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Bitcoin and Crypto-currency

By BayArea follow BayArea   2017 Nov 5, 3:36pm 69,050 views   442 comments   watch   nsfw   quote   share    


#investing

Hi guys,

I'd like to start a conversation on crypto-currency, particularly Bitcoin.

What do you all think about it from an investment point of view today? I have some buddies in the finance world who are quite bullish on it and claim we are just scratching the surface. Judging by the recent performance, they may be right.

For people who are investing in Bitcoin, what are you using to invest and what recommendations do you have for a new investor?

Also, how are gains taxed compared to typical stock market gains?

I read this week that over 100,000 merchants in the USA are accepting Bitcoin today.

At the same time, digital currency does scare me a bit as it seems so abstract. Curious what PatNet thinks.

Thanks guys!

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403   WookieMan   ignore (7)   2020 Jul 27, 7:11pm     ↓ dislike (0)   quote   flag      

Newbie123 says
Bitcoin over 11k lol

What happened to the no-coiners and bitcoin haters? And ALL those people that predicted bitcoin will go to zero?

Lol. Finally recovered to June 2019 prices during one of the best economies until COVID. Congrats. You know the numbers the prior year. 2 years of nothingness unless you’re short term trading it. Almost every asset class performed better from June 2018 until COVID. Like I said, congrats on making the big bucks.
404   Eric Holder   ignore (0)   2020 Jul 27, 7:57pm     ↓ dislike (0)   quote   flag      

WookieMan says
Newbie123 says
Bitcoin over 11k lol

What happened to the no-coiners and bitcoin haters? And ALL those people that predicted bitcoin will go to zero?

Lol. Finally recovered to June 2019 prices during one of the best economies until COVID. Congrats. You know the numbers the prior year. 2 years of nothingness unless you’re short term trading it. Almost every asset class performed better from June 2018 until COVID. Like I said, congrats on making the big bucks.


Except he bought at $19K for all we know. We've never seen a single screen shot from him proving otherwise.
405   Onvacation   ignore (6)   2020 Jul 27, 8:12pm     ↓ dislike (0)   quote   flag      

Newbie123 says
Bitcoin over 11k lol

And where is it now?
Onvacation says
We {I} don't hate bitcoin. I do find it amusing that the little people think they can make a killing on it.

Just to remind you what you own:

010001011011101000010100010100010100011101010101101001001000010010010011010010010010100010101000101001110101010010101001010101010101001010101010010100001011010100101100011101001110100110100101010101010101!010001011011101000010100

When's the moon shot?
406   WookieMan   ignore (7)   2020 Jul 27, 11:09pm     ↓ dislike (0)   quote   flag      

Newbie123 says
Hahahaha wookieman! Is still around! I must have him on ignore. Isn’t that the guy who said at 4K “ready to eject?”

Rofl!!

$100k versus $4k of US dollars. I’m still closer...

Rolf!!
407   Eric Holder   ignore (0)   2020 Jul 28, 7:47am     ↓ dislike (0)   quote   flag      

LOL, everytime that shit ticks up desperate HODLers come out of the woodwork to stoke FOMO in the general population in an attempt to recoup their losses.
408   WookieMan   ignore (7)   2020 Aug 5, 9:46am     ↓ dislike (0)   quote   flag      

Newbie123 says
I bet the bitcoin haters mentioned that BTC pulled back a few days ago but they don’t mention that it’s back over 11.5k now, right?

I don't know why I keep biting. BTC is toast long term. When the 21M coins get mined it's game over. You know this, but don't want to admit it. Transactions will literally stop as there's no reason for the spreadsheet to keep going. The idea of a digital resource becoming more valuable as it becomes more scarce is a joke. Certain industries need diamonds, gold, silver, etc. No one "needs" BTC. No one. And even the commodities I mention, we can go without and find alternatives and those alternative commodities then become more valuable.

Finite resources get replaced by science and ingenuity. Bitcoin is a childs game that was likely created and manipulated by some video game maker. Didn't realize it would become popular and is now manipulating the market probably holding half the coins. You're just a character in their game, you don't know it though. I'd actually consider trading BTC, but it's a rigged game. Fuck no on holding though. That's pure stupidity at levels that put you on the short bus.
409   Onvacation   ignore (6)   2020 Aug 5, 10:34am     ↓ dislike (0)   quote   flag      

WookieMan says
You're just a character in their game, you don't know it though. I'd actually consider trading BTC, but it's a rigged game. Fuck no on holding though. That's pure stupidity at levels that put you on the short bus.

