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Old 03-23-2021, 12:23 PM   #11
Gravitron
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Originally Posted by TNovak View Post
This is exactly how I used to think and as a guy in my 50's I own a decent amount of physical gold and silver (30 oz of gold and 500 oz of silver) and I had one of those skateboard riding neighbor kids who is constantly shaking his hair out of his eyes tell me I should buy crypto a few years ago and I gave him basically the same speech you just did. But then it caught on and as noted above I did dip my toe in and my one Lite coin as it was cheap and I didn't think I could hurt myself but then I did research and found out that was about the worst one I could have bought and so I adjusted.

I bought 2 Bitcoin, 1.5 ETH, and some OXT and BAT. In total I have about $20,000 into it and as of this entry it is worth about $122,000. Many times I have been tempted to sell at least what I have into it and then just play with house money and I still might but just think of why it is so valuable. Fiat currencies of all kinds are oversupplied and inflated beyond reason including the US Dollar. BTC has a set number that can ever be produced and at least on large purchases can be used as currency and cannot be counterfitted. It is not controlled by any government. What happens when inflation spirals out of control and 7.5 billion people realize this fact? And I get what you are saying about gold but governments can do the same to that that they could do to crypto and probably even more effectively. In 1932 FDR made it illegal to own gold and if you were caught with any you would face 10 years in federal prison and a $10,000 fine. It wasn't until Gerald Ford that it became legal again for a private citizen to own gold.

I saw that skateboard kid a few months ago and I told him "You know kid if you were a better salesman I would be a lot richer". I guess I am just saying we shouldn't shut out new things and new opportunities because we don't understand them.
I do like your pitch. The temptation has been there for awhile for me to buy into Bitcoin. Here's my problem. I don't trust the electronic currencies it sound very much mark of the beast like to me.

1. All transactions will be tracked. The days where you can meet someone at a Walgreens parking lot and make a cash transaction off Craigslist or pay your neigbor's kid for mowing the lawn with a 20$ will be over. Traceable means trackable Which also leads to (see problem #4)

2. You claim no government has control? I'm not naive .The only reason this type of currency is being allowed to flourish is because (I don't know which but I imagine either NSA , CIA or it's a central World type) government is controlling it otherwise they would have shut it down immediately. Nothing organic successfully happens unsanctioned outside of the all seeing eye. If the supposed mysterious person who may or may not be real (probably not) developed this had a name Satoshi Nakamoto meaning wisdom inside/ middle origin or" Central Intelligence"...my spidey sense immediately starts telling me something's up.

3. When or if there's a power outage either naturally or an attack on our power grid that leaves us sans electronic abilities what do you do then? Better not to put all your eggs in that basket. Some ammo, gold silver, cigarettes etc. or some ability to grow or raise food stuffs is more valuable in this case.

4. Have you considered the Chinese social credit culture and that when or if the bitcoin becomes a thing everyone uses electronically as in no more paper currencies...if you've been a bad boy or girl you won't be doing business anytime soon, they'll have you locked down faster than an English Bobby telling you you can't play on your lawn with your son in the middle of a fake pandemic. I have no desire to have that kind of control placed over me by international financial powers.
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Old 03-23-2021, 01:09 PM   #12
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Originally Posted by Gravitron View Post
I do like your pitch. The temptation has been there for awhile for me to buy into Bitcoin. Here's my problem. I don't trust the electronic currencies it sound very much mark of the beast like to me.

1. All transactions will be tracked. The days where you can meet someone at a Walgreens parking lot and make a cash transaction off Craigslist or pay your neigbor's kid for mowing the lawn with a 20$ will be over. Traceable means trackable Which also leads to (see problem #4)

2. You claim no government has control? I'm not naive .The only reason this type of currency is being allowed to flourish is because (I don't know which but I imagine either NSA , CIA or it's a central World type) government is controlling it otherwise they would have shut it down immediately. Nothing organic successfully happens unsanctioned outside of the all seeing eye. If the supposed mysterious person who may or may not be real (probably not) developed this had a name Satoshi Nakamoto meaning wisdom inside/ middle origin or" Central Intelligence"...my spidey sense immediately starts telling me something's up.

