Anyone ever bought Bitcoin?

[BB in Crazy!!!!]

This is not reality. You are creating a fictious threat to justify people abandoning not just conventional banking with its regulation and protection but to also abandon the most globally accepted current, the U.S. dollar. This is like thinking it makes sense to cut off your nose to spite your face.

I never said abandon conventional banking. I just say it’s nice to have an alternative.

And it’s not a fictional threat. It’s a real possible threat. Might not ever happen. But Canada literally was doing it or at least trying not long ago with the truckers if I recall correctly.

It’s also not the only alternative use for it. Not to mention there are different use cases for different cryptos.

 

[BB in Crazy!!!!]

No, a stock’s price is at least partially a function of a firm’s product and how much money it is making. A cryptocurrency’s price is based solely on how many other people are buying a cryptocurrency. There is no other driver for its demand. For a product, of which a stock price is a function, the driver for demand is based on people’s need and desire to buy that product as well as the price of substitutes and everything else that affects a product’s demand.

With cryptocurrency, it’s circular. The demand for cryptocurrency is a function of the value of cryptocurrency which is a function of the demand for cryptocurrency.

So basically, you buy some amount of crypto. Then, how much the crypto you bought appreciates or depreciates depends on how many people purchase it after you do. Kind of how I’m a pyramid scheme your paycheck depends on how many other people you can suck into the scheme.

Scarcity also drives the price. Unless gold is a pyramid scheme.
And the drive for its demand would be if it’s being used. But that won’t happen until it begins to stabilize.

 

[BB in Crazy!!!!]

Basically, everyone wants to be the first into a crypto or pyramid scheme. Anyone in on the scheme won't be critical of it or be realistic in its portrayal because its price solely depends on finding someone to buy your bag. It is not a business that sells a product or service to the public. It is pumped with Tether, which is no longer Tethered to the dollar and is printed out of thin air to pump up the price of Bitcoin. Wash trading is rampant. 90% of trades are fake to pump the price up. No other commodity would legally have this be allowed. Crypto is not a currency but just a get rich scheme and it would be best to remember that no one cares about its use. All the players would find it a nightmare if its price stabilized like any trusted currency. That is why ,in my opinion, it is doomed to be a colossal failure as a currency. Everyone vested in it is its own worst enemy.

Aren’t you the same person who says it will never be used because it isn’t isn’t stabilized? Seems like it finally stabilizing in the future would be beneficial to use them. Just not to get rich anymore.

 

[IDGETKTFO]

I bought it once or twice to pay for a iptv service that switched to bitcoin only. But recently they started tacking on some "networking fee" which was an additional $10 so i said fuck this and cashed out ( i lost like $2usd just cashing out. Im done with bitcoin.

 

[Rob Battisti]

Basically, everyone wants to be the first into a crypto or pyramid scheme. Anyone in on the scheme won't be critical of it or be realistic in its portrayal because its price solely depends on finding someone to buy your bag. It is not a business that sells a product or service to the public. It is pumped with Tether, which is no longer Tethered to the dollar and is printed out of thin air to pump up the price of Bitcoin. Wash trading is rampant. 90% of trades are fake to pump the price up. No other commodity would legally have this be allowed. Crypto is not a currency but just a get rich scheme and it would be best to remember that no one cares about its use. All the players would find it a nightmare if its price stabilized like any trusted currency. That is why ,in my opinion, it is doomed to be a colossal failure as a currency. Everyone vested in it is its own worst enemy.

Is Larry Fink a schiester then?

 

[Jack Reacheround]

Scarcity also drives the price. Unless gold is a pyramid scheme.
And the drive for its demand would be if it’s being used. But that won’t happen until it begins to stabilize.

Scarcity drives demand which drives price. And the demand is driven by how much people think it will appreciate which depends entirely on the demand for it and nothing else.

This is why, during the last crypto bullshit run, all the guys orchestrating this stuff bought up a ton of it. That way, they could pretend it was appreciating independently, prompting others to buy it. They were just waiting for it to appreciate to whatever amount they wanted until they dumped it, flooding the market, leaving everyone else holding the bag.

It will happen again.

 

[Prefect]

Aren’t you the same person who says it will never be used because it isn’t isn’t stabilized? Seems like it finally stabilizing in the future would be beneficial to use them. Just not to get rich anymore.

It has no use as currency because no one cares about it becoming a currency. It is self defeating. The moment that the it stabilizes and isn't like playing pull tabs or the lotto is the moment people need to consider its pros and cons as currency of exchange, why nearly nobody can be bothered to use it, why the entire industry is rife with fraud and scams for which there are no protections, and why being your own bank is a tremendously risky and pointless hassle. Headline after headline of fraud, screwed up smart contracts, lost keys, etc. only proves the point that traditional banking is incredibly convenient, fast, and safe.

Some of you should listen to yourselves in what you say after an exchange goes bankrupt. "Everyone should safeguard their coins by never putting it into an exchange and having their keys stamped into cryptokey wallet." Like the solution to the general public is to make themselves responsible at all times to safeguard a stamped piece of metal with number and letters for their savings. It is truly bizarre that any of you think the public gives enough of a shit for that nonsense. That is the solution to combat an industry swamped in fraud and theft and no regulation in sight to reign it in?

