Bitcoin

justincredible Honorable Admin
37,969 posts 237 reps Joined Nov 2009
Mon, Jun 20, 2022 6:02 PM

Most of mine is offline, and the custodian I use is bitcoin only and doesn't have a sell button. It's very easy to hold through all of this.

Automatik Senior Member
15,737 posts 96 reps Joined Nov 2009
Mon, Jun 20, 2022 8:52 PM

What do you use?


Mine is all sitting in CB. I don’t really have enough to warrant offline storage, but I’ve been considering it. 

j_crazy 7 gram rocks. how i roll.
8,623 posts 29 reps Joined Nov 2009
Tue, Jun 21, 2022 8:35 AM
posted by Automatik

What do you use?


Mine is all sitting in CB. I don’t really have enough to warrant offline storage, but I’ve been considering it. 

same. my reason for pulling it offline is strictly to make sure if CB goes belly up i actually get to keep whatever coin i have at whatever value it may hold.

justincredible Honorable Admin
37,969 posts 237 reps Joined Nov 2009
Tue, Jun 21, 2022 8:41 AM

You can either buy a physical offline hardware device to hold your keys, or you can just put it on a hot wallet on your phone. Depends on how secure you want to be with the amount you have.

justincredible Honorable Admin
37,969 posts 237 reps Joined Nov 2009
Tue, Jun 21, 2022 10:18 AM

Btw, my assumption is that most of the big exchanges like Coinbase are selling bitcoin that they do not actually own. If there were ever to be a run on the exchanges...

j_crazy 7 gram rocks. how i roll.
8,623 posts 29 reps Joined Nov 2009
Tue, Jun 21, 2022 10:54 AM

i just moved mine all to zengo. 

Ironman92 Administrator
56,729 posts 155 reps Joined Nov 2009
Sun, Sep 25, 2022 11:11 AM

So it’s been pretty low for 3 months? What’s the outlook?

justincredible Honorable Admin
37,969 posts 237 reps Joined Nov 2009
Sun, Sep 25, 2022 11:29 AM
posted by Ironman92

So it’s been pretty low for 3 months? What’s the outlook?

Short term? Pain, though I think we're close to the floor. It really hasn't strayed too far from the $18-19k range.

Long term? I'm still extremely positive. The next halving (when the number of new bitcoin mined per block is cut in half) is going to be around May 2024. We'll see what happens when that passes.

justincredible Honorable Admin
37,969 posts 237 reps Joined Nov 2009
Sun, Sep 25, 2022 11:38 AM

Btw, I'm still buying, so if you're looking to sell any of yours let me know before selling it on the exchange.

gut Senior Member
18,369 posts 110 reps Joined Nov 2009
Sun, Sep 25, 2022 12:07 PM
posted by Ironman92

So it’s been pretty low for 3 months? What’s the outlook?

It actually appears to have a high beta relative to the market.  With most people expecting a recession in the next 12 months, BTN will probably fall below at least 16k.

QuakerOats Senior Member
11,701 posts 63 reps Joined Nov 2009
Fri, Nov 11, 2022 11:31 AM

Significant problems in the crypto world





https://fortune.com/2022/11/10/sam-bankman-fried-ftx-joe-biden-democratic-party-second-biggest-donor/



Ironman92 Administrator
56,729 posts 155 reps Joined Nov 2009
Fri, Nov 11, 2022 1:32 PM

Pretty low. When’s the big rebound coming?

justincredible Honorable Admin
37,969 posts 237 reps Joined Nov 2009
Fri, Nov 11, 2022 2:59 PM
posted by Ironman92

Pretty low. When’s the big rebound coming?

