Buying bitcoin at 62k
- Thread starter Tanjiro B
- Start date
- Oct 11, 2013
- 524
- 422
Yeah, I have been seeing the same kind of talk since 300.
- Apr 25, 2011
- 19,848
- 28,295
This.
- Oct 9, 2013
- 3,471
- 14,474
Why does money need to be pinned to an asset of real value? I don't think value in and of itself is important for a money - we mainly need money as a medium of exchange - money does need to have specific qualities though - it needs to be scarce, it needs to be hard to copy, it needs to be easy to store over time and it needs to be easy to transfer over distance - using an "asset of value" is just a means to an end for ticking off those features, or using an IOU for an asset of value is a workaround to satisfy those requirements more efficiently.
However, using a digital currency such as BTC is a far more efficient way of satisfying all the needs of a sound money without having to use workarounds for want of a better system. BTC is essentially "Digital transformation" for money; making use of technology to improve what was previously an inefficient system.
And that is really where BTCs value lies. Of course this is just my opinion and I am investing in the technology accordingly. I might be wrong. Who knows. But we will see.
I don't know much about ADA, but I am with you 100% on the BTC front.
Also, well done on this one! So you bought at $62,000, at the time of this post its now $67,444 so you made almost 9% profit in 4 days? Not too bad.
Of course it depends if you actually realise that profit or not, by selling, and whether you do that depends if you are in it for short term or long term but none the less, good shout
People say this all the time about 'real value'..
But what *IS* real value?
Let's look at some other assets.
Gold..
It has "real value". Or does it?
Today it does, but why? Does it have some intrinsic magical value?
Or, is it just useful for people in the world today?
The reason gold became valuable was because it's shiny and it's malleable.
You could melt it down and make shiny things.
People liked shiny things. It made them feel.. important.
So it was used to melt down and make coins, because it had this "intrsinic value" of being shiny and making people feel important.
That's really it.. Because it's fucking shiny. lol.
It does have some uses in electronics, but 80% of its use today is in jewelry.
What about property?
Property is stone, bricks, glass, metal.
It's only useful today because we can build houses of it.
Take a $50 million house and put it on mars.
Does it still have value? Or is it just a pile of metal and rock.
What's the value?
The value is it's in a location that has other benefits. A nice view, shops nearby, people nearby, low crime, transport, schools etc.
It really has very little intrinsic value.
The conclusion here is that really NOTHING has intrinsic value.
Things have value when people find them USEFUL and they have a purpose. When they make our lives better in some way.
1) Gold: Makes our lives better by feeling more important. Shiny object.
2) Stone/brick/metal(houses): Makes our lives better by having a nice place to live. Feeling important, feeling safe, feeling comfortable, convenience in location.
Another important thing here is SCARCITY.
Roses are beautiful. They're not scarce. If they were super scarce, they would be incredibly expensive. They also die.
Glass is fairly beautiful. But it's not scarce..
So for something to have long term value it needs
1) To be useful. To have some sort of value to the economy/people within the economy of the time. It needs to improve their life/wellbeing in some way.
2) To be scarce.
Is bitcoin useful?
Yes, very. In many many ways. It's incredibly useful and becoming even more useful. It's a unique, established and proven technology. It's proven to be secure. It's proven to work. It's proven to be decentralized. No one can control it or manipulate it. Its usefulness is ENORMOUS.
Is bitcoin scarce?
Yes, fundamentally.
So anyone that talks about it not being real, or not being tied to a physical asset, really hasn't thought about WHY a physical asset even has value in the first place.
Basically, a physical asset does NOT have value because it's physical. It has value because it's USEFUL.
Gold is expensive because it's USEFUL and it's SCARCE.
Bitcoin is expensive because it's USEFUL and it's SCARCE.
Physical or non-physical are completely irrelevant. They don't even enter the equation. The world is full of physical things that have no value.
Really, the whole non-physical asset having value thing should be completely put to bed if people just break down what causes value in the first place. Essentially value = ax^3 * by^2 * cz where x is scarcity, y is usefulness and z is security, or the ability to prevent someone from taking that value easily. If security is ultra low, like 0.000000001, then the value will go to zero. If value is low, 0.001, then it'll go to zero faster, because 0.001^2 is 0.000001, and if scarcity is < 1, then the impact is even greater since it's a cube.
Australiantree
Newbie
- Dec 20, 2023
- 23
- 5
I would keep an eye on Sp 500 too. Seem like bitcoin is connected when sp 500 and panic set the bitcoin also dump
Fragmaster
Senior Member
- Apr 3, 2016
- 986
- 1,445
Oh boy, bull run equals guru time. There will be significant amount of Tai Lopez types claiming wisdom and foresight.
