Bitcoin ?!

[vecino]

I understand what you are saying, and I completely agree.
I was going to talk about it, but it is very difficult for me to express myself because I have to use an online translator with the English language.
Although, yes, you are right, you have to try to prepare yourself to live an era without banks and without the system as we know it today.
I have looked for a piece of land in a remote village near some mountains and I plan to prepare it to live there with as little as possible and not need anything from outside.
It is not a joke

 

[rabbitBUSH]

. I would much rather have my wealth invested in crypto currencies (even with a temporary 50% drop in price) rather than in a pension fund that won't be there when I need it. Just one guy's opinion.

Ja...Ok...so I Invest in BTC hang on then sell.....Show me the money...as the film says.....or...how is my purchasing power redeemed so I can go to the supermarket, buy a car etc....of course in the interim pre-apocalypse zone. Since fiat is still a small person's fantasy.

 

[Diceman]

Ja...Ok...so I Invest in BTC hang on then sell.....Show me the money...as the film says.....or...how is my purchasing power redeemed so I can go to the supermarket, buy a car etc....of course in the interim pre-apocalypse zone. Since fiat is still a small person's fantasy.

I'm using Bitcoin for retirement and to get my money out of the banking system and also to grow my nest egg. You want to use Bitcoin for cash purchases at the supermarket and I think it's too valuable for that. It's like taking your $20 1930 gold piece and plunking down at the supermarket to buy your groceries. You can certainly do that if you want to. I wouldn't do it even if they converted the 1oz gold coin to $1900 USD because I know gold will be worth more in a year or two. When people spend money, they always use their most worthless currency, the one that is depreciating the most. In Venezuela where they have high inflation (if you consider 1 million percent inflation considered high) they use their local Bolivar currency for purchasing food at the local market and hoard U.S. dollars because the US dollar keeps increasing in value wrt the Bolivar.

When I was at my bank a couple of years ago I was talking to the teller about seniors who bring in silver coins and exchange them for paper dollars. The teller smiled and said, "Yes we get them doing that from time to time.". I asked her "How much do you give them for their silver dollars?". She replied, "Oh we just exchange them at par". She was smiling because if the seniors were dumb enough to hand over silver dollars worth $20 each and get only a paper dollar in return, then the bank is not going to tell them how much it's really worth. The onus is on the customer. Maybe it should be called a tax on the stupid. The teller could have been pocketing the silver herself and replacing it with ordinary fiat.

But if you really want to spend your crypto, there are debit cards backed by Bitcoin and other crypto currencies. You transfer your BTC to the card and the card acts as a crypto wallet. You use the crypto debit card anywhere you can use a Visa debit card, at around 10 million locations worldwide. The merchant does not know it contains Bitcoin and at time of purchase your Bitcoin is automatically converted to the local currency at the time of the transaction so you are never storing fiat. With some of these cards you can also draw cash out of ATM's. See 17 Best Crypto Debit Cards

The governments around the world, when they roll out UBI (universal basic income) in a year or two, will be using their own crypto currencies created by their central banks and will be sending the payment to your government crypto wallet on your phone. They have been working on this for the past 2 years. When you go shopping you use the wallet on your phone for payment. There will be no more cash because the globalists don't want you to take your money out of the bank and stockpile it. They can even force you to spend your UBI benefits within 30 days in order to stimulate the economy, otherwise they will disappear. They want total control of your purchases and they will get it. We are headed into a new Orwellian world and you're not going to like it regardless of what Klaus Schwab says.

Give Klaus Schwab a monocle and a German military uniform, and he could pass for Colonel Klink from Hogan's Heroes.

 

[udg]

Unfortunately I agree 100% with @Diceman . I share with him the same fears, vision and bad expectations for a future that is anything but future; it is present time.
But there's a consideration that makes me feel even more worried and pessimistic.
Those controlling our governments have the power to set rules that could easily contrast our attempts to preserve ourselves.
We buy goods like gold or land? They rule for expropriation.
We move to "unofficial" (i.e. not managed by them) crypto currencies? They turn off the Internet and activate a controlled twin where they can "see" anything.
You are felt as a "bad guy"? They switch off your digital identity (the only one accepted as an identity) and you simply become non-existent.

