bitcoins

[Holeshot]

Pretty sure it's been said like 17 times in this thread, the point of bitcoin isn't for it to be currency, it's a value store.... most of us probably just got tired of talking to ourselves?

South America would disagree. El Salvador in specific (and Brazil...and Venezuela). 3rd world nations with poor banking systems (with limited access) are seeing a rise in Bitcoin use. Actual use as a currency. I suspect China and the US are not fans of bitcoin replacing the Dollar and/or Yuan.

I'm not further convinced that modern Western nations + China will see the need to outlaw Bitcoin/ Digi currency in the future. Especially if it's pushing our currency influence. We just can't have that can we? Lose control of our vassal states?

 

[kingmoochr]

South America would disagree. El Salvador in specific (and Brazil...and Venezuela). 3rd world nations with poor banking systems (with limited access) are seeing a rise in Bitcoin use. Actual use as a currency. I suspect China and the US are not fans of bitcoin replacing the Dollar and/or Yuan.

I'm not further convinced that modern Western nations + China will see the need to outlaw Bitcoin/ Digi currency in the future. Especially if it's pushing our currency influence. We just can't have that can we? Lose control of our vassal states?

That's because that's the one being adopted by mainstream services. I suspect there's also some "rich people securing wealth" going on with the politicians who want to shield their wealth from skyrocketing inflation. There are much better choices for transacting on a daily basis, but 99% probably don't know anything about it, all they hear is bitcoin.

 

[redruM]

Pretty sure it's been said like 17 times in this thread, the point of bitcoin isn't for it to be currency, it's a value store

among other metrics, a store of value is something that doesn't experience huge price swings. not that it EVER was, but bitcoin's near 50% drop in one week firmly took it out of the running as a store of value.

as other's have pointed out, cheerleaders said from the beginning that its primary benefit/value was a private alternative to the us dollar as a means of payment. that ain't happening. it has become nothing but a speculation vehicle.

 

[redruM]

That's because that's the one being adopted by mainstream services. I suspect there's also some "rich people securing wealth" going on with the politicians who want to shield their wealth from skyrocketing inflation. There are much better choices for transacting on a daily basis, but 99% probably don't know anything about it, all they hear is bitcoin.

...and there are MUCH better choices for storing value, hedging against inflation, and insuring oneself against corrupt monetary policy.

if you think truly wealthy and wise people are piling into some 10 year-old pixelated pipe dream over age-old stalwarts like gold, silver, real estate and fine art - for the purpose of preserving wealth - you are sorely mistaken.

 

[Holeshot]

Certainly not positive correlation, but final strike prices on BAT (www.bringatrailer.com) auto auctions were abnormally low almost in direct correlation with the falling bitcoin markets. Today was bad for final strike prices. It was weird...

 

[asdfghwy]

When I first heard of it, and it was still at $0.10 in value, it was touted as a means to anonymously buy things that would be untraceable back to you, especially illegal items and services.

It absolutely was, ask me how I know. It has gone from an "anonymous" currency (it absolutely isn't truly anonymous) used to do shady things, to a speculative investment. Not sure how anyone can call bitcoin a value store when it swings 50% in either direction because of a meme tweet from Elon musk

 

[kingmoochr]

It's a value store in the cryptoverse, the exchanges put it against all other coins for valuation. It serves no other purpose. It is definitely a speculative play in the current global financial market. You're betting on technology that could be as revolutionary as the internet.

 

[JesasaurusRex]

You make a valid point, moocher. Personally, I think that Bitcoin will have been the most visible, but like the search engines of the mid to late 90's, it will be a footnote once the industry has stabilized.

Why would I take your opinion when I can just ask Jeeves?

 

[Climber]

Why would I take your opinion when I can just ask Jeeves?

Like everything else posted in the KS, you add it to the hopper of your accumulated knowledge (or not) and make your own decisions.

