OT: 11 Bitcoin ETFs Approved by SEC.

[Ward Jr]

He erodes purchasing power like no other President in history and now is going to float buyers a $5000 credit to get their vote? So wild. Meanwhile, sellers will just move prices up to accommodate. #Bidenomics

 

[Neanderthal]

There is a Bitcoin mine (?) in Union County near Buffalo. What does that mean?

 

[JohnnySolo]

Because it’s almost exclusively an investment vehicle with no underlying value other than like buying it. It’s exactly why it’s a scam.

What can I say? I like the stock.

 

[gamecock stock]

I understand the skepticism towards bitcoin. But you can make money in bitcoin. Just don't fall in love with it. In my portfolio, I'm in only 2 sectors that I intend to hold on to forever. Bitcoin is not one of them.

 

[turncock]

There is a Bitcoin mine (?) in Union County near Buffalo. What does that mean?

They are all over the world. It's part of a decentralized consensus mechanism for Bitcoin. It's pretty amazing actually.

 

[turncock]

I understand the skepticism towards bitcoin. But you can make money in bitcoin. Just don't fall in love with it. In my portfolio, I'm in only 2 sectors that I intend to hold on to forever. Bitcoin is not one of them.

The fact that there's skepticism at this point is strange. Blackrock controls the world and they have become the bigger holders. Forget about the rest of Wall Street now also participating. If Blackrock is in, that's all you need to know because they bring all the liquidity an asset would ever need.

 

[uscwatson21]

I understand the skepticism towards bitcoin. But you can make money in bitcoin. Just don't fall in love with it. In my portfolio, I'm in only 2 sectors that I intend to hold on to forever. Bitcoin is not one of them.

There is no doubt there is money to be made in scams, but eventually a bunch of people are going to lose everything.

And that’s sad.

 

[Ward Jr]

There is no doubt there is money to be made in scams, but eventually a bunch of people are going to lose everything.

And that’s sad.

Where is that same energy for those who spend their entire paycheck on a rigged US-sponsored lottery?

Below is the US Dollar. Make sure to check that chart under the video.

Meanwhile, BTC at an all time high which means no one is in the red.

Value of the US dollar 1635-2020 | Statista

When converted to the value of one US dollar in 2020, goods and services that cost one dollar in 1700 would cost just over 63 dollars in 2020, this means that one dollar in 1700 was worth approximately 63 times more than it is today.

www.statista.com

 

[gamecock stock]

The fact that there's skepticism at this point is strange. Blackrock controls the world and they have become the bigger holders. Forget about the rest of Wall Street now also participating. If Blackrock is in, that's all you need to know because they bring all the liquidity an asset would ever need.

Spot on.

 

[gamecock stock]

There is no doubt there is money to be made in scams, but eventually a bunch of people are going to lose everything.

And that’s sad.

If those people bet the farm, then, yes, they can potentially "lose everything". People who bet the farm on anything, are foolish.

At its peak the other week, crypto made up around 8% of my portfolio. I took profits at least twice since then. Now crypto makes up about 3% of my portfolio. THAT is among the lowest percentage in my portfolio. One sector holds 59.5 % of my portfolio. Another holds about 31%. The others hold 4% and 2.5%. Obviously I do make big bets. But that has worked for me. But, I don't make big bets on crypto. And that's partly because I don't understand it that well. I depend on those who do to make my investments in that sector. I don't know how to fly a plane. But I trust those who do to get around. I'm aware of professionals who have 20% of their portfolio in bitcoin. Even if I completely understood it, I would not put in 20%. And that's partly because I understand very well the other sectors I'm in and feel comfortable with those allocations.

The thing about bitcoin is that it does not take a lot to make a lot. I don't remember when I first invested in crypto. I do know it has been years. And I do know I'm in the green in my crypto investments that I have made. So right now, what I have in the market in the crypto sector, is "house money". So even if you turn out to be right and bitcoin goes to zero, I will be fine, really fine.

 

[Ward Jr]

Gold ETF launched in 2004.

BTC ETF launched 8 weeks ago.

 

[Gamecock Jacque]

There is no doubt there is money to be made in scams, but eventually a bunch of people are going to lose everything.

