Originally Posted by SithCeNtZ:
...If I gave you all the crypto in the world right now, you couldn't do anything with it except for try and sell it to others. ...
Originally Posted by SithCeNtZ:
I mean Bitcoin and crypto in general have no real value. If I gave you all the crypto in the world right now, you couldn't do anything with it except for try and sell it to others.
Or you could buy goods and services with it. [Reply]
Originally Posted by BWillie:
I don't understand how people can even beat the short term capital gains tax rate when they trade crypto vs holding it but 99% of ppl are smarter than me. That tax is nasty.
You only pay tax on your gains, not the total of the trade. [Reply]
Originally Posted by JohnnyHammersticks:
You can literally buy houses with crypto.
Let's walk through this example: you have every Bitcoin ever created. You then attempt to go buy a house with it. What would happen? Well banks aren't going to mess with that, so that's out. You would be going to the seller and saying "I'm going to give you some imaginary currency that is backed by nothing. There is no tangible asset. It's just some lines of code that will appear in a digital wallet BUT other people might want it too so it's a gamble if it will go up or down from whatever price we agree to". Essentially you could do this right now if you wanted to. Just start your own coin, just like the hundreds that exist, and walk up to a seller and say "please buy chiefs planet coin, it's worth a ton of money". And they can agree to that if they think they can then go sell chiefs planet coin to whoever else will buy it.
That's all this is. The only difference between chiefs planet coin and Bitcoin is what you or anyone else wants to pay for it. Just like the hundreds of other meme coins that exist. It's very interesting looking at articles because another poster said I could exchange it for goods and services, but that's really not what's happening in most cases. For one, of all the articles I found, the highest percentage of crypto I could find that is actually spent on goods and services is 1%. This isn't surprising because no one is really buying it as a currency, they are buying it to sell it later. The second bigger thing is that people see "Starbucks accepts Bitcoin so it's legitimate!". I can buy Starbucks all day! But Starbucks and the vast amount of companies who accept it aren't actually collecting Bitcoin or anything else. It is going through a third party app that is exchanging crypto for real cash and Starbucks takes the cash. Therefore you aren't really trading Bitcoin for goods and services, you are trading Bitcoin to a third party vendor who will agree to take the risk that the Bitcoin can be sold for higher eventually in exchange for real money. There's a reason Tesla was taking payments with actual Bitcoin and then stopped immediately. So again, the system is predicated on always having people interested and investing more money. If that ever falters then the system will collapse and Bitcoin will be worth as much as your chiefs planet coin. [Reply]
Originally Posted by SithCeNtZ:
Let's walk through this example: you have every Bitcoin ever created. You then attempt to go buy a house with it. What would happen? Well banks aren't going to mess with that, so that's out. You would be going to the seller and saying "I'm going to give you some imaginary currency that is backed by nothing. There is no tangible asset. It's just some lines of code that will appear in a digital wallet BUT other people might want it too so it's a gamble if it will go up or down from whatever price we agree to". Essentially you could do this right now if you wanted to. Just start your own coin, just like the hundreds that exist, and walk up to a seller and say "please buy chiefs planet coin, it's worth a ton of money". And they can agree to that if they think they can then go sell chiefs planet coin to whoever else will buy it.
That's all this is. The only difference between chiefs planet coin and Bitcoin is what you or anyone else wants to pay for it. Just like the hundreds of other meme coins that exist. It's very interesting looking at articles because another poster said I could exchange it for goods and services, but that's really not what's happening in most cases. For one, of all the articles I found, the highest percentage of crypto I could find that is actually spent on goods and services is 1%. This isn't surprising because no one is really buying it as a currency, they are buying it to sell it later. The second bigger thing is that people see "Starbucks accepts Bitcoin so it's legitimate!". I can buy Starbucks all day! But Starbucks and the vast amount of companies who accept it aren't actually collecting Bitcoin or anything else. It is going through a third party app that is exchanging crypto for real cash and Starbucks takes the cash. Therefore you aren't really trading Bitcoin for goods and services, you are trading Bitcoin to a third party vendor who will agree to take the risk that the Bitcoin can be sold for higher eventually in exchange for real money. There's a reason Tesla was taking payments with actual Bitcoin and then stopped immediately. So again, the system is predicated on always having people interested and investing more money. If that ever falters then the system will collapse and Bitcoin will be worth as much as your chiefs planet coin.
You have a view of crypto from 10 years ago. A lot of banks are dealing with crypto now.
Let's take this your way though. What's the difference if you had 1 million in Tesla shares to sell vs 1 million in Bitcoin to sell? Sell it in the market like you do a stock and use the money.
I'm not saying I'd ever have all my money in Crypto but I'd also not have it all in one stock. What would happen if everyone pulled all of their money out of any stock? The same thing that would happen with Crypto, it would crash. Everything, including crypto, stocks, a car, or a house, is only as valuable as people think it is. [Reply]
Originally Posted by SithCeNtZ:
Let's walk through this example: you have every Bitcoin ever created. You then attempt to go buy a house with it. What would happen? Well banks aren't going to mess with that, so that's out. You would be going to the seller and saying "I'm going to give you some imaginary currency that is backed by nothing. There is no tangible asset. It's just some lines of code that will appear in a digital wallet BUT other people might want it too so it's a gamble if it will go up or down from whatever price we agree to". Essentially you could do this right now if you wanted to. Just start your own coin, just like the hundreds that exist, and walk up to a seller and say "please buy chiefs planet coin, it's worth a ton of money". And they can agree to that if they think they can then go sell chiefs planet coin to whoever else will buy it.
