This is what a friend told me. I bought back at $9k in 2020 and at the time I was quite nervous and questioned if I was buying at the right time. I watched it go up to $12k and then drop down to $10k. At that time, it was stressful.
This post is for anyone who is questioning if they are getting in at the right time. In a few years, people will say, "You bought in 2021? Wow, you got in so early!"
PLEASE be incredibly wary of the massive influx of Youtube Crypto Gurus who are selling you their "TA"/analysis, often with manufactured and over excited speech.
Many of you have just started out investing in Cryptocurrency.
Congratulations! You are a relatively new adopter.
Naturally you are seeking guidance about investment strageies; for example, "Which coins should I invest in?" "When is the best time to buy?" "Which technical charts should I look at if I want to Day Trade"
Stop.
Right
There.
Investing in crypto is an incredibly simple process.
That's it. Technical analysis ONLY benefits the people who are selling it to YOU. You cannot predict this market with exotic sounding extensions. Read more about why TA doesn't work in Crypto, if you want to learn more.
The sharks and manipulators will encourage you to sign up for their ultimately useless classes and use their BONUS codes to sign up for devastating leverage trading on various platforms which WILL eventually leave you with nothing. But why? Well, There is a reason why they push this in EVERY video they make.
They want YOU, the naive newcomer to make moves and trade as much as possible using bonuses they have available on certain sites and to sign up to their classes which DO NOT WORK.
They want encourage you to trade and make THEM money. It's a very obvious game and it nets these disgraceful people hundreds of thousands, if not millions in referral revenue, donations and sign ups.
Bitcoin is a FANTASTIC investment, but that's all you have to do.
That's it. Please do not get scammed.
I have seen too many innocent victims fall for these ridiculous Yutubers shilling strategies only to line their pockets.
Watch these videos for entertainment purposes only. TA in Crypto is essentially, Astrology. Read and keep aware of what's happening in the world and the markets IF you are a trader. But, again. Don't trade. Buy. Hodl. Wait.
You have the same odds using a Ouija bored to predict what is happening, but you have almost a guranteed success rate if you just buy and hodl.
Buy Bitcoin. Zoom out. Relax and wait.
Stay safe.
Help India fight the Covid emergency!
With the Covid-19 situation escalating in India faster than anyone expected, an unprecedented health crisis arises.
We decided to build covid.lastbit.io to help the crypto relief fund in India, with the mission to help them alleviate the Covid crisis in India by helping them get funds to provide healthcare and essentials to those suffering from the pandemic.
We built the site on top of the Bitcoin Lightning Network which means we enable anyone to donate anything starting from a few sats or cents. This wouldn’t be possible without this technology.
Help us help them. Every sat counts.
Let’s show the World what this community stands for!
Currently global wealth distribution looks like this:
Top 1% holds 41% of all wealth
Next 8% holds 42% of all wealth
Next 23% holds 14% of all wealth
Bottom 68% holds 3% of all wealth
If bitcoin were to be distributed in the same way this is how much btc each of those groups would own (assuming a population of 8 billion people).
Top 1% would own 8,610,000 btc (0.1076 btc per person)
Next 8% would own 8,820,000 btc (0.0137 btc per person)
Next 23% would own 2,940,000 btc (0.0015 btc per person)
Bottom 68% would own 630,000 btc (0.0001 btc per person)
Owning 0.1 btc ($5,500 today) would put you in the top 1% of the global population should bitcoin become used as a global reserve currency.
We are still so early!
I’m a silver and gold stacker and BTC sat stacker. Selling all the bullion for Bitcoin. In satoshi we trust.
WoW!!! MicroStrategy just doubled their bet. See:
BITCOIN ACQUISITION
In Q1 21, purchased ~20,857 bitcoins at an aggregate cost of ~$1.086 billion with an average purchase price of ~$52,087 per bitcoin, inclusive of fees and expenses. This includes the proceeds from $1.05 billion in convertible notes issued in Q1 2021 at 0 bps coupon and 50% premium.
As of 3/31/21 the company holds ~91,326 bitcoins at an aggregate cost of ~$2.21 billion with an average purchase price of ~$24,214 per bitcoin, inclusive of fees and expenses. The carrying value of our bitcoin holdings is $1.95 billion and reflects $264.8 million in cumulative impairment charges, which is reflected as a loss on our GAAP income statement in the period incurred.