And that’s sad.

That Friedman scandal in the Bahamas a short while back, was that bitcoin related?

 

[Ward Jr]

If those people bet the farm, then, yes, they can potentially "lose everything". People who bet the farm on anything, are foolish.

At its peak the other week, crypto made up around 8% of my portfolio. I took profits at least twice since then. Now crypto makes up about 3% of my portfolio. THAT is among the lowest percentage in my portfolio. One sector holds 59.5 % of my portfolio. Another holds about 31%. The others hold 4% and 2.5%. Obviously I do make big bets. But that has worked for me. But, I don't make big bets on crypto. And that's partly because I don't understand it that well. I depend on those who do to make my investments in that sector. I don't know how to fly a plane. But I trust those who do to get around. I'm aware of professionals who have 20% of their portfolio in bitcoin. Even if I completely understood it, I would not put in 20%. And that's partly because I understand very well the other sectors I'm in and feel comfortable with those allocations.

The thing about bitcoin is that it does not take a lot to make a lot. I don't remember when I first invested in crypto. I do know it has been years. And I do know I'm in the green in my crypto investments that I have made. So right now, what I have in the market in the crypto sector, is "house money". So even if you turn out to be right and bitcoin goes to zero, I will be fine, really fine.

DCAing into BTC whenever perpetual futures are trading below spot is a very good strategy IMO.

 

[gamecock stock]

DCAing into BTC whenever perpetual futures are trading below spot is a very good strategy IMO.

Sure is.

 

[Neanderthal]

They are all over the world. It's part of a decentralized consensus mechanism for Bitcoin. It's pretty amazing actually.

So, if I apply for a job at this Bitcoin mine, what would I actually be doing?

 

[uscwatson21]

That Friedman scandal in the Bahamas a short while back, was that bitcoin related?

Yes. That one always cracks me up that SBF knew they were scamming but they still gambled on other cryptos.

 

[turncock]

So, if I apply for a job at this Bitcoin mine, what would I actually be doing?

Below is a broad overview response from AI.

Bitcoin mining operations typically involve the following roles and responsibilities:

1. Mining Engineers: They are responsible for setting up and maintaining the mining rigs, which are specialized computer systems designed for Bitcoin mining. They ensure the efficient operation of mining hardware and troubleshoot any technical issues that may arise.
2. Electrical Engineers: Bitcoin mining operations consume a significant amount of electricity. Electrical engineers are responsible for designing and maintaining the electrical infrastructure, including power distribution systems, transformers, and backup power sources.
3. HVAC Technicians: The mining rigs generate a considerable amount of heat, which needs to be dissipated effectively. HVAC (Heating, Ventilation, and Air Conditioning) technicians are responsible for designing and maintaining the cooling systems to prevent overheating and ensure optimal performance.
4. Data Center Operators: Bitcoin mining facilities often resemble data centers. Data center operators are responsible for overseeing the day-to-day operations, monitoring systems, and ensuring proper environmental conditions for the mining equipment.
5. Security Personnel: Bitcoin mining operations involve valuable equipment and digital assets. Security personnel are responsible for protecting the physical premises and implementing cybersecurity measures to safeguard the mining infrastructure and digital assets.
6. Logistics and Procurement Specialists: They are responsible for sourcing and acquiring mining hardware, spare parts, and other necessary equipment. They also manage the logistics of shipping and receiving mining rigs and components.
7. Accountants and Financial Analysts: Bitcoin mining operations require careful financial management. Accountants and financial analysts are responsible for tracking expenses, revenue, and profitability, as well as ensuring compliance with relevant regulations and tax laws.
8. Managers and Supervisors: These individuals oversee the various teams and departments within the mining operation, ensuring smooth coordination and efficient operations.

 

[turncock]

That Friedman scandal in the Bahamas a short while back, was that bitcoin related?

It was a Democratic Party money-washing scheme set up by his DC lawyer parents.

 

[Ward Jr]

 

[uscwatson21]

It was a Democratic Party money-washing scheme set up by his DC lawyer parents.

a scam so easy even the democRATS could do it.

 

[turncock]

a scam so easy even the democRATS could do it.

