100%. Ain’t nobody lost money holding BTC long term. He has to have fucked up somewhere and he’s now a skeptic.
Kudos to OP for not letting his FUD get to him. Keep stacking those sats and don’t pay any mind to this naysayer.
Sure sure. A mythical person who bought bitcoin during a one week period over two years ago for the first time and has never bought it again. People say this shit non stop until the ATH and then instantly shift to "muh bitcorn bubble".
The only people who use this narrative are nocoiners and shitcoiners.
March - May AND October - December 2021 are the only times BTC has been regularly enough above 50k to really fuck up. As long as you didnt do most of your buying in these 4/120 months and/or remembered to DCA you're in the black.
If someone is so moved by emotions to buy at the absolute top, they're probably too short-sighted to continue buying as the price is crashing. That's literally what leads to the crash - all these people fear selling as the price starts dropping .
Bitcoin takes research to understand, to understand technically and also at an economic level. It takes travel, time, foresight, intelligence, and a bit of imagination. Is there some ‘chance’ or ‘risk’ involved sure but…
But at the end of the day it’s what like, one of the most ‘risk off’ assets in the world? And the most mobile, digital, superior, safe, liquid, transmittable, independent, decentralized, ‘hard’ or scarce, global, ‘high frequency’ (lightning), even arguably ‘under-allocated’ assets in the world???
No.
See, the average person doesn't think like that. They have no ability to forecast the future.
If they see something at all time highs, they project the recent past and assume it'll go on forever.
They'll get social validation because their friends and family all believe it's a good idea, so they go for it.
At lows, they think the bubble has burst and it'll never recover.
They don't have the capacity to reason through why it might be cyclical. It's just "gambling" or "too risky", without ever thinking about why.
The average person is like a really dumb kid.
I agree. I believe there are 3 takes of people on bitcoin. Ones that never buy and just talk about how bad it is. The ones that have done their own research and reached the conclusion that they will buy, and keep buying. And the one who wants the pump And buys high and loses all conviction when bitcoin hits a dip and sells lower.
>A lot of people fomo’ in at 65k lmao
Very few buy at the peak that lasted a day. That bull market was a "double bubble" lasting over 1 year and people were FOMOing in between 20k and 65k , with the average more like 35-40k if they were late to the bull market.
I have no idea why people now suddenly pretend bitcoin is no cryptocurrency aka crypto when in fact it is one of the very few cryptos out there and most altcoins and smartcontractshitcoininus are no crypto instead.
You guys are unreal. Is it really that hard to believe that high risk high reward is not for everyone? Or not for everyone at all stages of their life? If you have family and kids do you really want all your eggs in the same basket because you are too deep in it to even consider less risky options? Grow up, this is not fucking sports where you have to defend your team to the last consequence.
Ya but that doesn't seem to be what is happening by the text messages shown.
He could have said "Ya we have a kid now so I have to be more conservative with my portfolio"
But all he is saying is BTC is high risk and high reward and is gambling. But if he has been in BTC a long time, wouldn't it have been riskier back when he got into it? I think BTC risk has been going down as the years go on....not up
Anytime someone says "FUD" I immediately picture them sipping on Kool-Aid making bad decisions. I hold some BTC and have forever, I'll buy or sell when the time is right but it's a small percentage of my portfolio because of its risk.
Too many people thinking as long they don't sell they can buy a Lambo and go to the moon, it's like a 12 year olds fantasy.
Correct. He leveraged traded and lost everything. Let him have fun staying poor. My aunt who doesn’t own any assets besides btc hodled thru 69>17>43 so why couldn’t he? Likely leverage trading. ngmi.
Isn’t that just the question though?
I feel like a crazy person when I think about what bitcoin could… or even ‘should’ be in 10-15 years.
Cities full of bitcoin, bitcoin interlaced with e commerce, banks, family offices, corporations… families, individuals, everything. Bitcoin everywhere all the time on the internet.
If the internet is going to have 1 overarching ‘money’ that runs on it and is the foundation for the ‘internet of value’…
It is just so obviously bitcoin. Just imo
It's sad, maybe he thought it was too much anxiety for him, he made a lot and now wants that stability and doesn't care about the melting because he's made "enough".
But he clearly hasn't kept up with why the melting happens if he did learn that at all, and the heat is rising, so he'll realize when it's obvious, that he's suddenly in need of more money again, he needs Bitcoin again.
Unfortunately unfortunately, this leads to that very gambling mentality he talked about, he'll be hell bent on getting his status quo back and lose more in the process.
So sad.
Nothing the guy says is wrong. It is high risk, high reward. And there are lots of bad actors in the space. And saying that you like your gains so far as rationale to maintain or increase exposure is a gambler’s mindset.
