Bitcoin is still early

[CordMcNally]

still buying bitcoin on robinhood?

I thought FLP was in on dogecoin, too.

[fatlittlepig]

still buying bitcoin on robinhood?

i'm doing the cold storage thing now. BTW robinhood now has functioning wallets...

[FIREshrink]

I think the bigger question isn't if it falls 85% but if it remains stagnant. You're a true believer, however I've learned over the years that anything is possible. It could go down to $3000 again, you just don't know and it wouldn't surprise me.

I'm one of those who thinks BTC is more than a scam but a lot less than what its fans claim. I think it probably more or less tracks inflation, risk on, and mathematically-induced scarcity so wouldn't surprise me to see it worth anywhere from $10k - $50k over the next X years. $1,000,000 would surprise me, as would $1000.

But anyway, with no dividend, no equity, and no pricing power, what is it's real performance (net of inflation) over the last two years?

[jacoavlu]

i'm doing the cold storage thing now..

this is the way

[fatlittlepig]

I'm not a true believer, but I have enough where if it takes off i wouldn't feel like I missed out and if it goes to zero it would be ok.

[jacoavlu]

I'm one of those who thinks BTC is more than a scam but a lot less than what its fans claim. I think it probably more or less tracks inflation, risk on, and mathematically-induced scarcity so wouldn't surprise me to see it worth anywhere from $10k - $50k over the next X years. $1,000,000 would surprise me, as would $1000.

But anyway, with no dividend, no equity, and no pricing power, what is it's real performance (net of inflation) over the last two years?

it was $8750 two years ago

you’ve got a pretty broad range of outcomes there especially considering timeframe is X years

[xraygoggles]

There will be plenty survive. They’re basically securities. So all the VC bros and Goldman Sachs legacy money behind a lot of the stuff will prop them up and ride it out.

No they won't.

VCs are the first to dump in a bear, since they got in at like 1 cent on most of them. Still make huge profits.

[jacoavlu]

No they won't.

VCs are the first to dump in a bear, since they got in at like 1 cent on most of them. Still make huge profits.

so what’s your timeframe they all die?

[Max Power]

I'm one of those who thinks BTC is more than a scam but a lot less than what its fans claim. I think it probably more or less tracks inflation...

So inflation was thousands of % positive... now huge negative? Hmmm.

What would make you think any crypto tracks inflation? Their huge and extensive track record and common use as currency for everyday goods and services? Oh, wait.

Bitcoin did a great job of trying to steal qualities from gold ("store of value," "tracks inflation," "alternative investment," little gold coin pictures, etc). They also obviously stole from the stock market ("market cap," "split," "IPO," "bulls and bears," etc etc). The marketing is geeeenius, huh? Substance still lacks severely, though.

I'm one of those who thinks BTC is more than a scam ... wouldn't surprise me to see it worth anywhere from $10k - $50k over the next X years. $1,000,000 would surprise me, as would $1000...

Be prepared to see the latter... as soon as later this year.

When greater fool theory stuff runs out of steam and the original investors dump, the bottom arrives in VERY short order. As xray said, the people who got a BTC for $10 don't give two craps about those who paid 1000x that or much more... they know it has no real value once inflow of "investors" is done.

Is it really a surprise if BTC and crypto went to nothing when it came from nothing, does nothing, and produces nothing? Hmmm.
I don't think that should be surprising to anyone at all... although it'll be a shock to some who paid $50k hoping to sell it for $100k. It is like watching the DotCom crash all over again with endless IPOs and companies (well, "coins") with no earnings flying up the price graphs. The winners are the original investors, everyone else holds the bag.

[jacoavlu]

I’ve actually used bitcoin to pay for stuff.

Anyone ever used gold?

[Nysoz]

BTC does do stuff, just nothing most people interact with on a regular basis so far. It's just a matter of adoption if it's truly better in the long run.

Gold is used every day, either in jewelry or electronics.

[FunkDoc83]

I’ve actually used bitcoin to pay for stuff.

Anyone ever used gold?

Such as?

[jacoavlu]

BTC does do stuff, just nothing most people interact with on a regular basis so far. It's just a matter of adoption if it's truly better in the long run.

Gold is used every day, either in jewelry or electronics.

money having non monetary utility is a bug not a feature

[jacoavlu]

Such as?

lol nothing illegal. Small and large purchases ranging 2-5 figures

the last one was a $500 canadian freight shipment invoice paid by bitcoin instead of an international wire

[NapoleanDynamite]

lol nothing illegal. Small and large purchases ranging 2-5 figures

the last one was a $500 canadian freight shipment invoice paid by bitcoin instead of an international wire

I too have used it but only very tiny amounts. A couple times for sending money to other countries. Also a couple times for small businesses/restaurants in my city that currently accept Bitcoin for payment. Also, recently took a spring break with the kids to the Bahamas and paid a few people in Sats. In poorer countries than the US they have a much better understanding to the benefits of Bitcoin. I have stated it multiple times, but now we are starting to see some adoption (albeit spit in a bucket right now). When 7.5 Billion people start to realize that the 350 Million people in the US have been reaping the rewards of the petrodollar, they will force adoption.

The reason I have used it in these various fashions is to support the adoption/growth of the network. Otherwise, it is HODL only.