Got to find a greater fool to make money on bitcoin. If your holding bitcoin for the future and you don't know who the fool is it's probably you.
410   Onvacation   ignore (6)   2020 Aug 13, 10:55am     ↓ dislike (0)   quote   flag      

Newbie123 says
The next bitcoin bull run is going to hurt bitcoin haters and no coiners. It’s going to blow their mind :

How?

Not expecting a cogent answer.
411   WookieMan   ignore (7)   2020 Aug 13, 11:12am     ↓ dislike (0)   quote   flag      

Onvacation says
Newbie123 says
The next bitcoin bull run is going to hurt bitcoin haters and no coiners. It’s going to blow their mind :

How?

Not expecting a cogent answer.

Who cares. If you're just doing standard practices and maxing out 401k's and Roths if you don't get a pension, you'll be just fine. Yes, morons can get rich doing stupid things, but you're better off playing lotto in most cases. And then as most lotto winners do, fuck up and can't manage money because they were losers with it before they got rich by buying lotto tickets.

@Patrick - Don't know if this would be a minor tweak or a big one. Anyway to add ignore to a thread/op instead of a blanket ignore of the user? And not ignore the thread/op, but just that user within said thread/op.

Even though Newbie has me on ignore, there has been a topic or two where I like his thoughts. This one being the opposite of that. But being the bigger man I can acknowledge when someone has some decent thoughts. And yes, I know I could just ignore it, but I do like seeing others opinions on things like crypto without them waving around their jazz hands.

Basically, would it be at all possible to ignore Newbie within this thread, but still read others comments on this thread AND still see Newbie's stuff in other threads? Ignoring him would just block everything of his/hers if I understand correctly.
412   Patrick   ignore (1)   2020 Aug 15, 1:57pm     ↓ dislike (0)   quote   flag      

WookieMan says
Patrick - Don't know if this would be a minor tweak or a big one. Anyway to add ignore to a thread/op instead of a blanket ignore of the user? And not ignore the thread/op, but just that user within said thread/op.


@WookieMan It's kinda hard. I can see the use, but it's kind of an edge case.
413   WookieMan   ignore (7)   2020 Aug 15, 2:44pm     ↓ dislike (0)   quote   flag      

Patrick says
WookieMan It's kinda hard. I can see the use, but it's kind of an edge case.

Happens a lot though. I just don't like to bitch, but I'm obviously doing that now. Of recent the Covid threads have been bad. You can measure the weight of a gallon of water, but we have users that say you're wrong about the weight just because. I can live with that because I know some people still believe the earth is flat. Some of those people still have valid thoughts on other topics though that aren't batshit crazy.

Ignore works great for the trolls/bots. But I'm hesitant to use ignore on people that are just misinformed on one specific topic. Not to pick on a user, but some of Rin's OP's I could do without. But he has extremely intelligent things to say about other stuff besides massive tits and dolls. If I blanket ignore I miss the good nuggets.

I'll be honest and know I'm not supposed to, but Newbie is a moron when it comes to crypto. I'm willing to acknowledge that he has valid thoughts on other topics though (not so much on policing and we know about BTC). If I had the ability to ignore those individual posts, I think it would be a positive. I don't code, but would it be too much to add ignore to the original post and just have it disappear from your feed?
414   Onvacation   ignore (6)   2020 Aug 15, 6:27pm     ↓ dislike (0)   quote   flag      

WookieMan says
Anyway to add ignore to a thread/op instead of a blanket ignore of the user? And not ignore the thread/op, but just that user within said thread/op.

Where's the fun in that?

Some people's posts barely deserve a scan, much less trying to make sense of their nonsense. We all know who they are.
415   BayArea   ignore (1)   2020 Aug 15, 6:30pm     ↓ dislike (0)   quote   flag      

Bitcoin has been cookin lately, wow
416   just_passing_through   ignore (7)   2020 Aug 16, 12:14am     ↓ dislike (0)   quote   flag      

https://news.yahoo.com/us-said-federal-agents-seized-183850482.html

federal agents from various agencies were able to capture all 150 of the crypto accounts and redirect donated funds to bitcoin wallets operated by the US government.
417   MisdemeanorRebel   ignore (3)   2020 Aug 16, 12:37am     ↓ dislike (0)   quote   flag      

just_adhom_preaching says
federal agents from various agencies were able to capture all 150 of the crypto accounts and redirect donated funds to bitcoin wallets operated by the US government.





