Thoughts on Bitcoin?

brianmcg321 · 2021-07-14T10:43:14+00:00

I don’t like investing in commodities that rely on the “greater fool” theory.

selfism_mike · 2021-07-14T10:49:29+00:00

Its low right now so that's a reason to get in. Might get lower so hodl and don't expect quick riches.

Biggest deal right now seems to be Ethereum. It gets upgraded to process more transactions cheaper, so that opens the low price transaction market which is huge. London hard fork is August 4th, which is first iteration.

A lot of projects are build on Ethereum, some where the coin is really cheap. Diversify on a few of those (you never know which ones are going belly up). I speculate that the expected rise of Ethereum will affect those as well.

Organizations are right now bullish on Ethereum and buy outside of the exchanges in order to keep price low. Soon the OTC market will be depleted, and they have to turn to the exchanges to buy, then prices will rise.

In general hodl and wait. Only invest the money you won't miss when you loose it all.

CryptosRUs is a channel on youtube I like: https://m.youtube.com/channel/UCI7M65p3A-D3P4v5qW8POxQ

GoodMan_Gone · 2021-07-14T10:45:29+00:00

I'm giving my opinion and absolutely not pretend to state facts, OP.

I see crypto as a hype. And I know well with hypes I can make lots of money. My problem is I'm always too late regarding hypes. I see a hype as something that is, IMO, way overprized and when too much people are talking about it, making the "thing" a saint like status. Yes I see Tesla as a hype as well.

Furthermore I don't "feel it" with crypto. What I mean is I fail to see what's the value of it. AFAIK the crypto's are based on solved algorithms. And though that's probably very important in life I don't see how that can be connected to money value. Not to go into the debate of "what is value?" Because that's a bottomless pit. It's in this statement just the "feeling" I mean. F.e. I "feel" a Big Mac is worth 3$. But I don't "feel" why an algorithm is worth 33k.

So I refrain from crypto as an investment. And perhaps I turn out to be dead wrong and end up as the only none millionaire because I missed the boat. But my gut feeling has rarely let me down. The furthest I would go is to gamble 1000 to see if BC will make that million, counting on losing the entire grand.

Anyway my 2 (crypto)cents....

Joroda · 2021-07-14T16:40:16+00:00

What it all boils down to is security without the need for third parties. Stronger than the vaults of any bank, faster than the fastest jet, and a banking parasite's WORST nightmare. People are intimidated because the warm and fuzzy layers don't exist yet. They will be based upon blockchain tech but in a way that is transparent to the end user. It finally solves the federal reserve scam and subsequent devaluations of our national currencies. Crypto puts the people back in control and TAKES it away from the international banking cartels and their slave system. Buy DOGE because many moon, such wow.

ActOutside4853 · 2021-07-14T13:18:34+00:00

My perspective is based on watching humanity slide into the shitter for 65 years...

We're playing Lunar Lander with an upcoming reality, musical chairs, where when it unravels enough, things will accelerate into the black hole almost instantly.

And you're gonna be caught where ever you are, doing what you are doing, and your only assets will be whatever tangible materialism you have, and your skills, and if you can relocate if necessary.

I dont think theres any guarantee that computers would make it thru a nuclear war.

No computers, no bitcoin, not even any dollars...

We'll be in the economic stone age before we know it.

So, I just see things as assets, some having an unexpected expiration date. And others that could last for generations.

Alot of guys are into intrinsic metals, problem there is in a post crash economy, with not enough food to feed everyone, the exchange rate between gold and spuds wont be very good.

And what people think is worth thousands now, might get someone with excess food to risk a bit on such speculation, but the price isnt gonna be comfy for the gold guy.

Bitcoin? Probably will be an entire class of people caught holding that bag, with nothing to show but a story or maybe some piece of paper statement.

Would be like the beginning of the Great Depression, where millionairs lost everything over night and ended up jumping out of windows of tall buildings, because they couldnt handle the loss of their imaginary wealth based on speculation.