3. When or if there's a power outage either naturally or an attack on our power grid that leaves us sans electronic abilities what do you do then? Better not to put all your eggs in that basket. Some ammo, gold silver, cigarettes etc. or some ability to grow or raise food stuffs is more valuable in this case.

4. Have you considered the Chinese social credit culture and that when or if the bitcoin becomes a thing everyone uses electronically as in no more paper currencies...if you've been a bad boy or girl you won't be doing business anytime soon, they'll have you locked down faster than an English Bobby telling you you can't play on your lawn with your son in the middle of a fake pandemic. I have no desire to have that kind of control placed over me by international financial powers.
At the price level bitcoin is at now you should definitely do a lot of research and be comfortable with it yourself before putting any of your own money into it and I am not pushing it by any means I just saw your post and it was scary how spot on near verbatim it was to what I had said to that kid before I spent quite a bit of time researching it. But if you are interested I will address each of your points with my perspective.

1. Yes all transactions are tracked, in fact that is the nuts and bolts of how bitcoin works. But Bitcoin isn't needed if world governments want to go to a cashless society, in fact it makes it harder for them to do so. Now all they have to do is issue payments on cards or EBT like instruments (think "credits") and say cash is no longer legal, just as they did with gold in the1930's. You can track bitcoin transations theoretically to an IP address but not an individual person as far as I know but if it gets to that point then no other way of transaction will functionally work either, including gold and silver.

2. Again you will have to research this part yourself because it is too long to explain in a short post but governments do not have control of it. HOWEVER, what they can do is control internet access and institute new rules with huge penalties and make it illegal (India is doing it now) to own or trade in crypto and by doing so most will get out and will collapse demand and then risk of having and using will really be an issue. This point is actually the reason I am tempted to take some chips of the table, at least as much as I have invested but greed keeps me from doing so, at least so far

3. Yes a power outage will make your account inaccessible but this is true of any banking insturment and once the power is back on you have your same account access. If the power is out long enough to turn us into lord of the flies then holding gold and silver won't help much either. Consider you and I have more gold and silver than most but even if you have 500 silver 1 oz coins for transactions how long will that last? And who will be producing anything to buy? And if they are and we are in appocolypse mode will they consider gold and silver worth having? Point is it isn't much different than anything else if the world really goes to hell. But yes under no circumstances would I put all my eggs in this basket. All of those things you list should be owned by any responsible person, except cigarettes, they are optional.

4. Again, Crypto is actually better than all other instruments to keep from being shut down. The steps needed to prevent an individual or even everyone from being able to transact banking and even cash/gold/silver are easier for big brother than crypto but certainly many of the same steps could be used against crypto (deny access, criminalize, etc).
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Old 03-23-2021, 01:24 PM   #13
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One thing I forgot to mention is many of the cryptos are not designed to be competing with BTC but augment in some way. For example ETH is a crypto way to do contracts. BAT is an advertising token designed to get around FB and Google (which currently account for an astounding 73% of online ad dollars) by tracking users info and searches and selling. and so on.

Whatever you do DO NOT allow anyone to talk you into buying Dogecoin. It was created as a spoof and a joke. Unlike BTC it isn't mined and there isn't a limited supply in fact 10,000 new Dogecoin are created every minute and will be in perpetutity. People who encourage it's purchase are either a. engaged in a pump and dump scheme to make their own coins valuable to sell at some point and leave you holding the bag or b. trying to discredit cryptocurrency in general by having option a happen to as many people as possible.

One last thing to consider about crypto in general and BTC in particular is right now they are "thinly traded" meaning there aren't that many transactions relative to stocks which is why when institutions started buying it skyrocketed from $10,000 to $50,000 almost overnight but that also means when it slides it can be a nasty drop also rather suddenly so you have to be aware of that before deciding to put your own money at risk or if you even want to.
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Old 03-23-2021, 02:16 PM   #14
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Originally Posted by TNovak View Post
One thing I forgot to mention is many of the cryptos are not designed to be competing with BTC but augment in some way. For example ETH is a crypto way to do contracts. BAT is an advertising token designed to get around FB and Google (which currently account for an astounding 73% of online ad dollars) by tracking users info and searches and selling. and so on.

