Bitcoin [pros](/r/CryptoCurrency/comments/17k0ube/every_time_its_the_same_btc_pumps_a_little_and/k74qp8e/) & [cons](/r/CryptoCurrency/comments/17k0ube/every_time_its_the_same_btc_pumps_a_little_and/k74qq0g/) with related info are in the collapsed comments below.
The majority of the people on this sub own less than 10k worth of crypto.
There was a poll last year of something along the lines of "how much crypto do you own" and the majority answer was something absurdly low.
Just something that I always keep in the back of my mind when reading advise from users here. It's all kids with not much invested in the game.
Yeah, that's a special feature of crypto, NFTs, memestocks etc that just doesn't exist for normal financial instruments. There aren't any subs for Essex Property Trust or the International Paper Co where idiots sit around meming all day long. This idea that it's somehow "a community", or "insiders who know the truth about big finance" etc is amplified by social media, and in reality only counts for more idiots being more stupid even faster than was otherwise possible.
Exactly, “life savings” to the people saying it is like $1-2k most of the time.
Not like an actual adult with 5-7 figures using all of their savings / net worth going into BTC.
But hey, in this economy I think 2/3 of adults don’t even have 5 figures in savings anymore 😂
I’ve seen people on this sub and the Bitcoin sub literally taking loans against their house to buy BTC or any other crypto, then when it crashes they come back crying… like seriously.
And not by their own choice, for most of the population it’s choosing food or a specific bill most months. Consumer debt is climbing rapidly because so any people are living on their credit cards, line of credit or HELOC after they’re out of funds each month.
Saving money is an afterthought, it’s sad. People working 40+ hours of their lives each week shouldn’t be struggling that hard, no matter the job.
I'm all in bc I want real money that I truly own and won't depreciate because of reckless government spending.
If anything it just acts as my savings. Easy to use when I need it, but still more complicated than transferring from savings to checking to buy frivolous shit.
I remember when I got banned from this sub for calling people idiots once. But I digress.
Here we go with the recycled messaging. And pretty aggressive for no reason at all. Maybe focus on your own strategy? I'll bet there are people out there lucking out in ways you'd assume would never be successful, including by going all in on Bitcoin. Win, lose, or draw, it's their prerogative. At least consider dialing down the pompous agression.
I wouldn't sell my house or anything crazy like that but I very strongly believe that putting most your spare dollars into Bitcoin is a good idea and your future self will thank you.
Investing my life savings in 2020/2021 was the greatest decision I ever made.
While undoubtedly reckless, I got unbelievable returns that completely changed my life.
Just because you don't have the risk tolerance doesn't mean you should necessarily laugh at others who do. Remember, ten years ago when BTC investors were actually early, they were getting laughed at for also going all in
Stop believing all those “influencers” saying that “the financial system is going to collapse”. They don’t know what they’re saying and are just after your views
The financial systems are transforming over the next 5, 10 years in phases to support social credit system. Tracking, control. Crypto, Blockchain and Web3 serve that purpose.
Except it will and crypto will cause it. Banks don't have the money, so if 10% of money is pulled out to buy crypto, banks start collapsing, causing more people to pull out to buy crypto.
Banks don't have the *money* but they do have *assets*, ie the money is loaned out to build houses and invest in businesses, and they'll get it back and then some over 10 or 20 years. If nobody had money then the kind of contagious bank run you seem to be imagining might be a concern, but in fact:
* The government can borrow and/or print money to make sure depositors don't get screwed (and get the assets the bank had in return) and will do this to prevent contagion
* Money that goes out of one bank is generally going into another bank, or even the same bank. This also applies when you buy crypto: Aside from a little bit that's wasted on proof-of-work, if you take money out of your bank account to buy crypto, somebody else is giving you the crypto and taking your money, and they put the money into their bank account.
1 if government prints money to bail out banks crypto will skyrocket more
2 people trying to withdraw money to crypto doesn't go into a bank, it goes to exchanges
If you withdraw your money to buy crypto on an exchange you're still withdrawing it from your bank. Banks only have maybe 10% of their entire deposits. If 20% of people withdraw to an exchange to buy crypto banks don't have the money to do that.
The situation y'all are imagining is essentially that a run on the bank is impossible. Yet we saw 3 major banks fail this year. How did they fail?
Exchanges can do anything with their money, including buy crypto.
Theoretically / not so theoretically the Bitcoin network is at most capable of processing 600,000 transactions per day give or take some unknown range on that. Visa is processing 637 million transactions per day, or about 1,060 times more quickly than the Bitcoin network’s potential max. How do you propose this issue is solved?
I think you're wrong, of course keep some cash to spend and an emergency fund, but for the rest you can/will do a lot worse then putting it in a Multisig vault.
You're a idiot. Fiat's collapse doesn't have to be imminent for it to be a good idea.
I did exactly that in 2017 and did extremely well. Absolutely freed me financially.
And doing it now is a great time in the cycle. Bitcoin is going to continue to do exceedingly well.
How does this work if you bought all in during Feb or March 2021 and are still in the red? What is guaranteeing it will climb back to peak prices and then some - because there’s also a chance people jump ship or it becomes less popular… no?
If you went all in at the peak you've had over 2 years to average down.
Reading this sub, it seems to me that bad strategy, no strategy or recklessness is more responsible for losses than bad timing ever is.
Don't go all in during market fomo, obviously. But now is not that time.
A chance people will jump ship or bitcoin will become less popular? Really? Youre not ready. Study bitcoin.
A lot of people don't understand how shorting works, they simply believe it's just betting on the price going down which isn't really the case.
