Bitcoin

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.

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. 

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.

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.

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...

i just moved mine all to zengo. 

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

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.

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

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.

Significant problems in the crypto world

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

Pretty low. When’s the big rebound coming?

posted by Ironman92

Pretty low. When’s the big rebound coming?

2024 when the bitcoin halving happens  

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 

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).

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. 

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.

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.

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

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