Bitcoin crash coming (34 Viewers)

[HaRDHouSeiNC]

I did and am getting spammed constantly. However, my crypto is protected and not like this guy

https://www.reddit.com/r/CryptoCurrency/comments/krmgf8

Well, he didnt loose the crypto or get scammed at least. It is STILL there if he can figure out a way to
bust into the encrypted containers but yah, why get a ledger. LOFL
Ive made sure to restore my words a couple times, test receive and send most of my wallets.
Keep an air gapped laptop for any backups. But yah, if you take it TOO far you will lock yourself out.

 

[HaRDHouSeiNC]

This is probably the most probable chance you have of getting seriously attacked if they
manage to port your SIM. IDK if those clowns have my phone number or not. Probably since
when they shipped them I gave them the phone number so DHL would have it. What a mess.

Anyone who hasnt, listen to this guy
Andreas is my crypto jesus

 

[wuffle]

Ledger info got leaked recently, it was pretty bad

 

[PlayerADK]

Yeah if you have any significant holdings in BTC or other crypto I would highly recommend practicing recovering your wallet, multiple times. It is extremely important and could save you from some serious heartache. (obviously practice on an empty wallet lol)

E/ 39k B)

 

[Marius L]

I think this is one of the main problems with general acceptance for crypto in general.

Feels pretty risky /need to be kinda tech savvy to use ledgers/cold storage. Money in a bank account/stocks feels safer than crypto somewhere. The pain if you loose your key must be insane.

I mean, I can understand it and follow those instructions and keep the keys in a safe place in my house etc, but I can imagine my dad or grandparents or whoever that is not all that fluent with computers or tech. For many I believe all of this sounds too risky.

I mean there are other options, like owning ETFs or buying it of Revolut or PayPal or whatever where you don't actually hold the crypto yourself, but still.

 

[johnjohn]

TO THE MOON!

 

[PlayerADK]

I think this is one of the main problems with general acceptance for crypto in general.

Feels pretty risky /need to be kinda tech savvy to use ledgers/cold storage. Money in a bank account/stocks feels safer than crypto somewhere. The pain if you loose your key must be insane.

I mean, I can understand it and follow those instructions and keep the keys in a safe place in my house etc, but I can imagine my dad or grandparents or whoever that is not all that fluent with computers or tech. For many I believe all of this sounds too risky.

I mean there are other options, like owning ETFs or buying it of Revolut or PayPal or whatever where you don't actually hold the crypto yourself, but still.

I would agree, and I think we're still extremely early in term of majority adoption. Majority adoption (if it ever happens) will look extremely different from what it is today. Coinbase makes things pretty easy, but a lot of crypto enthusiasts would never want to leave large amounts of money on an exchange. But you can easily send money from coinbase exchange to other people. I use Bitpay wallet + card for everyday purchases as well as storing a good chunk of bitcoin. The wallet is a software wallet (which is very secure if you manage it properly and store your phrase) and the card is amazing as well

 

[ekricket]

I would agree, and I think we're still extremely early in term of majority adoption. Majority adoption (if it ever happens) will look extremely different from what it is today. Coinbase makes things pretty easy, but a lot of crypto enthusiasts would never want to leave large amounts of money on an exchange. But you can easily send money from coinbase exchange to other people. I use Bitpay wallet + card for everyday purchases as well as storing a good chunk of bitcoin. The wallet is a software wallet (which is very secure if you manage it properly and store your phrase) and the card is amazing as well

Give everyone who gets a covid vaccine some Bitcoin. Herd immunity + majority adoption win/win

 

[L3urntout]

A red day, ere the sun rises

 

[HaRDHouSeiNC]

This is good for the bull market......
You dont want like 50x overnight

45K is coming, patience

 

[wuffle]

bullish selling

 

[ReallyGoodUsername]

jkjk best of luck guys !

 

[HaRDHouSeiNC]

bullish selling

1st timers taking profit
Euphoria is still not at Max
I think it can go higher.

 

[PlayerADK]

Btc is over 30k

This isn't bearish yet haha

 

[johnjohn]

to the moon and back and then back to the MOON!

 

[Lemonzest]

to the moon and back and then back to the MOON!

I missed this most recent rocket ride but was watching from the sidelines happy that some could enjoy it. I am wary of the sell off once the tide starts to turn. I do think it can fall all the way down to around 15k and then next big run could be crazy going all the way to 100k. I won't be left in the dust next time around!

 

[johnjohn]

spaceman got outclassed by Irons in this flick. Terrible movie but a few great scenes.

 

[Darson]

So explain this to me - what impact does mining have on the price of bitcoin? Since the price has gone up so much in the last month or so, are the miners making a ton of money? If they are, what's to stop more from mining?

I always thought that mining drove the price of BTC to somewhere close to the electricity price.

 

[ekricket]

So explain this to me - what impact does mining have on the price of bitcoin? Since the price has gone up so much in the last month or so, are the miners making a ton of money? If they are, what's to stop more from mining?

I always thought that mining drove the price of BTC to somewhere close to the electricity price.

Why don’t more miners use solar?

 

[Lemonzest]

So explain this to me - what impact does mining have on the price of bitcoin? Since the price has gone up so much in the last month or so, are the miners making a ton of money? If they are, what's to stop more from mining?

I always thought that mining drove the price of BTC to somewhere close to the electricity price.

I think when BTC was around 10-15k miners were about breaking even with hardware and electricity costs. You can start mining but by the time you acquire all your gear and figure out how to use it BTC might be back down to 15k lol.

