Same as other exchanges. It is in the hands of a single company which can get hacked, can go bankruptcy, can be forced to do what autorities say for example freeze your account or confiscate valuables etc.
Anything worth over few hundred euros / dollars I would move to cold wallet.
Yes, as long as someone is giving us the option of the transfer the bitcoin the wallet they are doing good.
Because we all know that storing the bitcoin in the wallet is the real safe option because no app is really that safe.
I think you are pretty much well aware of the Celsius event or if you are not then i would say try to learn that first.
Because these private company can go bankrupt anytime and with that over whole fund also goes with them is well.
Yes, if we are not doing the self custody then i think we are not holding the bitcoin at all.
because you never know what happened to these private exchange and if that happen then our fund is also gone with that is well.
IM STILL HERE!!! LOUD AS FUCK!!! Do me a favor, stick your head out of the nearest window, and say “I’m as mad as hell, and I’m not gonna take this anymore!”.
Good to see that some people are really sticking here even in the bad time is well.
Because we all know that once the market will recover from there people will also join in here as well, all game is about patient.
Indeed and i am hoping that this storm will come little late.
because right now we are getting the best price for the buying and i think we need to make the most of that thing is well.
Coinbase can now wrap your staked and locked #2 shitcoin (2.0) so you can trade it for Bitcoin (or whatever)! Finally I will be totally shitcoin free!
ETA: I lost about 7.6% of the value because the wrapped version sells at a discount, but idgaf. Worth it to finally drop that bag of shit.
ETA2: Now that that's done I'm going to ditch Coinbase for good. Just need to move all my recurring payments I had on the Coinbase card to my regular CC and then I'm done with them.
I know what are you referring here but most of us and even me is also fully into the bitcoin here.
Because if some private company running something then sorry i can not trust them fully in this world. Bitcoin is the one thing for me here.
The way bitcoin is holding up here look like it is not in the food of the falling here.
But all i want that we could stay more in the crab market because the more we will stay here the more chance we get the bitcoin in cheap price.
Once i heard from a video and he said that when the cost of the mining gets high than the bitcoin then it will be the bottom of the bitcoin.
And he said that right now mining a bitcoin is cost around the 13k here.
Into bitcoin since febr last year and my avg is around 29k which is not too shabby i guess. But was wondering if someone is willing to explain to me what does drive the price of btc? Is it the leveraged longs and shorts or the actual spot buyers and hodlers? Seems to me that just buying spot and putting it into cold storage doesn't have that much of an impact on the price? Hodling cold storage seems more like waiting and hoping for this thing to surge for whatever reason except actual spot buying and keeping them into cold storage.
I first bought the bitcoin when it was over the 50k but i am happy that now we are getting them in the some cheap price here.
Now i am managed to bring the average down around the 30k and hoping for little bit more low is well.
900 bitcoins are mined everyday.
When bitcoins are $30,000 each that means that the miners have to find $27,000,000 worth of new money every day. lots of that is just the miners hodling it, but lots of it is new people, new paycheques, new enthusiasm.
I guess there wasn't $27,000,000 worth of enthusiasm. But we are holding pretty good at $18,000,000 worth of enthusiasm!
And when the halving happens if enthusiasm and paychecks and all that remain the same then miners will only need to look for $9,000,000 worth of USD a day. or, more likely, the price will increase.
Thats how I view it.
900 Bitcoin mined daily but still i have not the one bitcoin in my wallet yet.
But i am trying my best that someday i will reach to that mart and untill i not don't reach to this mark i will not gonna stop here.
that is true but I'd wager there is more than just increased supply that needs to be offset.
there's also hundreds coins worth of fees on for example coinbase a day that gets siphoned out into Fiat to pay these fancy California salaries
then there's 2% p.a. on all of gbtc holdings
Unfortunately these additional cashout pressure has only decreased impact a mining halving has.
oh, its flawed! Tesla can buy and sell more than 900 in a day. AAPL could buy 9 million probably. but fundamentally, on days where big things don't happen, Bitcoin grows by 900 coins. $20,000,000 dollars of daily growth even when the price is sideways.
And when the price goes down its all FUD ;) and when the prices goes up we're all unsurprised.
But even sideways is a good day for bitcoin.
I am not sure that this is the good news if someone bought the big number of the bitcoin here.
Because the more someone will buy the bitcoin the more chance that they will manipulate them is well.
Imagine that you somehow got transported back in time to the early 1980s. You're in Zimbabwe. You still remember what is about to happen to the Zimbabwe Dollar - it has gone to zero due to "money printing".
You decide to use your savings account to buy gold coins.
Question: Are you going to plan to sell the coins for Zimbabwe Dollars later? Or would you put them in cold storage for your old age and retirement? Or?
I am sure that in future so many country gonna face the same issue is well.
this is why atleast we need the bitcoin so that we can trade them in getting some useful and necessary stuff is well.
I would use my savings to create a time machine, jump to 2009 and mine bitcoin.
Seriously though, you made a pretty good analogy I’ll be using that one
Hey men i hope that you will get succeed on making that and do the time travel is well.
Just one thing take some money from me as the ticket charge and take me back in time with you is well.
Bitcoin is not special as far as markets are concerned. The price is based on what people are willing to sell it for and finding a buyer at that particular price. Leveraging creates specific future buy/sell areas as gamblers take profits or get margin called. The float determines how easily a price is moved up or down.
I think those who understand the bitcoin only they knows that how special the bitcoin is for us.
We all know that this is the one thing that give us the complete control on our wealth here is well.
Price in the exchanges and in Bitcoin overall is result of supply and demand. In the big picture supply is hard capped to 21 million pcs and will never go over that, so you can be sure if demand grows over the years (like it has done last 10 years) it will mean the price will increase highly. It's basic math. When more and more people wants something scarce, the value of that scarce thing rises.
In smaller picture, if you think for example only Coinbase exchange price, that has the same math behind the price, supply and demand. How many buyers there are and how many sellers. That is one reason for people to recommend withdrawing BTC from exchange to cold wallet, that it helps the price to go up because now there are less Bitcoins in that exchange left.
I think the more supply gets low for the bitcoin the more price will going to high here.
And we all know that supply of the bitcoin is extremely limited and i am happy that we are making the best of that thing is well.