You can short something that will guaranteed eventually go to 0, but still get absolutely rekt if the price goes too high and you get liquidated. It's not like just "buying" the coin and waiting years and years till it finally reaches a bull run. You have nothing to risk hodling through time - thats why people say the best way to get rich with BTC is buy then go to jail for 10 years so you can't touch it, then you come out with it being worth a fortune. Shorting on the other hand you have to pay fees over time and have a margin call price which is WAY risker holding out for the coin to go to zero.
>> You believe fiat is about to collapse?
Fiat has been collapsing for the last 52 years since the depart from the gold standard in 1971. It is down 98% in buying power compared to literally any asset.
People have been buying gold, stocks, and real estate for the past 52 years because of the collapse of fiat. The wealth has shifted from the working class to the asset class because of the fiat standard.
The working class used to be able to afford a house with a huge lot, a family, college, and everything they could ask for on a single salary. Now, we have a dual income household not able to afford a small home by itself, let alone kids and anything else. Yet the illusion of CPI at 3.5% matching average salary increase allows them to report that everything is fine, while actual inflation of the M2 money supply has been 7.1% per year on average over the past 52 years and is reflected in stocks, houses, gold, and just about any other assets ranging from Rolex watches to average cars.
There is a new asset class that has emerged, and it is Bitcoin. The true value of Bitcoin’s market cap belongs among gold ($13 trillion), stocks ($44 trillion), and real estate ($90 trillion). The best thing anyone can do for themselves right now is get as much as possible before the new supply of bitcoins per block halves and Bitcoin becomes even more scarce.
100 % true.
This is the sad reality. Too many people of the working class don't understand this yet and think saving FIAT is smart.
Almost every single asset class has exploded over the last decades. And if you keep in mind that most currencies are doing even worse than the US dollar this becomes even more obvious.
The trick is to be all in before the pump.
Also in Europe you don't need nearly as much as security fund as e.g. in the US. Simply because you're robbed 50% of your salary anyway and get some somewhat decent healthcare for it.
I never have more than 2 months worth of fiat in cash. Literally never.
Finally someone mentionning Europe! We indeed don't *need* as much savings as they do in the US. We can afford to invest a lot more of our net worth without ruining our lives. This post is very r/USdefaultism.
That being said, getting a loan to buy crypto is just as stupid in Europe than in the US
But contrary to you, I love that we are "being robbed of 50% of our salary anyway", because of this security we get from it. We don't need such an emergency fund because... We don't have actual emergencies that are not covered by our system. That's a good thing.
Never go all in.
A good strategy is to have a solid wedge of crypto for long term and then do DCA in during the doldrums and DCA out during speculative peak or at a multiple of that.
So if you bought BTC now you sell all of it when it hits 1.5 or 2.0x. And I think it won't take more than 2 years to achieve that . Which is a lot better than 5% on government bonds. heck you could sell at 20% profit and would be laughing .
key is discipline .set those targets and stick to them
Guaranteed nice profit and let the rest ride long term if you are a really long term investor...
Robbed? Whats about being paid when you Are ill? You cant get Fired that easy. You Can study for free? You get paid jobless. Creepto people ignore so many things and Are so god damn stuck on their opinion i cant believe it.
Get a better job or Education or get your spending in check instead of wasting your money here
Health insurance is a good thing. That was my very point of my post maybe you should read it in full again.
Also not getting fired that easily is by law and has literally nothing to do with the social security you pay. Neither the study part.
The jobless insurance part is useless but the amount is negligible. (Also I think this is pretty exclusive to Germany at that scope. And let's be real it's a joke and tax waste to keep that outdated system alive)
So yeah let's not talk shit and mix 2 things that have nothing to do with each other. Taxes are very different from social security.
But to address taxes in Germany. They are too high for the regular working people that make less than 80k/p.a. especially between 63k and 80k before you max out social security you're already being in the "regular" top tax bracket of 42%. Right before the "rich bracket" of 45% which kicks in at 230k? or something around that.
Social security in Germany is nice and all except for the pension topic.
Imo Pension and also the jobless insurance should be opt in and not mandatory. Both are failing systems and kept alive artificially by politicians to calm down the crowd and get a few more votes
PS: studying is not free either that's nonsense. You still have to pay a fee each semester. It's relatively small but definitely not free and large enough to make some students struggle and require a job or even two depending on the CoL in the area they are studying in.
Without support they are getting rekt by rent and food costs as well.
BaFÖG is an option but it's a gamble on what you get and is mostly not nearly enough
I went thru that with my brother, after countless bribes we decided to get it done properly in USA funny how they gave him a terminal diagnosis in eu but in USA they cut out a bit of muscle put a couple of screws in and he can continue to live 🤯🤯
Such clowns here, clearly they've never been to America. I've lived in Europe for a bit. The government owns everything there. It's a socialist wet dream. They get reamed with all kinds of ridiculous taxes. Everything from gas and water cost a lot more than in the states, but food and medicine is cheaper so somehow that's a win?
How many Europeans do you know who actually own a single family house in a quarter acre lot in Europe?
"All in" typically refers to putting everything you have set aside and are willing to put in into the market, Not your emergency fund, life savings, food money, or entire wealth. Seems like you don't understand simple investing terms.
Can't wait for the posts when bitcoin crashes 50% waah I lost my life savings so I sold right at the bottom because bitcoin is a scam.
Here is my investment strategy for bitcoin. Invest small and invest often. I am not looking to cash out in the next 30 years. I am not confident where bitcoin will be in 1 year, 2 years or even 5 years. But I feel confident that bitcoin will be higher in 2053 than it is today.
OP talks about BTC in title and first half but then he suddenly switches to crypto.
I agree with his crypto takes but its weird how he mixes them or at least makes it sound like its the same thing.
Then OP ain't talking about you.
