Topic: Buying bitcoins feels like buying winning lottery tickets (Read 2404 times)
Think about the fundamentals of bitcoin a long-term, bitcoin will rise and people will gasp and kick themselves for not investing now.
I think the only reason to hold Bitcoins right now is if you have so many that you would move the market in a big way by selling them.
In other words if you've only got a few, just dump them and wait for lower prices.
In other words if you've only got a few, just dump them and wait for lower prices.
Make damn sure your balance is split across several wallets made in several different wallet softwares and stored completely offline with multiple backups. (Honestly, greater chance of problems is you screwing up and losing your own bitcoins.)
Most of my savings are bitcoin, but I also understand and accept I could lose it all. And it would only effect me if I did, I have no dependants who would be out on the street.
Most of my savings are bitcoin, but I also understand and accept I could lose it all. And it would only effect me if I did, I have no dependants who would be out on the street.
You are doing the right thing.
It doesn't take rocket science to see it doesn't it. Meanwhile let the clueless drones sell their coins for peanuts.
It doesn't take rocket science to see it doesn't it. Meanwhile let the clueless drones sell their coins for peanuts.
This is correct, it's also funny to note that the above chart is up through the end of 2014. That means it wouldn't include the $75 Million given to Coinbase in January and then the subsequent $116 Million given to 21 Inc. 13 days ago!
You are doing the right thing.
It doesn't take rocket science to see it doesn't it. Meanwhile let the clueless drones sell their coins for peanuts.
It doesn't take rocket science to see it doesn't it. Meanwhile let the clueless drones sell their coins for peanuts.
I only discovered bitcoin three months ago, but I have spent many hours since reading a huge amount on the subject. I've done my very best to look at things objectively, and have listened to arguments from both sides. I have arrived at the conclusion that cryptocurrencies will, with absolute certainty, play a huge role in all our futures. It may not be with bitcoin- but it's looking increasingly likely that it will be with the crazy network effects, huge existing mining pool, and cryptocurrency 2.0 apps being built on top of it (counterparty for example).
Well congratulations, you understood more about bitcoin in three months than most trolls who spent many years around here. You are basically right, there's no going around it now, the question is not "if" but rather "when" and "which version of blockchain". I think bitcoin + sidechains in about 10-20 years, depends on how actively governments will try to fight it.
The great thing with bitcoin is that you can increase your winning chance by let your monthly spending pass through bitcoin, thus make it automatically more valuable
Suppose that you bought $2000 bitcoin, and your monthly spending is also $2000, let those spending pass through bitcoin (e.g. first buy bitcoin and then spend at a company that accept bitcoin payment), will generate an effect of reducing $2000 worth of coins on market for a period and raise its value during the process
An easy way to make bitcoin worth millions of dollars
Suppose that you bought $2000 bitcoin, and your monthly spending is also $2000, let those spending pass through bitcoin (e.g. first buy bitcoin and then spend at a company that accept bitcoin payment), will generate an effect of reducing $2000 worth of coins on market for a period and raise its value during the process
An easy way to make bitcoin worth millions of dollars
how will it reduce the amount of bitcoin on the market as payment processors instantly convert everything to usd.
the $2000 worth of bitcoin will "flow" back into the market again in a quick fashion.
It will reduce the bitcoins on market during a period when bitcoin is on the move from one wallet to another, until they were sold back to exchanges. The longer the move, the longer those coins will disappear from exchanges (You buy 1 bitcoin, spend it the day after, it will disappear from exchanges for 24 hours)
If there are millions of people moving 1 coin around all the time, then millions of coins will disappear from exchanges. Of course you need large amount of fiat money to move those millions of bitcoins, thus spending from millions of users have the biggest effect
The most difficult question when it comes to adoption: Why should I first purchase bitcoin and then spend it? The answer is: It can make rest of your bitcoin worth a lot more. So it seems you do get some valid motivation for buy-and-spend bitcoins
People are just afraid, they fear that bitcoin may still be only an experiment and they are not convinced it will succeed for sure. That is why they are sceptical about it. After that historical +$1000 bitcoin price peak people think it is a fail that bitcoin is now worth less than $300.
I think fear is a big part of it. If I had money to burn I would put a lot of it into bitcoin as I think longterm the price will be peanuts compared to what it is now, but it's not guranteed and I'm not 100% confident on it, but as with all investments you've got to have the balls to put your money where your mouth is otherwise you'll never make any money if you don't.
Everyone isn't doing the same because they are unsure what the future will hold. I think things will change a lot once Gemini and ETF is launched, and Bitcoin goes more mainstream, probably into next year sometime. I think it will be a gradual steady growth until a nice boom up. 1 tril really isn't that unimaginable.
That is what I am constantly repeating over this board. Until we have some fundamental events, Bitcoin growth and decline is based purely on speculation. Meaning it is a very risky investment - invest only what you can fully lose. Once we have more fundamental developments, with Gemini being just one of them, then we can think more positively about Bitcoin future. One more comment about the timeline, as this is also important when investing. It seems that the earliest you may expect some serious inflection points is two-three months before the next halving, that is around Eastern 2016. By then, it is mainly speculation that may push the price either up or down, as it pleases.
