6/29/19 10:56 AM
1/1/01
Posts: 31203

Everyone claiming bitcoin is deflationary, a flight from central bank debt, etc... they never address the "what if" of what if the market adopts litecoin, mondero, dash or some other crypto as the prefered one. Bitcoin only has 62% of the market as it is now.

For the people saying bitcoin will go to $100k or even a million bucks... what makes them so confident the market will stick with bitcoin?

The bitcoin maximalists, what makes them so confident bitcoin will be the crypto of the future?

6/29/19 11:11 AM
1/1/01
Posts: 28149

You are better to invest in the WFA! You'll get great returns! 

Edited: 6/29/19 11:17 AM
12/12/04
Posts: 8809

"For the people saying bitcoin will go to $100k or even a million bucks... what makes them so confident the market will stick with bitcoin?"

 

Nothing.  It's a free and unregulated market.

6/29/19 11:17 AM
12/12/04
Posts: 8810

Do you think the dollar is a safe long term asset?

What is the average age of fiat currencies.......let alone world reserve currencies?

There are very powerful players.......including are "friends" in Europe actively looking for ways to subvert the dollar and SWIFT

6/29/19 11:19 AM
12/12/04
Posts: 8811

bitcoin is an asset.  It has certain advantages and disadvantages. do you homework and invest accordingly.

6/29/19 11:25 AM
12/12/04
Posts: 8812

Bitcoin is the oldest and safest (hash power) of the cryptos..........others do fancy things.

it's just a nascent market.  This last downturn really helped weed out weak hands and shit projects. 

 

I make my living on crypto.  Have for years.  Bought my first BTC around 2014-ish and havent looked back.  Mainly in alt coins now.  Almost only one project.

 

To take the drama out of these small, new, volitile markets.........look at the 3 month to 2 year charts.  Long term trends only.  the shorter periods will freak you out.

6/29/19 11:35 AM
1/1/01
Posts: 31204
WHIPCRACK -

Bitcoin is the oldest and safest (hash power) of the cryptos..........others do fancy things.

it's just a nascent market.  This last downturn really helped weed out weak hands and shit projects. 

 

I make my living on crypto.  Have for years.  Bought my first BTC around 2014-ish and havent looked back.  Mainly in alt coins now.  Almost only one project.

 

To take the drama out of these small, new, volitile markets.........look at the 3 month to 2 year charts.  Long term trends only.  the shorter periods will freak you out.

That is interesting you make a living in crypto. One project? Are you in development?

 I see a role for crypto in the future and I understand the lifespan of fiat..... I'm not a "hater" of bitcoin mumbling about tulips or anything like that. I own some crypto.

I was just wondering what makes bitcoin maximalists so confident it will remain #1.

I've for sure looked at the 2 year charts. I started watching bitcoin when it was around $250 after learning about it through Max Keiser. Of couse I did not buy any at that time.

6/29/19 11:36 AM
1/1/01
Posts: 31205
Mutant -

You are better to invest in the WFA! You'll get great returns! 

FML.

Edited: 6/29/19 12:08 PM
12/12/04
Posts: 8814

That is interesting you make a living in crypto. One project? Are you in development?

Not in development. I mine and invest in projects I think have potential.  I buy those projects when they are unknown and on decentralized exchanges........which even some crypto people find scary and hard to use (hence stay away from them.)  I get in first and cheapest.

I just do not subscribe to the idom, "don't put all of your eggs in one basket."  

I try to pick the right basket and go hard.  Within reason of course.  I've made mistakes and have recovered.

 

 

6/29/19 12:08 PM
12/12/04
Posts: 8815

BTW .............none of my words here are financial advice.  Nothing I say on this forum is financial advice. 

 

That being said.  I think that if you just buy btc and forget about it for a few years.......you and your family will be very glad you did.

6/29/19 12:24 PM
12/12/04
Posts: 8816

I was just wondering what makes bitcoin maximalists so confident it will remain #1.

Well........I suppose a few things.

- hash rate is so high now that's it's pretty much mathmatically impossible to stop.

-OG crypto that lives in the fucking dirt of the internet and has never been hacked, double spent, 51% attacked, etc...

- name recognition, easiest to buy, most likely everyone's first purchase when getting into the space. hence demand.

- often need it to buy Eth and the Alts (furthur demand)

- a lot of the most respected and smartest crypto minds are early investors/miners in btc.........they fly all over the world pushing BTC ......and exlpaining crypto to influential entities. (eg: Andreas Antonopolis, Trace Mayer)

 

......I could go on if you wish

 

6/29/19 12:38 PM
1/1/01
Posts: 31206
WHIPCRACK -

I was just wondering what makes bitcoin maximalists so confident it will remain #1.

Well........I suppose a few things.

