Bitcoin crash coming (2 Viewers)

KEY POINTS
  • Tesla announced in an SEC filing Monday that it has bought $1.5 billion worth of bitcoin.
  • The company also said it would start accepting bitcoin as a payment method for its products.
  • CEO Elon Musk has been credited for raising the prices of cryptocurrencies, including bitcoin, through his messages on Twitter.
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you have a bank account to accept and pay with cash you will need an account to accept and pay with bitcoin, he claims tesla will accept bitcoin as payment. this way you eliminate third party fees and multi transaction fees...btc wallet to btc wallet
 
ReallyGoodUsername said:
Q: Doesn’t buying a large glob of it seems more like an investment strategy than acceptance of it as a functional currency?
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This is one of my many Crypto questions, I don't know anything about them, but who is buying these to actually use now that they are worth ~$44,000/each....?
I've been thinking about buying some crypto, but it would be to HODL it as an investment, with no plans of actually using it as a currency...
Also, what I don't get is, since the Bitcoin is simply based on a value of $USD, how could it ever "take over a fiat currency"...? Doesn't make sense to me.... :unsure:

But I have been seriously looking at Dogecoin, LiteCoin, etc, just have no idea how to even start, like where do I get a hardware wallet for cold storage, and what website(s) are best for US customers (I was looking at Kraken, but when I looked at the deposit option, it seems the US is not listed in their "requirements' under what countries are allowed to use their service...?????)

So confused.....
 
Crypto's day will truly arrive when it becomes the "currency" of choice. When vendors prefer not to take Dollars, Euros, Yen - perhaps only dealing in Bitcoin. And when buyers hold nothing but digital coins - no traditional money. Oh, and no one sees their digital coins as an investment but only as a static store of value.

We aren't quite there, yet -=- DrStrange
 
you dont have to buy a whole coin, you can buy a millionth of a coin. Other coin use bitcoin as a base for thier coin

i personally do not believe in doge coin and think its up on a pump and dump, longer term not really

Ethereum is my fav for long term and learn DeFi and you can collect interest on your holding

Coin base is the most popular onramp\offramp for US customers and coin base pro as an exchange.

you can use kraken via a vpn and transfer coins from your own wallet and send back to your wallet
 
I'm not buying anymore of this til my first buy XRP is out of jail. I buy a couple hundred $s worth in November. Its still in my coinbase account. But guess what its not now recognized by coinbase and can't be withdrawn. If this is our crypto future they can have it!
 
that is the problem with coinbase or any other service that holds the keys. Always try to hold your own keys off line wallet etc etc
have you contacted coinbase perhaps they will give you your keys to your account for xrp or after the court case
 
nitzilla said:
This is one of my many Crypto questions, I don't know anything about them, but who is buying these to actually use now that they are worth ~$44,000/each....?
I've been thinking about buying some crypto, but it would be to HODL it as an investment, with no plans of actually using it as a currency...
Also, what I don't get is, since the Bitcoin is simply based on a value of $USD, how could it ever "take over a fiat currency"...? Doesn't make sense to me.... :unsure:

But I have been seriously looking at Dogecoin, LiteCoin, etc, just have no idea how to even start, like where do I get a hardware wallet for cold storage, and what website(s) are best for US customers (I was looking at Kraken, but when I looked at the deposit option, it seems the US is not listed in their "requirements' under what countries are allowed to use their service...?????)

So confused.....
Click to expand...

Take some time to learn the ins and outs of how crypto works. A great place to start is Andreas' youtube channel


BTC is not based on a value of USD any more than gold is. The ticker price just shows you what they are currently trading at. You can think of bitcoin like gold. They are assets that have price fluctuations based on the publics current demand.
 
