Bitcoins are officially donkdown

[TheXFactor]

I really think the NFT bubble is gonna hit super hard when it happens. Unlike crypto, there's zero utility for most of these projects.

I've been proven wrong before in this space, but boy does this look like something without long term legs -- at least not most of the projects.

The NFT bubble won't bust for at least 6 to 9 months from now.

But yes there are too many NFT projects.
Too many penguins, too many apes, too many copies of other successful NFT projects. But you know what? Most of these NFT projects are selling out quickly. Do the fucking math. 0.07 ETH × 10,000 = over $2.5 million.

Only the popular and quality NFT's will survive.

Such as the Bored Ape Yacht Club and CryptoPunks.

Do you think Dan Druff would have invested $200 to buy a CryptoPunk last year? Fuck no.

Cheapest CryptoPunk is over $400,000 right now.

[country978]

$114.22

LOL

the price of bitcoin when u geniuses started this thread

i've been reading the entire thread little by little. I was reading earlier in 2018 when druff sold out what he had. I didn't get beyond that so I don't know yet if he's back in. Haven't figured out all the kermit references yet. A really great discussion. Sanlamar I hope you kept your NVDA all this time. I see its up huge. Sonatine and Sanlamar mentioned its potential impact as if we should be concerned if bitcoin should reach its potential. Tonight its been reported that the SEC is approving a BTC futures fund and it bounced on the news a lot. I read that a lot of you were skeptical of the potential for future returns. Today I have come to believe that it doesn't make a lot of sense to be holding cash in the bank when all it does is depreciate. And thats what I think had sonatine and sanlamar concerned.

[BeerAndPoker]

BITCOIN BACK



MICON BACK

[Pablo]

ATH

[country978]

ATH

ath and moving higher. I think all the posters here couldnt take the pain the last time the thing crashed and sold out their positions.

[Belly Buster]

ATH

ath and moving higher. I think all the posters here couldnt take the pain the last time the thing crashed and sold out their positions.

I don't think you understand the nature of this thread.

It's here so certain "PFA illuminati" can bang on the cage if the price drops 5%, pointing out the their wisdom in not being invested (despite, the 58477.3% price increase since the thread started)

[country978]

ath and moving higher. I think all the posters here couldnt take the pain the last time the thing crashed and sold out their positions.

I don't think you understand the nature of this thread.

It's here so certain "PFA illuminati" can bang on the cage if the price drops 5%, pointing out the their wisdom in not being invested (despite, the 58477.3% price increase since the thread started)

lol! that sure would explain the silence

[gimmick]

C'mon sonatine you're better than this.

Taking money off dumb people is kinda how the world has worked forever. So is risking a bit of capital to potentially make some money.

No one put a gun to anyone's head forcing them to buy bitcoin.

So start a 'robbing people of Bitcoin' thread I guess? I'm sure it will be quite popular and not at all a collection of burgers acting like they head shot a financial white whale.

But as far as I'm concerned, I know that a lot of people will be paying rent and putting food in their kids mouths because this thread helped them avoid a literal ponzi scheme. If your definition of 'better than this' strives for less than that, maybe you should meditate on why.

It's a level enough playing field that i don't see anything too wrong about making money with it. I wouldn't go so far as to say that it's a sound investment or that everyone can make money with it since both statements are blatantly false. Also it barely registers in the list money making opportunities i passed.

BellyBuster might have hit the last wave it was possible to make money with it in anything other than day trading. Had he started his project a month or two later he likely would have been too late.

^The above was from 2018. Maybe a month or two before BellyBuster's position crashed. It wasn't (hopefully) life changing money for him and he was able to though it out to a very nice position.

I don't go out of my way to pat him in the back for making a right decision when things work out, just as i don't needle him when shit goes wrong.

[gimmick]

The basic reality of BTC is that it's speculative asset with name recognition. Nothing has changed in the last 5 years with that. It's whatever with the latest rise. It's close enough to the top that when fiat printers go brrrrrrrrrrrr it get's some of it.

The fundamentals still suck. It does nothing it was supposed to do. I don't really see a good reason to bump this thread yearly to repeat that.

It's not scaling any better, the transaction costs aren't going down, it's not even remotely private, it's not cutting out the middleman, it's not burning any less electricity to do something better than other forms of payment, it's not attracting new businesses to adopt it and a 100 other things it's not doing.

Some of the above you can assign to hype and some of it is in the white paper. Really doesn't matter. But if BellyBuster want's to make case for how awesome BTC is, then tell us what it does better than it's competition.

[Dan Druff]

The basic reality of BTC is that it's speculative asset with name recognition. Nothing has changed in the last 5 years with that. It's whatever with the latest rise. It's close enough to the top that when fiat printers go brrrrrrrrrrrr it get's some of it.

The fundamentals still suck. It does nothing it was supposed to do. I don't really see a good reason to bump this thread yearly to repeat that.

It's not scaling any better, the transaction costs aren't going down, it's not even remotely private, it's not cutting out the middleman, it's not burning any less electricity to do something better than other forms of payment, it's not attracting new businesses to adopt it and a 100 other things it's not doing.

