Current Events > Bitcoin broke 20K

(+) Yeah! (+)

Just now

Dammit. Now graphics cards are going to be even harder to find.

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awww yeah

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Thanks for letting me know. I've been selling off small amounts as it's been climbing to solidify my gains. I figure it'll go back down to 10k or so at some point and I'll buy back in.

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I wonder how long the meme investing bubble is going to last. The Dot-com bubble lasted 5 years, and many people like Cuban were able to become billionaires by selling off their shit early.

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Squall28 posted...

I wonder how long the meme investing bubble is going to last. The Dot-com bubble lasted 5 years, and many people like Cuban were able to become billionaires by selling off their shit early.

There are surely going to be many more Bitcoin bubbles that grow and pop, but positive growth over the long term as long as people continue to buy it.

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YOU ALL TOLD ME NOT TO BUY!!! >:v

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fuck

Nice!

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Joker98 posted...

Thanks for letting me know. I've been selling off small amounts as it's been climbing to solidify my gains. I figure it'll go back down to 10k or so at some point and I'll buy back in.

Maybe at the end of 2021. Lots of institutional money coming in this bull run

EndOfDiscOne posted...

There are surely going to be many more Bitcoin bubbles that grow and pop, but positive growth over the long term as long as people continue to buy it.

How does constant deflation help bitcoin's case as a currency? You're always going to encouraged not to spend it because the value goes up. And what would happen if it doesn't go up in value anymore and actually becomes a usable currency? What are all the "investors" going to do?

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Turbam posted...

YOU ALL TOLD ME NOT TO BUY!!! >:v

Well, if you bought BTC after September, you'd have pretty much missed out anyway.

I sold it all a few weeks ago, when it wasa little over $19K. Got no regrets, and not planning to buy again until it drops to at least $5K.

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Squall28 posted...

How does constant deflation help bitcoin's case as a currency? You're always going to encouraged not to spend it because the value goes up. And what would happen if it doesn't go up in value anymore and actually becomes a usable currency? What are all the "investors" going to do?

I'm not sold on Bitcoin's use as a currency yet, but the idea is that the value will eventually level out. I'm in it for the scarcity and protection from inflation, similar to gold.

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Called it.

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EndOfDiscOne posted...

I'm not sold on Bitcoin's use as a currency yet, but the idea is that the value will eventually level out. I'm in it for the scarcity and protection from inflation, similar to gold.

I doubt the bitcoin is going to be used as a currency until the scaling problem is addressed, if ever. But I don't think that's necessary. What matters is that it's proven to be a store of wealth uncoupled from the US dollar. Let other blockchains interface with the bitcoin and be used for currencies in day to day life... And I just remembered that there are projects revolving around locking the BTC up on the BTC chain and releasing wrapped Bitcoin equivalents on other blockchains to replicate the action of moving and using BTC on another blockchain. So perhaps it will be used as a currency in everyday life in the future...

Turbam posted...

YOU ALL TOLD ME NOT TO BUY!!! >:v

Dude, if you believe in the project, just buy in. Don't look at it as to invest to get rich but to protect yourself against inflation. If you're putting in $1000, you're not getting much less at $20K versus $18K. And if you have the money for 1 BTC, you still need it to go to $40K to double your investment. I don't doubt the BTC can hit $100K or even $200K in the next 5 years but there are other blockchain projects out there looking to 5x to 50x to 100x.

only took 3 years to recover.

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betting on NFL spreads is literally less risky than btc

betting against the cowboys for the spread this year would have you at like 10 profit weeks and 1 loss week lmao

Aressar posted...

Well, if you bought BTC after September, you'd have pretty much missed out anyway.

I sold it all a few weeks ago, when it wasa little over $19K. Got no regrets, and not planning to buy again until it drops to at least $5K.

i'm anticipating 13k for the next big crash, so investors probably could have bought by late october and been "safe". i personally stopped buying in july and started accumulating link instead, which in retrospect has yielded less returns, at least short-term.

doubt btc will go down to 5k again, since it bottomed out above that figure during the pandemic-driven panic selling in march (though i did start increasing my position like crazy then, which has paid off).

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Bitcoin and Cryptocurrency is the future

2Pacavelli posted...

Bitcoin and Cryptocurrency is the future

crypto is a counterinstitution

few know this

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I bought my eth when it was $200

Money money!

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TheMikh posted...

crypto is a counterinstitution

few know this

When countries get tired of dealing with US sanctions they will be able to engage in trade via crypto.

Even with banking services such as Nexo you're able to take out collateralized loans on your Crypto to either reinvest or use as business capital.

Or if you save you get 6%-12% compound interest on your Crypto. And that includes Stablecoins like USDC and USDT. Right now the Crypto world is beginning to offer way better services than their old money counterparts.

The average banking account doesnt even give you 1% interest on your money. But they use your money to make investments which make themselves lots of money and pocket virtually all of it for themselves.

Services like this even allow those from countries like Venezuala and other places, or those with low credit scores to get access to financial services they wouldnt otherwise be able to have access to

2Pacavelli posted...

When countries get tired of dealing with US sanctions they will be able to engage in trade via crypto.

aye, if i'm not mistaken the dprk and iran have already taken advantage of this.

Even with banking services such as Nexo you're able to take out collateralized loans on your Crypto to either reinvest or use as business capital.

i wasn't aware of this, sounds like a huge development in decentralized finance. i'll make a point to research further.

Or if you save you get 6%-12% compound interest on your Crypto. And that includes Stablecoins like USDC and USDT. Right now the Crypto world is beginning to offer way better services than their old money counterparts.

