TESLA & BTC

[johnarb]

How was it for somebody who converted all their Turkish Lire into Bitcoin at $60,000 and now TODAY has a large payment to make? He would have been better off in USD.

You're being disingenuous

Correct metrics for investments is YTD or YoY. Care to tell us how someone from Turkey would have done using either of those bitcoin entry price?

Or how about anyone in the world would have done at $100 per bitcoin (with bonus of forks in 2017)?

https://twitter.com/x/status/1397604400554721280

 

[Pekelo]

It was less than $5 fees.

I see millions of Africans signing up tomorrow...

 

[Pekelo]

I am not sure if you were asking me, but let's assume. (some posters are on my Ignore in this thread)

Quick question. If you don't have any interest in crypto whatsoever

Sure I am interested in crypto, that is why I have been following it since the beginning. I found it FASCINATING.

I am actually waiting for a crypto that actually lives up to the hype and promises... Stability also wouldn't be bad.

And who knows, never say never.

 

[johnarb]

I see millions of Africans signing up tomorrow...

I could have paid less than $3 in fees, just making sure that you don't post incorrect numbers, Pek, it's not $14

https://www.vanguardngr.com/2021/05...s-on-binance-spikes-over-2000-in-four-months/

Sure I am interested in crypto, that is why I have been following it since the beginning. I found it FASCINATING.

I am actually waiting for a crypto that actually lives up to the hype and promises... Stability also wouldn't be bad.

You're always going to find an excuse not to get in, Pek. You could have been way ahead of many famous people like Paul Tudor Jones, Stanley Druckenmiller, Ray Dalio, and even the big naysayers who flipped, like Mark Cuban and Kevin O'Leary

Are you going to let Carl Icahn beat you to cryptos, too?

https://elitetrader.com/et/threads/...et-into-cryptocurrencies-in-a-big-way.358999/

 

[VicBee]

• It's secure.
• It's decentralized.
• It's unhackable.
• It's in YOUR possession (wallet).
• If you want to move it, you can move it anywhere on the globe and in any amount within a matter of minutes.
• It's money supply is fixed so the money supply can't be tampered with.
• It's appreciated on average 160% per year for over a decade.
• It has become a trillion-dollar asset faster than any other asset in the history of mankind.

And the best part of all is that the benefits listed above apply to everyone on the globe equally, regardless of what country they live in.

You're making the point that Bitcoin is a fantastic speculative instrument (and the reason I own some). But it wasn't created for wealthy people to become wealthier, it is supposed to be a stable alternative to government fiat money which, source of all evil, creates inflation, printing money like there's no tomorrow.
So when, or rather, what do you think will stabilize Bitoin's value? You have to agree that at this stage it would be madness to use it as currency with swings that make the Argentine Peso look like a stable currency.
I wire transfer money a few times a year using the Wise app to minimize transfer fees between the US, Europe and Asia. Like some have already stated, there are no intra European fees and everyone wires money to each other for even the smallest amounts. Bitcoin seems like it's made for me, at least if and when it become a de facto currency and if fees can be competitive. Lots of ifs.
What concerns me most today is:
1. Bitcoin is displaced by a government sanctioned/global banking agreed alternative
2. Bitcoin is unable to compete with more efficient alternative cryptos

On a side note, and forgive my ignorance, but what happens when the 21 million Bitcoins are issued? Will its value be broken into smaller and smaller X digits past the period? Could we see transactions of hundreds or thousands of digits?

 

[easymon1]

when the 21 million Bitcoins are issued? Will its value be broken into smaller and smaller X digits past the period?

It is now, see satoshi value.

 

[Pekelo]

I could have paid less than $3 in fees, just making sure that you don't post incorrect numbers, Pek, it's not $14

1. $5 is still HUGELY more than 3 cents, LTC's tx fee. Good luck buying a coffee with it.
2. I used ycharts.com's numbers.
3. If you paid $5 someone probably paid $23 to average it to $14.

https://ycharts.com/indicators/bitcoin_average_transaction_fee

I will start to use Bitcoin when:

1. I need to blackmail someone. (Oh wait, I will use Monero)
2. It stops being a ponzi (Oh wait....)
3. I need to hide money from my wife.
4. GME stops being the real store of value.
5. LN finally starts to work. (Still holding my breath.)
6. Tether stops printing for a month.
etc.etc.

"Trade it, don't believe in it." -- Tutankhamun

 

[virtusa]

$5 is still HUGELY more than 3 cents, LTC's tx fee. Good luck buying a coffee with it.

Why is this fee so important? Do you have to pay a fee if you pay in the usa buying groceries,taking gas, buying bread, going to the hairdresser....?

I pay almost everything with my phone or with my debit card. All these payments are free of any charge all over EU. We almost use no cash anymore, and checks do not exist anymore since 20 years or more I think.

For me only payments send out of Europe can cost as small fee. For everyday's life we don't need any crypto at all to avoid paying fees.

 

[johnarb]

1. $5 is still HUGELY more than 3 cents, LTC's tx fee. Good luck buying a coffee with it.
2. I used ycharts.com's numbers.
3. If you paid $5 someone probably paid $23 to average it to $14.

See, you rely on others without fully understanding the mechanics. The fees are based on size of the transaction data. Not all transactions are equal.

My transaction is 1-to-1, lookup the bitcoin block explorer and see that there are many transactions that are many-to-many and thus pay a much higher fee such as exchanges using multiple inputs (hot wallet addresses) and sending to many recipients in 1 shot. Google it, study it, understand it

I will start to use Bitcoin when:

1. I need to blackmail someone. (Oh wait, I will use Monero)
2. It stops being a ponzi (Oh wait....)
3. I need to hide money from my wife.
4. GME stops being the real store of value.
5. LN finally starts to work. (Still holding my breath.)
6. Tether stops printing for a month.
etc.etc.

"Trade it, don't believe in it." -- Tutankhamun

Forget bitcoin, don't invest in bitcoin, that's too painful for you to get in since you could have bought it much much lower

But you mention LTC, XMR, GME, also Doge on other posts, but you never invest or buy them, what gives? You're just gonna keep staying on the sidelines instead of participating?

Btw, I'm not a Litecoin hater, I had over 1000 LTC's that I paid around $1-$1.20 and sold below $6 way before the 2017 bull run. I never came back to Ltc because Charlie Lee dumped on everyone in 2017 and there's not too many places that accept Ltc, while bitcoin is accepted the most out of all the cryptos

If you actually use cryptos, you'll realize that your favorite cryptos are difficult to use on real stuff, try using Nano, or Monero out there

 

[Pekelo]

You worry too much about what I do.

I never came back to Ltc because Charlie Lee dumped on everyone in 2017

He was one of the smart ones. He was correct about the price being frothy, so he dumped the whole thing. But that is not a reason for others not to come back to LTC later on. And less retailers accepting it? Well, if people push it, that can change.

I always liked LTC because it showed the stupidity of trying to fix BTC. Why not just create a new coin (or at least a fork) with better features instead of trying to fix an obsolete one? Yet here we are with the LN what is like, 5 years old? I think it took about 2 hours for Charlie to alter the code and he created a better coin.

Yet the uniqueness of BTC was harped on us for years after that...

But anyhow, we are going in circles. What I do has no relevance on the arguments I am making. If you guys can't handle the truth, that is not my problem.