I’m well aware that many people have made fortunes with cryptocurrency, but I remain skeptical. The entire process seems far too stressful, and I believe it can take a serious toll on your health. The constant volatility and uncertainty might lead to profits, but at what personal cost? For me, it’s just not worth risking my well-being
BTC becoming store of value is good, or bad (?)
- Thread starter tradertweets
- Start date
It matters a great deal to store value to preserve wealth
Imagine if you store $1M in paper fiat currencies and the past 10 years you'd have lost half of the value stored
Your life's work, your hard work, your productive efforts are stored in a store of value asset
Choose wisely where you store your value, mate
Bitcoin has liquidity 24/7, whether you need $100 or $1000 or $10,000, you can do so at 1AM on a Sunday morning... try that with money you have in stocks, bonds, or even in a bank
The bitcoin network transaction costs are very low... they have been low for months with occasional jump of no more than $3
Anyway, you can send $1M or $10M worth of btc currently for US 50 cents, or you can break it up to 10 transactions and pay less than US $5
Totally agree,
but this is about going long -- big long.
(without so much time spending on trading).
Trading ranges, or scalping, demands much time & effort.
I was just arguing, that when there is a crypto bullrun, it makes more sense to speculate on altcoins.
Later on, profit can be turned into BTC, $, stocks...
But it makes no sense to go big long on BTC -- as the profit might be much less compared to altcoins.
And, when BTC becomes a more ranging asset (like gold) it makes no sense at all!
I can think about investing profits in a boring, ranging (maybe slowly growing) asset, when there is nothing else to do.
But for now this isn't necessary.
Wake up people - the days of BTC doing 100x are over.
And anyone saying 1btc = 1mio
LoL
When BTC would make 10x, - which most likely won't happen, for sure not soon - ethereum etc. might make 1000x.
Good to hear transaction fees have gone down. Last December I was looking to move $200 in two locations. The fee was going to be, I think it was going to be $33 each location. So I left the funds in both locations even though it was getting risky...and lost 100% ($400). At the time it was going to be a minimum of $33 for anything less than $200. So if I tried to move $50 it was still going to be $33.
Something about "Ordinals"? I haven't checked to see if that was resolved. If not, it negates BTC as any kind of currency except for huge expenditures.
Totally agree,
but this is about going long -- big long.
(without so much time spending on trading).
Trading ranges, or scalping, demands much time & effort.
I was just arguing, that when there is a crypto bullrun, it makes more sense to speculate on altcoins.
Later on, profit can be turned into BTC, $, stocks...
But it makes no sense to go big long on BTC -- as the profit might be much less compared to altcoins.
And, when BTC becomes a more ranging asset (like gold) it makes no sense at all!
I can think about investing profits in a boring, ranging (maybe slowly growing) asset, when there is nothing else to do.
But for now this isn't necessary.
Wake up people - the days of BTC doing 100x are over.
And anyone saying 1btc = 1mio
LoL
When BTC would make 10x, - which most likely won't happen, for sure not soon - ethereum etc. might make 1000x.
Well by my reckoning this is the season to be in alts...for the next year or so.
But I also think this alts paradigm is based on legacy thinking...during early years when there were no leveraged derivatives to be had on any exchange.
For example, why get in on a risky altcoin when you can just go 10x leverage on BTC? With BTC you'll always have better liquidity and a lot of time the lowest transaction fees.
As early as 2017 I had found an exchange where I could get 3x leverage on BTC, long or short, using Metatrader4 . I held a 3x long position there from January-April or May 2017 and moved 100% out of there to Coinbase about two weeks before the FBI shut the exchange down and seized everyone's funds.
I continued speculating in alts during that bull run and by Jan 15, 2018, had turned $5k capital into $167k.
Long story short, it's better to have an actual technical analysis plan that takes you out of a market, out of a bull market...and to stay away from the super sketchy alts. Better to leverage BTC, or at least the top ten. Still, during that year, one of the sketchiest coins was in the top ten .
Anyway, after that, I rode too many alts all the way down the bear. One of those alts turned $3k into $350k in the next bull, but by then I had lost the keys, which were associated with the Ethereum chain. Know that it starts to get complicated to HODL stuff like that if your not careful.. I was able to recover everything I had stored in Bitcoin with my 12 words.