More data points are almost always better for having a more accurate understanding...unless you put a lot of weight on what Tucker Carlson has to say, then you're heading in a thoroughly wrong direction.

 

[UDRider]

Vice report on El Salvador use of Bitcoin.
https://youtu.be/jvHN0MEBoZo

 

[asdfghwy]

It's a value store in the cryptoverse, the exchanges put it against all other coins for valuation. It serves no other purpose. It is definitely a speculative play in the current global financial market. You're betting on technology that could be as revolutionary as the internet.

Gotcha. I don't disagree there. I do invest into the stable stuff, but lately have been losing money betting on shitcoins

 

[Killroy1999]

Anyone own BITW index. Seems like a easy way to get into crypto which you can buy with a regular brokerage farm like Fidelity, but its expense ration of 2.5% is painful. Need someone to under cut them with the same idea.

 

[kingmoochr]

Gotcha. I don't disagree there. I do invest into the stable stuff, but lately have been losing money betting on shitcoins

Lol I call it the alt casino. The house is up big right now... most of my coins at least stake so im getting interest for the next bull run.

 

[kingmoochr]

Anyone own BITW index. Seems like a easy way to get into crypto which you can buy with a regular brokerage farm like Fidelity, but its expense ration of 2.5% is painful. Need someone to under cut them with the same idea.

Do they publish their holdings? You could buy them yourself for .1-1.5% depending on the coin. Not much point in paying a financial advisor that won't know more than you after 10 mins of research. If they're actively trading regularly, 2.5% is probably worth it.

 

[Killroy1999]

Do they publish their holdings? You could buy them yourself for .1-1.5% depending on the coin. Not much point in paying a financial advisor that won't know more than you after 10 mins of research. If they're actively trading regularly, 2.5% is probably worth it.

Its a passive market cap weighted index, similar to S&P500 as I understand, except instead of 500 companies it 10 coins.

Yes, holdings are public and they can be found here.

Yes, its a huge premium but the fee is basically once a year, but something like Coinbase can have a fee as high as 0.5% per transaction, right. So after 5 transactions, it could be a wash. BITW rebalances frequently, so It seems like the break even would happen quickly if you were trying to do the same as the index.

Yet, 2.5% is high and I think its high because there is not much competition. I hope more players sell these indexes and the fees lowers. Being added to a index can really help the underlying assets. Look at what happened to TSLA

 

[panthera]

For those that think btc is slow and expensive, here is my latest transaction. Look at the fee. 400 sats for moving 5.1 million sats.

Use whatever explorer you prefer.

d9593ad531ed8239dd646f63e8d56666dfbf853631e4d297e9d23a389a910507

1.6sat/vB

I chose the fee and it executed within a few minutes. I recently got money out of a foreign country in a few minutes. Would have taken weeks or longer through the traditional system and would have cost WAY more.

 

[kingmoochr]

For those that think btc is slow and expensive, here is my latest transaction. Look at the fee. 400 sats for moving 5.1 million sats.

Use whatever explorer you prefer.

d9593ad531ed8239dd646f63e8d56666dfbf853631e4d297e9d23a389a910507

1.6sat/vB

I chose the fee and it executed within a few minutes. I recently got money out of a foreign country in a few minutes. Would have taken weeks or longer through the traditional system and would have cost WAY more.

But bitcoin has no use!

 

[rodr]

... I recently got money out of a foreign country in a few minutes. Would have taken weeks or longer through the traditional system and would have cost WAY more.

Interesting. Which country? I use wise.com (formerly Transferwise) which costs about 0.5% and takes 1-2 days

 

[Blankpage]

But bitcoin has no use!

So it has a use but does that make it worth $60K per coin is the question

 

[panthera]

Interesting. Which country? I use wise.com (formerly Transferwise) which costs about 0.5% and takes 1-2 days

Russia.
Have a relative sign up with an exchange in what ever country they are in. Have them buy bitcoin and send immediately. You can save it or exchange it for fiat immediately and risk almost no fluctuation in price.