2024 when the bitcoin halving happens  


geeblock Member
1,123 posts 0 reps Joined May 2018
Fri, Nov 11, 2022 3:29 PM
posted by justincredible

2024 when the bitcoin halving happens  


I’m rooting for bitcoin. I don’t have any but I have a good friend who is very frugal and he put almost his whole savings and a lot of his stock money in . Yea think he’s down 86k cash 


justincredible Honorable Admin
37,969 posts 237 reps Joined Nov 2009
Fri, Nov 11, 2022 5:26 PM

We're seeing the same dip from late 2017 into late 2018 ($20k to $3500). Given bitcoin is on a 4 year halving cycle (meaning the amount of bitcoin mined in each block is cut in half thus the programmed scarcity) it makes sense we're seeing a similar pattern 4 years later. This isn't new, and it'll happen again in 4 years (hopefully from $250k to $75k or so).

justincredible Honorable Admin
37,969 posts 237 reps Joined Nov 2009
Fri, Nov 11, 2022 5:27 PM
posted by geeblock

I’m rooting for bitcoin. I don’t have any but I have a good friend who is very frugal and he put almost his whole savings and a lot of his stock money in . Yea think he’s down 86k cash 


I like your friend. 

gut Senior Member
18,369 posts 110 reps Joined Nov 2009
Fri, Nov 11, 2022 6:58 PM
posted by justincredible

We're seeing the same dip from late 2017 into late 2018 ($20k to $3500). Given bitcoin is on a 4 year halving cycle (meaning the amount of bitcoin mined in each block is cut in half thus the programmed scarcity) it makes sense we're seeing a similar pattern 4 years later.

The halving cycle would have absolutely nothing to do with the price of bitcoin, no more than the number of shares having anything to do with market cap of a company. Stop reading anyone telling you otherwise - they either don't understand asset pricing or are being intentionally misleading.  And even if it did, when such events are known & expected they are already incorporated into the price.

It's price is determined solely by what people are willing to pay for it.  That's why it keeps crashing when confidence and exuberance waiver.  The fact it has crashed 4-5X and come back makes it unique among bubble markets.  But I doubt it will be significant in 10 years, which means at some point the "next" crash will be the last and it never recovers.

gut Senior Member
18,369 posts 110 reps Joined Nov 2009
Fri, Nov 11, 2022 7:08 PM
posted by geeblock

I’m rooting for bitcoin. I don’t have any but I have a good friend who is very frugal and he put almost his whole savings and a lot of his stock money in . Yea think he’s down 86k cash 


Sorry, but your friend may need an intervention. 

More than 5-10% of your money in crypto (which is still a multiple of what most experts would advise) is moronic.  No words to describe the stupidity that puts it all in a single crypto rather than diversified across at least 10 others.  Although there may not be much risk reduction with crypto diversification.

Diversification is the real key to wealth generation and preservation. Your friend would be well-served to understand that.

justincredible Honorable Admin
37,969 posts 237 reps Joined Nov 2009
Fri, Nov 11, 2022 8:09 PM
posted by gut

The halving cycle would have absolutely nothing to do with the price of bitcoin, no more than the number of shares having anything to do with market cap of a company. Stop reading anyone telling you otherwise - they either don't understand asset pricing or are being intentionally misleading.  And even if it did, when such events are known & expected they are already incorporated into the price.

It's price is determined solely by what people are willing to pay for it.  That's why it keeps crashing when confidence and exuberance waiver.  The fact it has crashed 4-5X and come back makes it unique among bubble markets.  But I doubt it will be significant in 10 years, which means at some point the "next" crash will be the last and it never recovers.

Ok


geeblock Member
1,123 posts 0 reps Joined May 2018
Fri, Nov 11, 2022 8:11 PM
posted by gut

Sorry, but your friend may need an intervention. 

More than 5-10% of your money in crypto (which is still a multiple of what most experts would advise) is moronic.  No words to describe the stupidity that puts it all in a single crypto rather than diversified across at least 10 others.  Although there may not be much risk reduction with crypto diversification.

Diversification is the real key to wealth generation and preservation. Your friend would be well-served to understand that.

I have gold.. like gold at my house 


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