I am now a believer in Bitcoin

[Tsar]

I invested in crypto in December 2017 and sold before the crash. I reentered Bitcoin last week. I figured crypto can be sent abroad more easily than cash and SEPA can deposit it quickly into an account when I have one.

I was about to sell last night and reenter but I figured I should keep it. I was right. Bitcoin surged.

While gold is a store of value, I am no longer a believer of going heavy into gold. It is too rigged by fiat and gold has too little uses besides investment. It is better than crypto for being off the books and having no external liability but trying to carry it, it needs to be declared in many places.

Crypto is not a store of value but has more adoption than gold in the 21st Century. It has no intrinsic value but has a higher theoretical value than gold when comparing 1 Bitcoin to 1 Unit of Gold (1 oz for most the world or 30g for China). Bitcoin is also not a threat to the Elite, if anything it helps them, since the more people adopt crypto the easier to create a digital currency. I think $50,000+ Bitcoin is possible by 2021. Gold will be lucky if it is above $2,000 (priced in fiat) unless the dollar really goes down but even then Bitcoin would still outperform gold.

Silver has also outperformed gold and is relatively more stable for now but like gold, I am done with precious metals.

Crypto is where money can still be made.

I am up over 20% in about a week.

I should have bought bitcoin in Summer of 2019 rather than try to trade equity and ETF derivatives. I always lose with the completely rigged equity markets. I would have more than 100% in gains instead of a 40% loss.

I will save some cash but I will also be buying Bitcoin if possible on an EU exchange with no US presence.

Unlike in 2017, the major financial companies and billionaire elites are entering in mass. This will drive the price higher. Bitcoin also has the most HODLs compared to other crypto. Ethereum might be 2nd with HODLs.

[fschmidt]

http://www.mikraite.org/Investing-in-a- ... p2140.html

[TruthSeeker]

I would be cautious of these speculative cryptocurrencies. We all remember the case of Quadriga / Gerald Cotten. Millions were lost because the owner died and he held the passwords to access the bitcoin.

A country's currency is backed by the country. These cryptocurrencies are backed by almost nothing and are very precarious.

I hope you didn't invest too much Tsar.

[Tsar]

I would be cautious of these speculative cryptocurrencies. We all remember the case of Quadriga / Gerald Cotten. Millions were lost because the owner died and he held the passwords to access the bitcoin.

A country's currency is backed by the country. These cryptocurrencies are backed by almost nothing and are very precarious.

I hope you didn't invest too much Tsar.

I can't invest too much ever in anything. I am probably the poorest member on Happier Abroad at the moment.

Cryptocurrency is backed by nothing and so are national currencies. I use to think crypto was bad and I did get in and out. But I changed. Gold should be $10,000 with all the money printing, debt, etc. It is not. Crypto like Bitcoin is really the Digital Crypto Gold in the 21st Century. Cryptocurrency and Fiat National Currencies are both faith.

Gold and Bitcoin would have protected Venezuelans, Iranians, Turks, and even Russians from currency declines. I am sure there are many more examples. Recently it would have protected Americans against a declining dollar.

Gold let's people preserve wealth with no external liabilities
Crypto is risky but it is now a medium of exchange and as long as someone has Bitcoin, it is the new asset class and a global currency.

[HappyGuy]

http://www.mikraite.org/Investing-in-a- ... p2140.html

Good for a chortle

[Winston]

Documentary about Bitcoin.

The Rise and Rise of Bitcoin (2014)

https://www.imdb.com/title/tt2821314/

A computer programmer becomes fascinated with the digital currency Bitcoin, and through his involvement in the Bitcoin community, we learn about the impending global impact of this amazing new technology.

Trailer



Download link:
https://yts.mx/movies/the-rise-and-rise-of-bitcoin-2014

[Winston]

More documentaries on Bitcoin.

Banking on Bitcoin (2016)
https://thepiratebay.org/description.php?id=16705074

Bitcoin The End of Money as We Know It
https://thepiratebay.org/description.php?id=15287709

[Winston]

I don't understand something. How did Bitcoin get legalized? Wouldn't the government and banking cartel be against it and make it illegal? Isn't it a form of counterfeit money? How did it get legalized? Why did the government and bankers allow it?

What can you buy with Bitcoin? Who takes it as payment?

[fschmidt]

I don't understand something. How did Bitcoin get legalized? Wouldn't the government and banking cartel be against it and make it illegal? Isn't it a form of counterfeit money? How did it get legalized? Why did the government and bankers allow it?

Bitcoin is stupid and useless. The globalists understand this so they allow it. On the other hand, Monero actually makes sense. So governments are going after it. It is already illegal in Japan and Korea.

[Winston]

Alexs take on bitcoin:

[12/24, 3:03 AM] Alex From Venice: Bitcoin is NOT a currency and it's even less "money".
Bitcoin is just a not duplicable digital token that exits only within its dedicated network.
It has happened that there are people who make transactions and exchange the possession of such kind of token with the possession of any amount of legal currencies.
Due to this kind of exchange Bitcoin has become a financial product which doesn't have any value in itself but its value is derived by the transactions to and from legal currencies.
Therefore the best definition of Bitcoin is of derived financial product or sub prime financial product.
As all financial product, the trend can be positive or negative, if it's positive it's good for speculative transactions, and speculative transactions will keep the trend positive.
When the trend will turn negative, speculative transaction will cause a plunge and eventually the blow up of the financial bubble.
As of now, due to much ignorance of the risks related to long term trading with sub prime financial product, many people is jumping on the positive trend of the Bitcoin vagon and they are contributing to keep the trend positive.
[12/24, 3:04 AM] Alex From Venice: However, as any speculative financial product, Bitcoin is a good choice at this time.