That's all this is. The only difference between chiefs planet coin and Bitcoin is what you or anyone else wants to pay for it. Just like the hundreds of other meme coins that exist. It's very interesting looking at articles because another poster said I could exchange it for goods and services, but that's really not what's happening in most cases. For one, of all the articles I found, the highest percentage of crypto I could find that is actually spent on goods and services is 1%. This isn't surprising because no one is really buying it as a currency, they are buying it to sell it later. The second bigger thing is that people see "Starbucks accepts Bitcoin so it's legitimate!". I can buy Starbucks all day! But Starbucks and the vast amount of companies who accept it aren't actually collecting Bitcoin or anything else. It is going through a third party app that is exchanging crypto for real cash and Starbucks takes the cash. Therefore you aren't really trading Bitcoin for goods and services, you are trading Bitcoin to a third party vendor who will agree to take the risk that the Bitcoin can be sold for higher eventually in exchange for real money. There's a reason Tesla was taking payments with actual Bitcoin and then stopped immediately. So again, the system is predicated on always having people interested and investing more money. If that ever falters then the system will collapse and Bitcoin will be worth as much as your chiefs planet coin.
Let's walk through this example: you have every Bitcoin ever created. You then attempt to go buy a house with it. What would happen? Well banks aren't going to mess with that, so that's out. You would be going to the seller and saying "I'm going to give you some imaginary currency that is backed by nothing. There is no tangible asset. It's just some lines of code that will appear in a digital wallet BUT other people might want it too so it's a gamble if it will go up or down from whatever price we agree to". Essentially you could do this right now if you wanted to. Just start your own coin, just like the hundreds that exist, and walk up to a seller and say "please buy chiefs planet coin, it's worth a ton of money". And they can agree to that if they think they can then go sell chiefs planet coin to whoever else will buy it.
That's all this is. The only difference between chiefs planet coin and Bitcoin is what you or anyone else wants to pay for it. Just like the hundreds of other meme coins that exist. It's very interesting looking at articles because another poster said I could exchange it for goods and services, but that's really not what's happening in most cases. For one, of all the articles I found, the highest percentage of crypto I could find that is actually spent on goods and services is 1%. This isn't surprising because no one is really buying it as a currency, they are buying it to sell it later. The second bigger thing is that people see "Starbucks accepts Bitcoin so it's legitimate!". I can buy Starbucks all day! But Starbucks and the vast amount of companies who accept it aren't actually collecting Bitcoin or anything else. It is going through a third party app that is exchanging crypto for real cash and Starbucks takes the cash. Therefore you aren't really trading Bitcoin for goods and services, you are trading Bitcoin to a third party vendor who will agree to take the risk that the Bitcoin can be sold for higher eventually in exchange for real money. There's a reason Tesla was taking payments with actual Bitcoin and then stopped immediately. So again, the system is predicated on always having people interested and investing more money. If that ever falters then the system will collapse and Bitcoin will be worth as much as your chiefs planet coin.
Originally Posted by Imon Yourside:
Well I mean its at 31k, How long before it hits 50k?
No one knows, but just by looking at the chart the $28,800 level is the key area right now. As a trader I'd feel pretty comfortable buying here and setting a stop-loss just below $28,500. If that area cracks there's really no support until the $19,000 to $19,500 area. If that cracks, then the next support is around $12,500. [Reply]
Originally Posted by Imon Yourside:
When will Bitcoin spike back up? Any gurus wanna take a stab?
I'll give my perspective.
Yes, but not until it plummets to sub-$6k levels. Institutions haven't bought into BTC yet. My wife's uncle is an investment manager for a large institution. They haven't touched crypto and won't until regulations are in place. Do you think these institutions are going to be buying cryptos at $30k-$60k prices? No way. Regulations are going to be a catalyst that tanks the crypto market and allows these investors in at reasonable prices. Some cryptos will recover. Some will get regulated out of the market. Most will simply die.
Far as I'm concerned, the only crypto worth buying right now is XRP because it's the closest to being regulated. Once its case is settled, all the money that's being sucked out of the market now will flow into it. Just my own personal opinion. Do your own research. [Reply]
Originally Posted by JohnnyHammersticks:
No one knows, but just by looking at the chart the $28,800 level is the key area right now. As a trader I'd feel pretty comfortable buying here and setting a stop-loss just below $28,500. If that area cracks there's really no support until the $19,000 to $19,500 area. If that cracks, then the next support is around $12,500.
If we go under $28500, we're going to $6k this year. Saylor gets liquidated at $21,000. That's free money. There's tons of free money out there for the whales because too many idiots trade on margin in an unregulated market, and nobody is going to get rich that way - the whales are going to gobble it all up before they let us back up for air.
It's not what I want. I'd love for everybody to be rich off this stuff. I'm just saying part of what is guiding my investment strategy. [Reply]
Let me put it like this: if your investment strategy doesn't account for a cabalistic class that controls virtually every financial market, and for that matter world event, you're a lamb being led to the slaughter.
We're only seeing the beginning of what they have planned for stablecoins. This little "event" was just to prime Yellen for her talk. Wait until they rug Tether.