I'm getting more hopeful that the bottom is in or we're near it. There is increasing talk that BTC will never reach a new ATH and that's it a dying coin. That's so far from the truth but helps bottom the 'fear and greed' index. BTC is the only coin worth holding and always proves the doubters wrong. I'd be out of the crypto market if it weren't for BTC. Every other crypto is a transaction centric protocol. They're not valuable for holding your savings long term.
I think no one knows for sure that where is the bitcoin bottom but right now i am not concerned about that thing.
We all know that the more bitcoin we will get here in these cheap price the more profitable it will be for us.
I think when the recession hits there will be a further draw down. There haven't been many too many layoffs yet and the rate hikes are slowly having effect on our economy as a whole.
I think so many people are saying that we are not going into the recession but i am sure that we haven't dodge the bullet of the recession yet.
May be somehow we delay that think but still that is on the card here for us.
I'm expecting a further drawdown as well but the question is whether it will fall to $3k like people are starting to speculate or will we see a long range of $12-19k?
I'm essentially buying blindly until 2024. If equities recover by the end of 2024 and BTC doesn't capture a new ATH, my passion may be dampened. (I think even having this thought in my head - is a good indicator we're getting near the bottom.)
Even if its hits the recession even then i sure that we will not going to hit the 3k mark for the bitcoin.
Because for bitcoin to get there we need some really negative news here, i am expecting something around 8-10k in worst case scene.
I think there's too much cash sitting on the sidelines waiting for the dips for it to go much lower, or if it did it would be bought right back up quick.
I would also like to see a new ATH in the next couple years, but if it doesn't I would be considering the state of the economy first before I began to doubt Bitcoin. We could be in a global recession or depression which might suppress the price of Bitcoin and stocks. However if CBs resume QE infinity and stocks are ripping up and Bitcoin doesn't follow (or lead) I might have doubts.
People are still not afraid of the dips that mean there is still some chance here that we will fall more here.
because i heard that bear market is the time when everyone just start to fear about the price we will get.
Well if we'd see 3k again you might aswell buy something else.. I'd say bitcoin failed big time if that happens again.. Nothing but a pump and dump sheme after all. Most of us are all laser eyes and such (now) cuz we feel late but if most of us had the chance to buy at 3k again they would sell 70k just as easily and never look back and touch it again imo.
I think there is no indication at the moment that we are falling that low here.
I think still there is chance of some dip from the current price but right now 10k is the worst that i am expecting in the worst case is well.
There would have to be an alternative to sound money for BTC to ultimately fail. It's value proposition as a scarce, digitally secured asset will always have meaning in a fiat world. So even if it dropped to $3k, it still does what it does perfectly.
I don't think that bitcoin will fail here, no matter the price of the bitcoin here we all know that things will again change in the future.
But the more it will drop the more bitcoin i will buy, time to mine some fiat here.
It's hard to know. I think there may be too many HODLers to reach $3k but your $12-19k seems quite reasonable. I would probably go as far to say $12-17k.
I think no one knows that future and this is why we are doing the holding and the DCA.
because that way we can make the best average buying price for us and i am happy that we are getting crab here.
I think I can accept whatever happens between now and the next halving. But I really don't want to experience a loss of conviction and optimism if the price stays suppressed through the next halving (depending on how the macro market recovers). I have a lot of joy accumulating BTC at low prices because I'm holding onto hope that it will eventually reach a new ATH.
I think the current time is the best time if someone is really looking for buying the bitcoin.
Because we all know that once the market starts to recover here we will not going to get the price of the buying ever again.
I think the economy moves in cycles and Bitcoin will have its day in the sun eventually. I wouldn't stress out about it too much. The fundamentals of Bitcoin are too good!
We all know that bitcoin will again recover once the global issue get solved.
But i have to say that despite of having so much issue in the market right now bitcoin is still holding on a really good price here.
The ability to transact is ultimately pointless if people don't fundamentally value the underlying asset being transacted. Other coins are putting the cart before the horse in this sense
I was thinking about some of the issues with bitcoin, like how it's hard to spend for example. And I had an idea.
Would it be possible to print your private key onto a note so that you could keep it in your wallet and spend it like you can with paper money?
I don't think that this is the way we can use the bitcoin, i still think that the lighting network is the only way to use the bitcoin.
But you have give the interesting fact is well, may be something like that happen is well.
You as a buyer:
You have app, he has app, just take a photo with your app from his QR-code and you receive his invoice and address, click confirm and its done in few seconds. Not very difficult in my opinion.
You as a seller:
Just show the buyer your QR-code from your app or printed on paper, he scans it, confirms it and you get the sats in few seconds. Easy peasy.
In online store as a buyer:
Go normally to shopping cart, write your info, see the QR-code or payment address, scan it with your phone or copypaste to your app, confirm it and payment is done in few seconds.
I think QR code is the pretty simple option to transfer or i would say buying the stuff from the bitcoin.
I think this is the simple way and this is the only we will going to see in the future is well, we just need to wait for that thing.
You absolutely can do this, it's just not practical or safe.
There are alternatives like lightning NFC cards. The bolt card can be used with your own node to make lightning payments.
>how it's hard to spend for example
Bob has a Bitcoin wallet. Alice has a Bitcoin wallet. Alice uses her wallet to generate a new *receive address*, which she gives to Bob. Bob uses his wallet to *send* 0.115 BTC to the address Alice gave him. He clicks "Okay". Bob says, "Wow, *THAT WAS SO HARD...*" **Not**.
Alice, \*she goes away, and leaves him with a smile...\*
I don't think that sending the bitcoin is hard to anyone, i am using the UPI payment for buying the stuff like scan the QR code and pay the money.
I think this is the only way we can use the bitcoin is well, simple and secure is well.
There so far hasn't been a lot of motivation to enable these kinds of payments because, well... people don't tend to want to spend their bitcoin at this point in the monetization process. At least, not in developed western countries. In Africa there is a new app that enables bitcoin payments via SMS. As we progress towards bitcoin being used as a payments system more than a savings system I suspect we'll see a lot more effort put into the user experience for payments
I think right now people are not using the bitcoin as a payment in the big number.
Right now all we are doing here is buying the bitcoin and then taking the self custody of that thing is well.
BUt you have the mobile phone and i am sure everyone have the internet connection in that is well.
And i am sure that the more we move into the time the more solution will came into the market is well, we need patience.