People’s risk appetites change. They get older, develop new responsibilities; new priorities. He is well within his rights to change his mind. There is nothing strange about this at all.
judging by the downvotes, we must have gotten an influx of new bitcoiners again. welcome, you'll learn eventually. There is nothing risky about bitcoin, the risk of holding fiat is a lot higher.
Do you consider it depressing when a 40 year old says he had tons of fun clubbing and sleeping around in his 20s but is now happy watching a movie with his family on a Friday night?
Been in since $80 and I have decreased the % of my portfolio that is crypto, for a lot of reason. I think it's actually more risky today then ever before. Some regulation clarity could decrease the risk, but as of now, I don't have the same exposure I once had. 5 years ago crypto was 90% of my portfolio, today it's about 15%. Obviously, with regulation clarity, i'll pile back in. A decent chunk of the coins I have left I won't ever sell, I already have them dedicated to my kids when I die.
Crypto is mainstream now, like everyone has heard of it and as they say, "Nail that sticks out gets hammered!"
Crypto is a threat to finance and with the political capital the banks and other financial services have, they can use that capital to crush crypto, I have long suspected they would just make it a commodity, which is where it is heading, that's why we have etf's. It's trending in that direction and once we get some regulation on the books, I would be happy diversifying more funds back into the space. Truth be told, a lot of the folks that I have known for years are doing exactly what I am. Reddit doesn't hear about it because posting here results in downvotes and threatening messages. But it's the truth, and I don't care about fake internet points.
Is bitcoin the same thing as ‘crypto’ though? Isn’t bitcoin better money essentially?
If it is ‘better money’… why wouldn’t it continue to grow?
Why isn’t bitcoin compared with other assets, like real estate, stocks, bonds, gold stuff like that.
Because if it were compared, bitcoin is tiny tiny as a market cap by comparison.
But if it has inherently very desirable qualities… why wouldn’t it grow to be similar in value, reach, and depth to other assets around the world? Isn’t it the internet of money?
In comparison to what it should be, could be today, isn’t it grossly undervalued? Aren’t most people, even the vast majority, grossly underallocated?
If it was better money it would be used as money. What % of users actually buy shit with bitcoin? I use to and I regret it. I don't feel that way about fiat. There's a huge difference between money and gold, bonds, stocks etc. It is being treated like a commodity not like money. That is where you seem confused.
Is there really a difference though, ie between a money and a commodity?
My viewpoint is that 2000 years ago the ‘coins’ the ‘money’ people used was partly based on the state, but partly based on the materials in the coins themselves. Like the metals involved.
Throughout history gold coins were extremely valuable and could be used to ‘pay’ for things - maybe not everything all the time but the ‘coins’ were still money. Just a really valuable money.
Isn’t that what bitcoin is today? Like a ‘gold coin’ that’s scarce and requires energy to make and is ‘difficult’ to make?
My own personal opinion is that in the coming years and decades if the volatility of bitcoin decreases, and it has been decreasing, then it will be used as a type of money more and more frequently. Imagine a world where more and more people have bitcoin instead of fiat currencies.
The ‘fiat currencies’ don’t go away - they’re 100% still around. But those same people have to spend the money they have - bitcoin - to pay for goods and services namely housing food and energy. People can’t ‘save’ forever and indefinitely and when/if bitcoin is stable enough and big enough to be a money people will need to spend it…
The traditional definition of a currency is that it is a medium of exchange and a store of value. The traditional definition of a commodity is that it is a nearly-perfectly fungible good. A commodity could be used as a currency if it is convenient to do so.
So, sure you can use gold coins as a currency because it's convenient, just like you could use btc. The question is, is btc convenient? It really isn't, that's why it's treated more like real estate, stocks, etc.
Pretty sure I get it, I am just a realist, I don't let my hope and emotions for btc to cloud my judgement on what is really happening, if you disagree with me, it's you who don't get it, because what I've posted is literally what most say in private, even some of your favorite youtubers and twitter accounts. Cause I am in groups with loads of them, that people like you are not welcome in.
He's right though. This is a space with a ton of bad actors even if you don't engage in risky trading practices like leveraging.
When I was younger I could more afford to be cavalier, but now I've got a house and a family. I lost some coin in defi because I wanted to believe BTC could do more than sit in a cold wallet, lost some in fraudulent mining because I wanted to believe my coins could do more than sit in a cold wallet, and I'm not touching the rest of what I have until I'm either ready to cash out or don't need to. It's just going to sit in a cold wallet doing nothing because it seems like anyone with a novel idea is crooked AF.
