Who is bitter about not buying? I am.
It's not too late. I wouldn't place a huge buy at $7000 right now, but it doesn't hurt to set up a monthly buy of $50-200 on Coinbase and take advantage of some dollar cost averaging.
Bitcoin Surges Past $7,000 to Extend Record Rally
401–410 of 437 posts
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#402Notice how almost all news of Bitcoin now are about its price. Bitcoin used to be exciting in both technical and economical aspects, but has now become just a store of value entirely driven by speculation. Other technically superior cryptocurrencies (e.g. Monero, Ethereum) have replaced most of its usecases, boasting much faster and cheaper transactions and real anonymity in the case of Monero. Bitcoin takes more tha…
It's definitely due to network effects. Bitcoin Is the most popular cryptocurrency. Ask the average person about cryptocurrency and they will immediately think bitcoin. The technical subtleties between different cryptocurrencies aren't well known to the average non-technical crypto investor.
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#403I recall being downvoted when I replied to someone asking if it was too late to invest in Bitcoin when it was at $4000. In my reply I quoted Roger Ver by saying that it was never too late to invest in Bitcoin. I also decided to walk the talk and buy some at $4000 with money I could afford to lose. Glad I did.
That's crazy thinking though. It's only "never too late" if it never stops going up. Just because it went up from $4k doesn't mean that you won. Unless you sell now and walk away. Point is, it's impossible to know if you're leaving money on the table.
Bitcoin is a high risk investment. If you buy some today it could go to $1 next month (although as it's years of track record continues to grow this becomes less and less likely).
Make bitcoin 1% of your portfolio. If you lose all of it, it's not really a big deal. If one year from now it has grown to 10% of your portfolio, you'll be more comfortable with it and you can sell half and maintain it as 5% knowing that if you ever lose that you are still ahead.
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#404Earlier quoted context omitted.
> boasting much faster and cheaper transactions and real anonymity Cost me over $4 to send Monero transactions last month. Cost me about $3 to send a Bitcoin transaction this morning. The average and median transaction fees between the two networks have been pretty close for a while I like Monero but it has some way to go - it needs a light client, multisig completed, and hasn't really had to confront any scaling iss…
I see hundreds of my friends sending money free with Venmo each month. I know nobody having any slightest interest in Bitcoin or the likes. Once in a while, somebody would ask me if it makes sense for them to invest some cash into Bitcoin as they've heard about some crazy growth, but when I explain to them some, they all decide it's too risky, and those who are the anarchist type stick to gold.
What kind of anarchists do you know? They stick to gold??? LOL
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#405Notice how almost all news of Bitcoin now are about its price. Bitcoin used to be exciting in both technical and economical aspects, but has now become just a store of value entirely driven by speculation. Other technically superior cryptocurrencies (e.g. Monero, Ethereum) have replaced most of its usecases, boasting much faster and cheaper transactions and real anonymity in the case of Monero. Bitcoin takes more tha…
> boasting much faster and cheaper transactions and real anonymity Cost me over $4 to send Monero transactions last month. Cost me about $3 to send a Bitcoin transaction this morning. The average and median transaction fees between the two networks have been pretty close for a while I like Monero but it has some way to go - it needs a light client, multisig completed, and hasn't really had to confront any scaling iss…
Did you do a segwit transaction? My fees were in the pennies range...
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#406Earlier quoted context omitted.
> boasting much faster and cheaper transactions and real anonymity Cost me over $4 to send Monero transactions last month. Cost me about $3 to send a Bitcoin transaction this morning. The average and median transaction fees between the two networks have been pretty close for a while I like Monero but it has some way to go - it needs a light client, multisig completed, and hasn't really had to confront any scaling iss…
I see hundreds of my friends sending money free with Venmo each month. I know nobody having any slightest interest in Bitcoin or the likes. Once in a while, somebody would ask me if it makes sense for them to invest some cash into Bitcoin as they've heard about some crazy growth, but when I explain to them some, they all decide it's too risky, and those who are the anarchist type stick to gold.
