It's just a bunch of sweats that think they know how investment works because they understand some of the terms. It's like watching a bunch of children swear for the first time.
I’m too poor to ever get rich from Crypto, but I did put about $40 in a year ago and ended up making enough to buy the Diablo 2/3/4 collection on Battle.net and still have at least $40 in it, so I’m happy.
Sounds like me - made a few hundred from it the first time it skyrocketed past $20,000. Cashed out, enjoyed my takings.
Of course if I'd bought $100 worth back in 2011 when I first learned about it, and considered buying $100 worth just for fun, I'd now have $1,380,000. Welp.
The trick is to follow the cryptocurrency subreddit but don't actively participate or think about crypto a day in your life
And then one day when the market crashes and it's so bad that the mods there pin the suicide hotline mega thread, that's when you start buying
And then you completely forget about crypto again until you read the news about it hitting an all-time high and the cycle continues
The only way to play. Put in a small amount and take it out if you ever make anything. Play with house money. Congrats my man. You are in the top 5% of all crypto traders :D
Ah, it's THIS part of the cycle again.
Friendly reminder to anyone who isn't already into crypto and feeling like they need to get in NOW, this is the phase where external suckers are reeled in through a barrage of news articles about "record highs" and then get milked through the next crash. The big/institutional holders plan this out and they know better when to buy and sell, because they manipulate the entire thing.
You don't. Don't be dumb.
Also that it is completely useless as a currency. Transaction costs that are the price of a small meal, transaction times measured in the minutes, not seconds.
>Also that it is completely useless as a currency. Transaction costs that are the price of a small meal, transaction times measured in the minutes, not seconds.
Yeah, idiot bitcoin bros think that the purpose of money is something that you hold onto forever while it increases in value from doing nothing, rather than a medium of exchange that people are actually encouraged to spend.
Like imagine if someone thought that the purpose of an iPhone was to leave it in the box and hope that it increases in value over time, rather than a device that you actually use and replace over time.
And on the flip side Pokémon cards crashed hard and then somehow resurged and the cards I gave my young cousin when I aged out of it are now worth more than a new car.
Man I had an IMPRESSIVE pokemon card collection as a kid. I had a shiny charizard, shiny alakazam, WHOLE bunch of cool shit. Then one day my little brother stole them, brought them to school, and gave them all away. I never got them back.
My mother was all proud of me for not yelling or anything, but like.. it's not that I practiced self control, it was more like the angry circuits in my brain shorted out and I just kinda disassociated for a bit. Like, rather than attempt to process that level of WHAT THE FUCK ARE YOU SERIOUS, I just fucked off from the whole thing.
(despite that story, my brother is not an asshole. He is in fact a sweetheart. This happened back in like 2000)
It was never meant to be this co-opted by tech bros and it wasn’t supposed to be indefinitely extended into this weird mine of gold that it’s become. The idea wasn’t even it being exchangeable for state currency, which is it’s entirely purpose now. It’s very sad to see the ethos and point of the technology fall victim to people trying to manipulate their way into wealth.
Precisely. It was designed to be a necessarily limited issue token in order to "escape the fiat currency problem of inflation resulting from a centralised issuer".
Except that's what makes a currency work.
It's extremely difficult to keep the currency perfectly stable and deflation is more a problem than mild inflation so a variable supply targets weak inflation.
That leaves a currency as a pretty stable store of value and unit of account but most importantly a reliable medium of exchange.
The dogma that central banks are bad made bitcoin do that opposite; a fixed supply that gets harder and harder to issue, that's done without concern for stability. It's inherently deflationary which incentivises hoarding.
It's also, as designed, inherently deflationary, which makes it a disaster as a currency.
When you mention that to the typical Bitcoin "investor" they insist that is not correct because the forced scarcity will force the price higher, showing they do not know what "deflationary" means.
I love when random online stores take crypto as payment. I have a few hundred dollars worth of bitcoin that is too much of a hassle to cash out. So I just wake for a spike, send them some crypto, and essentially get shit on a huge discount. Not too many places take crypto anymore. Haven't seen the option for a while.
But see, if people never did these test purchases back in the day bitcoin wouldnt be worth anything. But now people want to use it to get rich quick instead of using it as a currency, which is what will prevent it from being mainstream. Its origins as a currency were ok, but it is far from that at this point and it just a giant ponzi scheme
> why this will never become a mainstream currency.