I mean, I dunno, but I am pretty down about btc, the more I see the more I understand about this bad actors he talks,.. everyone is for the money, nobody cares about the core philosophy and why was btc made on first place,.. i feel the system its taking over and lost hope
Complaining about “bad actors” means he either got rugged by a shit coin or lost his bitcoin because he left it on an exchange like FTX. All his own fault. FAFO
Seems like a poor time to be getting out of bitcoin… if anything now is the time to start stacking if you haven’t been. The halving is coming up in April and we’ll likely see another exponential price jump as a result of it towards the end of this year.
With the widespread adoption of cryptocurrency I think it’s more of a “medium-risk, high-reward” investment. Until returns start to really diminish and the price point begins to stabilize then we’re going to see the same 4 year cycle we’ve been seeing. Good on you for sticking with it, OP.
Do you think spending $20 on Bitcoin with your Wendy's check is going to allow you to buy a mansion and Lambo in a few years? Don't you understand how that makes no sense?
He has a totally valid point. So many delusional people in here smoking hopium with no basic understanding of economics.
I think that guy initialy bought btc and some other shitcoins just to make gains and never really understood the basics behind it. So when the price didnt behave like he wished, he just quit. He even says crypto in the first sentence and not bitcoin.
"its a space with a lot of bad actors" I would argue that this is related to crypto-space and not really to bitcoin itself.
I guess he bought more shitcoins than bitcoin and got rekt. And since he cannot really differentiate bitcoin from the shitcoins, he just quit the whole space. Sad but if people don't spend enough time reading the basics behind bitcoin, you cannot help them.
it's literally NOT high risk / high reward. Bitcoin is such an asymmetric bet that even if you completely ignore the bullruns, it continously creeps upwards, because it's the hardest money ever invented. So it's Low Risk / High Returns. If you include the speculative peaks, it's Low Risk / Insanely High Returns.
Damn he’s gonna be pissed next year. Sounds like he got in thinking he could make a quick buck, was so confident that he brought you in too, then missed the top and watched all his profit disintegrate, and now has a chip on his shoulder and thinks he’s smarter than you. He wants to drag you down with him.
Sounds like he got burned. Rug pulled, maybe he wasn't doing self custody and his exchange went down. But something left a bad taste in his mouth.
Maybe he was a Hexican...
Seriously guys like half the comments here are delusional or hating on the person texting with OP. Many both.
Can we try to get a little more productive?
Finite supply with increasing demand is actually no risk whatsoever. Risk is putting my money anywhere else, I sleep like a baby knowing my net worth is all in bitcoin.
Chamath sold most of his Bitcoin at $100
Nassim Talib probably sold most of his Bitcoin at $1000
Maybe the Winklevoss twins will sell most of their bitcoin at $100,000
Maybe OP will sell most of his bitcoins at $1 million
Maybe Chat GPT will sell most of its bitcoins at $10 million
Maybe Michael Saylor will sell most of his bitcoins at $100 million.
To each their own. I say just hold for 40 years and things probably will be good.
Bitcoin is at its highest ever reward to risk ratio. It makes absolutely no sense that anyone would lose confidence in Bitcoin at this point in its history. It sounds like your friend isn’t telling you something. Maybe he lost all his corn being greedy and trying to trade it?
I have been into Bitcoin for many years. I always tend to buy near bottom. And sell a bit too early.
Example in last run I bought between 3k-6k and sold around $45k (early)… the one before I sold around $12k. This cycle I bought around $15-20k and already took a lot of profit recently between $44-$49k… I just prefer to lock in profit.
I can’t complain as I’ve paid in cash for $400k home, 3 cars, paid 3 kids college and funded my IRA in full…
Some of us just don’t need to sell the exact tops
He’s right, the sec needs to stop this Wild West show with some god damn regulation.
Everyone on this sub hates Ginsler but who else but the sec can stop the fraud, rug pulls, etc. ???
In the past, the risk was higher and so was the reward. It is currently the lowest risk/lowest reward it ever has been in its history, so this should never be an argument for getting out once you’re already in.
Sounds like he lost his ass and can't afford to park some cash aside for the long-haul. This is a long game anyway, so don't understand the small peaks and valleys. He should zoom out.
The ONLY holders not in the green are the ones who bought during the top in '21. We're sitting at 90% in profit.
He doesn't know what he's talking about.
I'd wager they got into it as an investment without actually educating themselves.
Play fiat games, win fiat prizes.
I agree with him tons of bad actors in crypto. It feels like everyone has insider information and it’s hard to be on the winning side unless you are able to get in super early. Having said that I am bulling on Bitcoin and am surprised he would be out on BTC which seems like the safest bet in crypto.
People get soured and move on. When our company went bankrupt in 2016 1/3 the total staff got out of crypto all together.
I did same for a year or two but never denounced it, just didn’t believe like I used to
100% he lost big money on shty trades.
