The Bitcoin (BTC) thread

JayJuanGee

Crow
Gold Member
GayPal PayPal is notorious for freezing accounts (e.g. they banned Roosh) & asking you intrusive questions when you want to withdraw your money. I'm not sure they even allow you to send Btc to other wallets. I'd avoid any serious Btc purchases using PayPal as you might be stuck in their system.

Largely, I agree with your assessment, Tactician - yet, I believe that it is worth noting, as well, that any service that does not allow you to withdraw BTC to your own wallet should be presumed as NOT selling you bitcoins. Instead, they are selling some kind of token that they are calling bitcoin and may or may not actually be backed by real bitcoins... you have no way of verifying, even coins that you have purchased through them are bitcoins because they do not allow withdrawal of such coins.

Maybe they will adjust their policy in the future - but until they do, you cannot presume that any bitcoin that you might buy from them is real bitcoin.

By the way, I am not against some 3rd party custodying of coins, and/or getting some exposure to bitcoin through such use of third parties - yet the real power of bitcoin, similar but better than gold, even, is the actual holding of physical bitcoin (sure there is no such thing as physical bitcoin, but having control over the bitcoin private key is similar to having physical possession of the bitcoin.

Another aspect that makes bitcoin way more powerful than gold is the ability to demand immediate possession of the bitcoin (private keys), and with gold, it can be quite difficult and/or impractical to demand immediate possession - the larger the amount, the more difficult/impractical it becomes... not true with bitcoin. Some people have already learned the hard way about about this powerful distinguishing characteristic, and I suspect that in the coming years there are going to be many more folks learning from the school of hard knocks about the power of this distinguishing bitcoin characteristic.
 

JayJuanGee

Crow
Gold Member
You think a dump is coming with the price hitting 12K? I am fairly new to bitcoin so sorry for the ignorance.

Of course, there are period of time in which many of us who have been in bitcoin for a while will anticipate a lot of BTC price volatility in the near future.

Such volatility is NOT merely down.. but downward corrections of 30% or more can happen at any time in order to attempt to shake weak hands, but merely anticipating that 30% price corrections could happen, does not necessarily presume that they are going to happen or that they are imminent.

Nlimitz has been in bitcoin long enough to realize that large quick BTC price corrections are most likely buying opportunities when they happen rather than something that any BTC holder would prepare for by selling any significant amounts of BTC (if any)... in other words, perhaps keeping some dry powder available - but also, any of us does need to adjust our own plan in respect to BTC in accordance with our own particular circumstances which would involve accounting for our cash flow, our other investments, our view of bitcoin in comparison to other investment possibilities, our timeline, our risk tolerance, and our time and skills in which we can learn, plan, adjust our position, including reallocating or trading.
 
I am looking to invest. I put in 1K at 10,000 and am curious if I should put more into bitcoin or ethereum or maybe 1/2 and 1/2. You guys more bullish on one over the other?
 

JayJuanGee

Crow
Gold Member
I am looking to invest. I put in 1K at 10,000 and am curious if I should put more into bitcoin or ethereum or maybe 1/2 and 1/2. You guys more bullish on one over the other?

This is a bitcoin thread, so if you want to discuss the extent to which you believe in ethereum, you should post about that in another thread, such as the crypto thread.

The last sentence of my earlier post suggested all of the personal factors that any guy should be considering when figuring out his investment strategy and approach...

With bitcoin you should be considering potentially a 4 year or longer investment time horizon with accumulation goals in mind, so largely buying and holding until you reach your goal whether that is a 1% to 10% investment allocation or some other amount that is comfortable for you. I doubt that it is practical to approach ethereum with similar long term investment horizons, since they are not even clear about what they are exactly.. so why fuck around with that crap - unless you are into short term gambling and you believe that you can time your entrance and exit before it may potentially go to crap.

Of course, even bitcoin has potentials for going to crap, but it seems to be on a lot more solid ground than ethereum or any other shitcoin that you might want to gamble with.

One of the most solid investment plans is to dollar cost average - but of course, you can front run and lumpsum that dca approach, too.

Even though historical performance does not guarantee future results, you can see from this website that the longer that you have been DCA-ing into BTC, the better your portfolio performance compared with gold and equities.

I personally believe that if you spend time building your BTC investment in order to reach some kind of reasonable accumulation goal then maybe after you reach your goal, then you can reconsider the extent that you may want to include any shitcoins, such as ethereum in your investment plan.. and likely if you spend considerable time building your investment, then you may well recognize that if you do want to gamble on some of those other projects, your desire would likely not be very strong beyond a few percentages of the value of your BTC holdings.
 
