I just bought $200,000 of Bitcoin

[happydreamer]

4 minutes ago, happydreamer said:

While I don't disagree with some of the reasoning in the article the source seems to have a very high degree of anti-American sentiment.  The entire contents of the blog does.

Putin is just as money and power hungry as any of the other b@stards that run superpower countries.  Don't think for one second he doesn't have US Congress on speed dial to talk about how they're gonna bluff this war and sit soldiers on the the border while they drink vodka and drive up the value of the energy sector (read as Oil).  Have you noticed the price of gas lately? Who do you think is benefitting from that?  Hint:  Every superpower with a vested interest.

Now this is pure speculation on my part...but think about the cause and effect here.  The price of energy goes up.  What does that do to the price of crypto?  These are the questions that need to be studied and thought about when looking at the relationship between markets crypto and what the price is going to do.  

Despite the wide adoption and uses of crypto, right now is a really uncertain time for it and therefore I wouldn't (and am not) making any major moves with it.  I'm shorting the sh!t out of tech stocks and going long on energy actually.  Thats where there's some money to be made now...not much but it's something

[JackGats]

Problem is selling or using the Bitcoins without sundry authorities creeping out of the woodwork to throw the book at you. I've met a few bitcoin millionaires already. They could look at their asset all right, couldn't spend a penny of it.

[happydreamer]

13 minutes ago, JackGats said:

Problem is selling or using the Bitcoins without sundry authorities creeping out of the woodwork to throw the book at you. I've met a few bitcoin millionaires already. They could look at their asset all right, couldn't spend a penny of it.

Why couldn't they spend it?  

[itsari]

On 2/16/2022 at 4:04 PM, heiri007 said:

On another note: Thailand is quite crypto-friendly and one more the more progressive countries in regards to blockchain revolutionizing finance and other sectors.

 

Why would anyone use banks these days to wire money internationally? New much cheaper and much faster services mostly run on such blockchains, e.g. XRPL. You won't know you're using it, but select digital currencies are for real, solving real problems.

 

Of course anyone has the right to ignore progress. If you're happy with the meager interest a bank account pays, oh wait, did I mention inflation?

Inflation invites higher interest rates , that you can not ignore . 

Higher interest paid to investors could well change many ways people invest . 

There is no interest paid for money in any crypto currency account .

 

[happydreamer]

8 minutes ago, itsari said:

 

There is no interest paid for money in any crypto currency account .

 

There most certainly is....some of it as high as 8% on stablecoins.  Im earning 8% on GUSD, 5% on ETH, 4.5% on BTC, and 3.5% on LTC .  Also earning rewards (in crypto currency of my choice) based on monthly spending at a rate of 1.5% - 3.5% that go directly into crypto interest earning account.

 

Then there's staking which I think @Neeanam can explain better than me.

[itsari]

17 minutes ago, happydreamer said:

There most certainly is....some of it as high as 8% on stablecoins.  Im earning 8% on GUSD, 5% on ETH, 4.5% on BTC, and 3.5% on LTC .  Also earning rewards (in crypto currency of my choice) based on monthly spending at a rate of 1.5% - 3.5% that go directly into crypto interest earning account.

 

Then there's staking which I think @Neeanam can explain better than me.

Is there not a huge risk that the interest payments do not eventuate ? 

There is no control over these types of contracts unlike a high street bank for example .

[happydreamer]

8 minutes ago, itsari said:

Is there not a huge risk that the interest payments do not eventuate ? 

There is no control over these types of contracts unlike a high street bank for example .

The only way for there to be any sort of recognizable incentives or for it to be used as a means of currency is through regulation.  There is quite a bit of control over it now.  Ive been into BTC since 2013 and compared to those days, this is very regulated.  Thats how things like interest and loans are able to be offered.

 

Regardless, there's still a large majority that doesn't trust the rules and laws that govern it.  Granted it's a volatile investment, but that doesn't necessarily equate to it being a scam or not paying out to it's holders whats due to them.  I'm taxed on it...I'd therefore expect it to be available to me in it's advertised forms unless there's something I missed while reading and studying (key words here reading and studying) the terms of agreement surrounding the institutions acting as custodians.

