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For what it's worth, I've had a soft spot in my heart for AA and similar groups for years now. I have seen the great help it brings to many (a minority, but no one keeps track), been there and done that.
And such groups don't mind some humor about them, no problem at all. Fact is, most members have a great sense of humor as well as gratitude because they are on a better path. They also have a surprising amount of human compassion, often much more than they had "before". They don't take taxpayer money either, commendable.
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When it comes to what we can do as individuals to protect ourselves and families from hyperinflation, or even regular ol' inflation, I think that The Pharmacist and BrewMaster offer solid advice.
IMO, it is not quite enough to say "Bitcoin solves that" (re hyperinflation). We do not know the future, there are risks to the Bitcoin Ecosystem (some of which we may not even know about: "Black Swans"), and it's just smart to be diversified somewhat.
My personal working scenario is that we will have some kind of deflationary event before high inflation. Debt is a killer in deflation. I have always avoided debt when possible, and advise the same to anyone who is not rich. If we hit a hyperinflation, debt *may be* good, if the debt is not indexed to gold or inflation (which has happened) -- keep in mind that banks are not stupid...
Avoid debt, HODL BTC, own physical gold (silver, platinum) in your own personal control, perhaps even own other types of hard assets (esp. farmland, perhaps nice art). But do not own TOO MUCH real estate as property is very easy to tax... Holding diversified hard assets (inc. BTC) is a great way to balance what you have in an uncertain future.
A profitable and resilient business is excellent too. Many businesses survived just fine in the German Hyperinflation I read somewhere (they can raise prices).
Yes, owning lead and lead-projection devices also counts for those OK with that.
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... Just for the record, I have no idea of what Bitcoin's price will be in any short-term time frame. In fact, as "FOA" would say (paraphrased): "If I say I can predict the price..., take your children and run away!" I am not a good "trader", I have proven that to my satisfaction many times over the years. Bitcoin is really the only exception (among my more speculative investments). In this run-up in 2021, for example, I have sold a bunch of small "schnitzels" for reasons (grandsons & my new rare earth oxides investment). But, of those sales, only five of them (out of about 22) were at a BTC price of $50,000 or higher, the lowest price (one small sale) was at $29,000. Hence (@ JJG), my practice of "Sell DCA-ing", as I have reliably shown that I do not have the ability to sell at the peak. So, considering my average cost-basis so far of around $6000 (FIFO accounting), that ain't bad. And, not counting selling some in 2020 and way back in 2017. Bitcoin has been very good to this non-programmer...  When I luck out and BTC quadruples (let's say) in price, I take the gift by selling some. That has worked out well for me every year that I have SODL (Sell...) even if I did not get a "10-bagger" as if I had known in advance what BTC prices would do. It's also less risky what I have done even if a LAMBO is not in my future (do you all KNOW how much it costs to maintain cars like that ? ? ?). Yikes! * * * Longer term, it really looks like BTC price will go up significantly, that's very likely as more new buyers (current no-coiners of all sorts) enter, and sellers will not sell unless they have lots of incentive (higher prices than now). Taking profits along the way is a GOOD THING, especially as you get older. Younger and/or risk-tolerant investors can Buy and HODL for the 10 x gains, sure! And I still have skin in the game. As our friend from Toronto says: "Go Bitcoin, Go!" I'm on the team. (As I'm sure as well that llama-guy proudhon is as well) |
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Hello Long time lurker here (and on the previous WO threads). Just to tell you all that I am now debt free (see experience here in French). I know that I will regret selling in a few months but I think living free of debts is worth it And I still own enough coins to put some butter on the spinaches.Bienvenue! Although not located in France, there are plenty of BTC ATMs located in nearby Italy, Belgium and Spain: https://shitcoins.club/locationsLast time I looked (not today), many of these machines did not require ID or SMS messaging via cellphone for amounts up to 1000 Euro or so. |
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My sauces confirm bitcoin is going negative within days. Good luck everyone, it's been a great ride.  There’s a portion of Bitcoin’s chart that can be made to fit in there somewhere. Bitcoin’s daily chart from November 2017 to November 2019! Haha! That shall now be known as, the Llama Movement. Let’s salute everyone who HODLed, and bought the dips during those difficult, and stressful times. You haven't seen the full Llama Movement yet. Llama movements can be spectacular when they drop. |
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Yes, Trezor generates a Bip39 seed phrase. Any wallet compatible with Bip39 seeds can restore the wallet. If you're using Electrum there's an "Options" button where you enter your seed, that will give the ability to select Bip39, and an extension. If you've turned on the Bip39 passphrase option on your Trezor, you'll need to enter the passphrase in the extension field.