I wanted to get into mining about a year or so ago when I got really into BTC but ultimately it just wasn't worth it. Also just because you mine doesn't mean you are hodling. Ironically, some miners could still not be rolling in the dough if they always sell the coin they mine.

 

[L3urntout]

So explain this to me - what impact does mining have on the price of bitcoin? Since the price has gone up so much in the last month or so, are the miners making a ton of money? If they are, what's to stop more from mining?

I always thought that mining drove the price of BTC to somewhere close to the electricity price.

Competition in the mining market & price are positively correlated, however mining is more risky in that you are front the cost of equipment that may or may not payoff in the future (you could be outcompeted, the price may tank, larger corps may mine at a loss to reduce competition).

It acts as some level of downward selling pressure to some point at or below electricity costs.

Overexuberant speculation leaves this pressure in the dust.

 

[Lemonzest]

I think this is one of the main problems with general acceptance for crypto in general.

Feels pretty risky /need to be kinda tech savvy to use ledgers/cold storage. Money in a bank account/stocks feels safer than crypto somewhere. The pain if you loose your key must be insane.

I mean, I can understand it and follow those instructions and keep the keys in a safe place in my house etc, but I can imagine my dad or grandparents or whoever that is not all that fluent with computers or tech. For many I believe all of this sounds too risky.

I mean there are other options, like owning ETFs or buying it of Revolut or PayPal or whatever where you don't actually hold the crypto yourself, but still.

You are 100% right. The mantra of bitcoin security people is "not your keys not your coins". One of the driving concepts behind bitcoin is the idea that you can buy/sell at any time. If you let a third party (Paypal or any exchange) hold your crypto you don't really own that BTC. A great example is very recently with the BTC bull run Shakepay was down due to high volume which meant people could not buy or sell.

There is also the problem of getting outright scammed which is what happened with MT Gox and Quadriga CX in Canada. I had money and coins on Quadriga CX which was a Canadian exchange that went defunct when the owner buggered off with everyone's money. Not sure on the details but its something like that that went down. Luckily I liquidated my holdings their before the scandal.

Finally, I educated myself and did what everyone said was "good security". I bought a hardware wallet and put my 2 BTC on there. The problem is that it kind of ate at me. I am only mediocre with tech stuff so I just never really felt like I was safe. It wasn't the daily fluctuations of BTC that bothered me but I just didn't feel comfortable being my own bank for what to me is a lot of money.

I don't have a good solution for this. I love bitcoin but I also want to sleep well at night.

 

[L3urntout]

FYI cheap electricity with an s9 at the end of 2017 was approx 3-5k to mine per btc.

Now hash rate is 20x and the equipment hashes only approx 6 times better.

 

[L3urntout]

You are 100% right. The mantra of bitcoin security people is "not your keys not your coins". One of the driving concepts behind bitcoin is the idea that you can buy/sell at any time. If you let a third party (Paypal or any exchange) hold your crypto you don't really own that BTC. A great example is very recently with the BTC bull run Shakepay was down due to high volume which meant people could not buy or sell.

There is also the problem of getting outright scammed which is what happened with MT Gox and Quadriga CX in Canada. I had money and coins on Quadriga CX which was a Canadian exchange that went defunct when the owner buggered off with everyone's money. Not sure on the details but its something like that that went down. Luckily I liquidated my holdings their before the scandal.

Finally, I educated myself and did what everyone said was "good security". I bought a hardware wallet and put my 2 BTC on there. The problem is that it kind of ate at me. I am only mediocre with tech stuff so I just never really felt like I was safe. It wasn't the daily fluctuations of BTC that bothered me but I just didn't feel comfortable being my own bank for what to me is a lot of money.

I don't have a good solution for this. I love bitcoin but I also want to sleep well at night.

Just a 12 word good random seed is enough tbh.

I keep dangerous amounts in my web wallet lol (metamask) I can't be bringing my ledger to work

 

[Darson]

Edit - double post - oops

 

[wuffle]

you can put more resources into mining, but the rewards from mining are fixed at 6.25 BTC per block

 

[Lemonzest]

Just a 12 word good random seed is enough tbh.

Yeah I use a hardware wallet and also have a backup of 12 seed words. I am just saying I don't feel comfortable with 30k or so hanging out there. Its just an emotional thing to get over. I want to invest more but can't do it. It is a problem for widespread adoption.

The idea of being your own bank sounds good but it comes with some cost of nerves. I suppose it all depends how confident you are in your tech skills and security protocol.

 

[Marius L]

Yeah I use a hardware wallet and also have a backup of 12 seed words. I am just saying I don't feel comfortable with 30k or so hanging out there. Its just an emotional thing to get over. I want to invest more but can't do it. It is a problem for widespread adoption.

The idea of being your own bank sounds good but it comes with some cost of nerves. I suppose it all depends how confident you are in your tech skills and security protocol.

100% this for me as well. Because of this it is bound to be a >5% of your total portfolio kinda thing for most people, imo. And probably 0 for most.

 

[L3urntout]

100% this for me as well. Because of this it is bound to be a >5% of your total portfolio kinda thing for most people, imo. And probably 0 for most.

And for this reason I am not a purist and I am fine saying keep your coins on Coinbase / Gemini.

They have much more sophisticated security and a majority of their coins are inaccessible for safety.

Sure "not your keys not your coins" but it is about having the option available to you if you so choose.

I got baskets on exchanges, hot wallets, hardware wallets etc

 

[Darson]

I had $63 in my PayPal balance so I just bought $20 each of Bitcoin, Etherium and Litecoin for a laugh. Will be interesting to see what happens to it over the next few months. Gambol!