33% of Gold Owners Think Bitcoin is a Viable Alternative. - I guess it has taken a while but they are starting to realize the truth.

[Hummin]

2 hours ago, Neeranam said:

No, my life is beyond my wildest dreams! 

 

Sorry, I never meant to suggest you were as bad as the other guys that seem to be like packs of wild luddites, opposed to new technology they can't understand - cantankerous, pugnacious in their aggressive attacks on crypto. The hunt for crypto threads with  some kind of sick, self-righteousness to ease their pain of not buying Bitcoin when they heard about 5 or 12 years ago, when it was $1. Better not to learn to live with new tech. and try to understand it, but hang out with other pensioners sipping their half-pint of bitter and nip o Bells' finest. 

Thank you, almost to much ????

 

Good luck to you and your future investments, and I just found out Im actually owner of BTC.
 

https://cointelegraph.com/news/worlds-largest-sovereign-wealth-fund-indirectly-holds-almost-600-bitcoin

[Excel]

9 minutes ago, Neeranam said:

What makes you think Bitcoin is a Ponzi?

Its all been said previously in this thread. No need to repeat but if it is too challenging for you to understand then perhaps a forum is not your ideal mouthpiece for ideas.

[Neeranam]

Why anyone would bet against an asset that’s taken repeated 90% beatings & responded with 20-1000x rallies is beyond me.

[emeraldruby]

I understand that belief in Bitcoin is an act of faith but isn't gold just the same? Sure it's rarer than tin but it only has value because people have faith  in it.? Effectively it has no real, intrinsic  value.

[fdsa]

15 hours ago, emeraldruby said:

I understand that belief in Bitcoin is an act of faith but isn't gold just the same? Sure it's rarer than tin but it only has value because people have faith  in it.? Effectively it has no real, intrinsic  value.

exactly, and - similar to Bitcoin - gold has a whole one use case.

[sanuk711]

The Guardian newspaper printed  a story last week that a large portion of Miners had pulled the plug, as the cost of mining outweighs the return.

In the same Edition their financial editor has also classed Bitcoin in the Ponzi category.

 

Electricity used to mine bitcoin plummets as crypto crisis widens --https://www.theguardian.com/technology/2022/jun/24/electricity-consumption-mine-bitcoin-plummets-crypto-crisis-widens-cryptocurrency

 

[fdsa]

11 minutes ago, sanuk711 said:

The Guardian newspaper printed  a story last week that a large portion of Miners had pulled the plug, as the cost of mining outweighs the return.

interesting... it means that the mining difficulty increased so high that the electricity required to mine a single Bitcoin costs about 20k USD, while just a few years ago it was below 10k USD.

It is good that many miners have shut their rigs down, as the mining difficulty will drop.

[Hummin]

12 minutes ago, sanuk711 said:

The Guardian newspaper printed  a story last week that a large portion of Miners had pulled the plug, as the cost of mining outweighs the return.

In the same Edition their financial editor has also classed Bitcoin in the Ponzi category.

 

Electricity used to mine bitcoin plummets as crypto crisis widens --https://www.theguardian.com/technology/2022/jun/24/electricity-consumption-mine-bitcoin-plummets-crypto-crisis-widens-cryptocurrency

 

Oh really, they do not understand BTC, huh 

 

????

16 hours ago, emeraldruby said:

I understand that belief in Bitcoin is an act of faith but isn't gold just the same? Sure it's rarer than tin but it only has value because people have faith  in it.? Effectively it has no real, intrinsic  value.

Im sure BTC occupies a special place in some humans mind, but not as many as gold. Im not sure I understand your question right, but I choose to believe you are ironic, right, when you state gold have no real value? 
 

The Most Useful Metal

Of all the minerals mined from the Earth, none is more useful than gold. Its usefulness is derived from a diversity of special properties. Gold conducts electricity, does not tarnish, is very easy to work, can be drawn into wire, can be hammered into thin sheets, alloys with many other metals, can be melted and cast into highly detailed shapes, has a wonderful color and a brilliant luster.  Gold is a memorable metal that occupies a special place in the human mind.

