Let’s talk Bitcoin

[Alan A]

Originally Posted by tabs

Bitcoin has no legs.

If the Grid goes down..

People wana see it and touch it..gold and silver. Thats human.nature..

I can hear it now..but but but..and that is all bs..you can not escape from who you are nor your history.

Right - because the US dollar is on the gold standard.
If your greenbacks are worthless box them up and send them over, I’ll find a use for them. Ditto for your crypto - unless it’s Ripple. That’s still a bit toxic IMO, so you can keep it.

[dan79brooklyn]

Originally Posted by Alan A

Read the prospectus for GBTC and what it’s actually worth.
I used to have a *lot* of it last go around, so I’m passing familiar with the stuff.

IMO unless you need to use your broker you are better off holding the actual crypto.

Where do you recommend purchasing Bitcoin from? The Vanguard stock gives me some peace of mind I guess.

[uncle_scott]

Just bought some. Let’s see what it does...

[biosurfer1]

Blast from the past from 2010, guy shows you how to buy bitcoin with paypal by purchasing 10 bitcoin for $30:

[techweenie]

Have to say, I'm pretty happy with LTCN, which I bought approximately 2 months ago.

Just checked on it this AM.

[Alan A]

Originally Posted by dan79brooklyn

Where do you recommend purchasing Bitcoin from? The Vanguard stock gives me some peace of mind I guess.

I used to use Coinbase for the big 3 and Bittrex for the rest until they stopped trading in NY. Now its just Coinbase.

But I also don't have a lot of crypto holdings any more and I'm kicking myself for not hanging on to all of them.

[uncle_scott]

I used the Robinhood trading app.

[dewolf]

Originally Posted by tabs

Bitcoin has no legs.

If the Grid goes down..

People wana see it and touch it..gold and silver. Thats human.nature..

I can hear it now..but but but..and that is all bs..you can not escape from who you are nor your history.

lol.....what an old mans point of view that is. Clearly you have no idea what the real world is like now. Living in the past. My adult kids, and most kids these days, never even touch real cash. They do all their transactions electronically. They use apps on their phones and internet banking. Get with it old man.

[kinein]

So how many of you in here willing to sell parts to receive crypto as payment?

I am glad we are talking about bitcoin here. I am a HODL'er and a miner.

[Roswell]

How do you short bitcoin? Is it even possible?

[kinein]

https://99bitcoins.com/short-sell-bitcoin/#:~:text=To%20short%20Bitcoins%2C%20you%20need,an% 20equal%20number%20of%20Bitcoins.

[Zeke]

A bunch of crypto currencys rather than one main standard does bother me.

[Black968]

Unstable and intangible, that's it's down fall. Great for day trading because of it's volatility. However, gold and sliver have a history on the periodic chart, bitcoin not so much. It will be killed by regulation in the end. It's a bubble, just like tulips.

[Alan A]

Originally Posted by Black968

Unstable and intangible, that's it's down fall. Great for day trading because of it's volatility. However, gold and sliver have a history on the periodic chart, bitcoin not so much. It will be killed by regulation in the end. It's a bubble, just like tulips.

Heard that the last time it went up.
And the time before.

If it’s a bubble it’s quite resilient to bursting.

[dewolf]

Originally Posted by kinein

So how many of you in here willing to sell parts to receive crypto as payment?

I am glad we are talking about bitcoin here. I am a HODL'er and a miner.

I was going to accept Bitcoin as payment for a car 8 months ago. AU$8500 in BTC. Buyer changed his mind at the last minute and just transferred normal credit to my account. Be worth a hell of lot more now. Bugga!

[tdw28210]

Originally Posted by Alan A

Read the prospectus for GBTC and what it’s actually worth.
I used to have a *lot* of it last go around, so I’m passing familiar with the stuff.

IMO unless you need to use your broker you are better off holding the actual crypto.

https://ycharts.com/companies/GBTC/discount_or_premium_to_nav

[Alan A]

Originally Posted by tdw28210

https://ycharts.com/companies/GBTC/discount_or_premium_to_nav

GBTC is backed by real Bitcoin.
Each one is worth 0.00095028 BTC.
And they charge a fee of 2% that reduces this value each year.

So while it’s an asset backed security it’s worth a lot less than the asset that’s backing it. The premium when I had a lot of it was closer to 50% btw. When it was 19k GBTC was $33. I’d be pissed if I’d held it vs holding BTC.

It’s relative value -IMO- dropped as it became easier to transfer cash into crypto wallets - I was constrained to 10k a week into Coinbase - 1/2 a Bitcoin then and I had to jump through hoops to get it that high. I could buy GBTC through my trading account up to the cleared cash I had in hand.

Edit: had to go check. Coinbase will let me transfer 50k a day from my bank or 250k a day through a wire transfer. Personally unless you are buying in an IRA I’d hold the asset.

[sugarwood]

Originally Posted by Alan A

Coinbase will let me transfer 50k a day from my bank or 250k a day through a wire transfer. Personally unless you are buying in an IRA I’d hold the asset.

You should be concerned about the reverse.
Have you ever actually withdrawn USD from Coinbase?

[biosurfer1]

Originally Posted by sugarwood

You should be concerned about the reverse.
Have you ever actually withdrawn USD from Coinbase?

Dozens of times, usually faster than other bank transfers, and WAY faster than Paypal.

[sugarwood]

Recently?