That Bitconnect thing gets weirder and weirder :S
I understand it's kind of a Ponzi scheme, right ? Too right! |
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This is the first major attack on Bitcoin. In a few days/weeks we will know the outcome. If the legacy chain wins, it will come out stronger than ever. If we end up in a mess, the entire crypto space will be negatively affected. Common people and investors will be scared away, even more than they already are by Bitcoin's less-than-friendly methods. Bitcoin hasn't even matured yet, and it's being attacked by powerful entities filled with ego and greed. It's sad. We have something that's revolutionized the monetary system. This is only the beginning, and we want to kill it before it even matures. I guess it's human nature...
It's all fun and exciting, with Choo-Choos and memes, but the hard reality deeply saddens me. I do hope that some stability will be achieved soon, and that Bitcoin will survive the attack, unscathed and stronger than ever.
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W T F is that guys? Out of all the videos, only the first one was bearable (this one: https://youtu.be/hXRhIXp4idM), thanks to the pretty girls... How is it possible that people fall for this sh*t? Damn! people. are. stupid. you can NEVER overestimate the levels of stupid that exist. never. That Bitconnect thing gets weirder and weirder :S https://www.youtube.com/watch?v=3LQzRm9Xt9oIt looks almost like a cult thing... |
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W T F is that guys? Out of all the videos, only the first one was bearable (this one: https://youtu.be/hXRhIXp4idM), thanks to the pretty girls... How is it possible that people fall for this sh*t? Damn!
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Maybe it's time for some BTC shopping... Part of me wants it to drop more, so I can get a couple of cheap(er) coins. But the thing is holding!
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So, I have talked a little bit more with Coinomi about the upcoming fork to clear things up.
Here's what I have so far.
They will support both chains after the fork.
Bitcoin will still be called bitcoin and still be on the legacy chain.
They will implement replay protection for SW2X on their wallets.
You will be able to claim your SW2x coins.
Sounds good to me, I will keep my coins there during the fork.
Just be extra careful if you have a lot of coins. Mine are in a TREZOR and I dare not touch them. I had to change my old recovery seed to a fresh one because of the BCH hard fork, during which my coins always stayed in the TREZOR and the seeds kept offline. I use Coinomi and it's a nice wallet, but I'm not sure I want to transfer all my stash there. I think I'll wait for a solution by the TREZOR team. |
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Are we Choo-Choo'ing right now?
think it was just one big buy (~700) on bitfinex now back in the station Looks like there won't be any Choo-Choo'ing today...  |
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tyvm. duck is gone. but not forgotten  Oh that poor thing... You cruel man you... |
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Less than 110 € left for a nice CCMF ATH...
Go BTC go!
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Are we Choo-Choo'ing right now?
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When I finally spend some of my hard-earned Bitcoin, I plan on buying land and and new implanted teeth and paying off what the taxman thinks I owe them. That would total more than what I spent to acquire all my coins. Then my entire stash would be gravy. That might be as early as January.
I've already arranged to buy the land with Bitcoin. I'm hoping the dental tourism clinic will accept Bitcoin as well. That just leaves the Canada Revenue Agency to be paid in dollars, so I guess I'll have to buy enough to pay them.
Sounds like a good plan, and I hope it all goes well for you. I really admire you guys, for being early adopters and seeing what the rest of us couldn't. The time has now come to enjoy the rewards of that foresight. Now for you, hopefully soon for the rest of us... |
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Well I successfully did that. But had I left my original investment in it would have nearly doubled in fiat value again. C'est la vie.
If it's any consolation, I'm going to be liquidating $2M worth of BTC middle of 2018 and retiring early. I'm already kicking myself because I know in another 10 years, that $2M i'm going to sell will be incalculably more valuable. Why buy that much fiat all at once? Why not just buy as much as you need as you go along. I'd rather be retired with as much Bitcoin as possible growing in cold storage far more than a bunch of crumbling dollars in some bank account. If you need to buy a new car, or some real estate, or simply some cash to party with, by all means spend some coins as need be. Otherwise it makes more sense to just continue holding. What if Bitcoin implodes and goes down to zero? What then? I think his approach is smarter, as he is guaranteed to enjoy the rest of his life with his $2m, even if Bitcoin disappears. And he is still left with more than 600 BTC for the future. What if the dollar implodes and goes down to zero? It's probably as likely as Bitcoin imploding and going to zero, although both are extremely unlikely. I can see hedging your bet by spending some coins on appreciating assets like businesses, land, or other means of production. Fiat currency doesn't appreciate. It's a depreciating asset. I do hope you're right about Bitcoin going to zero being extremely unlikely. If Bitcoin's value keeps increasing, then it's obvious that your strategy makes the most sense and guarantees maximum profitability, and also low to zero taxation for those of us with modest needs, as the conversion to fiat can be kept to a minimum and only when needed. Also, converting large amounts of BTC to fiat has its own problems. Do we trust the banks to hold our fiat? What if there's a bail-in, as it has already happened in Cyprus? Then there's the depreciation of fiat due to inflation. All these are valid reasons not to liquidate, and follow your strategy, provided Bitcoin keeps rising (or, at least, not dropping) in value. I hope Bitcoin has a bright future, but no one can know for sure, hence my conservative reply to BobLawblaw's post. |
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Well I successfully did that. But had I left my original investment in it would have nearly doubled in fiat value again. C'est la vie.