 

https://geology.com/minerals/gold/uses-of-gold.shtml

[placeholder]

3 hours ago, fdsa said:

exactly, and - similar to Bitcoin - gold has a whole one use case.

Actually, not. Gold is much in demand in the electronics industry. 

[fdsa]

10 minutes ago, placeholder said:

Actually, not. Gold is much in demand in the electronics industry. 

And that's exactly its only use case I meant.

 

Not the bull-hit written by some copywriter at the link above.

[placeholder]

2 minutes ago, fdsa said:

And that's exactly its only use case I meant.

 

Not the bull-hit written by some copywriter at the link above.

Well, it has other industrial uses. And, it is much prized for its beauty. Anyway, it actually has uses other than as a token.

[sanuk711]

You have got to recognize that gold has stood the test of time......it was being traded as money over two half thousand years ago, and wanted a lot longer before that.

Bitcoin 2009 and it is already it's in trouble.

 

Bitcoin could never have survived without it being driven by the internet.

 

Gold has been considered precious throughout history, but it wasn't used for money until around 550 BCE. 

At first, people carried around gold or silver coins.

If they found gold, they could get their government to make tradable coins out of it.

https://www.google.com/search?client=firefox-b-d&q=when+did+gold+become+of+value

[Hummin]

39 minutes ago, fdsa said:

And that's exactly its only use case I meant.

 

Not the bull-hit written by some copywriter at the link above.

Toxic

[lkn]

7 hours ago, fdsa said:

It is good that many miners have shut their rigs down, as the mining difficulty will drop.

Depends on who you ask. The security of bitcoin is proportional to number of miners. I personally think it is a completely flawed model, which I have elaborated on in the past, i.e. if you receive $100M worth of BTC you want to make sure that it cost more than that to “take over” the network (e.g. bribe miners and/or startup enough servers to have majority), as those who sent you $100M might otherwise spend less to allow a double-spend.

 

Though nobody cares about BTC for actually transferring value, all that matters is buying and selling the tokens on centralized exchanges and hope that there are enough new buyers to make the price go up ????

[emeraldruby]

8 hours ago, Hummin said:

Oh really, they do not understand BTC, huh 

 

????

Im sure BTC occupies a special place in some humans mind, but not as many as gold. Im not sure I understand your question right, but I choose to believe you are ironic, right, when you state gold have no real value? 
 

The Most Useful Metal

Of all the minerals mined from the Earth, none is more useful than gold. Its usefulness is derived from a diversity of special properties. Gold conducts electricity, does not tarnish, is very easy to work, can be drawn into wire, can be hammered into thin sheets, alloys with many other metals, can be melted and cast into highly detailed shapes, has a wonderful color and a brilliant luster.  Gold is a memorable metal that occupies a special place in the human mind.

 

https://geology.com/minerals/gold/uses-of-gold.shtml

No. i was not being ironic.  Gold has many qualities but not sufficient to make it especially  valuable. If it had real value it would not go  up and down.  The value of gold is not linked to its  utility functions. As for 'wonderful colour ' 'brilliant lustre' It entirely meaningless and subjective.  Jade is more valuable  to some people. The gold 'standard ' is nonsense.

[fdsa]

7 hours ago, placeholder said:

it has other industrial uses.

other metals are better than gold in other industrial uses.

 

7 hours ago, placeholder said:

it is much prized for its beauty

gems are prized for their beauty (and jewelry as art), there is nothing beautiful in gold as is.

[Rimmer]

A personal attack and replies have been removed

[Neeranam]

17 hours ago, sanuk711 said:

You have got to recognize that gold has stood the test of time......it was being traded as money over two half thousand years ago, and wanted a lot longer before that.

