[Finance] The cryptocurrency (Bitcoin etc) thread

[Tom Hark Preston Park]

wouldn't ask THPP who's view of the crypto world is stuck in 2017. Microstrategy is buying >21k BTC a week at the moment, ETFs are hovering up hundreds of BTC a day, then there's the holdings against options and so on. thats cash from financial institutions going into BTC holders. yes, you could sell 20 BTC to cash and withdraw to bank in a few clicks.

is there liquidity for all BTC? of course not, just as there isn't for any large company stock.

Just trying to save some of you shoeshine boys from yourselves

 

[Triggaaar]

Well you might strike very lucky if you somehow manage to swerve the scams ('click this link'), the haircuts due to exchange 'being hacked', excessive endless KYC checks. Or maybe you just make a typo on your key and send your bitcoin into the wide blue yonder with no means of recourse. Good luck with transforming that number on your screen into something of real world value

Yeah I think you may just be imagining that. People are buying/selling bitcoin for a lot of money.

 

[Professor Plum]

Just trying to save some of you shoeshine boys from yourselves

What’s a shoeshine boy? I’ve not traded a lot in crypto but the bit I have has been bought and sold using the Swissquote account I’ve had for the last 14 years or so. You can buy and sell the 4 major currencies plus more than 30 different crypto currencies. You just buy and sell there and then and the proceeds are instantly received in USD or CHF. I agree that there are no doubt some dodgy exchanges out there if you stick with the mainstream platforms you’ll be fine.

 

[Tom Hark Preston Park]

Yeah I think you may just be imagining that. People are buying/selling bitcoin for a lot of money.

Just wait til the Trump Pump sentiment turns and the shoeshine boys all try and cash out at once

 

[Berty23]

Just wait til the Trump Pump sentiment turns and the shoeshine boys all try and cash out at once

I take it as I go. It is all profit left for me.

 

[tstanbur]

Well you might strike very lucky if you somehow manage to swerve the scams ('click this link'), the haircuts due to exchange 'being hacked', excessive endless KYC checks. Or maybe you just make a typo on your key and send your bitcoin into the wide blue yonder with no means of recourse. Good luck with transforming that number on your screen into something of real world value

Assume you know all this from personal experience?

 

[beorhthelm]

Just trying to save some of you shoeshine boys from yourselves

it's good to hear a bit of counterpoint and reason, need to update the material though.

 

[Zeus]

Just wait til the Trump Pump sentiment turns and the shoeshine boys all try and cash out at once

You’ve been bleating on like this for years now and I’ve still never heard of someone not being able to cash out, and like clockwork Bitcoin hits new highs every four years cycle post halving. Huge institutions and ETFs all own and trade crypto, and Trump is planning to make it a key industry in the US. Surely you now accept it’s here for good?

 

[Justice]

Yeah I think you may just be imagining that. People are buying/selling bitcoin for a lot of money.

A customer of mine certainly did was in at the start and moved from a terraced 2 bed to £3.5m home in Richmond all on the back of selling his bit coin.
He keeps telling me to buy the doge coin as he reckons it will reach 10$ in the next two years.

 

[Knocky's Nose]

Just wait til the Trump Pump sentiment turns and the shoeshine boys all try and cash out at once

Love your football insights, but your crypto insights are dogshit pal....

Buy the wrong crypto and sell when all the sharks and whales are dumping and you'll get burned, for sure.

Buy the right crypto and you'll have plenty of buyers lining up to take it off your hands.

UTILITY

Look at that word above, then look at it again.

That's the future of cryptocurrency.

And yes, I've done pretty well so far. Not a speck on where I'm going to be - but I'm a large amount up and could cash out the whole lot in about 10 minutes with a call to Caleb & Brown, my broker.

For all those thinking this is magic money beans and a pipe dream, it's not. We told you long ago, and for those who chose to listen and act - welcome to the party

 

[Paulie Gualtieri]

Can anyone recommend a cold storage wallet that is secure a d won’t break the bank for a small investor?

I use Coinbase and have mostly XRP and Hbar which isn’t covered by Coinbase wallet

I had a look at the 3 card Tangem but it’s had mixed reviews.

Any steer welcome thanks

 

[chickens]

Love your football insights, but your crypto insights are dogshit pal....

Buy the wrong crypto and sell when all the sharks and whales are dumping and you'll get burned, for sure.

Buy the right crypto and you'll have plenty of buyers lining up to take it off your hands.

UTILITY

Look at that word above, then look at it again.

That's the future of cryptocurrency.

And yes, I've done pretty well so far. Not a speck on where I'm going to be - but I'm a large amount up and could cash out the whole lot in about 10 minutes with a call to Caleb & Brown, my broker.

For all those thinking this is magic money beans and a pipe dream, it's not. We told you long ago, and for those who chose to listen and act - welcome to the party

Where I agree with @Tom Hark Preston Park, is that at present there are tens (hundreds?) of thousands of coins that have zero utility, and are just variations on the old “pump and dump” scams that were so popular back in the day on penny stocks. That’s known, and only grifters and mugs play with the meme coins.

Where I also agree with him, is that even those tokens that have theoretical utility, often do not have huge user bases, and many projects overlap with each other in terms of the problems they’re trying to solve. They won’t all survive, but that doesn’t mean that those coins will necessarily cease to exist, they could just drift.