The average banking account doesnt even give you 1% interest on your money. But they use your money to make investments which make themselves lots of money and pocket virtually all of it for themselves.

how does interest on stablecoins work? i suppose i don't really understand them, beyond that they attempt to match the price of fiat, as an alternative to cashing out short-term.

but yeah, my portfolio has wayyyyy outperformed bank interest, never mind eclipsing all my bank accounts.

Services like this even allow those from countries like Venezuala and other places, or those with low credit scores to get access to financial services they wouldnt otherwise be able to have access to

yep. it's also a powerful bulwark against inflation, which we're probably going to see more of as a result of the monetary response to the pandemic.

the expanded access opportunities and interest may in the long-term pressure legacy financial institutions to reconsider how they're screwing customers/clients. or maybe they'll double down and try to pressure governments to crack down on things more.

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TheMikh posted...

how does interest on stablecoins work?

The way it works on Nexo is they pay you your percentage in more Stable coin. So if you have USDT, and you get 10% interest on 60USDT coins, they'll give you 10 USDT coins.

Whenever you want to withdraw you just convert/sell your USDT to USD or whatever other currency you use (Euro, GBP ETC.)

Nexo makes payouts daily. So I get about 50 cents a day with what I have saved in it.

For the Month of December they're also doing 3x interest for new joiners and they pay it out via BTC

awesome let me check my dogecoin

dammit i lost money. fucking memes

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So bitcoin really is the future.

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Damn son. Now over $21k

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About to touch 22k

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I remember it reaching $9k a few years back, then crashing and nobody talking about Bitcoin ever again

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FL81 posted...

I remember it reaching $9k a few years back, then crashing and nobody talking about Bitcoin ever again

And that's why it's back to 22? It peaked well over 9k a few years back.

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Chortlez posted...

And I just remembered that there are projects revolving around locking the BTC up on the BTC chain and releasing wrapped Bitcoin equivalents on other blockchains to replicate the action of moving and using BTC on another blockchain. So perhaps it will be used as a currency in everyday life in the future...

Wrapping gets around fees to a certain extent, but doesn't really address the point about it being deflationary.

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cleat76 posted...

And that's why it's back to 22? It peaked well over 9k a few years back.

I'm just expressing how surprised I am

I kinda thought Bitcoin was done and over with

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Pump and dump

20, 21, and 22 all in the same day. No one holding can say theyre at a loss right now.

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I'm happy with what I have. Can't complain

Anteaterking posted...

Wrapping gets around fees to a certain extent, but doesn't really address the point about it being deflationary.

The purpose of wrapping is to use the bitcoin on other blockchains, preferably ones that can scale for faster transaction speeds. You'd have to collateralize bitcoin on the original BTC blockchain before you can use its wrapped counterpart to maintain its deflationary aspect.

Fuck why did I invest in ETH

I'm always going to hate myself for not buying in sooner. I knew about it for a pretty long time and never bothered to learn how to purchase it.

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Background_Guy posted...

Fuck why did I invest in ETH

Hold on its going to rise

do people still use coin base or is there a better way to buy into this stuff these days? >_>

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AlisLandale posted...

do people still use coin base or is there a better way to buy into this stuff these days? >_>

Coinbase is good to get in but has heavy fees, especially on selling and they kill you on the spread price. I still use Coinbase mainly when I buy coin.

Gemini is better and has lower fees. Or if you stick to Coinbase atleast transfer your coin to Coinbase pro before you make exchanges because that has lower fees as well

And if you plan on saving long term. Save on a Crypto banking service like Nexo or Blockfi (I'm more familiar with Nexo). That way you get compound interest on what you save.

Atomic Wallet is a good wallet that has good variety of coins and lets you convert different currencies

Bittrex is one of the best all around options but it is unavailable for NYC Residents.

If you're an NYC resident research which exchanges support the city

Cue the rabid cryptocurrency fanatics telling us all that the future of currency is a "currency" that:

1) Wildly swings in value.
2) Does about 4 transactions a second (for comparison, Visa does thousands a second, and that's just one credit card company).
3) Is highly vulnerable to scams due to people's low tech literacy in addition to the inability to roll back transactions if you make a mistake.

"B-b-but there are alt coins that fix some or all of these issues!!!" they may claim. First off, no, at best they're somewhat better than bitcoin in one or two aspects, but that's about it. Second, if the rush of money into cryptocurrency was in recognition of their value as a currency, then bitcoin wouldn't be leading the way when it's one of the least effective as a currency.

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1337toothbrush posted...

Cue the rabid cryptocurrency fanatics telling us all that the future of currency is a "currency" that:

1) Wildly swings in value.
2) Does about 4 transactions a second (for comparison, Visa does thousands a second, and that's just one credit card company).
3) Is highly vulnerable to scams due to people's low tech literacy in addition to the inability to roll back transactions if you make a mistake.

"B-b-but there are alt coins that fix some or all of these issues!!!" they may claim. First off, no, at best they're somewhat better than bitcoin in one or two aspects, but that's about it. Second, if the rush of money into cryptocurrency was in recognition of their value as a currency, then bitcoin wouldn't be leading the way when it's one of the least effective as a currency.

You won't be talking all that smack when the lightning network comes out! Any day now.

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Jabodie posted...

You won't be talking all that smack when the lightning network comes out! Any day now.

Any...day...now...

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i feel like im about to have a meltdown every time i hear about how valuable bitcoin is nowadays :(

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AlisLandale posted...

do people still use coin base or is there a better way to buy into this stuff these days? >_>

I use Crypto.com

What are the chances of it going to $50K next week? Now good time to buy?

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Christian RULES posted...

What are the chances of it going to $50K next week? Now good time to buy?

I highly doubt it, but who the fuck knows?

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