If it's any consolation, I'm going to be liquidating $2M worth of BTC middle of 2018 and retiring early. I'm already kicking myself because I know in another 10 years, that $2M i'm going to sell will be incalculably more valuable. Why buy that much fiat all at once? Why not just buy as much as you need as you go along. I'd rather be retired with as much Bitcoin as possible growing in cold storage far more than a bunch of crumbling dollars in some bank account. If you need to buy a new car, or some real estate, or simply some cash to party with, by all means spend some coins as need be. Otherwise it makes more sense to just continue holding. What if Bitcoin implodes and goes down to zero? What then? I think his approach is smarter, as he is guaranteed to enjoy the rest of his life with his $2m, even if Bitcoin disappears. And he is still left with more than 600 BTC for the future. |
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Well I successfully did that. But had I left my original investment in it would have nearly doubled in fiat value again. C'est la vie.
If it's any consolation, I'm going to be liquidating $2M worth of BTC middle of 2018 and retiring early. I'm already kicking myself because I know in another 10 years, that $2M i'm going to sell will be incalculably more valuable. Then I put things into perspective and think "Well, the rest of the ~70% of my Bitcoin stash should appreciate nicely over time..." In theory. My partner is going to continue working for another couple years before joining me in early retirement. Gonna be their sexy pool boy and french maid for a couple years in the meantime... I did a quick calculation, using current prices, about how many BTC you have, and came up with a whopping 889 BTC!Really good for you, I'm jealous, as I'm nowhere near that amount. If I had that much I'd definitely do the same. As mentioned, we only live once, so we'd better make the most of it. |
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I don't buy a lot of things on Amazon but whenever I go to my purse.io to buy something I have just about the same dollar balance that I had the last time I bought something.
I like this magic Internet money.
That's nice to hear, although you won't feel so good when you calculate how much the BTC you've spent buying Amazon stuff are now worth... As an example, I bought my TREZOR at the end of 2016, at a price of 0.1361 BTC, which is now a whopping $1000. This has got to be one of the most expensive TREZORs ever owned. In a way, this is Laszlo's pizza story, in a much, much smaller scale. Moral of the story: HoDL!Spending bitcoins just makes it so that converting my salary to bitcoins is no big deal. If I were buying something on Amazon with fiat, I could have just as easily bought bitcoins with that fiat. But by spending bitcoins I get a 15% discount. Plus all of that time between getting paid and spending my bitcoins my currency has gained value instead of lost value. Of course that's true, I'm not saying you shouldn't do it. After all, it's good to use BTC in everyday life. All I'm saying is that calculating the current value of the BTC we've spent on things may leave a bittersweet taste in our mouths... |
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I don't buy a lot of things on Amazon but whenever I go to my purse.io to buy something I have just about the same dollar balance that I had the last time I bought something.
I like this magic Internet money.
That's nice to hear, although you won't feel so good when you calculate how much the BTC you've spent buying Amazon stuff are now worth... As an example, I bought my TREZOR at the end of 2016, at a price of 0.1361 BTC, which is now a whopping $1000. This has got to be one of the most expensive TREZORs ever owned. In a way, this is Laszlo's pizza story, in a much, much smaller scale. Moral of the story: HoDL! |
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BTC is going to correct to sub 1000 in the next 2 years. Mark my words.
How is that helpful? There are numerous such posts dating back to 2015, none of which came true. Not to mention various ducks and cockroaches preaching about the imminent Armageddon... Personally, the money I've invested in Bitcoin is money I can afford to lose (in fact, I consider them already lost), so whatever happens, let it come. For the time being I'm HoDLing. Trading is not for me. Too much stomach-ache... I'm with him. I think we will fall deep at least once more. This Bullrun is pure epicness. But i don't really believe that 7000$ is the new floor which can hold for months of sideways. At some point we will not rise anymore. Bitcoin (and crypto) will become "boring" again. And then we will slowly deflate. If we really hit sub 1000$ nobody knows. But for every rise there is a fall.  // Btw: in 2015 the price was actually sub $1000, going down to $150 in january. From 2015 onwards we never had a big dip. But anyways... Earlier than that there was the MtGox fiasco. About "for every rise there is a fall", well, that was Newton. With Bitcoin we are now past Einstein and there are new laws at play. In Bitcoin mathematics, there are only the (+) and (*) operators and no negative numbers. LOL! Only kidding, of course, I know there may be a dip coming, but I'd like to hope it won't be so massive as sub-$1000. |
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such as finding suitable memes for each ATH report...
universal : [Memes snipped] That's excellent! Should cover about a day's worth of ATHs... |
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Too many ATHs indeed... Actually there's an ATH every few seconds. Not worth reporting -- too frequent! Will only report the nice & round numbers.
ATHs ain't easy. There are some important, difficult issues to address, such as finding suitable memes for each ATH report...
Next stop: 6600 €.
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