In April 2021, purchased ~253 bitcoins at an aggregate cost of ~$15 million with an average price of ~$59,339 per bitcoin, inclusive of fees and expenses.
The company currently holds ~91,579 bitcoins at an aggregate cost of ~$2.23 billion with an average purchase price of ~$24,311 per bitcoin, inclusive of fees and expenses.
The market value of the company’s bitcoin holdings is ~$5.1 billion and is calculated based on the company’s current bitcoin holdings of ~91,579 and the market price of bitcoin of ~$55,492 at 4 PM Eastern Time on 4/28/21.
Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!
If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.
Join us in the r/Bitcoin Chatroom!
Please check the previous discussion thread for unanswered questions.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered.... I believe that banking institutions are more dangerous to our liberties than standing armies.... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
- Thomas Jefferson
Satoshi Nakamoto took the power from the banks restored it to the people, to whom it properly belongs.
Like the title says,
If you had the cash in the bank right now would you stick it all in bitcoin, or would you split it up between bitcoin and a traditional IRA?
Why or Why not?
I'm working to develop an algorithmic code methodology which will be "easy" to code and arbitrarily difficult to hack.
My ultimate goal is to provide a framework to create smart contracts without a need for anything like the Ethereum blockchain.
In order to test this I provide hacking challenges with BTC private keys embedded in hackable lock boxes.
My latest challenge is labeled 4.0 and you can find all the details here:
---------- Update -----------
Ethereum provides a hack proof way to run algorithms at great cost.
The algos running on the Ethereum blockchain are hack proof because they are independently verified by nodes on the network.
It is thought to be impossible to create actual hack proof code. That's why you need something like Ethereum.
However, I have a software methodology whereby it becomes VERY hard to run algorithm code in the WRONG way. That's the nature of hacking an algorithm.
It is not necessary to make an algorithm absolutely impervious to hacking, merely to make it so expensive to hack that the value which the algorithm represents or protects is safe.
Reports on many past challenges are available at this website as well.
Don't worry about being late to the party because you are not.
What a roller coaster ride !!!!! I am on the Ballot for Public Advocate !!!!
For those here who don't know me, I had a small Bitcoin business company in 2013 New York City with more than 150 stores in the Bronx and Upper Manhattan and the BitLicense was promulgated. I have been pissed ever since. The corrupt judge never looked at the case: https://www.article78againstnydfs.com/press.php
It has been a roller coaster to get on the ballot.
Page #3 .... Right there ... https://vote.nyc/sites/default/files/pdf/candidates/2021/ContestList_6.22.2021_PDF_PrimaryElection_4.27.2021_.pdf
They tried to kick me off that ballot ... they tried, and I made it! Fuck them, and you can quote me!
And regarding the other person, Paperboy Love Prince, quoted in the WSJ:
"The service would run on blockchain and employ locally-mined digital currency. [...] The profits, the resources that come from them will go back to the citizens."
The ride from HELL !!!! This is pure joy right now!
We have more coming out but now we need your help to tell the story out there.
I feel joyous ! Fuck yeah !
If you are in New York City, contact me, +1.718.701.0140
Theo
On 04.25.21 BlockFi issued an email to their clients informing of additional rate drops and new restrictions. For example: 1 BTC was yielding 6% and as of May 1st (with less than a week of notice) BlockFi will reduce that to roughly 3.5%. Classic bait and switch.
In response I’ve moved to withdraw half of my BTC from BlockFi. After processing my 3 factor withdrawal, BlockFi has flagged my deposit and demanded that I provide live biometrics for them to review. They’ll contact me in a few days about the biometrics and about THEIR DECISION to let me withdraw.
In conclusion, HODLers “told me so” and if you’re currently using BlockFi take notice. While I’m confident that I’ll part ways with BlockFi in possession of all my funds, I’ll also do so knowing the presence of red flags that most often associate to bad liquidity. I wouldn’t be surprised if BlockFi is delaying in order to gather liquidity.
Feel free to drop your “I told you so” below. Life lessons.
A ton of people in the chat were losing their minds yesterday and the whole chat went from talk of hard, immutable, decentralized, trustless, non inflatable, peer to peer money to "oh mr rich billionaire please buy back your bitcoin" as if we need the elite to buy bitcoin in order for bitcoin to be successful. When in reality the elites just saw why they need to buy bitcoin in order for their own businesses to be successful. So in this post I'm telling you guys why Tesla selling their bitcoin actually just made a bunch of CEOs and high net worth individuals realize that they need bitcoin and why this is actually really bullish.
