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    Home Unlabelled Bitcoin Mentor Monday, January 04, 2021: Ask all your bitcoin questions!

    Bitcoin Mentor Monday, January 04, 2021: Ask all your bitcoin questions!

    January 04, 2021

    Bitcoin Mentor Monday, January 04, 2021: Ask all your bitcoin questions!

    Mentor Monday, January 04, 2021: Ask all your bitcoin questions!

    Posted: 04 Jan 2021 03:00 AM PST

    Ask (and answer!) away! Here are the general rules:

    • If you'd like to learn something, ask.
    • If you'd like to share knowledge, answer.
    • Any question about Bitcoin is fair game.

    And don't forget to check out /r/BitcoinBeginners

    You can sort by new to see the latest questions that may not be answered yet.

    submitted by /u/rBitcoinMod
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    Daily Discussion, January 04, 2021

    Posted: 03 Jan 2021 11:00 PM PST

    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.

    submitted by /u/rBitcoinMod
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    Unpopular Opinion: The “I’m selling...” joke posts are getting really annoying

    Posted: 03 Jan 2021 03:07 PM PST

    All these low effort "had me in the first half" posts are becoming more frequent and is really starting to flood the sub with unnecessary posts.

    I understand the memes, sure, but I seems like everyday there is a top post saying "I just sold... my fiat" "Now is the time of to get out... and buy more bitcoins" and it's getting as annoying as the "minute-by-minute update on bitcoin price" post.

    I get everyone is excited that Bitcoin is at an All Time High and rightfully so but I'm finding it harder to find posts about analytics, wider adoption, emerging technologies and improving systems that are supporting bitcoin.

    submitted by /u/jjfoad
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    BUY HIGH SELL LOW

    Posted: 03 Jan 2021 10:28 PM PST

    What we just witnessed in the Bitcoin dip explained in Meme

    Posted: 04 Jan 2021 02:51 AM PST

    The man who received the first BTC transaction passed away far too early. Let‘s raise our glasses for Hal Finney �� the man who might even be Satoshi Nakamoto himself (crosspost)

    Posted: 03 Jan 2021 03:21 PM PST

    Well, you said you wanted a buying opportunity!

    Posted: 04 Jan 2021 02:39 AM PST

    So here it is. Will you actually follow through and buy or are you going to justify this as another excuse to wait?

    There won't be many more chances. If you see this post, really think about it this time.

    submitted by /u/SpaceHoppity
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    Why I'm not selling

    Posted: 03 Jan 2021 12:29 PM PST

    15-20% cap gains tax is absolutely absurd.

    I mined my holdings in 2014/15, and because i technically never purchased them, i never reported them on my taxes. According to a couple opinions from tax accountants, because I never reported it, if I were to sell it would always be at max cap gains tax which is 15-20% in the US (depending on income).

    So here I am, now a 7 year long HODLer who has never once sold a single coin, waiting to buy a house outright with bitcoin directly.

    fuck the feds and fuck fiat. 2 da moon.

    submitted by /u/Astrofide
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    I now own 1% of a Bitcoin

    Posted: 03 Jan 2021 03:27 PM PST

    Not much I know, but it's exciting nonetheless

    submitted by /u/SatisfiedGrape
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    These answers to Google are misleading and terrible. The second one is literally a scam platform. How can we as a community get Google to fix these, and similar bitcoin questions?

    Posted: 03 Jan 2021 04:40 PM PST

    Selling bitcoin is now riskier than buying bitcoin

    Posted: 03 Jan 2021 09:38 PM PST

    Remember its not necessarily the bitcoin price going up but the value of the dollar imploding behind the scenes. Selling bitcoin for dollars is the riskiest thing any hodler could do in the current economic environment.

    Anyone selling their coins now is selling to institutions that understand this.

    submitted by /u/slvbtc
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    Bitcoin Closes 2020 As Best Performing Asset Of The Last Decade

    Posted: 03 Jan 2021 10:09 PM PST

    And so the dip has ended, congratulations to all the newbies who held, you passed your first test. There will be many more to come.

