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narcotics999 said:
what platform your guys use to trade bitcoins? I heard coinbase is expensive. robinhood better?
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I use Coinbase pro. Reasonable prices and simple interface.

Can transfer money from a bank account easily and quickly.

A colleague of mine uses gemini and seems happy with it.
 
HemeOncHopeful19 said:
I'm curious what you guys do to protect from another Mt Gox "oops we lost your coins, seeya" situation?
Click to expand...

Get a physical wallet/hardware wallet.

This way you keep your cryptocurrency.

People typically use a nano ledger or Trezor wallet.

I use a wallet from Trezor so some of my cryptocurrency is offline.

Easy to use. Not too expensive.
 
So when the music stops for crypto, will all that capital flight immediately seek yield creating hyperinflation or will much of it run to the "safety" of US treasuries, driving down yields (and possibly markets with it in the near term)?🤔
 
gasdoc77 said:
So when the music stops for crypto, will all that capital flight immediately seek yield creating hyperinflation or will much of it run to the "safety" of US treasuries, driving down yields (and possibly markets with it in the near term)?🤔
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Crypto only goes up.
 
RadOncDoc21 said:
My crypto didn’t get the memo! I was told to forget about it so I’m going to just let the money burn away.
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If you are worried about a 30% decline from all time highs stay away from crypto, or stocks for that matter. This is some of the lowest volatility periods in crypto history. If you invest no more than 5-10% of your portfolio in crypto you should be able to stomach the volatility easily, even a total loss. Everything (houses/stocks/crypto/art) is expensive because safe investments are basically locking in a loss (10 year yield on treasuries is real yield of -1%).
 
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<(^_^)> said:
If you are worried about a 30% decline from all time highs stay away from crypto, or stocks for that matter. This is some of the lowest volatility periods in crypto history. If you invest no more than 5-10% of your portfolio in crypto you should be able to stomach the volatility easily, even a total loss. Otherwise hey, I hear treasuries are offering -1% real yield on the 10 year.
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Oh I’m in… slowly starting to stomach the changes I’m seeing. I’m use to a 2-5% daily change but over the last week have seen anywhere from 10-15%. I know the stock market hasn’t been helpful either. It seems like I got into being aggressive at the wrong time.
 
<(^_^)> said:
If you are worried about a 30% decline from all time highs stay away from crypto, or stocks for that matter. This is some of the lowest volatility periods in crypto history. If you invest no more than 5-10% of your portfolio in crypto you should be able to stomach the volatility easily, even a total loss. Everything (houses/stocks/crypto/art) is expensive because safe investments are basically locking in a loss (10 year yield on treasuries is real yield of -1%).
Click to expand...
-1%??? Maybe as reported by the fed ex food, ex energy, ex housing, ex education, ex healthcare, ex labor, ex transportation, etc. Basically it includes smartphones (after adjusting for capabilities). They don't wanna have to pay those TIPS holders anything.
 
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www.cnbc.com

Chamath Palihapitiya is very worried about inflation and hedging in 3 ways

The Social Capital Founder likes hypergrowth companies, cash-generating businesses and a handful of assets, like bitcoin, that don't correlate to the former two.
www.cnbc.com www.cnbc.com

“I do worry that we’ve pumped an enormous amount of money in the ecosystem and it has to show itself. When we start to balkanize these supply chains and regionalize, because of China, prices are going to go up,” he added.

Palihapitiya told CNBC earlier this year that bitcoin could reach $200,000 one day. The digital currency currently sits around $41,000.

However, the former Facebook executive did not put a forecast on crypto on Wednesday.

“I don’t know where it goes,” said Palihapitiya. “I’m a huge intellectual bull. It could get very big. We all need to pay attention to it.”