So Tesla sold 10% of their bitcoin and this is actually a good thing because the reason they bought it in the first place was to be a store of value as opposed to the usual parking place for corporations money which is treasury and corporate bonds. This is one of the first steps of many on the road to bitcoin disrupting bonds. We're talking about a market that is upwards of 100 plus trillions of dollars in market cap. A market that Tesla just displayed is out of date.
Tesla needed a place to park cash and instead of parking it in bonds even though it was fairly short term they still had capitol appreciation. First of all because we're in the middle of a bull run and supply shock but the government has also printed money since then so in addition to them getting money out of the fiat system and dodging inflation it also helped that there's a large wave of adoption right now. But the most important point Tesla proved is just how liquid this market is on a public stage.
Even though bitcoin only has a 1 trillion dollar market cap they were able to move 1.5 billion in and a few months later move a couple hundred million out just like nothing ever changed. If they never announced they were buying or selling in the first place we wouldn't have even noticed a whale was in the market. This demonstration proves the legitimacy of this market and just how liquid it is to other companies as well as big hedge funds, pension funds and even governments. They just proved a 1 trillion dollar market isn't too small to get into contrasting what many big funds and deep pockets otherwise thought.
Not that we need the big guys and elites because bitcoin has worked just fine for over a decade now and it'll keep working just fine for many decades to come. But many deep pockets have known that they need to be in this market for years now and they were just shown that the time to enter has come. Even though we'll be fine without the elites I don't think any of us mind a bunch of money flowing in and pumping our bags as they all desperately try to get exposure after we've front ran them for years.
Another bullish part of this whole thing is that on Twitter we had "Dave Day Trader" come in and say "So am I understanding this correctly? elonmusk buys bitcoin. Then he pumps it. It goes up. Then he dumps it and make a fortune. Listen I own 1 bitcoin but bitcoin is exactly who we thought it was. Just don’t be last 1 HODLing the bag." Which is already super misleading because Tesla didn't even sell all their bitcoin, they sold 10 percent. They even noted they still believe in bitcoin long term. They bought bitcoin to store money so it wouldn't get devalued from inflation and decided to use it later on. Meanwhile its value had actually increased because it was safe from the devaluation of inflationary fiat. If this isn't bullish idk what is. Tesla literally just proved the whole purpose of bitcoin to other corporations for hundreds of millions of people to see and you know Apple, Amazon and Facebook are now asking themselves "why are we still buying treasuries when we can buy bitcoin and have it increase in value to inverse inflation and even collect yield on it from lending it out?" Not to mention that if your company buys bitcoin and then you tweet that you bought bitcoin you'll literally boost the adoption and have a nice little buffer and margin of safety cause the price would go up a few percent.
But the reason I bring up that tweet is because of Elon's reply. "No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet." So not only did he announce he personally holds bitcoin which is new news that I don't believe we knew. But honestly who is surprised that one of the founders of PayPal holds bitcoin..
But he states that they did that to prove that bitcoin is and alternative to holding cash so they're probably using their cash from the proceeds to fuel future expansion just like any other company normally would but instead of buying negative real yielding bonds they bought bitcoin and actually ended up with more appreciation than they would've if they bought bonds and not to mention that even after the announcement that they sold some bitcoin the price of bitcoin is still in tact further proving this markets legitimacy. The market is still volatile for sure but this just proves that over time bitcoin is a viable place to store value.
Like I said, I know we already knew this fact for years and we don't need billionaires coming in and speaking on our behalf but nonetheless the elites and billionaires adopting it is just a normal part of bitcoin's adoption. If anyone just does the slightest shred of research they would see that this market is very liquid and billions and billions of dollars worth of bitcoin are traded daily but its important that it was on display for the rest of these corporations to see that this is a better option than bonds and you actually can move in and out of this market with ease and get a better return than bonds.
So to the people who were freaking out on in the chat yesterday, this is bullish. This proves to other CEOs and probably hedge funds and pensions and governments and any other deep pockets that yes... this is a viable option and this only furthers the adoption of bitcoin this was a demonstration to trillions and trillions of dollars that hey this asset is just fine. We already knew bitcoin was a good use for of store of value but if and deep pockets had their doubts, they don't anymore. This is even more reason to believe we'll see more and more institutional adoption.
