Bitcoins - digital currency

Bitcoins - digital currency

Bitcoin is a peer-to-peer digital currency. Peer-to-peer (P2P) means that there is no central authority to issue new money or keep track of transactions. Instead, these tasks are managed collectively by the nodes of the network. Advantages:

  • Bitcoins can be sent easily through the Internet, without having to trust middlemen.
  • Transactions are designed to be computationally prohibitive to reverse.
  • Be safe from instability caused by fractional reserve banking and central banks. The limited inflation of the Bitcoin system’s money supply is distributed evenly (by CPU power) throughout the network, not monopolized by banks.


Total size 5,811,700 BTC
or 4,585,431 USD
or 3,545,137 EUR
or 133,094,323 RUB
or 3,849 ounces of gold


Any value to this idea or will it never work?

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02 April 2011 at 02:44 AM
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382 Replies

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During the pandemic I got interested in & read a lot about bitcoin & crypto in general, and decided to invest about 2% of my net worth in crypto; I told myself I was going to buy a specific dollar amount, and then not buy more and not look at it for 5-10 years. My understanding then (and now) was that BTC & ETH were the two coins I should primarily invest in, and everything else was pretty much a Vegas-style gamble.

I initially bought more or less equal percentages of BTC & ETH, and since my last purchase a few years ago I haven't kept up w/ what's going on in the crypto world. Should I continue to hold on to my ETH, or should I sell it & reinvest the proceeds into BTC?

If taxes are an issue, approx half of the BTC & ETH I own are within my Roth IRA @ Fidelity, so I could sell there without any tax consequences.


by Pride of Cucamonga k

During the pandemic I got interested in & read a lot about bitcoin & crypto in general, and decided to invest about 2% of my net worth in crypto; I told myself I was going to buy a specific dollar amount, and then not buy more and not look at it for 5-10 years. My understanding then (and now) was th

they have probably performed similarly for you, and going forward its likely they will continue to perform similarly. so holding is probably fine. Perhaps a benefit of holding ETH is being able to stake and re-stake. for ex...


by Pride of Cucamonga k

During the pandemic I got interested in & read a lot about bitcoin & crypto in general, and decided to invest about 2% of my net worth in crypto; I told myself I was going to buy a specific dollar amount, and then not buy more and not look at it for 5-10 years. My understanding then (and now) was th

I'm not that high on ETH anymore since it can get flipped by both SOL and SUI. BTC FOMO will be in high gear soon. I'd go all BTC. BTC is a sure thing for the forseable future.


by Pride of Cucamonga k

During the pandemic I got interested in & read a lot about bitcoin & crypto in general, and decided to invest about 2% of my net worth in crypto; I told myself I was going to buy a specific dollar amount, and then not buy more and not look at it for 5-10 years. My understanding then (and now) was th

I don't claim to be a crypto expert and I can't explain why but ETH is definitely not the hot thing these days. In fact, its quite possible if you bought ETH during the pandemic, you're down money. With any store of value, there's some amount of it that just comes down to what the larger public believes, and right now, they believe in BTC. It might reverse...but I wouldn't hold my breath. If you asked my advice, I'd have it all in BTC, but that could very well be the definition of selling low, buying high.



by MSchu18 k

well... if you bought in at 9k, the celebration has never ceased the entire time.

Just reading this reminded me of when I bought my first bitcoin.

Was just after the first attempt by the Winklevoss's at an ETF got rejected.

All I wanted to do was play poker in the US and moving money online was insane, until I discovered BTC.

Haha I remember getting checks from made up companies, due to poker operators being under some heat (I think it was bovada or acr don't remember), and hoping they we're good when I went to cash them in at the bank before BTC, jfc what a mess that was.


The mailed check days after Black Friday were brutal. You’d wait 3 months for a check and really hope it didn’t bounce.


I remember cashing checks at bank (WF) and the banker was asking me what the check was from as I was like 19 years old with a check from singapore for a few grand... Crypto definitely useful.


Haha. I was living out of town having just finished college for some of that time period, but certainly didn’t want to go through the hassle of changing address, verifying, all that. So I had my mom deposit a few for me into my account. She wasn’t really on board.


I remember reading on the poker website, it's suggestion, that you try and deposit via the auto teller at the bank drive through so you don't have to answer questions lol.

Maybe 3 or 4 times the checks got rejected by the auto teller and I had to drive around town till I randomed into one that would take it.

By extension from that, I can recall being unreal nervous the first time I sent BTC online, thinking it would confirm in like 10 mins. I'm sure I set the tx fee way to low and it took like 2 hours. I was sweating that out like crazy thinking I threw away money for no reason.


95k on some exchanges


Through 96 and possibly verting straight through 97.


98


100 and FOMO goes into high.


Hey guys, hope you're all well.

Looking for some bitcoin advice. I have made a similar post in the what should I do with my investments thread. But here I am looking to pick your brains more specifically about bitcoin and microstrategy. I will add in my current situation.

Country I live in: UK
Income: $2-$8k a month
Risk tolerance: Very high
Debt: $0
Monthly expenses: $1-1.75k

I have recently got into investing and am doing quite well so far (as are most people in this bull market).