Bitcoin 2009 and it is already it's in trouble.

What makes you say BTC is in trouble?

[Neeranam]

Now, I see why so many here don't understand Bitcoin. Only 10% are under 50 !

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Hummin]

34 minutes ago, Neeranam said:

Now, I see why so many here don't understand Bitcoin. Only 10% are under 50 !

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thank God we get older and wiser ????

 

And hopefully managed to save enough for the last decades, and do not need to invest in the new trend of investments. 

 

It is a minefield, always been, 

[proton]

On 6/29/2022 at 9:50 PM, Neeranam said:

Why anyone would bet against an asset that’s taken repeated 90% beatings & responded with 20-1000x rallies is beyond me.

Volatility, unregulated and not backed by anything other than hope?

[connda]

On 6/24/2022 at 12:50 PM, BritManToo said:

Was this gold investors in Thailand that actually held the physical gold?

Or was it just gold investors in the west buying bits of paper?

Bitcoin is fiat.  Bitcoin tech linked to gold would not be.

No gold purchase I've made has every "lost value" in the long run.  

[fdsa]

1 hour ago, Neeranam said:

Now, I see why so many here don't understand Bitcoin. Only 10% are under 50 !

doesn't "50s" mean "between 40 and 50"? AFAIU 30% are under 50.

[worgeordie]

2 hours ago, Neeranam said:

Now, I see why so many here don't understand Bitcoin. Only 10% are under 50 !

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

So how old are you ...21

regards Worgeordie

[sanuk711]

4 hours ago, Neeranam said:

What makes you say BTC is in trouble?

I'm not a great investor Neeranam, but if I had stocks and in November they were trading at around 69K each and last Saturday they were 18K+ each, I might think those stocks were in trouble.  My problem with Bitcoin is--I can understand why they dropped-- Investor panic.

I just cant get my head around what would make people flock to buy them back again.

With normal stocks someone might say--"Well their new model EV car is out latter this year"...or.. . "They have bid for this/That drilling contract"

 

If I asked you what will make people rush to buy Bitcoin in the near future- other then a minority who are stock gamblers.

what do you think is the answer?

 

[Neeranam]

18 hours ago, sanuk711 said:

I'm not a great investor Neeranam, but if I had stocks and in November they were trading at around 69K each and last Saturday they were 18K+ each, I might think those stocks were in trouble. 

Well done, you picked the peak of the cycle and also the bottom, by chance I wonder?

 

 

How about if you bought exactly 2 years ago at $9,000, and today is $19,000?

More than 100% in 2 years is much better than any stock I've owned. Plus, you could have taken profits like when it had doubled, like Jim Cramer did, leaving you with your original investment free. 

I am not cherry picking, actually if you had bought any time in the past, you have made amazing returns. 

in 2018, people were saying exactly what you were saying - "what if I bought in Dec 2017 at $19k? Well, you hodl and like you said, it went to 69k.

 

I realize that I am wasting my time trying to explain investing in BTC with most of the members here, such ignorance and bias and basically, I can't be arsed any more, I have better things to do. 

I'm not a savvy investor but with crypto it's easy; maybe that is why experienced investors are upset by it! I bought my first BTC at $2k saw it go to 19k then down to 3k, then up to 69k. 

For the last 5 years, I have been putting my entire salary into crypto, except when I took profits at the height of the bull runs. It's not rocket science and it has actually changed my life in ways I couldn't have imagined.

Just mark these word, BTC will hit $1 million by 2030 and 200k by 2024/5. 

Edited July 2, 2022 by Neeranam

[Neeranam]

Just mark these word, BTC will hit $1 million by 2030 and 200k by 2024/5. 

 

I bought BTC today at $19,200. I will continue to DCA for the next few months.

[placeholder]

On 7/2/2022 at 10:44 AM, Neeranam said:

Well done, you picked the peak of the cycle and also the bottom, by chance I wonder?

