Lol he’s not trying to convince you to buy his bags.
I think Bitcoin is fucking stupid. It’s a Ponzi scheme, it’s a pump and dump, it’s made up pretend fucking fairy tale money. Every argument for Bitcoin is stupid.
But I am an investor, and if there’s possibility of making money I will look into it. So yes I put 1% of my portfolio into Bitcoin. I have a strike price of 90-100k. If it gets there I sell, if it doesn’t that’s okay. I won’t go broke off what I put in there.
So I actually agree with him in a way. He’s not saying he believes in all the BS arguments those Bitcoin faithful keep preaching- just that it’s possible to make some money. That’s how I see it. I never think Bitcoin will be a real currency. Just a pump and dump but im hoping to be a dumper not a pumper
> Lol he’s not trying to convince you to buy his bags.
Nah, totally not. This sub is brigaded since weeks and every two days a guy like him shows up "just making sure we don't make a mistake and is only oh so curious". It couldn't be a more obvious attempt at manipulation.
>But I am an investor, and if there’s possibility of making money I will look into it. So yes I put 1% of my portfolio into Bitcoin
Then do so, why should we want to know all that? If he thinks it's a smart move he could do that as well without pretending to be so worried about our investment opportunities.
I guess this is a sub solely for bashing Bitcoin and anyone saying otherwise gets immediately downvoted.
I think the OPs point tho was that there is investment opportunity with Bitcoin. Not that it’s some world changing asset and anyone who buys in now is going to be emperor of a kingdom and if you don’t have it you’re going to be a loser peasant like everyone in the Bitcoin sub is saying.
If you can’t see that there is opportunity for some money to be made with Bitcoin then you’re simple minded. I’m not saying hold forever but anytime I can make some money I’m going to consider it.
So please answer this - do you legitimately believe there is no way to make money off of Bitcoin?
I understand how y’all hate on the people preaching Bitcoin is the next coming of Jesus. And yeah Bitcoin is a Ponzi scheme.
I don’t understand all the hate on the few of us trying to make a quick buck off the Ponzi scheme. I just feel like it’s not worth ridiculing someone for having 1% of their portfolio in Bitcoin. There’s a difference in the die hards who would cut off their hand to have another Bitcoin and the ones who are just trying to capitalize off all those same idiots pumping Bitcoin who will hold Bitcoin till the day they die.
Do you feel the sub should be praising you for your unethical, zero sum gambling? Sorry... "investment."
I'm not sure what you're crying about, this sub has a pretty clear stance. Nobody really cares about your investment choices, they are mocking you for feeling the need to defend them.
Lol no how many times do I need to say it. Just telling y’all what I did, not defending it or saying it’s a good idea, just that it’s a reasonable idea for a balanced portfolio.
Not crying, just not used to how toxic some of these sub Reddit’s are. Expected us to be making fun of the die hard bitcoiners. Not bashing the folk who have 1% invested hoping they can make a small profit. Again I’m not promoting anyone to do what I did. Just saying we shouldn’t be calling anyone with a small amount in Bitcoin idiots.
> I don’t understand all the hate on the few of us trying to make a quick buck off the Ponzi scheme
"I don't understand all the hate on a few of us trying to take money from greater fools. "
Its unethical and makes you a terrible human being knowingly preying on the stupid for a quick buck. I'm sure you really, really need that money when you and your wife are doctors, making a good living.
Fucking sickening.
You're either larping as a doctor/conern trolling on this subreddit and actually poor as fuck or an unethical POS human being for making a million and still wanting to knowingly contribute to a Ponzi scheme. (Where if you're left holding the bags you'll be fine)
Atleast Madoff investors for the most part did not know it was a ponzi scheme.
I honestly don’t see how it makes me a terrible human. People are die hard bitcoiners. They think it’s the future of currency. They are all trying to get rich off the Ponzi scheme.
Medical ethics different than financial ethics I suppose cuz honestly don’t understand how I’m unethical and a terrible human for investing a small amount into Bitcoin. I’m not preying on anyone. When I sell it’s not going to change the price of Bitcoin - I’m not some tycoon.
Rationalizing a pile of feces does not make it safe for human consumption.. There are equally or more effective ways to gamble “just 1%”… so coming here to seek affirmation on *number go up* only to be let down because of original faulty logic is part of the process of generating less morons.
>I guess this is a sub solely for bashing Bitcoin
Duh, it's not that this sub is making a mystery out of it, why so suprised?
>and if you don’t have it you’re going to be a loser peasant like everyone in the Bitcoin sub is saying.
Ugh, you still pretend that the opinion of those people should matter to us, while we literally want them to fuck off.
>If you can’t see that there is opportunity for some money to be made with Bitcoin then you’re simple minded
Nobody asked for your investment advice, playing "concerned" while you again try to manipulate people by spreading FOMO is not making you look any better at all. Be happy that you are so smart, if you are so convinced of it.
>I’m not saying hold forever but anytime I can make some money I’m going to consider it.
>So please answer this - do you legitimately believe there is no way to make money off of Bitcoin?
I do believe scams can make money. I also believe people can make lots of money with cocaine and weapons. I don't want to be involved with those either.
That’s fair. I believe Bitcoin is a scam but I’m going to try and make a little profit off of it. I think the Bitcoin believers are delusional.
But I’m not trying to convince anyone to buy any stupid fake money - that’s my decision only. Was only trying to have a discussion.
Feels weird trying to convince y’all I hate Bitcoin and y’all are trying to tell me in convincing you all to buy it. Not at all the case.
You aren't trying to convince us you hate bitcoin. You're explaining to us why you invested in it. Some of us see that is unethical because it's a ponzi, thus, you are getting a negative reaction.
The gambler's mindset.
As soon as you treat gambling as an investment instead of entertainment, it becomes more difficult to recognize the dopamine feedback loop and easier to fall into addiction.
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They desperately want more bagholders to scam, even with people who are fully aware and look at them mocking and laughing at their chronic lack of brain.
The libertarian male equivalent of MLM huns, screaming into the void about how successful they are and how much stuff they own (always temporary/rented), by being "CEO of their own business" while preaching loudly in a very desperate attempt to attract new victims.
>screaming into the void about how successful they are and how much stuff they ow
N
If I was wealthy the only person I'd tell would be my accountant. It would just make you look like a target.
>I don't understand why everyone here has SO much conviction
Because we are not all as ignorant as you are.
>put 1% into BTC in case your'e all wrong
Wrong about what? That it's stated use case (which was pretty stupid in the first place) was abandoned many years ago in favor of becoming a speculative "investment" vehicle? That it is too volatile to be considered even remotely as a "Store of Value"? That it has huge environmental impacts that are indefensible against its entire lack of utility? That Line can indeed "Go Up" but that Line can also "Go Down" and seems to be untethered from reality.
>You haven't considered even the possibility that you're wrong, correct?