 
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www.cnbc.com

DeFi bug accidentally gives $90 million to users, founder begs them to return it

About $90 million went out in error to users of Compound, a decentralized-finance staking protocol. The founder is begging users to return the tokens.
www.cnbc.com www.cnbc.com

KEY POINTS
  • About $90 million has mistakenly gone out to users of popular DeFi staking protocol Compound and the founder is begging users to voluntary return the tokens.
  • “Keep 10% as a white-hat. Otherwise, it’s being reported as income to the IRS, and most of you are doxxed,” Robert Leshner, founder of Compound Labs, tweeted late Thursday.
 
106951299-1633134233752-ether_past_year.jfif
 
JoelJoel84 said:
Guess I should have bought the September dip…
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kEY POINTS
  • Bitcoin rose as high as about $50,400 on Tuesday, topping a key psychological resistance level for traders.
  • The cryptocurrency is currently up 14% for the month of October and has gained 72% on a year-to-date basis.
 
Anyone have any lock in profit numbers for the rest of Q4?

Debating my number, and to potentially get back in before wash sale rule goes in 2022.
 
Shimmy8 said:
Anyone have any lock in profit numbers for the rest of Q4?

Debating my number, and to potentially get back in before wash sale rule goes in 2022.
Click to expand...

This is just the beginning. Only 150 million people globally use or hold crypto. I tell anyone entering this space to hold for at least 4 years to go through a full cycle. Wait till we’re north of 1 billion people that use it. We’re early and just getting started.
 
Direct Laryngoscopy said:
This is just the beginning. Only 150 million people globally use or hold crypto. I tell anyone entering this space to hold for at least 4 years to go through a full cycle. Wait till we’re north of 1 billion people that use it. We’re early and just getting started.
Click to expand...

I wonder.. How many of these users are using it because they think thry can make a quick buck and leave someone else holding thr bag?
 
Direct Laryngoscopy said:
This is just the beginning. Only 150 million people globally use or hold crypto. I tell anyone entering this space to hold for at least 4 years to go through a full cycle. Wait till we’re north of 1 billion people that use it. We’re early and just getting started.
Click to expand...


I still have one question that I can’t wrap my head around.

What is the incentive for a person living in the developed world to actually use cryptocurrencies as a currency? Especially given it’s volatility. Why would I choose to pay for goods and services?

I get why someone in the third world would choose to use crypto.
 
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dr doze said:
I still have one question that I can’t wrap my head around.

What is the incentive for a person living in the developed world to actually use cryptocurrencies as a currency? Especially given it’s volatility. Why would I choose to pay for goods and services?

I get why someone in the third world would choose to use crypto.
Click to expand...
Yea no one can answer this. We pay 3% fees secretly for credit cards I guess however the gas fees for the majorly cryptos are enormous even for small transactions. Ccs carry chargeback protections and other various perks that crypto doesn’t.
 
chessknt said:
We pay 3% fees secretly for credit cards
Click to expand...

the merchant you are shopping at is paying the fees. There are almost no (maybe a few gas station exceptions or small restaurants?) that will give you a price discount for paying cash so you aren't paying anything to use the card. In fact, not using the card is a surcharge in most situations because you aren't getting rewards/cash back.
 
Shimmy8 said:
Anyone have any lock in profit numbers for the rest of Q4?

Debating my number, and to potentially get back in before wash sale rule goes in 2022.
Click to expand...


Don’t really understand the question.


If you are currently sitting on profits, you need to pay capital gains if you sell. If you’re sitting on losses, you can lock them in right now to offset other capital gains by doing a wash sale. Is there more to it than that?
 
Mman said:
the merchant you are shopping at is paying the fees. There are almost no (maybe a few gas station exceptions or small restaurants?) that will give you a price discount for paying cash so you aren't paying anything to use the card. In fact, not using the card is a surcharge in most situations because you aren't getting rewards/cash back.
Click to expand...

https://use.foldapp.com/r/3BuT1TDB

Use my referral link for free money for your usual purchases
 
dr doze said:
I still have one question that I can’t wrap my head around.

What is the incentive for a person living in the developed world to actually use cryptocurrencies as a currency? Especially given it’s volatility. Why would I choose to pay for goods and services?