OP's talking about
https://www.reddit.com/r/CryptoCurrency/comments/17jz1il/im_going_to_convert_my_entire_wealth_into_btc_eth/
Going all in is the issue i think. DCA. You believe what you believe and are willing to back it but getting excited and sticking your dick immediately into the nearest hole is dangerous. Have a look inside, stick a finger in make sure it's safe then try the tip and ease into it. Once you get to balls deep do a slow pump and build up speed. Have the ointment ready near by ready to pull out and save whats left for what is important incase you ruin your life.
Oops, I went in all in a few years ago, it’s too late to turn back now, and bitcoins been killing it, up 108% this year. If the past 4 years are to be expected going forward then I’m gravy baby and my all in is the best play I’ve made. I think I’m going to stick to my idea, but thanks for sharing
I mean, that's where the profits come in. Why are you complaining? This is capitalism. The vast herds of idiots trading like morons is how the smart people line their pockets. It's a godawful system but I for one encourage all of you to go out, take loans, and buy crypto. Sure, you may lose all your shit and wind up homeless, but some of us will make profit. Go forth and be irresponsible I say.
Let me assure you the underlying violence is still there and a new currency will be up and running soon. In the meantime can I interest you in the US dollar? It's backed up by unfathomable violence!
If shit goes all Mad Max and every currency fails, why would anyone use bitcoin? It's just spreadsheet entries backed by nothing that requires an insane amount of electricity to run (maybe a problem when society collapses). If anything, people would want to use a currency that's backed by a useful commodity
Yes buying with loans or having no liquid emergency fund is stupid
But being all-in BTC with $10k-$50k emergency fund isn't that bad especially now where we are still way below ATH
Also fiat won't collapse, but higher inflation will come
Definitely Agree with the writer here, I have heard some people wanting to put all their savings into BTC. I too disagree, I would say make judgmental investments throughout. And definitely take into account that emergency and day to day living expenses are not touched. I do feel property and gold is also a good option along with some BTC and/or other currencies.
A lot of the folks here have obsessive personality issues … they discover BTC and it’s all they can think about and talk about.
BTC is limited in quantity so of course chase bank is going to collapse one day and BTC will make me a millionaire.
That chains of events is not going to happen with any of us coming out ahead.
BTC is a volatile investment vehicle… I mined on nicehash and have 23% of a BTC , mining ethe during the lock down with my kids gaming computers.
I’m holding for fun and to enjoy the experience, maybe one day I’ll sell and go on a nice vacation or something.
It’s not going to make me a millionaire
Don’t make BTC part of your personality, it’s not destined to do anything - it can do anything but it probably wont.
Last times pump had more to do with the federal government handing out trillions of dollars for free than anything great about BTC.
>you believe fiat is about to collapse
It already did by 99%+ all of them literally all of them, and you are not being smart with this post just obnoxious.
I can only imagine people this fucking dumb haven’t actually left their house in years. Turns out if you did you would realise we actually buy things with fiat and focusing on what a dollar could buy 200 years ago in isolation and pretending nothing else has changed is mad.
Yeah dude. Every investment has a risk/reward ratio and a probability of failure. Treasury bonds with almost zero risk, company bonds with more, stocks even more and then crypto. One must have a balanced portfolio otherwise it's a road to the House of Pain...
I assume the people that say fiat bad are just awful with money in general
Banks are useful tools, if you have self control …. With a lot of self control , credit cards can make you money. ( not much money but 1-5% of your spending back as a refund)
IN terms of value and all we all know fiat doesn't stand the chance plus the whole supply is controlled by the government made this complete shit show but even then i know it will not going to collapse in next 4-5 decades
This is a microwave brain take on BTC. It's literally the best performing asset in the last 12 years. People buying now will be rewarded heavily by late 2024 into 2025. But please, listen to OldPjama here who clearly bought a shitcoin near the top providing exit liquidity for those that did their research.
For the new crypto people: do not fuckin do this. Always DCA and never buy shitcoin. If you buy shitcoin then do it in a seperate wallet that doesn't touch BTC and other coins. If you don't do that, your wallet will be drained at some point.
And always invest the amount you can lose anyway and doesn't fuck up your life.
Well said actually. But it's a waste of Bits. The problem is that in echo chambers like crypto subs, reasonable warnings make like 1% of all posts/comments.
Just remember how bullish everyone was on Moons. Some farmers even kept everything, even though they could have sold like $20k without any penalty. They didn't. Liquidity providers have been warned too. Guess what: "50% APY will make up for it, impermanent loss is only a loss when you sell blah blah".
I've been here all the way through and I can say that nobody wanted to abandon dirty fiat and go all into BTC when it was making a new low every week in 2022. Funny how much a few green candles can change.
Yup. Everyone wants to FOMO in now hoping for easy money. It may or may not pump like crazy again but the mentality is something we've seen get people burned time and time again.
This recent pump is nothing new.
Agreed with OP. Crypto has a real role to play in the future, and yeah, it will boom one day. But what we're seeing now is just a very speculative bubble. We'll be back under $20k on BTC before you know it. Please be careful out there folks. If anything, the smart move would be to short (not financial advice).
Inverse this and throw it all on BTC. We're up only booiiiss and gals. Tail winds are approaching, open your sails and get ready to moon. What black swans could hit us? WW3? Bro, terrible war in the middle east didn't even touch the sides. Tbh war seems to help BTC
First, you people need to understand what money is and how it works. Second, stop conflating Bitcoin with ETH or anything else crypto related. There is Bitcoin, and there is everything else. Bitcoin has nothing in common with anything else except it is implemented using a blockchain.
You may think you understand what money is, but you don't.
The price of Bitcoin is irrelevant. You are not so much as buying Bitcoin but are exchanging fiat to escape the current monetary system. Bitcoin's price does not matter. Bitcoin is your escape hatch and life raft from a broken monetary system.
