doctor_fungcool
TB Fanatic
Bitcoin Hits $1 Trillion Value as Crypto Leads Other Assets....(from Yahoo Finance.)
ECON Fung Question: How Can We Make Money With Bitcoin?
- Thread starter doctor_fungcool
- Start date
spindrifter
Contributing Member
For those of you who are truly interested in cryptocurrency/alt-coins/stable-coins/etc. I highly recommend coinbase.com as a resource.
I use the app but it is also a website. I've personally used it and learned a great deal and even made a little money.
There are little quizzes after learning about a particular coin and they reward you with some of the coin for every answer you get correct.
I haven't spent a cent on the site and have ~$150 over the past 6 mos just taking tests and learning. That's after only 4 different types of "coins". I did a few quizzes back in October and then forgot about it and went back in January to see everything had increased in value. Was actually surprised.
I have to admit I'm a slow learner, but the rewards entice me to keep trying.
I imagine this is kind of the way things are headed. At least until it all implodes and crashes down around us.
I use the app but it is also a website. I've personally used it and learned a great deal and even made a little money.
There are little quizzes after learning about a particular coin and they reward you with some of the coin for every answer you get correct.
I haven't spent a cent on the site and have ~$150 over the past 6 mos just taking tests and learning. That's after only 4 different types of "coins". I did a few quizzes back in October and then forgot about it and went back in January to see everything had increased in value. Was actually surprised.
I have to admit I'm a slow learner, but the rewards entice me to keep trying.
I imagine this is kind of the way things are headed. At least until it all implodes and crashes down around us.
doctor_fungcool
TB Fanatic
Your last sentence haunts me... for IF America’s financial system is nothing more than a toxic waste dump of speculation, fraud, collusion, corruption, and rampant profiteering..then BUYER BEWARE.
Hfcomms
EN66iq
Nothing wrong with learning how it all works as the Fed is intending to take us digital after the fiat dollar collapse but it will be with their digital currency and FedNow accounts along with the other central banks of the world using their own and perhaps a globally recognized coin for cross border payments/transfers among the central banks. I do not see the global monetary powers allowing an upstart such as Bitcoin to usurp their money making scheme.
I think they are allowing Bitcoin and the others to run right now as it's siphoning cheap money off that would be going into traditional safe haven assets such as gold/silver.
I have bought/sold Bitcoin and used Bitcoin fractions to buy other coins. I have several coins including XRP and XDN. Main drawback to Bitcoin as I see it is the incredibly slow transaction clearing speed and with the design of the system I don't see how it gets any faster.
Regardless, even at this point I wouldn't put anything into crypto that you can't afford to lose in the end. The banksters feel that they hold the winning hand and when they are ready they will take Bitcoin out again after the heavy rollers on the top quietly liquidate with the standard pump/dump scheme. I just don't see the money powers allowing private digital coins to usurp their power as that power to coin and print money is the only real power they have over us and that is precisely why they hate gold/silver in the hands of the masses.
I think they are allowing Bitcoin and the others to run right now as it's siphoning cheap money off that would be going into traditional safe haven assets such as gold/silver.
I have bought/sold Bitcoin and used Bitcoin fractions to buy other coins. I have several coins including XRP and XDN. Main drawback to Bitcoin as I see it is the incredibly slow transaction clearing speed and with the design of the system I don't see how it gets any faster.
Regardless, even at this point I wouldn't put anything into crypto that you can't afford to lose in the end. The banksters feel that they hold the winning hand and when they are ready they will take Bitcoin out again after the heavy rollers on the top quietly liquidate with the standard pump/dump scheme. I just don't see the money powers allowing private digital coins to usurp their power as that power to coin and print money is the only real power they have over us and that is precisely why they hate gold/silver in the hands of the masses.
I wouldn't invest in imaginary money. It only exists in some ones imagination. It comes in the pocket of the emperor's new clothes.
doctor_fungcool
TB Fanatic
Excerpt from yahoo finance
Tesla CEO Elon Musk was involved in another Twitter storm overnight, tweeting that Bitcoin is “almost as BS as fiat money” in spite of Tesla’s recent $1.5 billion investment.
“Tesla’s action is not directly reflective of my opinion.” Musk wrote in response. “Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.”