I get why someone in the third world would choose to use crypto.
Click to expand...

Not much incentive for us now, but things happen change quickly. In El Salvador there’s incentive to use BTC by giving upwards of a 30% discount on purchases. Merchants might be realizing that deflation is happening in that country. Might be better to hold bitcoin vs a currency that decreases the purchasing power ($USD).
 
Direct Laryngoscopy said:
This is just the beginning. Only 150 million people globally use or hold crypto. I tell anyone entering this space to hold for at least 4 years to go through a full cycle. Wait till we’re north of 1 billion people that use it. We’re early and just getting started.
Click to expand...

Humor me on this scenario. Let's say people buy 1 btc in the 50k range right now. Whatever the peak of this bull run is let's say 75k but then it could drop 80% to 20-25k right over the next 4 years?

4 years from now (2025) is the peak of this bull run (2021) assumed to be at least what the price of btc would be in 2025 eoy like 100% correlated based on history?

So what i am saying simply is while someone could have 1 btc worth 50k right now and sell it for 75k in the next few months for a profit of 25k they could alternatively hold it for 4 years and maybe it is 100k in 2025 eoy so they doubled their profit?
 
finalpsychyear said:
Humor me on this scenario. Let's say people buy 1 btc in the 50k range right now. Whatever the peak of this bull run is let's say 75k but then it could drop 80% to 20-25k right over the next 4 years?

4 years from now (2025) is the peak of this bull run (2021) assumed to be at least what the price of btc would be in 2025 eoy like 100% correlated based on history?

So what i am saying simply is while someone could have 1 btc worth 50k right now and sell it for 75k in the next few months for a profit of 25k they could alternatively hold it for 4 years and maybe it is 100k in 2025 eoy so they doubled their profit?
Click to expand...
Bitcoin could reach $100K by the end of 2022. I will likely sell a little once it get nears that mark just to lock in some profits. But, I will still be holding the majority of my stake long term.
 
MicroStrategy (NASDAQ: MSTR), a business analyst company that has tied its fortunes to Bitcoin (CRYPTO: BTC), is rising along with the star cryptocurrency this week. As of Thursday's close, MicroStrategy was slipstreaming to a 13% gain week to date.Many businesses pay lip service to investing in Bitcoin and other cryptocurrencies; MicroStrategy really walks the walk. Recent figures show that the company has plowed nearly $3 billion into Bitcoin, amassing nearly 109,000 of the cryptocurrency.


Why MicroStrategy Is Up Sharply This Week

MicroStrategy (NASDAQ: MSTR), a business analyst company that has tied its fortunes to Bitcoin (CRYPTO: BTC), is rising along with the star crypt...
markets.businessinsider.com markets.businessinsider.com
 
BLADEMDA said:
Bitcoin could reach $100K by the end of 2022. I will likely sell a little once it get nears that mark just to lock in some profits. But, I will still be holding the majority of my stake long term.
Click to expand...

Just for clarification lets say you are right and 100k is the peak and we get there by 2021 EOY. You are still holding the majority to sell in 2025 oct-dec cycle because it could be 200k at that point?

Assuming btc hits 100k in this bull cycle of 2021 is it still 50/50 if it exceeds that in 2025 after the next halving?
 
finalpsychyear said:
Humor me on this scenario. Let's say people buy 1 btc in the 50k range right now. Whatever the peak of this bull run is let's say 75k but then it could drop 80% to 20-25k right over the next 4 years?

4 years from now (2025) is the peak of this bull run (2021) assumed to be at least what the price of btc would be in 2025 eoy like 100% correlated based on history?

So what i am saying simply is while someone could have 1 btc worth 50k right now and sell it for 75k in the next few months for a profit of 25k they could alternatively hold it for 4 years and maybe it is 100k in 2025 eoy so they doubled their profit?
Click to expand...

I don’t know where price is going. Could go all the way to 0. Jamie Dimon said today it’s worthless and he’s pretty smart on these things. But I say 4 years and not the EOY, because one is a trade the other is a long term speculation. Previous market cycles are approximately 4 years. Good luck to you.
 