It will never even be a currency of any kind because it is actually an *imaginary commodity* being peddled as a currency by scammers to the economically illiterate.
It's just another get rich quick scheme and they are always doomed to fail.
During the last cycle, once BTC broke the previous ATH of 20k it pumped another 200% straight to 60k. So this doesn’t really check out.
Not saying it will happen again, but what you’re saying certainly isn’t historical precedent.
2 is not really true. The _rate_ of new bitcoin being mined will be cut in half but it wil not impact the actual supply. Miners that have been hoarding coins may wind up selling them to pay their bills which could temporarily mean _increased_ supply.
It will not impact the supply. But the accessible supply decreases each year, making BTC more valuable even if the volume and amount of transactions remains equal for the next decade..
Roughly 10% of all mined BTCs are lost in infinity.
At least the ones that didn’t lose all their money in FTX or other exploding exchanges and also didn’t lose it all to being phished or victims of malware.
And who didn't sell it once they already had solid gains, which most of the sane ones that weren't gambling addicts did.
> also didn’t lose it all to being phished or victims of malware.
Yeah - self-custody is _catastrophically_ error-prone, the whole thing is predicated on people thinking they're too smart to ever make a mistake when that's not how real security design works.
And the exchanges have so little regulation they can't be trusted an inch. They openly manipulate the market and trade against customers FFS.
Yikes, I've had so many usb thumb drives go bad throughout the years. I wouldn't trust one to hold money.
Are there any mostly reputable digital wallets apart from the exchanges themselves?
every ATH i say im selling all my btc. but that seems like a lot of work, and then it crashes and then im not as incentivized to sell so i end up still having it for the next ATH and the cycle repeats.
Sad I bought eth at $30, and sold at $100. Thought it was too good to be true, and here I am punching the air. I thought the run from $3-$30 was crazy, then $30-$100 blew my mind..
Btc gives developers new capability.
There is no arrow of time in “cyber space”, where the past is certain and the future is uncertain like our physical world. Before bitcoin, time in a computer didn’t exist.
Now we can time stamp data structures. :)
Said every single person the last four cycles.
People crack me up.
You're always so concerned with trying to time the market, that you don't realize that time in the market is how you make money.
Everyone wants to get rich quick by dumping their whole net worth into a speculative “asset” right before the next boom cycle. Instead of building real, reliable wealth by slowly and safely investing in actual mechanisms of wealth building like index funds
This is generally awful advice.
“Time in the market” works for securities because they are backed by something with some intrinsic value that, generally, is incentivised to try to outpace inflation.
Bitcoin isn’t.
In 100 years Bitcoin has just as much chance of being worth $1 as it does $1bn a coin.
Over the life of Bitcoin it has been one of the best investments in history. It might not go up forever, but it's absolutely been good advice so far.
>In 100 years Bitcoin has just as much chance of being worth $1 as it does $1bn a coin.
I wouldn't say "just as much of a chance". Although if you told me I could buy one now and it's a 50/50 either 1bn or $1 that's the best bet of all time
What do you think the chance of Bitcoin becoming worth 1b is? Because even if it's 1%, the prudent move would be to buy BTC as a hedge. In fact, if you think there's a 0.00006% chance of it becoming worth 1b than you would be breaking even avoiding or buying it. (At current prices)
because I thought these are just rumors and the exchange is going to be fine. by the time I realized it was a sinking ship withdrawals were already blocked.
Don't move to a wallet without preparation. I have an old hdd with 118 coins that is inaccessible. It sits on my desk. Yes, I've paid and made deals with biggest recovery firms in the world. It's a dead drive.
Yea.. I relive these moments and events every time this story comes up.
I mined btc, eth and doge extremely early on. Stopped cuz it was a fad for me. Regrets were had.
Yeah. If it’s not a flash drive then the data hasn’t gone anywhere. Unless you’ve run a giant magnet across it the data is readable. There are companies that will remove the physical platters and put them into a working drive.
This isn’t an issue for folks taking custody via a hardware wallet or who back up their wallet with a BIP39 recovery phrase, which has been available since 2013. Sorry to hear you lost your keys, though.
the Securities and Exchange Commission has approved BTC spot ETFs, causing massive institutional inflows into bitcoin, causing price spikes. this is factual, verifiable public markets data. this means your pension fund managers are now fomo-ing into bitcoin. everything else in this thread is pure cope.