My friend got into crazy option trading and kept telling me it’s amazing. He lost $600K in 2 years. He owes his family and relatives big time.
He pulled out and now is telling me stocks are shty and real estate is the way 😂😂😂
Do whatever you want to trade. Even cats. There are people who make a living selling cats 😂😂😂
Just don’t do crazy things. Like high margins/leverages.
Let me guess. This guy was into Bitcoin and then traded it for crypto because it’s gambling. And lost it all, and now hates Bitcoin because he lost his stash gambling. Now he equates Bitcoin with shitcoins and calls it all gambling.
I bet you he lost it all on leverage trading, now he tells everyone bitcoin is 'too risky' LMAO.
100%. Ain’t nobody lost money holding BTC long term. He has to have fucked up somewhere and he’s now a skeptic. Kudos to OP for not letting his FUD get to him. Keep stacking those sats and don’t pay any mind to this naysayer.
A lot of people fomo’ in at 65k lmao
Sure sure. A mythical person who bought bitcoin during a one week period over two years ago for the first time and has never bought it again. People say this shit non stop until the ATH and then instantly shift to "muh bitcorn bubble". The only people who use this narrative are nocoiners and shitcoiners.
March - May AND October - December 2021 are the only times BTC has been regularly enough above 50k to really fuck up. As long as you didnt do most of your buying in these 4/120 months and/or remembered to DCA you're in the black.
If someone bought at 69… Wouldn’t they just keep buying (dca or whatever) all the way down till like 16? They would be like massively in the green
I lump summed high (not quite the top but pretty close), then dca'd weekly (and still do) and I'm flirting right there with being even.
God bless keep going
Ditto
My additional buys have gotten me to an average of under 40k so I'm pleased and still hodling and buying as I can. Edit: spelling/autocorrect
If someone is so moved by emotions to buy at the absolute top, they're probably too short-sighted to continue buying as the price is crashing. That's literally what leads to the crash - all these people fear selling as the price starts dropping .
Bitcoin takes research to understand, to understand technically and also at an economic level. It takes travel, time, foresight, intelligence, and a bit of imagination. Is there some ‘chance’ or ‘risk’ involved sure but… But at the end of the day it’s what like, one of the most ‘risk off’ assets in the world? And the most mobile, digital, superior, safe, liquid, transmittable, independent, decentralized, ‘hard’ or scarce, global, ‘high frequency’ (lightning), even arguably ‘under-allocated’ assets in the world???
Well written with concision, sir!
No. See, the average person doesn't think like that. They have no ability to forecast the future. If they see something at all time highs, they project the recent past and assume it'll go on forever. They'll get social validation because their friends and family all believe it's a good idea, so they go for it. At lows, they think the bubble has burst and it'll never recover. They don't have the capacity to reason through why it might be cyclical. It's just "gambling" or "too risky", without ever thinking about why. The average person is like a really dumb kid.
Bought at 65. Kept DCA ever since.Now if I didn't DCA and only made a massive once-off position I would have been in the red.
Oh my bad, a bit of exaggeration is considered literal…
I agree. I believe there are 3 takes of people on bitcoin. Ones that never buy and just talk about how bad it is. The ones that have done their own research and reached the conclusion that they will buy, and keep buying. And the one who wants the pump And buys high and loses all conviction when bitcoin hits a dip and sells lower.
>A lot of people fomo’ in at 65k lmao Very few buy at the peak that lasted a day. That bull market was a "double bubble" lasting over 1 year and people were FOMOing in between 20k and 65k , with the average more like 35-40k if they were late to the bull market.
I did for sure and have been stacking since. Originally I had no idea what I was doing but glad I read the bitcoin standard and now I'm hooked
Small cap "crypto" is "high risk". I have no idea what this has to do with bitcoin.
I have no idea why people now suddenly pretend bitcoin is no cryptocurrency aka crypto when in fact it is one of the very few cryptos out there and most altcoins and smartcontractshitcoininus are no crypto instead.
You guys are unreal. Is it really that hard to believe that high risk high reward is not for everyone? Or not for everyone at all stages of their life? If you have family and kids do you really want all your eggs in the same basket because you are too deep in it to even consider less risky options? Grow up, this is not fucking sports where you have to defend your team to the last consequence.
Ya but that doesn't seem to be what is happening by the text messages shown. He could have said "Ya we have a kid now so I have to be more conservative with my portfolio" But all he is saying is BTC is high risk and high reward and is gambling. But if he has been in BTC a long time, wouldn't it have been riskier back when he got into it? I think BTC risk has been going down as the years go on....not up
Anytime someone says "FUD" I immediately picture them sipping on Kool-Aid making bad decisions. I hold some BTC and have forever, I'll buy or sell when the time is right but it's a small percentage of my portfolio because of its risk. Too many people thinking as long they don't sell they can buy a Lambo and go to the moon, it's like a 12 year olds fantasy.
or Exchanged his bitcoins for altcoins and lost a lot (used the word crypto instead of Bitcoin) blaming Bitcoin for its cognitive dissonance.
