I use Cash App. Just bought another $100.

I use Coinbase as well.

posted by Automatik

I use Cash App. Just bought another $100.

Keep stacking those sats!

Assuming it's not best to pay attention to your losses? lol

posted by Automatik

Assuming it's not best to pay attention to your losses? lol

Nope, don't worry about the short-term losses. Stack and HODL.

posted by justincredible

I'm not sure how much lower it'll go. I'll probably throw another $250 at it today. And then throw some more if it drops to $4k or $5k.

The easiest way to buy for beginners, I've heard, is through Cashapp. I use the Gemini Exchange. There is also Coinbase, which is very popular.

I tried Coinbase before, always gave me issues. I'll give Cashapp and Gemini Exchange a whirl.

posted by justincredible

Nope, don't worry about the short-term losses. Stack and HODL.

This is a very bad outcome for Bitcoin.  Can't even pump it as an alternative to gold now, because it's losing more value than the stock markets.  This was actually a big test for crypto, and it's failing miserably.

It may continue to be a popular speculative play, because it's actually kind of hard to buy & trade gold easily. 

posted by gut

This is a very bad outcome for Bitcoin.  Can't even pump it as an alternative to gold now, because it's losing more value than the stock markets.  This was actually a big test for crypto, and it's failing miserably.

It may continue to be a popular speculative play, because it's actually kind of hard to buy & trade gold easily. 

I disagree. Time will tell, but I think I'll be happy I kept stacking in a years time.

This is just shaking out the weak hands. I don't think this is the bottom, either. I think we'll see $3-4k soon enough.

posted by justincredible

This is just shaking out the weak hands. I don't think this is the bottom, either. I think we'll see $3-4k soon enough.

The longest & strongest argument for crypto has been fixed supply and not subject to govt excess.  And that argument is being absolutely destroyed.  In a global panic that could destabilize some currencies and economies, crypto is getting hit even harder.

Crypto is just a casino.  Whatever remaining long-term viability it had is getting crushed before your eyes.

posted by gut

The longest & strongest argument for crypto has been fixed supply and not subject to govt excess.  And that argument is being absolutely destroyed.  In a global panic that could destabilize some currencies and economies, crypto is getting hit even harder.

Crypto is just a casino.  Whatever remaining long-term viability it had is getting crushed before your eyes.

I disagree. Time will tell, but I think I'll be happy I kept stacking in a years time.

Looks like I missed the brief dip to $4k. Back up to $5800 now.

Threw another $200 at BTC this morning.

posted by justincredible

I disagree. Time will tell, but I think I'll be happy I kept stacking in a years time.

Failing this test will cause many long-term investors to throw in the towel.  It will also cause many speculators to abandon it - again, it's correlated and much more volatile so no longer a great place to speculate.  And when enough speculators abandon it - and eventually the music will stop - it's dead. It has virtually 0 prospects for long-term viability.  Everything the crypto bulls have been preaching for years has been proven to be wrong.

You'd be better off taking that $200 and trying to play the daily/weekly volatility in the markets.

Nah.

*buys $20!*

I don't want to talk you out of it - obviously some people have made a lot of money, probably.  But understand it is a ZERO sum game - there's no economic value being created, your gains/losses are someone else's losses/gains.  Eventually the losers bust out and the people sitting on paper gains can't find any buyers to cash out.

But it has ZERO intrinsic value.  ZERO productive value.  The ONLY reason it isn't trading below $100 is because of speculation.  You're making a bet that speculators aren't going to abandon it.  History tells us they will.  The bulls keep telling us "ohhh, it's going to become an alternative to gold...it's going to be widely used in transactions".  Nope, not happening that ship has sailed.  IMO, crypto is on the verge of complete collapse.  If it doesn't happen on its own, it will when companies like Facebook or Goldman roll out their own crypto.

You see no value in uncensorable, borderless P2P payments? I do.

Justin cash any out the past few days?

posted by Automatik

Justin cash any out the past few days?

Nope. Not in it for short term gains.

posted by justincredible

You see no value in uncensorable, borderless P2P payments? I do.

I do.  But it's not a monopoly and not defensible.  When the big banks roll out their own crypto, all the pretenders like Bitcoin go to 0.  Guaran-fucking-teed.

The tech you're talking about is a commodity.  There is some value in the brand name of Bitcoin, but otherwise it's a ponzi scheme.  You're playing blackjack, and I wouldn't want to bet my marriage on it.

Can you explain what you mean by it’s not a monopoly and not defensible? Also, explain how it’s a Ponzi scheme exactly?

If this is a Ponzi scheme then so is the stock market. 

posted by justincredible

Can you explain what you mean by it’s not a monopoly and not defensible? Also, explain how it’s a Ponzi scheme exactly?

Really?  If you're actually asking me to explain how crypto isn't a monopoly then I've been talking over your head this entire time.

I'll make it really simple - if it wasn't a monopoly or if it was defensible, then Bitcoin would still be the only game in town.  Blockchain is a commodity at this point.  It has value, but it's a commodity.  Pour your money into it, but don't get caught holding the bag when the music stops.