My hope is on groups like Anonymous and any other dark-web techie who are competent enough to find the weak spot in the Big Brother nightmare and, one day, destroy it.
Freedom is the most important word in our vocabulary. Let's behave in order to make it live and not a simple, meaningless 7-characters word.

 

[vecino]

Ja...Ok...so I Invest in BTC hang on then sell.....Show me the money...as the film says.....or...how is my purchasing power redeemed so I can go to the supermarket, buy a car etc....of course in the interim pre-apocalypse zone. Since fiat is still a small person's fantasy.

Obviously, nobody goes with a gold ingot to buy bread.
But, for example, as I mentioned before, my co-worker has bought a piece of land and built a house with a pool, and to pay for all that he has used some BTC that he bought when they cost 50 dollars, now they are worth millions, but simply the keep for when you need it. Thinking about retirement.

 

[John Naylor]

Question for those who have a better idea about these things than I....

I bought a bitcoin ages ago for just a few ££ just to play about with it and see how it worked. I have about half of it left. Same with Eth which I have 30 of. Effectively I'm up one heck of a lot of money for almost no outlay so if (when) prices drop I'll still be way up.

Should I hold on a little longer or take the cash and run?

 

[Diceman]

Question for those who have a better idea about these things than I....

I bought a bitcoin ages ago for just a few ££ just to play about with it and see how it worked. I have about half of it left. Same with Eth which I have 30 of. Effectively I'm up one heck of a lot of money for almost no outlay so if (when) prices drop I'll still be way up.

Should I hold on a little longer or take the cash and run?

It depends on how much BTC you have and whether you need the money or not. Depending on the country you are in, when you cash out your BTC for fiat you may be subject to capital gains tax which could be significant (30%?). Remember to pay your taxes because politicians have to eat too. Besides they are the only ones working during this shut down.

I am confident that Bitcoin will correct soon (likely this month) by about 50% so if you really need the money for something then you may want to sell some of it. Consult with a tax consultant so you can reduce your taxes. A 50% drop in price is nothing to worry about if you are going to hold it for a couple more years because BTC will likely be $150k in 2 years. Ethereum is expected to rally this year and I'm expecting huge gains from it. If we see a 50% drop it will likely stay there for only 3 months or so. The demand for Bitcoin and Ethereum is growing fast.

And for goodness sake, back up your wallet. I keep hearing people have forgotten their password to their wallet, or they stored the wallet on a hard disk or thumb drive and it went bad or got lost and they are screwed. Make sure your software wallet is password protected with a good password you can remember and/or encrypted and store it on several thumb drives and keep a few of them off site. You can also use a hardware wallet like a Ledger hardware wallet. The small Ledger wallets are good enough for what you want to do (a little hard to read but it is small enough to hide it anywhere). Visit Ledger Hardware Wallet . Never ever order a Ledger or other hardware wallet from eBay or Amazon because the person selling it to you could already have set it up with a pass phrase and if you use this pass phrase they can rip off your coins within hours of you adding them to the wallet. When you get a hardware wallet you need to reset it to a new pass phrase and you're good to go. If you lose your Ledger wallet you can buy another one and use your pass phrase on the new one to access your wallet that you lost. It is really clever design. Or you could buy 2 Ledger wallets to start with.

And when sending Bitcoin from one wallet address to another double check that the address you are sending it to is indeed a Bitcoin address. When sending Ethereum make sure you are sending it to an Ethereum address. Example: If you send 500 Bitcoins to an Ethereum address, which is easy enough to do, you lose you Bitcoins. They are unrecoverable. Always triple check the addresses and it is always advisable to send a small amount of Bitcoin ($10) at first, to make sure it gets there to the destination wallet. Then send the remaining Bitcoins to the same address.

Hope this helps.

 

[canalrun]

...

And when sending Bitcoin from one wallet address to another double check that the address you are sending it to is indeed a Bitcoin address. When sending Ethereum make sure you are sending it to an Ethereum address. Example: If you send 500 Bitcoins to an Ethereum address, which is easy enough to do, you lose you Bitcoins. They are unrecoverable. Always triple check the addresses and it is always advisable to send a small amount of Bitcoin ($10) at first, to make sure it gets there to the destination wallet. Then send the remaining Bitcoins to the same address.

Hope this helps.