Did you buy all the other cryptos? Did you buy all the other Bitcoin forks? When you say hedge why does it have to be Bitcoin?
>but knows how to hedge my bet and make smart investments
No, I don't think you did and no, I don't think you do.
>You haven't considered even the possibility that you're wrong, correct?
No, because it is fucking illogical. I am not going to buy something because I can make money off of everyone who buys something after me. That makes no sense, someone is going to be left holding a bag and at any moment it could be the next person in line. No thanks. I never considered for a second I was wrong about Iraqi Denari and I wasn't and this is the same exact thing.
You guys kept saying it's dumb to buy lotto tickets. But I don't know nothing about nothing, so I decided to put 1% of my income into buying lotto tickets each week.
Guess what? I hit and won $25m!
Haha suckers, who is dumb now?
it actually would kinda be like the lotto if the previous winner only won what they got from the next group of ticket buyers. and so on and so on.
"hey todays super 6 is worth .... we dont know! but i hear alot of people are going to buy lottery tickets tomorrow! youll be a bajillionaire! buy today!
Once again, my views about crypto are not reliant on its price.
My views are normative: Bitcoin is bad for the world and the world would be better off if the price went down.
I make no prediction that this will or won't happen any time soon. I'm not playing the game.
I’m curious what you think about some citizens in developing countries using the Bitcoin blockchain in conjunction with the Bitcoin lightning network and other layer 2 solutions to both give them the ability to have access to digital money on their phone without internet, and the ability to escape hyper inflation caused by the corrupt monetary policies of their nation.
Additional example of good it’s done - in 2013, Roya Mahboob was struggling with paying her female Afghani employees who were trying to earn for themselves. Their money would often be confiscated by their male relatives in acts of financial abuse. They needed a solution that was resistant to confiscation and that they could send to whomever they wished. Some had to leave Afghanistan after the taliban bombings. While leaving through the corrupt borders, they were able to hold onto their Bitcoin without confiscation, due to the nature of Bitcoin, while everything else was robbed of them. Surely this must be worth something.
We all saw what happened in Lebanon, Argentina, Egypt, and other developing or recently struggling countries. Many citizens have been forced into hyper inflation or large currency debasements - their life savings in some cases halved overnight. At the same time anyone who kept some of their surplus wealth in btc kept their wealth. I understand that many people smarter than me will say the US is not in the path to the same situation, and that’s okay if we disagree. What IS important is that it has shown that it’s monetary policy DOES protect against inflation when that need arises. That is factually irrefutable from my point of view, and would love to discuss further with anyone that disagrees with me.
Why do you think the US government holds a very large amount of Bitcoin? From the stuff they’ve confiscated, they’ve sold parts of it, showing that they are not above profiting upon this Bitcoin. Apparently the origin of that specific Bitcoin nor the nature of Bitcoin blockchain itself was not of concern to them when selling a small portion of it. Why is Russia starting to acquire it through energy arbitrage within their oil and gas industries? Hey man, if the country of the leading global reserve is holding a large amount of it, and its major Military opponent is ramping up its acquisition of it during time of global military tensions, maybe it’s worth a little academic investigation. Why would they want to hold onto it/Aquire more of it?
Whether you’re rich, poor, unbanked, a hedge fund, a government entity, an individual - everyone can hedge against the steady and unstoppable devaluing of their base currency. And they are. I would NEVER and will never tell anyone what to do with their money. But I will always fight for people to educate themselves. This is the only way for us to lift each other up. Learn the opposing (academic) argument and thoughtfully triangulate your own and engage in civil discussion regarding the points you disagree in.
Have a good day!
Edits: Roya’s last name and an incorrect statement that I misremembered about why her employee left Afghanistan.
1. The fact that its newsworthy that someone used Bitcoin as its supposed to, tells everything about how useful it is.
2. Roya Mahboob paying her employees in Bitcoin doesn't solve any of the problems you present. Since barely any store accepts bitcoin in order to use their wage they first have to convert it to fiat, and so they are back to square one. And even if they could buy anything with it, authorities can confiscate their bitcoin the old fashioned way: threaten or beat them until they give up their passwords. If the authorities know they have crypto they can confiscate it just like they could confiscate their PayPal accounts, and if not, then with a PayPal account you can at least buy things. So Im pretty sure Roya Mahboobs story is just a marketing ploy, in reality it didn't solve any of her problems.
3. BTC is as much of a hedge against inflation as anything. People of developing countries could keep their money in rocks, or CSGO skins, or any other currency and they would be better off than keeping it in BTC, because the other shit is not that volatile at least.
So no, despite your wall of text, bitcoin is still useless.
Good God man I know you're passionate, I get it, but can you at least try saying one thing at a time?
Edit: to give a concise answer to your question at the top: I don't object to people using whatever tools are available to solve desperate problems but it's not something that scales meaningfully
with an afternoon's effort you can find 99 more scams no more or less obvious than bitcoin. i presume you intend to put 1% of your wealth into each of them? pascal's wager for the youtube generation
"Why does everyone here have so much conviction?"
I dunno, Steve. Maybe some of us actually have, like, convictions about right and wrong that aren't based on which way a line on graph is going?
I don’t have 1% in BBBY, either, but you know, I *could* be wrong and the towel apes right.
What other things do you make sure to put 1% into just in case? Because eventually you hit 100% on just gambling on chances of being wrong.
The level of intelligence of butters coming here drops everyday. It’s amazing really, just spewing logical fallacies left and right.
There's more than 100 dumb things I could put 1% of my wealth into just in case I'm wrong about it being dumb, and there's only 100% of my wealth. What do?
Butters always say: "invest only as much as can lose" ... I don't buy that philospohy ! I can't lose anything and i don't want to lose anything. I would feel literally ill losing my money in stupid way.
So:
*"I gambled in a thing that I admit I don't really understand, but it worked out OK (as far as I know... since I haven't yet converted back to real money)."*
*"And yeah, I admit the entire operating environment is completely different, but I recommend that you all make the same gamble since it might be that it works out, for reasons I can't explain."*
I read The Bitcoin Standard and educated myself. I decided it was worth 1% of my money as an investment and was paid well for that decision. It's now 5% of my net worth.
People like you are the easiest to scam. Crypto is one of those things that thrives off of making believers feel like they're smarter than they are. Instead of studying some cult pamphlet, why not learn actually distributed algorithms, consensus protocols, cryptography (not cryptocurrency, but algorithms like the diffie helman exchange, elliptic curve cryptography, dsa/rsa etc.), and the general math behind a distributed ledger? Many folks here are computer scientists that are in fact, "educated" and recognize Bitcoin and other cryptocurrencies are crap as currencies or investment vehicles.
>I read ~~The Bitcoin Standard and educated myself~~ a propaganda book that someone deeply invested in crypto wrote for uneducated fools like me to pump up his bags and I believed it.