“However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere. Bitcoin is almost as bs as fiat money. The key word is ‘almost'”
Tesla CEO Elon Musk was involved in another Twitter storm overnight, tweeting that Bitcoin is “almost as BS as fiat money” in spite of Tesla’s recent $1.5 billion investment.
“Tesla’s action is not directly reflective of my opinion.” Musk wrote in response. “Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.”
“However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere. Bitcoin is almost as bs as fiat money. The key word is ‘almost'”
intothatgoodnight
. . .
One has to wonder if "forces" that are involved in trying to remove the western central banking system and its "support" of the U.S. dollar as the world's reserve currency, are behind the rise in Bitcoin's value - Elon Musk recently took a large chunk of cash ($1.5B?) of Tesla funds, and bought Bitcoin (and perhaps other cryptos?). Tesla will now accept Bitcoin in payment for a new Tesla car. Apple Pay apparently will manage/allow you to spend your Bitcoin via their end-user electronic payment system - there are several other large and medium businesses that are accepting Bitcoin (and likely some others) as a form of payment for their products and/or services. Rumored last week - Apple will buy some amount of Bitcoin itself, as a hedge (using it as one would if the Bitcoins were PMs on the asset sheet) - go to Bitcoin's site - there is a list of companies that accept Bitcoin, for your perusal.
IF several large corporations were to buy substantial chunks of Bitcoin, then this would portend well for the future value of Bitcoin - right now, it appears that several have expressed interest in doing so, but only Tesla has publicly done so.
A one-trillion dollar total Bitcoin value is a mere "drop in the bucket" for an international currency that could be used to de-centralized hedge against a falling dollar (NOT controlled, at the moment, by the western central banking system - unlike the value of the dollar AND PMs), and to conduct international trade, settlements, and general business - when compared to how much of the same is currently conducted in the dollar, EVERY DAY. Would only take a few large international companies to substantially move the needle on this - where else, other than PMs, or other material assets, could an international corporation hope to gain/maintain if and when the dollar/central bank system were to collapse?
YMMV.
intothegoodnight
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intothatgoodnight
. . .
Funny.
For a second, there, I briefly thought that you were talking about the (highly manipulated) U.S. dollar.
Nah . . .
intothegoodnight
intothatgoodnight
. . .
Good comments - the hinge in this whole Bitcoin/crypto rigmarole, at the moment, is whether the western central banking system can substantially control/influence crypto/Bitcoin values, causing them to swing wildly as THEY deem necessary.
I think this is why other international deep-pocketed corporations have yet to take crypto/Bitcoin positions on their balance sheets - "mother" of-all-things-western-central-bank/dollar-value has spoken/warned against doing so (at this time . . .) - what will tip this over the edge, away from the dollar, causing a "land rush" to cryptos/Bitcoin by major corporate players?
intothegoodnight
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intothatgoodnight
. . .
"Almost" could change to "less BS" than the dollar, IF and WHEN a significant number of international corporations are showing substantial Bitcoin/crypto holdings on their balance sheets, which could significantly dampen any pump/dump shenanigans by the western central bank system in any attempt to control the value of "their" U.S. dollar against cryptos.
Maybe a strategy by NON-western central bank connected folks is to "sneak up" on the threshold of Bitcoins/cryptos necessary to assure that the western central banks are unable to significantly manipulate crypto values - thereby stabilizing crypto valuations in the market.
Interesting to watch. SOMETHING is going on behind the scenes of ALL of this.
intothegoodnight
packyderms_wife
Neither here nor there.
The biggest thing about crytos, including bitcoin, is know your local, state, and federal capital gains tax rules, cause you can get zinged and pretty hard when you convert them to FRNs.
packyderms_wife
Neither here nor there.
Coinbase only works well with the big, mega, banks like Wells Fargo. They refused to verify my local bank and credit unions.
Hfcomms
EN66iq
When they allowed Bitcoin futures to be traded the die was cast for them to be able to control the price just as it was the gold/silver futures markets. When they want to knock metal spot down they sell futures for metals that don't even exist and they can [and have] done the same with Bitcoin and the regulators just look in the other direction. As long as a futures market exists for Bitcoin they can take it down again and since all the other crypto's are joined at the hip with Bitcoin's fortunes they will follow right along.