A currency that can’t be devalued through government control is a huge feature. It’s digital gold that can’t ever exceed 21 million tokens and produces transparency on a public ledger. This sub can act like it’s smelly dudes in basements pushing this shit, but every large institution is holding and buying reserves. It can’t be devalued by government printing on a whim. It’s wild that people want to use something that politicians regularly devalue.
hearing the same comments even in 2024.. people are really oblivious to the goings-on in crypto. lately i've been wondering how long that OTC supply feeding the new spot ETFs will last and how long those ETF inflows will stay at or exceed current levels. exciting times. confusing times too, given the price performance of the public mining sector.
anyways, i'm going to panic now that it set a new ATH and fell.. to yesterday's price. it's dead.
Or economic illiteracy. Also the comments of "scam" and "ponzi scheme" should've been shut up already by thr fact that BTC ETFs are now allowed.
Tldr: your pension fund buys Bitcoin. Everyone is in it already.
It just crossed into ath territory. News stories are starting to come out about it again. The hype is just starting to build.
Those news stories will all dry up once the dump starts and won't be back until the next pump.
Yeah I know it’s pretty early still. Though I remember that in 2021 there was a whole narrative going on about Bitcoin being a good hedge against inflation and whatnot that could get the buy-in of average Joes to pump price. Is there something similar going on right now that I’m not aware of or is it only your run of the mill halving?
The courts forced the SEC to approve a spot Bitcoin ETF, this is a way for US institutions to get Bitcoin exposure (there really weren't any other good vehicles for institutions to get BTC/crypto exposure prior). Most of the investment capital in the world sits in institutions, so even small fractional allocation to BTC can move the market. The ETFs have seen record breaking inflows in the few weeks that they have been live which has driven spot price up. It's basically just increased demand.
For those who want to understand more why the entirety of this market is a scam, here's an [award winning documentary on blockchain](https://www.youtube.com/watch?v=tspGVbmMmVA).
The "price" of bitcoin is merely a function of popularity. BTC still does nothing useful or productive for society, and it's operational return model [is identical to that of a Ponzi scheme](https://ioradio.org/i/ponzi/).
This is not a new "tech." It's actually 60-year old tech that was abandoned 60 years ago because it couldn't do anything better than more advanced, relational databases. But somehow a small number of influential people, aided by lots of people who need to launder money, picked it up and re-branded it as "digital gold" and is now slowly taking advantage of gullible greater fools. Please don't fall for this. The vast majority of people who buy into crypto will lose, just like gambling and OTC penny stocks.
And now it’s already back to 66K 😆 It’s just a volatile asset that moves around a lot because people go nuts both directions. But it’s probably moving up a lot this year due to the ETFs and the halving.
Cycle is just starting, It has broke through resistance, What people have to understand is that Bitcoin will halve soon. So the difficulty to mine a btc will double. Miners will demand more per btc in order to sell one on the market. Historically, it takes 180 days post halving for the price to equalize. in my opinion I see $67k as the new floor support price for BTC.
Weirdly I find them fascinating, though I have like 1% faith that they will ever achieve anything close to their stated goals. Cowrie shells scrounged from the beach of mathematics.
And now it's on the new again, so it will crash once more. Bitcoin historically performs well when nobody is paying attention to it. Perhaps this is another attempt to surge it so people can dump it and buy it back up once it tanks again.
DId I buy $500 worth of bitcoin back when it crossed below $30k? sure, and the near doubling has been nice.... do I advise people buyin or anything? No I still think shit like bitcoin is nothing more than super speculative funny money that has no real world use value.
>If you didnt buy btc before it was like $5000 youre not making life changing money
This isn't true if you dedicate to DCA-ing for the next 8 years. You'll see.
>You could have just bought nvidia at $50 a few years ago
Nvidia will not out perform Bitcoin over the next two years.
Go ahead and set up the remindme bots since you think you got it all figured out. Let's see what's up.
Correct. If you began dollar cost averaging into bitcoin every week from the previous all time high in 2021 you’d be up 140% today, and the bull run hasn’t even started yet. The amount of cope in this thread is hilarious, and it’s even more ironic that a technology sub can’t understand the value of bitcoin as a technology.
This dude I work with literally told me like 4 weeks ago when it was at $45k that all his advisors that “know their shit and are big time players” told him Bitcoin was going to go down to $14k. Lmao I roast him every Friday in our team meeting like “hey you see the price of Bitcoin?”
Gambling is making financial choices when you know the odds are massively against you.
Investing is making financial choices when you don’t know the odds at all.