That can't be! Crypto will allow the building of Galt's Gulch where everything goes and Silk Road v51.4.3 (the other 50 being shut down by gov) to be legal and the Statists won't be able to stop us! Pot Coin to $10k/USD!
418   WookieMan   ignore (7)   2020 Aug 16, 7:05am     ↓ dislike (0)   quote   flag      

BayArea says
Bitcoin has been cookin lately, wow

Likely the reason why. Funny part is most people don't know Dave is trolling BTC and making fun of it. Not a huge fan of his, but it's fucking hilarious. BTC guys have ZERO clue they're being made fun of.
419   just_passing_through   ignore (7)   2020 Aug 16, 12:46pm     ↓ dislike (0)   quote   flag      

LOL! "Spaceships and bitcoin raining down from the moon."
420   WookieMan   ignore (7)   2020 Aug 17, 8:27am     ↓ dislike (0)   quote   flag      

just_adhom_preaching says
LOL! "Spaceships and bitcoin raining down from the moon."

Someone's gotta quote the video from me so Newbie can see it (on ignore). Dave is the ultimate troll. He dropped $250k for a charity event that had him watching a football game with Roger Goodell because he hates him. He just trolled these guys bigly and I get the feeling they picked up on it but not totally, but hysterical either way. Bitcoin... lol.
421   just_passing_through   ignore (7)   2020 Aug 17, 9:24am     ↓ dislike (0)   quote   flag      

WookieMan says
Someone's gotta quote the video from me so Newbie can see it (on ignore).


On ignore too.
422   FuckCCP89   ignore (5)   2020 Aug 17, 9:30am     ↓ dislike (0)   quote   flag      

WookieMan says
BayArea says
Bitcoin has been cookin lately, wow

Likely the reason why. Funny part is most people don't know Dave is trolling BTC and making fun of it. Not a huge fan of his, but it's fucking hilarious. BTC guys have ZERO clue they're being made fun of.
423   Eric Holder   ignore (0)   2020 Aug 17, 10:37am     ↓ dislike (0)   quote   flag      

Bitcoin is idiotic.
424   WookieMan   ignore (7)   2020 Aug 17, 10:43am     ↓ dislike (0)   quote   flag      

Newbie123 says
Bitcoin breaking out of multi year resistance.....go baby!

Yes, because a troll with a $1B company just pumped BTC. Lol. He'll make his money and move on from the sheep. Dislike the guy, but he actually seems honest enough. He absolutely trolled those two queers and you. You just don't know it.
425   FuckCCP89   ignore (5)   2020 Aug 17, 11:08am     ↓ dislike (0)   quote   flag      

Newbie123 says
Eric Holder says
Bitcoin is idiotic.


🤣 says the guy who will miss out big time on this crypto bull run.


Which "bull" run? Most of the bitcoin idiots are still underwater since buying the previous "bull run". 🤣

And, judging by your inability to show a single screenshot of you winning a single penny at that table, you are one of them. Which explains the desperate and childish (and failing) attempts to stoke FOMO in patnet readers.
426   rocketjoe79   ignore (1)   2020 Aug 17, 11:24am     ↓ dislike (0)   quote   flag      

Musk will mine asteroids if it makes money to settle Mars with a million people. He is singularly focused on one goal, which drives all other activities.
In the meantime, he's kinda busy making money with Cars, Space Launches, Boring Company, and Internet in space (Starlink.) So he can get us to Mars.

Bezos has already commented he will be in the space mining market too.
427   WookieMan   ignore (7)   2020 Aug 17, 4:24pm     ↓ dislike (0)   quote   flag      

Newbie123 says
A 100k per bitcoin seems very reasonable within this bull cycle.

Lol to the max! Or moon!! lol.

Newbie123 says
Btw, the exchange Binance (one of the major exchanges) just reported that system traffic far exceeds 2017 (last bubble).

Holy shit! A website trading spreadsheets had more traffic? WFT!!!!! What have I been missing. In the news today JC Penny saw 60% more website traffic and 80% less sales. Holy fuck!.
428   just_passing_through   ignore (7)   2020 Aug 18, 9:33am     ↓ dislike (0)   quote   flag      

Talk about your pump and dump. So much for that bull run.
429   Onvacation   ignore (6)   2020 Aug 18, 10:56am     ↓ dislike (0)   quote   flag      

Newbie123 says
will go to zero


Bitcoin is going to the MOON and beyond. It's fiat currency that is going to zero.
430   FuckCCP89   ignore (5)   2020 Aug 18, 12:14pm     ↓ dislike (0)   quote   flag      

Onvacation says
Newbie123 says
will go to zero


Bitcoin is going to the MOON and beyond. It's fiat currency that is going to zero.