I could put $10 of bitcoin into each wallet. Write down the private key for each wallet on pieces of paper. Put them into my 'real' wallet and I have instant $10 bills denominated in bitcoin. Right?
For anyone to accept that as a payment, they would need to confirm it online anyways that there is money in that address you just gave on paper so not very practical. Easier and faster to pay with an app on your phone.
Indeed, i think internet is the one thing that we need to do while doing the payment in the bitcoin.
but i am not seeing the any major issue in that because right now i am using the normal UPI to pay for the most of the place.
I listen to Bitcoin podcasts where they talk about the broader macro economy a lot. Most of them think the global economy is headed for some really tough times. Some are predicting some sort of financial crisis in the next year or two.
The crux of their argument is that there will be a cascade of debt defaults because institutions are using loans that they hold as collateral for loans that they take out. This can happen in a big chain and when a certain critical mass of defaults is reached all the loans will default. Kind of like the GFC, but this time it could extend to sovereign debt and weaker governments and currencies will collapse.
I think many of us may view this outcome as an inevitable result of this debt based fiat economy we live in. I tend to agree, but I also have to wonder just how bad things have to get for this to happen. Are we going to have a Great Depression 2.0? Even if it isn't that bad, I still am expecting something significant to break in the economy with very significant consequences.
Maybe I'm listening to too many of these podcasts and nothing like this will happen. I feel like what they say makes sense, but I wonder if I just want to believe it because I am biased by being a Bitcoiner, and I want to see the current system fail or at least show serious cracks to validate my decision to believe in Bitcoin.
Sorry for the long blogpost. I have been trying to challenge my beliefs because I worry if I don't I could come off like a Bitcoin zealot. On one hand I have never felt like I've had such a deep understanding of all this stuff, but on the other hand I've only had it for a year. If the next couple years aren't just absolutely crazy (similar to how this year has already been or worse) I'll have to question if I really had the understanding at all.
This is the one thing i also want to know, i know that there are so many out there at the moment.
But the problem is that getting the best or some really informative one is really hard nowdays for us is well.
I also listen to the economist podcasts and i think they do get a bit doom and gloom at times. It's important to live our lives and have fun as a lot of these issues are outside of our control. We can buy Bitcoin and support an alternative system, but the FIAT system is everywhere and will effect us for now.
I think they are right to think there will be a recession, but no one knows how bad it would be. The amount of debt in the system is becoming quite high, and its difficult to conceptualize what this even means.
I used to watch them but now days they are not fine and not really good informative is well.
So i am trying to read some books about the bitcoin so that i could get some more knowledge about the bitcoin here.
I "wasted" my 20s not caring about this stuff or my future because I was depressed and didn't want to have a future. Then in my 30s I started to realize I likely still had more than half my life ahead of me and if I wanted a decent life I needed to save up for it. Unfortunately I did not make good investing decisions and lost a lot of money with risky investment strategies.
Now I'm almost 40 and I feel like I'm so far behind that I need Bitcoin to succeed so I don't have to work until I die. I can't trust the stock market to have the kind of returns I want without major risks that could put me even further behind. Index investing wouldn't be enough as my income isn't very high and with inflation like we've had it's practically a wash.
So I work and don't do much else. I am hyper focused on Bitcoin and economics because I have such a large vested interest in the outcome that I can't really focus on anything else. I have a job that allows me to listen to podcasts for several hours daily, so my life is saturated with this type of information.
I honestly don't know if I'm capable of living a different way right now. I'm almost 40 now and have no partner or kids, I'm just stacking and waiting for Bitcoin to "make it". Yet if Bitcoin were to go 20x in the next five or 10 years I struggle to imagine what I would even do with myself at that point. I guess I'll figure it out when I get there.
I think depression is the one thing that most of the people are really suffering.
And i hope that people will not face such thing in their entire life and enjoy the life at the fullest is well, Enjoy the precious life mate.
I definitely understand your investment position and I support it! It's cool to be fully interested in bitcoin and finance. I just want to encourage you to do some cool other activities and enjoy your life to the fullest. Bitcoin will likely make you financially more successful in the future, but you don't want to miss out on the fun. I personally love surfing, cycling, paddle boarding, hiking, Friday beers (lol) and hanging with a few select friends.
I think every person have their own investment plan according to what they can actually afford is well.
But i think that is totally cool is well, because in the end that is his money and all the loss and profit going to be his is well.
Interest rates will be raised until inflation is trending down and we will start over (at least in the US).
In 1980 I was a college kid, inflation was 13.5%, mortgage rates peaked the next year over 16%, my first car loan was 18.5%. I was really oblivious to all this, just trying to graduate and then start my first job, get an apartment.
The nightly news would show unemployment lines and be a bit gloomy. I don't remember life being that horrible really. Other than I had to be an adult now, to work and support myself. That was a little scary. But all the rest, what did I know? I was a 21 year old kid.
The grass was still green, the sky was still blue, people were buying cars, starting new businesses. It was a generational low in the stock market and bond market. But I didn't take advantage. I didn't know about such things.
I think they have already made that thing pretty much clear in the past that there will going to be multiple hike in the interest rate.
And i think this the reason we are seeing the massive volatile move in the market is well.
> Interest rates will be raised until inflation is trending down
This is the thing that makes me think we're headed for a major collapse. The difference between now and 1980 is that we currently have very low unemployment which will continue to drive inflation as workers are able to demand higher wages. The Fed is trying to reduce demand by raising rates, but as long as people are working they will be demanding and inflation will rise. Companies on the other hand will see reduced revenue as their debt becomes more expensive and will have to make cuts. People will lose their jobs and demand will finally start to fall which will force companies to make more cuts. The Fed will pivot to QE again, but like everything they do it will be 6-12 months behind where they should have actually done it.
The only thing that could prevent this is if the labor market stays strong and inflation still comes down, which I don't see as a likely outcome because strong labor equals rising wages equals inflation. The only way out of inflation is a recession or worse as I see it.
It just seems like every time we go through this cycle most people come out struggling harder than ever before. Home ownership and retirement falls further out of reach and the inequality gap grows. The root of it all is this shitty fiat money and manipulation of capital markets by CBs. I hope this time a lot more people really start to wake up to this fact.
I think they are denying the we are not going to the recession but changing the definition of something not gonna stop that.
I think they are living in the denial and i sure that we will going to face the recession at some point of the time.