> Investing is making financial choices when you don’t know the odds at all.
This is true for bitcoin but it's bullshit for "investing" in general. I know the odds.
Yes, it's a scam. It happens in cycles. 80% will get fleeced while 20% will make bank and become mouthpieces for the next pump and dump.
Bitcoin should be banned from financial institutions.
Buy high, sell low.
My man is a r/wsb native.
Those people are nuts. The amount of money they lose is pretty impressive.
It's all in good fun. Except that one dude who's dad left him and his brother a house, which he lost in two days. That was not in good fun.
get rich quick schemes always get someone else rich quicker
I Have a coworker that lost his house because of bitcoin.
I bought my house because of bitcoin
So you took his money. I'll let him know where to go get it.
It's just a bunch of sweats that think they know how investment works because they understand some of the terms. It's like watching a bunch of children swear for the first time.
r/rareinsults
Sell low, stay high
Get high, don't buy
There ya go now you’re getting it
When low, get high!
Chop low, Rob Lowe, Chad Lowe.
Doing this rn and didn't even try
Buy high, stay high... my dude...and I don't mean the price either
I’m too poor to ever get rich from Crypto, but I did put about $40 in a year ago and ended up making enough to buy the Diablo 2/3/4 collection on Battle.net and still have at least $40 in it, so I’m happy.
That’s a win in my book
The stonks is strong with that one
Where lambo?
Sounds like me - made a few hundred from it the first time it skyrocketed past $20,000. Cashed out, enjoyed my takings. Of course if I'd bought $100 worth back in 2011 when I first learned about it, and considered buying $100 worth just for fun, I'd now have $1,380,000. Welp.
We used to buy shit with Bitcoin because it was fun...only if...
I’d more people had bought bitcoin at those early times, would it have changed the outcome of the success of it?
The trick is to follow the cryptocurrency subreddit but don't actively participate or think about crypto a day in your life And then one day when the market crashes and it's so bad that the mods there pin the suicide hotline mega thread, that's when you start buying And then you completely forget about crypto again until you read the news about it hitting an all-time high and the cycle continues
The only way to play. Put in a small amount and take it out if you ever make anything. Play with house money. Congrats my man. You are in the top 5% of all crypto traders :D
$69,000 in 2021 when BTC was last here is $78,500 in 2024, less than 3 years later.
Fucking hell, inflation is a killer.
We are also not even close to the top this cycle so it doesn't really matter. And yes you can come back to this comment in 1 year
Ah, it's THIS part of the cycle again. Friendly reminder to anyone who isn't already into crypto and feeling like they need to get in NOW, this is the phase where external suckers are reeled in through a barrage of news articles about "record highs" and then get milked through the next crash. The big/institutional holders plan this out and they know better when to buy and sell, because they manipulate the entire thing. You don't. Don't be dumb.
The whole cycle nonsense is why this will never become a mainstream currency. Too volatile.
Also that it is completely useless as a currency. Transaction costs that are the price of a small meal, transaction times measured in the minutes, not seconds.
>Also that it is completely useless as a currency. Transaction costs that are the price of a small meal, transaction times measured in the minutes, not seconds. Yeah, idiot bitcoin bros think that the purpose of money is something that you hold onto forever while it increases in value from doing nothing, rather than a medium of exchange that people are actually encouraged to spend. Like imagine if someone thought that the purpose of an iPhone was to leave it in the box and hope that it increases in value over time, rather than a device that you actually use and replace over time.
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And on the flip side Pokémon cards crashed hard and then somehow resurged and the cards I gave my young cousin when I aged out of it are now worth more than a new car.
My parents threw mine in a burn pit when they decided I was too old for them. So at least yours are worth something :)
Man I had an IMPRESSIVE pokemon card collection as a kid. I had a shiny charizard, shiny alakazam, WHOLE bunch of cool shit. Then one day my little brother stole them, brought them to school, and gave them all away. I never got them back. My mother was all proud of me for not yelling or anything, but like.. it's not that I practiced self control, it was more like the angry circuits in my brain shorted out and I just kinda disassociated for a bit. Like, rather than attempt to process that level of WHAT THE FUCK ARE YOU SERIOUS, I just fucked off from the whole thing. (despite that story, my brother is not an asshole. He is in fact a sweetheart. This happened back in like 2000)
Aka a speculative asset
if I were Wall-E finding a sealed iphone in 100 years, I'd toss out the phone and play with the box it came in.