TLDR So yeah I just wanted to make this post because a bunch of people were freaking out and I'm sure some new guys out there sold their bitcoin because of this. You just gotta look at the bigger picture here and the implications of this stuff. People like Michael Saylor and Elon Musk are out here showing deep pockets that it's all good and they can "come on in the water is fine" and not only is the water fine but the water is actually better. Because you cant print away our purchasing power over here because the more they print the higher our bitcoin goes. That's what this all boils down to. The money printer go brrr and scarce assets go up and this was all just demonstrated to companies with trillions of dollars of negative real yield. This is actually huge. Anyway I could talk about this stuff forever. I'm all fired up now. Y'all have a good one and keep stacking.
Meal Venezuela is now one month old, and for now we've delivered 3,3 tons of food to people in need in Venezuela to help them, specially to older people, women and children, who are unable to work and are suffering the impact of the humanitarian crisis that has affected our country for years now.
The project has received a lot of funding through Bitcoin.
Bitcoin has helped us a lot, as people have send BTC to us to buy food to people in our community. We can only be grateful to everyone of them who have also shared our tweets and our website.
Some pictures from yesterday :)
https://i.redd.it/tayduycboqv61.jpg
https://i.redd.it/bqjzyncboqv61.jpg
https://i.redd.it/pyai3qcboqv61.jpg
https://i.redd.it/7hal6pcboqv61.jpg
https://i.redd.it/72yvnycboqv61.jpg
https://i.redd.it/ybbw9pcboqv61.jpg
https://i.redd.it/6wii8ocboqv61.jpg
Edit: To explain the second point a little bit as there is a lot of missunderstanding. If I sell now, almost the entire price is my gain. I have to pay 39% tax in Slovakia (this is true even if it is unbelievable for someone). My goal is to have more BTC, not more fiat so BTC have to drop more than 40% to make this trade profitable for me. I am not a trader so I do not believe I can time the top and the bottom of the cycle, nobody really can. So my strategy is to hold it until I can retire earlier or I really need the money. Even then I will only exchange what I really need.
This was the first any only time the bitcoin core has been hacked (please tell me if I'm wrong about that). And it was spectacular. At 6:08 pm that day, Jeff Garzik (on the bitcoin core dev team) reported that "The "value out" in this block #74638 is quite strange: 92,233,720,368.54 BTC?" An attacker had taken advantage of an unforeseen check transaction overflow error.
2.5 hours later Gavin Andresen had a patch to fix it. 30 minutes after that Satoshi posted the patch the devs ended up using. But how do they implement this major change in the code (which includes instructions to ignore all existing blocks after #74637) without hard forking to a shorter version of the block chain? Satoshi asked everyone to stop generating blocks, but it was pointed out that the community was just too big and distributed by this time to expect quick voluntary action on anything. Satoshi then gave step by step instructions on how to create a new blockchain by applying the patch and then downloading a backup of the blockchain to block #74,000 and restarting the client to restore the remainder of the blocks, ignoring anything after the last "good" block.
Then it was a race to generate blocks faster with the patched code than the original block chain, which was still generating blocks of its own. The core code with the longest chain would ultimately win. This was no small task. Implementing the new chain with the patched code was not as simple as pushing an "Update" button. It would take some time and effort from a lot of miners to fix this problem.
By 2:00 am the next morning it finally looked as though the new block chain had more hashing power than the old one. After just 50 blocks were generated, the new chain took the lead. Fortunately there were devs and users active on the forum who had a relatively large amount of hashing power.
I find it fascinating how brittle the early days of bitcoin were. I had just always assumed that once the core was published, it was a Satoshi Magic done deal.
And I couldn't be happier. I was talking to her late on Friday night when bitcoin was around 49k, saying I wish I had some more extra cash because right now is the time to buy more. Turned out she made a coinbase account that night about bought 30k of bitcoin and just told me about it 10 minutes ago. I always knew she believed in me! I love you all 🙂
To paraphrase, this is what he said: "We were looking for a place to store cash trying to get good returns while also trying to preserve liquidity. The traditional options we looked into had low yields and involved taking some risks or sacrifice liquidity. Whereas with Bitcoin, we are pleased with the liquidity in the market and it was a good decision to buy Bitcoins. We are optimistic about Bitcoin for many reasons and it is out intent to hold our current Bitcoin position and continue to accumulate Bitcoins from customer transactions as they purchase vehicles."
