Bitcoin is still early

[The White Coat Investor]

it was $8750 two years ago

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

Yea, two years is still good. 5 years is still good. 1 year is now terrible. Who knows what the last 5 years will be 4 years from now though. You makes your bets and you takes your chances.

[jacoavlu]

Yea, two years is still good. 5 years is still good. 1 year is now terrible. Who knows what the last 5 years will be 4 years from now though. You makes your bets and you takes your chances.

yep. never make short term bets, long term only (those of course can go bad too)

[bovie]

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

Taxable events?

[Max Power]

... In poorer countries than the US they have a much better understanding to the benefits of Bitcoin...

Why are they so poor if they have better understanding of currency and money and trade that regular prosperous nations? I don't get it.

The merchants and retailers stopping acceptance of BitCoin due to volatility (aka dropping fast) will feed into the stumbles. It was fun while it lasted.

[CordMcNally]

In poorer countries than the US they have a much better understanding to the benefits of Bitcoin.

Like El Salvador.

[jacoavlu]

Taxable events?

some, not all.

simplest is basically a two step transaction where you buy the bitcoin and simultaneously send it, there is no taxable gain or loss in this case. from a user experience it's simple and easy with a platform like Strike

[FIREshrink]

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.

I've said it before but again: there is no way in heck 3 billion people and their leaders are going to switch off the dollar and go to a completely free market unregulated currency they have no control over. It would be country to their nationalistic and authoritarian (in China's case) impulses. There is simply no reason to believe BTC is the future currency of China, Russia, Nigeria, or India. If that happens is because all their other efforts to establish a traditional alternative currency like gold, yuan, oil, rare earth minerals, etc, have failed, and that is a process that would take decades if not generations.

[jacoavlu]

I've said it before but again: there is no way in heck 3 billion people and their leaders are going to switch off the dollar and go to a completely free market unregulated currency they have no control over. It would be country to their nationalistic and authoritarian (in China's case) impulses. There is simply no reason to believe BTC is the future currency of China, Russia, Nigeria, or India. If that happens is because all their other efforts to establish a traditional alternative currency like gold, yuan, oil, rare earth minerals, etc, have failed, and that is a process that would take decades if not generations.

this sounds more like a pro bitcoin argument. select few people control the dollar, so all those other countries are already outsiders in the dollar system. it is certainly true that governments and their fiat currencies will not roll over, and many or most are likely to continue to exist for a long time

bitcoin already has pretty significant use in Nigeria. for obvious reasons

[xraygoggles]

I’ve actually used bitcoin to pay for stuff.

Anyone ever used gold?

Bad take.

Gold has been around for millenia, and is used pretty commonly as a literal store of value to transfer wealth between generations, particularly in 3rd world countries. Mainly in the form of jewelry or coins.

So rn, yes gold has much more real-world value than BTC - the only reason to buy BTC is if you think a fraction of people will eventually consider it instead of Gold.

[jacoavlu]

Bad take.

Gold has been around for millenia, and is used pretty commonly as a literal store of value to transfer wealth between generations, particularly in 3rd world countries. Mainly in the form of jewelry or coins.

So rn, yes gold has much more real-world value than BTC - the only reason to buy BTC is if you think a fraction of people will eventually consider it instead of Gold.

you're arguing against a take I didn't even make, but ok

[Outdoors]

Tonga is preparing to adopt Bitcoin as legal tender later this year.
Several Central and South American countries are considering further adoption. A city in Switzerland recently adopted pro-Bitcoin legislation.

One of the main Canadian opposition candidates for Prime Minister is very pro-Bitcoin

Multiple US states are very BTC-friendly.

Companies like Strike allow for near-instant cross-border transactions in Dollars or Bitcoin using the Lightning Network rails.

And there's an army of laser-eye hodlers that will gobble up any dip in the market.

The biggest risk to Bitcoin is if the EU and US decide to ban transactions, mining, and/or possession of BTC. That would be a major setback.

Because the future is uncertain regarding EU/US regulation, right now there's a risk discount for anyone buying Bitcoin.

[The White Coat Investor]

And there's an army of laser-eye hodlers that will gobble up any dip in the market.

They seem to be struggling to get their mouth open wide enough the last few months....the "dip" happened months ago but we seem to be just continuing down, down, down. It's now 50% off its peak. We're already back to December 2020 prices.

Maybe there are enough HODLer fanatics to put a long-term floor under Bitcoin, but that floor seems to be somewhere below $30K.

[Zaphod]

El Salvador president will be lucky to be alive by the end of this year, maybe he flees.

[xraygoggles]

El Salvador president will be lucky to be alive by the end of this year, maybe he flees.

He could abscond to Bitcoin City.

[NapoleanDynamite]

They seem to be struggling to get their mouth open wide enough the last few months....the "dip" happened months ago but we seem to be just continuing down, down, down. It's now 50% off its peak. We're already back to December 2020 prices.

Maybe there are enough HODLer fanatics to put a long-term floor under Bitcoin, but that floor seems to be somewhere below $30K.

Agree...As I previously mentioned a couple posts ago the "floor" is probably around 10K but more realistically between 10 and 20K. We are not there yet. It would be very very unlikely to go below 10K for longer than hours.