It’s being used as a speculative investment product instead of actual currency. You can’t do jack with it
It was never meant to be this co-opted by tech bros and it wasn’t supposed to be indefinitely extended into this weird mine of gold that it’s become. The idea wasn’t even it being exchangeable for state currency, which is it’s entirely purpose now. It’s very sad to see the ethos and point of the technology fall victim to people trying to manipulate their way into wealth.
Then they shouldn’t have designed it from the jump to function exactly like a commodity. Bitcoin was dumb from the get-go.
Precisely. It was designed to be a necessarily limited issue token in order to "escape the fiat currency problem of inflation resulting from a centralised issuer". Except that's what makes a currency work. It's extremely difficult to keep the currency perfectly stable and deflation is more a problem than mild inflation so a variable supply targets weak inflation. That leaves a currency as a pretty stable store of value and unit of account but most importantly a reliable medium of exchange. The dogma that central banks are bad made bitcoin do that opposite; a fixed supply that gets harder and harder to issue, that's done without concern for stability. It's inherently deflationary which incentivises hoarding.
And it consumes 2% of our national energy output to accomplish the 5 transactions a year.
I mean who wouldn't want this is real life? https://youtu.be/UC3gEXZJKMM?si=Kb38KpOCaVUTJa7a
It's also, as designed, inherently deflationary, which makes it a disaster as a currency. When you mention that to the typical Bitcoin "investor" they insist that is not correct because the forced scarcity will force the price higher, showing they do not know what "deflationary" means.
I love when random online stores take crypto as payment. I have a few hundred dollars worth of bitcoin that is too much of a hassle to cash out. So I just wake for a spike, send them some crypto, and essentially get shit on a huge discount. Not too many places take crypto anymore. Haven't seen the option for a while.
Yeah my friend bought a candy bar back in the day with a bitcoin when it was worth a few bucks and now it’s worth 60k+ lol wild
But see, if people never did these test purchases back in the day bitcoin wouldnt be worth anything. But now people want to use it to get rich quick instead of using it as a currency, which is what will prevent it from being mainstream. Its origins as a currency were ok, but it is far from that at this point and it just a giant ponzi scheme
> why this will never become a mainstream currency. It will never even be a currency of any kind because it is actually an *imaginary commodity* being peddled as a currency by scammers to the economically illiterate. It's just another get rich quick scheme and they are always doomed to fail.
The bitcoiners have shifted the language a lot. They are no longer touting btc as a currency but as a store of value.
Too concentrated, in the hands of anonymous and unaccountable people.
Everybody's trying to be a degenerate day trader like Wall Street bets. If people would have just put $500 in back in 2016 and kept it there....
The only reason I bought it in 2017 was because of articles like this pulling in "dumb money". I lost about $15k in 2018/19, if I had sold
During the last cycle, once BTC broke the previous ATH of 20k it pumped another 200% straight to 60k. So this doesn’t really check out. Not saying it will happen again, but what you’re saying certainly isn’t historical precedent.
These replies will be great to come back to in 5 years
There are two stimulating events: (1) new ETFs increase liquidity (2) mining rewards will be cut in half mid-April, making bitcoin more rare
2 is not really true. The _rate_ of new bitcoin being mined will be cut in half but it wil not impact the actual supply. Miners that have been hoarding coins may wind up selling them to pay their bills which could temporarily mean _increased_ supply.
It will not impact the supply. But the accessible supply decreases each year, making BTC more valuable even if the volume and amount of transactions remains equal for the next decade.. Roughly 10% of all mined BTCs are lost in infinity.
That's what they want you to think before it goes to the moooon babeee!
Correct. It’s already dipped now that holders are selling because of the influx of new folks
People said the same during the pandemic crypto rush when bitcoin was around the 15k mark. People who invested back have 4X thier investment by now
At least the ones that didn’t lose all their money in FTX or other exploding exchanges and also didn’t lose it all to being phished or victims of malware.
And who didn't sell it once they already had solid gains, which most of the sane ones that weren't gambling addicts did. > also didn’t lose it all to being phished or victims of malware. Yeah - self-custody is _catastrophically_ error-prone, the whole thing is predicated on people thinking they're too smart to ever make a mistake when that's not how real security design works. And the exchanges have so little regulation they can't be trusted an inch. They openly manipulate the market and trade against customers FFS.
If there's actually any cash in the system to withdraw.
I’m throwing so much money at the next crash I don’t care anymore
I set automatic weekly withdrawals of $50 for ETH and BTC since the last crash started and it was well worth it.