Just as a warm up to sell you their useless course.
Musical chairs game, get in quick, exit even faster.
Just as a warm up to sell you their useless course.
Musical chairs game, get in quick, exit even faster.
- Oct 9, 2013
- 3,471
- 14,474
90% will lose money in the bull. 10% will profit.
If you want to build future wealth, then just buy bitcoin and never sell. Focus on making money and putting profits into bitcoin. Simple as that.
If you want to make bigger gains, then you need to take the risk and enter the altcoin market.
For you to make a 10x on $10k, you need 9 other people losing $10k each.
Bitcoin is different as it's actually a real asset that's only going to keep growing year on year as it has done for the past 13 years.
There are other great projects, but the only one that's guaranteed at this stage is bitcoin. It's 100%. It will not fail at this stage. We are past that. It's way too big with way too much energy in it.
Reading this thread it's crazy how a lot of people still do not believe in crypto or is uneducated in crypto (mostly this). Just shows how closed minded people really are in this world. If you ever dealt with a bank or moved money throughout the banking system you will see how flawed it is. Retail investors still haven't went in at this price but they will soon once we reach ATH this week. It's literally free money at this point.
- Oct 9, 2013
- 3,471
- 14,474
Yeah people have NO idea what's going on or how big the crypto movement really is.
In a few years most of these people are going to be lost and stuck on CBDC's looking back in hindsight. "Oh if only I'd known..", but many of them are so incredibly over-confident about things they have ZERO understanding about.
b1step-ahead
Elite Member
- Nov 15, 2010
- 1,731
- 1,035
A similar approach to seo...
Fragmaster
Senior Member
- Apr 3, 2016
- 986
- 1,445
Thanks for the advice. I'm sure some people here will find it useful.
Thing about projects as well as their shills is they always put cart before the horse.
Then you have clout chasers who try to build authority in the space by saying obvious things.
It is about illusion of something being done and reinventing the wheel.
90% of "problems" being solved by "projects" can fit in 40 years old database.
Writing decentralized function then trying to pin monetary value to it.
Nobody wants to learn anything, everyone chasing green candles.
Those who want to learn, do it only for the money, as developers in crypto have inflated salaries.
Vitalik Buterin fake death price crash of ETH from 300 to 10 usd in 2017 changed my perspective on what crypto world is.
Time for risk is long gone. I bought BTC and ETH when they were affordable many years ago.
- Apr 25, 2011
- 19,848
- 28,295
“Bitcoin is the best bank ever built”.
I love that quote which just seems to put everything we’re saying here into a short and sweet snippet.
Source - https://x.com/breedlove22/status/1762474545070375355?s=46&t=yyJaZvJT0g1D5bpex_A8aA
It's a bank, but without the need for anyone to be in charge of it, no central management, no alterior motives, no manipulation, no cheating, no unfair bias. think about how impressive that is.
Imagine if you tried to modify fort Knox so that it didn't need anyone to look after it; anyone could come and go unmonitored, take only what they had paid for and nothing more and nobody had to be there to check when they entered or left. You just couldn't do that without technology and the fact that bitcoin does it is just pure genius.
I love that quote which just seems to put everything we’re saying here into a short and sweet snippet.
Source - https://x.com/breedlove22/status/1762474545070375355?s=46&t=yyJaZvJT0g1D5bpex_A8aA
It's a bank, but without the need for anyone to be in charge of it, no central management, no alterior motives, no manipulation, no cheating, no unfair bias. think about how impressive that is.
Imagine if you tried to modify fort Knox so that it didn't need anyone to look after it; anyone could come and go unmonitored, take only what they had paid for and nothing more and nobody had to be there to check when they entered or left. You just couldn't do that without technology and the fact that bitcoin does it is just pure genius.
- Feb 28, 2010
- 5,497
- 4,415
Its a great time to buy btc, great work!
Somenpla
Junior Member
- Feb 14, 2023
- 177
- 34
Congrats on your first Bitcoin. Crypto's exciting, but remember it's also unpredictable. I can't predict the price, and hoping for quick money can be risky. Instead, focus on learning about Bitcoin and crypto, be patient (it's a long-term game.), and only invest what you can afford to lose.
Now the price touched $69k after you invested. So already you made 10% profit in just one week. But if you are for long term, it does not matter. You can make millions in profit by investing for long term.
- Oct 9, 2013
- 3,471
- 14,474
Bitcoin is the least risky investment you could make. Its one of the few things guaranteed to be here in 30 years after most companies are long gone and the real estate market is radically different
moonshine7000
Elite Member
- Mar 4, 2013
- 4,359
- 3,999
That rise in price will not last long, people are buying it to get rich to sell it later not to adopt it as a currency.