Seriously, this says more about you and the crowd you keep than about bitcoin or crypto currencies.
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#407Earlier quoted context omitted.
I believe the parent poster meant fork in the sense of forking the codebase, not a currency fork. And in the case of Litecoin at least, that is true.
YOU. Fucking hell. You took my go-to username.
Wow, please don't post like this ever again.
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#408Earlier quoted context omitted.
Whoa, did you just escalate to saying that owning bitcoin is immoral? What is immoral about owning bitcoin?
I strongly believe so. Given its only utility as a low-class investment too and illicit trade payment method, how can it be moral? The substantial environmental toll and funding Chinese enterprises is not a positive thing either. I'd be happy if you prove me wrong.
1. Owning bitcoin doesn't encourage illicit trade. Cash is used for illicit trade, but it's not immoral to own cash.
2. Owning bitcoin incurs only the environmental toll for the initial transfer into your wallet. If the $0.50 of electricity used to validate your initial transfer bothers you, buy some carbon emissions to offset that. But you probably waste much more electricity leaving Halo on pause for 10 minutes while you grab a snack.
3. If you think Chinese enterprises are immoral (which I would love to hear your reasoning on if true), then don't buy bitcoin from a Chinese enterprise. They don't have a monopoly on the currency.
Also, what do you mean by "low-class investment"? Do you mean high risk? The definition of investment is: "a thing that is worth buying because it may be profitable or useful in the future."
Given the track record of Bitcoin, I would say that so far it has proven to be a very good investment for any who have bought it so far. It's hard to argue with history.
Or maybe you are claiming to have knowledge about why the years-long trend of bitcoin growth will cease soon? Has something fundamentally changed about it recently?
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#409Earlier quoted context omitted.
The volumes you can check using any of the block explorers freely available as for what they are used for, it's a transactional system so all records are transactions. The myth that cryptos are used for illegal and criminal activity is dying down in Europe with Europol and BoE both releasing studies showing criminals prefer to use fiat rather than cryptocurrencies.
Just randomly clicking through blocks won't give you that much insights. You'll need at least a rather comprehensive list of address together with information what they are used for. Some of the block explorers provide such information to some extend, but I don't think any of them is comprehensive enough to be able to answer something like how many coins were spend in April 2017 to pay for food delivery services.
Perhaps you are thinking of some other block explorer.
Here's the one I use regularly to get all the insights I can think of: https://etherscan.io
Re: Bitcoin Surges Past $7,000 to Extend Record Rally
#410Earlier quoted context omitted.
No. Apple stock returns profits to investors. While it's possible to also profit on speculation of future profits, that's not the sole, or even primary reason for investing in it. The primary reason for buying Apple stock is for a share of profits. > but there are plenty that don't. Bull. The BTC community as a whole, are evangelists and will point out the multitude of reasons why the price of BTC will trend toward i…
> returns to early investors are generated by contributions from new investors. This is literally true about Apple stock. If I bought $10 of Apple stock 10 years ago I sell it for $84 today, my $74 return is generated by the contributions of new investors. Yes, I would also have $104 of dividends paid out, but literally 40% of my "profit" comes from contributions of new investors. So does that make Apple stock a pyra…
Your profit came from an increase in the profits of the company. The company chose to reinvest some of those profits instead of paying it to you, which further increases profits, thus increasing the inherent value of the stock.
That's the difference. Apple generates revenue, BTC does not. If every BTC generated money, then this wouldn't be an issue. But since BTC can't generate money, the only way to profit from it is to get someone else to pay more than you did for it when there's no fundamental reason to do so.
Plus, it can't last forever, like gold can. It has no use like corn does. You literally just buy bits in a distributed database, tell people how it's will be worth infinity dollars because there's only 21 million of them, then sell them for more than you paid. And repeat until you have infinity dollars or the bits are worth less than you paid for them.