Bitcoin Daily Discussion, March 03, 2021 |
- Daily Discussion, March 03, 2021
- Due Diligence on Bitcoin
- Selling Bitcoin and trying to buy back in cheaper is like getting off a train and trying to outrun it to the next station.
- $100k loan YOLO - 4th March update
- IRS clarifies that buying and holding crypto doesn't require 1040 reporting
- I’m addicted to crypto so I built my own ticker!
- To the guy I used to work with
- [Documentary] When Bitcoin Hit $100: CNBC's 2013 Coverage
- Actual footage of whales trying to buy my bitcoin
- Bitcoin Selling Pressure
- Now they laugh, then they will come after our bitcoins
- Demographics of Bitcoin holdlers
- The IRS wants you to HODL Bitcoin Forever as the Ultimate Store of Value
- Shoutout the the people who panic sold @44k!����
- Paid in full (1 full BTC and some sats) instead of DCA and I think it was the right choice
- Proving Bitcoin Haters Wrong
- Kraken CEO: Bitcoin Hitting $1 Million Is 'Very Reasonable'
- Found this bitcoin machine at the Shell station near my house. The clerk said he didn't know what it was for or why they just got it. But we all know why ����
- Today my 97 year old grandma pulled out a limited edition $2 coin from her purse and was puzzled. She said “what is this? It looks different, it’s not a $2 coin, is it a Bitcoin? That’s what you own”.
- Bitcoin is the ultimate populist movement
- Blew out my account.
- How it started How it is going
- SEC Chair Nominee taught “Blockchain & Money” course at MIT.
- I don’t want to hear any complaining in the future...
- What’s your bitcoin pitch sound like?
| Daily Discussion, March 03, 2021 Posted: 03 Mar 2021 05:27 AM 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. [link] [comments]  | ||
| Posted: 03 Mar 2021 01:26 PM PST
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| Posted: 03 Mar 2021 10:47 AM PST My brother just said that to me, thought it was a beautiful quote. Don't get off the train people. [link] [comments]  | ||
| $100k loan YOLO - 4th March update Posted: 04 Mar 2021 02:49 AM PST With Tesla buying BTC I'm more bullish than ever. This is the beginning of a wave of institutional money. It's a matter of time before Netflix, Oracle etc announce their purchases. It's made me realise I don't have enough Bitcoin. So I've sold all my stocks (including Tesla which had a 2000% gain) and I'm all in. I have also invested the final $10k of the loan into BTC. I had originally kept that as an emergency buffer but I've now made enough money through my job to cover it. Loan update: Original $90k bought 3.547 BTC ($25,373 average purchase price) Last $10k bought me 0.207 BTC ($48,189 purchase price) Total $100k loan = 3.754 BTC Current BTC loan value = $184,434 (Current BTC price = $49,130) I'm up $84,434 (excluding fees and interest) I have not decided if I will sell some this bull cycle or wait until the next in 4 years. As I said in previous posts I can pay back the loan through income from my job comfortably. I might sell 20% if we go over $300k, undecided. I don't endorse anyone else following this route. My personal circumstances (no other debt, no kids, no wife etc) are different to yours. Even if they were the same, you still shouldn't do it. [link] [comments]  | ||
| IRS clarifies that buying and holding crypto doesn't require 1040 reporting Posted: 03 Mar 2021 08:37 PM PST
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| I’m addicted to crypto so I built my own ticker! Posted: 03 Mar 2021 11:19 AM PST
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| To the guy I used to work with Posted: 03 Mar 2021 07:38 PM PST I'm sure my experience isn't super novel, but back when I was in college Bitcoin almost hit 20k. I put in $100 at the beginning of that spike and sold when it starting dipping for $122 ($22 profit!). I did zero research and I was in it because I thought I could make a quick buck. I decided I shouldn't be investing in something I don't know about, especially while I was paying for an education. Less than a year later, I started my first job after graduation which had an open office format. I distinctly remember a coworker saying Bitcoin was a good investment and we would regret not buying in. The response was pretty brutal as everyone was laughing at him and saying it would die out. It finally sparked me to do my own research and I hopped on board this wild ride. That week I put in $1000 which isn't a lot for some of you, but as a recent college graduate it was a big deal. Ever since then I have been trying to reach the milestone of accumulating 1 BTC and I'm almost halfway there! Anyway, I just want to thank that guy I used to work with and hope you're still HODLing. I sometimes feel like the crazy guy you were painted as, but I think people just haven't opened their eyes yet! [link] [comments]  | ||
| [Documentary] When Bitcoin Hit $100: CNBC's 2013 Coverage Posted: 03 Mar 2021 12:42 PM PST
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| Actual footage of whales trying to buy my bitcoin Posted: 03 Mar 2021 11:48 AM PST
