Baron's Crypto Trading Journal

[Baron]

Sure, but this argument also goes against the whole crypto economy. Crypto supply increased by gazillion % in the last few years, because of new coins and forks. A simple fork increases BTC's supply by 100%.
You may say there is only one BTC, but that is not actually true in this case, because incoming money has now more choices and it spreads out among many more coins. Aka, competition, that acts as inflation, if you wish.

Dumbest argument ever. That's like saying there will be fewer buyers for a mansion in Los Angeles because regular-sized homes are being built in regular neighborhoods all over the country. A scarce and desirable asset is not impacted over the long term by the production of assets at much lower quality and higher frequency. To compare Bitcoin to some shitcoin whose supply was produced by a keystroke is like trying to compare a mansion in L.A. with a production house in Nebraska. According to your argument, nobody in their right mind would every buy a mansion in California or a penthouse in New York because there are so many choices of regular homes everywhere.

 

[Pekelo]

A scarce and desirable asset

Are we talking about Bitcoin or beanie babies? By the way a BTC fork can do anything what BTC can, so scarcity is a lie.

If I have 10 MM VC to waste and I decide to put it into a shitcoin because I expect it to go up 500% instead of BTC's 10%, that syphons away incoming buying power from BTC. The coin's quality doesn't matter, only its ability to be a competitor and investment spreader in the crypto space.

Did you know that back in the good old time Ponzi had competitors? His business was going so well that others opened shop in the same building offering even more outrageous returns.

Imitation is the sincerest form of flattery...

 

[Baron]

The coin's quality doesn't matter, only its ability to be a competitor and investment spreader in the crypto space.

No wonder you've been calling Bitcoin overvalued since it was $30. You literally believe what you typed above.

Sorry guys. Pekelo has an important investment message for you:

Time to sell your Google stock since every other search engine will just dilute the value of Google.
Time to sell your Amazon stock since there are a million online stores that compete with it.
Time to sell your Apple stock since you can buy competing electronic devices anywhere.
Time to sell your Netflix stock since anyone can upload and watch videos all over the internet.
Time to sell your Bitcoin since anyone can create a competing coin within minutes.
Time to sell your dream home since there are track homes being built everywhere in this country.

 

[deaddog]

Time to sell your Google stock since every other search engine will just dilute the value of Google.
Time to sell your Amazon stock since there are a million online stores that compete with it.
Time to sell your Apple stock since you can buy competing electronic devices anywhere.

Nah not yet, they are still growing earnings.

Time to sell your Netflix stock since anyone can upload and watch videos all over the internet.

That advise is a year late

Time to sell your Bitcoin since anyone can create a competing coin within minutes.

I think he gave us that advise a year ago.

Time to sell your dream home since there are track homes being built everywhere in this country.

Location! Location! Location!!

 

[Baron]

Given the contagion spread caused by this FTX fiasco, I am moving my crypto over from Gemini to self-custody today because I don't trust anyone at this point, which is a good thing since self-custody has always been one of the key selling points of crypto anyway. In retrospect, I should have done that from the beginning but I was trying to keep it all super simple for people following this journal that are new to crypto without getting into all of the details of setting up and maintaining a wallet. But at this point, it's the right move to make for sure.

 

[OptionsOptionsOptions]

Given the contagion spread caused by this FTX fiasco, I am moving my crypto over from Gemini to self-custody today because I don't trust anyone at this point, which is a good thing since self-custody has always been one of the key selling points of crypto anyway. In retrospect, I should have done that from the beginning but I was trying to keep it all super simple for people following this journal that are new to crypto without getting into all of the details of setting up and maintaining a wallet. But at this point, it's the right move to make for sure.

This is a USB flash drive you keep in your possession?

 

[Baron]

It's a wallet app called Exodus that can be installed on both desktop and mobile, and I also plan to implement a hardware device like you're referring to as well. But for today, I'm using the desktop app primarily.

 

[semperfrosty]

It's a wallet app called Exodus that can be installed on both desktop and mobile, and I also plan to implement a hardware device like you're referring to as well. But for today, I'm using the desktop app primarily.

Good call.

On my to do list as well.

 

[Baron]

Ok, just confirming that I got my wallet set up on both desktop and mobile and I have moved everything over from Gemini into my own possession. I'm going to get a Trezor hardware device as well to serve as a backup in the event I lost my computer, mobile phone, etc. Trezor has several to choose from but I haven't decided which one I'm going to get yet.

 

[Baron]

Just as a quick follow-up, I pulled the trigger on a Trezor Model T as my hardware wallet, which will serve as a failover in the event that other wallet devices like computers, mobile phones, etc. get lost, or stolen, or malfunction, etc.