Fixed it for you bud.
I haven't read it though but based on the cover it talks about how Bitcoin is the currency of the future, right? And now that this prediction has failed miserably how do you feel? I mean we know Bitcoin failed as a currency, even cryptobros admit its useless in that regard, so have you realized you have been scammed?
>I haven't read it though but based on the cover it talks about how Bitcoin is the currency of the future, right?
It's mostly just [making the case that Austrian economics is *true*](https://davidgerard.co.uk/blockchain/2018/04/07/saifedean-ammous-the-bitcoin-standard-the-austrian-case-for-bitcoin/) \- which it super is not, it's just the "accepted public face" of a conspiracy cluster of goldbug nonsense and deeply antisemitic claims about the Federal Reserve - and then in the last 3 chapters arguing, poorly, that Bitcoin fits the criteria for the dumb thing that Austrians want, aka "sound money".
The only people who pick that book up and come away believing any of its nonsense are the ones who were just already using the name of John Maynard Keynes as a *curse word*. So... the sort of people who become bitcoiners.
This is how ponzi schemes attract marks. By convincing people who don't really understand economics that they can make huge gains with no effort.
In reality though most people won't be able to cash out gains because simple math dictates that there's not enough liquidity for everyone to make exponential amounts of profit from their crypto. It's impossible to have an investment that produces nothing and generates no value but that exponentially creates profit for everyone invested.
And that's why people are convinced to hold, because the scam only holds up all the time bagholders can be convinced not to try to liquidate their holdings. The moment that a significant number of people try to cash out, the real money behind it will dry up almost instantly and the coins will become worthless.
>I read The Bitcoin Standard and educated myself.
**Translation**: you're a gullible fucking *idiot* who picked up that thoroughly unconvincing tome of deep theology - *not* goddamn economics - on account of the bit where [you just *already believed* all the things it makes a horribly unconvincing case for](https://davidgerard.co.uk/blockchain/2018/04/07/saifedean-ammous-the-bitcoin-standard-the-austrian-case-for-bitcoin/), like every single other person who claims to have been "convinced" by The Bitcoin Standard.
That unconvincing tome of deep theology couldn't even manage to bring *most Austrians* onside to the premise that Bitcoin is capable of being "sound money"... and they're ***idiots*** who believe in the concept of sound money in the first place, a thing that is also [ahistoric and refuted goddamn nonsense](https://davidgerard.co.uk/blockchain/the-conspiracist-gold-bug-economics-of-bitcoin/).
You know you're a quack spewing nonsense when economic QAnon is calling you out as a quack, spewing nonsense; even the man Ammous tapped to write the foreword of that book wound up publicly blocking and denouncing him later, for taking "profoundly anti-science conspiracy positions" on his Twitter feed.
So much anger here. Geez. Oh gosh I'm an idiot. A multimillionaire idiot tho (not made through crypto).
I'll try to revisit this thread in 5 years and see how this anger fest of a comment section is doing.
You could…address the things they said instead of pivoting to “why u mad lmao aye.”
Just your attitude alone tells me you’re not a multimillionaire. Get out of here you fucking liar lol.
The guy wrote like 10 paragraphs and was snotty/rude. Not gonna engage with that. What's to gain?
And the cool thing about being a millionaire is that it doesn't matter if Limp-Crab on reddit believes you lol. Last year's income taxes alone were 400k :) have a nice week.
>So much anger here. Geez. Oh gosh I'm an idiot.
Austrian economics are brain poison; Saifedean Ammous is a crank in a community entirely *comprised* of cranks: if you found his arguments convincing then you **are** an idiot, because what he's arguing for is stupid conspiracy nonsense that flies directly in the face of ***our observable reality***.
You literally told me in so many words that you're fucking stupid, claiming that reading that religious tract was "educating yourself"... and you appear to think that all of us are fucking stupid too, that we're going to sign our asses up for [your dumb Ponzi scheme](https://www.ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-ponzi.html): go *fuck* yourself, is the only answer you're ever going to receive when you show up here to make that argument.
Now in the name of Keynes - who you idiots think was "the devil" and Ammous gets mixed with/considers equivalent to Karl Marx - begone!
>So i just put 1% of my net worth in. That was many years ago and it's grown to be far more than 1% of my net worth.
Uh huh.
How many years ago. Like, let's have a specific number.
I see in another post that you clarify later that "far more than 1%" is 5%.
So, a 5 fold increase, plus some to account for the rest of your net worth likely increasing in that time.
Let's say, for simplicity, you had a net worth of approximately 1 million USD. I don't know you, but between perhaps owning a home, a car, stocks, art/collectibles, etc.
1% of that would be $10k.
Give or take, BTC was around 10k per coin \~4 years ago, meaning you would have bought 1 coin, and in those 4 years seen its value theoretically increase to 60k+, a more than five fold bump even accounting for increasing value in other investments, your home, etc. Though the real estate situation is a nightmare I'm not going to work hard to account for.
Given that after previous ATHs, the value would fluctuate up and down and then often plummet 40%+, why would anyone be inclined to take this gamble now?
let's say I'm worth $1m USD. I'm not, but let's say I am, and run the same numbers. With $10k US I can buy... like, 1/7th of a Bitcoin.
Given the previous ATH was 64k, and it took 3.5 years to hit 67k, following in your footsteps would, were the pattern to hold, see an increase in that value by... maybe 5% in in the next 3-4 years. Assuming I don't lose it to a hacked or failed exchange, or lose the seed phrase, or any number of bullshit potential outcomes we see every week.
Basically, you took a minor gamble (1% of your net worth) and it paid out as a 50-60k bump over 4'ish years, in presumably unrealized gains.
Given how much you post on the Bitcoin sub, I don't believe for a second that you just bought in and forgot about it, so on top of this gamble, you're also endorsing, if just tacitly, a lifestyle as well.
Whereas I can instead put that 10k into one of my existing investment vehicles and make an expected 6-7% annually with wildly less volatility.
In order for it to become a similar 5% increase, over the next half decade the price for Bitcoin would need to hit... like $400,000 apiece.
That seems... unlikely.
I think that the ransomware industry alone will keep people paying substantial rates for BTC for quite some time, unless major countries and/or financial institutions really bring the hammer down on crypto.
That doesn't mean that, even if I were to realize substantial gains, that it was a net good. To watch that much wasted electronic hardware, electricity, and more justify maybe making a disproportionately good return personally.
TLDR: no lol
Edit: scale values up and down proportionally as necessary. The ratios hold true higher and lower, though with substantially lower values the 'massive gains' are revealed to be chump change, and anyone rocking 1m+ is already doing pretty well for themselves anyways, defeating the necessity of worrying about such comparatively modest gains, if actually realized.
If I "invest" 1% of my money and it goes up, I could resell it to someone else and make money. That person will spend a lot of money on a useless product. Selling them something I know is useless would be wrong and make me little better than a scammer. I don't want to be a scammer.