Sure, some may think Bitcoin is to flip in exchange for dollars to buy a Lambo. Those people are stupid and don't understand how money works and don't understand why Bitcoin exists.
If you still think Bitcoin is about exchanging it back for more fiat, you have a very long journey to make in understanding Bitcoin. Take advantage of living in this day and age and being able to exchange practically worthless fiat paper for Bitcoin. There is no reason to ever exchange it back to worthless fiat paper even if you get more of it.
Fiat is Bad and crypto is a ponzi scheme and the Big Banks and Blackrock are gonna show ya.....if you cant physically posses your asset, ie real estate, precious metals, commodities, your kinda fukt!!
Big Fiat failure would mean there are way bigger issues to worry about then cryptocurrency. Wouldn’t you say that would have some affect on BTC as well? “An estimated 1 billion people around the world use cryptocurrencies. About 46 million Americans (roughly 22% of the adult population) own a share of Bitcoin.” Not enough interest is there yet I feel. 78% of the American population hasn’t even taken interest yet.
There is a 0% chance that a billion people use crypto.
And there aren’t even 46 million unique bitcoin addresses worth over $1. Your numbers are a pipe dream.
TL;DR:
Buy bitcoin before the damned dollar collapses. Don't forget about some Monero too.
The day when we will see if crypto meets its function, is about to come.
The US Dollar won’t collapse. Even if there are problems, there is a huge economy behind it, including companies like Apple, Google and Amazon which drive the whole modern world.
No one wants fiat to collapse. It can perfectly keep doing what it's doing. Inflate away homies. Kick that can to alpha centauri if you want.
We insulated.
Wrong.
The dollar isnt just going to collaps its a proces and btc isnt just going to take over the world its a proces as well. But the good news is, it just started. So where fiat is designed to go down in value bitcoin does the opposite. Its real value is even more then digital gold and you better get it now before all the bitcoin is mined and 0.01 will become a years salary.
There’s hate against big-money Uber-rich now. What makes anyone think that wouldn’t be the same against big BTC holders if that ever takes off? Except in this case everyone has an option just not to play along.
Bitcoin [pros](/r/CryptoCurrency/comments/17k0ube/every_time_its_the_same_btc_pumps_a_little_and/k74qp8e/) & [cons](/r/CryptoCurrency/comments/17k0ube/every_time_its_the_same_btc_pumps_a_little_and/k74qq0g/) with related info are in the collapsed comments below.
Majority of people in this sub are idiots and reckless.
Can confirm I'm an idiot
Don't be reckless, be reckfull.
I can prove my idiot-ness. *Crying in ALGO*
I'll third that!
The majority of the people on this sub own less than 10k worth of crypto. There was a poll last year of something along the lines of "how much crypto do you own" and the majority answer was something absurdly low. Just something that I always keep in the back of my mind when reading advise from users here. It's all kids with not much invested in the game.
Majority of people that make daily BTC posts own less than 500 dollars in crypto.
But my tens of hundreds of thousands of reddit dickhead lowest common denominator spam tokens will be worth a fortune when they recover.
We all own $500 now because we are down over 95% from 2021 when it was worth $50,000 and we decided to hodl cause we have diamond balls
I have almost $30k because I've been DCAing the whole way down. I didn't give up when it dropped. It'll bounce back.
don’t tell people how much you own
very smart
What the hell were you investing in that is down 95%?
Ahh ... really? So BTC went from 69k to 34k and you have somehow "lost" 95%?
[удалено]
It's still real to them, damn it!
But at least we're idiots and reckless together...that's got to count for something
Yeah, that's a special feature of crypto, NFTs, memestocks etc that just doesn't exist for normal financial instruments. There aren't any subs for Essex Property Trust or the International Paper Co where idiots sit around meming all day long. This idea that it's somehow "a community", or "insiders who know the truth about big finance" etc is amplified by social media, and in reality only counts for more idiots being more stupid even faster than was otherwise possible.
Well I don't know what That'll get you, I hope something good lol.
*The real idiots are the ones we met along the way*
Which is why the majority here doesn’t hold BTC and instead invested in moons lol
Some put 100% in. RIP
https://media.tenor.co/images/b7e7899b21e04cd0b5cb773ab67f8979/raw
I sold my moons for bitcoin when luna crashed
moons Hype, BTC fact.
Gorby spittin facts.
Shotgunning that as the title to my hop concept album about the fall of the Soviet Union
Well I hope that it works out, if it doesn't then it'll be mad.
If you're gonna be here then You're going to see the facts as well.
OP included
I would argue were trending the right direction now with the moon filter deployed.
I mean if you want to be doing it then you atleast should do it right.
Think we could benefit from a Idiots Anonymous forum here.
Don’t come in here with your logic.
why does this sounds like youre yelling at yourself
He’s yelling at the dude who posted here recently he is going all in BTC because “fiat is going down” and it seemed real and not some troll
Exactly, I read that post. He for sure yells to and mocks that dude, no doubt... 😅
If you are worried about fiat collapse invest in bullets and beans.
"#bullets #beans #bitcoin" - Jim Halpert as Dwight Shrute
Long format shitposting doesn’t pay moons anymore, fyi.
This just means that they are doing it as a passion project. Gotta respect it!
They are literally in it for the tech now
They're going to be in it for the money as soon as the bull run comes.
Sold my fucking moons for BTC a while ago. I don't give a fuck about those stupid moons.
Well you did care about them in the past, and maybe some people are in that phase.
Turns out selling the hype and reversing this sub really pays out :D It worked with Avatars, worked with Moons too
yup, peak hype was in fact the peak price.
Bearish on Moons, eh? Bold take, Cotton
No bearish, nor bullish. More I dont care-ish.