It had nothing to do with BTC itself. The dollar is used in scams every minute of the day.

 

[Neanderthal]

Below is a broad overview response from AI.

Bitcoin mining operations typically involve the following roles and responsibilities:

1. Mining Engineers: They are responsible for setting up and maintaining the mining rigs, which are specialized computer systems designed for Bitcoin mining. They ensure the efficient operation of mining hardware and troubleshoot any technical issues that may arise.
2. Electrical Engineers: Bitcoin mining operations consume a significant amount of electricity. Electrical engineers are responsible for designing and maintaining the electrical infrastructure, including power distribution systems, transformers, and backup power sources.
3. HVAC Technicians: The mining rigs generate a considerable amount of heat, which needs to be dissipated effectively. HVAC (Heating, Ventilation, and Air Conditioning) technicians are responsible for designing and maintaining the cooling systems to prevent overheating and ensure optimal performance.
4. Data Center Operators: Bitcoin mining facilities often resemble data centers. Data center operators are responsible for overseeing the day-to-day operations, monitoring systems, and ensuring proper environmental conditions for the mining equipment.
5. Security Personnel: Bitcoin mining operations involve valuable equipment and digital assets. Security personnel are responsible for protecting the physical premises and implementing cybersecurity measures to safeguard the mining infrastructure and digital assets.
6. Logistics and Procurement Specialists: They are responsible for sourcing and acquiring mining hardware, spare parts, and other necessary equipment. They also manage the logistics of shipping and receiving mining rigs and components.
7. Accountants and Financial Analysts: Bitcoin mining operations require careful financial management. Accountants and financial analysts are responsible for tracking expenses, revenue, and profitability, as well as ensuring compliance with relevant regulations and tax laws.
8. Managers and Supervisors: These individuals oversee the various teams and departments within the mining operation, ensuring smooth coordination and efficient operations.

I guess that will not be my job in retirement. I have none of the qualifications needed. Could do #5, I guess. But I’m not looking for another job and that would be too far away anyhow. Thanks!

 

[uscwatson21]

It had nothing to do with BTC itself. The dollar is used in scams every minute of the day.

Of course. Bitcoin and cryptocurrency has nothing to do with the FTX scam.

What a head in the sand take.

 

[turncock]

Of course. Bitcoin and cryptocurrency has nothing to do with the FTX scam.

What a head in the sand take.

Pulls head out of sand to glance at chart. $70,000. If you want to take us through the FTX scandal, we're right here for your analysis.

 

[Gamecock Jacque]

Pulls head out of sand to glance at chart. $70,000. If you want to take us through the FTX scandal, we're right here for your analysis.

If you're ahead in the game you should cash out now. And stock up on ammo.

 

[uscwatson21]

If you're ahead in the game you should cash out now. And stock up on ammo.

That’s the problem for these guys who are hardliners for it. They’ve convinced themselves it’s magic so they’ll never take their money out and will be left holding the bag.

 

[Cybercock]

That’s the problem for these guys who are hardliners for it. They’ve convinced themselves it’s magic so they’ll never take their money out and will be left holding the bag.

Like the dollar is safe?
Ironically, but to plan, the fiscally responsible folks in society will be the losers when all this comes falling down.
The free loaders and those with nothing will suddenly be on an equal financial level with everyone else.
The ultimate in equal distribution of wealth will occur and thus control is established.

 

[Gamecock Jacque]

That’s the problem for these guys who are hardliners for it. They’ve convinced themselves it’s magic so they’ll never take their money out and will be left holding the bag.

It's all going to go poof one day. But then, so will our entire financial system.

 

[turncock]

That’s the problem for these guys who are hardliners for it. They’ve convinced themselves it’s magic so they’ll never take their money out and will be left holding the bag.

Over 60% of people who hold haven't touched it in over 7 years. Wall Street, Countries, Universities and Corporations hold BItcoin. The US Government likes to find ways to seize it and hold as in the case with FTX.

 

[Gamecock Jacque]

Over 60% of people who hold haven't touched it in over 7 years. Wall Street, Countries, Universities and Corporations hold BItcoin. The US Government likes to find ways to seize it and hold as in the case with FTX.