SuckoutKing said:
I'm not buying anymore of this til my first buy XRP is out of jail. I buy a couple hundred $s worth in November. Its still in my coinbase account. But guess what its not now recognized by coinbase and can't be withdrawn. If this is our crypto future they can have it!
Click to expand...
Tks Uncle Sam on that one. They are not approved. Coinbase gave 30 day warning which was odd and nice to me at the same time. That big 800 pound gorilla scares me. If Sammy can’t get in deep enough, transparent enough, or even fast enough all USA web pages are eventually toast. Think Black Friday in poker. Long term be nice but I check and trade mine )seems like hourly) but that’s the same as I did on full tilt poker. I Didn’t lose one penny, haven’t lost one trading coin either. HOLD ON FOR DEAR LIFE FRIENDS. THIS IS FAR FROM OVER. BITCOIN MAY ROCK 50k THIS MONTH. After that another crash I’ll be looking to avoid will be in my brand new car.
 
Yah 60k is gonna snap soon
It will follow last cycle probably around 10x this time
Last time was an easy 20x in under a year

depending on resistance you should see 60k in a month or so then it will probably double pretty fast and 150k isn’t impossible by fall
Then will probably correct early next year
Just watch the 2017 charts
It was the same the cycle before as well

ETH should follow the old BTC charts fairly close from last cycle and pass 20k even 25k this year isn’t unheard of with all the demand for DeFi and institutions like GreyScale gobbling it up
There will probably be a Coinbase IPO THIS year and maybe even a crypto ETF

Not every millionaire can own one BTC
Not every PayPal user can buy one ETH
4 years from now you will see I believe the largest transfer of wealth in history
 
I don't own any bitcoin because every day I look at the price and think its too expensive. I do think BTC hits 100k well before the end of the year.
 
Thanks for the video link @Lemonzest I am starting to understand crypto a little more, and feel like I should buy in. (part of me REALLY wishes I knew Bitcoin better in ~2011 when online poker went to a site called "Seals with Clubs" and they were using BTC as the currency post-UIGEA......!!! :( they were literally playing 1BTC/2BTC games at the time.......)

So from here, it seems to me like uphold would be the best US-facing marketplace to start and then buying a Trezor (seems better than Ledger?) hardware wallet.
My goals would be to buy ~$3000 in Bitcoin, Ethereum and Dogecoin.....possibly start at $1k each and see where they go... (I'm not playing with my liferoll here...)
I wouldn't be spending from them, mostly buying to hold.....so # of transactions would be small....

Thoughts or Suggestions from the Crypto die-hards? I'm ready to start my trip to teh MOON!!!!!!!! ;)
 
nitzilla said:
Thanks for the video link @Lemonzest I am starting to understand crypto a little more, and feel like I should buy in. (part of me REALLY wishes I knew Bitcoin better in ~2011 when online poker went to a site called "Seals with Clubs" and they were using BTC as the currency post-UIGEA......!!! :( they were literally playing 1BTC/2BTC games at the time.......)

So from here, it seems to me like uphold would be the best US-facing marketplace to start and then buying a Trezor (seems better than Ledger?) hardware wallet.
My goals would be to buy ~$3000 in Bitcoin, Ethereum and Dogecoin.....possibly start at $1k each and see where they go... (I'm not playing with my liferoll here...)
I wouldn't be spending from them, mostly buying to hold.....so # of transactions would be small....

Thoughts or Suggestions from the Crypto die-hards? I'm ready to start my trip to teh MOON!!!!!!!! ;)
Click to expand...

Trezor and Ledger are the go to reliable hardware wallets. They each have their pros and cons but both will do the job well. I bought 6 ETH today and I think long term both ETH and BTC are winning bets.

Dogecoin is more akin to buying penny stocks and BTC/ETH are the equivalent blue chip stocks of the crypto world.

Have fun!
 
1612913518727.png
 
nitzilla said:
Thanks for the video link @Lemonzest I am starting to understand crypto a little more, and feel like I should buy in. (part of me REALLY wishes I knew Bitcoin better in ~2011 when online poker went to a site called "Seals with Clubs" and they were using BTC as the currency post-UIGEA......!!! :( they were literally playing 1BTC/2BTC games at the time.......)

