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Bitcoin and Crypto-currency


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2017 Nov 5, 3:36pm   95,292 views  506 comments

by BayArea   ➕follow (1)   💰tip   ignore  

#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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485   UkraineIsTotallyFucked   2024 Apr 21, 5:25pm  

HeadSet says

UkraineIsTotallyFucked says


Ask him how Tulip Mania worked out for everyone.

Fine, if you were not the last investor. If you buy into the Ponzi, just get out early enough to leave a little profit for the next guy.


No. Not fine.

Capital that otherwise would have been invested into far more productive pursuits - factories, training, infrastructure, R&D, etc. - was wasted on fucking tulips and crypto.

And that impacts all of us.

Economists have a term for it, even: malinvestment

Ask your economics prof buddy. Unless his last name is Krugman.
486   clambo   2024 Apr 21, 5:50pm  

I think my friend agrees with everyone who thinks it's nonsense and malinvestment; he said it's gambling but the odds are acceptable.
I'm just too cheap to gamble more than a buck or two with lottery tickets
487   HeadSet   2024 Apr 21, 6:59pm  

UkraineIsTotallyFucked says

No. Not fine.

I was flippantly talking about the individual who buys in to a Ponzi scheme. That "leave a little profit for the next guy" is a play on that famous Rothchild axiom. Yes, any speculative investment, be it bitcoin, tulips, casino games or lottery tickets, are macroeconomic malinvestments.
488   AD   2024 Apr 22, 9:22pm  

.

https://www.mypanhandle.com/news/rfk-jr-im-gonna-put-the-entire-us-budget-on-blockchain

RFK Jr.: ‘I’m gonna put the entire US budget on blockchain’

.
489   just_passing_through   2024 Apr 23, 8:08am  

UkraineIsTotallyFucked says






Comment deleter! I used to screw with a devops guy, get him all riled up on slack then delete my comments lol.. This is still a strawman. Nobody uses it for currency or has really discussed that much in about a decade - until George took his trip.

He discussed yesterday and the IMF and the power grid certainly do not think it's worthless:

https://www.youtube.com/watch?v=JUbREYMh21s
490   UkraineIsTotallyFucked   2024 Apr 23, 8:33am  

just_passing_through says

This is still a strawman. Nobody uses it for currency or has really discussed that much in about a decade - until


Sorry pal. They still do whenever they pitch that it will replace the USD, blah, blah, blah.
491   just_passing_through   2024 Apr 23, 8:34am  

UkraineIsTotallyFucked says

They still do whenever they pitch that it will replace the USD, blah, blah, blah.


Who is 'they'?
492   just_passing_through   2024 Apr 23, 8:36am  

Okay, I do see some google hits but mostly poo pooing that idea.

Will replace gold maybe in certain scenarios... In fact, I suspect to the ire of gold bugs I suspect gold would be much higher right now if it didn't exist.
493   UkraineIsTotallyFucked   2024 Apr 23, 8:42am  

just_passing_through says

Will replace gold maybe in certain scenarios... In fact, I suspect to the ire of gold bugs I suspect gold would be much higher right now if it didn't exist.


Central banks are buying gold right now, not BC.
494   just_passing_through   2024 Apr 23, 8:45am  

UkraineIsTotallyFucked says

Central banks are buying gold right now, not BC.


True but rumor is we'll hear that at least one is by the end of this year.
495   UkraineIsTotallyFucked   2024 Apr 23, 8:45am  

just_passing_through says

True but rumor is we'll hear that at least one is by the end of this year.


Rumor = bullshit, like bicoin itself.
496   just_passing_through   2024 Apr 23, 8:46am  

UkraineIsTotallyFucked says

Rumor = bullshit, like bicoin itself.


We shall see but would you rather that or the CBDCs they are planning to shove down our throats?
497   UkraineIsTotallyFucked   2024 Apr 23, 8:54am  

just_passing_through says

We shall see but would you rather that or the CBDCs they are planning to shove down our throats?



498   just_passing_through   2024 Apr 23, 8:56am  

Nice comeback.
499   UkraineIsTotallyFucked   2024 Apr 23, 8:58am  

just_passing_through says

Nice comeback.