Whatever you do DO NOT allow anyone to talk you into buying Dogecoin. It was created as a spoof and a joke. Unlike BTC it isn't mined and there isn't a limited supply in fact 10,000 new Dogecoin are created every minute and will be in perpetutity. People who encourage it's purchase are either a. engaged in a pump and dump scheme to make their own coins valuable to sell at some point and leave you holding the bag or b. trying to discredit cryptocurrency in general by having option a happen to as many people as possible.

One last thing to consider about crypto in general and BTC in particular is right now they are "thinly traded" meaning there aren't that many transactions relative to stocks which is why when institutions started buying it skyrocketed from $10,000 to $50,000 almost overnight but that also means when it slides it can be a nasty drop also rather suddenly so you have to be aware of that before deciding to put your own money at risk or if you even want to.
I'll take your advice into consideration, thanks for taking the time to respond. I am older, and like older people I view change with lots of disdain and resistance , especially quick change. I grew up raised by grandparents who grew up in the depression, lived in a hovel eating lard and boiled cabbage and hid their money under the mattress. I didn't realize why my Grandma would pocket rolls, and , sugar, ketchup and jelly packets until I grew up later and heard her stories of people eating out of garbage cans during that time. At least it made me a little wiser and more cautious and gave me more reason to think in a bigger picture sense. Something I rarely see these days.
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Old 03-23-2021, 03:06 PM   #15
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In the news today..

Bitcoin may 'take out' previous $53K lows before bulls
regain control, says trader


A night of losses pressures bulls as liquidations mount up and $46,000
support looms large.

Bitcoin (BTC) dropped to its lowest in two weeks on March 23 amid fears
that bulls were running out of appetite to buy.


Cardano Price Prediction: ADA poised for 22%
upswing despite bearish technical picture


Cardano's downtrend seems to be coming to an end. Its retreat has been
steady since the sellers' rejection at $1.48 (an all-time high). A double-top
pattern is likely to have contributed to the incurred losses. Meanwhile, ADA is
trading within the confines of a technical pattern, likely to result in a
tremendous upswing.



Good news for ADA Cardano, assuming these predictions come true
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Old 03-25-2021, 07:41 AM   #16
ukshaun
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March 25th 2021
Bitcoin, Ethereum and Altcoins
Recovery Unravels, Bears In Action!


A Bear is an investor who believes that a particular security, or the broader market is
headed downward and may attempt to profit from a decline in stock prices. Bears are
typically pessimistic about the state of a given market or underlying economy.





At least with ADA Cardno there is belief in the bigger picture.
My belief is to stick with a unit/coin no matter how much Bears drive it down, in the belief it will recover.

6 days unil March 31st 2021
I like to think some positive will happen to ADA Cardano on this day
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Old 04-13-2021, 01:54 PM   #17
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Thank you. Because it is really difficult for me to do at least some basic technical analysis of Bitcoin and predict it's future trend. Besides I am a bit worried at its rate raising so fast. Perhaps if I Mix BTC I will be feeling safer and more secure. I hope you know what I mean. When you get the glory too fast there are always poor relatives to bite off a piece from you.
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Old 04-13-2021, 02:44 PM   #18
ukshaun
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ADA Cardano has gone up over 10% today and continues to rise. Amazing! ..it will/should drop off, like they all seem to do.
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Old 04-26-2021, 12:28 AM   #19
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I have a great desire to work with cryptocurrency, but I don't know where to start. Please tell me what to do first, what to read?
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Old 04-26-2021, 02:47 AM   #20
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Cryptocurrency had a rough ride last week. It appears to have something to do with possible regulation on the horizon. What shape the regulation takes remains a mystery?

The crazy high price of Bitcoin fails to make sense. I wonder if and when regulation comes in, if Bitcoin will be hit hardest?

I like the idea of some form of regulation, as it should make cryptocurrency more acceptable to the masses. What i don't want to see is an all out ban, like they have done in Turkey
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