So from here, it seems to me like uphold would be the best US-facing marketplace to start and then buying a Trezor (seems better than Ledger?) hardware wallet.
My goals would be to buy ~$3000 in Bitcoin, Ethereum and Dogecoin.....possibly start at $1k each and see where they go... (I'm not playing with my liferoll here...)
I wouldn't be spending from them, mostly buying to hold.....so # of transactions would be small....

Thoughts or Suggestions from the Crypto die-hards? I'm ready to start my trip to teh MOON!!!!!!!! ;)
Click to expand...

Please don't buy Doge if you are just getting into crypto. Stick to the big 2 and be then start finding some alt coin projects afterwards.
 
totally agree please stay away from doge coin. it was shady in the past and well its climb is only based off a pump.

BTC has almost reached it maximum allowed circulating supply it is currently at 18M and 21M is max supply. If the rewards for miners keeps getting cut in half every 4 years. The last mined BTC will be about another 100 or 120 years. The point here is every 4 years the amount of new coins is getting smaller. Many alt coins are based off it value.
ETH is just a power house system which will allow many dapp to be built upon it. DeFi has picked this as its core and that market could blow past the moon and hit mars.
If your looking for another low cost coin to bring into your portfolio where you can buy many units and if it blows up you sitting pretty
UNISWAP ERC20 token exchange system

Synthetix think the Ethereum for the the derivatives market..basically a user can wrap real world or crypto world assets into a new crypto asset

chainlink cardano Aave are other to look at

Now a good place to get simple to digest information is from Crypto Casey. I was searching for some videos to help my nephews understand and found hers to be well done. Plus the teacher is female and might keep those degenerates focused a bit longer...kidding of course she really does a good job

https://www.youtube.com/c/CryptoCasey/videos
 
DrStrange said:
Crypto's day will truly arrive when it becomes the "currency" of choice. When vendors prefer not to take Dollars, Euros, Yen - perhaps only dealing in Bitcoin. And when buyers hold nothing but digital coins - no traditional money. Oh, and no one sees their digital coins as an investment but only as a static store of value.

We aren't quite there, yet -=- DrStrange
Click to expand...
Crypto's "day" arrives depending on the individual, and your definition seems to be reliant on some strawman on where only if it replaces everything will it be considered successful.

nitzilla said:
This is one of my many Crypto questions, I don't know anything about them, but who is buying these to actually use now that they are worth ~$44,000/each....?
I've been thinking about buying some crypto, but it would be to HODL it as an investment, with no plans of actually using it as a currency...
Also, what I don't get is, since the Bitcoin is simply based on a value of $USD, how could it ever "take over a fiat currency"...? Doesn't make sense to me.... :unsure:

But I have been seriously looking at Dogecoin, LiteCoin, etc, just have no idea how to even start, like where do I get a hardware wallet for cold storage, and what website(s) are best for US customers (I was looking at Kraken, but when I looked at the deposit option, it seems the US is not listed in their "requirements' under what countries are allowed to use their service...?????)

So confused.....
Click to expand...

BTC's primary usage is still to mainly speculate on other tokens. Many token pairs lack USD liquidity in comparison to BTC liquidity hence BTC is still the defacto reserve currency on many centralized exchanges.

I doubt the veracity of any "take over" claim, there are very tangible benefits to a centralized issued fiat currency, more than likely endgame would just be very broad acceptance. I could see some of the more poorly controlled fiat currencies abandoned and a hard switch to a publicly secured blockchain. I believe that the implication of someone saying "take over" is that every centralized fiat currency will eventually be abused by the issuers until it falls out of favor.

Coinbase pro is probably the easiest way while still being cheap for BTC/ETH in the US. Can also use Gemini/Kraken/Bittrex depending on your location requirements.
 
