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BitCoin falling like a Dotcom

joeken24

By joeken24
in The Tailgate

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Corcaigh

Corcaigh

Posted
Posted
11 hours ago, Hersh said:

 

Never be afraid to take some profit. If it's really a lot of money, cash out 25% to enjoy and be prepared to lose all the rest. 


Yeah ... he took out another (small) 5-figure sum last night. He still has plenty in DOGE for silly upside but the profits he’s taken will do very nicely in a total market stock index fund, and maybe some ETH. Spread the risk around.

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Chump Bailey

Chump Bailey

Posted
Posted (edited)
5 minutes ago, Corcaigh said:


Yeah ... he took out another (small) 5-figure sum last night. He still has plenty in DOGE for silly upside but the profits he’s taken will do very nicely in a total market stock index fund, and maybe some ETH. Spread the risk around.

 

Eth seems like a very strong play. The Berlin Fork appears on track and gas fees are trending down. NFT's are only to become more in demand as well and the form of payment for these as I'm sure you're aware is Ether. I've only a few but am going to acquire as much as possible and will DCA into Bitcoin. I'm not interested in any other Alt other than Eth - for now.

Edited by Chump Bailey
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Hersh

Hersh

Posted
Posted
30 minutes ago, Corcaigh said:


Yeah ... he took out another (small) 5-figure sum last night. He still has plenty in DOGE for silly upside but the profits he’s taken will do very nicely in a total market stock index fund, and maybe some ETH. Spread the risk around.

 

That's excellent and exactly the way to do it. I actually just sold everything but a very small DOGE holding. I don't think we've hit a place where these currencies are going to hold their value so I'll look to buy back in after pull backs. I imagine these will just be treated like stocks for most people.  One thing I always do is take the rewards on coinbase for new crypto. It's listening to a few videos and earning some minimal money. However, if one of these random ones ever actually goes up, it's free money. 

55 minutes ago, The Evil Genius said:

Fortune favors the bold. So does bankruptcy.  

 

This is not said enough. Stocks and Crypto have turned into gambling on **** that shouldn't be this valuable based on what it does or the money it makes. 

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Hersh

Hersh

Posted
Posted
5 minutes ago, Corcaigh said:

With the Coinbase IPO and now PayPal getting involved, the popularization of crypto will only increase.

 

 

As an asset to buy and sell, but how many people will ever use it as a currency?

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Corcaigh

Corcaigh

Posted
Posted
2 hours ago, Hersh said:

 

As an asset to buy and sell, but how many people will ever use it as a currency?

 

Not as a currency yet because it is still a little too hard to administer and so few people accept it. And it would be nuts for a business to accept something subject to that degree of volatility unless a lot of their supply chain and other costs are aligned with that particular crypto currency.

 

I saw that MicroStrategy is going to pay its external board of directors in bitcoin moving forward. But I suspect those folks have 'people' to convert it to cash if they don't want the hassle themselves.

 

I can see more businesses supporting crypto payment methods once there is more stability (and the payment platforms support it). It's common in international stores in places such as airports to pay for something in a choice of currencies.

 

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Hersh

Hersh

Posted
Posted (edited)

Bitcoin needs to switch to proof of stake in the next couple years because the negative environmental impact of crypto cannot be understated. The is going to be a major roadblock to more growth. 

Edited by Hersh
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No Excuses

No Excuses

Posted
Posted
On 4/16/2021 at 7:00 PM, Hersh said:

Bitcoin needs to switch to proof of stake in the next couple years because the negative environmental impact of crypto cannot be understated. The is going to be a major roadblock to more growth. 

 

I'm pretty sure Bitcoin can never transition to proof of stake.

 

The environmental impact stuff is quite overblown in my opinion. The entire world has an immediate need to de-carbonize all of the power grid and singling out specific technologies and sectors isn't going to do much to help that transition.

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PokerPacker

PokerPacker

Posted
Posted
On 4/16/2021 at 8:09 PM, Springfield said:

Whatever that means...

 

Just more proof as to why dog coin is the superior form of next generation currency. It’s totally real and it’s totally stable and it has an environmental impact of zero.

Such wow.  To the moon.

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Hersh

Hersh

Posted
Posted
3 hours ago, No Excuses said:

 

I'm pretty sure Bitcoin can never transition to proof of stake.

 

The environmental impact stuff is quite overblown in my opinion. The entire world has an immediate need to de-carbonize all of the power grid and singling out specific technologies and sectors isn't going to do much to help that transition.


its not a sector issue, it’s a Bitcoin issue. The energy use of off the charts considering how little its actually used across the globe. If crypto takes off, the problem gets significantly worse. 

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The Evil Genius

The Evil Genius

Posted
Posted (edited)
16 minutes ago, tshile said:

The doge coin stuff cracks me up

 

the planet money interview with the guy that made it is funny and awesome

 

 I don't understand crypto currency at all. But it's fun to see people make bank on it...and read about stories of people losing their bitcoin on old hard drives and what not (schadenfreude). 

Edited by The Evil Genius
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tshile

tshile

Posted
Posted
25 minutes ago, The Evil Genius said:

 

 I don't understand crypto currency at all. But it's fun to see people make bank on it...and read about stories of people losing their bitcoin on old hard drives and what not (schadenfreude). 

I don’t either... which is weird, given my profession I should, but here I am...

 

I just put money in things that sound solid. I stay away from the ****coins and I only get alt coins if my buddies (that are super into this) approve 

 

Last advice was Uni and compound. I didn’t take their advice. Both took off

 

 

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DCSaints_fan

DCSaints_fan

Posted
Posted (edited)

Idea of crypto is to have a liquid asset that can be exchanged easily without involving a third party, or at least to be able to change that third party with ease.   You can't do this with your bank account - your bank effectively controls your bank account and assets can be frozen/seized etc. at the whim of the government.  Same goes for PayPal and any system with a centralized/trusted authority.   Wi9th crypto there is no centralized authority that has control over your account.  Assuming your private keys are never stolen/compromised you have full control.


Transaction fees used to be a big problem as well, but ACH is actually pretty cheap now days - usually less than a dollar.  Then there is Zelle, which I've never actually used but is apparently as easy as crypto exchange.    Merchant fees for credit cards, remain an issue, sometimes several % points.  So are chargebacks - which are impossible with crypto.  Pure crypto transactions are usually free or are very cheap.   Coinbase for instance has zero cost crypto-to-crypto transactions. 

Also with fiat currencies, value can be inflated at the whim of the centralized authority.  This isn't as much of a problem with currencies from major countries, such as USD/EU, but is  a real issue in say, certain Latin American and African countries.

Finally, with the smart contract platforms such as Ethereum and EOS, you are able to do more than just a payment system.  The contract can include execution of fairly arbitrary code.  This opens many uses, for example transfer of digital assets (NFTs).  it also serves as a record of what was transferred that is publically available, so say if you buy physical goods there would be a record of exactly what you purchased, which would be useful if there is some dispute. 

Edited by DCSaints_fan
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Hersh

Hersh

Posted
Posted (edited)
3 hours ago, The Evil Genius said:

 

 I don't understand crypto currency at all. But it's fun to see people make bank on it...and read about stories of people losing their bitcoin on old hard drives and what not (schadenfreude). 

 

A friend of mine lost 4 bitcoin on an old drive 5-6 years ago. I don't bring it up to him. 

Apparently DistrictOx is also up about 10,000% in the last 6 months. Never heard of it. 

Edited by Hersh
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