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2741  Economy / Trading Discussion / Re: Does it still make sense to dollar cost average when the market is crazy bull? on: April 17, 2021, 05:49:47 PM
The point of investing is to buy low and sell high. The prices are low in the bear market and high in the bull market. If you don't have any Bitcoin in bull market, you should only try short-term investment with hopes of selling close to the peak of the bubble. If you already have Bitcoin, then it makes more sense to continuously sell it in the bull market after it crossed some price level that you can confidently say will be the bottom of next bear market.

You could still dollar cost average if you don't plan to sell in the next 4 years, but it won't be the most profitable strategy.
2742  Bitcoin / Bitcoin Discussion / Re: "Cryptocurrency" - A failure of language usage. on: April 17, 2021, 05:44:57 PM
A lot of altcoins are striving to have non-monetary usage, like being a smart-contract platform, hosting files, managing domain names and so on - I think such projects shouldn't call themselves "currency", because you don't want your money to be mixed with some experimental use-cases and features - money should be focused on security, transaction speeds, retention of value.
2743  Bitcoin / Bitcoin Discussion / Re: /r/Wallstreetbets allowed discussing Bitcoin on: April 16, 2021, 08:52:30 AM
And it's gone

Wallstreetbets reinstated their ban on crypto discussions because of some small article published on Bloomberg with the title "WallStreetBets Bows to Crypto Wave".

I'm just amazed at the childishness and pettiness of /r/WSB's mod team, but it's totally in the spirit of subreddit to make quick emotional decisions.

My favorite comment is:

Quote
Can't wait for the "WallStreetBets Bows to Shitty Bloomberg Articles" article
2744  Bitcoin / Bitcoin Discussion / Re: Why doesn't bitcoin go up higher percentages like altcoins? on: April 16, 2021, 08:44:08 AM
1. Altcoins have much lower market volumes and market depth than Bitcoin, you need much less money to move their markets.

2. Altcoins are overhyped, lot's of investors are ready to throw their money at them hoping for very quick gains, which creates bubbles.

3. Bitcoin used to be much more volatile in the early days, but it's not a sign that alts like DOGE are going to mature into Bitcoin's real competitors or even replacements. Their growth is just a bubble with no fundamentals behind them, while Bitcoin has solid reasons to grow - it's a secure payment system with 12 years of history and used by millions. No altcoin can claim the same.
2745  Economy / Exchanges / Re: Coinbase secures eSports partnerships on: April 15, 2021, 03:30:15 PM
Esports fans are generally young nerdy(-ish) guys, which is coincidentally can be said about crypto enthusiasts, so it's a pretty smart decision from Coinbase to advertise themselves in this field.

Let's just hope that their new customers will learn about "not your keys - not your coins" and will use Coinbase only for buying and selling BTC, and never for long-term storage.
2746  Bitcoin / Bitcoin Discussion / Re: /r/Wallstreetbets allowed discussing Bitcoin on: April 15, 2021, 08:44:15 AM
I was amazed by how succesfull their pumps where. I even created this topic in which i stated that they will be one of fasctors that will trigger new alt seazon:
https://bitcointalk.org/index.php?topic=5313203.msg56221725#msg56221725

But after that i saw how terribly they organize XRP pump. It was so damn stupid to do it in a way they did it when everyone was looking at them:


I doubt that they have organized any crypto pumps, some twitter account that isn't even an "official" WSB account has mentioned DOGE at some point, which triggered its price growth. How could WSB organize crypto pump if all crypto posts were banned, and are still mostly banned? I'm sure it was just regular crypto traders catching the winds of WSB hype. Small marketcap coins very easily react to any sort of big news, like Elon Musk's tweets.
2747  Bitcoin / Bitcoin Discussion / /r/Wallstreetbets allowed discussing Bitcoin, then banned it again on: April 15, 2021, 04:43:33 AM
The announcement

Wallstreetbets is a subreddit with 9.8 million users who discuss trading stocks and making huge profits on risky trades. For years the moderators prohibited discussing crypto, as well as other things that would distract from the main subject of the subreddit, but now they have decided to allow discussing BTC, ETH and DOGE in special daily thread.

