Crypto Currency

[blayze]

You way overestimate the technical competence of the average person.

Exactly what I was going to say... put yourself in your grandma's shoes. Anecdotally, I don't even know anyone in my professional circle who is comfortable acquiring and storing digital currency.

Technical competence aside, you're also grossly underestimating how LAZY the average person is too.

[Mr. Guru]

It's a good segue to talk about digital wallets.

These current platforms are making it VERY easy for the average Joe to take the plunge but I don't think the technical skills required is the barrier to entry.

As previously mentioned laziness, comfortable, scared of change, lack of understanding and TRUST/prone to hacks would be the biggest factors.

I also think digital wallets are going to explode in 2022 and I've positioned myself accordingly.

Every single person should be transferring their savings into a digital wallet and letting their savings grow at 10% interest, paid out daily.

[doulos]

Every single person should be transferring their savings into a digital wallet and letting their savings grow at 10% interest, paid out daily.

I love the enthusiasm! It should be noted that the 10% interest does come with some extra risks and is no free lunch. Contract risk in particular is a big one, and the insurance protocols that exist right now are not quite battle hardened to be able to trust them fully. We're getting there, but there is a long way to go yet.

[Invictus]

Okay I got 5k to drop into crypto/BitCoin...

[Invictus]

I also think digital wallets are going to explode in 2022 and I've positioned myself accordingly.

I just use a credit card. Same dif no? Instead I just swipe a thin plastic instead of having to bring my phone with me.

[Mr. Guru]

I just use a credit card. Same dif no? Instead I just swipe a thin plastic instead of having to bring my phone with me.

No not quiet.

[Mr. Guru]

I would say this is a good value buy for cryptos. Bitcoin currently at 38k ish Ethereum at 2700ish.

If I was just getting started (into BTC) I would be buying at this level and hoping it goes sub 30 and buying the whole way.

I think if it can reach 17k ish that would be like buying Bitcoin in the pandemic for 3k. Generational buys don't come around too often

[forumname]

I would say this is a good value buy for cryptos. Bitcoin currently at 38k ish Ethereum at 2700ish.

If I was just getting started (into BTC) I would be buying at this level and hoping it goes sub 30 and buying the whole way.

I think if it can reach 17k ish that would be like buying Bitcoin in the pandemic for 3k. Generational buys don't come around too often

By definition, wouldn't this mean roughly once in a generation? Looking at the bitcoin chart it looks like there's been 3 or 4 of those types of 'opportunities' in the last few years.

[Mr. Guru]

Have you bought any yet?

Generational buying opportunity.....it's different in finance terms

[BreadManPanarin]

By definition, wouldn't this mean roughly once in a generation? Looking at the bitcoin chart it looks like there's been 3 or 4 of those types of 'opportunities' in the last few years.

Have you bought any yet?

Generational buying opportunity.....it's different in finance terms

Zooming out, I would say that buying bitcoin anywhere under $100k and being able to hold UTXOs on the base layer with private keys self custodied is a once in a species opportunity, regardless of whether it is at $3k, $17k, $37k or $69k.

If this plays out the way I think it will then 50 years from now you probably won't be able to buy bitcoin with fiat currency anymore, and the only way to get it will be to work for it or sell goods or services for it. Most people won't be able to afford transaction fees on the base layer by that point and will likely be using second and third layer custodial and non-custodial solutions. Owning a whole bitcoin on the base layer in self custody will be realistically unachievable in a whole lifetime to most people of that time.

[forumname]

Have you bought any yet?

No, still zero crypto for me.

I'm open to being convinced otherwise, but I just can't get past how much the whole thing just feels like a pyramid scheme. Every crypto "investor" I've ever met sounds like a salesperson when they talk about it, trying to get new people into the game to drive prices up further. What happens when you run out of new speculators?

[BreadManPanarin]

No, still zero crypto for me.

I'm open to being convinced otherwise, but I just can't get past how much the whole thing just feels like a pyramid scheme. Every crypto "investor" I've ever met sounds like a salesperson when they talk about it, trying to get new people into the game to drive prices up further. What happens when you run out of new speculators?

Most "crypto" investors are salespeople. They want to pump the bags of whatever coin they are invested in. And most of them have done little to no actual research on what they are shilling, because for most of the "cryptos" there really isn't much research to be done in the first place. Thus, you should take with a grain of salt every single thing that I or anyone else says, except this:

You should do 50-100+ hours of in-depth research into what bitcoin is, how it works, what problem it fixes, and how the game theory of its global adoption theoretically plays out. You should not buy any until you understand why you and everyone else in the world need it.

Bitcoiners come off as rabid evangelists because they have found something they truly believe is more important than basically anything else except family and God.

And I'm pretty sure they're right. But that's only because I've spent 500 hours studying it, not because I trust anyone else's opinion.

[Mr. Guru]

You were skeptical at 3k per Bitcoin when I started this thread and still skeptical today. Nothing wrong with that and to each their own obviously.

I'm too exhausted trying to convince new investors to get in the game.

To me the writing on the wall is pretty obvious so I'll just leave it at that.

[Mr. Guru]

Most "crypto" investors are salespeople. They want to pump the bags of whatever coin they are invested in. And most of them have done little to no actual research on what they are shilling, because for most of the "cryptos" there really isn't much research to be done in the first place. Thus, you should take with a grain of salt every single thing that I or anyone else says, except this:

You should do 50-100+ hours of in-depth research into what bitcoin is, how it works, what problem it fixes, and how the game theory of its global adoption theoretically plays out. You should not buy any until you understand why you and everyone else in the world need it.

Bitcoiners come off as rabid evangelists because they have found something they truly believe is more important than basically anything else except family and God.

And I'm pretty sure they're right. But that's only because I've spent 500 hours studying it, not because I trust anyone else's opinion.

You sound like me 2 years ago. I love it. You'll get bored saying the same shit over and over though. Especially to your close family/friends/coworkers.

[BreadManPanarin]

You sound like me 2 years ago. I love it. You'll get bored saying the same shit over and over though. Especially to your close family/friends/coworkers.

Hah, indeed. It does get tiring. You can lead a horse to water, but you can't make it drink.

Some people will be skeptical at $500, $5k, at $50k, at $500k, and at $5 million.

Others will do the work needed to understand what is going on.

In the end everybody will buy bitcoin at the price they deserve.