 

Like I mentioned in a previous post, do your own research and mitigate risk according to your personal goals and comfort levels.  For many it's still way too risky because of it's volatility.  However as I've pointed out several times in this thread crypto is highly tied to the stock market now and it has and I believe will become even more predictable as time moves on. 

[JackGats]

3 hours ago, happydreamer said:

Why couldn't they spend it?  

No real merchands accepting BCs for major goods or services (cars, plane tickets, electronics, real estate, food etc.).

 

Termination of bank accounts when trying to convert into fiat (money-laundering red flag etc.).

[dj230]

6 hours ago, Neeranam said:

@Pravda As I see it, you have 2 options here. 

 

1- HODL - this is well known to crypto holders, who are not in it for a short-term gamble, but a long-term investment.

 

2- Panic sell at $40,700 and limit your losses, get a resentment about how you were in crypto for a week and lost 10%, come back 1 year later when Bitcoin is $100k and tell everyone how most people lose. 

Typical mentality of a gambler, rarely works out well when you gamble. 
 

The real options he has on his current position is 

 

1- hold the Bitcoin, it can either go down more and he can lose more, or it can go back up and he can make more money 

 

2- sell for a loss, decreasing his risk to 0 but also potential profits. 
 

5% drop isn’t much, once you get to 25% and 50% losses you’ll probably be at a loss forever. 
 

At 5% loss you just need 5-6% to break even, at 25% loss you still only need to gain 30% to break even, at 50% loss you need to gain 100% to break even

 

Since Bitcoin is a ponzi, it has no fundamentals to calculate value of what it’s worth, it’s simply worth what the next fool will pay for it. 
Once the ponzi is over, it’s dead money, lots of penny stocks/boiler room stocks do the same. 

[Whale]

8 hours ago, Pravda said:

Entry point 51,000 for 100k Canadian.

Then you are still sitting pretty. Very pretty considering. 

 

We just need the Ruskies to return to base and the Fed to keep quiet for a couple of weeks and we should all be OK for time being.

[fdsa]

18 minutes ago, JackGats said:

No real merchands accepting BCs for major goods or services (cars, plane tickets, electronics, real estate, food etc.).

 

Termination of bank accounts when trying to convert into fiat (money-laundering red flag etc.).

There are ways to cashout a large sum from crypto to bank.

 

1) if

- you bought crypto on a still alive exchange (to provide your login credentials and/or show screenshots) 

- you can show where your initial fiat came from (letter of employment, etc)

- the sum is above 1'000'000 USD

then there are Swiss crypto-friendly banks which will happily accept you as a customer.

 

2) if the sum is few hundred thousands and/or you've bought crypto a now-defunct exchange such as BTC-e.com, but still have some paperwork, then there are Lithuanian crypto-friendly banks which will happily accept you as a customer.

 

3) if you have no paperwork whatsoever then there are Dominican (with Russian owners) and UAE crypto-friendly banks which will happily accept you as a customer.

 

note that "paperwork" means exactly "papers" - the financial institutions know nothing (and don't want to learn) about "blockchain", "transactions", "timestamps" et cetera and will not trust that you've bought crypto in 2010, they want a paper or a "notarized screenshot" from the crypto exchange showing when you've bought crypto and for which amount of USD, and where those USD came from (i.e. your letter of employment from year 2010)

 

4) it will take a very long time but still valid way to cashout: just exchange small amounts montly.

 

[happydreamer]

26 minutes ago, JackGats said:

No real merchands accepting BCs for major goods or services (cars, plane tickets, electronics, real estate, food etc.).

 

Termination of bank accounts when trying to convert into fiat (money-laundering red flag etc.).

How was their bank account terminated when they tried to convert BTC into it?  Crypto doesn't go into a bank. Its bought and sold on exchanges.  Banks are eliminated in the process.  Thats what decentralized finance is about.  
Unless you mean it was terminated when they tried to deposit the fiat into a bank account and they couldn't provide records from where it came.  ya..red flag

[happydreamer]

18 minutes ago, dj230 said:

Typical mentality of a gambler, rarely works out well when you gamble. 
 