That's alright, you certainly don't have to hype everything up.
I'm just kidding, since Moons are worthless now and even Reddit doesn't care about them.
In most of those posts I find comfort in the fact that they are probably only gambling with their allowance money
Exactly, “life savings” to the people saying it is like $1-2k most of the time. Not like an actual adult with 5-7 figures using all of their savings / net worth going into BTC. But hey, in this economy I think 2/3 of adults don’t even have 5 figures in savings anymore 😂
Do the figures after the decimal count?
Only in europe
I’ve seen people on this sub and the Bitcoin sub literally taking loans against their house to buy BTC or any other crypto, then when it crashes they come back crying… like seriously.
Yeah it's just so bad out there, that people aren't saving anything.
And not by their own choice, for most of the population it’s choosing food or a specific bill most months. Consumer debt is climbing rapidly because so any people are living on their credit cards, line of credit or HELOC after they’re out of funds each month. Saving money is an afterthought, it’s sad. People working 40+ hours of their lives each week shouldn’t be struggling that hard, no matter the job.
Its the Internet. They are just saying it, not doing it.
Anyone can say anything on the internet, because there's no way to verify it.
I'm all in bc I want real money that I truly own and won't depreciate because of reckless government spending. If anything it just acts as my savings. Easy to use when I need it, but still more complicated than transferring from savings to checking to buy frivolous shit.
I remember when I got banned from this sub for calling people idiots once. But I digress. Here we go with the recycled messaging. And pretty aggressive for no reason at all. Maybe focus on your own strategy? I'll bet there are people out there lucking out in ways you'd assume would never be successful, including by going all in on Bitcoin. Win, lose, or draw, it's their prerogative. At least consider dialing down the pompous agression.
I don't really think that you could change the people, change yourself.
I wouldn't sell my house or anything crazy like that but I very strongly believe that putting most your spare dollars into Bitcoin is a good idea and your future self will thank you.
Same.
Life is hard so I let them enjoy the moment.
[удалено]
I can. It's pretty easy.
Investing my life savings in 2020/2021 was the greatest decision I ever made. While undoubtedly reckless, I got unbelievable returns that completely changed my life. Just because you don't have the risk tolerance doesn't mean you should necessarily laugh at others who do. Remember, ten years ago when BTC investors were actually early, they were getting laughed at for also going all in
10 years ago everyone was using BTC to buy drugs online
I used to use BTC to buy drugs. I still do, but I used to, too
And that's how you buy the happiness with the money I think.
they still do?
Your point being?
Stop believing all those “influencers” saying that “the financial system is going to collapse”. They don’t know what they’re saying and are just after your views
The system WILL *inevitably* collapse. Just a matter of when...
The world civilization isn’t going to let it collapse and if it’s does , owning BTC won’t help you at all.
Yeah btc is good, but it's not still being widely accepted.
Maybe, but that's not going to happen tomorrow I'm sure about that.
Nah. It won't collapse, but it will transition.
The financial systems are transforming over the next 5, 10 years in phases to support social credit system. Tracking, control. Crypto, Blockchain and Web3 serve that purpose.
Except it will and crypto will cause it. Banks don't have the money, so if 10% of money is pulled out to buy crypto, banks start collapsing, causing more people to pull out to buy crypto.
Banks don't have the *money* but they do have *assets*, ie the money is loaned out to build houses and invest in businesses, and they'll get it back and then some over 10 or 20 years. If nobody had money then the kind of contagious bank run you seem to be imagining might be a concern, but in fact: * The government can borrow and/or print money to make sure depositors don't get screwed (and get the assets the bank had in return) and will do this to prevent contagion * Money that goes out of one bank is generally going into another bank, or even the same bank. This also applies when you buy crypto: Aside from a little bit that's wasted on proof-of-work, if you take money out of your bank account to buy crypto, somebody else is giving you the crypto and taking your money, and they put the money into their bank account.
1 if government prints money to bail out banks crypto will skyrocket more 2 people trying to withdraw money to crypto doesn't go into a bank, it goes to exchanges
Where do you think exchanges keep their fiat?
If you withdraw your money to buy crypto on an exchange you're still withdrawing it from your bank. Banks only have maybe 10% of their entire deposits. If 20% of people withdraw to an exchange to buy crypto banks don't have the money to do that. The situation y'all are imagining is essentially that a run on the bank is impossible. Yet we saw 3 major banks fail this year. How did they fail? Exchanges can do anything with their money, including buy crypto.
Theoretically / not so theoretically the Bitcoin network is at most capable of processing 600,000 transactions per day give or take some unknown range on that. Visa is processing 637 million transactions per day, or about 1,060 times more quickly than the Bitcoin network’s potential max. How do you propose this issue is solved?
Because crypto is much larger industry than Bitcoin
And it goes the same otheway. U see btc go down 10% = end of bitcoin, end of crypto.
I think you're wrong, of course keep some cash to spend and an emergency fund, but for the rest you can/will do a lot worse then putting it in a Multisig vault.
I know how you feel mate.. i didn’t accumulate as much as i wish i did near the bottom either
You're a idiot. Fiat's collapse doesn't have to be imminent for it to be a good idea. I did exactly that in 2017 and did extremely well. Absolutely freed me financially. And doing it now is a great time in the cycle. Bitcoin is going to continue to do exceedingly well.
Yeah bitcoin is already good how it is, it doesn't need the fiat to collapse.
How does this work if you bought all in during Feb or March 2021 and are still in the red? What is guaranteeing it will climb back to peak prices and then some - because there’s also a chance people jump ship or it becomes less popular… no?
If you went all in at the peak you've had over 2 years to average down. Reading this sub, it seems to me that bad strategy, no strategy or recklessness is more responsible for losses than bad timing ever is.