I think this is nice news, now more retail investors will be exposed to Bitcoin discussions, and some of them will get interested, even if they ignored Bitcoin before. It's also good that they didn't allow discussing too many shitcoins that would take away attention of potential investors.
2748  Bitcoin / Bitcoin Discussion / Re: Saving asset in bitcoin is much more better than saving in banks on: April 13, 2021, 05:16:25 PM
The difference is that banks almost guarantees the profits that they are promising, while with Bitcoin no one guarantees anything, you can earn a lot or lose a lot. Also banks serve another vital function - they lend money to people. Because of this, banks will always exist.

If you imagine all people in the world abandoning their saving accounts for Bitcoin, it would create an enormous bubble, and the early buyers would profit from it greatly, while the late buyers would lose everything, as Bitcoin would correct by 95% or more. This is just a thought experiment, because nothing like this is going to happen, but still.
2749  Other / Beginners & Help / Re: My battle with the forum on: April 13, 2021, 09:13:59 AM
I've tried making a few posts before hand and a few got missing or deleted, I don't know. As much as it discouraged me, it also pointed out the fact that, the forum is highlymoderated and I ain't getting something right and I want to get it right.


You don't need to make posts to learn from this forum, the most basic questions have been asked hundreds of times, so the first thing you need to do is to learn how to use the search function. You should post when you feel like you're contributing to the discussion, not just to increase your post count. Because of the merit system, chasing activity is pointless if you're not going to earn even a single merit.
2750  Bitcoin / Bitcoin Discussion / Re: "Simpsons new prediction" on: April 13, 2021, 07:44:50 AM
They have shown Bitcoin with infinity sign which means the value of Bitcoin will cross all the benchmark in future.If we take into consideration the average time of 15.6 years then this price level could be achieved by 2036 which seems to be realistic somewhere.The prices are above $60k in Q1 of 2021 with many institutions investing and accepting Bitcoin.If the same pace continue then we could see this turning into reality.

What are you thoughts about this new "Simpsons" prediction?


You really shouldn't make investment decisions based on jokes from a comedic cartoon. The belief that the Simpsons are predicting the future is nothing more than a modern superstition. They have 30+ seasons, so of course some of their jokes about society turn into a reality, this is all just a coincidence.

2751  Other / Beginners & Help / Re: Bitcoiners Show Me Your Scars!! on: April 12, 2021, 12:04:13 PM
Fortunately for me, I have very little scars to show. I lost only 0.015 BTC in total - 0.005 BTC to an exchange exit scam, and 0.01 to an ICO scam, which was my first and last ICO investment. Both these things were a valuable personal lessons that helped me avoid such mistakes in the future, though I generally prefer to learn from mistakes of others - so far I never been hacked, thanks to reading so many hacking incident reports and topics about security on this forum.
2752  Economy / Economics / Re: The Winklevoss twins worth $3bn Each for buying Bitcoin @ $8 with confidence on: April 12, 2021, 11:57:11 AM
This is a very perfect example of how buying and hodling bitcoin can make one rich. I came across a thread on this forum recently where the OPs argument was that bitcoin was not made to make one rich. While he may be right, I strongly believe that those who got rich by it didn't do anything wrong.

Assuming they still hodl their BTC @ $8, that's a 7,500 times increase in price. If you bought BTC today, it would need to go to 450 million to match the performance seen by Winklevoss twins.

I think it's safe to predict that in the future, Bitcoin bull runs will be smaller in their magnitude, so it's no longer possible to become rich by investing small sum in Bitcoin for a decade.
2753  Bitcoin / Bitcoin Discussion / Re: “Bitcoin is the laughing stock of our firm” on: April 12, 2021, 11:49:23 AM
How high must Bitcoin’s price go before they accept it as a self-sovereign Store of Value, HODLed as a hedge in case the Fed/Central Bank, and the government loses control of the financial system?

