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ions

Bluelighter
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It is, I agree. It's a store of value outside fiat currency.

But in a doomsday scenario, gold can be used. Bitcoin requires electricity.
 

Xorkoth

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Every instinct tells me this is a bull trap right now. After a 7 month bull run and strong bearish signs, 2 weeks is not a bear market, 2 weeks is the very beginning of a bear market which includes bull traps to try to shake more novice traders/investors out of more money on the way down. So much positive news getting pushed, people shouting "that was enough bear market, time for recovery!". No way, IMO. I see a short term uptrend, for like a few days or a week, then the big players tank the price again, even more. And everyone who bought back in today loses more money. I'm staying on the sidelines until it goes down more and dollar cost averaging in at a few buy-in points which are all lower than $30k BTC.

Go look at TEL - it's up 43%

have any of you looked into this coin yet?

I owned a bunch of TEL last bull run, but sold it all in 2018 for huge losses like a dumbass. Bought it at like 0.002, too.

Did you guys see that El Salvador made BTC legal tender yesterday?

thats a big deal

They announced it and passed a law, yeah that's definitely good news.
 

Mr. Krinkle

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yea im still not buying because i really don't know either way.....and im not sure you can compare it to the past when things were just different overall....so honestly, i just don't know.....not buying and im not selling


that's crazy you had TEL at .002....im really interested in their wallet that's supposed to come out with 3.0 for ppl in the US....supposedly you can put every coin you own in it....we'll see


https://www.reddit.com/r/Telcoin/comments/msrikc
 

Xorkoth

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Yeah kicking myself I didn't keep TEL, I sold it for even less than .002 in 2019, or late 2018. At the time I became convinced crypto had seen its all time high and was on the way out. 🤣

I'm looking for buy-ins, but waiting til it drops. The massive amount of fomo news right now makes me think all the more than the bulls are trying to get everyone to fomo in and then tank the price. I think we're in for a good year of consolidation... maybe another spike and then drop after a few months. Then next week or maybe even like Nov/December, we'll start another bull run and go up past 100k in BTC.

Here is my guess, based on comparing to last bull run: (second arrow is right now)

 

Xorkoth

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What REALLY kills me is that back in the day I used to buy RCs online with BTC, and at one point my orders were sometimes 2-3 entire BTC in price. back when BTC was $200-300. Just imagine if I'd had the foresight to be holding on to even some of that...
 

btechlc

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Sep 28, 2009
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GBTC and ETHE are good low Fee ETFs to get exposure to cyrpto, mostly btc and eth but others as well. I put around 4% of my portfolio a few months back into those and am just gonna let it sit for a few years.

I hold some directly but I like these as they are easy for anyone to buy. I suggested them to my dad when he said he wanted some exposure to crypto.
 

ions

Bluelighter
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I once paid 0.2BTC for a quarter of weed. Still worth it.

Here's how I feel about investing in crypto. Buy it when you feel it. If it goes up, you make money. If it goes down, you buy more. At least you have it.
 

Xorkoth

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Yep history shows that holding BTC and ETH and other top projects long term will make you orders of magnitude more return on your investment than any other asset class. It's still very early adoption, it won't be that way forever I don't think. But it will for at least the next few bull runs. Altcoins are riskier but potentially even much greater upside, but what I am trying to do is buy altcoins mostly when they're super low in the bear market, projects that my research and sources suggest will explode big the next bull run. Then sell them for profits during the bull run. And start to build a BTC and ETH nest egg that I don't touch and just let grow over the years. But also have a certain amount of money I do the altcoin thing with every bear/bull cycle because you can get 50x-100x easy if you time it right.

Hell, HEX has gotten early buyers something crazy like 12,000x within the past 6 months. I always want to keep a portion to try to catch those things. Right now, my entire investment is going to be doing that as we hit the price floor. Then next bull run is when I set up my long-term nest egg, and just add to it every bull run.
 

btechlc

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ETH is going to be the long term winner I think.

That development community has really stressed power consumption as a key focus the last few years. The BTC open source community is really behind on this.

I think after some major updates this year ETH will use much less than 1% of the power per transaction compared to BTC. ETH I think already uses a good deal less energy per transaction than BTC so if this update really cuts 99% of the power consumption like the dev community is saying that would be huge.


If they really do cut out 99% of their energy consumption I think ETH could really start to take off with more mainstream asset mgt firms that are scared to touch the asset class in part because of the bad PR around its energy usage.

There are already blockchains that are much more efficient than BTC / ETH but no where near as big. after this update ETH will be the second largest and one of the most power efficient.
 

Xorkoth

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Something that you look for in a altcoin is how easily it’s exchanged to other currencies like the dollar.

Basically any of them are easy, the whole system is easy to cash out of. Lots of alts are on exchanges with very high volume trading pairs with tether or Bitcoin. Then find an off-ramp. Some you need to use defi exchanges like pancakeswap and uniswap, and for those you can trade back to ETH or BNB and then back to BTC. Either way you just trade for BTC or Tether. Many off ramps, Cash App you can buy and sell BTC for USD. Many of the exchanges like Gemini and Binance connect to your bank account and trade USD pairs for all sorts of cryptos.
 

Xorkoth

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ETH is going to be the long term winner I think.

That development community has really stressed power consumption as a key focus the last few years. The BTC open source community is really behind on this.

I think after some major updates this year ETH will use much less than 1% of the power per transaction compared to BTC. ETH I think already uses a good deal less energy per transaction than BTC so if this update really cuts 99% of the power consumption like the dev community is saying that would be huge.


If they really do cut out 99% of their energy consumption I think ETH could really start to take off with more mainstream asset mgt firms that are scared to touch the asset class in part because of the bad PR around its energy usage.

There are already blockchains that are much more efficient than BTC / ETH but no where near as big. after this update ETH will be the second largest and one of the most power efficient.

I agree, ETH is going to overtake BTC eventually. It powers all sorts of services already. Bitcoin is just a store of value. But so is ETH, so are any of them (that make it).
 

ions

Bluelighter
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ETH is inflationary. Bitcoin has a finite amount of coins you can mine. Same with litecoin. But it's still probable if it turns out as a superior coin.
 

Xorkoth

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It is, it's true, I just think over time it will become the predominant since BTC has no other use case besides store of value. And it's not a good currency at all for daily spending since the fees are high and it takes like 1-2 hours to transact. Of course ETH has high fees too but they're trying to address that. It may very well be that one of the third generation platforms ends up overtaking ETH, as some of them are virtually instant with negligible fees.

Of course, store of value IS an important use case. The other problem with BTC is the massive energy consumption. Newer cryptos do not have this problem. Proof of Work (which is the original crypto algorithm style that BTC and some others are based on) is archaic and needlessly energy consumptive. There are better methods now.
 
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