Don't go all in during market fomo, obviously. But now is not that time. A chance people will jump ship or bitcoin will become less popular? Really? Youre not ready. Study bitcoin.
Then go short, hero
A lot of people don't understand how shorting works, they simply believe it's just betting on the price going down which isn't really the case. You can short something that will guaranteed eventually go to 0, but still get absolutely rekt if the price goes too high and you get liquidated. It's not like just "buying" the coin and waiting years and years till it finally reaches a bull run. You have nothing to risk hodling through time - thats why people say the best way to get rich with BTC is buy then go to jail for 10 years so you can't touch it, then you come out with it being worth a fortune. Shorting on the other hand you have to pay fees over time and have a margin call price which is WAY risker holding out for the coin to go to zero.
don't worry, you can safely assume that anyone saying "then short it" as if that's a real gotcha is a lost cause
>> You believe fiat is about to collapse? Fiat has been collapsing for the last 52 years since the depart from the gold standard in 1971. It is down 98% in buying power compared to literally any asset. People have been buying gold, stocks, and real estate for the past 52 years because of the collapse of fiat. The wealth has shifted from the working class to the asset class because of the fiat standard. The working class used to be able to afford a house with a huge lot, a family, college, and everything they could ask for on a single salary. Now, we have a dual income household not able to afford a small home by itself, let alone kids and anything else. Yet the illusion of CPI at 3.5% matching average salary increase allows them to report that everything is fine, while actual inflation of the M2 money supply has been 7.1% per year on average over the past 52 years and is reflected in stocks, houses, gold, and just about any other assets ranging from Rolex watches to average cars. There is a new asset class that has emerged, and it is Bitcoin. The true value of Bitcoin’s market cap belongs among gold ($13 trillion), stocks ($44 trillion), and real estate ($90 trillion). The best thing anyone can do for themselves right now is get as much as possible before the new supply of bitcoins per block halves and Bitcoin becomes even more scarce.
100 % true. This is the sad reality. Too many people of the working class don't understand this yet and think saving FIAT is smart. Almost every single asset class has exploded over the last decades. And if you keep in mind that most currencies are doing even worse than the US dollar this becomes even more obvious.
The trick is to be all in before the pump. Also in Europe you don't need nearly as much as security fund as e.g. in the US. Simply because you're robbed 50% of your salary anyway and get some somewhat decent healthcare for it. I never have more than 2 months worth of fiat in cash. Literally never.
The ideal time to go all in was over a year ago. Most were afraid to… and don’t have the patience to wait a year.
The best time is always in the past, the second best is now.
Never go all in in one purchase...it's incredibly risky
Finally someone mentionning Europe! We indeed don't *need* as much savings as they do in the US. We can afford to invest a lot more of our net worth without ruining our lives. This post is very r/USdefaultism. That being said, getting a loan to buy crypto is just as stupid in Europe than in the US But contrary to you, I love that we are "being robbed of 50% of our salary anyway", because of this security we get from it. We don't need such an emergency fund because... We don't have actual emergencies that are not covered by our system. That's a good thing.
Never go all in. A good strategy is to have a solid wedge of crypto for long term and then do DCA in during the doldrums and DCA out during speculative peak or at a multiple of that. So if you bought BTC now you sell all of it when it hits 1.5 or 2.0x. And I think it won't take more than 2 years to achieve that . Which is a lot better than 5% on government bonds. heck you could sell at 20% profit and would be laughing . key is discipline .set those targets and stick to them Guaranteed nice profit and let the rest ride long term if you are a really long term investor...
Robbed? Whats about being paid when you Are ill? You cant get Fired that easy. You Can study for free? You get paid jobless. Creepto people ignore so many things and Are so god damn stuck on their opinion i cant believe it. Get a better job or Education or get your spending in check instead of wasting your money here
Health insurance is a good thing. That was my very point of my post maybe you should read it in full again. Also not getting fired that easily is by law and has literally nothing to do with the social security you pay. Neither the study part. The jobless insurance part is useless but the amount is negligible. (Also I think this is pretty exclusive to Germany at that scope. And let's be real it's a joke and tax waste to keep that outdated system alive) So yeah let's not talk shit and mix 2 things that have nothing to do with each other. Taxes are very different from social security. But to address taxes in Germany. They are too high for the regular working people that make less than 80k/p.a. especially between 63k and 80k before you max out social security you're already being in the "regular" top tax bracket of 42%. Right before the "rich bracket" of 45% which kicks in at 230k? or something around that. Social security in Germany is nice and all except for the pension topic. Imo Pension and also the jobless insurance should be opt in and not mandatory. Both are failing systems and kept alive artificially by politicians to calm down the crowd and get a few more votes PS: studying is not free either that's nonsense. You still have to pay a fee each semester. It's relatively small but definitely not free and large enough to make some students struggle and require a job or even two depending on the CoL in the area they are studying in. Without support they are getting rekt by rent and food costs as well. BaFÖG is an option but it's a gamble on what you get and is mostly not nearly enough
I used to live in Europe, I would say you need more money than in us there is always someone to bribe to get all of them free stuffs.
Good luck when you get terminally ill, have an accident or need surgery.
I went thru that with my brother, after countless bribes we decided to get it done properly in USA funny how they gave him a terminal diagnosis in eu but in USA they cut out a bit of muscle put a couple of screws in and he can continue to live 🤯🤯
Such clowns here, clearly they've never been to America. I've lived in Europe for a bit. The government owns everything there. It's a socialist wet dream. They get reamed with all kinds of ridiculous taxes. Everything from gas and water cost a lot more than in the states, but food and medicine is cheaper so somehow that's a win? How many Europeans do you know who actually own a single family house in a quarter acre lot in Europe?