The real options he has on his current position is 

 

1- hold the Bitcoin, it can either go down more and he can lose more, or it can go back up and he can make more money 

 

2- sell for a loss, decreasing his risk to 0 but also potential profits. 
 

5% drop isn’t much, once you get to 25% and 50% losses you’ll probably be at a loss forever. 
 

At 5% loss you just need 5-6% to break even, at 25% loss you still only need to gain 30% to break even, at 50% loss you need to gain 100% to break even

 

Since Bitcoin is a ponzi, it has no fundamentals to calculate value of what it’s worth, it’s simply worth what the next fool will pay for it. 
Once the ponzi is over, it’s dead money, lots of penny stocks/boiler room stocks do the same. 

You honestly have no idea how this all works.  There's large cap companies invested in it.  What more do you need to know about how it's value is calculated.

It's tied directly to market action. For clues on how it'll react...watch the major global indices

[clivebaxter]

If it was that good people would not be talking it up all the time, sending you emails or messages on social media recommending it and telling you how much they made. Almost as boring as a ex drunk telling you the last time he had a drink. I'll continue to steer well clear of it.

[dj230]

5 minutes ago, happydreamer said:

You honestly have no idea how this all works.  There's large cap companies invested in it.  What more do you need to know about how it's value is calculated.

It's tied directly to market action. For clues on how it'll react...watch the major global indices

Haha i know exactly how Ponzi schemes work, I see them fall for it all the time.

 

Large cap companies are invested in Bonds and Gold too, doesn't mean they move in line with the stock market. Making stuff up, doesn't help. 

[happydreamer]

1 minute ago, dj230 said:

Haha i know exactly how Ponzi schemes work, I see them fall for it all the time.

 

Large cap companies are invested in Bonds and Gold too, doesn't mean they move in line with the stock market. Making stuff up, doesn't help. 

No ones talking about bonds and gold right now.  We're talking about the current situation and the direct correlation of the crypto market to the stock market at the moment in particular the energy sector.

 

Im curious to know what your background in finance is?

 

[happydreamer]

10 minutes ago, clivebaxter said:

If it was that good people would not be talking it up all the time, sending you emails or messages on social media recommending it and telling you how much they made. Almost as boring as a ex drunk telling you the last time he had a drink. I'll continue to steer well clear of it.

It's probably best for you.

[Neeranam]

4 hours ago, JackGats said:

Problem is selling or using the Bitcoins without sundry authorities creeping out of the woodwork to throw the book at you. I've met a few bitcoin millionaires already. They could look at their asset all right, couldn't spend a penny of it.

I just paid for my strawberry cheesecake drink, delivered by Grab with Bitcoin, using my Crypto.com debit card. This month, I've also paid 3 DTAC phone bills, my daughter's University fees, a few restaurants, petrol for my car, DisneyPlus, and other apps on my phone, and gold, all with the same card, which I put bitcoin onto. 

[Neeranam]

33 minutes ago, dj230 said:

Since Bitcoin is a ponzi, it has no fundamentals to calculate value of what it’s worth, it’s simply worth what the next fool will pay for it. 
Once the ponzi is over, it’s dead money, lots of penny stocks/boiler room stocks do the same. 

You have proved that you know nothing about Bitcoin, you don't know what a Ponzi is. 

You obviously haven't bought any Bitcoin, don't like it. Why exactly are you posting so much on a thread about someone buying Bitcoin?

[dj230]

7 minutes ago, happydreamer said:

No ones talking about bonds and gold right now.  We're talking about the current situation and the direct correlation of the crypto market to the stock market at the moment in particular the energy sector.

 

Im curious to know what your background in finance is?

 

All risk on assets are correlated due to the excess liquidity the fed created, the money has to go somewhere, doesn't mean they're related in that the stock market will keep crypto up when the Ponzi ends. Even penny stocks follow the trend of the stock market. 