One suspects there might be a syndrom of bitcoin types seen as mentally ill... who wander around talking about it and a world that no longer exists.

Me? I'll just keep working on getting things that increase my self sufficiency. Working towards the crash, via short selling the technocult, and getting what I can, and getting it all mobile, and getting into a pocket of safety geographically.

The only real defense against any reality, is getting your own shit together.

I dont have time to play imaginary money games on computer.

I only prepare myself, so that when the crash hits, it becomes an opportunity.

Where when the control and extraction paradigm goes suddenly terminal, I'm free and not needing anyone or anything that I dont already have.

All carefully stored and taken care of. Every tool organized, and every base I could think of covered.

BuildItMakeIt · 2021-07-14T13:36:41+00:00

I feel like the value in Bitcoin increases as the trust in government/society decreases.

At the beginning of the year I had 100% in Bitcoin and made $50k in profit. Sold all of that.

I'm at 15% allocation today, and slowly buying back in.

My reasoning is that we're at 50% of the all-time high, and it always returns to the all-time high eventually.

dyfhdhh · 2021-07-14T16:02:19+00:00

I am surprised by other MGTOWs thoughts on crypto. Yes, it is a risky investment and has paid off very well so far; however that is not the point. The point of crypto is that you can send money to anyone anywhere without bank approval.

Some red pilled comedian shits on feminism and the SJW cancel culture targets him, well you can donate anonymously without SJWs finding out or VISA cancelling his account.

Did you donate to a group that is now reviled by the press? Good thing you used crypto otherwise the cancel mob may try to get you fired.

Do you need to hide assets because you want to have children, but know all the pitfalls of modern marriage? Crypto is your answer.

Did you screw up and the ex-wife and judge know about your crypto? Well good thing you have a decoy wallet with only 10% of your crypto

Are you totally a non-planner and the ex-wife and judge know about all your crypto? At least you have a bargaining chip if you decide his ruling is unfair and decide to wait in prison by not giving that bitch a dime, otherwise they can just take any other property you have where with crypto they are unable to.

MOST IMPORTANTLY, Do you recognize that feminism and all the bullshit are created by the synagogue of Satan that deprives its power via the IRS and the source of that power is the US dollar and central banking system? If so then stop using the dollar and use crypto/ silver/ gold/ barter/ anything but the dollar or other central banking currencies.

My personal favorite is Monero because of absolute privacy, but using any crypto is better than the standard financial system.

Psquank · 2021-07-14T19:56:11+00:00

Bitcoin takes a lot of research to fully understand and appreciate because it is very complicated. It takes more work than most people are willing to put in to learn about it. The people who bash Bitcoin simply haven’t done enough research to understand.

You aren’t going to get very good information asking reddit or any other message board. I can recommend the YouTube channel 99bitcoins for an easy to digest way of learning about bitcoin and other crypto. Only once you understand it you will be able to make the decision to invest.

Firm_Association · 2021-07-15T09:44:55+00:00

Buy bitcoin and hodl for at least four years. Buy a small amount every month, this is called dollar cost averaging. Buy however much you can afford - say, 10% of your pay each month after rent and expenses.

During these four years take time to learn what Bitcoin is about and why it is a superior form of money. TL;DR, there's a non-zero chance that Gresham's Law will lead to a phenomenon called hyperbitcoinization, where bitcoin becomes a kind of global reserve currency.

Understand that bitcoin isn't about making money quick, it's about freeing yourself from a financial system that is designed to keep you a debt slave.

Once you have done this you will understand the power of bitcoin, and you will buy more.

Samsung_Boyyyy · 2021-07-14T10:32:48+00:00

Bitcoin is a good way to store money, to have deflation and a good ROI (Return Over Investments) over the years. But the opportunity of bitcoin is over, you won't be a millionnaire with it. Monero is a more secure and anonymous crypto, with a promising future. Moreover, no one can ever knows you store monero so they can't be taken to you by any legal action.

drmangrum · 2021-07-15T01:00:08+00:00

I both like crypto and skeptical of it.