People are just afraid, they fear that bitcoin may still be only an experiment and they are not convinced it will succeed for sure. That is why they are sceptical about it. After that historical +$1000 bitcoin price peak people think it is a fail that bitcoin is now worth less than $300.
and the reputation now is so low that it hardly would get to the peak again. human factor
The great thing with bitcoin is that you can increase your winning chance by let your monthly spending pass through bitcoin, thus make it automatically more valuable
Suppose that you bought $2000 bitcoin, and your monthly spending is also $2000, let those spending pass through bitcoin (e.g. first buy bitcoin and then spend at a company that accept bitcoin payment), will generate an effect of reducing $2000 worth of coins on market for a period and raise its value during the process
An easy way to make bitcoin worth millions of dollars
Suppose that you bought $2000 bitcoin, and your monthly spending is also $2000, let those spending pass through bitcoin (e.g. first buy bitcoin and then spend at a company that accept bitcoin payment), will generate an effect of reducing $2000 worth of coins on market for a period and raise its value during the process
An easy way to make bitcoin worth millions of dollars
then holding isn't really a good thing, and we all must spend bitcoin, to rise it's value momentarily, i'm right?
Hmm. The above plan sounds like hard work. The only sustainable way to raise the value is to spread it far and wide and make it irresistible in its usefulness. Anything else would fade rapidly. I do my best to spend when I can. It's not so easy outside the US.
The great thing with bitcoin is that you can increase your winning chance by let your monthly spending pass through bitcoin, thus make it automatically more valuable
Suppose that you bought $2000 bitcoin, and your monthly spending is also $2000, let those spending pass through bitcoin (e.g. first buy bitcoin and then spend at a company that accept bitcoin payment), will generate an effect of reducing $2000 worth of coins on market for a period and raise its value during the process
An easy way to make bitcoin worth millions of dollars
Suppose that you bought $2000 bitcoin, and your monthly spending is also $2000, let those spending pass through bitcoin (e.g. first buy bitcoin and then spend at a company that accept bitcoin payment), will generate an effect of reducing $2000 worth of coins on market for a period and raise its value during the process
An easy way to make bitcoin worth millions of dollars
then holding isn't really a good thing, and we all must spend bitcoin, to rise it's value momentarily, i'm right?
He means to tie up Bitcoins in a wait for confirmation. Tie up all of a payment processor's Bitcoins in confirmations and they will need to increase reserves by buying more on the open market to handle more transactions.
The great thing with bitcoin is that you can increase your winning chance by let your monthly spending pass through bitcoin, thus make it automatically more valuable
Suppose that you bought $2000 bitcoin, and your monthly spending is also $2000, let those spending pass through bitcoin (e.g. first buy bitcoin and then spend at a company that accept bitcoin payment), will generate an effect of reducing $2000 worth of coins on market for a period and raise its value during the process
An easy way to make bitcoin worth millions of dollars
Suppose that you bought $2000 bitcoin, and your monthly spending is also $2000, let those spending pass through bitcoin (e.g. first buy bitcoin and then spend at a company that accept bitcoin payment), will generate an effect of reducing $2000 worth of coins on market for a period and raise its value during the process
An easy way to make bitcoin worth millions of dollars
how will it reduce the amount of bitcoin on the market as payment processors instantly convert everything to usd.
the $2000 worth of bitcoin will "flow" back into the market again in a quick fashion.
The great thing with bitcoin is that you can increase your winning chance by let your monthly spending pass through bitcoin, thus make it automatically more valuable
Suppose that you bought $2000 bitcoin, and your monthly spending is also $2000, let those spending pass through bitcoin (e.g. first buy bitcoin and then spend at a company that accept bitcoin payment), will generate an effect of reducing $2000 worth of coins on market for a period and raise its value during the process
An easy way to make bitcoin worth millions of dollars
Suppose that you bought $2000 bitcoin, and your monthly spending is also $2000, let those spending pass through bitcoin (e.g. first buy bitcoin and then spend at a company that accept bitcoin payment), will generate an effect of reducing $2000 worth of coins on market for a period and raise its value during the process
An easy way to make bitcoin worth millions of dollars
That's a reckless strategy. But probably a super profitable one if you stay the course.
Maybe he can afford to lose it.
It's 75% of my life savings. That's a large amount to lose.
That's a reckless strategy. But probably a super profitable one if you stay the course.
Maybe he can afford to lose it.
People are just afraid, they fear that bitcoin may still be only an experiment and they are not convinced it will succeed for sure. That is why they are sceptical about it. After that historical +$1000 bitcoin price peak people think it is a fail that bitcoin is now worth less than $300.
Given the above, a bitcoin market cap of above $1trn is not only not unlikely, it seems to me that it's almost inevitable. So I have invested 75% of my life savings into it, and intend to hold it for years without spending a single satoshi. BUT WHY ISN'T EVERYONE ELSE DOING THE SAME!? Am I missing something? I can't help but think that I must be- the notion that I am right, and almost everyone else is wrong seems too good to be true.
Many people are doing this. Some have invested their entire life savings into bitcoin. Personally, I think bitcoin does have a very strong possibility to become very successful and break into mainstream acceptance thus the value rising considerably, but this is not guranteed. I've invested a few thousand into bitcoin but only an amount I can afford to lose and I'm holding that for the long term whilst trying to earn bitcoin in other ways. I believe in bitcoin but the question is will everybody else?
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