You presented a false choice. Or strawman choice.

Because, 1) I don't want either and 2) we'll get both anyway.
500   just_passing_through   2024 Apr 23, 9:03am  

UkraineIsTotallyFucked says

1) I don't want either and 2) we'll get both anyway.


I sure hope you're wrong but seems you'll be right about that.

For those that don't know: 11 bitcorn ETFs were approved by the SEC this year. It's not going to go away.
501   UkraineIsTotallyFucked   2024 Apr 23, 9:08am  

just_passing_through says


For those that don't know: 11 bitcorn ETFs were approved by the SEC this year. It's not going to go away.


Then why did you say:just_passing_through says


We shall see but would you rather that or the CBDCs they are planning to shove down our throats?


BTW, what is the rumor exactly?

Then only one I have heard is Venezuela selling their oil (what little they still produce) for crypto to sanctions proof their revenue. All the crypto fluffer idiots them plastered social media with posts like "See! See! The USD's days are FUCKED! Crypto rules!" And many of them automatically assumed it would be Bitcoin...because fluffers gotta fluff, after all.

...then it was revealed that the crypto Caracas is talking about is Tether.


502   just_passing_through   2024 Apr 24, 8:43am  

UkraineIsTotallyFucked says

We shall see but would you rather that or the CBDCs they are planning to shove down our throats?


Fantasy? Hope that we'll be able to trade in and out of them maybe?

UkraineIsTotallyFucked says

BTW, what is the rumor exactly?


Just that we'd learn of a central bank buying bitcorn this year. It might be bullshit but stated by Edward Snowden, Grant Cardone, Anthony Pompliano.

If it happens it'll be significant even if it's a small amount. One more step towards permanence.
503   just_passing_through   2024 Apr 24, 8:44am  

Quoting doesn't work right... I quoted 'why did you say that' from UITF but it shows what I said.
504   just_passing_through   2024 Apr 24, 8:47am  

UkraineIsTotallyFucked says

Then only one I have heard is Venezuela selling their oil (what little they still produce) for crypto to sanctions proof their revenue. All the crypto fluffer idiots them plastered social media with posts like "See! See! The USD's days are FUCKED! Crypto rules!" And many of them automatically assumed it would be Bitcoin...because fluffers gotta fluff, after all.

...then it was revealed that the crypto Caracas is talking about is Tether.


I see, so by fluffers saying it'll replace the $ you saw that on reddit or something - not on patnet.
505   UkraineIsTotallyFucked   2024 Apr 24, 9:37am  

just_passing_through says


see, so by fluffers saying it'll replace the $ you saw that on reddit or something - not on patnet.


They are supposedly going to offer to sell their oil for Tether. Nothing about replacing the dollar.

Or are you referring to.the fluffers saying that Bitcoin will replace the dollar? They always say that.

Oh looky! Seems that crypto doesn't live up to its jive after all;

Stablecoin issuer Tether has said it will freeze wallets that are using USDT to evade sanctions on oil exports in Venezuela.

The decision comes after Reuters reported that Venezuela’s state-run oil company PDVSA increased its use of tether after the U.S. reimposed sanctions on oil exports.

The firm froze 41 wallets tied to the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list in December...


https://finance.yahoo.com/news/tether-freeze-wallets-evading-venezuelan-063152292.html

Remember a few years back when Facebook was going to set up its own currency? Libra, I think it was called.

Basically, it was to be a stable coin too. An electronic currency board like Tether is.

The Feds killed that too.
506   just_passing_through   2024 Apr 25, 8:48am  

UkraineIsTotallyFucked says

Oh looky! Seems that crypto doesn't live up to its jive after all;


I agree with that - I only support bitcorn as it's the only trustless, truly decentralized and secured with a monster wall of energy. The majority of the rest are scams (where people get rug pulled) or at best wild ass gambling.

I do own some in the wild ass gambling sector though just for fun. I suspect one or a few of those will make it over the long run because they are directly programmable. Bitcorn isn't programmable so if you want to do smart contracts etc., you need to do that on another layer.

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