- hash rate is so high now that's it's pretty much mathmatically impossible to stop.

-OG crypto that lives in the fucking dirt of the internet and has never been hacked, double spent, 51% attacked, etc...

- name recognition, easiest to buy, most likely everyone's first purchase when getting into the space. hence demand.

- often need it to buy Eth and the Alts (furthur demand)

- a lot of the most respected and smartest crypto minds are early investors/miners in btc.........they fly all over the world pushing BTC ......and exlpaining crypto to influential entities. (eg: Andreas Antonopolis, Trace Mayer)

 

......I could go on if you wish

 

Appreciate the input. Please go on. I own BTC. Just hearing some very bullish voices for the near future and was wondering "why now" after the big correction of 2018.

6/29/19 1:02 PM
12/12/04
Posts: 8820

the correction of 2018 was in proportion with previous "crashes."  I'm sure you know this but am writing it for others.  I'm not going to lie.......the last downturn was painful.  But only because I was living off crypto this time. I'd been through a couple.  NOTHING happend in 2015.  boring awful year.

 

Now we're starting another bull cycle............magic will happen.  First with BTC, and then Alt season will begin.  A lot of the shit coins have died off and some quality projects remain.

Institutional money is ready to pour into the space.  Regulation is happening (no matter what anyone's feelings are on the issue.)   These are exciting times.

The dollar is on it's way out as a world reserve currency...........where will the world look for another?  China? Russia? An SDR (basket of shitty currencies) by the same central bank crooks? 

I think it'll be BTC, and crypto..............not because they want it to be so...............but because it's cheap, fast,  and irresistable. 

 

 

6/29/19 1:04 PM
1/1/01
Posts: 19268
WRONG FORUM ASSHOLE
6/29/19 1:15 PM
12/12/04
Posts: 8821
OldSchoolMike - WRONG FORUM ASSHOLE

the UG hates making money?

6/29/19 1:39 PM
3/12/15
Posts: 2632

I’m not an expert on crypto currency but I feel like if Amazon decides to create their own digital currency and says that’s the only currency they’ll accept for Amazon purchases then it would shit all over bitcoin. Bitcoin is the top dog rn but if digital currency explodes I feel like something else from a big tech company like Amazon, Facebook, or Google will pass it up. 

6/29/19 2:13 PM
3/24/15
Posts: 1073

Bitcoin is the mark of the beast and also WFA

6/29/19 2:20 PM
12/12/04
Posts: 8822
The Lion King - 

I’m not an expert on crypto currency but I feel like if Amazon decides to create their own digital currency and says that’s the only currency they’ll accept for Amazon purchases then it would shit all over bitcoin. Bitcoin is the top dog rn but if digital currency explodes I feel like something else from a big tech company like Amazon, Facebook, or Google will pass it up. 


ok........let's go with that.

How many Amazon bucks will be made in total?  Is there a finite amount? How much? How is that amount guaranteed in some unchangeable fashion?  If it isn't ....here comes Mr. Inflation!........the most insidious, hidden, and evil tax there is. 

 

wait a minute.........what if Amazon bucks start doing really well?  They're already huge and powerful......is Uncle Sam just gonna let his power be usurped?  i think no.  Uncle Sam does have a monopoly on the use of force after all.

So Amazon bucks has a central point of attack.........thus failure.  Bitcoin does not.  There's no bitcoin headquarters. 

6/29/19 2:27 PM
12/12/04
Posts: 8823

Can a Mod please move this to the OG please?

6/29/19 8:46 PM
1/17/03
Posts: 14773
WHIPCRACK -

BTW .............none of my words here are financial advice.  Nothing I say on this forum is financial advice. 

 

That being said.  I think that if you just buy btc and forget about it for a few years.......you and your family will be very glad you did.

Honestly at this point. I believe BTC is unstoppable

6/30/19 3:45 PM
1/1/01
Posts: 20579
Whipcrack, can you recommend a good resource to learn about BTC, investing / making $$$ with it, crypto, etc in general?
6/30/19 3:51 PM
5/11/11
Posts: 2411
Wiggy - Whipcrack, can you recommend a good resource to learn about BTC, investing / making $$$ with it, crypto, etc in general?

Reddit bitcoinmarkets is good

 

stay off reddit bitcoin, it’s a bunch of special needs basement dwellers posting memes

Edited: 6/30/19 11:06 PM
12/12/04
Posts: 8845
Wiggy - Whipcrack, can you recommend a good resource to learn about BTC, investing / making $$$ with it, crypto, etc in general?

 

AGAIN............Nothing I say is to be taken as financial advice in any fashion. I am not a professional in this regard.