Some of the above you can assign to hype and some of it is in the white paper. Really doesn't matter. But if BellyBuster want's to make case for how awesome BTC is, then tell us what it does better than it's competition.

All of the above is why I'm surprised it had a comeback since the early 2018 crash. After that, it was generally accepted that bitcoin would never have any practical use besides gambling, illegal purchases, and sending (medium-to-large) money around on the internet, and that many of the criticisms of the existing banking system now applied to bitcoin as well.

I thought the love affair was over, and we would see a slow trudge back down to a much, much lower level.

Well, here we are at all time highs again, despite nothing changing, and I can't really explain it. Maybe it's both the name recognition (as gimmick said) plus the rise of NFTs, which in turn bring people's eyes back to bitcoin, even though only indirectly related.

[TheXFactor]

Druff believes every word that Warren Buffett says.



At the end of 2018, Bitcoin was about $3,000 a coin and you were STRONGLY advised NOT to buy it by these fucking experts.

Other assets that create NOTHING.

Picasso paintings. These shit paintings can't be worth over $100 million. Your son or daughter could draw better.

[Kuntmissioner]

If anyone else here got caught up in the MtGox crash, the deadline for filing a claim w/ MtGox bankruptcy trustee is July 29.

Sign in to yr Gox acct and follow directions.

The MtGox saga is coming to a close. The rehabilitation plan has been approved by the requisite number of victims, money coming soon.

Anyone else here involved?

[simpdog]

The basic reality of BTC is that it's speculative asset with name recognition. Nothing has changed in the last 5 years with that. It's whatever with the latest rise. It's close enough to the top that when fiat printers go brrrrrrrrrrrr it get's some of it.

The fundamentals still suck. It does nothing it was supposed to do. I don't really see a good reason to bump this thread yearly to repeat that.

It's not scaling any better, the transaction costs aren't going down, it's not even remotely private, it's not cutting out the middleman, it's not burning any less electricity to do something better than other forms of payment, it's not attracting new businesses to adopt it and a 100 other things it's not doing.

Some of the above you can assign to hype and some of it is in the white paper. Really doesn't matter. But if BellyBuster want's to make case for how awesome BTC is, then tell us what it does better than it's competition.

All of the above is why I'm surprised it had a comeback since the early 2018 crash. After that, it was generally accepted that bitcoin would never have any practical use besides gambling, illegal purchases, and sending (medium-to-large) money around on the internet, and that many of the criticisms of the existing banking system now applied to bitcoin as well.

I thought the love affair was over, and we would see a slow trudge back down to a much, much lower level.

Well, here we are at all time highs again, despite nothing changing, and I can't really explain it. Maybe it's both the name recognition (as gimmick said) plus the rise of NFTs, which in turn bring people's eyes back to bitcoin, even though only indirectly related.

The rise in NFTs = eth and other crypto.

Bitcoin = new age gold.

[Belly Buster]

So start a 'robbing people of Bitcoin' thread I guess? I'm sure it will be quite popular and not at all a collection of burgers acting like they head shot a financial white whale.

But as far as I'm concerned, I know that a lot of people will be paying rent and putting food in their kids mouths because this thread helped them avoid a literal ponzi scheme. If your definition of 'better than this' strives for less than that, maybe you should meditate on why.

It's a level enough playing field that i don't see anything too wrong about making money with it. I wouldn't go so far as to say that it's a sound investment or that everyone can make money with it since both statements are blatantly false. Also it barely registers in the list money making opportunities i passed.

BellyBuster might have hit the last wave it was possible to make money with it in anything other than day trading. Had he started his project a month or two later he likely would have been too late.

^The above was from 2018. Maybe a month or two before BellyBuster's position crashed. It wasn't (hopefully) life changing money for him and he was able to though it out to a very nice position.

I don't go out of my way to pat him in the back for making a right decision when things work out, just as i don't needle him when shit goes wrong.

Not entirely sure why you've plucked this out so many years later; sonatine seemed a bit on tilt TBH. Crypto is a volatile market. You are right there was some pain before the gain. I never had any amount invested that I couldn't afford to lose.

[Belly Buster]

The basic reality of BTC is that it's speculative asset with name recognition. Nothing has changed in the last 5 years with that. It's whatever with the latest rise. It's close enough to the top that when fiat printers go brrrrrrrrrrrr it get's some of it.

The fundamentals still suck. It does nothing it was supposed to do. I don't really see a good reason to bump this thread yearly to repeat that.

It's not scaling any better, the transaction costs aren't going down, it's not even remotely private, it's not cutting out the middleman, it's not burning any less electricity to do something better than other forms of payment, it's not attracting new businesses to adopt it and a 100 other things it's not doing.

Some of the above you can assign to hype and some of it is in the white paper. Really doesn't matter. But if BellyBuster want's to make case for how awesome BTC is, then tell us what it does better than it's competition.

As you've mentioned me again for some reason (there's plenty of other crypto-heads here), I'm far from an evangelist for this stuff, but I'll give you one viewpoint:

How long did paper ledgers last once spreadsheets were invented?
How long did letters last once email was invented?
How long did analog music last once mp3 players were invented?
How long did analog analog tv last once digital tv was invented?
How long did analog phones last once digital phones were invented?