Then you have to look at those projects attempting to “disrupt” existing systems, e.g. XRP is trying to supplant SWIFT as the primary high value financial transaction mechanism for international transfers.

SWIFT is a co-operative where the shares are held by those using the platform. Every three years, share allocation changes based on volume of activity using the platform. XRP has a battle on its hands to persuade member firms to leave an outright profitable venture, for a slightly lower transaction cost but no income. Does XRP have a sales team? We know that “if we build it they will come” is not axiomatic. Similarly, if the Ripple network is effective, what’s to stop SWIFT building that technology into their systems?

Then we come to store of value, which let’s face it, is mainly Bitcoin. It is slightly silly to believe that tokens recorded on a cryptographic ledger can have any value.

Is it that much sillier than believing in a yellow metal, or in bits of paper that promise to pay the bearer on demand? Not much. Loads of human beliefs are semi- irrational. This is just another one.

All the while the belief is shared, the risk is shared. The problem comes if that belief stops being shared. The fact that Bitcoin has entered institutional banking, now makes me think that this shared belief is more likely to persist than not, since those with genuine power share the risk.

I still regard crypto as gambling rather than investment, but I’ve left my bet in, and atm the number’s gone up. Entirely on vibes.

TLDR - I’m too tired to edit, read my mad ramblings or don’t, as the mood takes you.

 

[CheeseRolls]

Can anyone recommend a cold storage wallet that is secure a d won’t break the bank for a small investor?

I use Coinbase and have mostly XRP and Hbar which isn’t covered by Coinbase wallet

I had a look at the 3 card Tangem but it’s had mixed reviews.

Any steer welcome thanks

Tangem is secure and easy to use. The risk is that the company goes bust and then there is no support, although the software is open source, so should continue to work.

Trezor support XRP and HBar and whilst they don't support as wide a range as Nano Ledger, they are pretty straihgtforward.

 

[raymondo]

A customer of mine certainly did was in at the start and moved from a terraced 2 bed to £3.5m home in Richmond all on the back of selling his bit coin.
He keeps telling me to buy the doge coin as he reckons it will reach 10$ in the next two years.

I hope he paid his capital gains tax

 

[Paulie Gualtieri]

Tangem is secure and easy to use. The risk is that the company goes bust and then there is no support, although the software is open source, so should continue to work.

Trezor support XRP and HBar and whilst they don't support as wide a range as Nano Ledger, they are pretty straihgtforward.

Thanks, will have a look

 

[peterward]

Love your football insights, but your crypto insights are dogshit pal....

Buy the wrong crypto and sell when all the sharks and whales are dumping and you'll get burned, for sure.

Buy the right crypto and you'll have plenty of buyers lining up to take it off your hands.

UTILITY

Look at that word above, then look at it again.

That's the future of cryptocurrency.

And yes, I've done pretty well so far. Not a speck on where I'm going to be - but I'm a large amount up and could cash out the whole lot in about 10 minutes with a call to Caleb & Brown, my broker.

For all those thinking this is magic money beans and a pipe dream, it's not. We told you long ago, and for those who chose to listen and act - welcome to the party

It's the volatility and FOMO that nukes noobs, who panic in and panic put again.

Unless you really know what you're doing you should stay away from any type of day trading or leverage trading because the swings are big.

But over any 4 or 5 year period the gains have been massive and will outstrip every conventional investment class.

There's virually nothing that has performed as well as Bitcoin, all the while most people suffer real terms losses every year with inflation/wage growth.

There isn't anybody that has invested in bitcoin and come back 4 or 5 years later who has lost or would've made more in conventional savings. Not one.

 

[tstanbur]

I hope he paid his capital gains tax

Satoshi Era Bitcoin Buyer Jailed for Two Years in First U.S. Crypto Tax Evasion Sentencing - Decrypt

A Texas man who bought Bitcoin in 2011 will serve 2 years in jail for paying insufficient taxes on the $4 million he made selling BTC.

decrypt.co

 

[RandyWanger]

BTC hit a new ATH yesterday morning, followed by another at lunch time and another in the evening.

RLUSD launch today has seen some positive price action. XRP looking very strong off the back of it.

 

[beorhthelm]

BTC hit a new ATH yesterday morning, followed by another at lunch time and another in the evening.

RLUSD launch today has seen some positive price action. XRP looking very strong off the back of it.

funny enough i closed XRP trade half hour ago after carrying for a week. the price went up well enough this morning, looks like ran out of stream. looking like priced in, sell the news now.

 

[Knocky's Nose]

It's the volatility and FOMO that nukes noobs, who panic in and panic put again.

Unless you really know what you're doing you should stay away from any type of day trading or leverage trading because the swings are big.

But over any 4 or 5 year period the gains have been massive and will outstrip every conventional investment class.

There's virually nothing that has performed as well as Bitcoin, all the while most people suffer real terms losses every year with inflation/wage growth.

There isn't anybody that has invested in bitcoin and come back 4 or 5 years later who has lost or would've made more in conventional savings. Not one.

Bitcoin is a Ponzi. Scares the hell out of me. It's standing on the edge of a cliff and if someone decides to push it....

There's a certain class of crypto which has utility, which has a use case, and will be in demand. They've already been 'chosen' by the WEF, the BIS, and the IMF years ago.

Bitcoin is a distraction.

Save this post. In 5 years show it back to me. Buy me a pint if I'm right, or I'll buy you a pint if I'm wrong.....