On one hand, most of them have a finite ceiling for his much can exist. Since ALL currency these days is digital then it has just as much validity as government backed currencies. It's incredibly secure and as they mature they'll be just as efficient as a bulk currency as the dollar without suffering from rampant inflation.

On the other hand, it can be a major privacy concern as there's a trail at every transaction. Because of that, I'm not convinced intelligence agencies aren't somehow involved. Bitcoin just sort of popped up. People think they know who invented it but that doesn't mean there aren't 3rd parties involved. Also, as our world becomes increasingly connected, it also becomes increasingly susceptible to cyber attacks. If power or network infrastructure is attacked, guess what, no transactions.

I'm also not convinced world governments and banks won't find a way to somehow make the use of non-sanctioned crypto currency prohibitively difficult to use. I say non-sanctioned because I think it's just a matter of time until governments create their own, especially those that want out from under the thumb of central banks. I'm betting that within the next decade, we'll see crypto-dollars, crypto-pounds, crypto-yen, etc.

nigelh · 2021-07-14T13:50:26+00:00

Several years ago I noticed several quite normal websites were accepting bitcoin.
So I thought I ought to have some as a convenience.
So I bought £250.
After a while it was worth about £85
So I laughed and took it as proof that I was an idiot.
Then a year or so later I discovered I had about £850. I was surprised.
I currently have about £420.

I'm still going with the 'idiot' theory.

Airman_on_wallstreet · 2021-07-14T17:08:33+00:00

Ok so i get you people are skeptical about crypto but let give you a perspective as a 22 year old internet weeb.

So you guys have seen after covid many places no longer accept cash right, only card, therefore ur us dollars are all digital already so for tht reason u can say tht the us dollar is a crypto tht also has a paper counter part in the real world, however this is the shittiest crypto because it is centralized to ppl who love printing it no capp to how much it can get printed.

Therefore literally any mainstream crypto is better to have then the us dollar, in my opinion if u have a savings account with over 10000$ ur just waisting money put in the market buy gold dont leave it in there.

Now if u like crypto and dont know which one too buy, u need to take in the 3 factors tht rule a cryptos price per coin which is, transaction speed, inflation/deflation rate, and like with all other currencys confidence in the coin.

Therefore taking all that into account my persnal portfolia is all in into ethereum bc it already has biult confidence fsster transactions speed then bitcoin, and inflation countermeasure with coin burning per transaction.

This being said anything is better then letting ur money rot in a savings account while joe goes brrrrrr on those money printers.

DemonGroover · 2021-07-14T18:05:24+00:00

Get some. But only spend as much as you are willing to lose. Consider it a bet that may pay off big time if you hold your nerve.

httk13 · 2021-07-14T18:48:20+00:00

Seeing a lot of FUD in here, so perhaps it's a good time to buy. I personally bought a little ETH this morning

Strict_Tour · 2021-07-14T20:22:08+00:00

Its a scam until Tether gets cleaned up. There cannot be true price discovery with Tether having any value.

Jackoffalltrades89 · 2021-07-14T21:07:12+00:00

The key failing is that cryptocurrencies aren’t currency. They’re too volatile for widespread purchasing. No one wants to buy a sandwich for a Monero and then have Monero spike to the price of a motorcycle the next day. And if you can’t extract them from the market for goods and services, then the only thing you can do is extract yourself from the market by selling them to some other investor. It’s not a currency, it’s commodities trading without any physical commodities. But they all still run around with the veneer of being an alternative untraceable currency. It can’t be both.

SkylordAl · 2021-07-17T01:17:56+00:00

Mine's a bit conspiratorial, so put on your tin foil hats and take it with a can of salt.