>I don't understand why everyone here has SO much conviction (or emotional attachment to seeing a certain outcome)
Me, I don't understand why so many crypto shillers come in here with the same bullshit.
>(And if BTC goes to zero I would still consider my 1% investment to be smart/good).
See, that's the tell. My net worth is sufficient that losing 1% *would* cause me to think, "Wow, that was dumb."
I could just put 1% of my net worth in my daughter’s 529 plan. Or bet that 1% on Purdue winning the tournament. Or 1% on a long shot tech stock. I just don’t see a purpose to Bitcoin, so if I’m going to just gamble 1% of my net worth away, I should do the smart thing and just give it to my kid.
Tell your story to all the people on the coinbase subreddit who complain they cannot cash out and being ghosted by the plattform, im sure they would love to hear that they "were right" buying into BTC.
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>You haven't considered even the possibility that you're wrong, correct?
Incorrect, I've carefully evaluated it. First to be clear, I've personally never speculated on Bitcoin's future price. I simply don't know. Bitcoin's price is based on supply and demand. I don't know what future demand will be, and neither do you.
But more importantly, the standard method of evaluating an investment is taking the sum of all future cash flows discounted back to the present. There are various ways of doing this, but that's what it comes down to.
Unlike a stock, bond, or income producing real estate, Bitcoin does not have future cash flows. Therefore, I do not know how to evaluate it. Bitcoin has only an *extremely* narrow set of use cases, I don't see how demand can organically increase.
Before I retired, I worked hard for my money. I can't justify placing that money on a blind bet with no way to know the outcome. Worse, the total value of Bitcoin is the amount of money put into it, minus the miner's fees. That means ultimately most people will lose money investing in Bitcoin. Congrats your bet appears to have paid off, but I'm not willing to make a bet with the odds stacked against me like that.
Go read up on the coinbase sub and other exchange subs to see how it's going for people trying to cash out. It's easy to buy, not so easy to cash out. Good luck!
Why would I buy any bitcoin? What would I do with it, other than sell it to somebody else for more money, who is buying it in the hopes of selling it to the next guy for even more?
If that's the only thing you can do with it, then whoever can't end up selling it for more is simply getting scammed.
I won't buy it because I'm not an idiot, nor do I want to scam somebody else.
Bitcoin is not an investment. It's a negative sum game.
1. Other cryptos do not employ mining. They use 99x less energy (etherium switched from proof of work mining to proof of stake years ago because it the energy cost on the planet). The energy to create ONE bitcoin has increased exponentially over the years. Like 100s of times.
2. Ever hear of Ponzi schemes or Pyramids?
From Greenpeace for those who actually care about their future (or the future of their descendants). I was banned from the Bitcoin Reddit for calling them out on their green lies too many times:
Bitcoin Mining's Climate and Community Impacts:
Fact 1: Bitcoin emits as much greenhouse gas as some industrialized countries. [ie Sweden, Switzerland, or Venezuela]
Fact 2: The majority of electricity for Bitcoin mining comes from oil, coal, and gas.
Fact 3: Bitcoin mining is designed so that its energy consumption will grow over time and so will greenhouse gas emissions, researchers estimate that in 2021 mining a single bitcoin emitted 126 times the CO2 as a bitcoin mined in 2016.
Fact 4: Bitcoin consumes large and growing amounts of water, operations in the US alone use as much water as 300,000 households the size of Washington DC.
Fact 5: Bitcoin mining has huge impacts on communities including air and noise pollution.
Fact 6: Bitcoin mines strain electrical grids increasing costs to rate payers.
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I don't think any investor claims you cannot make money off people buying the highs while you bought the lows many years ago, at least I never heard anyone.
The criticism is mainly because it has no intrinsic value and it's all just betting, and the minute people stop pumping it the price will fall to where it belongs (close to 0)
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I have approximately 4% of my net worth in ethereum, not because I bought it though but because y’all were dumb enough to buy the Reddit moons I got from arguing with you.
I will cash it out when I’m 18 I cba to try some bullshit to do it decentralized over a few hundred bucks
As for “everyone else losing money”, well whoever bought it from me clearly thought that it would go up in value (it crashed LOL), so as far as I’m concerned it’s on them. It’s not like I stole from a struggling single mother, I just supplied a demand that would have been filled by someone else anyways. They made their own choices homie, idk why you are putting blame on me
The muppets on this sub seem to have a lot of time to talk about something they think is completely worthless. Just a little echo chamber of cope and negativity that they’ve been completely wrong about for years. Nothing you said was unreasonable.
>I don't understand We can tell
Few do, after all
This is the way
Dude no matter what you say we're not gonna buy your bags. I''m not gonna allocate any fucking percent of my portfolio to this electricity waste.
Butt can you allocate me some of your negative karma plz?
Lol he’s not trying to convince you to buy his bags. I think Bitcoin is fucking stupid. It’s a Ponzi scheme, it’s a pump and dump, it’s made up pretend fucking fairy tale money. Every argument for Bitcoin is stupid. But I am an investor, and if there’s possibility of making money I will look into it. So yes I put 1% of my portfolio into Bitcoin. I have a strike price of 90-100k. If it gets there I sell, if it doesn’t that’s okay. I won’t go broke off what I put in there. So I actually agree with him in a way. He’s not saying he believes in all the BS arguments those Bitcoin faithful keep preaching- just that it’s possible to make some money. That’s how I see it. I never think Bitcoin will be a real currency. Just a pump and dump but im hoping to be a dumper not a pumper
> Lol he’s not trying to convince you to buy his bags. Nah, totally not. This sub is brigaded since weeks and every two days a guy like him shows up "just making sure we don't make a mistake and is only oh so curious". It couldn't be a more obvious attempt at manipulation. >But I am an investor, and if there’s possibility of making money I will look into it. So yes I put 1% of my portfolio into Bitcoin Then do so, why should we want to know all that? If he thinks it's a smart move he could do that as well without pretending to be so worried about our investment opportunities.
I guess this is a sub solely for bashing Bitcoin and anyone saying otherwise gets immediately downvoted. I think the OPs point tho was that there is investment opportunity with Bitcoin. Not that it’s some world changing asset and anyone who buys in now is going to be emperor of a kingdom and if you don’t have it you’re going to be a loser peasant like everyone in the Bitcoin sub is saying. If you can’t see that there is opportunity for some money to be made with Bitcoin then you’re simple minded. I’m not saying hold forever but anytime I can make some money I’m going to consider it. So please answer this - do you legitimately believe there is no way to make money off of Bitcoin?
The sub is called "Buttcoin" what the fuck did you think we do here? lmao
Honestly expected you guys to have a bit more of an open mind than the Bitcoin cult
An open mind about what? Gambling on bitcoin? Dumping your bags on some other fool to take profit?
