Your thoughts on Bitcoin?

Discussion in 'Crypto Assets' started by Sequoia1321, Sep 1, 2020.

  1. Got invested in bitcoin a few days ago, the CME contracts. Not sure if that's the best vehicle for it since I'm looking at it as a long term play, maybe sell if it spikes to 50K, or 100K. But now I have to constantly roll over the contract. Also, the initial margin wasn't that much different from the current value of it, so why not just buy actual bitcoin? Wondering a few things:

    1. Did I make the right move to invest in Bitcoin? I don't know alot about it from a fundamentals perspective. I undrestand it's different than fiat currency in that they can't print more of it that causes it to get devalued, and unlike gold it can easier be used as money, and it's getting easier to use it as such, if I understand, or am I wrong? The fact that there's a CME futures contract for it is saying something about its staying power perhaps. Also, won't people in countries that suffer from high inflation be more likely to use more Bitcoin? Saw an article today related to Venezuelans' increase use of bitcoin. Do I understand this correctly? Secondly, there is a culture, tone, passion, not sure what it is, but something about it seems good and cool to me. I like the tone and spirit behind it. Maybe it reminds me of dotcom era, maybe the early phase of smartphones, or the rock and roll of 1960s. There's good power and passion in those things. You can't easily kill that sort of culture. Also, in determining the trends of usage and laws regarding it, it's might be important to consider not just what my age group thinks (44yrs), or older, but what younger generations will do.

    2. Did I invest in the right vehicle for bitcoin? Some concerns here are security, trouble of rolling over contract, and being able to use margin. Is the CME contract more secure? Should I invest using another method? What if it get's hacked?

    3. What about other cryptocurrencies? Is some other crypto better than Bitcoin? Bitcoin has name recognition, which is important. But often in products there is a powerful alternative, like Coke and Pepsi, Apple and Android, etc. Wondering what you think might be the other product that might be the powerful alternative? And how would you know? If you can find the potential powerful alternative before it get's huge it might be a good investment as well.

    Anyways, would like to know your thoughts about it, where you think Bitcoin will go, why, etc.
    Last edited: Sep 1, 2020
  2. maxinger


    my thoughts :

    Cryptocurrency is one of the extremely few things in this universe where the supply is infinity and endless.
    As such, the price will collapse one day.

    The market doesn't follow any logic.
    Price can go anywhere it wants.
    BTC can go to $100 000, or even beyond $1 000 000.
    It can even go to $1000, $100, $1 or even 1 cent.
    Amatrue and Bugsy like this.
  3. Pekelo


    Cryptos are the best ponzis of the 2010s.

    If worldwide acceptance and usage were actually taking place (like average Joe wouldn't mind to hold cryptos, because they are stable currencies), logic would suggest, eventually the best, most practical crypto would come out of the battle as the most popular. Yet for some reasons, this is not happening, and the least flexible and quite obsolete Bitcoin is still king, as valuation goes.

    What does that tell us? But hey, what do I know? I am going to watch now some old movies on my Betamax system, because Betamax rules!!!!

    TL;DR: Just kidding, buy Bitcoin, To the Moon, we go!!!!! Hodl forever!!!


    "It is OK to invest in ponzis, as long as you are aware of the risk." --- Isaac Newton

    "My son was an idiot." --- Newton's father, after his son lost a fortune in the South Sea Bubble
    Amatrue and TimtheEnchanter like this.
  4. Overnight


    *Rolls eyes* Old man, get with the program, it's the 2020s! Time for you to upgrade to VHS!
  5. All I know is that it's made a higher low, the trend is still up, and i got in at a great level...and im holding this baby until we make new all time highs.

    The USD is headed for a collapse and I don't think we will be heading towards a gold standard again.... we are in 2020 now.
  6. AbbotAle


    1. Yes. But understand that if you're in it for the long term, it's painful to hold. As you know, 80% retracements are the norm so get mentally ready for them. Long term by the way is 5-10 years.

    2. I don't think futures are the way to go when looking to own Bitcoin. A better way is to buy using the broker coinbase. Then educate yourself on cold storage, buy a Cold Card wallet and transfer your Bitcoin from Coinbase to your own hard wallet (many youetube videos on all of this). Doing that correctly means you're unhackable assuming you look after your passwords. Or if you want it really easy, put your Bitcoin(s) into cold storage with Coinbase (it will be insured against loss).

    3. Stick to Bitcoin and only Bitcoin. The world only needs on crypto currency, pretty much all the others will eventually go the way of the Dodo. If you want to get educated a touch more read this series of articles by Parker Lewis, they're excellent -

    One final thing, be wary of the Bitcoin bears. They've been saying the same rubbish for years, and all of it has been debunked yet they still don't change their tunes, it's a ponzi, only criminals use it, it's a CIA/NSA pys-op, the IRS will get ya, it uses too much energy etc. And they'll still be saying the same things for years to come...
    Last edited: Sep 2, 2020
  7. AbbotAle


    Seq, if you do start to take control of your own Bitcoin and move them to your own hard wallet then please take your time to understand how things work. It's both very easy to lose Bitcoin as it is to not lose them when dealing with the tech, sending/receiving etc.

    So at the beginning use tiny amounts ($10) to test everything out. Send some to a test wallet, send them back again. Learn how to recover Bitcoin from a wallet using seed phrases. It's not hard but it takes a bit of time to understand everything.

    Always loads of excellent Youtube help videos so watch and use them. If you're struggling with something, just ask, we'll try to help.
  8. AbbotAle


    Hard wallet by the way is the same as a cold wallet.

    Basically means the Coins are not held on the internet per se, they're held on a device that's not connected to the internet and is itself password protected.

    So if anyone steals the cold wallet without the password, no cigar. Plus, the wallet owner, via using his backup seed words, would not lose his bitcoins.

    Also, when in cold storge it's impossible to hack the Bitcoin.
    Sequoia1321 likes this.
  9. MrMuppet


    So first of all, don't listen to all the naysayers. Cryptos have neither infinite supply nor will they go to zero all of a sudden. It's the fastest growing asset class yet it's already mature enough to be safe IF you know what you're doing.

    There are still a few imbeciles here on this forum who have no clue but like to trash talk. It's a simple market that follows a well defined supply and demand logic, that of course is beyond the scope of average Joes who base their decisions on TA and CNBC

    Second, if you can afford the margin requirements a CME contract is the best bet for you IF you don't know the tech and the handling of this stuff. It's complicated and you'll need some time to learn all the ins and outs of it, so if all you are interested in is price stick to the CME contracts.

    There is no "other crypto" that is better or worse than Bitcoin. Bitcoin is the larges network, so it's the safest and it is used on a daily basis for payments and storage for almost a decade. So it's one of the few cryptos that has a real world use case.

    If you want to go down the rabbit hole, read about smart contracts, the Ethereum blockchain and decentralized finance. That's where the 100x opportunities are right now, but be aware of the fact that you really have to dig into it and learn your stuff.
    No frontends, no brokers, no charts, no helping hand.
    eternaldelight likes this.
  10. Pekelo


    True, true, true and true. They happen to be all true, thanks for the collection. On the other hand all the claims that Bitcoin fans touted back in 2012ish turned out to be untrue, like anonymous, cheap, finite, quick, safe, easy,etc.

    I don't debate idiots, so just let's put it on the record for OP's sake.
    #10     Sep 2, 2020