Bitcoin going higher actually doesn't change the perspective of nocoiners, it might even make them double down on their belief that Bitcoin is a bubble. The only thing that can change their minds if more adoption from institutions that they respect - notable investors, economists, governments, their favorite financial guru, etc.
2754  Bitcoin / Bitcoin Discussion / Re: Bitcoin is private and decentralized, ok but what if someone dies? on: April 12, 2021, 11:41:37 AM
There's no way to implement inheritance on a protocol level, just like any other features that would require human decisions, like chargebacks, freezing illegal funds and so on. It's just like strong encryption - if you don't have the key, there's no way around it. A person could have some digital possesions, like family photos or unpublished works, but if they have encrypted them, their family won't be able to inherit it too.
2755  Economy / Economics / Re: Why the Market is Thinking About Bitcoin Differently on: April 11, 2021, 01:10:02 PM
Isn't this because bitcoiners from 10 years ago were more focused on using BTC as a currency spent on pizza and other stuffs rather than an investment asset? It was done to distribute the coin and increase market adoption.

Bitcoin was even more volatile back in the day, and its future was quite uncertain - the governments could have stopped it in its infancy by banning exchanges and mining, there was zero institutional interest, almost every financial commentator was skeptical on Bitcoin. It's no surprise that retail investors choose to dump it when they got their 1000% profits instead of believing in long term. Especially after witnessing 80% crashes that looked like the end of Bitcoin.
2756  Alternate cryptocurrencies / Altcoin Discussion / Re: How Cardano aiming to solve problems that Ethereum cant' solve? on: April 11, 2021, 12:53:07 PM
I don't believe that you can even hire developers to make a competitive cutting-edge technology like crypto, all the talent is already working on their project like BTC or ETH. You can only hope that Cardano's or any other "Ethereum killer"'s vision is simply better than Ethereum in the long run, because it's all uncharted territory, but common sense says that it's unlikely - Ethereum's developers have more experience, and it has larger community of developers.
2757  Other / Beginners & Help / Re: Do any exchanges/other TRUSTED online resources accept wallet.dat file-uploads? on: April 11, 2021, 12:16:30 PM
Advanced crypto users specifically avoid anything online when they deal with their private keys, they even handle them in environment fully isolated from the Internet, but you want to do the opposite and just give your wallet to some website because it's "trusted". I never heard about any site accepting private key or wallet as a form of deposit, but there are some services that would take your empty Bitcoin wallet and claim all the forks for a 5-10% fee, but I don't know how trusted are they.

You should get an old PC or laptop, wipe it, remove hard drive, disconnect from the Internet, boot a live Linux OS, then try to open your wallet.dat in this environment, check the addresses that you get on online machine, and if everything is good, sign a transaction that moves your coins to a new wallet, created in this same isolated environment.
2758  Bitcoin / Bitcoin Discussion / Re: Fidelity, Coinbase and Square establish a crypto council this month on: April 11, 2021, 11:42:48 AM
But they can control how people use Bitcoin, such as KYC-mandatory exchange and custodial wallet. They might discourage people from using open-source/non-custodial wallet and decentralized/P2P exchange.

They can't literally control Bitcoin users, they can influence the decisions of people who use their platforms by creating certain rules, like not accepting deposits from casinos. The companies didn't establish KYC because it's beneficial to them, they did it to comply with the government's demands, so I don't see why would they lobby for more KYC, it would just create more work for them.

2759  Economy / Economics / Re: The One World Currency: Is it Bitcoin? on: April 10, 2021, 01:50:44 PM
"One World Currency" sounds a lot like some sort of conspiracy theory or doomsday scenario. I believe that there will never be such thing as single global government and single global currency, at least not in the next 1000 years.

Bitcoin being global by nature does not automatically make it the future single world currency, a lot of things need to happen for that - the collapse of major governments, full solution to Bitcoin's scalability, lack of competition from centralized systems like Visa that can just issue their own currency in such scenario.
2760  Economy / Speculation / Re: It's not the end, $60k again on: April 10, 2021, 10:49:01 AM
The volume is on the lowest lows since the start of this bull run, which might mean that a huge price action is coming, and with the momentum that we see now, it's likely the push towards $70k that will be coming in the next few days.

The week may be indeed interesting, since I think that the last downtrend was somewhat unnatural, based on how much bitcoin is leaving the exchanges.

Coin outflows isn't a perfect indicator though, and this range around $60k has been a big point of resistance for quite some time already, so it's not that strange that fluctuations happen around it.
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