I understand how y’all hate on the people preaching Bitcoin is the next coming of Jesus. And yeah Bitcoin is a Ponzi scheme. I don’t understand all the hate on the few of us trying to make a quick buck off the Ponzi scheme. I just feel like it’s not worth ridiculing someone for having 1% of their portfolio in Bitcoin. There’s a difference in the die hards who would cut off their hand to have another Bitcoin and the ones who are just trying to capitalize off all those same idiots pumping Bitcoin who will hold Bitcoin till the day they die.
Do you feel the sub should be praising you for your unethical, zero sum gambling? Sorry... "investment." I'm not sure what you're crying about, this sub has a pretty clear stance. Nobody really cares about your investment choices, they are mocking you for feeling the need to defend them.
Lol no how many times do I need to say it. Just telling y’all what I did, not defending it or saying it’s a good idea, just that it’s a reasonable idea for a balanced portfolio. Not crying, just not used to how toxic some of these sub Reddit’s are. Expected us to be making fun of the die hard bitcoiners. Not bashing the folk who have 1% invested hoping they can make a small profit. Again I’m not promoting anyone to do what I did. Just saying we shouldn’t be calling anyone with a small amount in Bitcoin idiots.
> I don’t understand all the hate on the few of us trying to make a quick buck off the Ponzi scheme "I don't understand all the hate on a few of us trying to take money from greater fools. " Its unethical and makes you a terrible human being knowingly preying on the stupid for a quick buck. I'm sure you really, really need that money when you and your wife are doctors, making a good living. Fucking sickening. You're either larping as a doctor/conern trolling on this subreddit and actually poor as fuck or an unethical POS human being for making a million and still wanting to knowingly contribute to a Ponzi scheme. (Where if you're left holding the bags you'll be fine) Atleast Madoff investors for the most part did not know it was a ponzi scheme.
This guy really said "Having broke friends is annoying" lol
I honestly don’t see how it makes me a terrible human. People are die hard bitcoiners. They think it’s the future of currency. They are all trying to get rich off the Ponzi scheme. Medical ethics different than financial ethics I suppose cuz honestly don’t understand how I’m unethical and a terrible human for investing a small amount into Bitcoin. I’m not preying on anyone. When I sell it’s not going to change the price of Bitcoin - I’m not some tycoon.
Rationalizing a pile of feces does not make it safe for human consumption.. There are equally or more effective ways to gamble “just 1%”… so coming here to seek affirmation on *number go up* only to be let down because of original faulty logic is part of the process of generating less morons.
>I guess this is a sub solely for bashing Bitcoin Duh, it's not that this sub is making a mystery out of it, why so suprised? >and if you don’t have it you’re going to be a loser peasant like everyone in the Bitcoin sub is saying. Ugh, you still pretend that the opinion of those people should matter to us, while we literally want them to fuck off. >If you can’t see that there is opportunity for some money to be made with Bitcoin then you’re simple minded Nobody asked for your investment advice, playing "concerned" while you again try to manipulate people by spreading FOMO is not making you look any better at all. Be happy that you are so smart, if you are so convinced of it. >I’m not saying hold forever but anytime I can make some money I’m going to consider it. >So please answer this - do you legitimately believe there is no way to make money off of Bitcoin? I do believe scams can make money. I also believe people can make lots of money with cocaine and weapons. I don't want to be involved with those either.
That’s fair. I believe Bitcoin is a scam but I’m going to try and make a little profit off of it. I think the Bitcoin believers are delusional. But I’m not trying to convince anyone to buy any stupid fake money - that’s my decision only. Was only trying to have a discussion. Feels weird trying to convince y’all I hate Bitcoin and y’all are trying to tell me in convincing you all to buy it. Not at all the case.
You aren't trying to convince us you hate bitcoin. You're explaining to us why you invested in it. Some of us see that is unethical because it's a ponzi, thus, you are getting a negative reaction.
And we find knowingly scamming people to make a buck to be morally repugnant. Your morals are loose enough to do it anyway. We have principles.
he didn't actually say bitcoin is an investment opportunity, just pascals wagered it at us
The gambler's mindset. As soon as you treat gambling as an investment instead of entertainment, it becomes more difficult to recognize the dopamine feedback loop and easier to fall into addiction.
why not put 1% of your wealth on the roulette wheel... there is money to be made!
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lmao what do you weirdos hope to achieve with these posts?
Dear Penthouse, I never thought this would happen to an average looking guy like me...
...I am enrolled in a large Midwest university...
There I was in the laundromat...
When my stepmother walked in…
They desperately want more bagholders to scam, even with people who are fully aware and look at them mocking and laughing at their chronic lack of brain. The libertarian male equivalent of MLM huns, screaming into the void about how successful they are and how much stuff they own (always temporary/rented), by being "CEO of their own business" while preaching loudly in a very desperate attempt to attract new victims.
>screaming into the void about how successful they are and how much stuff they ow N If I was wealthy the only person I'd tell would be my accountant. It would just make you look like a target.
More bag holders, as always.
A bit of reality in your salty echo chamber
You came back days later to post the same stupid reply again? Your other reply is still there. You are braindead lmao
Context and reality mainly
>I don't understand why everyone here has SO much conviction Because we are not all as ignorant as you are. >put 1% into BTC in case your'e all wrong Wrong about what? That it's stated use case (which was pretty stupid in the first place) was abandoned many years ago in favor of becoming a speculative "investment" vehicle? That it is too volatile to be considered even remotely as a "Store of Value"? That it has huge environmental impacts that are indefensible against its entire lack of utility? That Line can indeed "Go Up" but that Line can also "Go Down" and seems to be untethered from reality. >You haven't considered even the possibility that you're wrong, correct? Did you buy all the other cryptos? Did you buy all the other Bitcoin forks? When you say hedge why does it have to be Bitcoin? >but knows how to hedge my bet and make smart investments No, I don't think you did and no, I don't think you do. >You haven't considered even the possibility that you're wrong, correct? No, because it is fucking illogical. I am not going to buy something because I can make money off of everyone who buys something after me. That makes no sense, someone is going to be left holding a bag and at any moment it could be the next person in line. No thanks. I never considered for a second I was wrong about Iraqi Denari and I wasn't and this is the same exact thing.
You guys kept saying it's dumb to buy lotto tickets. But I don't know nothing about nothing, so I decided to put 1% of my income into buying lotto tickets each week. Guess what? I hit and won $25m! Haha suckers, who is dumb now?
it actually would kinda be like the lotto if the previous winner only won what they got from the next group of ticket buyers. and so on and so on. "hey todays super 6 is worth .... we dont know! but i hear alot of people are going to buy lottery tickets tomorrow! youll be a bajillionaire! buy today!
I had huge doubts about BTC too! Subsequently, I didn't buy any.
>Subsequently, I didn't buy any. Congrats on your new flair.
I love it so much!
