rest in to see how it went.
It continued to increase in value so I took out another chunk and paid for a big family vacation with it.
I haven't touched it in a while and it's pretty low now compared to what it had been, but I'm way ahead of the game, and still playing with house money.
If it spikes again, I'll pick a target and withdraw some when it hits my target.

 

[NYdude]

I consider my bitcoin "investments" to be like gambling money. When I first bought some, it was more of a let's see how this goes kind of thing.
After not too long, I took out what I initially had put in and continued to play with house money.
I took out enough to buy some electronics and left the rest in to see how it went.
It continued to increase in value so I took out another chunk and paid for a big family vacation with it.
I haven't touched it in a while and it's pretty low now compared to what it had been, but I'm way ahead of the game, and still playing with house money.
If it spikes again, I'll pick a target and withdraw some when it hits my target.

See, I view BTC as main currency to hold, every extra CAD I have, I convert it to BTC and protect my purchasing power as well as my wealth this way. Has been working great for me since 2014.

 

[Canaduh]

So if you invested $100k in btcoin on Jan 1st… its now worth $50k.

• High cost of independence from govt!
• 100% inflation rate

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Bitcoin is worse than fiat currency because it obviously fluctuates a lot worse than fiat. Watch bitcoin go to zero, those people will be the losers.

 

[Canaduh]

Would someone be nice enough to give a simple explanation on Bitcoin. Seems like im left out here..

Explain to me with inflation in double digits gold's price for the past 10 years then?

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and just for fun - silver

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there is no limit to Gold and Silver supply - understand that and you will understand inflation - just like printing money, they can mine as much as they want.

Gold and silver are not abundant. It's something physical.

 

[Canaduh]

See, I view BTC as main currency to hold, every extra CAD I have, I convert it to BTC and protect my purchasing power as well as my wealth this way. Has been working great for me since 2014.

Gold and silver is long-term insurance and protects from purchasing power. The government manipulates the gold and silver prices which is why they are low. They will get much higher while bitcoin will lose its power.

 

[henricas]

Hah, hah, hah all these posts about Gold, Silver, BTC, Crypto etc. are hilarious.
There is one thing most investors forget, your investment value is governed by one law and one law only.

The law of supply and demand

Your stock exchange (say TSX) could list your asset at $200 each, while another would listed at $180 (NYC) and in another is not even traded, value $0?
So, what is the real value ???

The real Value is what you can sell it for.

Case in point, in May 1997 I bought GE at $160, the stock looked solid and was rising in price, Sure enough price went up. I was shitting myself out of happiness, by October of 2000 the same stock was trading for $450, almost triple what I had paid, a year later was listed at $320. I decided to sell due to the rapid fall of the price, my average sell price was $295. a friend asked me why did I sell when I was losing $150 per share, "You should have waited till it goes back up" he said. In reality I made $130 per share. a big win for me.

Your BTC is governed by the same law. It may be listed for $23,201.47 In NYSE and $30001.41 in TSX while In Shanghai Stock or Beijing BSE is not even listed. Value $0???

People who recommend stock have a hidden agenda; buy the stock I'm holding so my stuff goes up in value.

I laugh at those who buy Gold, Silver or Crypto as a security blanket “for the future". If the world economy collapses, who will trade you 10 BTC (current value $30,0014,10) for a loaf of bread worth $2? at least with gold and silver you may have something solid to trade, as long as the guy holding the chicken is willing to trade with you.

Most investors don't have physical possession of their assets, is simply listed in their stock broker account; so, if those computers are down how much do you have?

Even cash is worthless in a collapse economy. let's use the US dollar as a sample, you have $1000 Cash in your pocket and the US falls. how much is that cash worth now?

EVERYTHING listed in any stock exchange in the world is worthless and backed by air. Only items you hold in hand have value as long as someone else wants it

 

[Canaduh]

I was hoping someone will venture out there...

How is this different?

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Stocks have actual value as long they provide a service or a product. Bitcoin has no real value. Bitcoin is a scam just like MLM only the top few people will get rich.

 

[Deleted member 89502]

I swing trade it. The last time I DCA'd was when it was ranging 18-20k. I sold when it hit 24k despite all off CT saying it will spike. It's been ranging 22-24 since and some of the TA people I follow are calling for it to dip to 10-14 in the next few weeks at which point I will start DCA-ing again. I sell most cryptos once I'm up 20-25% and that has served me quite well. The only ones I'm planning to hold 1 year+ are ISO20022 tokens.

I don't care to hold it long term. It's too volatile and with all the issues with exchanges going on lately, the likelihood of being locked out of your wallet to cash out should it spike is realistic.

I don't believe that it is a hedge against inflation, or decentralized, or any of the other pipe dreams associated with it. I wouldn't be surprised if it is government controlled somewhere behind the scenes and even if it's not, you still have to convert it into some form of fiat for "real world" purchasing power and that only works as long as you have access to a network to perform the transaction, and a functioning connection with a bank account for withdrawal OR if you have a service that will pay you cash for your crypto once you send it to their wallet, minus a transaction fee for them. But all of this still uses internet, bank accounts and hardware wallets that you probably bought with your credit card so really, if any government agency wants to find your wallet, they can. People have shared accounts online of them going through TSA with their Ledgers/Trezors and being pulled aside for secondary screening and being made to reveal their holdings - is that legal? Probably not, but that's never stopped anyone from doing anything.