Have a merit, you answered a question I had without me even having to ask it. |
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My cell phone has a calculator *, and I have confirmed and proven that a temporary resistance at $6500 is likely. And then it resumes its permanent decline.
* Definitive further proof requires statistics functions not on my phone, so my calculations might be off a tad.
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I have not ever read that JJG is not a smart guy.
Yes, your assessment of my thinking is spot-on. "DCA" works for selling as well, and yet I am still over 1% of my net in BTC. Need some FIAT$ for helping get my grandsons best set-up. But, to the extent possible, I am HODLing as much as possible. Until the smoke clears, though, I cannot responsibly buy moar. That time may eventually come however.
Thanks in part to you, BobLBl and many of you others, I have done very well with BTC. "All gravy" at this point, not a life changer, but has worked out well. It's nice playing with The House's money. And to use some of that to fund two generations down.
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As the world watches Bitcoin and ALL other coins crash in 2021, which is now making 2018 look like child's play, well past the much written about support level of 44K which is "healthy" leading to a 100K coin by the end of the year, how many of you cryptocurrency evangelicals are ready to now admit that the entirety of cryptocurrency is one big pump and dump scam heralded by the exchanges and "social influencers" ?
Please see below thread proving and confirming BTC is going down hard. Facts are facts. Confidential sources in China and Russia make this definitive. It's just maths and science. https://bitcointalk.org/index.php?topic=5320738.0 |
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My original calculations were a little off and I did not expect fake news to push bitcoin's last bull run as high as ~$58k. The power of fake news is powerful. So there it is, the highest price bitcoin will ever see -- $58k. The next decade will be the story of the unwinding of bitcoin and all the chaos that will unfold as that process plays out. Congrats to anyone who sold at $58k, and good luck to the rest. I hope everyone is able to find an exit soon enough not to lose everything. Cheers, everyone. It's been a fun experiment, but this is the official, confirmed end.  It is well known that China and Russia are far ahead of the West in science and maths. That has been confirmed and proven many, many times. I have also heard from my own definitive sources in South Korea that BTC will rollover and hit below $6500 very soon. proudhon, perhaps you should start a thread confirming the death of BTC. Useful. Viva el Perú! Finally, another scientist and mathematician! I confirm you. Facts are facts. Please do not pass this around, but my South Korean contacts believe that it is the Norks that have been spreading the Fake News. They need BTC price in the $60k - $80k range. |
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Order @ $43.5k just got filled.
Well, I provided you 0.05 BTC of liquidity for ya... [Careful readers of JJG posts might note my "sell DCA"] BTC Amigos! See other nearby thread by proudhon for definitive and proof that BTC's days are numbered! It's been confirmed by China and Russia, and now I hear from my own South Korean contacts that they have demonstrated beyond doubt that $6500 *may* provide resistance. Or maybe not. "Abandon hope all ye who enter here" |
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My original calculations were a little off and I did not expect fake news to push bitcoin's last bull run as high as ~$58k. The power of fake news is powerful. So there it is, the highest price bitcoin will ever see -- $58k. The next decade will be the story of the unwinding of bitcoin and all the chaos that will unfold as that process plays out. Congrats to anyone who sold at $58k, and good luck to the rest. I hope everyone is able to find an exit soon enough not to lose everything. Cheers, everyone. It's been a fun experiment, but this is the official, confirmed end. It is well known that China and Russia are far ahead of the West in science and maths. That has been confirmed and proven many, many times. I have also heard from my own definitive sources in South Korea that BTC will rollover and hit below $6500 very soon. proudhon, perhaps you should start a thread confirming the death of BTC. Useful. Viva el Perú! |
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10,000 years from now when Bitcoin finally goes to zero due...
10,000 years! Ha! It's strongly proven with valid, rigorous proofs in math, science, economics, and behavioral psychology, that bitcoin will collapse this year. What we're watching now is nothing more than random, irrational exuberance. Just do the research! Shorting bitcoin here is the most amazing financial opportunity since Adam and Eve and by the end of the year there will be no doubt that I'm right when bitcoin is worth far, far, far less than it is now. 2022 we'll see the return to sub $1,000. Just sold some at 54k thanks for your advice!! and went back and sold some at 55K I just sold a tiny smidge myself. At $55k+, what else am I supposed to do? It's a gift, I'll take it.Keeping the bulk of my BTC for any further spikes... |
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10,000 years from now when Bitcoin finally goes to zero due...