This is a bitcoin thread, so if you want to discuss the extent to which you believe in ethereum, you should post about that in another thread, such as the crypto thread.

The last sentence of my earlier post suggested all of the personal factors that any guy should be considering when figuring out his investment strategy and approach...

With bitcoin you should be considering potentially a 4 year or longer investment time horizon with accumulation goals in mind, so largely buying and holding until you reach your goal whether that is a 1% to 10% investment allocation or some other amount that is comfortable for you. I doubt that it is practical to approach ethereum with similar long term investment horizons, since they are not even clear about what they are exactly.. so why fuck around with that crap - unless you are into short term gambling and you believe that you can time your entrance and exit before it may potentially go to crap.

Of course, even bitcoin has potentials for going to crap, but it seems to be on a lot more solid ground than ethereum or any other shitcoin that you might want to gamble with.

One of the most solid investment plans is to dollar cost average - but of course, you can front run and lumpsum that dca approach, too.

Even though historical performance does not guarantee future results, you can see from this website that the longer that you have been DCA-ing into BTC, the better your portfolio performance compared with gold and equities.

I personally believe that if you spend time building your BTC investment in order to reach some kind of reasonable accumulation goal then maybe after you reach your goal, then you can reconsider the extent that you may want to include any shitcoins, such as ethereum in your investment plan.. and likely if you spend considerable time building your investment, then you may well recognize that if you do want to gamble on some of those other projects, your desire would likely not be very strong beyond a few percentages of the value of your BTC holdings.

Thank you for this
 

gework

Ostrich
Gold Member
Converse to the above, I prefer ETH, as the solidest pick of alts.

Bitcoin's high is $20k, with a recent low of $4k. So it lost 60% of its value. While ETH had a high of $1,200 and recent low of $85. So lost about 95% of its value. Many other alts were down about the same. So buying ETH seemed as good as buying more risky alts.

BTC has recently been up 2.4X, while ETH was up 5X And is currenly down about 70% from highs, while BTC is down 30%.

Exchanges are rapidly moving to defi, which is almost completely based on ETH. There are lots of ponzi schemes wity coins where you hold and get sometimes insane interest. But with ETH people hold ETH with zero interest because they actually need it to perform actions on the ETH network. Defi is going to grow and ETH will grow with it. Like BTC has cornered the crypto money market. However with the growth of defi we are seeing the movement away from USD(T) and BTC pairs towards ETH pairs. BTC can only operate on defi by wrapping it, which requires ETH. I have felt for years that ETH will overtake BTC and now we have the angle - the shift to ETH powered defi exchanges.

Personally I don't buy BTC, though I do get payments in it, which I leave in BTC. Almost all of my purchases this year have been ETH, which has outperformed BTC 2X. Going forward I will continue to buy ETH at buying op.s.

There is a real, not speculative, economy of something like $3b a year in BTC with a cira $200 billion market cap. That is very speculative. Going forward crypto needs to be linked to real assets to have real value. I think ETH is far better placed to attain that.
 
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JayJuanGee

Crow
Gold Member
On one hand, it's nice seeing the prices go up... but on the other hand, I was hoping to accumulate more at the 10k level.

I understand that sometimes, based on cashflow issues, it can take a decent amount of time to accumulate enough BTC to feel comfortable.

It actually took me about a year to reach my initial accumulation target, during most of 2014, and even after I had mostly reached my target, I still felt a bit uncomfortable in terms of whether I had enough BTC, so largely I continued to accumulate for about a year and a half to two years thereafter.

Over the years, I have also learned about the BTC accumulation situations of quite a few people in the space, and there are quite a few that are ongoingly engaged in accumulation for years and years and years, and sometimes it could take two to three four year cycles for them to accumulate a comfortable position based on their own cashflow situation.

One of the lucky things for my own personal situation was that I was able to engage in some front loading of my position because I had already established a decent sized portfolio in which I could reallocate from one part of my portfolio to another part (towards bitcoin). Sure one of the problems with that is that I am older, too... so being older has disadvantages.... and I would just suggest to do what you can do, and most of the time, building strong portfolio takes time - and attempting to short-cut with get rich quick attempts might NOT be as prudent of a strategy... so pacing the accumulation of wealth and the building of a portfolio matter might be amongst the best of options in front of you.
 
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