Direct Laryngoscopy said:
I don’t know where price is going. Could go all the way to 0. Jamie Dimon said today it’s worthless and he’s pretty smart on these things. But I say 4 years and not the EOY, because one is a trade the other is a long term speculation. Previous market cycles are approximately 4 years. Good luck to you.
Click to expand...
“I'll just challenge the group to one other thing: how do you know it ends at 21 million? You all read the algorithms? You guys all believe that? I don't know, I've always been a skeptic of stuff like that,” said the JPMorgan Chase (JPM) CEO at an Institute for International Finance event on Oct. 11.

I would have expected to hear such statements at a party, not from Dimon. That’s not to say people should buy it but you shouldn’t assume he has any special insight when he doesn’t even understand the basics.
 
BLADEMDA said:
Bitcoin could reach $100K by the end of 2022. I will likely sell a little once it get nears that mark just to lock in some profits. But, I will still be holding the majority of my stake long term.
Click to expand...

looks like it will hit it by eoy 2021
 
nimbus said:
www.coindesk.com

SEC Approves Bitcoin Futures ETF, Opening Crypto to Wider Investor Base

ProShares is set to launch trading of its bitcoin futures ETF next week.
www.coindesk.com www.coindesk.com
Click to expand...

Now that an ETF is here, I guess some of the skeptics might dip their toes. Still early. Now crypto is an asset (Store of Value). Next up is medium of exchange.

I don’t really like a cash settled ETF (gold at the gold market for an example) but I’ll take it for now. Hopefully we see a physical settled in the future.
 
Crypto is here to stay. We're still early. The narratives will change until mainstream adoption is achieved when the end user doesn't even know it. Bitcoin is now a store of value. Ethereum is the largest smart contract blockchain. Some of the smartest and innovative minds are now building the money legos in decentralized finance that we've never seen before.

I'm never going to "cash out." I live comfortably enough on my regular salary without ever needing to dip into my crypto funds.
 
banister said:
I live comfortably enough on my regular salary without ever needing to dip into my crypto funds.
Click to expand...
What is the point of having them then?
My brother is often out of cash even though he owns upwards of 10 Btc but doesn't want to cash them either.
 
dhb said:
What is the point of having them then?
My brother is often out of cash even though he owns upwards of 10 Btc but doesn't want to cash them either.
Click to expand...
For me, it’s 95% gambling in order to quickly build generational wealth and financial independence. I made this highly speculative bet with money that i could lose. I believed in the potential huge upside and the narrative the early adopters were pitching, akin to the internet boom. My modest bet (5% of my net worth at the time) 2 years ago has now become > 50%. Now it’s bought me the freedom to not work if I don’t want to. I still work because I’m early in my career and enjoy it. Maybe it’s because I take way less call than my colleagues and seem to enjoy it more.

I am also aware it can all still come crashing down. Not everyone can stomach the volatility.
 
banister said:
For me, it’s 95% gambling in order to quickly build generational wealth and financial independence. I made this highly speculative bet with money that i could lose. I believed in the potential huge upside and the narrative the early adopters were pitching, akin to the internet boom. My modest bet (5% of my net worth at the time) 2 years ago has now become > 50%. Now it’s bought me the freedom to not work if I don’t want to. I still work because I’m early in my career and enjoy it. Maybe it’s because I take way less call than my colleagues and seem to enjoy it more.

I am also aware it can all still come crashing down. Not everyone can stomach the volatility.
Click to expand...

Why not cash out
 
GassYous said:
Why not cash out
Click to expand...
Because I prefer wealth. Imagine cashing out of Apple or Google after it 2xed after IPO.

Here's a more nuanced response:

1) I honestly believe in the technology, and also believe there's much more room for it to grow. I'm even putting more in every month. I'm especially optimistic with smart contracts on the blockchain, i.e., ethereum + other smart contract L1s. I went through the process of a HELOC last year. It took me over a month to get access to those funds. In the ethereum platform, I can take a 50% LTV loan on my holdings in 5 minutes without any personal information being given out. Plus, mainstream fintech companies are exploring this space deeply (Visa, Mastercard, Paypal, Stripe, Square, Robinhood, Shopify, Fidelity, plus much more).