Word!
431   just_passing_through   ignore (7)   2020 Aug 19, 9:35am     ↓ dislike (0)   quote   flag      

Not just a pump and dump but a pump and dump and dump...
432   Onvacation   ignore (6)   2020 Aug 19, 12:54pm     ↓ dislike (0)   quote   flag      

Newbie123 says
bitcoin trading at a few hundred bucks a few years ago

I thought it got up to $20,000?
433   Onvacation   ignore (6)   2020 Aug 19, 12:55pm     ↓ dislike (0)   quote   flag      

Newbie123 says
It will easily be 100k within the next 1-2 years

Why?

never mind
434   Eric Holder   ignore (0)   2020 Aug 19, 12:58pm     ↓ dislike (0)   quote   flag      

Onvacation says
Newbie123 says
It will easily be 100k within the next 1-2 years

Why?


Because!
435   FuckCCP89   ignore (5)   2020 Aug 19, 8:55pm     ↓ dislike (0)   quote   flag      

Newbie123 says
People said 9 years ago bitcoin will never go up to 10 dollars.


Link or GTFO.
436   WookieMan   ignore (7)   2020 Aug 20, 2:04am     ↓ dislike (0)   quote   flag      

Newbie123 says
The only difference over time is: less bitcoin are being mined and more people and institutions buy bitcoin Or offer bitcoin exchanges.

What you fail to realize is there's the mining of BTC, and then there's the mental mining of actual humans who will buy or sell BTC. The emotion. FOMO. You'll get surges, so like I've always said you can make money trading it from lows to highs. But eventually you'll "mine" all the gullible people that think there's any value to BTC and no one will want it anymore because there's inherently no value to it. It's untrustworthy. And ultimately something better will come along.

Basically there will be no demand for it regardless of the finite supply because it does nothing for you besides having a digital spreadsheet in a safe deposit box.
437   Onvacation   ignore (6)   2020 Aug 20, 5:49am     ↓ dislike (0)   quote   flag      

WookieMan says
Basically there will be no demand for it regardless of the finite supply because it does nothing for you besides having a digital spreadsheet in a safe deposit box.
and it cost massive amounts of electricity to maintain. Pull the plug and bitcoin is gone.
438   just_passing_through   ignore (7)   2020 Aug 21, 9:34pm     ↓ dislike (0)   quote   flag      

just_adhom_preaching says
Not just a pump and dump but a pump and dump and dump...


and yet more dump lol... Some guy I have on ignore keeps replying to my posts. Something about a new bull run starting? Haaaa..

I can only see it if I glance at patnet while I'm not logged in at work.
440   Cash   ignore (2)   2020 Sep 7, 7:19am     ↓ dislike (0)   quote   flag      

just_adhom_preaching says
LOLz...

9200+/- would be a .382 fibs re-tracement concerning this last rise and could go all the way down to "mean" 7275+/- and still not mean a whole lot
in the big picture just opportunity for those in or wanting to be in this market. I know if the price of a speculation/investment isn't closer to $10 instead
of $10,000 its way to rich for their blood to be in the game.
441   WookieMan   ignore (7)   2020 Sep 7, 7:34am     ↓ dislike (0)   quote   flag      

just_adhom_preaching says
I know if the price of a speculation/investment isn't closer to $10 instead
of $10,000 its way to rich for their blood to be in the game.

They're not shares. You can buy fractions of a bitcoin, so there's no barrier to entry at all with regards to the dollar(lol) amount an individual bitcon trades at. People can trade it all they want and make a lot of money, but this isn't gold like. I don't know how far in the future, but it will eventually be worthless. I don't believe I've personally said it would go to $0, but at some point it will get back down into the 100's for sure. Basically worthless from where it sits today and you'd be losing a fuck ton of money if you were heavily invested in it.
442   Onvacation   ignore (6)   2020 Sep 7, 7:36am     ↓ dislike (0)   quote   flag      

Cash says
could go all the way down to "mean" 7275+/- and still not mean a whole lot

Yep!

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