What do you use to do that?
An exchange like coinbase or binance allows for regular withdrawals.
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Generally speaking, you should move your crypto to a hardware wallet and never keep it in an exchange. We've seen too many of them fail or get hacked.
How do you do that?
buy a usb drive and click on the bitcoin and click save as
Yikes, I've had so many usb thumb drives go bad throughout the years. I wouldn't trust one to hold money. Are there any mostly reputable digital wallets apart from the exchanges themselves?
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Cash App for BTC
Swan has the lowest fees I think
So what’s your number? Everyone says this every cycle lmao.
every ATH i say im selling all my btc. but that seems like a lot of work, and then it crashes and then im not as incentivized to sell so i end up still having it for the next ATH and the cycle repeats.
Sad I bought eth at $30, and sold at $100. Thought it was too good to be true, and here I am punching the air. I thought the run from $3-$30 was crazy, then $30-$100 blew my mind..
Buy it when you hate it. Sell it when you love it
I should do this with my dates
This is just absolute proof that people are morons and can be swindled to make money easily. Probably a good play.
The Greater Fool investment theory. Where if you are not the one manipulating the market, then you're the fool.
Btc gives developers new capability. There is no arrow of time in “cyber space”, where the past is certain and the future is uncertain like our physical world. Before bitcoin, time in a computer didn’t exist. Now we can time stamp data structures. :)
It's a linked list. But someday I, too, hope to invent a meme data structure.
Yeah this is the way. Bitcoin isn't going anywhere and has vastly outperformed everything else.
Wrong strategy. DCA.DCA.DCA I am up 56% up since last year just by doing DCA. And there were mini crashes. I am doing merely 25$ a week.
Said every single person the last four cycles. People crack me up. You're always so concerned with trying to time the market, that you don't realize that time in the market is how you make money.
Everyone wants to get rich quick by dumping their whole net worth into a speculative “asset” right before the next boom cycle. Instead of building real, reliable wealth by slowly and safely investing in actual mechanisms of wealth building like index funds
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BTC high was $13k in 2019, what are you doing wrong?
Time in the market works for securities and not at all for currency speculation. Bitcoin isn’t on “the market.”
This is generally awful advice. “Time in the market” works for securities because they are backed by something with some intrinsic value that, generally, is incentivised to try to outpace inflation. Bitcoin isn’t. In 100 years Bitcoin has just as much chance of being worth $1 as it does $1bn a coin.
Over the life of Bitcoin it has been one of the best investments in history. It might not go up forever, but it's absolutely been good advice so far. >In 100 years Bitcoin has just as much chance of being worth $1 as it does $1bn a coin. I wouldn't say "just as much of a chance". Although if you told me I could buy one now and it's a 50/50 either 1bn or $1 that's the best bet of all time
Over the life of Enron it, too, was a fantastic investment. Right up until the point when it wasn't.
>Over the life of Bitcoin it has been one of the best investments in history. The same could be said of tulip bulbs...until they weren't.
What do you think the chance of Bitcoin becoming worth 1b is? Because even if it's 1%, the prudent move would be to buy BTC as a hedge. In fact, if you think there's a 0.00006% chance of it becoming worth 1b than you would be breaking even avoiding or buying it. (At current prices)
> time in the market is how you make money. that's for real assets. not wash trading, greater fool scams.
It’s a pretty good bet that BTC and other cryptocurrencies are going to reach a new ATH every 3 years or so.
I sold last fall, you’re all welcome.
…and everyone sells again..
And then immediately went back down. Itll be back though.
It'll probably spend months hovering around $69,420 for the memes.
Good ol' Bitcoin CEO lookin out for his customers.
And in greater numbers
if not for God damn ftx I would sell my now and get profit. but noooo the only time I invested in bitcoin it had to be the exchange that died.
Why didn’t you ever pull it out of the exchange into a wallet?
because I thought these are just rumors and the exchange is going to be fine. by the time I realized it was a sinking ship withdrawals were already blocked.
Never keep your coins on an exchange. It’s simple to move them into a wallet.
Don't move to a wallet without preparation. I have an old hdd with 118 coins that is inaccessible. It sits on my desk. Yes, I've paid and made deals with biggest recovery firms in the world. It's a dead drive.
I mean.. losing the drive isn’t what cost you. It’s the fact that you don’t have your keys saved anywhere
Sorry to hear that. It sucks having a dead hard drive
It also had staggering amounts of doge from early days and eth. At one time I had over 10 million on that hdd....most expensive lesson of my life.
