Bitcoin explosion and ALT coins thread

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Pride23 said:
I could be wrong, and granted I have a small position in Bitcoin in case I am but this seems like the world's largest ponzi scheme. The coins are only worth what the next person is willing to pay for it. If they really do become worth 500k a coin, how are people even going to transact with it, nobody will use it for daily things. It's basically like people hoarding this thing that isnt even tangible and a new one can be created out of thin air as well. What's stopping someone from making another crypto, nothing.
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The US dollar is a ponzi scheme. No this isn't some conspiracy talk. It's simple reality when you really think about it.

Before 1971, the US dollar was backed by gold. Then President Nixon took us off the gold standard. Now the US dollar is simply backed by "trust us."

Meanwhile, the US is accelerating US dollar printing and we keep going into more and more debt. That means inflation and the devaluing of the US dollar.

Examples: before 1971, an uneducated factory worker could support a family and kids. This has slowly eroded to where 2 people working can just make ends meet. The value of the US dollar keeps falling with no end in sight because we are a debtor nation unlike China and even Russia.

The only reason a hundred dollar bill is worth anything is because we all agree it's worth that. But at the end of the day, it's just a green piece of paper. It has no intrinsic value.

Bitcoin on the other hand can't be corrupted or manipulated. Simply due to math and the algorithms it's built upon.

To get a better understanding of how it works, I'd suggest Youtubing "What is blockhain?"
 
Lubaolong said:
Of course it can be manipulated. That was the sole reason behind the last run to $20k and what's probably going on right now.
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It can be manipulated in the sense big whales can buy and dump shares. But that is any tradeable commodity including stocks.

But it can't be manipulated in the way fiat money like US dollars can - by simply printing money. Also BTC can't be frozen by the government, no one can put a lien on it, etc.
 
Hog-train said:
Also BTC can't be frozen by the government, no one can put a lien on it, etc.
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Not yet., but dont' bet on it

Governments have a track record of enacting laws - with shocking speed. I can think of a number of ways they could dissolve the value of Bitcoin in a 'crisis'.
 
What do you guys think about what's going to happen with xrp? One of my buddies thinks it will continue trading in Asia and eventually rebound, but I'm not too confident.
 
Hog-train said:
Not 5 years - will appreciate in less time (but it will be even more valuable in 5,10,15 years, etc.)

BTC is here to stay and that is evidenced by all big, institutional money coming in. Ethereum will not die because all the altcoins are built upon the Ethereum network.

The other alt coins - most of them will not be worth anything in the end. But fortunes can be made if you pick the right horse and ride it. You're not gonna get a 10x, 50x, 100x, or even a 1000x from BTC or Ethereum. Alt coins are really risky, but can pay off insanely as well.

For example, I bought about 1K of Chainlink in 2017 at about 80 cents and $1.15. It went up to $20 in 2019. Unfortunately, I sold at around $8 something.

You have to know which alt coins to get, when and when to exit.

As I said, until you know more - just get BTC and Ethereum and hold it. Use a Coinbase Pro Limit Order (Youtube it.) Coinbase Pro and Coinbase have the same log in credentials.

Additionally, on the Coinbase page, there are some short quizzes you can take to get about $20-$40 in free coins. Immediately sell these for USD and then get BTC or Ether.
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Unfourtunately i'm unable to like your post but big thanks for the insight!

Will look into that later today.

Last question though. Does it matter if i'm from Canada in terms of which site to use because of the currency or it doesn't matter and Coinbase will do the trick?
 
Wreckless said:
Unfourtunately i'm unable to like your post but big thanks for the insight!

Will look into that later today.

Last question though. Does it matter if i'm from Canada in terms of which site to use because of the currency or it doesn't matter and Coinbase will do the trick?
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I’m in Canada and I use Shakepay.
 
I wish I had the guts to put 100k into bitcoin and see if it makes me a gazzilionaire but alas, I don't. I'd rather keep putting money into my 401k company match with 20% annual return than risk it all. Anyone have the guts to dump a massive amount of money into bitcoin?
 
Grassshoppa said:
I wish I had the guts to put 100k into bitcoin and see if it makes me a gazzilionaire but alas, I don't. I'd rather keep putting money into my 401k company match with 20% annual return than risk it all. Anyone have the guts to dump a massive amount of money into bitcoin?
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Heck no.

I’m still prioritizing my retirement savings etc first and then just putting in a small amount into crypto.
 
I bought Riot blockchain (it’s a stock) a short while ago and the returns have even outpaced Bitcoin!

Even though the whole business model is based on mining coin at a very large scale level.Is the crypto spike sustainable? I don’t know but to be honest even aside from crypto I have made a great return from directly(riot) or indirectly(PayPal) crypto related stocks. I would suggest caution but at the same time the opportunity is so good investing what you can in BTC or related assets can be very rewarding.
 
I'm slowly selling some of my crypto in chunks to recoup my initial investment I made a few years ago and a little extra so it's pocketed and then I'm letting the rest ride. Over the last week, I've pulled out about half of that so far. I take some out near the top of spikes. I am being kind of idiot about it though because I should pull all of it out at once, but I kind of don't want to fall too much below a certain level for some psychological reason. Anyhow, in a week or two, I should have that all pulled out.
 
jesus it's at 28k? I purchased some last year but only like $15 worth at the time. Guess it's worth like $60 now.
 
Hog-train said:
It can be manipulated in the sense big whales can buy and dump shares. But that is any tradeable commodity including stocks.

But it can't be manipulated in the way fiat money like US dollars can - by simply printing money. Also BTC can't be frozen by the government, no one can put a lien on it, etc.
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lol are you kidding me?
It can be far more easily manipulated because of the float and the pyramid scheme promoting that takes place on social media.
Go find me a company offering a referral or signup bonus to trade US dollars lol.
 
Grassshoppa said:
I wish I had the guts to put 100k into bitcoin and see if it makes me a gazzilionaire but alas, I don't. I'd rather keep putting money into my 401k company match with 20% annual return than risk it all. Anyone have the guts to dump a massive amount of money into bitcoin?
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lol putting that money in now would make you a fool.
The people promoting Bitcoin like it's going to change the world and make you a gazillionaire are already worth lots of money and are trying to pump an asset they bet on.
Sure it could go up, but you're just as likely to pick the winner of a sportsbet.
 
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brackis1 said:
lol are you kidding me?
It can be far more easily manipulated because of the float and the pyramid scheme promoting that takes place on social media.
Go find me a company offering a referral or signup bonus to trade US dollars lol.
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Bro I have some dollars I can sell you right now. They cost 2 dollars each. Better hurry before I run out.
 
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