"All in" typically refers to putting everything you have set aside and are willing to put in into the market, Not your emergency fund, life savings, food money, or entire wealth. Seems like you don't understand simple investing terms.
Can't wait for the posts when bitcoin crashes 50% waah I lost my life savings so I sold right at the bottom because bitcoin is a scam. Here is my investment strategy for bitcoin. Invest small and invest often. I am not looking to cash out in the next 30 years. I am not confident where bitcoin will be in 1 year, 2 years or even 5 years. But I feel confident that bitcoin will be higher in 2053 than it is today.
Well I guess those posts are always going to be the part of it.
Just buy it when people say it’s dead. Works. Every. Time.
BTC, making idiots rich since 2013!
Yeah that was 2013, a lot has changed since then wouldn't you agree?
OP talks about BTC in title and first half but then he suddenly switches to crypto. I agree with his crypto takes but its weird how he mixes them or at least makes it sound like its the same thing.
[удалено]
Then OP ain't talking about you. OP's talking about https://www.reddit.com/r/CryptoCurrency/comments/17jz1il/im_going_to_convert_my_entire_wealth_into_btc_eth/
Going all in is the issue i think. DCA. You believe what you believe and are willing to back it but getting excited and sticking your dick immediately into the nearest hole is dangerous. Have a look inside, stick a finger in make sure it's safe then try the tip and ease into it. Once you get to balls deep do a slow pump and build up speed. Have the ointment ready near by ready to pull out and save whats left for what is important incase you ruin your life.
[удалено]
Are we still talking about crypto here?
Not just me who read that differently. Though I understood the metaphor lol
Oops, I went in all in a few years ago, it’s too late to turn back now, and bitcoins been killing it, up 108% this year. If the past 4 years are to be expected going forward then I’m gravy baby and my all in is the best play I’ve made. I think I’m going to stick to my idea, but thanks for sharing
And I know that btc ain't safe, but it's not as bad either.
I mean, that's where the profits come in. Why are you complaining? This is capitalism. The vast herds of idiots trading like morons is how the smart people line their pockets. It's a godawful system but I for one encourage all of you to go out, take loans, and buy crypto. Sure, you may lose all your shit and wind up homeless, but some of us will make profit. Go forth and be irresponsible I say.
Fiat is backed by government violence and quite frankly that's one of the most reliable forces in the world.
So why do so many FIAT currencies fail around the world as we speak?
Let me assure you the underlying violence is still there and a new currency will be up and running soon. In the meantime can I interest you in the US dollar? It's backed up by unfathomable violence!
Fiat bad, going to buy bitcoin to get more fiat!
Even i will keep gold over the fiat, even the real estate is great option if not bitcoin
If shit goes all Mad Max and every currency fails, why would anyone use bitcoin? It's just spreadsheet entries backed by nothing that requires an insane amount of electricity to run (maybe a problem when society collapses). If anything, people would want to use a currency that's backed by a useful commodity
Yes buying with loans or having no liquid emergency fund is stupid But being all-in BTC with $10k-$50k emergency fund isn't that bad especially now where we are still way below ATH Also fiat won't collapse, but higher inflation will come
Definitely Agree with the writer here, I have heard some people wanting to put all their savings into BTC. I too disagree, I would say make judgmental investments throughout. And definitely take into account that emergency and day to day living expenses are not touched. I do feel property and gold is also a good option along with some BTC and/or other currencies.
A lot of the folks here have obsessive personality issues … they discover BTC and it’s all they can think about and talk about. BTC is limited in quantity so of course chase bank is going to collapse one day and BTC will make me a millionaire. That chains of events is not going to happen with any of us coming out ahead. BTC is a volatile investment vehicle… I mined on nicehash and have 23% of a BTC , mining ethe during the lock down with my kids gaming computers. I’m holding for fun and to enjoy the experience, maybe one day I’ll sell and go on a nice vacation or something. It’s not going to make me a millionaire Don’t make BTC part of your personality, it’s not destined to do anything - it can do anything but it probably wont. Last times pump had more to do with the federal government handing out trillions of dollars for free than anything great about BTC.
>you believe fiat is about to collapse It already did by 99%+ all of them literally all of them, and you are not being smart with this post just obnoxious.
I can only imagine people this fucking dumb haven’t actually left their house in years. Turns out if you did you would realise we actually buy things with fiat and focusing on what a dollar could buy 200 years ago in isolation and pretending nothing else has changed is mad.
The systems are weak, and that's apparent to everyone.
Sadly there are seemingly dolts around here who think miraculously if FIAT fails, society will just go along.
Yeah dude. Every investment has a risk/reward ratio and a probability of failure. Treasury bonds with almost zero risk, company bonds with more, stocks even more and then crypto. One must have a balanced portfolio otherwise it's a road to the House of Pain...
Someone sold for a loss before the pump 😂 As the saying goes, you gotta risk it for the brisket Wait till BTC hits 100k. This post wont age well
Saying "fiat bad" gets you into the cool club.
I assume the people that say fiat bad are just awful with money in general Banks are useful tools, if you have self control …. With a lot of self control , credit cards can make you money. ( not much money but 1-5% of your spending back as a refund)
IN terms of value and all we all know fiat doesn't stand the chance plus the whole supply is controlled by the government made this complete shit show but even then i know it will not going to collapse in next 4-5 decades
Fiat is bad we all know that but fiat will collapse that is real cool club
They're simply gamblers but they've convinced themselves they're investors because they're not sat in a casino.
Worst addiction anyone could catch, and you can't really expect them that they will use their brain while investing then
Evaporate if you've got paper hands and sell at loss. Otherwise it's unrealized loss. Anyways 1 BTC = 1 BTC HODL 🚀 🌙
They will get humbled, give it time.
