Ben "Bitcoin" Askren

[Robotnickx]

bitcoin is def not the future

Agreed. I was going to get into crypto mining with an ASIC machine but the ROI is shrinking by the day. Minimum 230 days to recoup cost.

Why try to double my money in 1.5 years when I have a better shot picking spec stocks that will double in a few months?

In a year the ROI on mining BC will be negative, then the value will plummet. A monetary system based on inherently decreasing efficiency will fail guaranteed. The efficiency is shrinking way faster than the processing power is increasing. I still bought some BC, but only as a throw away side account just for shits. If I go to the ASIC efficiency sites and they are all negative I'm selling.

Anyone investing more than 20% of their portfolio on BC is just gambling. If there's a crypto that doesn't require insane processing power it will take hold, as it is the market is completely saturated with miners and is getting worse day by day.

 

[Eric Silva 2.0]

Agreed. I was going to get into crypto mining with an ASIC machine but the ROI is shrinking by the day. Minimum 230 days to recoup cost.

Why try to double my money in 1.5 years when I have a better shot picking spec stocks that will double in a few months?

In a year the ROI on mining BC will be negative, then the value will plummet. A monetary system based on inherently decreasing efficiency will fail guaranteed. The efficiency is shrinking way faster than the processing power is increasing. I still bought some BC, but only as a throw away side account just for shits. If I go to the ASIC efficiency sites and they are all negative I'm selling.

Anyone investing more than 20% of their portfolio on BC is just gambling.

I started with less than 5% of my portfolio about 4 years ago. Now crypto (mostly bitcoin) is over 20% of my portfolio thanks to the gains. CEO/Corporations are investing in it, hedge funds are investing in it, insurance companies are investing in it also. In news today a football player is getting paid half his salary in bitcoin (8 million) and a mayor in Miami is considering putting some of their funds in it. I don't do mining but the investing side is doing well.

 

[My2Cents]

Everybody dismissing bitcoin will be sorry next year. Have fun staying poor!

 

[Rektkid]

you give up hope so easily ?

I still hold some but BTC is not the same BTC as before. It's gonna go far far higher than anyone can imagine tbh. I think it's gonna take marketshare from Gold but it was never meant to be SOV. I simply resonate more with Monero.

 

[MIKOM]

 

[Eric Silva 2.0]

Everybody dismissing bitcoin will be sorry next year. Have fun staying poor!

It's funny when people dismiss or bash things they don't understand. I learned my lesson in the 90's with tech. I didn't want to miss out on crypto. I'm glad to be part of it, fun to be part of new technology/idea that's changing finance all over the world.

 

[MIKOM]

Tracking what the $1200 stimulus check would be worth if used to buy bitcoin on April, 15th 2020.

 

[Eric Silva 2.0]

I still hold some but BTC is not the same BTC as before. It's gonna go far far higher than anyone can imagine tbh. I think it's gonna take marketshare from Gold but it was never meant to be SOV. I simply resonate more with Monero.

I like Monero too, it's my cat's middle name. She's turning 4 in March.

 

[THEfightsAREfixed]

I still hold some but BTC is not the same BTC as before. It's gonna go far far higher than anyone can imagine tbh. I think it's gonna take marketshare from Gold but it was never meant to be SOV. I simply resonate more with Monero.

taproot could help maybe? monero and all the privacy coins main use case has always been mixing and anonymizing btc really, its all kind of the same thing, bitcoin cash and others are able to tackle the transactional problem hopefully but there been a real push to change the entire use case for crypto to not be transactional and thats what needs to be combated and keep pushing on the front for using crypto over fiat fundamentally not just in the treasury reserve, i agree with you

 

[HHJ]

I have heard of some MMA fighters have invested in crypto, I guess Ben is in that boat. He had an expert on his Cryptocurrency-themed podcast. Michael Saylor has invested 1.125B USD in Bitcoin through his analytics company, and has been going to podcast after podcast explaining how 1 BTC can be worth 1 million USD in the near future. This must be his 15th podcast in a row and he's tired AF.



Apparently Stephan Bonnar made a lot of money in 2017 because he went in earlier than that and now owns a strip club in Vegas that accepts bitcoin as payment.

Not really surprising considering MMA is a gambling sport and a lot of fighters bet on other fights as well as their own. Investing in crypto is highly speculative and might as well be a gamble if you're not a hedge fund guy or a tech executive.

ben bitcoin askren
That's an amazing nickname. U should be the president of the making nicknames club and enshrined as it's most clever collaborator

 

[Eric Silva 2.0]

Bitcoin has a higher market cap than visa. It's also about to break into the top 20 in currency value in the world (currently 21).
https://fiatmarketcap.com/

 

[Robotnickx]

I started with less than 5% of my portfolio about 4 years ago. Now crypto (mostly bitcoin) is over 20% of my portfolio thanks to the gains. CEO/Corporations are investing in it, hedge funds are investing in it, insurance companies are investing in it also. In news today a football player is getting paid half his salary in bitcoin (8 million) and a mayor in Miami is considering putting some of their funds in it. I don't do mining but the investing side is doing well.