Payback said:
This thread title #agedlikemilk
Click to expand...
Maybe it is actually just as relevant now as when it was first posted..? The crash down to $3000 after the peak of around $20k did happen not that far after this thread was made if I remember correctly.

But they do say it's different this time.......... So we'll see.
 
investors dont care they will have stop loss sell orders off the peaks
those who are in for a hold dont care cause they are supporting something they believe in
long time investors dont care about crash and boom as long as the moving average is up
those who are scared of it kick themselves in the backside when they see a boom then it crashes and they see it crashed but forget to buy next boom and repeat kicking themselves in the backside saying what was i thinking

poker analogy.......scared money makes no money

Now I am having some fun, everyone should just do what they feel comfortable with
 
So a question for the actual use of BTC....how do I actually go about using crypto (BTC as the example, because it seems the only one worthy of talking about for "use") if the price fluctuates so wildly? I mean, if I make a deposit from my bank account to my wallet of $100, planning on putting it to use....in my case a deposit to bovada. It takes 3 days to verify....since it's only $100 it gets low priority. Then it has almost $3 in fees taken out, and the market swings down, so now my $100 is only worth about $90. Of course, the market could have swung the other way, which means instead of playing poker, I should just play bitcoin.

So how is this a good way to actually use crypto? Just because I can do something the government frowns upon (gambling/drugs)? If so, what does that say for the future of crypto....bitcoin in particular? If it's too volatile to actually use, the average person won't use....then use just have people buying and selling on speculation, which leads to the market eventually correcting itself to it's actual use value, no? I do think the short term speculation market is probably pretty bullish as the average Joe/Flo gets in to the game late....but I mean, if it is barely usable, it eventually has to correct, right?

I love to hear the news of Tesla accepting it for purchase. There needs to be more of this I think for the market to actually hold.

Disclaimer: I am no expert on anything. All I know is I am a boy, looking at a supply/demand chart thinking to myself..."What the actual Fuck"
 
grebe said:
So a question for the actual use of BTC....how do I actually go about using crypto (BTC as the example, because it seems the only one worthy of talking about for "use") if the price fluctuates so wildly? I mean, if I make a deposit from my bank account to my wallet of $100, planning on putting it to use....in my case a deposit to bovada. It takes 3 days to verify....since it's only $100 it gets low priority. Then it has almost $3 in fees taken out, and the market swings down, so now my $100 is only worth about $90. Of course, the market could have swung the other way, which means instead of playing poker, I should just play bitcoin.

So how is this a good way to actually use crypto? Just because I can do something the government frowns upon (gambling/drugs)? If so, what does that say for the future of crypto....bitcoin in particular? If it's too volatile to actually use, the average person won't use....then use just have people buying and selling on speculation, which leads to the market eventually correcting itself to it's actual use value, no? I do think the short term speculation market is probably pretty bullish as the average Joe/Flo gets in to the game late....but I mean, if it is barely usable, it eventually has to correct, right?

I love to hear the news of Tesla accepting it for purchase. There needs to be more of this I think for the market to actually hold.

Disclaimer: I am no expert on anything. All I know is I am a boy, looking at a supply/demand chart thinking to myself..."What the actual Fuck"
Click to expand...
ever been to a foreign country where you exchange dollars for the local currency? Like let's say you goto jolly old Englad where the price of a fish and chips is 8 pounds. You exchange your 100 dollars for 70 pounds and the person doing the exchange takes 3 pounds for his trouble. So your 8 pound fish and chips costs you $11.30... kinda.

The price of your meal isn't actually changing. The person running the fish and chips shop doesn't go and change the sign when the dollar fluctuates against the pound. And he really doesn't care if you had to change dollars to pounds to buy his fish and chips. He will gladly sell it to the person behind you who has seen the price been 8 pounds for years.

So think about that in terms of trading for something in BTC. If something costs you 0.0020 BTC than it costs you 0.0020, it doesn't cost you $100.
 

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