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| Posted: 04 Mar 2021 03:42 AM PST Most of the selling pressure since mid-Jan has come from F2Pool (largest Chinese mining pool) affiliated wallets and it is now becoming clear why. The Inner Mongolia region of China is banning bitcoin mining. This region is responsible for 9% of the world's BTC mining. It's a coal powered region however, which is the problem. Beijing has come down on them for not meeting carbon neutrality targets. They have until end of April to shut down, but it would appear they first got notice of this back in mid-January based on the BTC selling history. Most will likely either move to the surplus hydro power regions of China or they will sell their rigs and shut down. Apparently some will even be moving overseas. Many of these miners secured loans using their mining rigs as collateral, either to pay their bills so they didn't have to sell coin while the price was rising, or to buy more rigs or bitcoin...but either way many are forced to sell some or all of their bitcoin to pay back loans or pay for their move. The big question is, when will this selling stop? End of April seems like the logical answer but I suspect it will taper off well before then. Anyone moving, would have started the process by now I suspect. One thing I've noticed of late is that the only time BTC price goes down is when there is selling pressure from F2Pool and whenever they are not selling the price surges higher. So the big takeaway is that when they stop selling, we should see a moon shot. https://decrypt.co/59811/inner-mongolia-to-ban-bitcoin-mining-what-it-means-for-the-industry [link] [comments]  | ||
| Now they laugh, then they will come after our bitcoins Posted: 03 Mar 2021 03:58 PM PST In the future we'll hear lots of bullshit about bitcoiners from politicians and all kinds of parasites. They will say we were lucky. They will say we were selling drugs and stolen organs to get bitcoins. They will say we don't deserve to be rich. They won't talk about us spending countless hours studying something new, while they were wasting their time. They won't talk about the sacrifices we made to buy bitcoins, while they were wasting their money. They won't talk about how we saw our portfolios drop in value by 80% while they were "safely" keeping their money in the bank. They won't talk about how everyone laughed at us when we said we were buying bitcoins or when we asked sellers if they accepted them as a payment method. We will be their target. Get ready to hear lots of bullshit about inequality and about making bitcoin illegal or stealing bitcoins from ants to "redistribute" them among grasshoppers. [link] [comments]  | ||
| Demographics of Bitcoin holdlers Posted: 03 Mar 2021 06:04 PM PST For my dissertation, I'm conducting a survey to better understand the demographic makeup of Bitcoin hodlers to see where they (well, we!) over and under index versus the general population. Because there's such a small amount of us in the world, I've resorted to, obviously, a highly targeted/concentrated audience to increase the sample size of Bitcoin hodlers. I'd really appreciate it if you can take a minute out of your busy day of staring at the price of Bitcoin to taking this survey about Bitcoin. Thanks in advance! I'll be sure to share my research when it's complete. Feel free to upvote this post, so it gains more traction so I can get a decent amount of responses :) [link] [comments]  | ||
| The IRS wants you to HODL Bitcoin Forever as the Ultimate Store of Value Posted: 03 Mar 2021 05:48 PM PST Selling Bitcoin means paying a government penalty that equates to ridiculous % of capital gains "taxes". They are telling you that you should never sell. HODL FOREVER [link] [comments]  | ||
| Shoutout the the people who panic sold @44k!���� Posted: 03 Mar 2021 11:26 AM PST | ||
| Paid in full (1 full BTC and some sats) instead of DCA and I think it was the right choice Posted: 03 Mar 2021 09:30 PM PST | ||
| Posted: 03 Mar 2021 06:11 PM PST I live in St. Petersburg, FL, and I was having a conversation about Tesla stock and Bitcoin with a guy I just met in a local coffee shop. I mentioned that I was looking for a restaurant that accepted Bitcoin in the city because I wanted to buy something small with it. The dipshit then tells me to start thinking about how Bitcoin is a currency that you can't spend, then he went on saying that Bitcoin was about to crash to 0. Then he demanded that I sell it right away. While walking out, he says sarcastically to enjoy my earnings. This dickhead said all this when Bitcoin was at $32k. It's $50k right now. I'd like to see this fucker when Bitcoin is at $100k. [link] [comments]  | ||
| Kraken CEO: Bitcoin Hitting $1 Million Is 'Very Reasonable' Posted: 04 Mar 2021 03:44 AM PST
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| Posted: 04 Mar 2021 02:58 AM PST