I like Bitcoin and cryptocurrencies as a technology, but not as a investment. This is not to say that you can't make money from crypto arbitrage, but that's its not going to last.

The reason for this: crypto's inherent decentralization. One of the main cards that the powers that be (TPTB) holds is their control of money supplies, particularly with the main currencies we use, and they do this with central banks, then with the bigwig banks. However, crypto decentralization would make this control difficult, as anybody with enough know-how and resources could make their own crypto and promote it enough that it can be widely accepted, causing this TPTB card to be nearly unplayable.

So the way that they're trying to reassert control on this potential issue (imo) this is to generate hype for crypto as an investment to cause crypto prices to climb higher and higher to non-fundamental levels so that enough people will have the fear of missing out (FOMO) due to the potential gains to be had from crypto arbitrage, and by enough people, I mean even people who are unfamiliar with the technology will invest their life savings to try and cash in and get the millionaire lifestyle.

Eventually, TPTB will systematically crash these big cryptos (BTC, ETH, etc.) by manipulating the currencies themselves and the information about these currencies to make people panic, causing most investors, particularly those who invested their life savings, to lose out on their investments as people lose trust in crypto.

Their cronies in the government will then use this as justification to impose legislation/regulation that would suppress the current cryptocurrencies and instead provide a new, "safe" cryptocurrency guaranteed by the banks and the governments. Of course, this is a risky move for TPTB, as it may backfire, but information manipulation is easy enough that they'll probably be able to pull it off.

Currently predicting that there's going to be one or two more surges for Bitcoin and other popular cryptocurrencies that would be higher than before (with BTC possibly hitting 100k or even higher) as these would be the FOMO lure, and these would be the optimal time to make money from the arbitrage if you're looking to do so. However, I also expect that Bitcoin will return to its fundamentals afterwards after the crash happens and the TPTB rolls out their CentralCoin, so be prepared to bail.

2021-07-14T09:22:58+00:00

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horizonjumper592 · 2021-07-14T14:34:27+00:00

Stay away, its all a giant hype scheme. Cryptos have their purpose but investing in them as an asset is not one of them.

techstural · 2021-07-14T15:40:44+00:00

Especially that (and pretty much all forms of investment which aren't uniquely contractually specified) are pretty much the clearest sign of the demise of modern civilization and the human character.

seathsoul69 · 2021-07-14T17:58:49+00:00

If elon can yeet the market with a single tweet then it ain’t worth it. I would go with farm kand and animals kike a real traditional based man.

TouchTheBat · 2021-07-14T20:18:15+00:00

its basic computer science stuff, inplemented terribly, with the end result being a massive waste of electricity and computer hardware. pointlessly churning hash algorithms serves no purpose, but its new and its purported to be anti-establishment, so the zealots refusr to even consider the retardation of their position. its the icing on the cake for our world wide pollution problems.

IamGeorgeNoory · 2021-07-14T20:42:10+00:00

Way too volatile. I have some investments that are for retirement but I'm not going to rely on bitcoin for that. You really can't time the market. No one thought bitcoin would ever reach $19k, and then it did. And then it dropped. Then out of nowhere it went to $50k+. It's great if you already have some and it goes up, but traditional investments are still better in the long run.

horizonjumper592 · 2021-07-15T20:11:17+00:00

One of the Dogecoin founders pretty much says its a scam.

silly_birb · 2021-07-14T11:27:32+00:00

It's bad because it's a bubble, like the real estate bubble where people kept buying houses and holding them until people realozed that a small 1 room flat isn't worth 100k.

Crypto is the modern day gambling, you bet and you have to guess the right moment to take away your money before the downfall.

Gordiflu · 2021-07-14T11:29:34+00:00

I see 2 main issues with Bitcoin in the LONG run.

1)

Transactions are confirmed by miners. Mining is becoming less and less productive as you need more computer power for each new coin, since the number of coins is finite. What happens when mining is no longer profitable? Who is confirming transactions? Who wants to have money you can't do operations with?