 

I actually studied computer science and nutrition in University, finance is pretty easy to learn without university, I just started learning about finance last year and made 400% returns in 2021. 

 

What's your background in finance? 

[Neeranam]

45 minutes ago, JackGats said:

No real merchands accepting BCs for major goods or services (cars, plane tickets, electronics, real estate, food etc.).

 

Termination of bank accounts when trying to convert into fiat (money-laundering red flag etc.).

Rubbish, I'm about to pay for a flight to Bangkok using Bitcoin. 

Thereis a real estate company in Thailand that accepts Bitcoin. 

I believe Tesla accepted bitcoin, or maybe it is Dogecoin now. 

I was going to pay for my Mazda with BTC, but they would have charged me 3% for that. It was just as easy to sell BTC on Bitkub with the cash in my KTB bank account in 2 seconds. 

[dj230]

4 minutes ago, Neeranam said:

You have proved that you know nothing about Bitcoin, you don't know what a Ponzi is. 

You obviously haven't bought any Bitcoin, don't like it. Why exactly are you posting so much on a thread about someone buying Bitcoin?

I know what a Ponzi is, bitcoin is a great example. 

So far the bearish sentiment has proven to be correct, the OP has lost thousands of dollars in a day, we will eventually see who is right in the future.

 

I don't hold bitcoin long term, but I trade it sometimes, at this point the Ponzi looks weak though, so no more. I am just saying it like it is. 

[Neeranam]

2 minutes ago, dj230 said:

I don't hold bitcoin long term, but I trade it sometimes, at this point the Ponzi looks weak though, so no more. I am just saying it like it is. 

Let me get this straight. You trade bitcoin but think it is a Ponzi scheme? 

[happydreamer]

15 minutes ago, dj230 said:

All risk on assets are correlated due to the excess liquidity the fed created, the money has to go somewhere, doesn't mean they're related in that the stock market will keep crypto up when the Ponzi ends. Even penny stocks follow the trend of the stock market. 

 

I actually studied computer science and nutrition in University, finance is pretty easy to learn without university, I just started learning about finance last year and made 400% returns in 2021. 

 

What's your background in finance? 

I own a tech consulting company that specializes in web design and designing cloud-based solutions and infrastructure for fintech, insure tech, and global wealth mangers.  

You're missing my point completely on whats driving the current trend.  

 

400% returns.  Impressive.  What made you that money?

 

Ive been trading options and futures for 3 years.  Early bitcoin adopter, 2013, 2 ASIC miners attached to laptop in a closet hashing on Slushpool when it was $80/ Unit.  Cashed out a handful in 2017 when it topped 17K, sold at 14K, financed two years in Asia, traveled, traded, took photos, made Vogue, started a consulting business.  So...ya.

[JackGats]

32 minutes ago, happydreamer said:

...
Unless you mean it was terminated when they tried to deposit the fiat into a bank account and they couldn't provide records from where it came.  ya..red flag

I know of a case with an EU bank. The bank didn't even ask for anything. Account terminated as soon as the money was transfered from the exchange to the bank. Account holder no longer had a residence in the EU, which probably didn't help either.

[Neeranam]

9 minutes ago, dj230 said:

So far the bearish sentiment has proven to be correct,

What bearish sentiment?

 

Do you mean BTC rising $3k this month? 

Do you mean BTC rising $10k since Jan 2021?

Do you mean BTC rising $17k since 2018?

Do you mean BTC rising 20,000% since 2014?

Do you mean BTC averaging 100% p.a?

Do I need to go on?

 

Oh, you are talking about this week, when all assets are down due to some macro events. ????

[happydreamer]

4 minutes ago, Neeranam said:

What bearish sentiment?

 

Do you mean BTC rising $3k this month? 

Do you mean BTC rising $10k since Jan 2021?

Do you mean BTC rising $17k since 2018?

Do you mean BTC rising 20,000% since 2014?

Do you mean BTC averaging 100% p.a?

Do I need to go on?

 

Oh, you are talking about this week, when all assets are down due to some macro events. ????

He's got the chart upside down dude. LOL. 

