Banking on Bitcoin

[Reign Mack]

I don't believe it will go to zero. I also believe it it dips very low (like it did during March of 2020) people will start buying like crazy. I also think these people are alarmists. Of course there are dips, there always will be. Isn't the stock market the exact same way?

As soon as I saw it hit $3500 in March of 2020 I maxed out every credit card I had to buy as much Bitcoin as I could.

Peter Schieff has been saying that nonsense about btc for years, the title was just to attract attention there is a lot more to this debate than BTC going to zero and a lot covered in the 2 hours.

Will it go to zero .. No. but it will likley have an 80% dip before going back up and passing the previous all time high, likley breaking 70k - 100k after the next halving due to in two years.

You made a risky choice which already has and will pay off. even with bitcoin being "down" right now (people who brought the top over the last year) you are still up more than 10x what you brought in at back on 2020 and you are going to be in the green well into the next cycle. We will be lucky if we see BTC as low as 10k through this bear market, the buying pressure is just too high now.

The thing is anybody who brought in over the last 12 month will be down right now and they wont be in the same position you are currently in until 2024 during the next cycle and ath.

 

[ejay]

Dunno. I've watched my wallet valuation drop over 50% in the past few months. Not so confident but will push though it without panicking. Banking on Pi at this point.

 

[Chris]

The difference is that most legitimate stocks are backed by tangible assets. Bitcoin is more like penny stocks. Hope you paid off those credit cards.

Oh I paid them off and then some. Believe me when I say that was a smart move on my part.

In fact, I made 120k in profit and paid off a good chunk of my mortgage.

 

[Reign Mack]

Dunno. I've watched my wallet valuation drop over 50% in the past few months. Not so confident but will push though it without panicking. Banking on Pi at this point.

Well do what feels right for your own personal circumstances, we are going to be back here in 2024 with the same detractors. go back to the first page when this thread started in 2017 when people thought 20k was the all the time high and btc was going to zero next.

 

[Reign Mack]

Oh I paid them off and then some. Believe me when I say that was a smart move on my part.

In fact, I made 120k in profit and paid off a good chunk of my mortgage.

 

[Chris]

Yep, that video sums it up perfectly.

All the naysayers can go pound sand. Digital currency IS the future. Just like the stock market, there will be dips.

 

[srimes]

Digital currency isn't comparable to stocks. It's comparable to other currencies.
Why is bitcoin worse than fiat currencies? Why is it better? These are the relevant questions.

 

[Chris]

Digital currency isn't comparable to stocks.

In many ways it actually is.

If you watch the dips, many of them are based off world events and reactions to them. For instance, look what happened to the crypto market in March of 2020 when our wannabe dictators shut down the economy.

Much like the stock market people buy and sell crypto based off what's going on in the world around them.

I'm sure I can draw other comparisons, but you get the point.

Also, people like to say that when you're investing in stock you are investing in tangible goods. What if the company declares Chapter 7?

Just because you're investing in a company doesn't mean you can't lose everything.

Any investment is a risk. You could argue that some are less of a risk than others (and I'd agree with that 100%), but it's all a risk.

Crypto is relatively new compared to stocks. However, I think it's proven that it's here to stay.

Not arguing with you FYI, just making some points.

 

[Reign Mack]

Yep, that video sums it up perfectly.

All the naysayers can go pound sand. Digital currency IS the future. Just like the stock market, there will be dips.

We should be discussing if something else is going to beat ETH 2.0 to the punch, the upgrades to from Proof of Work to Proof of Stake could take 5 to 6 years, I think there are protocols out there which will do this quicker or at least be a good stop gap in the mean time, and there are a number of IOT projects which I'm really excited about.

 

[Chris]

We should be discussing if something else is going to beat ETH 2.0 to the punch, the upgrades to from Proof of Work to Proof of Stake could take 5 to 6 years, I think there are protocols out there which will do this quicker or at least be a good stop gap in the mean time, and there are a number of IOT projects which I'm really excited about.

Speaking of this, I'm also very interested in Solana. A lot of people see it as a ETH killer being that it does many things better than ETH does. Not to mention the insane fees that go along with ETH.

 

[Reign Mack]

Speaking of this, I'm also very interested in Solana. A lot of people see it as a ETH killer being that it does many things better than ETH does. Not to mention the insane fees that go along with ETH.

SOL is a good shout, problem is it cant scale to the level of usage ETH currently handles right now, its already had several outages this year. Opensea is meant to be integrating NFT's minted on solana at some point. I think that will be better for all of us if it that takes some pressure ETH, there is lot of gas fees being wasted with NFT's being minted on ETH.

 

[Reign Mack]

 

[Reign Mack]

This is just from the last 10 days but sure its all just worthless beanie babies and penny stocks really.

 

[Chris]

This is just from the last 10 days but sure its all just worthless beanie babies and penny stocks really.

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I particularly like that last one!

 

[Reign Mack]

I particularly like that last one!

meanwhile people had their bank accounts with "real" money frozen, tells you that your money in your bank is not really yours if you are not allowed to do what you want with it and they can freeze your assets at anytime.

Did you see the figures for the pulseX sacrifice for freedom of movement *and assembly. Over 1 billion dollars across multiple chains

 

[Reign Mack]

 

[Reign Mack]

 

[joe98tj]

A lot to read through in this thread but I got about 6k I'm gonna throw at some investments and might throw some at crypto.

What digital wallet do you all trust for this? Are those crypto atm's at the local gas station useful?

Bitcoin seems be up a bit the past few days. People planning on it continuing to rise still?

 

[Reign Mack]

 

[williambmac]

Maybe one day I can find someone to properly explain this stuff to me.