 

 

How about if you bought exactly 2 years ago at $9,000, and today is $19,000?

More than 100% in 2 years is much better than any stock I've owned. Plus, you could have taken profits like when it had doubled, like Jim Cramer did, leaving you with your original investment free. 

I am not cherry picking, actually if you had bought any time in the past, you have made amazing returns. 

in 2018, people were saying exactly what you were saying - "what if I bought in Dec 2017 at $19k? Well, you hodl and like you said, it went to 69k.

 

I realize that I am wasting my time trying to explain investing in BTC with most of the members here, such ignorance and bias and basically, I can't be arsed any more, I have better things to do. 

I'm not a savvy investor but with crypto it's easy; maybe that is why experienced investors are upset by it! I bought my first BTC at $2k saw it go to 19k then down to 3k, then up to 69k. 

For the last 5 years, I have been putting my entire salary into crypto, except when I took profits at the height of the bull runs. It's not rocket science and it has actually changed my life in ways I couldn't have imagined.

Just mark these word, BTC will hit $1 million by 2030 and 200k by 2024/5. 

I don't think you understand what led to that surge to $69,000 and why this fall is different from the last one. The cause of the surge and fall is one and the same thing: crypto-banking. Assets were over-leveraged into coins. So when the prices crashed, crypto banks couldn't back so called stablecoins and couldn't return cryptocurrency that was on deposit.  And since there is virtually no regulation of defi, there's no way to stop these cryptobanks from doing it again. Whereas when you put money into a bank in the US, it's highly regulated. And if it does crash, the government will make depositors whole up unto some predetermined limit.

[lkn]

1 hour ago, placeholder said:

I don't think you understand what led to that surge to $69,000

I don’t think he wants to understand. He made money on crypto by being early, and now he thinks that everyone can make money from a zero-sum game, even though all the coins he has recommended are down and some of the staking services recommended in these threads turned out to be unsustainable, with many people losing all what they had staked.

 

It’s baffling to me that a community which has DYOR as a mantra and think skeptics are just to old to understand crypto, does not grasp even basic principles like how you can’t create money without underlying economic activity — they literally think they have invented the perpetual motion machine, and skeptics are just bitter for having missed the boat, not realizing that even this statement (which has often been said on this forum) indicates that there are no gains to be had for those late to the (pyramid) scheme. And yet, they still don’t see it…

 

As for what lead up to the $69,000 per bitcoin, Amy Castor has a good writeup titled How 2020 set the stage for the 2021 bitcoin bubble.

[Neeranam]

21 hours ago, lkn said:

I don’t think he wants to understand. He made money on crypto by being early, and now he thinks that everyone can make money from a zero-sum game, even though all the coins he has recommended are down and some of the staking services recommended in these threads turned out to be unsustainable, with many people losing all what they had staked.

I do understand why BTC went to $69k, I actually predicted $65k at the start of 2021. Tbh, I didn't cash out everything as I believed PlanB's theory of 1-200k.

There are 4 year cycles, due to the halvening. 

It is STILL early in crypto.

The first crypto thread I started was when BTC was 30k and I recommended people to take profit when they doubled their money. 

Yes, I did suggest Celsius, even to a close friend who has 3 btc in there. However, I was responsible for him buying 10 BTC when it was $3-5k. There is still some chance that Celsius could survive. 

There are risks in DeFi, and crypto in general but the upside far outweighs the downside, IMHO. 

I had 5% of my portfolio in LUNA, and although disappointing, I accept the loss. 

The only coins I have recommended are EGLD and Polkadot. I've also said that Bitcoin is better than gold. 

Anyway, glad to see you have un-ignored me. I still recommend EGLD and Polkadot, especially now, at sale price. You can get 12-20% on the DOT and EGLD. Both of these coins are the future. I have only bought BTC in the last month as a store of wealth. I got paid today and have immediately put 50% into BTC.