 

[BB in Crazy!!!!]

Scarcity drives demand which drives price. And the demand is driven by how much people think it will appreciate which depends entirely on the demand for it and nothing else.

This is why, during the last crypto bullshit run, all the guys orchestrating this stuff bought up a ton of it. That way, they could pretend it was appreciating independently, prompting others to buy it. They were just waiting for it to appreciate to whatever amount they wanted until they dumped it, flooding the market, leaving everyone else holding the bag.

It will happen again.

Sounds like most markets.

 

[BB in Crazy!!!!]

It has no use as currency because no one cares about it becoming a currency. It is self defeating. The moment that the it stabilizes and isn't like playing pull tabs or the lotto is the moment people need to consider its pros and cons as currency of exchange, why nearly nobody can be bothered to use it, why the entire industry is rife with fraud and scams for which there are no protections, and why being your own bank is a tremendously risky and pointless hassle. Headline after headline of fraud, screwed up smart contracts, lost keys, etc. only proves the point that traditional banking is incredibly convenient, fast, and safe.

Some of you should listen to yourselves in what you say after an exchange goes bankrupt. "Everyone should safeguard their coins by never putting it into an exchange and having their keys stamped into cryptokey wallet." Like the solution to the general public is to make themselves responsible at all times to safeguard a stamped piece of metal with number and letters for their savings. It is truly bizarre that any of you think the public gives enough of a shit for that nonsense. That is the solution to combat an industry swamped in fraud and theft and no regulation in sight to rein it in?

Traditional banking had a nationwide bailout or it was going to go under due to reckless practices with OUR money. Yep, perfectly safe.

AND, all those bankers got bonuses except for like 1 or two guys. At least SBF got fried for doing the same reckless crap the bankers got bonuses for.

 

[Jack Reacheround]

Sounds like most markets.

Nope. Not at all. Like I said, most markets are tired to a product for which necessity is a driver if demand.

 

[BB in Crazy!!!!]

Nope. Not at all. Like I said, most markets are tired to a product for which necessity is a driver if demand.

So those markets are not manipulated by whales and institutions?

 

[Jack Reacheround]

So those markets are not manipulated by whales and institutions?

Oh, they are. But it isn’t a binary thing like “either this market is manipulated or it’s not.”

They are manipulated. Just to a much lesser degree than the cryptocurrency market is. All the architects of these markets hold onto a lion’s share of the currency, pump it up, then dump it. Just like they did the first time. It won’t be any different this time. On top of that, all the other stuff I explained before about there being no real driver for demand other than speculative price makes the markets even more able to be manipulated as well as volitile.

But go ahead. Gamble if you want. I just think everyone should have all the information about a thing like that before they get into it.

 

[BB in Crazy!!!!]

Oh, they are. But it isn’t a binary thing like “either this market is manipulated or it’s not.”

They are manipulated. Just to a much lesser degree than the cryptocurrency market is. All the architects of these markets hold onto a lion’s share of the currency, pump it up, then dump it. Just like they did the first time. It won’t be any different this time. On top of that, all the other stuff I explained before about there being no real driver for demand other than speculative price makes the markets even more able to be manipulated as well as volitile.

But go ahead. Gamble if you want. I just think everyone should have all the information about a thing like that before they get into it.

Fair enough.

Also, my “gambling” is paying off right now. So I’ll say, is it really gambling if this was the most likely course. We pretty much knew it would rebound. The only thing was the Blackrock ETFs caught some of us by surprise. Which was more beneficial. And I thank SBF because I got some very cheap DCAs with that. The gamble part was how far it will rebound. If you buy now, it’s a bit riskier than if you bought when things were seemingly at their worst. Most retail however will likely begin buying soon due to hype and fomo. So it could go great, or it could just go regular good.

 

[Jack Reacheround]

We pretty much knew it would rebound.

No, you didn’t. You thought it would. You got lucky that the Bitcoin tech bride decided the first scam was so successful, and so few of them were met with repercussions, that it was worth doing again.
You are gambling on when exactly they will dump their crypto, to see how close to that time you can ride your purchase before selling it.

 

[BB in Crazy!!!!]

No, you didn’t. You thought it would. You got lucky that the Bitcoin tech bride decided the first scam was so successful, and so few of them were met with repercussions, that it was worth doing again.
You are gambling on when exactly they will dump their crypto, to see how close to that time you can ride your purchase before selling it.

Same as all markets. You don’t know anything in the future. I have seen great projects fail when they shouldn’t have. You think it will succeed. We felt the same way. Past patterns said it would most likely rebound. How things were going with SEC looked like it would rebound. Crazy dollar inflation kept the interest in crypto in the future. Then Blackrock opening ETFs was huge, at that point it was a given, but the news of the ETFs further backed that a rebound was most likely. Plenty of evidence of a solid rebound. It wasn’t just a random guess. If you stuck around on these my threads you would have seen us talking about this long ago.

Now the dump part, I can’t argue with that because that is hard to predict. When the whales want to sell. If another Luna or SBF happening.