Crypto currency

no1g8r

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What is the usual fee these sites charge for buying BTC? I added .01% today ($550) since it dipped under $55k.

Moonpay, which lets you buy using ApplePay, runs 6.5%, which is too much for me. An ACH bank transfer through Edge is 1%.
 

UFHealthGator

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i see that Edge & Moonpay are offering a 0.5% fee for the first purchase via Applepay before the end of March. I’m thinking about dropping $10k or so into it this week, if I can find more details. It will be my first foray into crypto.




ETA: Apparently Moonpay has a $5500 daily cap, so that would be the most one could put in and take advantage of the low 0.5% fee


Binance.US charges 0.1%, and if you pay with bnb, 0.075%. They are not available in all states.
 

Detroitgator

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Most ****ed up chart you will ever see. No idea how the federal reserve pretends that inflation will not be a major issue once the velocity of money picks up.


31051

Source:
M1 Money Stock (DISCONTINUED)
Yeah, I commented a few weeks ago about them only reporting monthly now... That's all the admission we're going to get
 

BMF

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BTC is under $57K this morning. Is that considered a dip?
 

Alumni Guy

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If you think about that graph it is bananas. It still scares me that so much money is tied up in such an unknown commodity which is literally a string of 1’s and 0’s.

You can’t put it in a mattress, can’t physically touch it, has no intrinsic value or “full faith and credit” of a government behind it (whatever that means), and no one knows who to created it.

But, if I can make some scratch on it, I’m game.
 

UFHealthGator

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If you think about that graph it is bananas. It still scares me that so much money is tied up in such an unknown commodity which is literally a string of 1’s and 0’s.

You can’t put it in a mattress, can’t physically touch it, has no intrinsic value or “full faith and credit” of a government behind it (whatever that means), and no one knows who to created it.

But, if I can make some scratch on it, I’m game.

Well there is A value to it. How much value is up to the free market. There is no revenue, balnce sheet, dividends, but there are some fundamentals that you can look at and point to increasing value. For starters, the bitcoin network is enormous and complex. There is no single entity that leads it, and it is only governed by the algorithm. The hashrate in the bitcoin network is at its highest peak. The higher the hash rate, the more secure the network. The bitcoin network has been up 24/7 since the day of its inception more than 10 years ago. The same can't be said about the Federal reserve system. Our banks like to take holidays on weekends. Settlement of funds can take days on banks, when it takes no more than an hour on Bitcoin network. Your bitcoin can never be debased by infinite printing, apart from what is set in the algorithm to a maximum of 21 million, same cannot be said about fiat. Bitcoin has also survived 10 years + and keeps on going higher, that adds faith into the system.

Bitcoin does something much better than being "put in a mattress". More importantly, the fact that you can't touch it makes it the most unique store of value. One mind blowing idea is that you can technically store Bitcoin in your own brain, and no entity on the planet will ever be able to touch it. What I mean is that if you memorize all 24 smart phrase keys, and then wipe out any hardware wallets or paper records of those smart keys, no one on the planet can access that value stored on your bitcoin wallet except you, and you can do that with billions of dollars worth of bitcoin. I am not aware of any single asset out there that can do that.

Of course, it probably is not advisable for you to tie so much value to your memory, because if you forget the order of the smart phrases, that bitcoin is gone forever.

Again I look at it as another hedge/ asset that you can diversify anywhere between 1-10% of your portfolio depending on your appetite for risk. I am bullish on its future, but it is easy to go down that rabbit hole and hold the bags for years in a bear market.
 
Last edited:

Alumni Guy

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Well there is A value to it. How much value is up to the free market. There is no revenue, balnce sheet, dividends, but there are some fundamentals that you can look at and point to increasing value. For starters, the bitcoin network is enormous and complex. There is no single entity that leads it, and it is only governed by the algorithm. The hashrate in the bitcoin network is at its highest peak. The higher the hash rate, the more secure the network. The bitcoin network has been up 24/7 since the day of its inception more than 10 years ago. The same can't be said about the Federal reserve system. Our banks like to take holidays on weekends. Settlement of funds can take days on banks, when it takes no more than an hour on Bitcoin network. Your bitcoin can never be debased by infinite printing, apart from what is set in the algorithm to a maximum of 21 million, same cannot be said about fiat. Bitcoin has also survived 10 years + and keeps on going higher, that adds faith into the system.

Bitcoin does something much better than being "put in a mattress". More importantly, the fact that you can't touch it makes it the most unique store of value. One mind blowing idea is that you can technically store Bitcoin in your own brain, and no entity on the planet will ever be able to touch it. What I mean is that if you memorize all 24 smart phrase keys, and then wipe out any hardware wallets or paper records of those smart keys, no one on the planet can access that value stored on your bitcoin wallet except you, and you can do that with billions of dollars worth of bitcoin. I am not aware of any single asset out there that can do that.

Of course, it probably is not advisable for you to tie so much value to your memory, because if you forget the order of the smart phrases, that bitcoin is gone forever.

Again I look at it as another hedge/ asset that you can diversify anywhere between 1-10% of your portfolio depending on your appetite for risk. I am bullish on its future, but it is easy to go down that rabbit hole and hold the bags for years in a bear market.
Great post

I think Bitcoin is a great idea, but just like currency it’s only value is how people value it. Unfortunately, with its fluctuations in value, it can’t be a true currency. So, it’s a tradable asset, like a stock. (Bitcoin was designed to be a currency, but no one will use it as such because you could end up paying $1,000,000 for a Tesla purchased using BC)

However, a stock does have intrinsic value: its holder has a contractual right to a share of dividends and equity in the company. A share of stock is backed by cash flow, but Bitcoin is only backed by demand for itself, like currency. (Gold standard notwithstanding)

Bitcoin is almost like fungible fine art. Art has no real intrinsic value, other than its demand, and its price fluctuates accordingly.

However, unlike art, the value of Bitcoin is uniform and doesn’t vary on artist or condition.

It really is fascinating.
 

UFHealthGator

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Great post

I think Bitcoin is a great idea, but just like currency it’s only value is how people value it. Unfortunately, with its fluctuations in value, it can’t be a true currency. So, it’s a tradable asset, like a stock. (Bitcoin was designed to be a currency, but no one will use it as such because you could end up paying $1,000,000 for a Tesla purchased using BC)

However, a stock does have intrinsic value: its holder has a contractual right to a share of dividends and equity in the company. A share of stock is backed by cash flow, but Bitcoin is only backed by demand for itself, like currency. (Gold standard notwithstanding)

Bitcoin is almost like fungible fine art. Art has no real intrinsic value, other than its demand, and its price fluctuates accordingly.

However, unlike art, the value of Bitcoin is uniform and doesn’t vary on artist or condition.

It really is fascinating.

Completely agree. It really is not a currency anymore. Just a unique tradable asset.
 

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