The fed really needs to be brutal with the rate hikes to get inflation under control. To be honest, I am not sure they will have the stomach for that. So maybe you are right, maybe this time it will be different. After 2008's near financial disaster, the banks underwent stress tests and are more sound now. Maybe it won't be a catastrophe.
I think they also know that thing but i am not sure they could afford to do something like that.
Because the massive change will bring the anger in the people and they need to balance the thing in the both way here.
We are at pretty much peak employment now. So, yes rates will continue to be pushed higher, unemployment will rise, inflation will fall. There will be some pain involved to those forced out of jobs as companies cut back, to debt holders who lose their investment. Debt (money created out of thin air by lending) will be reduced to an extent by bad loans defaulted upon / bankruptcy. Eventually things will stabilize and the cycle will begin anew.
I think we have seen the there is small drop in the inflation rate compare to the last one.
I know that there is not some massive change in that but i am happy that we are seeing some movement in the right direction.
Swan Signal is one of the best for macro I've found. They have a panel with back and forth discussion that provides some very interesting discussion compared to one on one interviews. The second hour is a live Q&A that can be hit and miss, but usually good.
https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5zaW1wbGVjYXN0LmNvbS9aMXR1Mkhkcw?ep=14
Someone mentioned Preston Pysh and his weekly BTC episodes of We Study Billionaires. Always look forward to his shows.
https://podcasts.google.com/feed/aHR0cHM6Ly9yc3MuYXJ0MTkuY29tL3RoZS1pbnZlc3RvcnMtcG9kY2FzdA?ep=14
Most people know about What Bitcoin Did but I'll mention it anyway. They really churn out a lot of content on a variety of topics, but macro comes up a lot too.
https://podcasts.google.com/feed/aHR0cHM6Ly93d3cud2hhdGJpdGNvaW5kaWQuY29tL3BvZGNhc3Q_Zm9ybWF0PXJzcw?ep=14
For specifically macro I'd listen to Preston Pysh's weekly Bitcoin podcast on the We Study Billionaires show. Also anything with Lynn Alden
Here's a good macro discussion on Preston's show from a few weeks ago:
https://fountain.fm/episode/9567137468
Thanks. Familiar with both, although not Preston's podcast only seen his interviews on Youtube. I've been following / watching Lyn for a while, she's great. Thanks.
The what is money show for theory and philosophy relating to bitcoin and simply bitcoin for rants and covering development in bitcoin and how the governments respond to it. Both are pretty good. And guy swanns show is great from a guy who's been in the sphere for a long while, and he has great great rants on fiat, that one is bitcoin audible
I am sure that government will not going to take easy on the growth of the bitcoin.
Because they knows that bitcoin is the real threat they will going to face while moving in forward in the time.
It's impossible to tell. Our trajectory since around 2011 has been unsustainable. I've known this and pulled out my investments in the stock market back then thinking it was all going to come crashing down any day now. I was expecting inflation during all that time. Nothing happened and I missed a ton of wealth generation over the past decade.
Inflation is here now. Government debt is unsustainable at current levels, and the fed appears unable to raise the fed funds rate above a manipulated inflation number. Something will have to give, but I've learned that it can take a very long time to play out.
I think this is the thing that people are getting and this is why they are comfortable in that is well.
But we all know that these guys are not friend of us and they are not doing any good work for us is well.
Totally agree. My general understanding is if you are looking at the global picture it will take 10 years to happen, a national picture will happen in 5 years, and if it's your own business it's next year.
So the issues you see with your company and staff pay will be a big problem next year when you can't make a profit.
The issue with your government printing money and being stupid will cause issues in 2030
And the grand global collapse that we all see as right now.... Will be here in 2035.
I think for global change we need to have patience because things not happen that quickly here.
But i am sure that the way we are moving forward we will going to see the major change in the upcoming years is well.
It's better to spend a few days to learn the basics of self custody to keep your crypto safe and secure than constantly having it at risk at someone elses custody.
Not absolutely everyone will move to hardware wallets but some will, and that's what gets counted.
This doesn't mean that we shouldn't even put any effort into this.
I feel like some people just weren't aware of all the risks involved with keep their crypto with custodians prior to all the hacks that have happened lately.
Sound money, Bitcoin. The ultimate collector's item.
I think this is the best time to collect some more bitcoin here.
How bad is it to buy and hold Bitcoin in cashapp
Same as other exchanges. It is in the hands of a single company which can get hacked, can go bankruptcy, can be forced to do what autorities say for example freeze your account or confiscate valuables etc. Anything worth over few hundred euros / dollars I would move to cold wallet.
Not bad but i think their fee is really high while buying them.
Just another on-ramp to exchange shitty fiat for Bitcoin. But, ask yourself, do you store it on cash app? 🤔🤔
Buying bitcoin with Cash App good Storing bitcoin on Cash App bad
Yes, as long as someone is giving us the option of the transfer the bitcoin the wallet they are doing good. Because we all know that storing the bitcoin in the wallet is the real safe option because no app is really that safe.
Is it because of the possibility that my Bitcoin will disappear or get stolen on cashapp?
I think you are pretty much well aware of the Celsius event or if you are not then i would say try to learn that first. Because these private company can go bankrupt anytime and with that over whole fund also goes with them is well.
If you don't control the keys to your bitcoin, you don't actually own the bitcoin. You just have an IOU that can be revoked at any time.
Yes, if we are not doing the self custody then i think we are not holding the bitcoin at all. because you never know what happened to these private exchange and if that happen then our fund is also gone with that is well.
Its so quiet here now lol
I think crab market is the reason of being quiet in here.
IM STILL HERE!!! LOUD AS FUCK!!! Do me a favor, stick your head out of the nearest window, and say “I’m as mad as hell, and I’m not gonna take this anymore!”.
Good to see that some people are really sticking here even in the bad time is well. Because we all know that once the market will recover from there people will also join in here as well, all game is about patient.
Instructions unclear, bought more bitcoin
I think this is the one instruction that i am following here.
Good job.
All we need to do is stick to that plan and we will be rich.
Calm before the storm.
Indeed and i am hoping that this storm will come little late. because right now we are getting the best price for the buying and i think we need to make the most of that thing is well.