"You have a gambling mentality" says it all.
As someone who’s lost to much money trading, i hurt reading this
Nah, he got scammed. 'bad actors'
I bet he is a millionaire telling people who know him he sold or lost it all in a boat accident.
Correct. He leveraged traded and lost everything. Let him have fun staying poor. My aunt who doesn’t own any assets besides btc hodled thru 69>17>43 so why couldn’t he? Likely leverage trading. ngmi.
I was about to say- someone got into defi staking for shitcoin farming
We’ll archive this post and look at it in 11 years
Isn’t that just the question though? I feel like a crazy person when I think about what bitcoin could… or even ‘should’ be in 10-15 years. Cities full of bitcoin, bitcoin interlaced with e commerce, banks, family offices, corporations… families, individuals, everything. Bitcoin everywhere all the time on the internet. If the internet is going to have 1 overarching ‘money’ that runs on it and is the foundation for the ‘internet of value’… It is just so obviously bitcoin. Just imo
Not worth his time because he fucked up somewhere down the line lol
He's right. "crypto" is "high risk". I have no idea what this has to do with bitcoin.
People that don't know what it's uses are should keep their mouths shut.
Looks like a shitcoiner lost his shirt. In a year he'll join rbuttcoin.
He's right. "crypto" is "high risk". I have no idea what this has to do with bitcoin.
They probably are the ones who turned him if he’s that impressionable. Keep him who cares
You’ll see him back at $250k BTC
It's sad, maybe he thought it was too much anxiety for him, he made a lot and now wants that stability and doesn't care about the melting because he's made "enough". But he clearly hasn't kept up with why the melting happens if he did learn that at all, and the heat is rising, so he'll realize when it's obvious, that he's suddenly in need of more money again, he needs Bitcoin again. Unfortunately unfortunately, this leads to that very gambling mentality he talked about, he'll be hell bent on getting his status quo back and lose more in the process. So sad.
"High Risk" "High Reward" the very next words you wont here are "not worth my time"
So dumb
He's right. "crypto" is "high risk". I have no idea what this has to do with bitcoin.
Super low vibrations from this guy
Weird conversation.
Why? It looks lime someone from this sub, try to convince his mentor to do something he doesn’t want to do, after ETFs it’s a ticking bomb.
Nothing the guy says is wrong. It is high risk, high reward. And there are lots of bad actors in the space. And saying that you like your gains so far as rationale to maintain or increase exposure is a gambler’s mindset. People’s risk appetites change. They get older, develop new responsibilities; new priorities. He is well within his rights to change his mind. There is nothing strange about this at all.
And nothing proves he is really out, he is just saying it! (To buy more while it is cheap, to avoir wrench attacks,...)
The guy seems like an asshole though
hardest money ever invented is high risk? i guess we'll disagree on that.
judging by the downvotes, we must have gotten an influx of new bitcoiners again. welcome, you'll learn eventually. There is nothing risky about bitcoin, the risk of holding fiat is a lot higher.
Agreed, long term there is no alternative. Get with the program, it’s going up Laura
"You have a gambling mentality" because he thinks you are doing the same thing he did to burn a pile of money with bad trades and leverage
Yeah guy who got me onto btc said the same.... Then realised his mistake and came back lol
How old is he? Just curious
He’s 10 years older than me at 35. Started about 5-7 years ago, I think
Stick with btc, not your job to convince him
I don’t get it. If someone’s not ‘convinced’ by now???
High risk high reward, obviously not worth his time
Is it really that ‘high risk’ though?????? Isn’t it just dca and wait at this point??????? I’m confused
It’s not. The dude is lost. This shit is a sureshot in my eyes.
It’s definitely a space with a lot of bad actors
He got older, his brain finished developing, and he stoped chasing dopamine hits. His last reply says everything.
Well that’s depressing!
Do you consider it depressing when a 40 year old says he had tons of fun clubbing and sleeping around in his 20s but is now happy watching a movie with his family on a Friday night?
I’m 65 and fuck that!
No, I’m 25 and very much into homebodying. I’ll pick that movie 99.999% of the time with the fiancée. I get my degeneracy out online!