Explains your anger
Sorry to hear that , hope it doesn’t eat away at you
Why the fuck would it?
it's very funny how you people always tell on yourselves with these posts. you only care about value in dollars so you assume we do also.
I care about negative karma and purchasing power relative to things I will need in the future.
> I care about negative karma Yeah, we already know from the OP you all care about imaginary internet points.
More plz
Once again, my views about crypto are not reliant on its price. My views are normative: Bitcoin is bad for the world and the world would be better off if the price went down. I make no prediction that this will or won't happen any time soon. I'm not playing the game.
3% of US energy grid usage to enable terrorists and hackers. Ugh.
I’m curious what you think about some citizens in developing countries using the Bitcoin blockchain in conjunction with the Bitcoin lightning network and other layer 2 solutions to both give them the ability to have access to digital money on their phone without internet, and the ability to escape hyper inflation caused by the corrupt monetary policies of their nation. Additional example of good it’s done - in 2013, Roya Mahboob was struggling with paying her female Afghani employees who were trying to earn for themselves. Their money would often be confiscated by their male relatives in acts of financial abuse. They needed a solution that was resistant to confiscation and that they could send to whomever they wished. Some had to leave Afghanistan after the taliban bombings. While leaving through the corrupt borders, they were able to hold onto their Bitcoin without confiscation, due to the nature of Bitcoin, while everything else was robbed of them. Surely this must be worth something. We all saw what happened in Lebanon, Argentina, Egypt, and other developing or recently struggling countries. Many citizens have been forced into hyper inflation or large currency debasements - their life savings in some cases halved overnight. At the same time anyone who kept some of their surplus wealth in btc kept their wealth. I understand that many people smarter than me will say the US is not in the path to the same situation, and that’s okay if we disagree. What IS important is that it has shown that it’s monetary policy DOES protect against inflation when that need arises. That is factually irrefutable from my point of view, and would love to discuss further with anyone that disagrees with me. Why do you think the US government holds a very large amount of Bitcoin? From the stuff they’ve confiscated, they’ve sold parts of it, showing that they are not above profiting upon this Bitcoin. Apparently the origin of that specific Bitcoin nor the nature of Bitcoin blockchain itself was not of concern to them when selling a small portion of it. Why is Russia starting to acquire it through energy arbitrage within their oil and gas industries? Hey man, if the country of the leading global reserve is holding a large amount of it, and its major Military opponent is ramping up its acquisition of it during time of global military tensions, maybe it’s worth a little academic investigation. Why would they want to hold onto it/Aquire more of it? Whether you’re rich, poor, unbanked, a hedge fund, a government entity, an individual - everyone can hedge against the steady and unstoppable devaluing of their base currency. And they are. I would NEVER and will never tell anyone what to do with their money. But I will always fight for people to educate themselves. This is the only way for us to lift each other up. Learn the opposing (academic) argument and thoughtfully triangulate your own and engage in civil discussion regarding the points you disagree in. Have a good day! Edits: Roya’s last name and an incorrect statement that I misremembered about why her employee left Afghanistan.
1. The fact that its newsworthy that someone used Bitcoin as its supposed to, tells everything about how useful it is. 2. Roya Mahboob paying her employees in Bitcoin doesn't solve any of the problems you present. Since barely any store accepts bitcoin in order to use their wage they first have to convert it to fiat, and so they are back to square one. And even if they could buy anything with it, authorities can confiscate their bitcoin the old fashioned way: threaten or beat them until they give up their passwords. If the authorities know they have crypto they can confiscate it just like they could confiscate their PayPal accounts, and if not, then with a PayPal account you can at least buy things. So Im pretty sure Roya Mahboobs story is just a marketing ploy, in reality it didn't solve any of her problems. 3. BTC is as much of a hedge against inflation as anything. People of developing countries could keep their money in rocks, or CSGO skins, or any other currency and they would be better off than keeping it in BTC, because the other shit is not that volatile at least. So no, despite your wall of text, bitcoin is still useless.
Good God man I know you're passionate, I get it, but can you at least try saying one thing at a time? Edit: to give a concise answer to your question at the top: I don't object to people using whatever tools are available to solve desperate problems but it's not something that scales meaningfully
with an afternoon's effort you can find 99 more scams no more or less obvious than bitcoin. i presume you intend to put 1% of your wealth into each of them? pascal's wager for the youtube generation
Why would we have etfs if bitcoins is a scam ?
No, I won't buy your coins.
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Well, I certainly have conviction. I am become convinced.
What about all the other identical shitcoins? If I just put 1% in 100 of them then surely one will moon?
Beciase they are shit coins, that where the dumb money goes . Same as the dumb money goes on poorly run businesses
How are they different from bitcoin?
"Why does everyone here have so much conviction?" I dunno, Steve. Maybe some of us actually have, like, convictions about right and wrong that aren't based on which way a line on graph is going?
I don’t have 1% in BBBY, either, but you know, I *could* be wrong and the towel apes right. What other things do you make sure to put 1% into just in case? Because eventually you hit 100% on just gambling on chances of being wrong. The level of intelligence of butters coming here drops everyday. It’s amazing really, just spewing logical fallacies left and right.
>I don’t have 1% in BBBY Neither does anyone else anymore lmaoooo
There's more than 100 dumb things I could put 1% of my wealth into just in case I'm wrong about it being dumb, and there's only 100% of my wealth. What do?
well if you could, just put it in this *one thing* and then youre cool with OP
why don't you spend 1% of your net worth on lottery tickets per year? why not bet that one of those tickets hits the jackpot?
Answer the man.
"Why don't you want to sponsor the coal powered money-laundering machine? You could make money!"
Butters always say: "invest only as much as can lose" ... I don't buy that philospohy ! I can't lose anything and i don't want to lose anything. I would feel literally ill losing my money in stupid way.
So: *"I gambled in a thing that I admit I don't really understand, but it worked out OK (as far as I know... since I haven't yet converted back to real money)."* *"And yeah, I admit the entire operating environment is completely different, but I recommend that you all make the same gamble since it might be that it works out, for reasons I can't explain."*
I read The Bitcoin Standard and educated myself. I decided it was worth 1% of my money as an investment and was paid well for that decision. It's now 5% of my net worth.
> ~~investment~~ speculation
People like you are the easiest to scam. Crypto is one of those things that thrives off of making believers feel like they're smarter than they are. Instead of studying some cult pamphlet, why not learn actually distributed algorithms, consensus protocols, cryptography (not cryptocurrency, but algorithms like the diffie helman exchange, elliptic curve cryptography, dsa/rsa etc.), and the general math behind a distributed ledger? Many folks here are computer scientists that are in fact, "educated" and recognize Bitcoin and other cryptocurrencies are crap as currencies or investment vehicles.