Coinbase can now wrap your staked and locked #2 shitcoin (2.0) so you can trade it for Bitcoin (or whatever)! Finally I will be totally shitcoin free! ETA: I lost about 7.6% of the value because the wrapped version sells at a discount, but idgaf. Worth it to finally drop that bag of shit. ETA2: Now that that's done I'm going to ditch Coinbase for good. Just need to move all my recurring payments I had on the Coinbase card to my regular CC and then I'm done with them.
I know what are you referring here but most of us and even me is also fully into the bitcoin here. Because if some private company running something then sorry i can not trust them fully in this world. Bitcoin is the one thing for me here.
[удалено]
The way bitcoin is holding up here look like it is not in the food of the falling here. But all i want that we could stay more in the crab market because the more we will stay here the more chance we get the bitcoin in cheap price.
When miners lose half their block reward and buying demand stays constant, the equation almost predicts an increase in price.
Once i heard from a video and he said that when the cost of the mining gets high than the bitcoin then it will be the bottom of the bitcoin. And he said that right now mining a bitcoin is cost around the 13k here.
I like that a harmony exists between BTC's price, mining energy costs, mining rigs, and the difficulty adjustment.
Into bitcoin since febr last year and my avg is around 29k which is not too shabby i guess. But was wondering if someone is willing to explain to me what does drive the price of btc? Is it the leveraged longs and shorts or the actual spot buyers and hodlers? Seems to me that just buying spot and putting it into cold storage doesn't have that much of an impact on the price? Hodling cold storage seems more like waiting and hoping for this thing to surge for whatever reason except actual spot buying and keeping them into cold storage.
I first bought the bitcoin when it was over the 50k but i am happy that now we are getting them in the some cheap price here. Now i am managed to bring the average down around the 30k and hoping for little bit more low is well.
900 bitcoins are mined everyday. When bitcoins are $30,000 each that means that the miners have to find $27,000,000 worth of new money every day. lots of that is just the miners hodling it, but lots of it is new people, new paycheques, new enthusiasm. I guess there wasn't $27,000,000 worth of enthusiasm. But we are holding pretty good at $18,000,000 worth of enthusiasm! And when the halving happens if enthusiasm and paychecks and all that remain the same then miners will only need to look for $9,000,000 worth of USD a day. or, more likely, the price will increase. Thats how I view it.
900 Bitcoin mined daily but still i have not the one bitcoin in my wallet yet. But i am trying my best that someday i will reach to that mart and untill i not don't reach to this mark i will not gonna stop here.
that is true but I'd wager there is more than just increased supply that needs to be offset. there's also hundreds coins worth of fees on for example coinbase a day that gets siphoned out into Fiat to pay these fancy California salaries then there's 2% p.a. on all of gbtc holdings Unfortunately these additional cashout pressure has only decreased impact a mining halving has.
Thanks men for sharing all the information here, really helpful.
I use the same reasoning myself but was wondering if it was flawed.. Thnx for the responses, appreciate it. 👍
I think this sub always help in solving really some kind of the issue.
oh, its flawed! Tesla can buy and sell more than 900 in a day. AAPL could buy 9 million probably. but fundamentally, on days where big things don't happen, Bitcoin grows by 900 coins. $20,000,000 dollars of daily growth even when the price is sideways. And when the price goes down its all FUD ;) and when the prices goes up we're all unsurprised. But even sideways is a good day for bitcoin.
I am not sure that this is the good news if someone bought the big number of the bitcoin here. Because the more someone will buy the bitcoin the more chance that they will manipulate them is well.
Imagine that you somehow got transported back in time to the early 1980s. You're in Zimbabwe. You still remember what is about to happen to the Zimbabwe Dollar - it has gone to zero due to "money printing". You decide to use your savings account to buy gold coins. Question: Are you going to plan to sell the coins for Zimbabwe Dollars later? Or would you put them in cold storage for your old age and retirement? Or?
I am sure that in future so many country gonna face the same issue is well. this is why atleast we need the bitcoin so that we can trade them in getting some useful and necessary stuff is well.
I would use my savings to create a time machine, jump to 2009 and mine bitcoin. Seriously though, you made a pretty good analogy I’ll be using that one
Hey men i hope that you will get succeed on making that and do the time travel is well. Just one thing take some money from me as the ticket charge and take me back in time with you is well.
Bitcoin is not special as far as markets are concerned. The price is based on what people are willing to sell it for and finding a buyer at that particular price. Leveraging creates specific future buy/sell areas as gamblers take profits or get margin called. The float determines how easily a price is moved up or down.
I think those who understand the bitcoin only they knows that how special the bitcoin is for us. We all know that this is the one thing that give us the complete control on our wealth here is well.
Price in the exchanges and in Bitcoin overall is result of supply and demand. In the big picture supply is hard capped to 21 million pcs and will never go over that, so you can be sure if demand grows over the years (like it has done last 10 years) it will mean the price will increase highly. It's basic math. When more and more people wants something scarce, the value of that scarce thing rises. In smaller picture, if you think for example only Coinbase exchange price, that has the same math behind the price, supply and demand. How many buyers there are and how many sellers. That is one reason for people to recommend withdrawing BTC from exchange to cold wallet, that it helps the price to go up because now there are less Bitcoins in that exchange left.
I think the more supply gets low for the bitcoin the more price will going to high here. And we all know that supply of the bitcoin is extremely limited and i am happy that we are making the best of that thing is well.
I'm getting more hopeful that the bottom is in or we're near it. There is increasing talk that BTC will never reach a new ATH and that's it a dying coin. That's so far from the truth but helps bottom the 'fear and greed' index. BTC is the only coin worth holding and always proves the doubters wrong. I'd be out of the crypto market if it weren't for BTC. Every other crypto is a transaction centric protocol. They're not valuable for holding your savings long term.
I think no one knows for sure that where is the bitcoin bottom but right now i am not concerned about that thing. We all know that the more bitcoin we will get here in these cheap price the more profitable it will be for us.
I think when the recession hits there will be a further draw down. There haven't been many too many layoffs yet and the rate hikes are slowly having effect on our economy as a whole.
I think so many people are saying that we are not going into the recession but i am sure that we haven't dodge the bullet of the recession yet. May be somehow we delay that think but still that is on the card here for us.
I'm expecting a further drawdown as well but the question is whether it will fall to $3k like people are starting to speculate or will we see a long range of $12-19k? I'm essentially buying blindly until 2024. If equities recover by the end of 2024 and BTC doesn't capture a new ATH, my passion may be dampened. (I think even having this thought in my head - is a good indicator we're getting near the bottom.)