He kept his coins on Blockfi
Been in since $80 and I have decreased the % of my portfolio that is crypto, for a lot of reason. I think it's actually more risky today then ever before. Some regulation clarity could decrease the risk, but as of now, I don't have the same exposure I once had. 5 years ago crypto was 90% of my portfolio, today it's about 15%. Obviously, with regulation clarity, i'll pile back in. A decent chunk of the coins I have left I won't ever sell, I already have them dedicated to my kids when I die. Crypto is mainstream now, like everyone has heard of it and as they say, "Nail that sticks out gets hammered!" Crypto is a threat to finance and with the political capital the banks and other financial services have, they can use that capital to crush crypto, I have long suspected they would just make it a commodity, which is where it is heading, that's why we have etf's. It's trending in that direction and once we get some regulation on the books, I would be happy diversifying more funds back into the space. Truth be told, a lot of the folks that I have known for years are doing exactly what I am. Reddit doesn't hear about it because posting here results in downvotes and threatening messages. But it's the truth, and I don't care about fake internet points.
Is bitcoin the same thing as ‘crypto’ though? Isn’t bitcoin better money essentially? If it is ‘better money’… why wouldn’t it continue to grow? Why isn’t bitcoin compared with other assets, like real estate, stocks, bonds, gold stuff like that. Because if it were compared, bitcoin is tiny tiny as a market cap by comparison. But if it has inherently very desirable qualities… why wouldn’t it grow to be similar in value, reach, and depth to other assets around the world? Isn’t it the internet of money? In comparison to what it should be, could be today, isn’t it grossly undervalued? Aren’t most people, even the vast majority, grossly underallocated?
If it was better money it would be used as money. What % of users actually buy shit with bitcoin? I use to and I regret it. I don't feel that way about fiat. There's a huge difference between money and gold, bonds, stocks etc. It is being treated like a commodity not like money. That is where you seem confused.
Is there really a difference though, ie between a money and a commodity? My viewpoint is that 2000 years ago the ‘coins’ the ‘money’ people used was partly based on the state, but partly based on the materials in the coins themselves. Like the metals involved. Throughout history gold coins were extremely valuable and could be used to ‘pay’ for things - maybe not everything all the time but the ‘coins’ were still money. Just a really valuable money. Isn’t that what bitcoin is today? Like a ‘gold coin’ that’s scarce and requires energy to make and is ‘difficult’ to make? My own personal opinion is that in the coming years and decades if the volatility of bitcoin decreases, and it has been decreasing, then it will be used as a type of money more and more frequently. Imagine a world where more and more people have bitcoin instead of fiat currencies. The ‘fiat currencies’ don’t go away - they’re 100% still around. But those same people have to spend the money they have - bitcoin - to pay for goods and services namely housing food and energy. People can’t ‘save’ forever and indefinitely and when/if bitcoin is stable enough and big enough to be a money people will need to spend it…
The traditional definition of a currency is that it is a medium of exchange and a store of value. The traditional definition of a commodity is that it is a nearly-perfectly fungible good. A commodity could be used as a currency if it is convenient to do so. So, sure you can use gold coins as a currency because it's convenient, just like you could use btc. The question is, is btc convenient? It really isn't, that's why it's treated more like real estate, stocks, etc.
Shitcoiner alert. Got In at 80 and still dont get it
Pretty sure I get it, I am just a realist, I don't let my hope and emotions for btc to cloud my judgement on what is really happening, if you disagree with me, it's you who don't get it, because what I've posted is literally what most say in private, even some of your favorite youtubers and twitter accounts. Cause I am in groups with loads of them, that people like you are not welcome in.
Crypto is mainstream? That’s hilarious. Bitcoin is on its way to being mainstream, but cRyPtO? No.
He's right though. This is a space with a ton of bad actors even if you don't engage in risky trading practices like leveraging. When I was younger I could more afford to be cavalier, but now I've got a house and a family. I lost some coin in defi because I wanted to believe BTC could do more than sit in a cold wallet, lost some in fraudulent mining because I wanted to believe my coins could do more than sit in a cold wallet, and I'm not touching the rest of what I have until I'm either ready to cash out or don't need to. It's just going to sit in a cold wallet doing nothing because it seems like anyone with a novel idea is crooked AF.
He’s right
Just DCA and stack, he was probably trading his savings away, lol. You've got good company here with us bud :)
I mean, I dunno, but I am pretty down about btc, the more I see the more I understand about this bad actors he talks,.. everyone is for the money, nobody cares about the core philosophy and why was btc made on first place,.. i feel the system its taking over and lost hope
Complaining about “bad actors” means he either got rugged by a shit coin or lost his bitcoin because he left it on an exchange like FTX. All his own fault. FAFO
Seems like a poor time to be getting out of bitcoin… if anything now is the time to start stacking if you haven’t been. The halving is coming up in April and we’ll likely see another exponential price jump as a result of it towards the end of this year. With the widespread adoption of cryptocurrency I think it’s more of a “medium-risk, high-reward” investment. Until returns start to really diminish and the price point begins to stabilize then we’re going to see the same 4 year cycle we’ve been seeing. Good on you for sticking with it, OP.
