Anybody loading up on BTC on this dip?

[Speedhump]

21 hours ago, placeholder said:

That's a fair point. But it does not function like a currency. And its purchasing power depends entirely on the price it commands in the markets. So it is in no meaningful way a currency.

Didn't you just describe foreign exchange? ????

[Hummin]

On 11/10/2022 at 5:33 PM, ChaiyaTH said:

Bought some before it crashed, as it was not technical at all but al related to the FTX thing. As we seen so many times in the past, if that causes the price to crash, just as easy it is going to make it's recovery, and after that, it still is gonna go up quite a bit higher again, to it's cost price of around 23K USD today average.

So yeah, I bought more already, and will keep adding more too. Just don't do that if you need it back in dollars within a few months already. Excellent for a 6-12 months or longer.

 

I mean, you get 0.10 BTC for just 1600 dollars, that's cheap as chips. I find the negative people to also always think you need to buy a whole BTC, and therefore you must be crazy as it's right away a 15K plus investment. Funny as even 160 dollars is worth it.

Waith for 9k I will buy 10!

[placeholder]

1 hour ago, Speedhump said:

Didn't you just describe foreign exchange? ????

But foreign exchange only matters when you are trading it against other currencies. For most Americans, say, a 10% drop in the value of the dollar in respect to a basket of world currencies, doesn't mean a 10% drop in its purchasing power. But if that same American is holding bitcoin and it drops 10% in value, then it has also lost 10% of its purchasing power.

[Speedhump]

3 hours ago, placeholder said:

But foreign exchange only matters when you are trading it against other currencies. For most Americans, say, a 10% drop in the value of the dollar in respect to a basket of world currencies, doesn't mean a 10% drop in its purchasing power. But if that same American is holding bitcoin and it drops 10% in value, then it has also lost 10% of its purchasing power.

Except when you start talking about currency or crypto value 'in the markets' as you did  you aren't talking about purchasing power on the high street. Anyway, I was only pointing out the similarities, which do exist. 

[placeholder]

7 hours ago, Speedhump said:

Except when you start talking about currency or crypto value 'in the markets' as you did  you aren't talking about purchasing power on the high street. Anyway, I was only pointing out the similarities, which do exist. 

But for most people and businesses, the fact remains that currency is not an asset that depends only or largely on how it's performing on the forex exchanges. Whereas crypto's purchasing power depends entirely on its price relative to genuine currencies.

[Speedhump]

3 hours ago, placeholder said:

But for most people and businesses, the fact remains that currency is not an asset that depends only or largely on how it's performing on the forex exchanges. Whereas crypto's purchasing power depends entirely on its price relative to genuine currencies.

Items can more and more be bought over the Internet with crypto. Generally speaking, if you are buying something priced in a currency (say USD) not your own  the amount you pay online in another currency (Sterling, crypto, whatever) varies against  the current value of crypto, Sterling or whatever to the exchange rate  ruling on the day (fiat) , or the price at which you bought your crypto (just like using cash USD while on foreign vacation).  Just because the SEC says crypto is not a currency doesn't make that so for consumer purposes. 

[placeholder]

4 minutes ago, Speedhump said:

Items can more and more be bought over the Internet with crypto. Generally speaking, if you are buying something priced in a currency (say USD) not your own  the amount you pay online in another currency (Sterling, crypto, whatever) varies against  the current value of crypto, Sterling or whatever to the exchange rate  ruling on the day (fiat) , or the price at which you bought your crypto (just like using cash USD while on foreign vacation).  Just because the SEC says crypto is not a currency doesn't make that so for consumer purposes. 

A real currency, when used in the country that issues it, doesn't fluctuate in purchasing power like crypto does wherever it is used. So for Americans, the purchasing power of a dollar spent  in the United States is not utterly dependent on its exchange value. Same goes for the Euro, the Yuan, the Yen, etc.. But wherever cryptocurrency is used its purchasing power is calibrated by its value in a genuine currency. The only time a genuine currency can technically be said to have its value calibrated by a cryptocurrency is when it's used to purchase that currency. And that's a very minor case that has nothing to do with the economic lives just about everyone on planet earth.