[Winston]

[12/24, 11:10 PM] Winston Wu: Why do some say bitcoin is a scam and others say they made a lot of money from it?
[12/24, 11:10 PM] Winston Wu: Is it a true revolution and game changer?

[12/24, 11:38 PM] Alex From Venice: because Bitcoin is a scam that made a lot of people to get a lot of money
[12/24, 11:41 PM] Alex From Venice: how do you call a trick that makes rich people who don't do anything productive to become rich? Speculation is a scam... makes same rich while it makes a financial bubble. When the bubble will explode someone will pay for the scam, but who have become rich usually they'll stay rich enough, while the price of the scam is paid by many others who didn't even gain much
[12/24, 11:45 PM] Alex From Venice: When there's a scam, some makes a lot of money... you may ask, where are those who lose the money then? you can't see them until the financial bubble blows up. It's same as the "ponzi scheme", and same as a bank bankruptcy... till the bankruptcy no one lose money even if there's a huge void of money a huge bubble of debt.

[12/25, 12:31 AM] Winston Wu: Why is bitcoin a trick and scam? Does it make misleading statements? I thought the programmers of bitcoin were revolutionaries who want to change the world? They created a blockchain to make all the transactions secure and to prevent any cheating or illegal duplication of digital currency? The blockchains are on many servers and impossible to hack. Right?

[Tsar]

I cashed out. I want to wait to see a correction in price or a confirmation of the positive trend higher.

[Winston]

Alex replies to my questions about Bitcoin:

[12/25, 12:31 AM] Winston Wu: Why is bitcoin a trick and scam? Does it make misleading statements? I thought the programmers of bitcoin were revolutionaries who want to change the world? They created a blockchain to make all the transactions secure and to prevent any cheating or illegal duplication of digital currency? The blockchains are on many servers and impossible to hack. Right?
[12/25, 4:35 AM] Winston Wu: Btw alex. Bitcoin sounds like a good idea in theory. Especially if u are a libertarian and against banks and governments monopoly. So why is it a scam? Whats wrong with it? Where is the lie or deception in it?
[12/25, 4:36 AM] Winston Wu: How come earlier u said bitcoin was a good idea but then today u say its a scam? Why do ur views contradict each other?
[12/25, 4:52 AM] Winston Wu: Btw alex. Isnt fiat currency a scam too? How is bitcoin any different?

[12/25, 5:03 AM] Alex From Venice: yes, the scam isn't in the Bitcoin system itself, it's in the false belief that Bitcoin "is" money. Money has value in itself, even when it's not used for transactions, currencies are titles that have value backed up by money or assets, Bitcoin isn't money and isn't currency because it doesn't have value on itself and doesn't have anything to backup it's value... all value given to Bitcoin is just relying on it's exchange to legal currencies so Bitcoin value it's derived by legal currencies and the exchange market activities... in other words Bitcoin is a sub prime derived financial title and such financial titles are at risk of financial speculation and financial bubble blow up.
Indeed since Bitcoin has been traded it has made a ever growing "hole" of value in the financial market, which is an ever growing bubble, same as in any "ponzi scheme".
So the scam isn't in Bitcoin system, it's in how Bitcoin has been marketed... it's been marketed to be like money, like gold, while it's just a debt financial title with high volatility and zero backup assets.
[12/25, 5:04 AM] Alex From Venice: Do you know what a "ponzi scheme" is bro?
[12/25, 5:10 AM] Alex From Venice: Bitcoin is a good idea in the sense that is a system that prevent digital tokens duplication and that is smart as duplication in digital world is one of the easiest thing ever... Bitcoin technology, for example, could be used to prevent duplication of movies copies... let's say a digital movie file is encrypted to a unique Bitcoin token, then only who has that Bitcoin token on it's wallet can decrypt and watch the movie, all other copies of the movie won't work... that would put an end to digital illegal copies and piracy.
[12/25, 5:21 AM] Alex From Venice: Anyway Bitcoin are also made out of nothing so they are "gifted" (even though it's needed computational cost, but cost is a debt of value not a credit, so each bitcoin comes with negative economic value), so if Bitcoin is used as financial sub prime title, it's a very bad financial title, and the scam is that is portrayed as valuable as "gold", but gold has a positive value, so gold is a credit, while Bitcoin is a debt. Now both credit and debt titles can be used on the financial market... government bonds are debts financial titles, and a building or land property share are credit financial titles, but there's is a huge difference between credit and debt as one is the opposite of the other. Credit adds value to the market, debt destroy value and cause financial bubbles and they will eventually blow up one day.
[12/25, 5:39 AM] Alex From Venice: yes they are a scam because currencies aren't "money" but financial titles backed up by money or assets. So in their origin currencies were "credit/positive value" financial titles... the scam is that since banks and central banks are making more and more currencies units without adding any economical assets as back up, currencies credit has been progressively eroded and turned from credit titles to debt titles... the good thing in currencies however, is that even they are debt titles their value is backed up by the government that can use taxation to recover the currency loss of value... Bitcoin is a sub prime plain debt financial title and has no government or institution that backup it's value so it's totally up to the financial market and financial market of debts titles are "bad" market.

[fschmidt]

http://www.mikraite.org/Blockchain-Base ... p2152.html

[fschmidt]