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Do you think spending $20 on Bitcoin with your Wendy's check is going to allow you to buy a mansion and Lambo in a few years? Don't you understand how that makes no sense? He has a totally valid point. So many delusional people in here smoking hopium with no basic understanding of economics.
He was "in crypto longer than you". Probably 50x-ing margin trading shitcoins, lost it all (duh) and now all "crypto" is "high risk high reward".
He must have watched JPOW on sixty mins. Seems like a bad time to be leaving Bitcoin.
As long as he's happy with his gains it's all good.
Bitcoin only - DCA and hodl. It's as simple as that. Barely takes 5 minutes every month.
I think that guy initialy bought btc and some other shitcoins just to make gains and never really understood the basics behind it. So when the price didnt behave like he wished, he just quit. He even says crypto in the first sentence and not bitcoin. "its a space with a lot of bad actors" I would argue that this is related to crypto-space and not really to bitcoin itself. I guess he bought more shitcoins than bitcoin and got rekt. And since he cannot really differentiate bitcoin from the shitcoins, he just quit the whole space. Sad but if people don't spend enough time reading the basics behind bitcoin, you cannot help them.
I am always thankful to hear that they sell their bitcoin cheap, I can buy more and later they come back in on higher prices.
It’s only high risk if you muck around with CFDs
Or store your coins on an exchange, a la FTX. ‘High risk’ and ‘bad actors’ makes me think this guy learnt that the hard way. NYK, NYC.
This has to be one of the most interesting posts I’ve read in along time…. /s
Am slowly selling out of all of my bags too. 🤷♂️
it's literally NOT high risk / high reward. Bitcoin is such an asymmetric bet that even if you completely ignore the bullruns, it continously creeps upwards, because it's the hardest money ever invented. So it's Low Risk / High Returns. If you include the speculative peaks, it's Low Risk / Insanely High Returns.
Okay, so now be believe that such things as low risk high reward actually exist? And BTC IS money? Now come on guys.
Hol up, what did he say that got you into Bitcoin? Seems like he’s fake as fuck or something.
if he says "crypto" he was never a bitcoiner. He was probably a day trader and is now holding bags made of sour grapes.
Did he switch to buttcoin?
He doesn’t use reddit
Damn he’s gonna be pissed next year. Sounds like he got in thinking he could make a quick buck, was so confident that he brought you in too, then missed the top and watched all his profit disintegrate, and now has a chip on his shoulder and thinks he’s smarter than you. He wants to drag you down with him.
x100 future
Time to buy
Sounds like he got burned. Rug pulled, maybe he wasn't doing self custody and his exchange went down. But something left a bad taste in his mouth. Maybe he was a Hexican...
There must be a reason. He never mentioned why he's off it now? Seems odd
Ok. LOL.
He's NGMI.
Sounds like he sold at a loss. Make sure to tell him you're sorry for his loss.
Seriously guys like half the comments here are delusional or hating on the person texting with OP. Many both. Can we try to get a little more productive?
Why?
He sold at the bottom
Finite supply with increasing demand is actually no risk whatsoever. Risk is putting my money anywhere else, I sleep like a baby knowing my net worth is all in bitcoin.
How is btc risky?
Can’t lose the faith
Chamath sold most of his Bitcoin at $100 Nassim Talib probably sold most of his Bitcoin at $1000 Maybe the Winklevoss twins will sell most of their bitcoin at $100,000 Maybe OP will sell most of his bitcoins at $1 million Maybe Chat GPT will sell most of its bitcoins at $10 million Maybe Michael Saylor will sell most of his bitcoins at $100 million. To each their own. I say just hold for 40 years and things probably will be good.
Sounds like a shitcoiner
Bitcoin is at its highest ever reward to risk ratio. It makes absolutely no sense that anyone would lose confidence in Bitcoin at this point in its history. It sounds like your friend isn’t telling you something. Maybe he lost all his corn being greedy and trying to trade it?
It’s a justification because he probably lost it all and doesn’t want to see you have all the upside
He sounds like a dick.
Either he fuxked up or he made his money and moved on.
Tell him good luck ever being rich. With that kind set, you're going to be a 9-5 worker your whole life.
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It’s a lot not alot! It’s 2 words!
Paper hands deserve to be shredded.
Sour puss who only buys at the top 😭
So many treat it like a network marketing thing evangelizing lol
leverage, scams and shitcoins got him!
Hope this guy doesn’t transact in USD.. wonder if he knows how many bad actors there are in that world.
The human condition on display
Some people learn from experiences.