The problem is the investing is inherently tied to the mining. As soon as the mining stops the investing will stop. It's existence is predicated on the ability to mine profitably. Just imagine a financial system that couldn't print more dollars and some of the money can be lost (e.g. misplaced, corrupted data, faulty data storage device, magnetic fields), BC is an incredibly volatile asset.

5 years ago would have been smart to get into it, now the ROI is so small the writing is on the wall. I'm going to time it, as soon the ASIC machines are all negative I'm out. Latest will be December 2021. There's a ton of value stocks out there right now while crypto is an incrementally less efficient monetary system.

 

[THEfightsAREfixed]

The problem is the investing is inherently tied to the mining. As soon as the mining stops the investing will stop. It's existence is predicated on the ability to mine profitably. Just imagine a financial system that couldn't print more dollars and some of the money can be lost (e.g. misplaced, corrupted data, faulty data storage device, magnetic fields), BC is an incredibly volatile asset.

5 years ago would have been smart to get into it, now the ROI is so small the writing is on the wall. I'm going to time it, as soon the ASIC machines are all negative I'm out. Latest will be December 2021.

the mining is the majority of the downward pressure on the market, and the bitcoin halving are typically seen as one of most fundamental bullish indicators, are you including this in your bitcoin price model ?

 

[MIKOM]

The problem is the investing is inherently tied to the mining. As soon as the mining stops the investing will stop. It's existence is predicated on the ability to mine profitably. Just imagine a financial system that couldn't print more dollars and some of the money can be lost.

5 years ago would have been smart to get into it, now the ROI is so small the writing is on the wall. I'm going to time it, as soon the ASIC machines are all negative I'm out. Latest will be December 2021.

I don't know where you are getting your facts?
Zero chance of mining stopping until the very last coin has been released...........
https://www.nasdaq.com/articles/the-sun-never-sets-on-bitcoin-mining:-decentralization-continues-as-china-flounders-2020

 

[Robotnickx]

I don't know where you are getting your facts?
Zero chance of mining stopping...........
https://www.nasdaq.com/articles/the-sun-never-sets-on-bitcoin-mining:-decentralization-continues-as-china-flounders-2020

I'm basing my facts on investment costs and ROI. People are not going to mine at a loss and that event horizon is coming fast. Just go look into buying an ASIC machine, the vast majority work at a loss and the few that are profitable are substantially less profitable than their predecessors.

 

[My2Cents]

The problem is the investing is inherently tied to the mining. As soon as the mining stops the investing will stop. It's existence is predicated on the ability to mine profitably. Just imagine a financial system that couldn't print more dollars and some of the money can be lost (e.g. misplaced, corrupted data, faulty data storage device, magnetic fields), BC is an incredibly volatile asset.

5 years ago would have been smart to get into it, now the ROI is so small the writing is on the wall. I'm going to time it, as soon the ASIC machines are all negative I'm out. Latest will be December 2021. There's a ton of value stocks out there right now while crypto is an incrementally less efficient monetary system.

lol don’t mine. Just buy (on exchange) and hold it in cold storage

 

[My2Cents]

I'm basing my facts on investment costs and ROI. People are not going to mine at a loss and that event horizon is coming fast. Just go look into buying an ASIC machine, the vast majority work at a loss and the few that are profitable are substantially less profitable than their predecessors.

Most large miners mine with 0 to almost zero electricity costs. Don’t even try to compete with them

 

[MIKOM]

I'm basing my facts on investment costs and ROI. People are not going to mine at a loss and that event horizon is coming fast. Just go look into buying an ASIC machine.

People?
This is big business now.......... this is not just Joe in his basement with a few Asics.
These big businesses have access to bulk buying power for miners and position themselves where cheap electricity is plentiful.
Read the article I posted.

Should a whole heap of miners ever drop out the the mining difficulty will reset and you will see a flood of new miners on the scene.

People were mining at a loss when in the depths of the last bear market.... about 3/4K a bitcoin............. look at it now!

 

[ineverpost]

His head is filled with bitcoin, I saw some of the invisible currency come out after Masvidal kneed him

 

[Eric Silva 2.0]

The problem is the investing is inherently tied to the mining. As soon as the mining stops the investing will stop. It's existence is predicated on the ability to mine profitably. Just imagine a financial system that couldn't print more dollars and some of the money can be lost (e.g. misplaced, corrupted data, faulty data storage device, magnetic fields), BC is an incredibly volatile asset.

5 years ago would have been smart to get into it, now the ROI is so small the writing is on the wall. I'm going to time it, as soon the ASIC machines are all negative I'm out. Latest will be December 2021. There's a ton of value stocks out there right now while crypto is an incrementally less efficient monetary system.

Mining is not a single person operation anymore. There are huge mining companies that dominate bitcoin. In 15-20 years or so they will make less on mining and more on fees from transactions on the network. What's so bad about mining coins worth 27k a pop? It's volatile now but some believe the volatility will decrease as it isn't a mature asset right now. I think you have holes in your theory but different opinions make a market. Anyways, good luck to you and Happy Holidays!