    Posted: 04 Jan 2021 02:40 AM PST

    From someone who got in in 2016

    submitted by /u/npjprods
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    So the dip begins...

    Posted: 04 Jan 2021 02:12 AM PST

    Down 10% today, 3% last hour. How far do you think by and when I should be buying in? Im saying this as a complete noob who only has a little so far. Good chance to.pick up!

    submitted by /u/Silosighb1n
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    Bitcoin featuring on the front page of tomorrow's FT.

    Posted: 03 Jan 2021 03:06 PM PST

    Al Michael's just referenced Bitcoin on Monday Night Football

    Posted: 03 Jan 2021 08:15 PM PST

    He messed up reading a stat card and said he now owes his producer 2 bitcoins.

    It's over boys, the top is in. 🤣🤣🤣

    submitted by /u/Jive_Turk
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    This very minute on this day in 2009 the genesis block was mined

    Posted: 03 Jan 2021 10:15 AM PST

    Happy birthday bitcoin thanks for the insane gains :)

    submitted by /u/Much_Valuable_6989
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    My first million dollar day

    Posted: 03 Jan 2021 07:19 PM PST

    I just had my first +$1 million dollar day yesterday, so I thought this would be a good time to post my story.

    I made a million dollars yesterday by just holding BTC... crazy

    The first mention of bitcoin in my email history is from June 6 2011, me chatting with a friend about it:

    me: it has the potential to be huge
    me: I was thinking of buying some at $9 on wednesday night
    me: now it's up over $19

    I probably read about it on Hacker News.

    I tried buying, but it was too hard to figure out and too much work. So I watched in pain as it eventually went over $1000 and I had nothing.

    After time it leveled off and I made a plan to buy 100 coins in the $200-$400 range. Amazingly I convinced my wife of this plan and I was able to get them for an average price of $350 or so.

    My plan was to hold at least until $10k - I thought that if it made a new all-time high over $1k, it would go to the next order of magnitude. My goal was to hopefully turn my investment into $1m. I had no idea then that a in a few years I would make that much in a single day.

    But, I sold half when Fred Wilson posted a warning about Bitcoin: https://avc.com/2016/01/bitcoin-is-dead-long-live-bitcoin/

    He posted at the exact wrong time - when you should be buying. After it started to go back up, I bought back the 50 for a higher price and vowed never to trust anyone else over my own gut feelings.

    Through business I accumulated 20 or so more coins, which I sold around $10k. I held the rest (around 100) and also was able to double my holdings during this last bear market. I figured again that if Bitcoin could break above $20k to a new all-time high, it would go to $100k. These round numbers are too psychologically relevant to ignore.

    Also, when it is trading in all-time high prices, not many people are selling and there is much more demand. Eventually I think there will be panic buying - people all over the world will realize they need bitcoin and don't have any. Everyone on the sidelines now will eventually panic and buy it. I wouldn't be surprised to see the price move very fast over $100k to $200k.

    "Sit on your hands," that is what I keep telling myself. The hard part now is not getting too tempted to sell. It's going a lot higher.

    submitted by /u/hexidecimal1110
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    Bitcoin has helped me understand Minimalism

    Posted: 04 Jan 2021 03:17 AM PST

    This is a random little TL;DR but..

    I started investing in Bitcoin just before all the craziness started in late November. Immediately was hooked after reading more and more about the concept (I'm a bit of a tin foil hat kinda guy myself so the thought of anything Anti-Goverment is right up my alley) and now im absolutely hooked. I own a small amount of Bitcoin Currently and im aiming to be in the full coin club eventually!

    My partner and I recently watched the new Netflix Documentary "The Minimalists - Less is Now" and they essentially challenge your way of thinking about the stuff in your house. Basically suggesting anything in the house that doesn't provide value to your life needs to go. We spent all NYE Weekend declutterring and basically stripping our house bare. We sold a whole bunch of stuff on Facebook and made a few grand from it. We sat around this pile of cash we had made like some scene from breaking bad and we made the decision to take what we needed for a nice dinner and deposit the rest into Bitcoin and im incredibly thankful we did that exercise.