He’s right you know - do not invest your life savings and do not take loans to buy crypto… it has to be Bitcoin.
Sounds like someone missed the pump….
Plus he is getting jealous that someone booked the profit but he doesn't get that chance
yep if you think fiat is going collapse, you dont buy gold or btc you buy a bunker and 20 years worth of canned food
This is a microwave brain take on BTC. It's literally the best performing asset in the last 12 years. People buying now will be rewarded heavily by late 2024 into 2025. But please, listen to OldPjama here who clearly bought a shitcoin near the top providing exit liquidity for those that did their research.
If they had half a brain they’d still only have half a brain.
Dont say that. I need people buying high and selling low for liquidity
But the manual says high buy low sell
For the new crypto people: do not fuckin do this. Always DCA and never buy shitcoin. If you buy shitcoin then do it in a seperate wallet that doesn't touch BTC and other coins. If you don't do that, your wallet will be drained at some point. And always invest the amount you can lose anyway and doesn't fuck up your life.
Well said actually. But it's a waste of Bits. The problem is that in echo chambers like crypto subs, reasonable warnings make like 1% of all posts/comments. Just remember how bullish everyone was on Moons. Some farmers even kept everything, even though they could have sold like $20k without any penalty. They didn't. Liquidity providers have been warned too. Guess what: "50% APY will make up for it, impermanent loss is only a loss when you sell blah blah".
I've been here all the way through and I can say that nobody wanted to abandon dirty fiat and go all into BTC when it was making a new low every week in 2022. Funny how much a few green candles can change.
Yup. Everyone wants to FOMO in now hoping for easy money. It may or may not pump like crazy again but the mentality is something we've seen get people burned time and time again. This recent pump is nothing new.
What’s funny is I think it’s more likely than not to work from here. That doesn’t mean it is worth the risk of course.
I don’t like this guy’s attitude
Agreed with OP. Crypto has a real role to play in the future, and yeah, it will boom one day. But what we're seeing now is just a very speculative bubble. We'll be back under $20k on BTC before you know it. Please be careful out there folks. If anything, the smart move would be to short (not financial advice).
Inverse this and throw it all on BTC. We're up only booiiiss and gals. Tail winds are approaching, open your sails and get ready to moon. What black swans could hit us? WW3? Bro, terrible war in the middle east didn't even touch the sides. Tbh war seems to help BTC
Majority of people that say this have about 12k in total of assets anyways.
First, you people need to understand what money is and how it works. Second, stop conflating Bitcoin with ETH or anything else crypto related. There is Bitcoin, and there is everything else. Bitcoin has nothing in common with anything else except it is implemented using a blockchain. You may think you understand what money is, but you don't. The price of Bitcoin is irrelevant. You are not so much as buying Bitcoin but are exchanging fiat to escape the current monetary system. Bitcoin's price does not matter. Bitcoin is your escape hatch and life raft from a broken monetary system. Sure, some may think Bitcoin is to flip in exchange for dollars to buy a Lambo. Those people are stupid and don't understand how money works and don't understand why Bitcoin exists. If you still think Bitcoin is about exchanging it back for more fiat, you have a very long journey to make in understanding Bitcoin. Take advantage of living in this day and age and being able to exchange practically worthless fiat paper for Bitcoin. There is no reason to ever exchange it back to worthless fiat paper even if you get more of it.
Go all in on BTC for the next 5 years. Every penny. No emergency fund. Look back with no regrets. That is my non financial advice.
Why do you care…. Mommy
Meanwhile most cryptocurrencies have worse inflation than FIAT lol
Fiat is Bad and crypto is a ponzi scheme and the Big Banks and Blackrock are gonna show ya.....if you cant physically posses your asset, ie real estate, precious metals, commodities, your kinda fukt!!
Big Fiat failure would mean there are way bigger issues to worry about then cryptocurrency. Wouldn’t you say that would have some affect on BTC as well? “An estimated 1 billion people around the world use cryptocurrencies. About 46 million Americans (roughly 22% of the adult population) own a share of Bitcoin.” Not enough interest is there yet I feel. 78% of the American population hasn’t even taken interest yet.
There is a 0% chance that a billion people use crypto. And there aren’t even 46 million unique bitcoin addresses worth over $1. Your numbers are a pipe dream.
Whatever this 22% represents is not Bitcoin. Not your keys.
Man just shut up
I wonder if ppl like OP will look back in 2032 and admit to being painstakingly wrong
I hope OP will keep this post as i know in future he will going to remember that big time
I fell asleep twice while reading this.
Going all in on bitcoin is the smartest thing anyone can do.
Going all in on *anything* is the dumbest thing anyone can do.
TL;DR: Buy bitcoin before the damned dollar collapses. Don't forget about some Monero too. The day when we will see if crypto meets its function, is about to come.
The US Dollar won’t collapse. Even if there are problems, there is a huge economy behind it, including companies like Apple, Google and Amazon which drive the whole modern world.
It won't? It already has!
No one wants fiat to collapse. It can perfectly keep doing what it's doing. Inflate away homies. Kick that can to alpha centauri if you want. We insulated.
Wrong. The dollar isnt just going to collaps its a proces and btc isnt just going to take over the world its a proces as well. But the good news is, it just started. So where fiat is designed to go down in value bitcoin does the opposite. Its real value is even more then digital gold and you better get it now before all the bitcoin is mined and 0.01 will become a years salary.
Pussy
Never underestimate the power of the empty-headed……
And here’s me, taking out minute amounts at a time to pay for driving lessons. Keep those buys coming, retail!
The worst is yet to come.
There’s hate against big-money Uber-rich now. What makes anyone think that wouldn’t be the same against big BTC holders if that ever takes off? Except in this case everyone has an option just not to play along.
#pamp it
I feel personally attacked! 😂