2)

Quantum computing is coming. Quantum computers will make cracking bitcoin's encryption doable. What then?

AnalProbe1999 · 2021-07-14T13:09:22+00:00

It's gambling. Don't misunderstood it for investing

TardPol · 2021-07-14T13:30:56+00:00

It's an MLM for dumb fuck tech bros

A_Roasted_Peanut · 2021-07-14T15:30:03+00:00

A fool's game overall. People talk about investing in something with literally zero intrinsic value. Unlike currency which is backed and regulated by the state (why it's not worthless paper), or something like gold which at least has some intrinsic value to it. Is there money to be made? Yes, in the same way there's money to be made gambling.

Throw in the volatility and cryptocurrencies are generally useless for the purported purpose. Knowing a loaf of bread won't be 7 times more expensive next week is useful. Currencies are there to store economic value to avoid bartering. In general it's a solution looking for a problem. A shit solution.

Oh, and the fact that terawatts of electricity is being burned on deliberately useless difficult-to-calculate problems is utter insanity.

It's collective insanity that has produced some very rich people.

The difference is if you go to Vegas and put all your life savings on the roulette wheel, very few people try to convince you this is a rational decision. Or how roulette wheels are the future of money because of blockchain and other technical bullshit.

AltAccountWhatsUp · 2021-07-14T20:02:03+00:00

I feel like this comes up often and I will say

Say what you want about how crypto is or isn't a good place to invest

but Bitcoin is kinda outdated, I personally think Monero is better. Faster, less fees, actual fucking privacy, not going to be stuck on a 21 million supply cap, instead having a 'tail emission' to replenish lost coins and keep a predictable, mild inflow of new coins (remember, lots of bitcoin appear to be lost because dipshits forgot their recovery info) The only point of contention IMO is maybe their different approaches to miners. (Monero has gone through several algorithm changes to try to ensure that consumer hardware is the only hardware that can mine, effectively meaning mining is within reach of anyone; Bitcoin said 'whatever happens, happens' and companies have been making specialized mining hardware that is vastly more efficient than average computers that largely end up in the hands of a concentrated group of big players, but the network is very hard to attack because the difficulty is so frickin' high; the two schools of thought on proof-of-work) As a currency though, they're both pretty fuckin awful because they're crazy volatile, although a noble effort in trying to make a robust payment system detached from government authority.

Now let's talk about investment. Someone here brought up the greater fool theory and I really can't say I disagree. I think that's exactly how these two absurd spikes in the past few years happened. But for that reason I wouldn't write it off if you were thinking about giving it a go. Personally I wouldn't buy in at this price. I think there's a chance it could be half of what it is now within the next year; I'd buy in then, because you know there will be another ridiculous spike when another hype train rolls through in a few years. But as always, don't overextend yourself, don't go full retard, only ever put in what you can handle losing.

And if it's a reliable way to make money, or preserve it against inflation that you're after, the slow and boring way is probably your best bet. Most of the money I set aside to invest goes into a stock fund. No complaints.

Taggerung1013 · 2021-07-14T22:25:17+00:00

Bitcoin and other cryptocurrencies are a scourge- wasting tremendous amounts of energy and resources to produce a digital token that does nothing expect fuel the general speculative mania. If you feel like gambling, then go ahead and get into cryptos. Just remember that 'get rich quick schemes' are at least as likely to make you poor as they are to make you rich.

Title	Thoughts on Bitcoin?
Author	Thick-Current-1898
Upvotes	16
Comments	76
Date	July 14, 2021 8:56 AM UTC (5 years ago)
Subreddit	Posted in /r/MGTOW
Original Link	https://old.reddit.com/r/MGTOW/comments/ok0dfr/thoughts_on_bitcoin/
Archive Link	https://theredarchive.com/r/MGTOW/thoughts-on-bitcoin.791420 https://theredarchive.com/post/791420

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