2) I don't need to. I live more than comfortably with my family's current earnings outside of crypto. Plus, if I really need to, I could take an aforementioned loan out to "cash out".
 
banister said:
For me, it’s 95% gambling in order to quickly build generational wealth and financial independence. I made this highly speculative bet with money that i could lose. I believed in the potential huge upside and the narrative the early adopters were pitching, akin to the internet boom. My modest bet (5% of my net worth at the time) 2 years ago has now become > 50%. Now it’s bought me the freedom to not work if I don’t want to. I still work because I’m early in my career and enjoy it. Maybe it’s because I take way less call than my colleagues and seem to enjoy it more.

I am also aware it can all still come crashing down. Not everyone can stomach the volatility.
Click to expand...

Generational wealth eh? Like your kids kids won’t have to work cause of all your bitcoins. Let’s not get carried away here.
 
banister said:
For me, it’s 95% gambling in order to quickly build generational wealth and financial independence. I made this highly speculative bet with money that i could lose. I believed in the potential huge upside and the narrative the early adopters were pitching, akin to the internet boom. My modest bet (5% of my net worth at the time) 2 years ago has now become > 50%. Now it’s bought me the freedom to not work if I don’t want to. I still work because I’m early in my career and enjoy it. Maybe it’s because I take way less call than my colleagues and seem to enjoy it more.

I am also aware it can all still come crashing down. Not everyone can stomach the volatility.
Click to expand...

banister said:
Because I prefer wealth. Imagine cashing out of Apple or Google after it 2xed after IPO.

Here's a more nuanced response:

1) I honestly believe in the technology, and also believe there's much more room for it to grow. I'm even putting more in every month. I'm especially optimistic with smart contracts on the blockchain, i.e., ethereum + other smart contract L1s. I went through the process of a HELOC last year. It took me over a month to get access to those funds. In the ethereum platform, I can take a 50% LTV loan on my holdings in 5 minutes without any personal information being given out. Plus, mainstream fintech companies are exploring this space deeply (Visa, Mastercard, Paypal, Stripe, Square, Robinhood, Shopify, Fidelity, plus much more).

2) I don't need to. I live more than comfortably with my family's current earnings outside of crypto. Plus, if I really need to, I could take an aforementioned loan out to "cash out".
Click to expand...

I heard an amusing discussion in the lounge re: “digital currencies” and how they’re nothing more than Ponzi schemes, etc. These are the same narratives that have been parroted for over a decade, yet the technology has continued to evolve and thrive (e.g., Ethereum).

Ten years from now, people will have the same conversations about Ethereum as they do now about Apple, Google, Facebook, Tesla, etc. They’ll say “gosh, if I had put x amount of dollars back then…”.

The time to invest in blockchain tech is now, if you can afford the risk and speculation. I have a very specific number in mind before I retire. When I started, I was at 0.005% of it. Five months ago, I was at 10%. Now I’m at 25% of it and have full faith in the technology. It’s nothing we’ve ever seen before, and I’m excited to see it evolve further in the coming years, the end result being the vast majority of people using the technology without realizing it.
 
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SnapperRocks said:
Generational wealth eh? Like your kids kids won’t have to work cause of all your bitcoins. Let’s not get carried away here.
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If my bet is right, then maybe. I can't think of a more skewed risk/reward asset out there at this point because there's still so much information/understanding asymmetry out there.

It's so hard to get an edge, or alpha, in traditional finance against all the big players out there already. You have to put in lots of sweat equity for real estate. I prefer betting on this potentially disruptive technology that few understand yet.
 
I buy then cash out when I see I made a profit. I tried to hold on (2 weeks) but Im just not a crypto guy I guess. I just nickel and dime it.
 
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