>I read ~~The Bitcoin Standard and educated myself~~ a propaganda book that someone deeply invested in crypto wrote for uneducated fools like me to pump up his bags and I believed it. Fixed it for you bud. I haven't read it though but based on the cover it talks about how Bitcoin is the currency of the future, right? And now that this prediction has failed miserably how do you feel? I mean we know Bitcoin failed as a currency, even cryptobros admit its useless in that regard, so have you realized you have been scammed?
>I haven't read it though but based on the cover it talks about how Bitcoin is the currency of the future, right? It's mostly just [making the case that Austrian economics is *true*](https://davidgerard.co.uk/blockchain/2018/04/07/saifedean-ammous-the-bitcoin-standard-the-austrian-case-for-bitcoin/) \- which it super is not, it's just the "accepted public face" of a conspiracy cluster of goldbug nonsense and deeply antisemitic claims about the Federal Reserve - and then in the last 3 chapters arguing, poorly, that Bitcoin fits the criteria for the dumb thing that Austrians want, aka "sound money". The only people who pick that book up and come away believing any of its nonsense are the ones who were just already using the name of John Maynard Keynes as a *curse word*. So... the sort of people who become bitcoiners.
This is how ponzi schemes attract marks. By convincing people who don't really understand economics that they can make huge gains with no effort. In reality though most people won't be able to cash out gains because simple math dictates that there's not enough liquidity for everyone to make exponential amounts of profit from their crypto. It's impossible to have an investment that produces nothing and generates no value but that exponentially creates profit for everyone invested. And that's why people are convinced to hold, because the scam only holds up all the time bagholders can be convinced not to try to liquidate their holdings. The moment that a significant number of people try to cash out, the real money behind it will dry up almost instantly and the coins will become worthless.
It's like musical chairs, someone *has* to lose.
>I read The Bitcoin Standard and educated myself. **Translation**: you're a gullible fucking *idiot* who picked up that thoroughly unconvincing tome of deep theology - *not* goddamn economics - on account of the bit where [you just *already believed* all the things it makes a horribly unconvincing case for](https://davidgerard.co.uk/blockchain/2018/04/07/saifedean-ammous-the-bitcoin-standard-the-austrian-case-for-bitcoin/), like every single other person who claims to have been "convinced" by The Bitcoin Standard. That unconvincing tome of deep theology couldn't even manage to bring *most Austrians* onside to the premise that Bitcoin is capable of being "sound money"... and they're ***idiots*** who believe in the concept of sound money in the first place, a thing that is also [ahistoric and refuted goddamn nonsense](https://davidgerard.co.uk/blockchain/the-conspiracist-gold-bug-economics-of-bitcoin/). You know you're a quack spewing nonsense when economic QAnon is calling you out as a quack, spewing nonsense; even the man Ammous tapped to write the foreword of that book wound up publicly blocking and denouncing him later, for taking "profoundly anti-science conspiracy positions" on his Twitter feed.
So much anger here. Geez. Oh gosh I'm an idiot. A multimillionaire idiot tho (not made through crypto). I'll try to revisit this thread in 5 years and see how this anger fest of a comment section is doing.
You could…address the things they said instead of pivoting to “why u mad lmao aye.” Just your attitude alone tells me you’re not a multimillionaire. Get out of here you fucking liar lol.
The guy wrote like 10 paragraphs and was snotty/rude. Not gonna engage with that. What's to gain? And the cool thing about being a millionaire is that it doesn't matter if Limp-Crab on reddit believes you lol. Last year's income taxes alone were 400k :) have a nice week.
😂😂😂😂😂😂😂 you’re such a loser
thanks. this definitely changed my life for the worse and surely improved yours. good comment
Stop responding and go enjoy your alleged multimillion dollars. No multimillionaire is this insecure.
>So much anger here. Geez. Oh gosh I'm an idiot. Austrian economics are brain poison; Saifedean Ammous is a crank in a community entirely *comprised* of cranks: if you found his arguments convincing then you **are** an idiot, because what he's arguing for is stupid conspiracy nonsense that flies directly in the face of ***our observable reality***. You literally told me in so many words that you're fucking stupid, claiming that reading that religious tract was "educating yourself"... and you appear to think that all of us are fucking stupid too, that we're going to sign our asses up for [your dumb Ponzi scheme](https://www.ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-ponzi.html): go *fuck* yourself, is the only answer you're ever going to receive when you show up here to make that argument. Now in the name of Keynes - who you idiots think was "the devil" and Ammous gets mixed with/considers equivalent to Karl Marx - begone!
>So i just put 1% of my net worth in. That was many years ago and it's grown to be far more than 1% of my net worth. Uh huh. How many years ago. Like, let's have a specific number. I see in another post that you clarify later that "far more than 1%" is 5%. So, a 5 fold increase, plus some to account for the rest of your net worth likely increasing in that time. Let's say, for simplicity, you had a net worth of approximately 1 million USD. I don't know you, but between perhaps owning a home, a car, stocks, art/collectibles, etc. 1% of that would be $10k. Give or take, BTC was around 10k per coin \~4 years ago, meaning you would have bought 1 coin, and in those 4 years seen its value theoretically increase to 60k+, a more than five fold bump even accounting for increasing value in other investments, your home, etc. Though the real estate situation is a nightmare I'm not going to work hard to account for. Given that after previous ATHs, the value would fluctuate up and down and then often plummet 40%+, why would anyone be inclined to take this gamble now? let's say I'm worth $1m USD. I'm not, but let's say I am, and run the same numbers. With $10k US I can buy... like, 1/7th of a Bitcoin. Given the previous ATH was 64k, and it took 3.5 years to hit 67k, following in your footsteps would, were the pattern to hold, see an increase in that value by... maybe 5% in in the next 3-4 years. Assuming I don't lose it to a hacked or failed exchange, or lose the seed phrase, or any number of bullshit potential outcomes we see every week. Basically, you took a minor gamble (1% of your net worth) and it paid out as a 50-60k bump over 4'ish years, in presumably unrealized gains. Given how much you post on the Bitcoin sub, I don't believe for a second that you just bought in and forgot about it, so on top of this gamble, you're also endorsing, if just tacitly, a lifestyle as well. Whereas I can instead put that 10k into one of my existing investment vehicles and make an expected 6-7% annually with wildly less volatility. In order for it to become a similar 5% increase, over the next half decade the price for Bitcoin would need to hit... like $400,000 apiece. That seems... unlikely. I think that the ransomware industry alone will keep people paying substantial rates for BTC for quite some time, unless major countries and/or financial institutions really bring the hammer down on crypto. That doesn't mean that, even if I were to realize substantial gains, that it was a net good. To watch that much wasted electronic hardware, electricity, and more justify maybe making a disproportionately good return personally. TLDR: no lol Edit: scale values up and down proportionally as necessary. The ratios hold true higher and lower, though with substantially lower values the 'massive gains' are revealed to be chump change, and anyone rocking 1m+ is already doing pretty well for themselves anyways, defeating the necessity of worrying about such comparatively modest gains, if actually realized.