From Wikipedia:
Based on a free market ideology, bitcoin was invented in 2008 by Satoshi Nakamoto, an unknown person.

I wonder if that unknown person is still "in the game" and how much that individual is worth.

 

[turncock]

From Wikipedia:
Based on a free market ideology, bitcoin was invented in 2008 by Satoshi Nakamoto, an unknown person.

I wonder if that unknown person is still "in the game" and how much that individual is worth.

That name was thought to be a group of individuals known as the cyberpunks. Hal Finney was probably the ring leader and he's been gone for awhile. Very few believe their holding will ever be touched again.

 

[Cybercock]

That’s the problem for these guys who are hardliners for it. They’ve convinced themselves it’s magic so they’ll never take their money out and will be left holding the bag.

I have nothing in it but house money. If I lose everything, I have lost nothing.

 

[PaleoCock]

This is the first time my friends in traditional finance are talking about it on any regular basis. Things could get wild once it fully crosses $70K.

 

[uscwatson21]

Over 60% of people who hold haven't touched it in over 7 years. Wall Street, Countries, Universities and Corporations hold BItcoin. The US Government likes to find ways to seize it and hold as in the case with FTX.

Yeah it’s a currency that isn’t used as a currency…

 

[Ward Jr]

Yeah it’s a currency that isn’t used as a currency…

Let us know the next time you pay for a dinner with gold bars.

 

[uscwatson21]

Let us know the next time you pay for a dinner with gold bars.

The irony because I’m sure you were a gold supporter 10 years ago…

The rest of us knew it wasn’t a currency nearly a 100 years ago. But compared to Bitcoin it at least has some utility as a standalone product.

 

[turncock]

The irony because I’m sure you were a gold supporter 10 years ago…

The rest of us knew it wasn’t a currency nearly a 100 years ago. But compared to Bitcoin it at least has some utility as a standalone product.

Why are you obsessed with it being used as a currency right now? It doesn't matter.

AI Below

Yes, Bitcoin is used as a currency, though its adoption and use cases vary widely around the world. It's used both online and, in some cases, offline for purchasing goods and services. Here are some ways Bitcoin is used as a currency:

1. Online purchases: Many online retailers and services accept Bitcoin as payment. This includes large e-commerce platforms, digital service providers, and even some gaming platforms.
2. Peer-to-peer transactions: Individuals use Bitcoin to send and receive payments directly without the need for an intermediary, which can be particularly useful for cross-border transactions.
3. Remittances: Bitcoin is used to send remittances internationally, offering a potentially cheaper and faster alternative to traditional remittance services.
4. Physical stores and services: A growing number of physical businesses accept Bitcoin. These can range from cafes and restaurants to law firms and real estate companies.
5. Donations: Some charities and non-profit organizations accept donations in Bitcoin, leveraging its global reach and the ease of making digital transactions.

Yes, there are countries using Bitcoin as a currency. Some countries also have a portion being used their reserve currency.

1. El Salvador: In September 2021, El Salvador became the first country to adopt Bitcoin as legal tender. This means that businesses are required to accept Bitcoin for goods and services, though there are exemptions for those not equipped to handle the cryptocurrency.
2. Central African Republic (CAR): In April 2022, the Central African Republic became the second country to make Bitcoin legal tender, aiming to improve its financial system and extend financial services to more of its citizens.
3. Other countries with favorable cryptocurrency regulations: While not adopting Bitcoin as legal tender, countries like Switzerland, Singapore, and Malta have established themselves as crypto-friendly jurisdictions with regulations that support the use of Bitcoin and other cryptocurrencies for various purposes, including payments, investments, and startups.

 

[hahnenkampf]

He erodes purchasing power like no other President in history and now is going to float buyers a $5000 credit to get their vote? So wild. Meanwhile, sellers will just move prices up to accommodate. #Bidenomics

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Econ 101 — increased money supply w/o corresponding increased productivity only increases prices to the consumer — which further decreases productivity but not prices.

 

[Ward Jr]

Glorified Locksmiths in mourning. Long overdue.

 

[Ward Jr]

And so it begins....