I do hold physical metals and some cash and am planning to leave Canada for good in the next 1-2 years and will probably convert my wealth to crypto stored in a hardware wallet just for the convenience for traveling, but I don't think it's a good long term bet, especially with the implementation of CBDC's on the horizon.

Cash is ultimately still king.

 

[Canaduh]

I swing trade it. The last time I DCA'd was when it was ranging 18-20k. I sold when it hit 24k despite all off CT saying it will spike. It's been ranging 22-24 since and some of the TA people I follow are calling for it to dip to 10-14 in the next few weeks at which point I will start DCA-ing again. I sell most cryptos once I'm up 20-25% and that has served me quite well. The only ones I'm planning to hold 1 year+ are ISO20022 tokens.

I don't care to hold it long term. It's too volatile and with all the issues with exchanges going on lately, the likelihood of being locked out of your wallet to cash out should it spike is realistic.

I don't believe that it is a hedge against inflation, or decentralized, or any of the other pipe dreams associated with it. I wouldn't be surprised if it is government controlled somewhere behind the scenes and even if it's not, you still have to convert it into some form of fiat for "real world" purchasing power and that only works as long as you have access to a network to perform the transaction, and a functioning connection with a bank account for withdrawal OR if you have a service that will pay you cash for your crypto once you send it to their wallet, minus a transaction fee for them. But all of this still uses internet, bank accounts and hardware wallets that you probably bought with your credit card so really, if any government agency wants to find your wallet, they can. People have shared accounts online of them going through TSA with their Ledgers/Trezors and being pulled aside for secondary screening and being made to reveal their holdings - is that legal? Probably not, but that's never stopped anyone from doing anything.

I do hold physical metals and some cash and am planning to leave Canada for good in the next 1-2 years and will probably convert my wealth to crypto stored in a hardware wallet just for the convenience for traveling, but I don't think it's a good long term bet, especially with the implementation of CBDC's on the horizon.

Cash is ultimately still king.

Banks aren't safe though. Bank runs already happened in China and Ireland. Gold and silver are real money.

 

[Deleted member 89502]

Banks aren't safe though. Bank runs already happened in China and Ireland. Gold and silver are real money.

I never said banks were safe. When RBC went down last year and Scotiabank reduced staffing at their branch locations, I emptied my account and only deposit what is needed to pay bills.

I don't idealize gold and silver either. I'm currently down on both and they are heavily manipulated. I'm sure they will perform at some point at which point I will trade out.

I have no loyalty to any specific medium of monetary value/currency. There's always a bull run somewhere.

 

[henricas]

Stocks have actual value as long they provide a service or a product. Bitcoin has no real value. Bitcoin is a scam just like MLM only the top few people will get rich.

True they do, Except blue chip stocks are in most cases over-sold /over-evaluated, thus your stock in a lot of cases worth 1/10 of the physical value

 

[Canaduh]

True they do, Except blue chip stocks are in most cases over-sold /over-evaluated, thus your stock in a lot of cases worth 1/10 of the physical value

It still has value, cryptocurrency has no value and it's worse than fiat.

 

[cupcrazy]

i still don't understand the concept of bit coin so i will take a pass.

 

[hookerpuncher]

Bitcoin is down? have you looked at the chart? Plus sign usually means up. Same chart as gold - 10 years

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This aged well. Can we can lose another 30% in the next 4 months?

 

[Deleted member 105153]

Have 16 limit orders set on ETH between now and $640 USD, 14 limit orders on MATIC between now and $.45, and keeping an eye on $SOL for the lockup expiration tonight before making a move. Have a few limit orders set on BTC between now and $11400

 

[luvthe drake]

I guess it might work but the Government will be the one to determine how. If they do not allow you to pay by tapping your phone then it will never work.

In China - they are exploring digital Yuan. Most payments - even donating to a street busker is done by scanning the QR code and depositing the amount. Paying by WeChat is the norm over there.

We, here is the west are so far behind in that way.

So far behind the govt keeping exact track of every single move you make and every dollar you spend?? Actually JTs doing all he can as fast as he can..someday your wish (and any people's nightmare) will be a reality here too

 

[Sybarite]

Ah the joys of total freedom from regulation!

 

[Hornet]

Kevin O’Leary on FTX collapse and the future of crypto

 

[krayjee]

Kevin O’Leary on FTX collapse and the future of crypto

I saw that coming since they started. I am quite happy with a few thousand shares of my Air Canada stock which I bought at 16.50. I never worry about them knowing the govt will always bail them out if shit happens..

 

[Hornet]

FTX used Quick Books for their accounting . It’s like an episode of Breaking Bad

New CEO who steered Enron through bankruptcy says while Enron had false records, FTX had no record keeping

‘Grossly inexperienced’ execs used QuickBooks for accounting, new FTX head claims

Ray shocked lawmakers by revealing FTX used ‘QuickBooks’ to manage its multibillion-dollar finances.

nypost.com