10,000 years! Ha! It's strongly proven with valid, rigorous proofs in math, science, economics, and behavioral psychology, that bitcoin will collapse this year. What we're watching now is nothing more than random, irrational exuberance. Just do the research! Shorting bitcoin here is the most amazing financial opportunity since Adam and Eve and by the end of the year there will be no doubt that I'm right when bitcoin is worth far, far, far less than it is now. 2022 we'll see the return to sub $1,000. A merit? Hell, yeah! BTC just crossed $55.1k |
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$50,000
At least for the moment. But, that may indicate momentum we lost this morning.
"We watch together, no?"
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I am not a "technical trader" (in fact, I try not to speculate at all, other than buying in pieces while low, selling when high). But there is a "Quadruple Top" threatening, albeit slightly increasing (1 month chart). A guy I know insists that technical trading is the way to go, I have my doubts, but he told me years ago that the "the cranky old timer down at the end of the hall" (at a brokerage) ALWAYS started out looking at "fundamentals" then gradually found himself transitioning to technical...
Well, some of the technical traders growl that "There is no such thing as a Quadruple Top". To me that would mean either:
1) BTC price FAILS (falls) from it's near $50k price, just before completing the formation
or
2) BTC smashes right through on its way up.
If there's anything to this notion to quadruple tops/quadruple bottoms, I suppose we will know soon.
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the combination of the best performing asset in the history of finance being also the by far most volatile asset in history is a heavy weight to lift. we are not specially trained, hardened professional traders with balls of steel. most of us are regular guys who would have never chosen becoming traders. with selling the entire stash being just a mouseclick away, hodling btc is like trading - you choose not to sell, every new moment, every new day, every new wave of FUD.
We had no choice but to grow balls of steel ourselves. when your life savings can literally evaporate overnight, getting up in the morning, checking the price would be hyper stressful for a someone not used to it. it became routine for us. but it takes time for those balls to harden. and sometimes, for example when reaching a certain threshold money figure like $100 000 or even 1mio, even seasoned btc hodlers can experience high stress levels again.
I definitely recommend taking a little profit and treating yourself now and again. Not too much cause it hurts when the price goes up and the toy you bought for $50 would have got you $500 or even $5000 (though this in itself is good training to hodl) but it's definitely nice to know that even if everything went to 0, you'd still be ahead. Another thing is to make a plan and stick to it and remember that you can't predict the future, only make the most of probabilities. Also, you can't take it with you. Just take your initial investment back as that relieves any stress. Nothing beats Playing with House Money.  I agree with this. Hodl until you can take out your initial investment and still have plenty left over, and then liquidate it into some other deflationary asset like a house, land, a business, PMs, etc. And pay off any debts you owe. That way no matter where Bitcoin goes from there, you can always say, "Well at least I have [X/Y/Z] to show for it."
(But for the love of god don't buy an expensive car with it, that's just stupid)And THAT little sub-thread holds such wisdom. Those of us who got in early enough (lucky in my case) can sell enough BTC to get their grubstake back, and enjoy the ride from then on. That is what I have done, although I have done a little bit of extra trimming along the way of this run to buy some other good assets. Balance. Diversification. Similar to Dollar Cost Averaging, but on the way up. It's been nice to sell tiny pieces of my stake for real money. But, the great bulk from here on out is HODL. EDIT: And it has been Gemini (especially) and BitPay that gave me the confidence to HODL as well as sleep well at night. I am lucky indeed to have found W.O. |
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Yow!
BTC was down over $2000 in less than 30 minutes (at least at bitbo.io), but just jumped back up some 25% of the cliff from $48,000.
I wonder what's up?
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blockchain.info's wallet allows (or used to) one to access funds on the above, but it has been a long time since I did that, and I do not know if more modern versions still allow that.
You can still do that in " Settings Icon->Wallets & Addresses", below the page, there's an " Import Bitcoin Addresses" button, you can paste a compressed private key instead if you want it to be spendable. You have the option to " Transfer funds to an existing wallet" ( sweep) it to your existing wallet or not, if not " swept" you'll have an option to select that wallet in the 'send' page. But there's a limitation: you can only import legacy addresses, not SegWit or P2SH. The consensus here is to keep away from an online wallets anyways, but it's up to you.. That's good information, thank you. An online wallet is useful if you do not want to carry around a hardware one. The paper wallet / card / OpenDime offer certain special advantages in my case. Having the option of getting BTC out when, for example, overseas, can be useful in my situation. Also good info on only being able to import legacy addresses. Thanks again. |
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