[Speedhump]

16 minutes ago, placeholder said:

A real currency, when used in the country that issues it, doesn't fluctuate in purchasing power like crypto does wherever it is used. So for Americans, the purchasing power of a dollar spent  in the United States is not utterly dependent on its exchange value. Same goes for the Euro, the Yuan, the Yen, etc.. But wherever cryptocurrency is used its purchasing power is calibrated by its value in a genuine currency. The only time a genuine currency can technically be said to have its value calibrated by a cryptocurrency is when it's used to purchase that currency. And that's a very minor case that has nothing to do with the economic lives just about everyone on planet earth.

And I was talking about international purchases, which very many people now make, especially expats. I started at the very outset by talking about exchange. Not using the currency in the country in which it is issued. That was clear. 

[Skallywag]

How and why would any sane person "load up" on something virtual?  It just is not real and does not represent anything tangible.  Next thread NFT's baby  5555

[placeholder]

On 11/13/2022 at 10:07 AM, Speedhump said:

And I was talking about international purchases, which very many people now make, especially expats. I started at the very outset by talking about exchange. Not using the currency in the country in which it is issued. That was clear. 

What percentage of citizens of most nations are expats? That's a pretty low percentage. And what percentage of those expats earn their pay in the currency of their homeland as opposed to where they work? Most expats are actually migrant workers or undocumented aliens, and they earn their pay in the country they labor in.

[Speedhump]

25 minutes ago, placeholder said:

What percentage of citizens of most nations are expats? That's a pretty low percentage. And what percentage of those expats earn their pay in the currency of their homeland as opposed to where they work? Most expats are actually migrant workers or undocumented aliens, and they earn their pay in the country they labor in.

I don't know why, but you're ignoring the fact that my comment was about foreign exchange. I'm not going chew over expats statistics. Crypto is a currency, as I said I won't go down a rabbit hole with you. Thanks. 

[tomazbodner]

On 11/10/2022 at 5:42 PM, Sparktrader said:

Btc isnt monopoly money. Your comparison is stupid. Btc is a currency in some nations.

Very true. Trusted countries like Venezuela, Iran and North Korea love BTC. And it's not at all like Monopoly money. With Monopoly money you can actually buy something other than weapons and cocaine.

[patman30]

On 11/11/2022 at 6:22 PM, DumbFalang said:

Yeah OK ????

 

Meanwhile.... many of the critical thinkers amongst crypto traders may have been suspiscious about manipulation for a while now and some will have looked into it more than others. I cannot say anything about it on here but I have spent many thousands of hours studying their algorithms, candlestick movements and other manipulation techniques.

 

Rest assured - you are being lied to and manipulated in the crypto space.

there is a lot of manipulation among tonnes of other shadiness between exchanges, only a naive fool would think otherwise

it is really funny reading crypto threads on AN, all the wolves come out lol

[patman30]

On 11/13/2022 at 10:22 AM, Skallywag said:

How and why would any sane person "load up" on something virtual?  It just is not real and does not represent anything tangible.  Next thread NFT's baby  5555

Great Point,
for most chains the coins represents a promise, the founder of the coin promises to build X
problem is they never actually build anything

Next Year this changes

[patman30]

On 11/11/2022 at 8:33 PM, Sparktrader said:

You mean Craig?

What is your handcash handle/paymail ?

[Sparktrader]

1 hour ago, tomazbodner said:

Very true. Trusted countries like Venezuela, Iran and North Korea love BTC. And it's not at all like Monopoly money. With Monopoly money you can actually buy something other than weapons and cocaine.

Like 1cm toys.

[Heng]

Of course it's a part of the underground economy (like gold bars and bricks of USD).   That's quite an accomplishment in itself.   

[Neeranam]

On 11/11/2022 at 8:52 PM, Neeranam said:

I never thought I'd be buying BTC at $16k, after buying at 80,000 baht but I did, well $16.2k. Bought BTC, BNB, Chiliz(quick trade for World Cup), and EGLD(or Multiversx as they now are).

16k looks so good now.  I was ridiculed by some here when I sold my house and bought Bitcoin in 2022. It had gone up 120% since then :) 

 

[In Full Agreement]

7 hours ago, Neeranam said:

16k looks so good now.  I was ridiculed by some here when I sold my house and bought Bitcoin in 2022. It had gone up 120% since then :) 

 

 

How many coins did you get  after you sold your house and bought coins?

 

[ukrules]

8 minutes ago, In Full Agreement said:

 

How many coins did you get  after you sold your house and bought coins?

 

 

Perhaps you would like an audited statement of his account?

 

Why? Are you looking for people to rob?

 

That's the first 'vibe' I get when someone asks a question like this.