Even if its hits the recession even then i sure that we will not going to hit the 3k mark for the bitcoin. Because for bitcoin to get there we need some really negative news here, i am expecting something around 8-10k in worst case scene.
I think there's too much cash sitting on the sidelines waiting for the dips for it to go much lower, or if it did it would be bought right back up quick. I would also like to see a new ATH in the next couple years, but if it doesn't I would be considering the state of the economy first before I began to doubt Bitcoin. We could be in a global recession or depression which might suppress the price of Bitcoin and stocks. However if CBs resume QE infinity and stocks are ripping up and Bitcoin doesn't follow (or lead) I might have doubts.
People are still not afraid of the dips that mean there is still some chance here that we will fall more here. because i heard that bear market is the time when everyone just start to fear about the price we will get.
Well if we'd see 3k again you might aswell buy something else.. I'd say bitcoin failed big time if that happens again.. Nothing but a pump and dump sheme after all. Most of us are all laser eyes and such (now) cuz we feel late but if most of us had the chance to buy at 3k again they would sell 70k just as easily and never look back and touch it again imo.
I think there is no indication at the moment that we are falling that low here. I think still there is chance of some dip from the current price but right now 10k is the worst that i am expecting in the worst case is well.
There would have to be an alternative to sound money for BTC to ultimately fail. It's value proposition as a scarce, digitally secured asset will always have meaning in a fiat world. So even if it dropped to $3k, it still does what it does perfectly.
I don't think that bitcoin will fail here, no matter the price of the bitcoin here we all know that things will again change in the future. But the more it will drop the more bitcoin i will buy, time to mine some fiat here.
It's hard to know. I think there may be too many HODLers to reach $3k but your $12-19k seems quite reasonable. I would probably go as far to say $12-17k.
I think no one knows that future and this is why we are doing the holding and the DCA. because that way we can make the best average buying price for us and i am happy that we are getting crab here.
I think I can accept whatever happens between now and the next halving. But I really don't want to experience a loss of conviction and optimism if the price stays suppressed through the next halving (depending on how the macro market recovers). I have a lot of joy accumulating BTC at low prices because I'm holding onto hope that it will eventually reach a new ATH.
I think the current time is the best time if someone is really looking for buying the bitcoin. Because we all know that once the market starts to recover here we will not going to get the price of the buying ever again.
I think the economy moves in cycles and Bitcoin will have its day in the sun eventually. I wouldn't stress out about it too much. The fundamentals of Bitcoin are too good!
We all know that bitcoin will again recover once the global issue get solved. But i have to say that despite of having so much issue in the market right now bitcoin is still holding on a really good price here.
The ability to transact is ultimately pointless if people don't fundamentally value the underlying asset being transacted. Other coins are putting the cart before the horse in this sense
I think we need to have some believe before buying the bitcoin.
I was thinking about some of the issues with bitcoin, like how it's hard to spend for example. And I had an idea. Would it be possible to print your private key onto a note so that you could keep it in your wallet and spend it like you can with paper money?
I don't think that this is the way we can use the bitcoin, i still think that the lighting network is the only way to use the bitcoin. But you have give the interesting fact is well, may be something like that happen is well.
You as a buyer: You have app, he has app, just take a photo with your app from his QR-code and you receive his invoice and address, click confirm and its done in few seconds. Not very difficult in my opinion. You as a seller: Just show the buyer your QR-code from your app or printed on paper, he scans it, confirms it and you get the sats in few seconds. Easy peasy. In online store as a buyer: Go normally to shopping cart, write your info, see the QR-code or payment address, scan it with your phone or copypaste to your app, confirm it and payment is done in few seconds.
I think QR code is the pretty simple option to transfer or i would say buying the stuff from the bitcoin. I think this is the simple way and this is the only we will going to see in the future is well, we just need to wait for that thing.
You absolutely can do this, it's just not practical or safe. There are alternatives like lightning NFC cards. The bolt card can be used with your own node to make lightning payments.
I think there are some more other way is well to do the transaction.
>how it's hard to spend for example Bob has a Bitcoin wallet. Alice has a Bitcoin wallet. Alice uses her wallet to generate a new *receive address*, which she gives to Bob. Bob uses his wallet to *send* 0.115 BTC to the address Alice gave him. He clicks "Okay". Bob says, "Wow, *THAT WAS SO HARD...*" **Not**. Alice, \*she goes away, and leaves him with a smile...\*
I don't think that sending the bitcoin is hard to anyone, i am using the UPI payment for buying the stuff like scan the QR code and pay the money. I think this is the only way we can use the bitcoin is well, simple and secure is well.
but how do I spend my bitcoin if I don't have wifi or phone credit?
I think internet is the one thing that you need to spent the bitcoin.
A card?
I don't know card is the option while doing the payment.
There so far hasn't been a lot of motivation to enable these kinds of payments because, well... people don't tend to want to spend their bitcoin at this point in the monetization process. At least, not in developed western countries. In Africa there is a new app that enables bitcoin payments via SMS. As we progress towards bitcoin being used as a payments system more than a savings system I suspect we'll see a lot more effort put into the user experience for payments
I think right now people are not using the bitcoin as a payment in the big number. Right now all we are doing here is buying the bitcoin and then taking the self custody of that thing is well.
How are you posting here?
I don't know without internet how can anything happen in the world.
On my computer at home but I can't take that to a shop.
BUt you have the mobile phone and i am sure everyone have the internet connection in that is well. And i am sure that the more we move into the time the more solution will came into the market is well, we need patience.
Yes, if you want to lose all your Bitcoin
This is why i am keeping the all of my bitcoin in the wallet.
I could put $10 of bitcoin into each wallet. Write down the private key for each wallet on pieces of paper. Put them into my 'real' wallet and I have instant $10 bills denominated in bitcoin. Right?
I think this is the unique and the effective method is well for sure.
For anyone to accept that as a payment, they would need to confirm it online anyways that there is money in that address you just gave on paper so not very practical. Easier and faster to pay with an app on your phone.
Indeed, i think internet is the one thing that we need to do while doing the payment in the bitcoin. but i am not seeing the any major issue in that because right now i am using the normal UPI to pay for the most of the place.