Someone invented digital money.

[gimmick]

The basic reality of BTC is that it's speculative asset with name recognition. Nothing has changed in the last 5 years with that. It's whatever with the latest rise. It's close enough to the top that when fiat printers go brrrrrrrrrrrr it get's some of it.

The fundamentals still suck. It does nothing it was supposed to do. I don't really see a good reason to bump this thread yearly to repeat that.

It's not scaling any better, the transaction costs aren't going down, it's not even remotely private, it's not cutting out the middleman, it's not burning any less electricity to do something better than other forms of payment, it's not attracting new businesses to adopt it and a 100 other things it's not doing.

Some of the above you can assign to hype and some of it is in the white paper. Really doesn't matter. But if BellyBuster want's to make case for how awesome BTC is, then tell us what it does better than it's competition.

As you've mentioned me again for some reason (there's plenty of other crypto-heads here), I'm far from an evangelist for this stuff, but I'll give you one viewpoint:

How long did paper ledgers last once spreadsheets were invented?
How long did letters last once email was invented?
How long did analog music last once mp3 players were invented?
How long did analog analog tv last once digital tv was invented?
How long did analog phones last once digital phones were invented?

Someone invented digital money.

And it's doing exactly what, besides...

"Taking money off dumb people is kinda how the world has worked forever. So is risking a bit of capital to potentially make some money."

...are you under the impression BTC does something better than fiat currency and traditional banking system? What need does any future digital currency based transfer systems have for BTC?

[gimmick]

And BTC isn't MP3, it's barely MiniDisc on a good day.

[country978]

As you've mentioned me again for some reason (there's plenty of other crypto-heads here), I'm far from an evangelist for this stuff, but I'll give you one viewpoint:

How long did paper ledgers last once spreadsheets were invented?
How long did letters last once email was invented?
How long did analog music last once mp3 players were invented?
How long did analog analog tv last once digital tv was invented?
How long did analog phones last once digital phones were invented?

Someone invented digital money.

And it's doing exactly what, besides...

"Taking money off dumb people is kinda how the world has worked forever. So is risking a bit of capital to potentially make some money."

...are you under the impression BTC does something better than fiat currency and traditional banking system? What need does any future digital currency based transfer systems have for BTC?

in the bank you are certain go lose money. Owning BTC may provide a return. My gram used to live on bank interest and social security. Now the banks pay zero and so holding cash is senseless. That's what I think it does better than traditional banking.

[gimmick]

And it's doing exactly what, besides...

"Taking money off dumb people is kinda how the world has worked forever. So is risking a bit of capital to potentially make some money."

...are you under the impression BTC does something better than fiat currency and traditional banking system? What need does any future digital currency based transfer systems have for BTC?

in the bank you are certain go lose money. Owning BTC may provide a return. My gram used to live on bank interest and social security. Now the banks pay zero and so holding cash is senseless. That's what I think it does better than traditional banking.

Yea that's reasonable, if you don't intend to use money or have it insured very cheaply. Interest rates are low and currently even small inflation covers it. That's one of the reasons why people are shooting off money to all kinds of speculative assets. For that purpose BTC is relatively safe now.

It just has worse problems it had 5 years ago. Maybe 10 years ago what was good for crypto was good for BTC. Adaptation of crypto is only good for BTC in the short term.

Amazon doesn't care about BTC. They are interested in crypto, they just don't need BTC. It's cheaper for them and their customers to create their own proprietary crypto.

Currently there is some increased use of crypto with merchants. Some processors like BitPay make it very cheap and convenient to merchants by passing all the costs customers. I don't think that was the original crypto dream.

[country978]

in the bank you are certain go lose money. Owning BTC may provide a return. My gram used to live on bank interest and social security. Now the banks pay zero and so holding cash is senseless. That's what I think it does better than traditional banking.

Yea that's reasonable, if you don't intend to use money or have it insured very cheaply. Interest rates are low and currently even small inflation covers it. That's one of the reasons why people are shooting off money to all kinds of speculative assets. For that purpose BTC is relatively safe now.

It just has worse problems it had 5 years ago. Maybe 10 years ago what was good for crypto was good for BTC. Adaptation of crypto is only good for BTC in the short term.

Amazon doesn't care about BTC. They are interested in crypto, they just don't need BTC. It's cheaper for them and their customers to create their own proprietary crypto.

Currently there is some increased use of crypto with merchants. Some processors like BitPay make it very cheap and convenient to merchants by passing all the costs customers. I don't think that was the original crypto dream.

I won a lawsuit and inherited some money around the same time and had it all sitting in the bank earning next to nothing. Everything I have experience investing in is way too expensive and honestly I don't want to need to work to earn a return. So what is a person to do? I purchased a 5% mortgage and bought some BTC at 41,47,50 and 53. I'm not wealthy or trying to claim to be. I have 2 kids in college and don't work. I needed a break. BTC gave me that when the bank never could. It does make me uneasy due to lack of insurance and that its all online