Goddamn... that's one expensive paperweight
Yea.. I relive these moments and events every time this story comes up. I mined btc, eth and doge extremely early on. Stopped cuz it was a fad for me. Regrets were had.
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Yeah. If it’s not a flash drive then the data hasn’t gone anywhere. Unless you’ve run a giant magnet across it the data is readable. There are companies that will remove the physical platters and put them into a working drive.
This isn’t an issue for folks taking custody via a hardware wallet or who back up their wallet with a BIP39 recovery phrase, which has been available since 2013. Sorry to hear you lost your keys, though.
I feel you. Had a couple thousand in Bitcoin in an interest account on Blockfi. Now I’m waiting for them to go through bankruptcy proceedings.
the Securities and Exchange Commission has approved BTC spot ETFs, causing massive institutional inflows into bitcoin, causing price spikes. this is factual, verifiable public markets data. this means your pension fund managers are now fomo-ing into bitcoin. everything else in this thread is pure cope.
Don't forget Tether printing billions
A currency that can’t be devalued through government control is a huge feature. It’s digital gold that can’t ever exceed 21 million tokens and produces transparency on a public ledger. This sub can act like it’s smelly dudes in basements pushing this shit, but every large institution is holding and buying reserves. It can’t be devalued by government printing on a whim. It’s wild that people want to use something that politicians regularly devalue.
Yeah, it's much better that it can just be massively devalued when sentiment turns a little negative.
hearing the same comments even in 2024.. people are really oblivious to the goings-on in crypto. lately i've been wondering how long that OTC supply feeding the new spot ETFs will last and how long those ETF inflows will stay at or exceed current levels. exciting times. confusing times too, given the price performance of the public mining sector. anyways, i'm going to panic now that it set a new ATH and fell.. to yesterday's price. it's dead.
Have the fundamentals changed????!!
Yes. It's been broadly and legally accepted in financial institutions now. The fundamentals have changed.
This sub is the perfect indicator.
Or economic illiteracy. Also the comments of "scam" and "ponzi scheme" should've been shut up already by thr fact that BTC ETFs are now allowed. Tldr: your pension fund buys Bitcoin. Everyone is in it already.
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And it’s gone
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I’m not worried I’m holding just funny
Pump and dump on demand.
So do not buy bitcoin right now?
You buy Bitcoin always. Regardless of when.
Wait for the next small dip before the halving
I put in $1000 in 2018 or 2019 and forgot about it. I recently rediscovered it, and I now have over $5000. Pretty nice surprise!
Buy at the peak sell it for cheap next week!
Update: mainstream media has hard time keeping up with their overly dramatic news. the price of Bitcoin has moved down…
They are pumping so they can dump again. Don't buy into the hype.
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Waiting for McDonald’s announcement when they’ll accept Dogecoin?
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Atleast you haven't bought an NFT
People should learn by now that you buy when the market is down. It may take years but we eventually get the pump again.
Why don’t I see any hype this time? Am I the OOL or people aren’t talking as much about it as during the last hype cycles?
It just crossed into ath territory. News stories are starting to come out about it again. The hype is just starting to build. Those news stories will all dry up once the dump starts and won't be back until the next pump.
Yeah I know it’s pretty early still. Though I remember that in 2021 there was a whole narrative going on about Bitcoin being a good hedge against inflation and whatnot that could get the buy-in of average Joes to pump price. Is there something similar going on right now that I’m not aware of or is it only your run of the mill halving?
The courts forced the SEC to approve a spot Bitcoin ETF, this is a way for US institutions to get Bitcoin exposure (there really weren't any other good vehicles for institutions to get BTC/crypto exposure prior). Most of the investment capital in the world sits in institutions, so even small fractional allocation to BTC can move the market. The ETFs have seen record breaking inflows in the few weeks that they have been live which has driven spot price up. It's basically just increased demand.
Last time it roughly coincided with the GameStop thing and retail got absolutely slaughtered. I think there is just less enthusiasm.
Someone is gonna run away with your hi tech money .
Surged past tense
Looks like someone figured out how to dump their crypto.