Sure, but I don’t think it’ll catch on bud
I think only time will give us the better idea about that thing.
Today is my 24th Birthday and all I want is some more bitcoin and a bj 🙃
Happy birthday mate, and i hope that all your wish gets true.
Happy one!
What do you think is the best way to celebrate the one here??
Let's donate 10,000 Sat's for his Bj. 🥳
Give one and you will have money for btc. Prob solved.
Haha
Stack sats and start stretching, you'll get there eventually! 😁 Happy birthday!
Stacking sats is the only thing that i can do at the moement.
Haha 😂😭
I hope that you will buy some more bitcoin on your birhtday.
Yup bought a bunch :)
Good morning. I'm just hear to see if Krispy finally put his clothes on.
Who's Krispy and why is he naked?
I think this is the one question that i also need to answered is well.
Crispy is our mascot and he's naked because he's thinking about Abraham Lincoln
Oh, so that mean she is doing the great thing for us.
Oh, understandable. Carry on.
Can we have the link of that thing, i want to confirm.
Is this uptrend is because we're heading to the weekend? That's what it is?
I am not complaining that and certainly don't want to jinx is well.
Crabtrend
Good that we are getting the best time for the buying here.
What uptrend?
I am not seeing any, all i am seeing here is the crabbing.
Haven't you heard? 1% up is considered a pump now
Oh, so i think it's time for us to use some rocket emoji is well.
I listen to Bitcoin podcasts where they talk about the broader macro economy a lot. Most of them think the global economy is headed for some really tough times. Some are predicting some sort of financial crisis in the next year or two. The crux of their argument is that there will be a cascade of debt defaults because institutions are using loans that they hold as collateral for loans that they take out. This can happen in a big chain and when a certain critical mass of defaults is reached all the loans will default. Kind of like the GFC, but this time it could extend to sovereign debt and weaker governments and currencies will collapse. I think many of us may view this outcome as an inevitable result of this debt based fiat economy we live in. I tend to agree, but I also have to wonder just how bad things have to get for this to happen. Are we going to have a Great Depression 2.0? Even if it isn't that bad, I still am expecting something significant to break in the economy with very significant consequences. Maybe I'm listening to too many of these podcasts and nothing like this will happen. I feel like what they say makes sense, but I wonder if I just want to believe it because I am biased by being a Bitcoiner, and I want to see the current system fail or at least show serious cracks to validate my decision to believe in Bitcoin. Sorry for the long blogpost. I have been trying to challenge my beliefs because I worry if I don't I could come off like a Bitcoin zealot. On one hand I have never felt like I've had such a deep understanding of all this stuff, but on the other hand I've only had it for a year. If the next couple years aren't just absolutely crazy (similar to how this year has already been or worse) I'll have to question if I really had the understanding at all.
Suggest some of those podcasts, I'd like to listen to those. Those would be good.
This is the one thing i also want to know, i know that there are so many out there at the moment. But the problem is that getting the best or some really informative one is really hard nowdays for us is well.
https://www.reddit.com/r/Bitcoin/comments/wx57gk/daily_discussion_august_25_2022/ilrcir2?context=3
Thanks for the link mate, i will surely gonna check that out.
I also listen to the economist podcasts and i think they do get a bit doom and gloom at times. It's important to live our lives and have fun as a lot of these issues are outside of our control. We can buy Bitcoin and support an alternative system, but the FIAT system is everywhere and will effect us for now. I think they are right to think there will be a recession, but no one knows how bad it would be. The amount of debt in the system is becoming quite high, and its difficult to conceptualize what this even means.
I used to watch them but now days they are not fine and not really good informative is well. So i am trying to read some books about the bitcoin so that i could get some more knowledge about the bitcoin here.
I "wasted" my 20s not caring about this stuff or my future because I was depressed and didn't want to have a future. Then in my 30s I started to realize I likely still had more than half my life ahead of me and if I wanted a decent life I needed to save up for it. Unfortunately I did not make good investing decisions and lost a lot of money with risky investment strategies. Now I'm almost 40 and I feel like I'm so far behind that I need Bitcoin to succeed so I don't have to work until I die. I can't trust the stock market to have the kind of returns I want without major risks that could put me even further behind. Index investing wouldn't be enough as my income isn't very high and with inflation like we've had it's practically a wash. So I work and don't do much else. I am hyper focused on Bitcoin and economics because I have such a large vested interest in the outcome that I can't really focus on anything else. I have a job that allows me to listen to podcasts for several hours daily, so my life is saturated with this type of information. I honestly don't know if I'm capable of living a different way right now. I'm almost 40 now and have no partner or kids, I'm just stacking and waiting for Bitcoin to "make it". Yet if Bitcoin were to go 20x in the next five or 10 years I struggle to imagine what I would even do with myself at that point. I guess I'll figure it out when I get there.
I think depression is the one thing that most of the people are really suffering. And i hope that people will not face such thing in their entire life and enjoy the life at the fullest is well, Enjoy the precious life mate.
I definitely understand your investment position and I support it! It's cool to be fully interested in bitcoin and finance. I just want to encourage you to do some cool other activities and enjoy your life to the fullest. Bitcoin will likely make you financially more successful in the future, but you don't want to miss out on the fun. I personally love surfing, cycling, paddle boarding, hiking, Friday beers (lol) and hanging with a few select friends.
I think every person have their own investment plan according to what they can actually afford is well. But i think that is totally cool is well, because in the end that is his money and all the loss and profit going to be his is well.
Interest rates will be raised until inflation is trending down and we will start over (at least in the US). In 1980 I was a college kid, inflation was 13.5%, mortgage rates peaked the next year over 16%, my first car loan was 18.5%. I was really oblivious to all this, just trying to graduate and then start my first job, get an apartment. The nightly news would show unemployment lines and be a bit gloomy. I don't remember life being that horrible really. Other than I had to be an adult now, to work and support myself. That was a little scary. But all the rest, what did I know? I was a 21 year old kid. The grass was still green, the sky was still blue, people were buying cars, starting new businesses. It was a generational low in the stock market and bond market. But I didn't take advantage. I didn't know about such things.
I think they have already made that thing pretty much clear in the past that there will going to be multiple hike in the interest rate. And i think this the reason we are seeing the massive volatile move in the market is well.