That is why people have to be careful not to get over their skis in this as they can lose their shirts.....again. And a lot more than their shirts this time with BTC over 50K.
Works either way, except you can actually hold a dollar.
intothatgoodnight
. . .
In the case of Tesla, and other companies that accept Bitcoin/cryptos as payment for their goods and services, one is actually "holding" "a Bitcoin" "in their hand," too.
Wholly dependent upon the spend-ability of a "currency." If the dollar were to become un-spendable, would one continue to hold dollars?
intothegoodnight
No, but they do exist.
paul bunyan
Frostbite Falls, Minnesota
I need to be educated concerning the in's and outs of this product.
Dear Black Kitty Cat ( the Fung Man)
I and many others have tried to help you out. Knowledge is dangerous.
ECON - What is Bitcoin? A POSITIVE Thread For Learning About Crypto Currencies
BITCOIN. love it or hate it, it is still going up. Bitcoin is valued at $23,008.89 and is floating over the old all time high.. Bitcoin is now up +217.20% for last 12 months Do not invest more than you can afford to lose. A paid off farm is a beautiful thing until the county decides your...
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doctor_fungcool
TB Fanatic
I am purrrr-plexedDear Black Kitty Cat ( the Fung Man)
I and many others have tried to help you out. Knowledge is dangerous.
View attachment 253378ECON - What is Bitcoin? A POSITIVE Thread For Learning About Crypto Currencies
BITCOIN. love it or hate it, it is still going up. Bitcoin is valued at $23,008.89 and is floating over the old all time high.. Bitcoin is now up +217.20% for last 12 months Do not invest more than you can afford to lose. A paid off farm is a beautiful thing until the county decides your...www.timebomb2000.com
paul bunyan
Frostbite Falls, Minnesota
Bitcoin is up up up. Do you know how to take profits?
Last time i blabbed on and on about Bitcoin it was around $23,000 a coin... Now it is over $53,000 a bitcoin.
In 2 months...... 2 months.... sigh, you could have made well over 100% on your investment...
You buy small quantities of bitcoin... it is divided into 100,000,000 sitoshies sp like dollars to pennies. there are fees
Do not bother investing $10.00
Last time i blabbed on and on about Bitcoin it was around $23,000 a coin... Now it is over $53,000 a bitcoin.
In 2 months...... 2 months.... sigh, you could have made well over 100% on your investment...
You buy small quantities of bitcoin... it is divided into 100,000,000 sitoshies sp like dollars to pennies. there are fees
Do not bother investing $10.00
paul bunyan
Frostbite Falls, Minnesota
sure you can hold a dollar..... but they make poor toilet paper.... sarc
paul bunyan
Frostbite Falls, Minnesota
Sir: I think the futures manipulation of Gold and Silver are due to Naked Shorting.... what do you think?
GME and Tesla have also gone through the roof. BitCoin has failed as a store of value given it's wide swing in values. It will go up until it doesn't. Some of the cloud wallets have been hacked, gone off the air and otherwise left the vault doors open without customers. Apparently the number of storefronts have reduced into a working market. Now we have too many types of coins.
The details I'm missing. It sounds like they could predetermine the number of solutions to the algorithms. It sounds like the early coins were easy to generate and generating new coins has gotten progressively harder. By the time your old '286 in the corner had calculated a block somebody with a bunch of graphics cards was well past you.
The details I'm missing. It sounds like they could predetermine the number of solutions to the algorithms. It sounds like the early coins were easy to generate and generating new coins has gotten progressively harder. By the time your old '286 in the corner had calculated a block somebody with a bunch of graphics cards was well past you.
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paul bunyan
Frostbite Falls, Minnesota
Learn about Hardware wallets.. You keep your crypto in your own very secure, Tiny USB type device.
Study the Trezor device..
Study Crypto Steel
Hfcomms
EN66iq
Sure....contract futures against gold and silver that doesn’t exist in real life. Kind of lake naked shorting gamestop with 140% of available shares. In either case if the regulators were on the job people would go to jail.
Loretta Van Riet
Trying to hang out with the cool kids.
I believe the capital gains tax for my area (Illannoy) is 15% federal and 4.95% state.
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Gitche Gumee Kid
Veteran Member
What other reason can one come up with to explain the miserable down turn in Gold?
GGK
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