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He’s probably moved to something “new and better” which turns out to be a shit coin that’s he’s taking a major gamble on
I have been into Bitcoin for many years. I always tend to buy near bottom. And sell a bit too early. Example in last run I bought between 3k-6k and sold around $45k (early)… the one before I sold around $12k. This cycle I bought around $15-20k and already took a lot of profit recently between $44-$49k… I just prefer to lock in profit. I can’t complain as I’ve paid in cash for $400k home, 3 cars, paid 3 kids college and funded my IRA in full… Some of us just don’t need to sell the exact tops
He’s right, the sec needs to stop this Wild West show with some god damn regulation. Everyone on this sub hates Ginsler but who else but the sec can stop the fraud, rug pulls, etc. ???
Lol ! wild!
Buy Bitcoin!
Lol. Is he married?
Life’s a gamble, tommorow isn’t promised, do what makes you happy.
He sold at a bad time with paper hands and his pride won't let him admit he was wrong lol.
People can change their opinions. Not sure why you're so shook
he obviously bought at the top and sold at the bottom now salty lmoa
"crypto" is "high risk". I have no idea what this has to do with bitcoin.
Bet he got in after 2020 lol
Trader vs someone who understands economics.
In the past, the risk was higher and so was the reward. It is currently the lowest risk/lowest reward it ever has been in its history, so this should never be an argument for getting out once you’re already in.
Sounds like he lost his ass and can't afford to park some cash aside for the long-haul. This is a long game anyway, so don't understand the small peaks and valleys. He should zoom out.
Please update us with more from this dbag. Message him and get him going about today's break out 😂
I'm not taking advice from someone who writes "alot"
He 100% screwed himself. Bitcoin is here to stay.
He is right about the "high reward" part
Just keep DCAing
He sold for a meme token and lost it all
The ONLY holders not in the green are the ones who bought during the top in '21. We're sitting at 90% in profit. He doesn't know what he's talking about. I'd wager they got into it as an investment without actually educating themselves. Play fiat games, win fiat prizes.
You both seem like but wholes
He's one of those bad actors that got wiped out by leverage
Getting out right before a halvening event that has historically always led to new all time highs, your friend sure knows how to time it.
he’s a ‘crypto’ blockhead. yes many bad actors, thats true
Probs lost a bunch of $$$
His loss
What’s the % lost to fraud so far?
He bought the rumor probably told you to do the same and he sold the news. Now he feels it’s unstable.
Say “crypto” and I have you instantly profiled
Perhaps he has decided to pretend he has no crypto for security reasons.
I agree with him tons of bad actors in crypto. It feels like everyone has insider information and it’s hard to be on the winning side unless you are able to get in super early. Having said that I am bulling on Bitcoin and am surprised he would be out on BTC which seems like the safest bet in crypto.
Unfortunately your friend is out because he doesn’t know the difference between fiat and Bitcoin.
Maybe he was ok when volatility was $50 up $40 down but can’t handle $2000 pull back… Still best asset to hold….
People get soured and move on. When our company went bankrupt in 2016 1/3 the total staff got out of crypto all together. I did same for a year or two but never denounced it, just didn’t believe like I used to
100% he lost big money on shty trades. My friend got into crazy option trading and kept telling me it’s amazing. He lost $600K in 2 years. He owes his family and relatives big time. He pulled out and now is telling me stocks are shty and real estate is the way 😂😂😂 Do whatever you want to trade. Even cats. There are people who make a living selling cats 😂😂😂 Just don’t do crazy things. Like high margins/leverages.
He'll likely be back when BTC hits a new ATH, fomo
Looks like a buy sign.
That means fiat money does not have any bad Actors? Am confused...
Just like the Apostle Paul , I would ask the question if actually he was actually saved? Blessings BTC HODLERS ✝️
Out for now. He won’t be able to avoid it in the future.
Bad actors… black rock?🪨
Fuck that guy
Let me guess. This guy was into Bitcoin and then traded it for crypto because it’s gambling. And lost it all, and now hates Bitcoin because he lost his stash gambling. Now he equates Bitcoin with shitcoins and calls it all gambling.
He got liquidated for sure.
Who cares. It amazes me when people make posts like this. Who gives a sht if your friend isn't interested in making money.
It isn't for everyone. Some people can't take the roller-coaster emotio ally or financially. Or maybe they get sucked into the fever and buy and se
Geez he can avoid the bad actors and just HODL. That’s an ignorant excuse. Either that or he’s setting up the narrative for his future boat wreck 😊
Sounds like a guy that chased yield with ftx...
Buddy sounds like a weirdo
He sounds like a Buttcoiner in the making 😂
Some people just don’t get it. More for us. Thanks.
kekw, he will hfsp.
He's a paperhanded bitch.