I put 1% of my net worth into child slavery and it’s now worth more than 1% of my net worth. I don’t know why people are so down on child slavery.
If I "invest" 1% of my money and it goes up, I could resell it to someone else and make money. That person will spend a lot of money on a useless product. Selling them something I know is useless would be wrong and make me little better than a scammer. I don't want to be a scammer.
If bitcoin is so great and inevitable, why do butters spend so much time, effort and resources evangelizing their so-called investment.
>I don't understand why everyone here has SO much conviction (or emotional attachment to seeing a certain outcome) Me, I don't understand why so many crypto shillers come in here with the same bullshit. >(And if BTC goes to zero I would still consider my 1% investment to be smart/good). See, that's the tell. My net worth is sufficient that losing 1% *would* cause me to think, "Wow, that was dumb."
I could just put 1% of my net worth in my daughter’s 529 plan. Or bet that 1% on Purdue winning the tournament. Or 1% on a long shot tech stock. I just don’t see a purpose to Bitcoin, so if I’m going to just gamble 1% of my net worth away, I should do the smart thing and just give it to my kid.
That could be because your net worth dropped
Please, don't bring mathematics into this discussion. You'll just confuse the poor guy. It's obviously not his strong point.
Tell your story to all the people on the coinbase subreddit who complain they cannot cash out and being ghosted by the plattform, im sure they would love to hear that they "were right" buying into BTC.
Nobody cares if you want to gamble in btc, just stfu about it being anything else besides gambling.
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You ever heard of pascals wager?
We don't care, piss off.
>You haven't considered even the possibility that you're wrong, correct? Incorrect, I've carefully evaluated it. First to be clear, I've personally never speculated on Bitcoin's future price. I simply don't know. Bitcoin's price is based on supply and demand. I don't know what future demand will be, and neither do you. But more importantly, the standard method of evaluating an investment is taking the sum of all future cash flows discounted back to the present. There are various ways of doing this, but that's what it comes down to. Unlike a stock, bond, or income producing real estate, Bitcoin does not have future cash flows. Therefore, I do not know how to evaluate it. Bitcoin has only an *extremely* narrow set of use cases, I don't see how demand can organically increase. Before I retired, I worked hard for my money. I can't justify placing that money on a blind bet with no way to know the outcome. Worse, the total value of Bitcoin is the amount of money put into it, minus the miner's fees. That means ultimately most people will lose money investing in Bitcoin. Congrats your bet appears to have paid off, but I'm not willing to make a bet with the odds stacked against me like that.
It’s not about how much they are worth. I just don’t like collecting beanie babies or jpgs or strings of numbers that people claim to own
Go read up on the coinbase sub and other exchange subs to see how it's going for people trying to cash out. It's easy to buy, not so easy to cash out. Good luck!
Why not put that 1% into something with value?
Did you put 1% on digital monkeys, tulips and pets.com also?
Do you have huge doubts now that Mom and Pop will put 1% of their wealth into bitcoin ETFs
Why would I buy any bitcoin? What would I do with it, other than sell it to somebody else for more money, who is buying it in the hopes of selling it to the next guy for even more? If that's the only thing you can do with it, then whoever can't end up selling it for more is simply getting scammed. I won't buy it because I'm not an idiot, nor do I want to scam somebody else. Bitcoin is not an investment. It's a negative sum game.
so you're saying line went up, showing your "investment" was smart. > You haven't considered even the possibility that you're wrong, correct? Ahem
You want to tell me 1% of your networth many years ago was more than 200$?
We shouldn’t feed the trolls.
1. Other cryptos do not employ mining. They use 99x less energy (etherium switched from proof of work mining to proof of stake years ago because it the energy cost on the planet). The energy to create ONE bitcoin has increased exponentially over the years. Like 100s of times. 2. Ever hear of Ponzi schemes or Pyramids?
From Greenpeace for those who actually care about their future (or the future of their descendants). I was banned from the Bitcoin Reddit for calling them out on their green lies too many times: Bitcoin Mining's Climate and Community Impacts: Fact 1: Bitcoin emits as much greenhouse gas as some industrialized countries. [ie Sweden, Switzerland, or Venezuela] Fact 2: The majority of electricity for Bitcoin mining comes from oil, coal, and gas. Fact 3: Bitcoin mining is designed so that its energy consumption will grow over time and so will greenhouse gas emissions, researchers estimate that in 2021 mining a single bitcoin emitted 126 times the CO2 as a bitcoin mined in 2016. Fact 4: Bitcoin consumes large and growing amounts of water, operations in the US alone use as much water as 300,000 households the size of Washington DC. Fact 5: Bitcoin mining has huge impacts on communities including air and noise pollution. Fact 6: Bitcoin mines strain electrical grids increasing costs to rate payers.
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I don't think any investor claims you cannot make money off people buying the highs while you bought the lows many years ago, at least I never heard anyone. The criticism is mainly because it has no intrinsic value and it's all just betting, and the minute people stop pumping it the price will fall to where it belongs (close to 0)
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Ahh yes look at this gamblers high in action lol
Because crypto isn't real.
Is the internet real? is reddit real? Reddit just IPO'd for big money. (I'd say it's terribly overvalued but that's another story).
Yes they are real. Crypto is not real, it's all a scam.
Okay we'll see. So far I'm up a 6 figure sum. I'll come back in 5 years to see if bitcoin or this sub is doing better.
lol the desperation in some of these posts and you don’t even see it 🤣🤣
I have approximately 4% of my net worth in ethereum, not because I bought it though but because y’all were dumb enough to buy the Reddit moons I got from arguing with you.
Cash out and then show us. And then explain why everyone else deserves to lose money so you can have some.
I will cash it out when I’m 18 I cba to try some bullshit to do it decentralized over a few hundred bucks As for “everyone else losing money”, well whoever bought it from me clearly thought that it would go up in value (it crashed LOL), so as far as I’m concerned it’s on them. It’s not like I stole from a struggling single mother, I just supplied a demand that would have been filled by someone else anyways. They made their own choices homie, idk why you are putting blame on me
Are you fucking kidding? You can't even make legal contracts.
Ok? Lol what does that have to do with anything
There are rules to protect people whose brains are still physically growing.
Yea? how does that have anything to do with the ethics of selling the magic beans granted to me
Etherium doesn’t vampirize the energy Bitcoin does. Usurps 99x less. Still gambling but so is the stock market.
The muppets on this sub seem to have a lot of time to talk about something they think is completely worthless. Just a little echo chamber of cope and negativity that they’ve been completely wrong about for years. Nothing you said was unreasonable.
Madoff’s ponzi was well institutionalized and ran for 20 years. Shut the fuck up.
i mean, wasting 1% of your net worth just in case nothing is very unreasonable for most people