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| Bitcoin is the ultimate populist movement Posted: 04 Mar 2021 03:25 AM PST Sorry for the length of the following, but just some commentary from someone who follows history and the market: Populism has been increasingly on the rise in the past decade. Starting with Trudeau in Canada, extending to the 5 Star Movement in Italy, Brexit in the UK, Yellow Vests in France, Trump in the US, the success of Elizabeth Warren and Bernie Sanders, the protests in Russia, etc. First, defining populism. Populism is basically the idea that the elites have a certain level of treatment that's reserved for them, that government rules and laws are made and skewed towards their favor, and that the everyday person deserves to be treated just as fairly and equally. Its been fairly evident throughout history that lawmakers are biased. Why? Because lawmakers are inherently wealthy (Ted Cruz with net worth of $4mm, Romney with net worth of $250mm, even Elizabeth Warren with her net worth of $12mm). Therefore, in aggregate, the laws that are issued will naturally favor those making the laws. As a result of biased lawmakers, industries themselves who are governed by these laws will ultimately favor those at the top. Think private health insurance, financial services, etc. The rule of society is, those who can afford the bigger legal team wins. The GameStop debacle was the latest in a long history of inequalities which shows that the rules that are mandated to the common person don't apply to the rich. Enter Bitcoin, a platform where everyone is regarded equally. Where common day people can invest and grow their wealth at a disproportionate rate relative to stocks, bonds, and traditional assets that the wealthy have loaded up their yachts with. Where the average worker can break away from the traditional hierarchical pyramid, and actually start their own financial ecosystem. Effectively taking power away from those at the top, and spreading it amongst those who hold it. Central banks aren't stupid. They understand how technologically efficient crypto currencies are. That's why 86% of central banks around the world are experimenting with CBDCs (according to Deutsche Bank IB Research), and why China is live testing theirs as we speak. However, central banks also don't want to lose power. That's why they're extremely cautious of Bitcoin and the traction that it's garnering, and cautioning against the adoption thereof (think China bans, Yellen FUD, etc.). The question therefore becomes, who wins? Will the political and financial elite, who have dictated our current socio-economic constructs rise out on top like they always do and Bitcoin just fades away as a fad? Or will the average person grasp the opportunity that Bitcoin provides to show the 1% that the power of the 99% is a force to be reckoned with, and really change the financial system (and their own net wealth) for the better. Only time will tell. But with the continued rise of populism around the world and the idea that the average person should be treated the same as the financial and political elite, Bitcoin is the ultimate vehicle to propel that forward, and it's no wonder so many at the top are worried. [link] [comments]  | ||
| Posted: 03 Mar 2021 08:02 PM PST Today after 3 years of trading, I managed to blow out my account. I've done very well for myself in terms of picking up bitcoin. I guess the moment my family needed financial assistance, my trading strategy changed. I think it was due to the stress of having to be successful for them. Figure I'll post this, for those who was in the same boat as Im in. I believe something good will come of it. I honestly don't regret what I did. It came from a good place and I'm sure to be back on me feet again. Let's just hope Bitcoin doesn't breach 100k by then. Just a post for those who needed to hear this. [link] [comments]  | ||
| How it started How it is going Posted: 03 Mar 2021 11:24 AM PST
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| SEC Chair Nominee taught “Blockchain & Money” course at MIT. Posted: 03 Mar 2021 05:57 PM PST A possible sign of good things to come! You can watch the series of lectures on the MIT OCW YouTube channel. Really exciting to know we could have someone in such a significant role who is really keen to these technologies 👏👏👏💸🌙🌙🌙 [link] [comments]  | ||
| I don’t want to hear any complaining in the future... Posted: 03 Mar 2021 07:17 AM PST Right now businesses and institutions are buying up bitcoin. Retail and individuals are selling to them in droves knowing this. Down the road when "the top 1%" and "wealthy" people own all the bitcoin, this is why. People are giving their bitcoin away and I don't want to hear any complaining later on when "the people" can't afford bitcoin or don't own any considerable amount. [link] [comments]  | ||
| What’s your bitcoin pitch sound like? Posted: 04 Mar 2021 12:19 AM PST I've recently had a lot of family, friends, and coworkers ask me to explain to them what exactly bitcoin is since it's becoming more and more "mainstream". I always give them the store of value pitch, but struggle to really get into the specifics because it typically goes right over their heads. What's the easiest way you've found to explain bitcoin to a newbie, and what resources are your favorite to point them towards? [link] [comments]  |
![[Documentary] When Bitcoin Hit $100: CNBC's 2013 Coverage](https://b.thumbs.redditmedia.com/eRd8H4RZHexHli6I4gFGpznS871oE4RaDo96hqfMbxE.jpg "[Documentary] When Bitcoin Hit $100: CNBC's 2013 Coverage")
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