[dj230]

19 minutes ago, Neeranam said:

Let me get this straight. You trade bitcoin but think it is a Ponzi scheme? 

Just because something is a Ponzi doesn't mean you can't make money on the way up, that's how ponzi's work

 

17 minutes ago, happydreamer said:

I own a tech consulting company that specializes in web design and designing cloud-based solutions and infrastructure for fintech, insure tech, and global wealth mangers.  

You're missing my point completely on whats driving the current trend.  

 

400% returns.  Impressive.  What made you that money?

 

Ive been trading options and futures for 3 years.  Early bitcoin adopter, 2013, 2 ASIC miners attached to laptop in a closet hashing on Slushpool when it was $80/ Unit.  Cashed out a handful in 2017 when it topped 17K, sold at 14K, financed two years in Asia, traveled, traded, took photos, made Vogue, started a consulting business.  So...ya.

Curious education background in tech, school/degrees?

 

Learning how to not fall for typical gambling mentality helps a lot with trading, it really isn't that hard to make profits in the stock market if you understand how to calculate risk / reward. A lot of my profits were just from small trades adding up and compounding. 2-5% each trade, sometimes 10-20% a trade if I got lucky, I sell all my loses quickly, don't have much losing trades and if I do they're all miniscule. Unfortunately most people don't, they just buy and hold all the way down. 

 

I was in high school in 2012, was suggested to buy some from a close friend, was too skeptical for me even though I had a decent amount saved by then. I make my calculations based off risk/reward, and bitcoin then and now has too much risk for the reward. Congrats on buying it early on, will see if the Ponzi can continue though. I'm surprised you're still working with such a big win on bitcoin buying at 2013, you must have made tens of millions? I myself have already quit work, I just trade & invest for income now. 

 

14 minutes ago, Neeranam said:

What bearish sentiment?

 

Do you mean BTC rising $3k this month? 

Do you mean BTC rising $10k since Jan 2021?

Do you mean BTC rising $17k since 2018?

Do you mean BTC rising 20,000% since 2014?

Do you mean BTC averaging 100% p.a?

Do I need to go on?

 

Oh, you are talking about this week, when all assets are down due to some macro events. ????

It's down near 50% from all time highs, gambler/bagholder mentality, lots of people saying the same about GameStop's stock and AMC stock, "it'll come back one day" 

 

 

[Walker88]

4 hours ago, happydreamer said:

There most certainly is....some of it as high as 8% on stablecoins.  Im earning 8% on GUSD, 5% on ETH, 4.5% on BTC, and 3.5% on LTC .  Also earning rewards (in crypto currency of my choice) based on monthly spending at a rate of 1.5% - 3.5% that go directly into crypto interest earning account.

 

Then there's staking which I think @Neeanam can explain better than me.

You have credit risk, but don't know where it is, and have zero recourse if you get stiffed.

 

My experience (as a professional hedge fund manager) is that folks who lose the most are those who had no clue where their risk was, nor its level.

 

There is no free lunch. Earning interest means someone is borrowing. The borrower can default, and is likely to do so if price fluctuates greatly, so a lender's crypto comes with good news and bad news:

 

The good news is that borrowers are likely to default if a coin rises considerably, which means the lender's paper value must have gone up. The bad news is the borrower defaulted, so the lender's crypto is gone.  Oh, the exchange is liable?  How well capitalized is the exchange?  (I bet those who champion crypto because govt regulation isn't there might suddenly wish some sort of regulation was there if borrowers default or exchanges get wiped out. If the exchange is a bank, there is little chance the govt is going to bail out a bank who got into trouble by dealing in crypto).

 

The weak link is always the exchanges. Back in 1980, the gold exchanges were on the verge of collapse due to the Hunts/Saudis trying to corner gold/silver. Henry Jarecki of Mocatta stepped in and declared "liquidation only". When you are not the one making the rules, you are the one with risk.

 

Of course, maybe 'Satoshi et al' have conjured virtual free lunches.

[Neeranam]

16 minutes ago, happydreamer said:

400% returns.  Impressive.  What made you that money?

He said he trades Bitcoin