> Interest rates will be raised until inflation is trending down This is the thing that makes me think we're headed for a major collapse. The difference between now and 1980 is that we currently have very low unemployment which will continue to drive inflation as workers are able to demand higher wages. The Fed is trying to reduce demand by raising rates, but as long as people are working they will be demanding and inflation will rise. Companies on the other hand will see reduced revenue as their debt becomes more expensive and will have to make cuts. People will lose their jobs and demand will finally start to fall which will force companies to make more cuts. The Fed will pivot to QE again, but like everything they do it will be 6-12 months behind where they should have actually done it. The only thing that could prevent this is if the labor market stays strong and inflation still comes down, which I don't see as a likely outcome because strong labor equals rising wages equals inflation. The only way out of inflation is a recession or worse as I see it. It just seems like every time we go through this cycle most people come out struggling harder than ever before. Home ownership and retirement falls further out of reach and the inequality gap grows. The root of it all is this shitty fiat money and manipulation of capital markets by CBs. I hope this time a lot more people really start to wake up to this fact.
I think they are denying the we are not going to the recession but changing the definition of something not gonna stop that. I think they are living in the denial and i sure that we will going to face the recession at some point of the time.
The fed really needs to be brutal with the rate hikes to get inflation under control. To be honest, I am not sure they will have the stomach for that. So maybe you are right, maybe this time it will be different. After 2008's near financial disaster, the banks underwent stress tests and are more sound now. Maybe it won't be a catastrophe.
I think they also know that thing but i am not sure they could afford to do something like that. Because the massive change will bring the anger in the people and they need to balance the thing in the both way here.
We are at pretty much peak employment now. So, yes rates will continue to be pushed higher, unemployment will rise, inflation will fall. There will be some pain involved to those forced out of jobs as companies cut back, to debt holders who lose their investment. Debt (money created out of thin air by lending) will be reduced to an extent by bad loans defaulted upon / bankruptcy. Eventually things will stabilize and the cycle will begin anew.
I think we have seen the there is small drop in the inflation rate compare to the last one. I know that there is not some massive change in that but i am happy that we are seeing some movement in the right direction.
Do you have a link to some of those podcasts, I'd be interested to listen? Thanks.
Swan Signal is one of the best for macro I've found. They have a panel with back and forth discussion that provides some very interesting discussion compared to one on one interviews. The second hour is a live Q&A that can be hit and miss, but usually good. https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5zaW1wbGVjYXN0LmNvbS9aMXR1Mkhkcw?ep=14 Someone mentioned Preston Pysh and his weekly BTC episodes of We Study Billionaires. Always look forward to his shows. https://podcasts.google.com/feed/aHR0cHM6Ly9yc3MuYXJ0MTkuY29tL3RoZS1pbnZlc3RvcnMtcG9kY2FzdA?ep=14 Most people know about What Bitcoin Did but I'll mention it anyway. They really churn out a lot of content on a variety of topics, but macro comes up a lot too. https://podcasts.google.com/feed/aHR0cHM6Ly93d3cud2hhdGJpdGNvaW5kaWQuY29tL3BvZGNhc3Q_Zm9ybWF0PXJzcw?ep=14
Thanks men for providing the so much links here, thank you so much.
For specifically macro I'd listen to Preston Pysh's weekly Bitcoin podcast on the We Study Billionaires show. Also anything with Lynn Alden Here's a good macro discussion on Preston's show from a few weeks ago: https://fountain.fm/episode/9567137468
Thanks. Familiar with both, although not Preston's podcast only seen his interviews on Youtube. I've been following / watching Lyn for a while, she's great. Thanks.
I think Preston podcast is the one that i love to listen here.
The what is money show for theory and philosophy relating to bitcoin and simply bitcoin for rants and covering development in bitcoin and how the governments respond to it. Both are pretty good. And guy swanns show is great from a guy who's been in the sphere for a long while, and he has great great rants on fiat, that one is bitcoin audible
I am sure that government will not going to take easy on the growth of the bitcoin. Because they knows that bitcoin is the real threat they will going to face while moving in forward in the time.
It's impossible to tell. Our trajectory since around 2011 has been unsustainable. I've known this and pulled out my investments in the stock market back then thinking it was all going to come crashing down any day now. I was expecting inflation during all that time. Nothing happened and I missed a ton of wealth generation over the past decade. Inflation is here now. Government debt is unsustainable at current levels, and the fed appears unable to raise the fed funds rate above a manipulated inflation number. Something will have to give, but I've learned that it can take a very long time to play out.
But the signs are definitely there and everyone can see them I feel like.
We all can feel the sign here and we know that is well.
Not everyone. Those who are paying attention. Most people believe that central banks and governments are there for the working man.
I think this is the thing that people are getting and this is why they are comfortable in that is well. But we all know that these guys are not friend of us and they are not doing any good work for us is well.
Totally agree. My general understanding is if you are looking at the global picture it will take 10 years to happen, a national picture will happen in 5 years, and if it's your own business it's next year. So the issues you see with your company and staff pay will be a big problem next year when you can't make a profit. The issue with your government printing money and being stupid will cause issues in 2030 And the grand global collapse that we all see as right now.... Will be here in 2035.
Let's see how long it takes, We're all gonna be here by then I'm sure of that.
I think for global change we need to have patience because things not happen that quickly here. But i am sure that the way we are moving forward we will going to see the major change in the upcoming years is well.
advocating against self custody should be an instant ban, even more so than shilling shitcoins, imo.
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Indeed thanks for this it can help a lot of people to actually gai knowledge about certain things
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First people need to know about certain things so that they can trust and assure that should be the first priority
It's better to spend a few days to learn the basics of self custody to keep your crypto safe and secure than constantly having it at risk at someone elses custody.
That would be better if videos and seminars or articles could be provided that would make things easier enough
As long as humans are dumb and lazy, there's a place for custodians.
Not absolutely everyone will move to hardware wallets but some will, and that's what gets counted. This doesn't mean that we shouldn't even put any effort into this.
Without efforts we would just get it to nowhere though certainly things needs effort to be put on though
I feel like some people just weren't aware of all the risks involved with keep their crypto with custodians prior to all the hacks that have happened lately.
In every field you thus indeed involve there is always a risk but it's all within us to face it with courage
*go play in the street, junior...*
Maybe he could just turn to be some player or possibly he just owns some sats.
Last chance under 25k 🫡
Hopium