Hello @Diceman,
I agree with you that this might be a good time to hedge against a currency collapse. I'm in the USA and just sat through the Capital Building Storm. There is a lot of evidence that the violence was caused by Antifa and BLM protesters brought in, not Trump supporters – if that is true it might indicate even more instability.

A couple years ago I started playing with mining crypto currencies. I joined a web place, don't remember the name, that had a forum, support, and was geared toward newbies. I guess I asked too many probing questions, because I was banned for life.

I asked how to set up a wallet that would be completely under my control. They wanted you to use their website wallet, but I saw in the forum that several users currency magically disappeared once they accumulated a little.

I asked how to convert the crypto currency to dollars.

The stuff I asked was newbie, getting started, "nuts and bolts", stuff.

Can you recommend a place where I can learn about getting my own wallet, transferring between wallets, buying a currency, converting to dollars. I saw your post about debit cards – that was very helpful.

At the time I had several super PC type computers running 24 hours a day for a week. I mined a couple pennies worth. I found specialized hardware, but it was expensive and seemed to require its own power plant to operate. With its three-month shipping lead-time, it might be too underpowered to be profitable when it arrived.

Thanks,
Barry.

 

[Diceman]

Hello @Diceman,
I agree with you that this might be a good time to hedge against a currency collapse. I'm in the USA and just sat through the Capital Building Storm. There is a lot of evidence that the violence was caused by Antifa and BLM protesters brought in, not Trump supporters – if that is true it might indicate even more instability.

A couple years ago I started playing with mining crypto currencies. I joined a web place, don't remember the name, that had a forum, support, and was geared toward newbies. I guess I asked too many probing questions, because I was banned for life.

I asked how to set up a wallet that would be completely under my control. They wanted you to use their website wallet, but I saw in the forum that several users currency magically disappeared once they accumulated a little.

I asked how to convert the crypto currency to dollars.

The stuff I asked was newbie, getting started, "nuts and bolts", stuff.

Can you recommend a place where I can learn about getting my own wallet, transferring between wallets, buying a currency, converting to dollars. I saw your post about debit cards – that was very helpful.

At the time I had several super PC type computers running 24 hours a day for a week. I mined a couple pennies worth. I found specialized hardware, but it was expensive and seemed to require its own power plant to operate. With its three-month shipping lead-time, it might be too underpowered to be profitable when it arrived.

Thanks,
Barry.

Barry,
You asked all the right questions and banning you from their site probably saved you some money. NEVER store your cryptos on an exchange! (unless you are trading cryptos every day. Exchanges can disappear and the owner runs off with your money. You need to store your cryptos in your wallet that is in your possession. The old saying is true for gold & cryptos: "If you don't hold it, you don't own it."

I can recommend a very useful Youtube channel called "Crypto Dad" (Rex Kneisley) that has hundreds of tutorial videos that will take you from being a novice to an expert. From choosing the right wallet, to buying cryptos and moving them from the exchange to your private wallet. Rex has been creating tutorials for 3 years and makes learning cryptos fun with step by step instructions. You can catch his videos at Crypto Dad

And yes the storming of the Capitol blg was done by .... See Press For Truth video to find out who was behind it. I don't want to get into it here because it is too political.

Have fun with cryptos. You can start by buying $10 of penny cryptos every week and watch them grow. It makes for a good hobby and you will be able to teach your friends how to do it too. Create your own crypto club or community.

 

[josejad]

Lost Passwords Lock Millionaires Out of Their Bitcoin Fortunes (Published 2021)

Bitcoin owners are getting rich because the cryptocurrency has soared. But what happens when you can’t tap that wealth because you forgot the password to your digital wallet?

www.nytimes.com

 

[udg]

Did he try "1234"?
Anyone knows that the scrap of paper where you jot down a password should go beneath the keyboard! I've got so many passwords that my keyboard is at my eyes' level now..

 

[Diceman]

Or how about Laszlo Hanyecz who in 2010 ordered 2 pizzas from Papa John's using 10,000 Bitcoin. At current prices that is $347 million. But on a more positive note, I understand they were very good pizzas.