 

 

 

Learning in general:

Aside from the nerdery of how blockchain technology works...... any book I recommend would be outdated by the time it is printed and shipped to you.  Years ago I went down the rabbit hole of how blockchains work and now realize it's just not necessary (and I've forgotton a great deal.)  I remember peoples eyes glazing over when I'd start to excitedly speak about the tech to whomever would listen to me blab about it.  A basic understaning is just fine. Youtube is your friend in this regard (not in investing......for the most part.)

For beginners I usually recommend watching:

Stefan Molyneux's: "The True value of Bitcoin: What you really need to know."

Jeffery Tucker's: "Lets talk about Bitcoin" from the Australian bitcoin conference years back.

The Joe Rogan Podcasts with Andreas Antonopolis....in order.

Trace Mayer's "bitcoin Knowledge" podcast is also pretty good.

Those will give you a good start without being overwhelming.

There's a lot of good info out there............and much more bad.  Be careful.

 

 

Sign up for a number of exchanges and learn how to use them.  Not ONE........multiple.  When the market heats up some stop taking on new customers due to overwhelming volume and you'll be sidelined from potentially parabolic returns. This is an awful place to be...........I remember reading the panic and frustration from those in this position in 2017.

Not to mention not all projects are listed on US exchanges.

-coinbase, binance, kraken, gemini, bittrex, and Poloniex at a bare minimum.  this will take time.  It's not wild west anymore, sadly.........you will have to go through KYC, AML bullshit. Start this very soon. Even before you're ready to buy.

Binance (the largest exchange by volume) recently stopped taking US customers..........but they don't KYC until your volume is over 2 btc per day.  with the right technology (i hear) your ip address can be anywhere in the world you desire.

Learn about how to keep your crypto safe.  Buy a Trezor (or ledger nano S......I prefer Trezor)...........if you don't hold your private keys..........you don't own your crypto.  Never, ever leave it on an exchange unless youre actively trading that day.

 

Investing:  This is not advice.

That is a whole 'nuther issue.  You'll hear the term "hodl" which means "hold" projects long term..........it's from a misspelled reddit post years ago.

Hodling has made people very rich in some instances.  It also takes the daily drama out of VERY volatile crypto markets.  I'm talking gut wrenching swings (that you will get used to ........if you only invest what you can afford to lose.)

In crypto you have the chance to be a venture capitalist without the 2 million in liquid assets (or whatever it is)............

You want to buy projects at presale (if they have a bonus) or just after the ICO/TGE when the price usually plummets (excitement dies down.)

You want to buy projects when they are new, and hard to get (on decentralized exchanges like Etherdelta/Forkdelta, and IDEX), and few people know about them.  There are entire websites dedicated to new ICO's to get you started.

Read the whitepapers.  research the team.........and I mean google every name and read about them.  Look up criminal histories (right PPT people?).  Google their office address to see if it's a real place.  Due diligence is the name of the game.  This is your money.........there are lots of shit projects, and scams out there STILL.  Even after this last bear market.

This may sound funny but.........does the token actually do something?  Is it absolutely needed for the projects success.  So saaaay..........your token is for an invoice factoring company. Is the token absolutely needed to purchase these invoices or can fiat be used instead?  There needs to be .........well, a NEED for the token.  Thoroughly reading the whitepaper should help to answer this.    Oh!.......is there a market for the token and project?  How big is the market?  Does the project solve a problem in that market?  The Invoice factoring/financing market is approx. 3 trillion dollars per year..............yet a number of crypto projects have really fucked up their approach to taking a piece of this very large pie.  (I said "market" too many times in that last paragraph.)

Join slack channels if the team lets you do so..........lets you see what the team is discussing/insider info.  Join any and all social media for the projects. There are links to these on coinmarketcap when you search a particular token.

In particular ......join the projects telegram channels and off shoots of those channels (sometimes the main channel won't let you discuss things like price or other projects similar to the channel you're on.)

 

there's more.......but my man fingers are tired of typing.  If people (or you) want more of my thoughts on this issue I can continue later.  Just let me know.

 

 

 

 

 

 

 

 

 

 

 

6/30/19 10:42 PM
1/1/01
Posts: 31207
Erik Apple - 
WHIPCRACK -

BTW .............none of my words here are financial advice.  Nothing I say on this forum is financial advice. 

 

That being said.  I think that if you just buy btc and forget about it for a few years.......you and your family will be very glad you did.

Honestly at this point. I believe BTC is unstoppable


The notion of finite decentralized currency was really incredible to me as soon as I discovered Bitcoin via Max Keiser. Really captured my imagination though without the technical understanding I never got why bitcoin would stay more powerful than newer or better marketed or endorsed crypto.

Even a couple years ago some people said bitcoin was a dinosaur and crypto A, B and C would crush it.

Still it stands. #1 all these years later.
6/30/19 10:43 PM
1/1/01
Posts: 31208
Great post WHIPCRACK. Thanks for making the thread worth something.