I don't own any property and my only assets are my investments. I keep my poker bankroll separate from my investments and every day bank account. I withdraw from my poker bankroll every month to cover my expenses and aim to keep increasing my bankroll over time. When I have a good month I add more into my investments, which I can do most months.

When I first started off I invested mainly into the S&P 500 and a global index on vanguard. These provided reasonable returns. But I have since become more aggressive and gradually started buying more individual stocks. After learning more I have realized keeping a lot of capital in fiat is kinda stupid, as it devalues a lot over time. After learning more about cryptocurrency and bitcoin I have decided bitcoin is a good long term investment. Because I am from the UK I cannot invest in spot bitcoin ETFs because our country is backwards and still in the feudal age. I am nervous about holding physical bitcoin and it seems stressful have a hardware wallet and then having to hide your seed phase somewhere, stamping it onto metal and hiding it it the walls or something. So I did more research and the common consensus seems to be to gain bitcoin exposure in the UK the best option is to buy microstrategy.

This is what my portfolio currently looks like:

Microstrategy 50% - average share price $378 - currently up 39.4% on my investment
ASTS 25% - average share price $25.09 - currently down 4.8% on my investment
S&P 500 25% - up obviously, recently took some out to put into microstrategy

I feel like asts is a great investment. When they get their stuff up into space and get that full coverage I would like to think the share price could go as high as $200 a share.

What do you guys think? Am I crazy? My plan is to keep going and when adding to my portfolio 50% microstrategy, 25% asts and 25% s&p500. The s&p500 is kinda like a safety net I guess.

I would love to know what you guys think about microstrategy, is it pretty much just as good as holding bitcoin, or do I need to get bitcoin and keep them offline? Do you guys think keeping 50% of net worth minus poker bankroll in microstrategy/bitcoin is ok?

I appreciate all insight or opinions.

Thanks.


★ Recommended Post
by Ukay k

Hey guys, hope you're all well.

Looking for some bitcoin advice. I have made a similar post in the what should I do with my investments thread. But here I am looking to pick your brains more specifically about bitcoin and microstrategy. I will add in my current situation.

Country I live in: UK
Income:

There's nothing wrong with 50% of your profile in some type of crypto sector. Mining stocks are another thing that you may want to look at.

.

This is 4 years old but you get the idea of how much BTC outperforms traditional assets.


MICROSTRATEGY second most bought stock on Hargreaves Lansdown in the UK last week (1st place was Tesla)



Price DROPPING lol keep holding right? Microstrategy is legit and not a pyramid scheme? My friend is saying its a pyramid scheme.

Edit, thanks raiders72001. New to this game and appreciate your input!


Tooth?


by Go Get It k

Just reading this reminded me of when I bought my first bitcoin.

Was just after the first attempt by the Winklevoss's at an ETF got rejected.

All I wanted to do was play poker in the US and moving money online was insane, until I discovered BTC.

Haha I remember getting checks from made up companies, du

by tarheels2222 k

The mailed check days after Black Friday were brutal. You’d wait 3 months for a check and really hope it didn’t bounce.

by Brokenstars k

I remember cashing checks at bank (WF) and the banker was asking me what the check was from as I was like 19 years old with a check from singapore for a few grand... Crypto definitely useful.

This was my introduction to BTC too. I did the singapore checks for a while, and then some sites wanted me use MoneyGram while I was traveling which had disgusting fees and small limits. Sometimes it would even be like $300 max and ~$50 fees, not to mention spending 30+ mins in a sketchy checkcashing places, often in countries where i didnt speak the language. Btc was a godsend.




by Ukay k

Price DROPPING lol keep holding right? Microstrategy is legit and not a pyramid scheme? My friend is saying its a pyramid scheme.

Edit, thanks raiders72001. New to this game and appreciate your input!

My suggestion would be to still take the steps to learn self custody and handle it yourself. There is certainly more risk of loss of asset, but there are plenty of suggestions out there for safeguarding seed phrases, making sure you're never compromised, multisig, etc.

MSTR is your second best way of gaining exposure without having access to the ETFs, and the stock should keep doing really well in the long run, in theory. But as Michael Saylor says, there is no second best.

Also, MSTR is neither a Pyramid Scheme or a Ponzi Scheme, as many people like to claim. MSTR is a fiat leverage and stock dissolution strategy where the value is built on a treasury reserve of continued BTC accumulation and hodling.

Not your keys, not your coins.


by Ukay k

Hey guys, hope you're all well.

Looking for some bitcoin advice. I have made a similar post in the what should I do with my investments thread. But here I am looking to pick your brains more specifically about bitcoin and microstrategy. I will add in my current situation.

Country I live in: UK
Income:

Re: Stress of storing seed phrase. If you don't use Shamir backup, then you can make your own from a normal 24-word seed phrase.

Eg:
Words 1-16 in one location
Words 1-8 and 17-24 in one location
Words 9-24 in one location


Refresh my shitty memory, wasn't toothsayer a huge bitcoin antagonist?


Correct. He got banned from this thread until bitcoin drops to 15k (or something around that number).

Not looking good for him/her. I think he should be unbanned at 100k for lols

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