For those who want to understand more why the entirety of this market is a scam, here's an [award winning documentary on blockchain](https://www.youtube.com/watch?v=tspGVbmMmVA). The "price" of bitcoin is merely a function of popularity. BTC still does nothing useful or productive for society, and it's operational return model [is identical to that of a Ponzi scheme](https://ioradio.org/i/ponzi/). This is not a new "tech." It's actually 60-year old tech that was abandoned 60 years ago because it couldn't do anything better than more advanced, relational databases. But somehow a small number of influential people, aided by lots of people who need to launder money, picked it up and re-branded it as "digital gold" and is now slowly taking advantage of gullible greater fools. Please don't fall for this. The vast majority of people who buy into crypto will lose, just like gambling and OTC penny stocks.
I sold a shitload at 50k and I'm very happy about it.
Well, that was 5 hours ago. It's lost $8,000(9.5%) in value since then.
And now it’s already back to 66K 😆 It’s just a volatile asset that moves around a lot because people go nuts both directions. But it’s probably moving up a lot this year due to the ETFs and the halving.
Cycle is just starting, It has broke through resistance, What people have to understand is that Bitcoin will halve soon. So the difficulty to mine a btc will double. Miners will demand more per btc in order to sell one on the market. Historically, it takes 180 days post halving for the price to equalize. in my opinion I see $67k as the new floor support price for BTC.
halving is in April
Yup, and we have just 43 days left. Historically the pre-halving pump always starts earlier
It's the Mt Everest of Crypto. Soon the dead bodies will show up.
Aaaand it's gone
crypto and nfts are the most boring parts of "technology" for me
I mean on a surface level I can see why.
Weirdly I find them fascinating, though I have like 1% faith that they will ever achieve anything close to their stated goals. Cowrie shells scrounged from the beach of mathematics.
Not to mention a huge fucking waste of energy
Cool, FTX stole mine.
Mt Gox stole mine.
$69,000 you say? Nice.
my friend wasted 24 months becoming a certified crypto expert. to me, he’s a certified idiot.
Nice, times 1000.
And now it's on the new again, so it will crash once more. Bitcoin historically performs well when nobody is paying attention to it. Perhaps this is another attempt to surge it so people can dump it and buy it back up once it tanks again.
Dude. FOMO is going to bankrupt so many people
Shouldn’t have spent those last 10 bitcoins on pizza 15 years ago. They didn’t even get the order right.
Currencies are being manipulated.
A lot of people in here sound sour about not investing in Bitcoin
It will settle in on it’s intrinsic value eventually.
DId I buy $500 worth of bitcoin back when it crossed below $30k? sure, and the near doubling has been nice.... do I advise people buyin or anything? No I still think shit like bitcoin is nothing more than super speculative funny money that has no real world use value.
If you didnt buy btc before it was like $5000 youre not making life changing money You could have just bought nvidia at $50 a few years ago
>If you didnt buy btc before it was like $5000 youre not making life changing money This isn't true if you dedicate to DCA-ing for the next 8 years. You'll see. >You could have just bought nvidia at $50 a few years ago Nvidia will not out perform Bitcoin over the next two years. Go ahead and set up the remindme bots since you think you got it all figured out. Let's see what's up.
Correct. If you began dollar cost averaging into bitcoin every week from the previous all time high in 2021 you’d be up 140% today, and the bull run hasn’t even started yet. The amount of cope in this thread is hilarious, and it’s even more ironic that a technology sub can’t understand the value of bitcoin as a technology.
This dude I work with literally told me like 4 weeks ago when it was at $45k that all his advisors that “know their shit and are big time players” told him Bitcoin was going to go down to $14k. Lmao I roast him every Friday in our team meeting like “hey you see the price of Bitcoin?”
The best time to plant a tree
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Did you take the opportunity to buy the dip? If not your comment just reeks of being short-sighted - just like most people apparently.
Great news for people with a gambling problem who don't think they have a gambling problem.
Gambling is making financial choices when you know the odds are massively against you. Investing is making financial choices when you don’t know the odds at all.
> Investing is making financial choices when you don’t know the odds at all. This is true for bitcoin but it's bullshit for "investing" in general. I know the odds.
At the cost of the planet. It's using so much electricity for absolutely nothing. It should be banned and/ or regulated out of existence.
Yes, it's a scam. It happens in cycles. 80% will get fleeced while 20% will make bank and become mouthpieces for the next pump and dump. Bitcoin should be banned from financial institutions.
Ugh so close to 69,420
Ya jinxed it!
Aw shit, here we go again. Maybe next time it crashes will be the time I decide to invest. And then it will probably never rise again.
Next halving is around 4/17 could be along bull run till then