Laszlo Hanyecz doesn't regret his decision because he also got $500 in store credit at the time so he got some "free" pizzas which he thought was neat. There was no word from Papa Johns store manager who accepted the Bitcoin. He was on his Caribbean Island and unable to be reached. (just kidding)

Here is the story Bitcoin Pizzas

I wouldn't feel too sorry for Laszlo Hanyecz. He probably has a lot more Bitcoin stashed away somewhere.

 

[ilan]

almost doubled in less than 1 month

price today 38.249$
(on 22.12.20 it was around 23k)

 

[Diceman]

almost doubled in less than 1 month

price today 38.249$
(on 22.12.20 it was around 23k)

Yeah, Bitcoin has gone parabolic since it left 10k last fall. Newbies should wait until the price falls back to the 20 weekly Moving Average (red line) and bounces off of it. If the price falls below the 20 weekly MA and stays below it, it is considered bearish (sell). The best time ever to buy Bitcoin is when it hits the 200 weekly MA (blue line) because in the past 10 years it has only been below it for a few days then it roars back bullish. The 200 Weekly MA has been rock bottom for the Bitcoin price. The last time that occurred was March 2020 when the price dropped to 3850 overnight. People who bought in anywhere near that price made 10x in less than a year. If they were leveraged then 100x was possible. I'm hoping I will see it hit the red line within a month.

tradingview.com chart shown below:

 

[cklester]

Yeah, Bitcoin has gone parabolic since it left 10k last fall. Newbies should wait until the price falls back to the 20 weekly Moving Average (red line) and bounces off of it.

How do we track it for those moments?

Do you have a newsletter?!

 

[LucaMs]

Buy CNY!

 

[Diceman]

How do we track it for those moments?

Do you have a newsletter?!

Ha ha ha. I chuckle at the time needed to put together a newsletter every week. I used to post charts at TradingView (TV) and let people know what I think Bitcoin is going to do, but half the time when I am writing it up, Bitcoin will have broken out in the direction I thought it would, so I'd have to turf the article. I do swing trading so things change within an hour or two and you have to be relatively nimble to catch the move. There are too many people on TV writing crypto chart patterns anyways.

If you want to know when the Bitcoin price hits these averages, create a free TradingView account and the free account allows you to create an alert. You would create an alert on the weekly chart when the Bitcoin price crosses the 20 week Moving Average. The alert can send you an email or an SMS message the instant it happens. If you have TV running on a PC it can also pop up a message and sound an alarm. A paid subscription gives you 30 alerts to start with but newbies don't need the additional features. TV is an extremely well written charting package. It works with stocks, cryptos, Forex, Futures, Indexes, Economy and a few commodities.

 

[vecino]

TradingView

That's the one I use

 

[udg]

As a confirmation of what was said here before, two news recently appeared on mainstream newspapers.
ECB's own cryptocurrency will be ready in at most 5 years from now.
China is experimenting (4M transaction, value $299M) its Digital Yuan, and should be ready (february 2022) for their upcoming Winter Olympics . It will be named Digital Currency Electronic Payment and is supposed to become the only payment allowed there (no more VISA, MasterCard, Alipay, WeChat Pay..).
Surely FED has its plans too.

Some will prefer the authorithies' cryptos, others the non-centralized ones. Having both should be wiser (like today having a few currencies in your portfolio...i.e. under the mattress..).
Anyway, be ready for another great shift in our lives.

 

[rabbitBUSH]

Obviously, nobody goes with a gold ingot to buy bread.

depends on the rate of inflation - after the WW2 german people bought bread with wheelbarrows of cash

and this is not because i am particularly supporting any views and details expressed in this thread, but, I have one of these notes of cash from Zimbabwe (somewhere) - a simple search will find photos of zimbabweans' wheelbarrows ... still have friends who live there. venezuela.

you be the judge.

EDIT : what I was, and have for some time, wondering about is : if I have bitcoin bought some time ago, treated this as if a stock market item, and wanted to sell it now for cash in my pocket : how does that happen and where is the "CASH" as it were ( after all who knows how long one will be living post-retirement, for instance, and have purchasing power to enjoy it - whats the average age of the forum, again?? )

if gold doesn't back fiat currency now : what backs bitcoin / cryptocurrencies? its bought and sold using fiat? bartering? promise of a new car? promise of double your money next week? [the latter being a ponzi scheme] etc..... if BTC is backed by "confidence" then, that graph in #74 is disturbing. the whole thing is just intangible