    I guess this is an appreciation post for Bitcoin & The documentary really. But since the clean up I've been able to really enjoy being in my own home again... I didn't even realise how bad my mental health was getting from coming home to a house full of stuff. Video Game Consoles, Books, Cooking appliances, Funko Pops, Clothes... its all gone. My spending habits are now changing too. My partner and I went from a list of stuff we wanted to buy to no list at all. We don't need it.

    What remains of this exercise are the things most important to me. Good Heath, A Great Partner, A Buisness i love running, A house with everything I need and nothing more and last but not least.... A BTC Wallet stacked with SAT's

    I've found my Moon in simplicity, Thank you Bitcoin.

    submitted by /u/Tommiwolfstar01
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    A word of caution on selling your stash

    Posted: 03 Jan 2021 10:56 PM PST

    It's great to hear about folks who have sold their holdings for personal goals. That got me thinking about it from a decision mgmt perspective.

    There are broadly 3 types of long-term HODLers: 1. Libertarians - Have a visceral distrust of the state apparatus 2. Early adopters - Found out about Bitcoin, researched and put a small can-afford-to-lose part of their networth in it 3. Randos - By a quirk of randomness of the universe, ended up buying BTC instead of something else and HODLed due to a collection of human biases (prominent being commitment consistency).

    The decision making approach in all Randos is same. The guy holding XRP and other shitcoins also falls in this bucket. Their sense of standing by their decision is stronger than any rational logic in what they are holding.

    If you're a Rando, not a problem. We're all Randos in some sphere of life. But it's always better to know your limitations. So if you are considering selling your BTC, keep in mind: 1. There are only a few SODL worthy initiatives: - Buying a home - Paying off debt - Investing in education - Starting a business - Charity

    1. You're not a Midas because you stumbled onto BTC. Scrap any plans of doubling / trebling your gains via some shitcoin or other get rich quick schemes after selling your BTC. Regression to mean will ensure that you lose your gains and mental health.

    2. If you believe in "normalizing" your portfolio which may be too crypto-heavy, do it by going into other hard assets like Gold/Property or simple index funds (with DCA). Do not try "stock-picking" or other get rich quick schemes (see pt 2).

    If you think you're not a Rando, imagine waking up tomorrow and seeing a 90% crash in BTC and your state of mind. If it didn't bother you much, congrats. If you lost your shit, you're a Rando.

    Caveat: You might still be a lucky SoB and still do very well despite not caring about any of above, but randomness and regression to mean make that a very very very low probability outcome.

    submitted by /u/travellingRed
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    I've done my research and it's just simply too risky

    Posted: 03 Jan 2021 08:08 AM PST

    It's too risky holding fiat currency that the government can print to infinity. All in.

    submitted by /u/goldstan
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    Shower thought: Bitcoin is the ultimate proof that time travel is not possible.

    Posted: 03 Jan 2021 06:52 PM PST

    Unless Satoshi was a time traveller that travelled in time and started it way before it was its original time.

    submitted by /u/forexross
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    Hyperdope - Be My Baby, Bitcoin!

    Posted: 03 Jan 2021 11:04 AM PST

    Lots of new people showing up

    Posted: 03 Jan 2021 09:33 PM PST

    And most people don't read sidebars.

    Perhaps it may be a good idea for a mod to sticky a thread with some super basic info? Not your keys not your coins (hardware wallet basics), "send .01 BTC to unlock the ability to withdraw 1BTC" scams, Ponzi scams, a few trusted exchanges(don't buy from buybitcoinnowreallyfastwepromise.com with your credit card), basic opsec (don't tell anyone you have crypto lest ye have your keys beaten out of you with a $5 wrench), always use non-sms 2FA, bitcoin cash is not bitcoin, etc etc

    Thoughts?

    submitted by /u/Username96957364
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